# EDGAR Filing Document

**Accession Number:** 0000898745
**File Stem:** 0000898745-25-000643
**Filing Date:** 2025-10
**Character Count:** 1332940
**Document Hash:** fce527b3ff1059603489a3398e4aa544
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000898745-25-000643.hdr.sgml**: 20251028

**ACCESSION NUMBER**: 0000898745-25-000643

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 60

**CONFORMED PERIOD OF REPORT**: 20250831

**FILED AS OF DATE**: 20251028

**DATE AS OF CHANGE**: 20251028

**EFFECTIVENESS DATE**: 20251028

**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-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-07572
- **FILM NUMBER:** 251425169

**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           |

### EDGE MidCap Fund (Series ID: S000049582)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000156764 | Institutional | PEDGX           |
| C000176334 | R-6           | PEDMX           |
| C000208088 | Class A       | PEMCX           |

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

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

?xml version='1.0' encoding='ASCII'?

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

## FORM N-CSR

# CERTIFIED SHAREHOLDER REPORT OF REGISTERED
**MANAGEMENT INVESTMENT COMPANIES**

Investment Company Act file number <u> 811-07572 </u>

&nbsp;&nbsp; Principal Funds, Inc.<br>

(Exact name of registrant as specified in charter)

&nbsp;&nbsp; 711 High Street, Des Moines, IA 50309<br>

(Address of principal executive offices)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Zip code)

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

(Name and address of agent for service)

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

Date of fiscal year end: <u> August 31, 2025 </u>

Date of reporting period: <u> August 31, 2025 </u>

**ITEM 1 – REPORT TO STOCKHOLDERS**

(a) The following is a copy of the report transmitted to stockholders pursuant to Rule 30e-1 under the Act (17 CFR 270.30e-1).

(b) Not applicable.

# Class A

# PBLAX

# Blue Chip Fund
![Image](ic492f610b062e6032b887517.jpg)

#### Annual Shareholder Report August 31, 2025
This annual shareholder report contains important information about Blue Chip Fund (the "Fund") for the period of September 1, 2024 to August 31, 2025. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.**This report describes certain changes to the Fund that occurred during the reporting period.**

## What were the Fund costs for the last year?
(based 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 | $100 | 0.92% |

---

## **Management's Discussion of Fund Performance** 
The Fund seeks long-term growth of capital. The Fund normally invests at least 80% of its net assets, plus any borrowings for investment purposes, in equity securities of companies with large market capitalizations that, in the Fund's investment advisor's opinion, display characteristics of a "blue chip" company. The advisor tends to focus on securities of companies that show potential for growth of capital as well as an expectation for above average earnings. The Fund also invests in securities of foreign companies. It is non-diversified. Over the year, the Fund benefited from company selection in the communication services and real estate sectors. Allocation in the financials and consumer staples sectors contributed to performance relative to the Russell 1000 Growth Index ("Index"), led by Charles Schwab and Brookfield. Microsoft was the Fund's largest contributor. The company has numerous opportunities ahead, including incorporating generative artificial intelligence ("AI") tools across its platform. The next largest contributor was Netflix. The company grew its advertising-supported pricing tier rapidly. The third largest contributor was Amazon. Its cloud computing business, Amazon Web Services, continued to expand, assisted by AI investments. Information technology detracted from performance relative to the Index, primarily due to having a smaller weight in Nvidia than the Index weight. Danaher was the Fund's largest detractor. With pandemic inventory destocking now behind them, Danaher has scale advantages to gain share.

## How did the Fund perform over the last 10 years?
![The graph represents how a hypothetical investment of $10,000 would have performed over the specified time period.](ic3d08cd3da3ae5b39a263106.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class A Shares with maximum sales charge $41,577** | **Russell 1000 Index $38,151** | **Russell 1000 Growth Index $51,995** |
| **8/15** | 9452 | 10000 | 10000 |
| **9/15** | 9141 | 9726 | 9753 |
| **10/15** | 9769 | 10513 | 10592 |
| **11/15** | 9805 | 10548 | 10622 |
| **12/15** | 9681 | 10358 | 10466 |
| **1/16** | 9190 | 9800 | 9882 |
| **2/16** | 9066 | 9797 | 9878 |
| **3/16** | 9693 | 10479 | 10544 |
| **4/16** | 9737 | 10536 | 10448 |
| **5/16** | 9979 | 10721 | 10650 |
| **6/16** | 9849 | 10745 | 10609 |
| **7/16** | 10377 | 11155 | 11109 |
| **8/16** | 10470 | 11169 | 11054 |
| **9/16** | 10551 | 11178 | 11095 |
| **10/16** | 10396 | 10960 | 10834 |
| **11/16** | 10408 | 11392 | 11070 |
| **12/16** | 10478 | 11606 | 11207 |
| **1/17** | 10877 | 11840 | 11585 |
| **2/17** | 11271 | 12298 | 12066 |
| **3/17** | 11308 | 12306 | 12205 |
| **4/17** | 11621 | 12436 | 12484 |
| **5/17** | 11933 | 12595 | 12809 |
| **6/17** | 11889 | 12683 | 12775 |
| **7/17** | 12258 | 12934 | 13115 |
| **8/17** | 12439 | 12974 | 13355 |
| **9/17** | 12595 | 13250 | 13529 |
| **10/17** | 13108 | 13554 | 14053 |
| **11/17** | 13376 | 13968 | 14480 |
| **12/17** | 13443 | 14123 | 14593 |
| **1/18** | 14529 | 14899 | 15626 |
| **2/18** | 14066 | 14352 | 15217 |
| **3/18** | 13880 | 14026 | 14799 |
| **4/18** | 14118 | 14074 | 14851 |
| **5/18** | 14529 | 14433 | 15502 |
| **6/18** | 14689 | 14526 | 15651 |
| **7/18** | 15171 | 15028 | 16111 |
| **8/18** | 15730 | 15545 | 16992 |
| **9/18** | 15800 | 15604 | 17086 |
| **10/18** | 14458 | 14500 | 15558 |
| **11/18** | 14908 | 14795 | 15724 |
| **12/18** | 13801 | 13448 | 14372 |
| **1/19** | 15050 | 14575 | 15664 |
| **2/19** | 15605 | 15068 | 16224 |
| **3/19** | 16229 | 15330 | 16686 |
| **4/19** | 17159 | 15950 | 17440 |
| **5/19** | 16389 | 14933 | 16338 |
| **6/19** | 17367 | 15982 | 17460 |
| **7/19** | 17617 | 16230 | 17854 |
| **8/19** | 17735 | 15933 | 17718 |
| **9/19** | 17499 | 16209 | 17720 |
| **10/19** | 17902 | 16552 | 18219 |
| **11/19** | 18589 | 17178 | 19028 |
| **12/19** | 19086 | 17674 | 19602 |
| **1/20** | 19913 | 17693 | 20040 |
| **2/20** | 18708 | 16247 | 18675 |
| **3/20** | 16531 | 14100 | 16838 |
| **4/20** | 19042 | 15963 | 19330 |
| **5/20** | 20378 | 16805 | 20627 |
| **6/20** | 21103 | 17177 | 21525 |
| **7/20** | 22460 | 18183 | 23182 |
| **8/20** | 24565 | 19518 | 25574 |
| **9/20** | 23375 | 18804 | 24370 |
| **10/20** | 22518 | 18351 | 23543 |
| **11/20** | 24920 | 20512 | 25953 |
| **12/20** | 25671 | 21379 | 27147 |
| **1/21** | 24808 | 21203 | 26946 |
| **2/21** | 25588 | 21817 | 26940 |
| **3/21** | 26121 | 22643 | 27403 |
| **4/21** | 28299 | 23862 | 29267 |
| **5/21** | 28321 | 23975 | 28862 |
| **6/21** | 29966 | 24576 | 30673 |
| **7/21** | 30934 | 25086 | 31684 |
| **8/21** | 31978 | 25812 | 32869 |
| **9/21** | 30311 | 24627 | 31028 |
| **10/21** | 32398 | 26335 | 33715 |
| **11/21** | 31715 | 25982 | 33921 |
| **12/21** | 32043 | 27035 | 34639 |
| **1/22** | 29065 | 25510 | 31666 |
| **2/22** | 27340 | 24810 | 30321 |
| **3/22** | 27934 | 25648 | 31507 |
| **4/22** | 24307 | 23361 | 27702 |
| **5/22** | 24210 | 23326 | 27058 |
| **6/22** | 22244 | 21372 | 24915 |
| **7/22** | 24893 | 23363 | 27905 |
| **8/22** | 23552 | 22466 | 26605 |
| **9/22** | 20936 | 20387 | 24019 |
| **10/22** | 22140 | 22022 | 25423 |
| **11/22** | 23617 | 23214 | 26581 |
| **12/22** | 22131 | 21864 | 24546 |
| **1/23** | 24030 | 23330 | 26592 |
| **2/23** | 23117 | 22774 | 26276 |
| **3/23** | 24070 | 23495 | 28072 |
| **4/23** | 24620 | 23786 | 28349 |
| **5/23** | 25105 | 23897 | 29641 |
| **6/23** | 26947 | 25511 | 31668 |
| **7/23** | 27715 | 26388 | 32735 |
| **8/23** | 27828 | 25926 | 32441 |
| **9/23** | 26228 | 24708 | 30677 |
| **10/23** | 26220 | 24111 | 30240 |
| **11/23** | 29621 | 26363 | 33537 |
| **12/23** | 30858 | 27664 | 35022 |
| **1/24** | 31658 | 28050 | 35895 |
| **2/24** | 33258 | 29565 | 38344 |
| **3/24** | 33920 | 30512 | 39019 |
| **4/24** | 32466 | 29214 | 37364 |
| **5/24** | 33532 | 30590 | 39601 |
| **6/24** | 34793 | 31602 | 42272 |
| **7/24** | 35035 | 32062 | 41552 |
| **8/24** | 35690 | 32822 | 42418 |
| **9/24** | 36288 | 33524 | 43620 |
| **10/24** | 35787 | 33289 | 43475 |
| **11/24** | 38413 | 35433 | 46295 |
| **12/24** | 37399 | 34445 | 46704 |
| **1/25** | 39121 | 35541 | 47628 |
| **2/25** | 37779 | 34919 | 45916 |
| **3/25** | 35728 | 32899 | 42049 |
| **4/25** | 36504 | 32703 | 42793 |
| **5/25** | 38876 | 34790 | 46580 |
| **6/25** | 40497 | 36552 | 49549 |
| **7/25** | 41982 | 37365 | 51420 |
| **8/25** | 41577 | 38151 | 51995 |

---

### **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **1-Year** | **5-Year** | **10-Year** |
| Class A Shares Excluding Sales Charge | 16.50% | 11.10% | 15.97% |
| Class A Shares Including Sales Charge | 10.09% | 9.85% | 15.31% |
| Russell 1000 Index | 16.24% | 14.34% | 14.33% |
| Russell 1000 Growth Index | 22.58% | 15.25% | 17.92% |

---

**Past performance is not a good predictor of the Fund's future performance.** The graph above represents historical performance of a hypothetical investment of $10,000 in the Fund over the past ten years (or since inception if shorter). The table and graph above do not reflect the impact of taxes. If they did, performance would be lower. The Russell 1000 Index is the Fund's primary broad-based index and is included to meet the recently revised definition of "broad-based securities market index". The Russell 1000 Growth Index is included as an additional index for the Fund as it shows how the Fund's performance compares with the returns of an index of funds with similar investment objectives. Visit www.principalam.com/mutualfundperformance for more recent performance information.

### **Fund Statistics** 
* Net Assets (amount in thousands)$11,549,544

* Total Number of Portfolio Holdings41

* Portfolio Turnover Rate 20.9%

* Total Advisory Fees Paid (amount in thousands)$63,012

#### Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Common Stocks | 100.03% |
| Investment Companies | 0.01% |
| Other Assets and Liabilities | (0.04)% |
| Total Net Assets | 100.00% |

---

#### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **Percent of Net Assets** |
| Technology | 28.65% |
| Financial | 23.19% |
| Communications | 22.86% |
| Industrial | 8.86% |
| Consumer, Cyclical | 7.85% |
| Consumer, Non-cyclical | 6.58% |
| Basic Materials | 2.04% |
| Money Market Funds | 0.01% |
| Other Assets and Liabilities | (0.04)% |
| Total Net Assets | 100.00% |

---

## **Material Fund Changes** 
This is a summary of certain changes to the Fund since August 31, 2024. For more complete information, you may review the Fund's most recent prospectus, which we expect to be effective by December 31 or upon request at www.PrincipalAM.com/prospectuses.

Effective March 17, 2025, the Fund changed its diversification classification from diversified to non-diversified and made corresponding changes to its investment strategies and risks.

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

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

## **Householding** 
To avoid sending duplicate copies of materials to households, mailings for accounts held by members of your household may be combined so that only one copy of each annual and semi-annual shareholder reports will be mailed. If you prefer to receive multiple copies of the shareholder reports, you may request that by contacting us at <u>1-800-222-5852</u>. Householding will be stopped within 30 days after we receive your request.

FV823ARA-0

# Class C

# PBLCX

# Blue Chip Fund
![Image](ic492f610b062e6032b887517.jpg)

#### Annual Shareholder Report August 31, 2025
This annual shareholder report contains important information about Blue Chip Fund (the "Fund") for the period of September 1, 2024 to August 31, 2025. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.**This report describes certain changes to the Fund that occurred during the reporting period.**

## What were the Fund costs for the last year?
(based 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 | $180 | 1.67% |

---

## **Management's Discussion of Fund Performance** 
The Fund seeks long-term growth of capital. The Fund normally invests at least 80% of its net assets, plus any borrowings for investment purposes, in equity securities of companies with large market capitalizations that, in the Fund's investment advisor's opinion, display characteristics of a "blue chip" company. The advisor tends to focus on securities of companies that show potential for growth of capital as well as an expectation for above average earnings. The Fund also invests in securities of foreign companies. It is non-diversified. Over the year, the Fund benefited from company selection in the communication services and real estate sectors. Allocation in the financials and consumer staples sectors contributed to performance relative to the Russell 1000 Growth Index ("Index"), led by Charles Schwab and Brookfield. Microsoft was the Fund's largest contributor. The company has numerous opportunities ahead, including incorporating generative artificial intelligence ("AI") tools across its platform. The next largest contributor was Netflix. The company grew its advertising-supported pricing tier rapidly. The third largest contributor was Amazon. Its cloud computing business, Amazon Web Services, continued to expand, assisted by AI investments. Information technology detracted from performance relative to the Index, primarily due to having a smaller weight in Nvidia than the Index weight. Danaher was the Fund's largest detractor. With pandemic inventory destocking now behind them, Danaher has scale advantages to gain share.

## How did the Fund perform over the last 10 years?
![The graph represents how a hypothetical investment of $10,000 would have performed over the specified time period.](i0e0a30e3502769667a120390.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class C Shares with maximum sales charge $41,428** | **Russell 1000 Index $38,151** | **Russell 1000 Growth Index $51,995** |
| **8/15** | 10000 | 10000 | 10000 |
| **9/15** | 9667 | 9726 | 9753 |
| **10/15** | 10320 | 10513 | 10592 |
| **11/15** | 10359 | 10548 | 10622 |
| **12/15** | 10215 | 10358 | 10466 |
| **1/16** | 9696 | 9800 | 9882 |
| **2/16** | 9556 | 9797 | 9878 |
| **3/16** | 10208 | 10479 | 10544 |
| **4/16** | 10248 | 10536 | 10448 |
| **5/16** | 10501 | 10721 | 10650 |
| **6/16** | 10348 | 10745 | 10609 |
| **7/16** | 10900 | 11155 | 11109 |
| **8/16** | 10993 | 11169 | 11054 |
| **9/16** | 11073 | 11178 | 11095 |
| **10/16** | 10900 | 10960 | 10834 |
| **11/16** | 10907 | 11392 | 11070 |
| **12/16** | 10975 | 11606 | 11207 |
| **1/17** | 11383 | 11840 | 11585 |
| **2/17** | 11784 | 12298 | 12066 |
| **3/17** | 11824 | 12306 | 12205 |
| **4/17** | 12146 | 12436 | 12484 |
| **5/17** | 12460 | 12595 | 12809 |
| **6/17** | 12407 | 12683 | 12775 |
| **7/17** | 12781 | 12934 | 13115 |
| **8/17** | 12962 | 12974 | 13355 |
| **9/17** | 13116 | 13250 | 13529 |
| **10/17** | 13638 | 13554 | 14053 |
| **11/17** | 13912 | 13968 | 14480 |
| **12/17** | 13970 | 14123 | 14593 |
| **1/18** | 15086 | 14899 | 15626 |
| **2/18** | 14597 | 14352 | 15217 |
| **3/18** | 14397 | 14026 | 14799 |
| **4/18** | 14631 | 14074 | 14851 |
| **5/18** | 15044 | 14433 | 15502 |
| **6/18** | 15203 | 14526 | 15651 |
| **7/18** | 15699 | 15028 | 16111 |
| **8/18** | 16263 | 15545 | 16992 |
| **9/18** | 16325 | 15604 | 17086 |
| **10/18** | 14927 | 14500 | 15558 |
| **11/18** | 15382 | 14795 | 15724 |
| **12/18** | 14230 | 13448 | 14372 |
| **1/19** | 15513 | 14575 | 15664 |
| **2/19** | 16073 | 15068 | 16224 |
| **3/19** | 16707 | 15330 | 16686 |
| **4/19** | 17655 | 15950 | 17440 |
| **5/19** | 16856 | 14933 | 16338 |
| **6/19** | 17849 | 15982 | 17460 |
| **7/19** | 18087 | 16230 | 17854 |
| **8/19** | 18199 | 15933 | 17718 |
| **9/19** | 17953 | 16209 | 17720 |
| **10/19** | 18356 | 16552 | 18219 |
| **11/19** | 19043 | 17178 | 19028 |
| **12/19** | 19542 | 17674 | 19602 |
| **1/20** | 20371 | 17693 | 20040 |
| **2/20** | 19136 | 16247 | 18675 |
| **3/20** | 16893 | 14100 | 16838 |
| **4/20** | 19441 | 15963 | 19330 |
| **5/20** | 20792 | 16805 | 20627 |
| **6/20** | 21519 | 17177 | 21525 |
| **7/20** | 22887 | 18183 | 23182 |
| **8/20** | 25012 | 19518 | 25574 |
| **9/20** | 23793 | 18804 | 24370 |
| **10/20** | 22902 | 18351 | 23543 |
| **11/20** | 25332 | 20512 | 25953 |
| **12/20** | 26078 | 21379 | 27147 |
| **1/21** | 25186 | 21203 | 26946 |
| **2/21** | 25964 | 21817 | 26940 |
| **3/21** | 26491 | 22643 | 27403 |
| **4/21** | 28678 | 23862 | 29267 |
| **5/21** | 28686 | 23975 | 28862 |
| **6/21** | 30331 | 24576 | 30673 |
| **7/21** | 31287 | 25086 | 31684 |
| **8/21** | 32332 | 25812 | 32869 |
| **9/21** | 30622 | 24627 | 31028 |
| **10/21** | 32721 | 26335 | 33715 |
| **11/21** | 32008 | 25982 | 33921 |
| **12/21** | 32311 | 27035 | 34639 |
| **1/22** | 29292 | 25510 | 31666 |
| **2/22** | 27543 | 24810 | 30321 |
| **3/22** | 28118 | 25648 | 31507 |
| **4/22** | 24455 | 23361 | 27702 |
| **5/22** | 24342 | 23326 | 27058 |
| **6/22** | 22358 | 21372 | 24915 |
| **7/22** | 24994 | 23363 | 27905 |
| **8/22** | 23646 | 22466 | 26605 |
| **9/22** | 21001 | 20387 | 24019 |
| **10/22** | 22193 | 22022 | 25423 |
| **11/22** | 23663 | 23214 | 26581 |
| **12/22** | 22157 | 21864 | 24546 |
| **1/23** | 24051 | 23330 | 26592 |
| **2/23** | 23122 | 22774 | 26276 |
| **3/23** | 24059 | 23495 | 28072 |
| **4/23** | 24585 | 23786 | 28349 |
| **5/23** | 25059 | 23897 | 29641 |
| **6/23** | 26882 | 25511 | 31668 |
| **7/23** | 27635 | 26388 | 32735 |
| **8/23** | 27723 | 25926 | 32441 |
| **9/23** | 26134 | 24708 | 30677 |
| **10/23** | 26126 | 24111 | 30240 |
| **11/23** | 29515 | 26363 | 33537 |
| **12/23** | 30747 | 27664 | 35022 |
| **1/24** | 31544 | 28050 | 35895 |
| **2/24** | 33138 | 29565 | 38344 |
| **3/24** | 33798 | 30512 | 39019 |
| **4/24** | 32349 | 29214 | 37364 |
| **5/24** | 33412 | 30590 | 39601 |
| **6/24** | 34668 | 31602 | 42272 |
| **7/24** | 34909 | 32062 | 41552 |
| **8/24** | 35562 | 32822 | 42418 |
| **9/24** | 36157 | 33524 | 43620 |
| **10/24** | 35658 | 33289 | 43475 |
| **11/24** | 38275 | 35433 | 46295 |
| **12/24** | 37265 | 34445 | 46704 |
| **1/25** | 38981 | 35541 | 47628 |
| **2/25** | 37643 | 34919 | 45916 |
| **3/25** | 35600 | 32899 | 42049 |
| **4/25** | 36373 | 32703 | 42793 |
| **5/25** | 38737 | 34790 | 46580 |
| **6/25** | 40351 | 36552 | 49549 |
| **7/25** | 41832 | 37365 | 51420 |
| **8/25** | 41428 | 38151 | 51995 |

---

### **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **1-Year** | **5-Year** | **10-Year** |
| Class C Shares Excluding Sales Charge | 15.63% | 10.29% | 15.27% |
| Class C Shares Including Sales Charge | 14.63% | 10.29% | 15.27% |
| Russell 1000 Index | 16.24% | 14.34% | 14.33% |
| Russell 1000 Growth Index | 22.58% | 15.25% | 17.92% |

---

**Past performance is not a good predictor of the Fund's future performance.** The graph above represents historical performance of a hypothetical investment of $10,000 in the Fund over the past ten years (or since inception if shorter). The table and graph above do not reflect the impact of taxes. If they did, performance would be lower. The Russell 1000 Index is the Fund's primary broad-based index and is included to meet the recently revised definition of "broad-based securities market index". The Russell 1000 Growth Index is included as an additional index for the Fund as it shows how the Fund's performance compares with the returns of an index of funds with similar investment objectives. Visit www.principalam.com/mutualfundperformance for more recent performance information.

### **Fund Statistics** 
* Net Assets (amount in thousands)$11,549,544

* Total Number of Portfolio Holdings41

* Portfolio Turnover Rate 20.9%

* Total Advisory Fees Paid (amount in thousands)$63,012

#### Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Common Stocks | 100.03% |
| Investment Companies | 0.01% |
| Other Assets and Liabilities | (0.04)% |
| Total Net Assets | 100.00% |

---

#### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **Percent of Net Assets** |
| Technology | 28.65% |
| Financial | 23.19% |
| Communications | 22.86% |
| Industrial | 8.86% |
| Consumer, Cyclical | 7.85% |
| Consumer, Non-cyclical | 6.58% |
| Basic Materials | 2.04% |
| Money Market Funds | 0.01% |
| Other Assets and Liabilities | (0.04)% |
| Total Net Assets | 100.00% |

---

## **Material Fund Changes** 
This is a summary of certain changes to the Fund since August 31, 2024. For more complete information, you may review the Fund's most recent prospectus, which we expect to be effective by December 31 or upon request at www.PrincipalAM.com/prospectuses.

Effective March 17, 2025, the Fund changed its diversification classification from diversified to non-diversified and made corresponding changes to its investment strategies and risks.

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

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

## **Householding** 
To avoid sending duplicate copies of materials to households, mailings for accounts held by members of your household may be combined so that only one copy of each annual and semi-annual shareholder reports will be mailed. If you prefer to receive multiple copies of the shareholder reports, you may request that by contacting us at <u>1-800-222-5852</u>. Householding will be stopped within 30 days after we receive your request.

FV823ARC-0

# Class J

# PBCJX

# Blue Chip Fund
![Image](ic492f610b062e6032b887517.jpg)

#### Annual Shareholder Report August 31, 2025
This annual shareholder report contains important information about Blue Chip Fund (the "Fund") for the period of September 1, 2024 to August 31, 2025. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.**This report describes certain changes to the Fund that occurred during the reporting period.**

## What were the Fund costs for the last year?
(based 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 | $81 | 0.75% |

---

## **Management's Discussion of Fund Performance** 
The Fund seeks long-term growth of capital. The Fund normally invests at least 80% of its net assets, plus any borrowings for investment purposes, in equity securities of companies with large market capitalizations that, in the Fund's investment advisor's opinion, display characteristics of a "blue chip" company. The advisor tends to focus on securities of companies that show potential for growth of capital as well as an expectation for above average earnings. The Fund also invests in securities of foreign companies. It is non-diversified. Over the year, the Fund benefited from company selection in the communication services and real estate sectors. Allocation in the financials and consumer staples sectors contributed to performance relative to the Russell 1000 Growth Index ("Index"), led by Charles Schwab and Brookfield. Microsoft was the Fund's largest contributor. The company has numerous opportunities ahead, including incorporating generative artificial intelligence ("AI") tools across its platform. The next largest contributor was Netflix. The company grew its advertising-supported pricing tier rapidly. The third largest contributor was Amazon. Its cloud computing business, Amazon Web Services, continued to expand, assisted by AI investments. Information technology detracted from performance relative to the Index, primarily due to having a smaller weight in Nvidia than the Index weight. Danaher was the Fund's largest detractor. With pandemic inventory destocking now behind them, Danaher has scale advantages to gain share.

## How did the Fund perform over the last 10 years?
![The graph represents how a hypothetical investment of $10,000 would have performed over the specified time period.](i8bf6ba28452877803f683272.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class J Shares with maximum sales charge $44,583** | **Russell 1000 Index $38,151** | **Russell 1000 Growth Index $51,995** |
| **8/15** | 10000 | 10000 | 10000 |
| **9/15** | 9677 | 9726 | 9753 |
| **10/15** | 10340 | 10513 | 10592 |
| **11/15** | 10382 | 10548 | 10622 |
| **12/15** | 10249 | 10358 | 10466 |
| **1/16** | 9736 | 9800 | 9882 |
| **2/16** | 9603 | 9797 | 9878 |
| **3/16** | 10267 | 10479 | 10544 |
| **4/16** | 10316 | 10536 | 10448 |
| **5/16** | 10581 | 10721 | 10650 |
| **6/16** | 10435 | 10745 | 10609 |
| **7/16** | 11006 | 11155 | 11109 |
| **8/16** | 11101 | 11169 | 11054 |
| **9/16** | 11196 | 11178 | 11095 |
| **10/16** | 11029 | 10960 | 10834 |
| **11/16** | 11046 | 11392 | 11070 |
| **12/16** | 11120 | 11606 | 11207 |
| **1/17** | 11545 | 11840 | 11585 |
| **2/17** | 11963 | 12298 | 12066 |
| **3/17** | 12006 | 12306 | 12205 |
| **4/17** | 12338 | 12436 | 12484 |
| **5/17** | 12676 | 12595 | 12809 |
| **6/17** | 12627 | 12683 | 12775 |
| **7/17** | 13017 | 12934 | 13115 |
| **8/17** | 13211 | 12974 | 13355 |
| **9/17** | 13374 | 13250 | 13529 |
| **10/17** | 13919 | 13554 | 14053 |
| **11/17** | 14208 | 13968 | 14480 |
| **12/17** | 14278 | 14123 | 14593 |
| **1/18** | 15427 | 14899 | 15626 |
| **2/18** | 14933 | 14352 | 15217 |
| **3/18** | 14744 | 14026 | 14799 |
| **4/18** | 14994 | 14074 | 14851 |
| **5/18** | 15433 | 14433 | 15502 |
| **6/18** | 15602 | 14526 | 15651 |
| **7/18** | 16122 | 15028 | 16111 |
| **8/18** | 16710 | 15545 | 16992 |
| **9/18** | 16791 | 15604 | 17086 |
| **10/18** | 15366 | 14500 | 15558 |
| **11/18** | 15845 | 14795 | 15724 |
| **12/18** | 14668 | 13448 | 14372 |
| **1/19** | 16002 | 14575 | 15664 |
| **2/19** | 16593 | 15068 | 16224 |
| **3/19** | 17256 | 15330 | 16686 |
| **4/19** | 18247 | 15950 | 17440 |
| **5/19** | 17431 | 14933 | 16338 |
| **6/19** | 18466 | 15982 | 17460 |
| **7/19** | 18729 | 16230 | 17854 |
| **8/19** | 18853 | 15933 | 17718 |
| **9/19** | 18605 | 16209 | 17720 |
| **10/19** | 19035 | 16552 | 18219 |
| **11/19** | 19764 | 17178 | 19028 |
| **12/19** | 20298 | 17674 | 19602 |
| **1/20** | 21174 | 17693 | 20040 |
| **2/20** | 19894 | 16247 | 18675 |
| **3/20** | 17578 | 14100 | 16838 |
| **4/20** | 20244 | 15963 | 19330 |
| **5/20** | 21669 | 16805 | 20627 |
| **6/20** | 22439 | 17177 | 21525 |
| **7/20** | 23886 | 18183 | 23182 |
| **8/20** | 26126 | 19518 | 25574 |
| **9/20** | 24862 | 18804 | 24370 |
| **10/20** | 23955 | 18351 | 23543 |
| **11/20** | 26515 | 20512 | 25953 |
| **12/20** | 27318 | 21379 | 27147 |
| **1/21** | 26397 | 21203 | 26946 |
| **2/21** | 27232 | 21817 | 26940 |
| **3/21** | 27807 | 22643 | 27403 |
| **4/21** | 30124 | 23862 | 29267 |
| **5/21** | 30155 | 23975 | 28862 |
| **6/21** | 31904 | 24576 | 30673 |
| **7/21** | 32937 | 25086 | 31684 |
| **8/21** | 34063 | 25812 | 32869 |
| **9/21** | 32290 | 24627 | 31028 |
| **10/21** | 34520 | 26335 | 33715 |
| **11/21** | 33795 | 25982 | 33921 |
| **12/21** | 34147 | 27035 | 34639 |
| **1/22** | 30983 | 25510 | 31666 |
| **2/22** | 29141 | 24810 | 30321 |
| **3/22** | 29780 | 25648 | 31507 |
| **4/22** | 25919 | 23361 | 27702 |
| **5/22** | 25818 | 23326 | 27058 |
| **6/22** | 23732 | 21372 | 24915 |
| **7/22** | 26550 | 23363 | 27905 |
| **8/22** | 25128 | 22466 | 26605 |
| **9/22** | 22335 | 20387 | 24019 |
| **10/22** | 23631 | 22022 | 25423 |
| **11/22** | 25212 | 23214 | 26581 |
| **12/22** | 23622 | 21864 | 24546 |
| **1/23** | 25654 | 23330 | 26592 |
| **2/23** | 24689 | 22774 | 26276 |
| **3/23** | 25705 | 23495 | 28072 |
| **4/23** | 26290 | 23786 | 28349 |
| **5/23** | 26815 | 23897 | 29641 |
| **6/23** | 28788 | 25511 | 31668 |
| **7/23** | 29610 | 26388 | 32735 |
| **8/23** | 29737 | 25926 | 32441 |
| **9/23** | 28034 | 24708 | 30677 |
| **10/23** | 28026 | 24111 | 30240 |
| **11/23** | 31668 | 26363 | 33537 |
| **12/23** | 32989 | 27664 | 35022 |
| **1/24** | 33861 | 28050 | 35895 |
| **2/24** | 35572 | 29565 | 38344 |
| **3/24** | 36292 | 30512 | 39019 |
| **4/24** | 34734 | 29214 | 37364 |
| **5/24** | 35886 | 30590 | 39601 |
| **6/24** | 37232 | 31602 | 42272 |
| **7/24** | 37503 | 32062 | 41552 |
| **8/24** | 38206 | 32822 | 42418 |
| **9/24** | 38858 | 33524 | 43620 |
| **10/24** | 38333 | 33289 | 43475 |
| **11/24** | 41145 | 35433 | 46295 |
| **12/24** | 40057 | 34445 | 46704 |
| **1/25** | 41913 | 35541 | 47628 |
| **2/25** | 40490 | 34919 | 45916 |
| **3/25** | 38289 | 32899 | 42049 |
| **4/25** | 39129 | 32703 | 42793 |
| **5/25** | 41675 | 34790 | 46580 |
| **6/25** | 43425 | 36552 | 49549 |
| **7/25** | 45016 | 37365 | 51420 |
| **8/25** | 44583 | 38151 | 51995 |

---

### **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **1-Year** | **5-Year** | **10-Year<sup>Footnote Reference\*</sup>** |
| Class J Shares Excluding Sales Charge | 16.69% | 11.28% | 16.12% |
| Class J Shares Including Sales Charge | 15.69% | 11.28% | 16.12% |
| Russell 1000 Index | 16.24% | 14.34% | 14.33% |
| Russell 1000 Growth Index | 22.58% | 15.25% | 17.92% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;For periods prior to the inception date of the share class, extended performance is calculated to reflect the historical performance of the oldest share class of the Fund, adjusted for the fees and expenses of this share class. The extended performance inception date is June 14, 2012. |

---

**Past performance is not a good predictor of the Fund's future performance.** The graph above represents historical performance of a hypothetical investment of $10,000 in the Fund over the past ten years (or since inception if shorter). The table and graph above do not reflect the impact of taxes. If they did, performance would be lower. The Russell 1000 Index is the Fund's primary broad-based index and is included to meet the recently revised definition of "broad-based securities market index". The Russell 1000 Growth Index is included as an additional index for the Fund as it shows how the Fund's performance compares with the returns of an index of funds with similar investment objectives. Visit www.principalam.com/mutualfundperformance for more recent performance information.

### **Fund Statistics** 
* Net Assets (amount in thousands)$11,549,544

* Total Number of Portfolio Holdings41

* Portfolio Turnover Rate 20.9%

* Total Advisory Fees Paid (amount in thousands)$63,012

#### Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Common Stocks | 100.03% |
| Investment Companies | 0.01% |
| Other Assets and Liabilities | (0.04)% |
| Total Net Assets | 100.00% |

---

#### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **Percent of Net Assets** |
| Technology | 28.65% |
| Financial | 23.19% |
| Communications | 22.86% |
| Industrial | 8.86% |
| Consumer, Cyclical | 7.85% |
| Consumer, Non-cyclical | 6.58% |
| Basic Materials | 2.04% |
| Money Market Funds | 0.01% |
| Other Assets and Liabilities | (0.04)% |
| Total Net Assets | 100.00% |

---

## **Material Fund Changes** 
This is a summary of certain changes to the Fund since August 31, 2024. For more complete information, you may review the Fund's most recent prospectus, which we expect to be effective by December 31 or upon request at www.PrincipalAM.com/prospectuses.

Effective March 17, 2025, the Fund changed its diversification classification from diversified to non-diversified and made corresponding changes to its investment strategies and risks.

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

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

## **Householding** 
To avoid sending duplicate copies of materials to households, mailings for accounts held by members of your household may be combined so that only one copy of each annual and semi-annual shareholder reports will be mailed. If you prefer to receive multiple copies of the shareholder reports, you may request that by contacting us at <u>1-800-222-5852</u>. Householding will be stopped within 30 days after we receive your request.

FV823ARJ-0

# Institutional

# PBCKX

# Blue Chip Fund
![Image](ic492f610b062e6032b887517.jpg)

#### Annual Shareholder Report August 31, 2025
This annual shareholder report contains important information about Blue Chip Fund (the "Fund") for the period of September 1, 2024 to August 31, 2025. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.**This report describes certain changes to the Fund that occurred during the reporting period.**

## What were the Fund costs for the last year?
(based 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 | $72 | 0.66% |

---

## **Management's Discussion of Fund Performance** 
The Fund seeks long-term growth of capital. The Fund normally invests at least 80% of its net assets, plus any borrowings for investment purposes, in equity securities of companies with large market capitalizations that, in the Fund's investment advisor's opinion, display characteristics of a "blue chip" company. The advisor tends to focus on securities of companies that show potential for growth of capital as well as an expectation for above average earnings. The Fund also invests in securities of foreign companies. It is non-diversified. Over the year, the Fund benefited from company selection in the communication services and real estate sectors. Allocation in the financials and consumer staples sectors contributed to performance relative to the Russell 1000 Growth Index ("Index"), led by Charles Schwab and Brookfield. Microsoft was the Fund's largest contributor. The company has numerous opportunities ahead, including incorporating generative artificial intelligence ("AI") tools across its platform. The next largest contributor was Netflix. The company grew its advertising-supported pricing tier rapidly. The third largest contributor was Amazon. Its cloud computing business, Amazon Web Services, continued to expand, assisted by AI investments. Information technology detracted from performance relative to the Index, primarily due to having a smaller weight in Nvidia than the Index weight. Danaher was the Fund's largest detractor. With pandemic inventory destocking now behind them, Danaher has scale advantages to gain share.

## How did the Fund perform over the last 10 years?
![The graph represents how a hypothetical investment of $10,000 would have performed over the specified time period.](ic28530eb934ecb4227fc79c8.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Institutional Shares at net asset value $45,478** | **Russell 1000 Index $38,151** | **Russell 1000 Growth Index $51,995** |
| **8/15** | 10000 | 10000 | 10000 |
| **9/15** | 9680 | 9726 | 9753 |
| **10/15** | 10345 | 10513 | 10592 |
| **11/15** | 10390 | 10548 | 10622 |
| **12/15** | 10261 | 10358 | 10466 |
| **1/16** | 9750 | 9800 | 9882 |
| **2/16** | 9619 | 9797 | 9878 |
| **3/16** | 10287 | 10479 | 10544 |
| **4/16** | 10339 | 10536 | 10448 |
| **5/16** | 10608 | 10721 | 10650 |
| **6/16** | 10464 | 10745 | 10609 |
| **7/16** | 11040 | 11155 | 11109 |
| **8/16** | 11139 | 11169 | 11054 |
| **9/16** | 11237 | 11178 | 11095 |
| **10/16** | 11073 | 10960 | 10834 |
| **11/16** | 11093 | 11392 | 11070 |
| **12/16** | 11171 | 11606 | 11207 |
| **1/17** | 11601 | 11840 | 11585 |
| **2/17** | 12024 | 12298 | 12066 |
| **3/17** | 12071 | 12306 | 12205 |
| **4/17** | 12408 | 12436 | 12484 |
| **5/17** | 12752 | 12595 | 12809 |
| **6/17** | 12706 | 12683 | 12775 |
| **7/17** | 13103 | 12934 | 13115 |
| **8/17** | 13301 | 12974 | 13355 |
| **9/17** | 13474 | 13250 | 13529 |
| **10/17** | 14023 | 13554 | 14053 |
| **11/17** | 14321 | 13968 | 14480 |
| **12/17** | 14394 | 14123 | 14593 |
| **1/18** | 15557 | 14899 | 15626 |
| **2/18** | 15061 | 14352 | 15217 |
| **3/18** | 14877 | 14026 | 14799 |
| **4/18** | 15129 | 14074 | 14851 |
| **5/18** | 15571 | 14433 | 15502 |
| **6/18** | 15748 | 14526 | 15651 |
| **7/18** | 16272 | 15028 | 16111 |
| **8/18** | 16877 | 15545 | 16992 |
| **9/18** | 16952 | 15604 | 17086 |
| **10/18** | 15523 | 14500 | 15558 |
| **11/18** | 16006 | 14795 | 15724 |
| **12/18** | 14821 | 13448 | 14372 |
| **1/19** | 16171 | 14575 | 15664 |
| **2/19** | 16773 | 15068 | 16224 |
| **3/19** | 17441 | 15330 | 16686 |
| **4/19** | 18454 | 15950 | 17440 |
| **5/19** | 17632 | 14933 | 16338 |
| **6/19** | 18682 | 15982 | 17460 |
| **7/19** | 18953 | 16230 | 17854 |
| **8/19** | 19085 | 15933 | 17718 |
| **9/19** | 18843 | 16209 | 17720 |
| **10/19** | 19284 | 16552 | 18219 |
| **11/19** | 20025 | 17178 | 19028 |
| **12/19** | 20569 | 17674 | 19602 |
| **1/20** | 21461 | 17693 | 20040 |
| **2/20** | 20169 | 16247 | 18675 |
| **3/20** | 17824 | 14100 | 16838 |
| **4/20** | 20523 | 15963 | 19330 |
| **5/20** | 21976 | 16805 | 20627 |
| **6/20** | 22761 | 17177 | 21525 |
| **7/20** | 24229 | 18183 | 23182 |
| **8/20** | 26506 | 19518 | 25574 |
| **9/20** | 25221 | 18804 | 24370 |
| **10/20** | 24306 | 18351 | 23543 |
| **11/20** | 26905 | 20512 | 25953 |
| **12/20** | 27724 | 21379 | 27147 |
| **1/21** | 26794 | 21203 | 26946 |
| **2/21** | 27644 | 21817 | 26940 |
| **3/21** | 28233 | 22643 | 27403 |
| **4/21** | 30586 | 23862 | 29267 |
| **5/21** | 30618 | 23975 | 28862 |
| **6/21** | 32399 | 24576 | 30673 |
| **7/21** | 33448 | 25086 | 31684 |
| **8/21** | 34593 | 25812 | 32869 |
| **9/21** | 32796 | 24627 | 31028 |
| **10/21** | 35062 | 26335 | 33715 |
| **11/21** | 34331 | 25982 | 33921 |
| **12/21** | 34694 | 27035 | 34639 |
| **1/22** | 31478 | 25510 | 31666 |
| **2/22** | 29611 | 24810 | 30321 |
| **3/22** | 30265 | 25648 | 31507 |
| **4/22** | 26336 | 23361 | 27702 |
| **5/22** | 26243 | 23326 | 27058 |
| **6/22** | 24122 | 21372 | 24915 |
| **7/22** | 26990 | 23363 | 27905 |
| **8/22** | 25556 | 22466 | 26605 |
| **9/22** | 22713 | 20387 | 24019 |
| **10/22** | 24028 | 22022 | 25423 |
| **11/22** | 25641 | 23214 | 26581 |
| **12/22** | 24028 | 21864 | 24546 |
| **1/23** | 26103 | 23330 | 26592 |
| **2/23** | 25121 | 22774 | 26276 |
| **3/23** | 26154 | 23495 | 28072 |
| **4/23** | 26752 | 23786 | 28349 |
| **5/23** | 27291 | 23897 | 29641 |
| **6/23** | 29298 | 25511 | 31668 |
| **7/23** | 30143 | 26388 | 32735 |
| **8/23** | 30272 | 25926 | 32441 |
| **9/23** | 28546 | 24708 | 30677 |
| **10/23** | 28538 | 24111 | 30240 |
| **11/23** | 32245 | 26363 | 33537 |
| **12/23** | 33603 | 27664 | 35022 |
| **1/24** | 34483 | 28050 | 35895 |
| **2/24** | 36234 | 29565 | 38344 |
| **3/24** | 36968 | 30512 | 39019 |
| **4/24** | 35388 | 29214 | 37364 |
| **5/24** | 36558 | 30590 | 39601 |
| **6/24** | 37933 | 31602 | 42272 |
| **7/24** | 38215 | 32062 | 41552 |
| **8/24** | 38933 | 32822 | 42418 |
| **9/24** | 39590 | 33524 | 43620 |
| **10/24** | 39061 | 33289 | 43475 |
| **11/24** | 41931 | 35433 | 46295 |
| **12/24** | 40835 | 34445 | 46704 |
| **1/25** | 42724 | 35541 | 47628 |
| **2/25** | 41271 | 34919 | 45916 |
| **3/25** | 39043 | 32899 | 42049 |
| **4/25** | 39899 | 32703 | 42793 |
| **5/25** | 42501 | 34790 | 46580 |
| **6/25** | 44284 | 36552 | 49549 |
| **7/25** | 45915 | 37365 | 51420 |
| **8/25** | 45478 | 38151 | 51995 |

---

### **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **1-Year** | **5-Year** | **10-Year** |
| Institutional Shares | 16.81% | 11.40% | 16.35% |
| Russell 1000 Index | 16.24% | 14.34% | 14.33% |
| Russell 1000 Growth Index | 22.58% | 15.25% | 17.92% |

---

**Past performance is not a good predictor of the Fund's future performance.** The graph above represents historical performance of a hypothetical investment of $10,000 in the Fund over the past ten years (or since inception if shorter). The table and graph above do not reflect the impact of taxes. If they did, performance would be lower. The Russell 1000 Index is the Fund's primary broad-based index and is included to meet the recently revised definition of "broad-based securities market index". The Russell 1000 Growth Index is included as an additional index for the Fund as it shows how the Fund's performance compares with the returns of an index of funds with similar investment objectives. Visit www.principalam.com/mutualfundperformance for more recent performance information.

### **Fund Statistics** 
* Net Assets (amount in thousands)$11,549,544

* Total Number of Portfolio Holdings41

* Portfolio Turnover Rate 20.9%

* Total Advisory Fees Paid (amount in thousands)$63,012

#### Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Common Stocks | 100.03% |
| Investment Companies | 0.01% |
| Other Assets and Liabilities | (0.04)% |
| Total Net Assets | 100.00% |

---

#### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **Percent of Net Assets** |
| Technology | 28.65% |
| Financial | 23.19% |
| Communications | 22.86% |
| Industrial | 8.86% |
| Consumer, Cyclical | 7.85% |
| Consumer, Non-cyclical | 6.58% |
| Basic Materials | 2.04% |
| Money Market Funds | 0.01% |
| Other Assets and Liabilities | (0.04)% |
| Total Net Assets | 100.00% |

---

## **Material Fund Changes** 
This is a summary of certain changes to the Fund since August 31, 2024. For more complete information, you may review the Fund's most recent prospectus, which we expect to be effective by December 31 or upon request at www.PrincipalAM.com/prospectuses.

Effective March 17, 2025, the Fund changed its diversification classification from diversified to non-diversified and made corresponding changes to its investment strategies and risks.

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

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

## **Householding** 
To avoid sending duplicate copies of materials to households, mailings for accounts held by members of your household may be combined so that only one copy of each annual and semi-annual shareholder reports will be mailed. If you prefer to receive multiple copies of the shareholder reports, you may request that by contacting us at <u>1-800-222-5852</u>. Householding will be stopped within 30 days after we receive your request.

FV823ARI-0

# R-3

# PGBEX

# Blue Chip Fund
![Image](ic492f610b062e6032b887517.jpg)

#### Annual Shareholder Report August 31, 2025
This annual shareholder report contains important information about Blue Chip Fund (the "Fund") for the period of September 1, 2024 to August 31, 2025. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.**This report describes certain changes to the Fund that occurred during the reporting period.**

## What were the Fund costs for the last year?
(based 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 | $122 | 1.13% |

---

## **Management's Discussion of Fund Performance** 
The Fund seeks long-term growth of capital. The Fund normally invests at least 80% of its net assets, plus any borrowings for investment purposes, in equity securities of companies with large market capitalizations that, in the Fund's investment advisor's opinion, display characteristics of a "blue chip" company. The advisor tends to focus on securities of companies that show potential for growth of capital as well as an expectation for above average earnings. The Fund also invests in securities of foreign companies. It is non-diversified. Over the year, the Fund benefited from company selection in the communication services and real estate sectors. Allocation in the financials and consumer staples sectors contributed to performance relative to the Russell 1000 Growth Index ("Index"), led by Charles Schwab and Brookfield. Microsoft was the Fund's largest contributor. The company has numerous opportunities ahead, including incorporating generative artificial intelligence ("AI") tools across its platform. The next largest contributor was Netflix. The company grew its advertising-supported pricing tier rapidly. The third largest contributor was Amazon. Its cloud computing business, Amazon Web Services, continued to expand, assisted by AI investments. Information technology detracted from performance relative to the Index, primarily due to having a smaller weight in Nvidia than the Index weight. Danaher was the Fund's largest detractor. With pandemic inventory destocking now behind them, Danaher has scale advantages to gain share.

## How did the Fund perform over the last 10 years?
![The graph represents how a hypothetical investment of $10,000 would have performed over the specified time period.](i58481ce5c0b6d3bc87e63aa0.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **R-3 Shares at net asset value $43,280** | **Russell 1000 Index $38,151** | **Russell 1000 Growth Index $51,995** |
| **8/15** | 10000 | 10000 | 10000 |
| **9/15** | 9676 | 9726 | 9753 |
| **10/15** | 10336 | 10513 | 10592 |
| **11/15** | 10376 | 10548 | 10622 |
| **12/15** | 10241 | 10358 | 10466 |
| **1/16** | 9727 | 9800 | 9882 |
| **2/16** | 9592 | 9797 | 9878 |
| **3/16** | 10254 | 10479 | 10544 |
| **4/16** | 10299 | 10536 | 10448 |
| **5/16** | 10561 | 10721 | 10650 |
| **6/16** | 10417 | 10745 | 10609 |
| **7/16** | 10979 | 11155 | 11109 |
| **8/16** | 11077 | 11169 | 11054 |
| **9/16** | 11168 | 11178 | 11095 |
| **10/16** | 10998 | 10960 | 10834 |
| **11/16** | 11018 | 11392 | 11070 |
| **12/16** | 11090 | 11606 | 11207 |
| **1/17** | 11511 | 11840 | 11585 |
| **2/17** | 11926 | 12298 | 12066 |
| **3/17** | 11965 | 12306 | 12205 |
| **4/17** | 12294 | 12436 | 12484 |
| **5/17** | 12623 | 12595 | 12809 |
| **6/17** | 12577 | 12683 | 12775 |
| **7/17** | 12965 | 12934 | 13115 |
| **8/17** | 13156 | 12974 | 13355 |
| **9/17** | 13320 | 13250 | 13529 |
| **10/17** | 13853 | 13554 | 14053 |
| **11/17** | 14142 | 13968 | 14480 |
| **12/17** | 14206 | 14123 | 14593 |
| **1/18** | 15349 | 14899 | 15626 |
| **2/18** | 14855 | 14352 | 15217 |
| **3/18** | 14666 | 14026 | 14799 |
| **4/18** | 14909 | 14074 | 14851 |
| **5/18** | 15342 | 14433 | 15502 |
| **6/18** | 15504 | 14526 | 15651 |
| **7/18** | 16018 | 15028 | 16111 |
| **8/18** | 16599 | 15545 | 16992 |
| **9/18** | 16674 | 15604 | 17086 |
| **10/18** | 15261 | 14500 | 15558 |
| **11/18** | 15727 | 14795 | 15724 |
| **12/18** | 14562 | 13448 | 14372 |
| **1/19** | 15877 | 14575 | 15664 |
| **2/19** | 16461 | 15068 | 16224 |
| **3/19** | 17111 | 15330 | 16686 |
| **4/19** | 18097 | 15950 | 17440 |
| **5/19** | 17279 | 14933 | 16338 |
| **6/19** | 18309 | 15982 | 17460 |
| **7/19** | 18572 | 16230 | 17854 |
| **8/19** | 18688 | 15933 | 17718 |
| **9/19** | 18447 | 16209 | 17720 |
| **10/19** | 18864 | 16552 | 18219 |
| **11/19** | 19587 | 17178 | 19028 |
| **12/19** | 20105 | 17674 | 19602 |
| **1/20** | 20968 | 17693 | 20040 |
| **2/20** | 19701 | 16247 | 18675 |
| **3/20** | 17404 | 14100 | 16838 |
| **4/20** | 20037 | 15963 | 19330 |
| **5/20** | 21441 | 16805 | 20627 |
| **6/20** | 22196 | 17177 | 21525 |
| **7/20** | 23623 | 18183 | 23182 |
| **8/20** | 25828 | 19518 | 25574 |
| **9/20** | 24577 | 18804 | 24370 |
| **10/20** | 23669 | 18351 | 23543 |
| **11/20** | 26194 | 20512 | 25953 |
| **12/20** | 26976 | 21379 | 27147 |
| **1/21** | 26060 | 21203 | 26946 |
| **2/21** | 26881 | 21817 | 26940 |
| **3/21** | 27434 | 22643 | 27403 |
| **4/21** | 29715 | 23862 | 29267 |
| **5/21** | 29739 | 23975 | 28862 |
| **6/21** | 31452 | 24576 | 30673 |
| **7/21** | 32463 | 25086 | 31684 |
| **8/21** | 33560 | 25812 | 32869 |
| **9/21** | 31799 | 24627 | 31028 |
| **10/21** | 33986 | 26335 | 33715 |
| **11/21** | 33260 | 25982 | 33921 |
| **12/21** | 33596 | 27035 | 34639 |
| **1/22** | 30473 | 25510 | 31666 |
| **2/22** | 28659 | 24810 | 30321 |
| **3/22** | 29275 | 25648 | 31507 |
| **4/22** | 25469 | 23361 | 27702 |
| **5/22** | 25368 | 23326 | 27058 |
| **6/22** | 23309 | 21372 | 24915 |
| **7/22** | 26068 | 23363 | 27905 |
| **8/22** | 24667 | 22466 | 26605 |
| **9/22** | 21925 | 20387 | 24019 |
| **10/22** | 23182 | 22022 | 25423 |
| **11/22** | 24726 | 23214 | 26581 |
| **12/22** | 23164 | 21864 | 24546 |
| **1/23** | 25153 | 23330 | 26592 |
| **2/23** | 24192 | 22774 | 26276 |
| **3/23** | 25187 | 23495 | 28072 |
| **4/23** | 25748 | 23786 | 28349 |
| **5/23** | 26257 | 23897 | 29641 |
| **6/23** | 28178 | 25511 | 31668 |
| **7/23** | 28977 | 26388 | 32735 |
| **8/23** | 29087 | 25926 | 32441 |
| **9/23** | 27422 | 24708 | 30677 |
| **10/23** | 27396 | 24111 | 30240 |
| **11/23** | 30948 | 26363 | 33537 |
| **12/23** | 32240 | 27664 | 35022 |
| **1/24** | 33072 | 28050 | 35895 |
| **2/24** | 34738 | 29565 | 38344 |
| **3/24** | 35426 | 30512 | 39019 |
| **4/24** | 33897 | 29214 | 37364 |
| **5/24** | 35010 | 30590 | 39601 |
| **6/24** | 36310 | 31602 | 42272 |
| **7/24** | 36556 | 32062 | 41552 |
| **8/24** | 37236 | 32822 | 42418 |
| **9/24** | 37848 | 33524 | 43620 |
| **10/24** | 37330 | 33289 | 43475 |
| **11/24** | 40057 | 35433 | 46295 |
| **12/24** | 38991 | 34445 | 46704 |
| **1/25** | 40785 | 35541 | 47628 |
| **2/25** | 39382 | 34919 | 45916 |
| **3/25** | 37233 | 32899 | 42049 |
| **4/25** | 38032 | 32703 | 42793 |
| **5/25** | 40501 | 34790 | 46580 |
| **6/25** | 42179 | 36552 | 49549 |
| **7/25** | 43724 | 37365 | 51420 |
| **8/25** | 43280 | 38151 | 51995 |

---

### **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **1-Year** | **5-Year** | **10-Year<sup>Footnote Reference\*</sup>** |
| R-3 Shares | 16.23% | 10.88% | 15.78% |
| Russell 1000 Index | 16.24% | 14.34% | 14.33% |
| Russell 1000 Growth Index | 22.58% | 15.25% | 17.92% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;For periods prior to the inception date of the share class, extended performance is calculated to reflect the historical performance of the oldest share class of the Fund, adjusted for the fees and expenses of this share class. The extended performance inception date is June 14, 2012. |

---

**Past performance is not a good predictor of the Fund's future performance.** The graph above represents historical performance of a hypothetical investment of $10,000 in the Fund over the past ten years (or since inception if shorter). The table and graph above do not reflect the impact of taxes. If they did, performance would be lower. The Russell 1000 Index is the Fund's primary broad-based index and is included to meet the recently revised definition of "broad-based securities market index". The Russell 1000 Growth Index is included as an additional index for the Fund as it shows how the Fund's performance compares with the returns of an index of funds with similar investment objectives. Visit www.principalam.com/mutualfundperformance for more recent performance information.

### **Fund Statistics** 
* Net Assets (amount in thousands)$11,549,544

* Total Number of Portfolio Holdings41

* Portfolio Turnover Rate 20.9%

* Total Advisory Fees Paid (amount in thousands)$63,012

#### Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Common Stocks | 100.03% |
| Investment Companies | 0.01% |
| Other Assets and Liabilities | (0.04)% |
| Total Net Assets | 100.00% |

---

#### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **Percent of Net Assets** |
| Technology | 28.65% |
| Financial | 23.19% |
| Communications | 22.86% |
| Industrial | 8.86% |
| Consumer, Cyclical | 7.85% |
| Consumer, Non-cyclical | 6.58% |
| Basic Materials | 2.04% |
| Money Market Funds | 0.01% |
| Other Assets and Liabilities | (0.04)% |
| Total Net Assets | 100.00% |

---

## **Material Fund Changes** 
This is a summary of certain changes to the Fund since August 31, 2024. For more complete information, you may review the Fund's most recent prospectus, which we expect to be effective by December 31 or upon request at www.PrincipalAM.com/prospectuses.

Effective March 17, 2025, the Fund changed its diversification classification from diversified to non-diversified and made corresponding changes to its investment strategies and risks.

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

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

## **Householding** 
To avoid sending duplicate copies of materials to households, mailings for accounts held by members of your household may be combined so that only one copy of each annual and semi-annual shareholder reports will be mailed. If you prefer to receive multiple copies of the shareholder reports, you may request that by contacting us at <u>1-800-222-5852</u>. Householding will be stopped within 30 days after we receive your request.

FV823ARR3-0

# R-5

# PGBGX

# Blue Chip Fund
![Image](ic492f610b062e6032b887517.jpg)

#### Annual Shareholder Report August 31, 2025
This annual shareholder report contains important information about Blue Chip Fund (the "Fund") for the period of September 1, 2024 to August 31, 2025. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.**This report describes certain changes to the Fund that occurred during the reporting period.**

## What were the Fund costs for the last year?
(based 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 | $89 | 0.82% |

---

## **Management's Discussion of Fund Performance** 
The Fund seeks long-term growth of capital. The Fund normally invests at least 80% of its net assets, plus any borrowings for investment purposes, in equity securities of companies with large market capitalizations that, in the Fund's investment advisor's opinion, display characteristics of a "blue chip" company. The advisor tends to focus on securities of companies that show potential for growth of capital as well as an expectation for above average earnings. The Fund also invests in securities of foreign companies. It is non-diversified. Over the year, the Fund benefited from company selection in the communication services and real estate sectors. Allocation in the financials and consumer staples sectors contributed to performance relative to the Russell 1000 Growth Index ("Index"), led by Charles Schwab and Brookfield. Microsoft was the Fund's largest contributor. The company has numerous opportunities ahead, including incorporating generative artificial intelligence ("AI") tools across its platform. The next largest contributor was Netflix. The company grew its advertising-supported pricing tier rapidly. The third largest contributor was Amazon. Its cloud computing business, Amazon Web Services, continued to expand, assisted by AI investments. Information technology detracted from performance relative to the Index, primarily due to having a smaller weight in Nvidia than the Index weight. Danaher was the Fund's largest detractor. With pandemic inventory destocking now behind them, Danaher has scale advantages to gain share.

## How did the Fund perform over the last 10 years?
![The graph represents how a hypothetical investment of $10,000 would have performed over the specified time period.](i8b07d9dbcdf1b10ce175eaa4.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **R-5 Shares at net asset value $44,658** | **Russell 1000 Index $38,151** | **Russell 1000 Growth Index $51,995** |
| **8/15** | 10000 | 10000 | 10000 |
| **9/15** | 9678 | 9726 | 9753 |
| **10/15** | 10341 | 10513 | 10592 |
| **11/15** | 10384 | 10548 | 10622 |
| **12/15** | 10252 | 10358 | 10466 |
| **1/16** | 9739 | 9800 | 9882 |
| **2/16** | 9607 | 9797 | 9878 |
| **3/16** | 10272 | 10479 | 10544 |
| **4/16** | 10324 | 10536 | 10448 |
| **5/16** | 10586 | 10721 | 10650 |
| **6/16** | 10442 | 10745 | 10609 |
| **7/16** | 11011 | 11155 | 11109 |
| **8/16** | 11116 | 11169 | 11054 |
| **9/16** | 11208 | 11178 | 11095 |
| **10/16** | 11037 | 10960 | 10834 |
| **11/16** | 11064 | 11392 | 11070 |
| **12/16** | 11136 | 11606 | 11207 |
| **1/17** | 11564 | 11840 | 11585 |
| **2/17** | 11980 | 12298 | 12066 |
| **3/17** | 12026 | 12306 | 12205 |
| **4/17** | 12363 | 12436 | 12484 |
| **5/17** | 12692 | 12595 | 12809 |
| **6/17** | 12653 | 12683 | 12775 |
| **7/17** | 13049 | 12934 | 13115 |
| **8/17** | 13240 | 12974 | 13355 |
| **9/17** | 13405 | 13250 | 13529 |
| **10/17** | 13952 | 13554 | 14053 |
| **11/17** | 14243 | 13968 | 14480 |
| **12/17** | 14313 | 14123 | 14593 |
| **1/18** | 15466 | 14899 | 15626 |
| **2/18** | 14978 | 14352 | 15217 |
| **3/18** | 14788 | 14026 | 14799 |
| **4/18** | 15039 | 14074 | 14851 |
| **5/18** | 15479 | 14433 | 15502 |
| **6/18** | 15649 | 14526 | 15651 |
| **7/18** | 16171 | 15028 | 16111 |
| **8/18** | 16761 | 15545 | 16992 |
| **9/18** | 16842 | 15604 | 17086 |
| **10/18** | 15412 | 14500 | 15558 |
| **11/18** | 15893 | 14795 | 15724 |
| **12/18** | 14718 | 13448 | 14372 |
| **1/19** | 16051 | 14575 | 15664 |
| **2/19** | 16643 | 15068 | 16224 |
| **3/19** | 17309 | 15330 | 16686 |
| **4/19** | 18305 | 15950 | 17440 |
| **5/19** | 17492 | 14933 | 16338 |
| **6/19** | 18532 | 15982 | 17460 |
| **7/19** | 18802 | 16230 | 17854 |
| **8/19** | 18927 | 15933 | 17718 |
| **9/19** | 18685 | 16209 | 17720 |
| **10/19** | 19117 | 16552 | 18219 |
| **11/19** | 19849 | 17178 | 19028 |
| **12/19** | 20389 | 17674 | 19602 |
| **1/20** | 21269 | 17693 | 20040 |
| **2/20** | 19983 | 16247 | 18675 |
| **3/20** | 17657 | 14100 | 16838 |
| **4/20** | 20335 | 15963 | 19330 |
| **5/20** | 21759 | 16805 | 20627 |
| **6/20** | 22539 | 17177 | 21525 |
| **7/20** | 23986 | 18183 | 23182 |
| **8/20** | 26244 | 19518 | 25574 |
| **9/20** | 24973 | 18804 | 24370 |
| **10/20** | 24062 | 18351 | 23543 |
| **11/20** | 26626 | 20512 | 25953 |
| **12/20** | 27433 | 21379 | 27147 |
| **1/21** | 26507 | 21203 | 26946 |
| **2/21** | 27346 | 21817 | 26940 |
| **3/21** | 27924 | 22643 | 27403 |
| **4/21** | 30243 | 23862 | 29267 |
| **5/21** | 30275 | 23975 | 28862 |
| **6/21** | 32032 | 24576 | 30673 |
| **7/21** | 33069 | 25086 | 31684 |
| **8/21** | 34193 | 25812 | 32869 |
| **9/21** | 32412 | 24627 | 31028 |
| **10/21** | 34652 | 26335 | 33715 |
| **11/21** | 33924 | 25982 | 33921 |
| **12/21** | 34277 | 27035 | 34639 |
| **1/22** | 31091 | 25510 | 31666 |
| **2/22** | 29249 | 24810 | 30321 |
| **3/22** | 29882 | 25648 | 31507 |
| **4/22** | 26012 | 23361 | 27702 |
| **5/22** | 25910 | 23326 | 27058 |
| **6/22** | 23815 | 21372 | 24915 |
| **7/22** | 26646 | 23363 | 27905 |
| **8/22** | 25218 | 22466 | 26605 |
| **9/22** | 22412 | 20387 | 24019 |
| **10/22** | 23705 | 22022 | 25423 |
| **11/22** | 25294 | 23214 | 26581 |
| **12/22** | 23704 | 21864 | 24546 |
| **1/23** | 25746 | 23330 | 26592 |
| **2/23** | 24768 | 22774 | 26276 |
| **3/23** | 25789 | 23495 | 28072 |
| **4/23** | 26376 | 23786 | 28349 |
| **5/23** | 26903 | 23897 | 29641 |
| **6/23** | 28877 | 25511 | 31668 |
| **7/23** | 29702 | 26388 | 32735 |
| **8/23** | 29830 | 25926 | 32441 |
| **9/23** | 28120 | 24708 | 30677 |
| **10/23** | 28111 | 24111 | 30240 |
| **11/23** | 31761 | 26363 | 33537 |
| **12/23** | 33089 | 27664 | 35022 |
| **1/24** | 33956 | 28050 | 35895 |
| **2/24** | 35667 | 29565 | 38344 |
| **3/24** | 36390 | 30512 | 39019 |
| **4/24** | 34824 | 29214 | 37364 |
| **5/24** | 35981 | 30590 | 39601 |
| **6/24** | 37326 | 31602 | 42272 |
| **7/24** | 37589 | 32062 | 41552 |
| **8/24** | 38296 | 32822 | 42418 |
| **9/24** | 38942 | 33524 | 43620 |
| **10/24** | 38415 | 33289 | 43475 |
| **11/24** | 41231 | 35433 | 46295 |
| **12/24** | 40147 | 34445 | 46704 |
| **1/25** | 42003 | 35541 | 47628 |
| **2/25** | 40564 | 34919 | 45916 |
| **3/25** | 38371 | 32899 | 42049 |
| **4/25** | 39205 | 32703 | 42793 |
| **5/25** | 41754 | 34790 | 46580 |
| **6/25** | 43495 | 36552 | 49549 |
| **7/25** | 45093 | 37365 | 51420 |
| **8/25** | 44658 | 38151 | 51995 |

---

### **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **1-Year** | **5-Year** | **10-Year<sup>Footnote Reference\*</sup>** |
| R-5 Shares | 16.61% | 11.22% | 16.14% |
| Russell 1000 Index | 16.24% | 14.34% | 14.33% |
| Russell 1000 Growth Index | 22.58% | 15.25% | 17.92% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;For periods prior to the inception date of the share class, extended performance is calculated to reflect the historical performance of the oldest share class of the Fund, adjusted for the fees and expenses of this share class. The extended performance inception date is June 14, 2012. |

---

**Past performance is not a good predictor of the Fund's future performance.** The graph above represents historical performance of a hypothetical investment of $10,000 in the Fund over the past ten years (or since inception if shorter). The table and graph above do not reflect the impact of taxes. If they did, performance would be lower. The Russell 1000 Index is the Fund's primary broad-based index and is included to meet the recently revised definition of "broad-based securities market index". The Russell 1000 Growth Index is included as an additional index for the Fund as it shows how the Fund's performance compares with the returns of an index of funds with similar investment objectives. Visit www.principalam.com/mutualfundperformance for more recent performance information.

### **Fund Statistics** 
* Net Assets (amount in thousands)$11,549,544

* Total Number of Portfolio Holdings41

* Portfolio Turnover Rate 20.9%

* Total Advisory Fees Paid (amount in thousands)$63,012

#### Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Common Stocks | 100.03% |
| Investment Companies | 0.01% |
| Other Assets and Liabilities | (0.04)% |
| Total Net Assets | 100.00% |

---

#### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **Percent of Net Assets** |
| Technology | 28.65% |
| Financial | 23.19% |
| Communications | 22.86% |
| Industrial | 8.86% |
| Consumer, Cyclical | 7.85% |
| Consumer, Non-cyclical | 6.58% |
| Basic Materials | 2.04% |
| Money Market Funds | 0.01% |
| Other Assets and Liabilities | (0.04)% |
| Total Net Assets | 100.00% |

---

## **Material Fund Changes** 
This is a summary of certain changes to the Fund since August 31, 2024. For more complete information, you may review the Fund's most recent prospectus, which we expect to be effective by December 31 or upon request at www.PrincipalAM.com/prospectuses.

Effective March 17, 2025, the Fund changed its diversification classification from diversified to non-diversified and made corresponding changes to its investment strategies and risks.

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

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

## **Householding** 
To avoid sending duplicate copies of materials to households, mailings for accounts held by members of your household may be combined so that only one copy of each annual and semi-annual shareholder reports will be mailed. If you prefer to receive multiple copies of the shareholder reports, you may request that by contacting us at <u>1-800-222-5852</u>. Householding will be stopped within 30 days after we receive your request.

FV823ARR5-0

# R-6

# PGBHX

# Blue Chip Fund
![Image](ic492f610b062e6032b887517.jpg)

#### Annual Shareholder Report August 31, 2025
This annual shareholder report contains important information about Blue Chip Fund (the "Fund") for the period of September 1, 2024 to August 31, 2025. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.**This report describes certain changes to the Fund that occurred during the reporting period.**

## What were the Fund costs for the last year?
(based 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 | $62 | 0.57% |

---

## **Management's Discussion of Fund Performance** 
The Fund seeks long-term growth of capital. The Fund normally invests at least 80% of its net assets, plus any borrowings for investment purposes, in equity securities of companies with large market capitalizations that, in the Fund's investment advisor's opinion, display characteristics of a "blue chip" company. The advisor tends to focus on securities of companies that show potential for growth of capital as well as an expectation for above average earnings. The Fund also invests in securities of foreign companies. It is non-diversified. Over the year, the Fund benefited from company selection in the communication services and real estate sectors. Allocation in the financials and consumer staples sectors contributed to performance relative to the Russell 1000 Growth Index ("Index"), led by Charles Schwab and Brookfield. Microsoft was the Fund's largest contributor. The company has numerous opportunities ahead, including incorporating generative artificial intelligence ("AI") tools across its platform. The next largest contributor was Netflix. The company grew its advertising-supported pricing tier rapidly. The third largest contributor was Amazon. Its cloud computing business, Amazon Web Services, continued to expand, assisted by AI investments. Information technology detracted from performance relative to the Index, primarily due to having a smaller weight in Nvidia than the Index weight. Danaher was the Fund's largest detractor. With pandemic inventory destocking now behind them, Danaher has scale advantages to gain share.

## How did the Fund perform over the last 10 years?
![The graph represents how a hypothetical investment of $10,000 would have performed over the specified time period.](i8cedc85ad6874ea5b4a2a044.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **R-6 Shares at net asset value $45,774** | **Russell 1000 Index $38,151** | **Russell 1000 Growth Index $51,995** |
| **8/15** | 10000 | 10000 | 10000 |
| **9/15** | 9680 | 9726 | 9753 |
| **10/15** | 10345 | 10513 | 10592 |
| **11/15** | 10389 | 10548 | 10622 |
| **12/15** | 10259 | 10358 | 10466 |
| **1/16** | 9748 | 9800 | 9882 |
| **2/16** | 9617 | 9797 | 9878 |
| **3/16** | 10284 | 10479 | 10544 |
| **4/16** | 10336 | 10536 | 10448 |
| **5/16** | 10604 | 10721 | 10650 |
| **6/16** | 10460 | 10745 | 10609 |
| **7/16** | 11035 | 11155 | 11109 |
| **8/16** | 11133 | 11169 | 11054 |
| **9/16** | 11231 | 11178 | 11095 |
| **10/16** | 11067 | 10960 | 10834 |
| **11/16** | 11086 | 11392 | 11070 |
| **12/16** | 11163 | 11606 | 11207 |
| **1/17** | 11599 | 11840 | 11585 |
| **2/17** | 12016 | 12298 | 12066 |
| **3/17** | 12069 | 12306 | 12205 |
| **4/17** | 12399 | 12436 | 12484 |
| **5/17** | 12743 | 12595 | 12809 |
| **6/17** | 12697 | 12683 | 12775 |
| **7/17** | 13094 | 12934 | 13115 |
| **8/17** | 13292 | 12974 | 13355 |
| **9/17** | 13464 | 13250 | 13529 |
| **10/17** | 14013 | 13554 | 14053 |
| **11/17** | 14311 | 13968 | 14480 |
| **12/17** | 14384 | 14123 | 14593 |
| **1/18** | 15547 | 14899 | 15626 |
| **2/18** | 15057 | 14352 | 15217 |
| **3/18** | 14867 | 14026 | 14799 |
| **4/18** | 15125 | 14074 | 14851 |
| **5/18** | 15567 | 14433 | 15502 |
| **6/18** | 15744 | 14526 | 15651 |
| **7/18** | 16274 | 15028 | 16111 |
| **8/18** | 16872 | 15545 | 16992 |
| **9/18** | 16954 | 15604 | 17086 |
| **10/18** | 15526 | 14500 | 15558 |
| **11/18** | 16009 | 14795 | 15724 |
| **12/18** | 14826 | 13448 | 14372 |
| **1/19** | 16176 | 14575 | 15664 |
| **2/19** | 16777 | 15068 | 16224 |
| **3/19** | 17452 | 15330 | 16686 |
| **4/19** | 18457 | 15950 | 17440 |
| **5/19** | 17643 | 14933 | 16338 |
| **6/19** | 18692 | 15982 | 17460 |
| **7/19** | 18971 | 16230 | 17854 |
| **8/19** | 19103 | 15933 | 17718 |
| **9/19** | 18861 | 16209 | 17720 |
| **10/19** | 19301 | 16552 | 18219 |
| **11/19** | 20049 | 17178 | 19028 |
| **12/19** | 20588 | 17674 | 19602 |
| **1/20** | 21488 | 17693 | 20040 |
| **2/20** | 20196 | 16247 | 18675 |
| **3/20** | 17852 | 14100 | 16838 |
| **4/20** | 20558 | 15963 | 19330 |
| **5/20** | 22003 | 16805 | 20627 |
| **6/20** | 22795 | 17177 | 21525 |
| **7/20** | 24271 | 18183 | 23182 |
| **8/20** | 26554 | 19518 | 25574 |
| **9/20** | 25270 | 18804 | 24370 |
| **10/20** | 24356 | 18351 | 23543 |
| **11/20** | 26962 | 20512 | 25953 |
| **12/20** | 27780 | 21379 | 27147 |
| **1/21** | 26850 | 21203 | 26946 |
| **2/21** | 27709 | 21817 | 26940 |
| **3/21** | 28297 | 22643 | 27403 |
| **4/21** | 30658 | 23862 | 29267 |
| **5/21** | 30697 | 23975 | 28862 |
| **6/21** | 32486 | 24576 | 30673 |
| **7/21** | 33543 | 25086 | 31684 |
| **8/21** | 34695 | 25812 | 32869 |
| **9/21** | 32891 | 24627 | 31028 |
| **10/21** | 35172 | 26335 | 33715 |
| **11/21** | 34433 | 25982 | 33921 |
| **12/21** | 34804 | 27035 | 34639 |
| **1/22** | 31581 | 25510 | 31666 |
| **2/22** | 29716 | 24810 | 30321 |
| **3/22** | 30369 | 25648 | 31507 |
| **4/22** | 26434 | 23361 | 27702 |
| **5/22** | 26341 | 23326 | 27058 |
| **6/22** | 24212 | 21372 | 24915 |
| **7/22** | 27095 | 23363 | 27905 |
| **8/22** | 25645 | 22466 | 26605 |
| **9/22** | 22804 | 20387 | 24019 |
| **10/22** | 24127 | 22022 | 25423 |
| **11/22** | 25747 | 23214 | 26581 |
| **12/22** | 24126 | 21864 | 24546 |
| **1/23** | 26209 | 23330 | 26592 |
| **2/23** | 25228 | 22774 | 26276 |
| **3/23** | 26269 | 23495 | 28072 |
| **4/23** | 26875 | 23786 | 28349 |
| **5/23** | 27413 | 23897 | 29641 |
| **6/23** | 29436 | 25511 | 31668 |
| **7/23** | 30282 | 26388 | 32735 |
| **8/23** | 30418 | 25926 | 32441 |
| **9/23** | 28685 | 24708 | 30677 |
| **10/23** | 28677 | 24111 | 30240 |
| **11/23** | 32407 | 26363 | 33537 |
| **12/23** | 33767 | 27664 | 35022 |
| **1/24** | 34663 | 28050 | 35895 |
| **2/24** | 36423 | 29565 | 38344 |
| **3/24** | 37166 | 30512 | 39019 |
| **4/24** | 35577 | 29214 | 37364 |
| **5/24** | 36764 | 30590 | 39601 |
| **6/24** | 38148 | 31602 | 42272 |
| **7/24** | 38429 | 32062 | 41552 |
| **8/24** | 39155 | 32822 | 42418 |
| **9/24** | 39821 | 33524 | 43620 |
| **10/24** | 39292 | 33289 | 43475 |
| **11/24** | 42178 | 35433 | 46295 |
| **12/24** | 41075 | 34445 | 46704 |
| **1/25** | 42983 | 35541 | 47628 |
| **2/25** | 41530 | 34919 | 45916 |
| **3/25** | 39283 | 32899 | 42049 |
| **4/25** | 40148 | 32703 | 42793 |
| **5/25** | 42769 | 34790 | 46580 |
| **6/25** | 44561 | 36552 | 49549 |
| **7/25** | 46211 | 37365 | 51420 |
| **8/25** | 45774 | 38151 | 51995 |

---

### **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **1-Year** | **5-Year** | **10-Year<sup>Footnote Reference\*</sup>** |
| R-6 Shares | 16.90% | 11.51% | 16.43% |
| Russell 1000 Index | 16.24% | 14.34% | 14.33% |
| Russell 1000 Growth Index | 22.58% | 15.25% | 17.92% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;For periods prior to the inception date of the share class, extended performance is calculated to reflect the historical performance of the oldest share class of the Fund, adjusted for the fees and expenses of this share class. The extended performance inception date is June 14, 2012. |

---

**Past performance is not a good predictor of the Fund's future performance.** The graph above represents historical performance of a hypothetical investment of $10,000 in the Fund over the past ten years (or since inception if shorter). The table and graph above do not reflect the impact of taxes. If they did, performance would be lower. The Russell 1000 Index is the Fund's primary broad-based index and is included to meet the recently revised definition of "broad-based securities market index". The Russell 1000 Growth Index is included as an additional index for the Fund as it shows how the Fund's performance compares with the returns of an index of funds with similar investment objectives. Visit www.principalam.com/mutualfundperformance for more recent performance information.

### **Fund Statistics** 
* Net Assets (amount in thousands)$11,549,544

* Total Number of Portfolio Holdings41

* Portfolio Turnover Rate 20.9%

* Total Advisory Fees Paid (amount in thousands)$63,012

#### Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Common Stocks | 100.03% |
| Investment Companies | 0.01% |
| Other Assets and Liabilities | (0.04)% |
| Total Net Assets | 100.00% |

---

#### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **Percent of Net Assets** |
| Technology | 28.65% |
| Financial | 23.19% |
| Communications | 22.86% |
| Industrial | 8.86% |
| Consumer, Cyclical | 7.85% |
| Consumer, Non-cyclical | 6.58% |
| Basic Materials | 2.04% |
| Money Market Funds | 0.01% |
| Other Assets and Liabilities | (0.04)% |
| Total Net Assets | 100.00% |

---

## **Material Fund Changes** 
This is a summary of certain changes to the Fund since August 31, 2024. For more complete information, you may review the Fund's most recent prospectus, which we expect to be effective by December 31 or upon request at www.PrincipalAM.com/prospectuses.

Effective March 17, 2025, the Fund changed its diversification classification from diversified to non-diversified and made corresponding changes to its investment strategies and risks.

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

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

## **Householding** 
To avoid sending duplicate copies of materials to households, mailings for accounts held by members of your household may be combined so that only one copy of each annual and semi-annual shareholder reports will be mailed. If you prefer to receive multiple copies of the shareholder reports, you may request that by contacting us at <u>1-800-222-5852</u>. Householding will be stopped within 30 days after we receive your request.

FV823ARR6-0

# Class J

# PBIJX

# Bond Market Index Fund
![Image](ic492f610b062e6032b887517.jpg)

#### Annual Shareholder Report August 31, 2025
This annual shareholder report contains important information about Bond Market Index Fund (the "Fund") for the period of September 1, 2024 to August 31, 2025. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.**This report describes certain changes to the Fund that occurred during the reporting period.**

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class J | $44 | 0.43% |

---

## **Management's Discussion of Fund Performance** 
The Fund seeks to provide current income. Under normal circumstances, the Fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in investments designed to track the Bloomberg U.S. Aggregate Bond Index (the "Index") at the time of purchase. The Index is composed of investment grade, fixed-rate debt issues with maturities of one year or more, including government securities, corporate securities, and asset-backed and mortgage-backed securities (securitized products). During the most recently completed fiscal year ending August 31, 2025, the Fund's investments performed in line with the Index. The top contributors to performance included a slightly higher allocation compared to Index weight to investment grade corporate bonds, security specific impacts within U.S. Treasury securities, and a slightly higher allocation compared to Index weight to sovereign bonds. The top detractors from performance for the fiscal year included security specific impacts within mortgage-backed securities, a slightly lower allocation compared to Index weight to commercial mortgage-backed securities, and security specific impacts within investment grade corporate bonds.

## How did the Fund perform over the last 10 years?
![The graph represents how a hypothetical investment of $10,000 would have performed over the specified time period.](i0f361a11a2c0b88c423e4766.jpg)

---

| | | |
|:---|:---|:---|
| | **Class J Shares with maximum sales charge $11,240** | **Bloomberg US Aggregate Index $11,949** |
| **8/15** | 10000 | 10000 |
| **9/15** | 10065 | 10068 |
| **10/15** | 10055 | 10069 |
| **11/15** | 10028 | 10043 |
| **12/15** | 9981 | 10010 |
| **1/16** | 10112 | 10148 |
| **2/16** | 10178 | 10220 |
| **3/16** | 10263 | 10314 |
| **4/16** | 10300 | 10353 |
| **5/16** | 10291 | 10356 |
| **6/16** | 10469 | 10542 |
| **7/16** | 10526 | 10609 |
| **8/16** | 10498 | 10597 |
| **9/16** | 10488 | 10590 |
| **10/16** | 10394 | 10509 |
| **11/16** | 10140 | 10261 |
| **12/16** | 10144 | 10275 |
| **1/17** | 10163 | 10295 |
| **2/17** | 10220 | 10365 |
| **3/17** | 10210 | 10359 |
| **4/17** | 10287 | 10439 |
| **5/17** | 10363 | 10519 |
| **6/17** | 10344 | 10509 |
| **7/17** | 10382 | 10554 |
| **8/17** | 10477 | 10649 |
| **9/17** | 10420 | 10598 |
| **10/17** | 10420 | 10604 |
| **11/17** | 10401 | 10591 |
| **12/17** | 10445 | 10639 |
| **1/18** | 10319 | 10517 |
| **2/18** | 10212 | 10417 |
| **3/18** | 10270 | 10484 |
| **4/18** | 10192 | 10406 |
| **5/18** | 10260 | 10480 |
| **6/18** | 10241 | 10467 |
| **7/18** | 10231 | 10470 |
| **8/18** | 10290 | 10537 |
| **9/18** | 10222 | 10469 |
| **10/18** | 10134 | 10386 |
| **11/18** | 10183 | 10448 |
| **12/18** | 10373 | 10640 |
| **1/19** | 10472 | 10753 |
| **2/19** | 10462 | 10747 |
| **3/19** | 10660 | 10954 |
| **4/19** | 10650 | 10956 |
| **5/19** | 10828 | 11151 |
| **6/19** | 10967 | 11291 |
| **7/19** | 10977 | 11316 |
| **8/19** | 11254 | 11609 |
| **9/19** | 11185 | 11547 |
| **10/19** | 11215 | 11582 |
| **11/19** | 11195 | 11576 |
| **12/19** | 11185 | 11568 |
| **1/20** | 11397 | 11791 |
| **2/20** | 11589 | 12003 |
| **3/20** | 11528 | 11932 |
| **4/20** | 11720 | 12144 |
| **5/20** | 11771 | 12201 |
| **6/20** | 11841 | 12278 |
| **7/20** | 12013 | 12461 |
| **8/20** | 11902 | 12360 |
| **9/20** | 11892 | 12354 |
| **10/20** | 11831 | 12299 |
| **11/20** | 11942 | 12419 |
| **12/20** | 11957 | 12436 |
| **1/21** | 11861 | 12347 |
| **2/21** | 11646 | 12169 |
| **3/21** | 11538 | 12017 |
| **4/21** | 11634 | 12112 |
| **5/21** | 11646 | 12151 |
| **6/21** | 11741 | 12237 |
| **7/21** | 11873 | 12374 |
| **8/21** | 11849 | 12350 |
| **9/21** | 11741 | 12243 |
| **10/21** | 11729 | 12240 |
| **11/21** | 11753 | 12276 |
| **12/21** | 11713 | 12245 |
| **1/22** | 11469 | 11981 |
| **2/22** | 11335 | 11847 |
| **3/22** | 11018 | 11518 |
| **4/22** | 10592 | 11081 |
| **5/22** | 10653 | 11152 |
| **6/22** | 10482 | 10977 |
| **7/22** | 10738 | 11246 |
| **8/22** | 10433 | 10928 |
| **9/22** | 9982 | 10456 |
| **10/22** | 9848 | 10320 |
| **11/22** | 10202 | 10700 |
| **12/22** | 10124 | 10651 |
| **1/23** | 10457 | 10979 |
| **2/23** | 10173 | 10695 |
| **3/23** | 10445 | 10967 |
| **4/23** | 10494 | 11033 |
| **5/23** | 10383 | 10913 |
| **6/23** | 10333 | 10874 |
| **7/23** | 10321 | 10867 |
| **8/23** | 10247 | 10797 |
| **9/23** | 9975 | 10523 |
| **10/23** | 9815 | 10357 |
| **11/23** | 10259 | 10826 |
| **12/23** | 10643 | 11240 |
| **1/24** | 10617 | 11210 |
| **2/24** | 10464 | 11051 |
| **3/24** | 10541 | 11153 |
| **4/24** | 10284 | 10871 |
| **5/24** | 10451 | 11056 |
| **6/24** | 10553 | 11160 |
| **7/24** | 10797 | 11421 |
| **8/24** | 10951 | 11585 |
| **9/24** | 11092 | 11740 |
| **10/24** | 10810 | 11449 |
| **11/24** | 10912 | 11570 |
| **12/24** | 10723 | 11381 |
| **1/25** | 10789 | 11441 |
| **2/25** | 11015 | 11693 |
| **3/25** | 11015 | 11697 |
| **4/25** | 11054 | 11743 |
| **5/25** | 10975 | 11659 |
| **6/25** | 11134 | 11839 |
| **7/25** | 11107 | 11807 |
| **8/25** | 11240 | 11949 |

---

### **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **1-Year** | **5-Year** | **10-Year** |
| Class J Shares Excluding Sales Charge | 2.64% | -1.14% | 1.18% |
| Class J Shares Including Sales Charge | 1.65% | -1.14% | 1.18% |
| Bloomberg US Aggregate Index | 3.14% | -0.68% | 1.80% |

---

**Past performance is not a good predictor of the Fund's future performance.** The graph above represents historical performance of a hypothetical investment of $10,000 in the Fund over the past ten years (or since inception if shorter). The table and graph above do not reflect the impact of taxes. If they did, performance would be lower. Visit www.principalam.com/mutualfundperformance for more recent performance information.

### **Fund Statistics** 
* Net Assets (amount in thousands)$2,816,751

* Total Number of Portfolio Holdings3,863

* Portfolio Turnover Rate 43.1%

* Total Advisory Fees Paid (amount in thousands)$3,024

#### Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| U.S. Government & Government Agency Obligations | 70.83% |
| Bonds | 26.74% |
| Investment Companies | 2.95% |
| Municipal Bonds | 0.11% |
| Other Assets and Liabilities | (0.63)% |
| Total Net Assets | 100.00% |

---

#### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **Percent of Net Assets** |
| Government | 48.53% |
| Mortgage Securities | 25.49% |
| Financial | 7.91% |
| Consumer, Non-cyclical | 4.19% |
| Utilities | 2.24% |
| Money Market Funds | 2.12% |
| Communications | 1.97% |
| Technology | 1.84% |
| Industrial | 1.80% |
| Energy | 1.78% |
| Consumer, Cyclical | 1.30% |
| Exchange-Traded Funds | 0.83% |
| Basic Materials | 0.52% |
| Revenue Bonds | 0.06% |
| General Obligation Unlimited | 0.04% |
| Insured | 0.01% |
| Other Assets and Liabilities | (0.63)% |
| Total Net Assets | 100.00% |

---

## **Material Fund Changes** 
This is a summary of certain changes to the Fund since August 31, 2024. For more complete information, you may review the Fund's most recent prospectus, which we expect to be effective by December 31 or upon request at www.PrincipalAM.com/prospectuses.

Effective December 31, 2024, the Fund's contractual management fee waiver of 0.015% expired. Effective December 31, 2024, the Fund's management fees were changed. The management fee was reduced from 0.14% on all net assets to 0.12% on the first $3 billion of net assets, 0.10% on the next $3 billion of net assets, and 0.08% on net assets over $6 billion.

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

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

## **Householding** 
To avoid sending duplicate copies of materials to households, mailings for accounts held by members of your household may be combined so that only one copy of each annual and semi-annual shareholder reports will be mailed. If you prefer to receive multiple copies of the shareholder reports, you may request that by contacting us at <u>1-800-222-5852</u>. Householding will be stopped within 30 days after we receive your request.

FV824ARJ-0

# Institutional

# PNIIX

# Bond Market Index Fund
![Image](ic492f610b062e6032b887517.jpg)

#### Annual Shareholder Report August 31, 2025
This annual shareholder report contains important information about Bond Market Index Fund (the "Fund") for the period of September 1, 2024 to August 31, 2025. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.**This report describes certain changes to the Fund that occurred during the reporting period.**

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional | $13 | 0.13% |

---

## **Management's Discussion of Fund Performance** 
The Fund seeks to provide current income. Under normal circumstances, the Fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in investments designed to track the Bloomberg U.S. Aggregate Bond Index (the "Index") at the time of purchase. The Index is composed of investment grade, fixed-rate debt issues with maturities of one year or more, including government securities, corporate securities, and asset-backed and mortgage-backed securities (securitized products). During the most recently completed fiscal year ending August 31, 2025, the Fund's investments performed in line with the Index. The top contributors to performance included a slightly higher allocation compared to Index weight to investment grade corporate bonds, security specific impacts within U.S. Treasury securities, and a slightly higher allocation compared to Index weight to sovereign bonds. The top detractors from performance for the fiscal year included security specific impacts within mortgage-backed securities, a slightly lower allocation compared to Index weight to commercial mortgage-backed securities, and security specific impacts within investment grade corporate bonds.

## How did the Fund perform over the last 10 years?
![The graph represents how a hypothetical investment of $10,000 would have performed over the specified time period.](if2321b32382415ea5226b0a7.jpg)

---

| | | |
|:---|:---|:---|
| | **Institutional Shares at net asset value $11,711** | **Bloomberg US Aggregate Index $11,949** |
| **8/15** | 10000 | 10000 |
| **9/15** | 10064 | 10068 |
| **10/15** | 10064 | 10069 |
| **11/15** | 10036 | 10043 |
| **12/15** | 9996 | 10010 |
| **1/16** | 10135 | 10148 |
| **2/16** | 10200 | 10220 |
| **3/16** | 10292 | 10314 |
| **4/16** | 10329 | 10353 |
| **5/16** | 10320 | 10356 |
| **6/16** | 10505 | 10542 |
| **7/16** | 10570 | 10609 |
| **8/16** | 10552 | 10597 |
| **9/16** | 10542 | 10590 |
| **10/16** | 10459 | 10509 |
| **11/16** | 10200 | 10261 |
| **12/16** | 10213 | 10275 |
| **1/17** | 10232 | 10295 |
| **2/17** | 10298 | 10365 |
| **3/17** | 10289 | 10359 |
| **4/17** | 10364 | 10439 |
| **5/17** | 10449 | 10519 |
| **6/17** | 10430 | 10509 |
| **7/17** | 10477 | 10554 |
| **8/17** | 10572 | 10649 |
| **9/17** | 10515 | 10598 |
| **10/17** | 10524 | 10604 |
| **11/17** | 10506 | 10591 |
| **12/17** | 10551 | 10639 |
| **1/18** | 10425 | 10517 |
| **2/18** | 10329 | 10417 |
| **3/18** | 10387 | 10484 |
| **4/18** | 10310 | 10406 |
| **5/18** | 10387 | 10480 |
| **6/18** | 10368 | 10467 |
| **7/18** | 10368 | 10470 |
| **8/18** | 10435 | 10537 |
| **9/18** | 10368 | 10469 |
| **10/18** | 10281 | 10386 |
| **11/18** | 10339 | 10448 |
| **12/18** | 10530 | 10640 |
| **1/19** | 10639 | 10753 |
| **2/19** | 10629 | 10747 |
| **3/19** | 10837 | 10954 |
| **4/19** | 10837 | 10956 |
| **5/19** | 11025 | 11151 |
| **6/19** | 11164 | 11291 |
| **7/19** | 11183 | 11316 |
| **8/19** | 11470 | 11609 |
| **9/19** | 11411 | 11547 |
| **10/19** | 11441 | 11582 |
| **11/19** | 11431 | 11576 |
| **12/19** | 11422 | 11568 |
| **1/20** | 11645 | 11791 |
| **2/20** | 11847 | 12003 |
| **3/20** | 11797 | 11932 |
| **4/20** | 11989 | 12144 |
| **5/20** | 12050 | 12201 |
| **6/20** | 12121 | 12278 |
| **7/20** | 12293 | 12461 |
| **8/20** | 12192 | 12360 |
| **9/20** | 12182 | 12354 |
| **10/20** | 12121 | 12299 |
| **11/20** | 12243 | 12419 |
| **12/20** | 12254 | 12436 |
| **1/21** | 12158 | 12347 |
| **2/21** | 11954 | 12169 |
| **3/21** | 11845 | 12017 |
| **4/21** | 11942 | 12112 |
| **5/21** | 11966 | 12151 |
| **6/21** | 12062 | 12237 |
| **7/21** | 12194 | 12374 |
| **8/21** | 12170 | 12350 |
| **9/21** | 12062 | 12243 |
| **10/21** | 12062 | 12240 |
| **11/21** | 12086 | 12276 |
| **12/21** | 12049 | 12245 |
| **1/22** | 11804 | 11981 |
| **2/22** | 11669 | 11847 |
| **3/22** | 11337 | 11518 |
| **4/22** | 10908 | 11081 |
| **5/22** | 10982 | 11152 |
| **6/22** | 10810 | 10977 |
| **7/22** | 11068 | 11246 |
| **8/22** | 10761 | 10928 |
| **9/22** | 10295 | 10456 |
| **10/22** | 10160 | 10320 |
| **11/22** | 10528 | 10700 |
| **12/22** | 10451 | 10651 |
| **1/23** | 10800 | 10979 |
| **2/23** | 10513 | 10695 |
| **3/23** | 10787 | 10967 |
| **4/23** | 10850 | 11033 |
| **5/23** | 10737 | 10913 |
| **6/23** | 10700 | 10874 |
| **7/23** | 10688 | 10867 |
| **8/23** | 10613 | 10797 |
| **9/23** | 10338 | 10523 |
| **10/23** | 10164 | 10357 |
| **11/23** | 10638 | 10826 |
| **12/23** | 11031 | 11240 |
| **1/24** | 11018 | 11210 |
| **2/24** | 10849 | 11051 |
| **3/24** | 10940 | 11153 |
| **4/24** | 10667 | 10871 |
| **5/24** | 10849 | 11056 |
| **6/24** | 10953 | 11160 |
| **7/24** | 11213 | 11421 |
| **8/24** | 11369 | 11585 |
| **9/24** | 11525 | 11740 |
| **10/24** | 11239 | 11449 |
| **11/24** | 11356 | 11570 |
| **12/24** | 11159 | 11381 |
| **1/25** | 11226 | 11441 |
| **2/25** | 11469 | 11693 |
| **3/25** | 11469 | 11697 |
| **4/25** | 11509 | 11743 |
| **5/25** | 11428 | 11659 |
| **6/25** | 11603 | 11839 |
| **7/25** | 11576 | 11807 |
| **8/25** | 11711 | 11949 |

---

### **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **1-Year** | **5-Year** | **10-Year** |
| Institutional Shares | 3.01% | -0.80% | 1.59% |
| Bloomberg US Aggregate Index | 3.14% | -0.68% | 1.80% |

---

**Past performance is not a good predictor of the Fund's future performance.** The graph above represents historical performance of a hypothetical investment of $10,000 in the Fund over the past ten years (or since inception if shorter). The table and graph above do not reflect the impact of taxes. If they did, performance would be lower. Visit www.principalam.com/mutualfundperformance for more recent performance information.

### **Fund Statistics** 
* Net Assets (amount in thousands)$2,816,751

* Total Number of Portfolio Holdings3,863

* Portfolio Turnover Rate 43.1%

* Total Advisory Fees Paid (amount in thousands)$3,024

#### Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| U.S. Government & Government Agency Obligations | 70.83% |
| Bonds | 26.74% |
| Investment Companies | 2.95% |
| Municipal Bonds | 0.11% |
| Other Assets and Liabilities | (0.63)% |
| Total Net Assets | 100.00% |

---

#### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **Percent of Net Assets** |
| Government | 48.53% |
| Mortgage Securities | 25.49% |
| Financial | 7.91% |
| Consumer, Non-cyclical | 4.19% |
| Utilities | 2.24% |
| Money Market Funds | 2.12% |
| Communications | 1.97% |
| Technology | 1.84% |
| Industrial | 1.80% |
| Energy | 1.78% |
| Consumer, Cyclical | 1.30% |
| Exchange-Traded Funds | 0.83% |
| Basic Materials | 0.52% |
| Revenue Bonds | 0.06% |
| General Obligation Unlimited | 0.04% |
| Insured | 0.01% |
| Other Assets and Liabilities | (0.63)% |
| Total Net Assets | 100.00% |

---

## **Material Fund Changes** 
This is a summary of certain changes to the Fund since August 31, 2024. For more complete information, you may review the Fund's most recent prospectus, which we expect to be effective by December 31 or upon request at www.PrincipalAM.com/prospectuses.

Effective December 31, 2024, the Fund's contractual management fee waiver of 0.015% expired. Effective December 31, 2024, the Fund's management fees were changed. The management fee was reduced from 0.14% on all net assets to 0.12% on the first $3 billion of net assets, 0.10% on the next $3 billion of net assets, and 0.08% on net assets over $6 billion.

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

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

## **Householding** 
To avoid sending duplicate copies of materials to households, mailings for accounts held by members of your household may be combined so that only one copy of each annual and semi-annual shareholder reports will be mailed. If you prefer to receive multiple copies of the shareholder reports, you may request that by contacting us at <u>1-800-222-5852</u>. Householding will be stopped within 30 days after we receive your request.

FV824ARI-0

# R-3

# PBOIX

# Bond Market Index Fund
![Image](ic492f610b062e6032b887517.jpg)

#### Annual Shareholder Report August 31, 2025
This annual shareholder report contains important information about Bond Market Index Fund (the "Fund") for the period of September 1, 2024 to August 31, 2025. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.**This report describes certain changes to the Fund that occurred during the reporting period.**

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| R-3 | $71 | 0.70% |

---

## **Management's Discussion of Fund Performance** 
The Fund seeks to provide current income. Under normal circumstances, the Fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in investments designed to track the Bloomberg U.S. Aggregate Bond Index (the "Index") at the time of purchase. The Index is composed of investment grade, fixed-rate debt issues with maturities of one year or more, including government securities, corporate securities, and asset-backed and mortgage-backed securities (securitized products). During the most recently completed fiscal year ending August 31, 2025, the Fund's investments performed in line with the Index. The top contributors to performance included a slightly higher allocation compared to Index weight to investment grade corporate bonds, security specific impacts within U.S. Treasury securities, and a slightly higher allocation compared to Index weight to sovereign bonds. The top detractors from performance for the fiscal year included security specific impacts within mortgage-backed securities, a slightly lower allocation compared to Index weight to commercial mortgage-backed securities, and security specific impacts within investment grade corporate bonds.

## How did the Fund perform over the last 10 years?
![The graph represents how a hypothetical investment of $10,000 would have performed over the specified time period.](i1a463d5cba0564e34d9be9fd.jpg)

---

| | | |
|:---|:---|:---|
| | **R-3 Shares at net asset value $11,064** | **Bloomberg US Aggregate Index $11,949** |
| **8/15** | 10000 | 10000 |
| **9/15** | 10065 | 10068 |
| **10/15** | 10056 | 10069 |
| **11/15** | 10028 | 10043 |
| **12/15** | 9982 | 10010 |
| **1/16** | 10114 | 10148 |
| **2/16** | 10170 | 10220 |
| **3/16** | 10264 | 10314 |
| **4/16** | 10293 | 10353 |
| **5/16** | 10283 | 10356 |
| **6/16** | 10462 | 10542 |
| **7/16** | 10518 | 10609 |
| **8/16** | 10500 | 10597 |
| **9/16** | 10481 | 10590 |
| **10/16** | 10387 | 10509 |
| **11/16** | 10133 | 10261 |
| **12/16** | 10141 | 10275 |
| **1/17** | 10151 | 10295 |
| **2/17** | 10217 | 10365 |
| **3/17** | 10198 | 10359 |
| **4/17** | 10275 | 10439 |
| **5/17** | 10351 | 10519 |
| **6/17** | 10332 | 10509 |
| **7/17** | 10370 | 10554 |
| **8/17** | 10456 | 10649 |
| **9/17** | 10398 | 10598 |
| **10/17** | 10398 | 10604 |
| **11/17** | 10379 | 10591 |
| **12/17** | 10416 | 10639 |
| **1/18** | 10290 | 10517 |
| **2/18** | 10183 | 10417 |
| **3/18** | 10241 | 10484 |
| **4/18** | 10163 | 10406 |
| **5/18** | 10231 | 10480 |
| **6/18** | 10212 | 10467 |
| **7/18** | 10202 | 10470 |
| **8/18** | 10260 | 10537 |
| **9/18** | 10192 | 10469 |
| **10/18** | 10105 | 10386 |
| **11/18** | 10154 | 10448 |
| **12/18** | 10336 | 10640 |
| **1/19** | 10435 | 10753 |
| **2/19** | 10425 | 10747 |
| **3/19** | 10623 | 10954 |
| **4/19** | 10613 | 10956 |
| **5/19** | 10791 | 11151 |
| **6/19** | 10930 | 11291 |
| **7/19** | 10949 | 11316 |
| **8/19** | 11226 | 11609 |
| **9/19** | 11157 | 11547 |
| **10/19** | 11177 | 11582 |
| **11/19** | 11167 | 11576 |
| **12/19** | 11147 | 11568 |
| **1/20** | 11358 | 11791 |
| **2/20** | 11550 | 12003 |
| **3/20** | 11499 | 11932 |
| **4/20** | 11691 | 12144 |
| **5/20** | 11731 | 12201 |
| **6/20** | 11802 | 12278 |
| **7/20** | 11963 | 12461 |
| **8/20** | 11862 | 12360 |
| **9/20** | 11842 | 12354 |
| **10/20** | 11781 | 12299 |
| **11/20** | 11892 | 12419 |
| **12/20** | 11894 | 12436 |
| **1/21** | 11798 | 12347 |
| **2/21** | 11596 | 12169 |
| **3/21** | 11488 | 12017 |
| **4/21** | 11572 | 12112 |
| **5/21** | 11584 | 12151 |
| **6/21** | 11667 | 12237 |
| **7/21** | 11798 | 12374 |
| **8/21** | 11763 | 12350 |
| **9/21** | 11655 | 12243 |
| **10/21** | 11643 | 12240 |
| **11/21** | 11679 | 12276 |
| **12/21** | 11622 | 12245 |
| **1/22** | 11380 | 11981 |
| **2/22** | 11247 | 11847 |
| **3/22** | 10932 | 11518 |
| **4/22** | 10509 | 11081 |
| **5/22** | 10570 | 11152 |
| **6/22** | 10400 | 10977 |
| **7/22** | 10654 | 11246 |
| **8/22** | 10352 | 10928 |
| **9/22** | 9892 | 10456 |
| **10/22** | 9759 | 10320 |
| **11/22** | 10110 | 10700 |
| **12/22** | 10033 | 10651 |
| **1/23** | 10362 | 10979 |
| **2/23** | 10081 | 10695 |
| **3/23** | 10338 | 10967 |
| **4/23** | 10399 | 11033 |
| **5/23** | 10277 | 10913 |
| **6/23** | 10228 | 10874 |
| **7/23** | 10216 | 10867 |
| **8/23** | 10143 | 10797 |
| **9/23** | 9874 | 10523 |
| **10/23** | 9715 | 10357 |
| **11/23** | 10155 | 10826 |
| **12/23** | 10529 | 11240 |
| **1/24** | 10503 | 11210 |
| **2/24** | 10351 | 11051 |
| **3/24** | 10427 | 11153 |
| **4/24** | 10161 | 10871 |
| **5/24** | 10326 | 11056 |
| **6/24** | 10427 | 11160 |
| **7/24** | 10668 | 11421 |
| **8/24** | 10807 | 11585 |
| **9/24** | 10947 | 11740 |
| **10/24** | 10668 | 11449 |
| **11/24** | 10769 | 11570 |
| **12/24** | 10593 | 11381 |
| **1/25** | 10646 | 11441 |
| **2/25** | 10868 | 11693 |
| **3/25** | 10868 | 11697 |
| **4/25** | 10907 | 11743 |
| **5/25** | 10816 | 11659 |
| **6/25** | 10972 | 11839 |
| **7/25** | 10946 | 11807 |
| **8/25** | 11064 | 11949 |

---

### **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **1-Year** | **5-Year** | **10-Year** |
| R-3 Shares | 2.37% | -1.38% | 1.02% |
| Bloomberg US Aggregate Index | 3.14% | -0.68% | 1.80% |

---

**Past performance is not a good predictor of the Fund's future performance.** The graph above represents historical performance of a hypothetical investment of $10,000 in the Fund over the past ten years (or since inception if shorter). The table and graph above do not reflect the impact of taxes. If they did, performance would be lower. Visit www.principalam.com/mutualfundperformance for more recent performance information.

### **Fund Statistics** 
* Net Assets (amount in thousands)$2,816,751

* Total Number of Portfolio Holdings3,863

* Portfolio Turnover Rate 43.1%

* Total Advisory Fees Paid (amount in thousands)$3,024

#### Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| U.S. Government & Government Agency Obligations | 70.83% |
| Bonds | 26.74% |
| Investment Companies | 2.95% |
| Municipal Bonds | 0.11% |
| Other Assets and Liabilities | (0.63)% |
| Total Net Assets | 100.00% |

---

#### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **Percent of Net Assets** |
| Government | 48.53% |
| Mortgage Securities | 25.49% |
| Financial | 7.91% |
| Consumer, Non-cyclical | 4.19% |
| Utilities | 2.24% |
| Money Market Funds | 2.12% |
| Communications | 1.97% |
| Technology | 1.84% |
| Industrial | 1.80% |
| Energy | 1.78% |
| Consumer, Cyclical | 1.30% |
| Exchange-Traded Funds | 0.83% |
| Basic Materials | 0.52% |
| Revenue Bonds | 0.06% |
| General Obligation Unlimited | 0.04% |
| Insured | 0.01% |
| Other Assets and Liabilities | (0.63)% |
| Total Net Assets | 100.00% |

---

## **Material Fund Changes** 
This is a summary of certain changes to the Fund since August 31, 2024. For more complete information, you may review the Fund's most recent prospectus, which we expect to be effective by December 31 or upon request at www.PrincipalAM.com/prospectuses.

Effective December 31, 2024, the Fund's contractual management fee waiver of 0.015% expired. Effective December 31, 2024, the Fund's management fees were changed. The management fee was reduced from 0.14% on all net assets to 0.12% on the first $3 billion of net assets, 0.10% on the next $3 billion of net assets, and 0.08% on net assets over $6 billion.

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

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

## **Householding** 
To avoid sending duplicate copies of materials to households, mailings for accounts held by members of your household may be combined so that only one copy of each annual and semi-annual shareholder reports will be mailed. If you prefer to receive multiple copies of the shareholder reports, you may request that by contacting us at <u>1-800-222-5852</u>. Householding will be stopped within 30 days after we receive your request.

FV824ARR3-0

# R-5

# PBIQX

# Bond Market Index Fund
![Image](ic492f610b062e6032b887517.jpg)

#### Annual Shareholder Report August 31, 2025
This annual shareholder report contains important information about Bond Market Index Fund (the "Fund") for the period of September 1, 2024 to August 31, 2025. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.**This report describes certain changes to the Fund that occurred during the reporting period.**

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| R-5 | $40 | 0.39% |

---

## **Management's Discussion of Fund Performance** 
The Fund seeks to provide current income. Under normal circumstances, the Fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in investments designed to track the Bloomberg U.S. Aggregate Bond Index (the "Index") at the time of purchase. The Index is composed of investment grade, fixed-rate debt issues with maturities of one year or more, including government securities, corporate securities, and asset-backed and mortgage-backed securities (securitized products). During the most recently completed fiscal year ending August 31, 2025, the Fund's investments performed in line with the Index. The top contributors to performance included a slightly higher allocation compared to Index weight to investment grade corporate bonds, security specific impacts within U.S. Treasury securities, and a slightly higher allocation compared to Index weight to sovereign bonds. The top detractors from performance for the fiscal year included security specific impacts within mortgage-backed securities, a slightly lower allocation compared to Index weight to commercial mortgage-backed securities, and security specific impacts within investment grade corporate bonds.

## How did the Fund perform over the last 10 years?
![The graph represents how a hypothetical investment of $10,000 would have performed over the specified time period.](iba284ba2eac92ba705ff1790.jpg)

---

| | | |
|:---|:---|:---|
| | **R-5 Shares at net asset value $11,407** | **Bloomberg US Aggregate Index $11,949** |
| **8/15** | 10000 | 10000 |
| **9/15** | 10055 | 10068 |
| **10/15** | 10055 | 10069 |
| **11/15** | 10028 | 10043 |
| **12/15** | 9981 | 10010 |
| **1/16** | 10121 | 10148 |
| **2/16** | 10187 | 10220 |
| **3/16** | 10271 | 10314 |
| **4/16** | 10309 | 10353 |
| **5/16** | 10299 | 10356 |
| **6/16** | 10477 | 10542 |
| **7/16** | 10543 | 10609 |
| **8/16** | 10524 | 10597 |
| **9/16** | 10505 | 10590 |
| **10/16** | 10421 | 10509 |
| **11/16** | 10168 | 10261 |
| **12/16** | 10176 | 10275 |
| **1/17** | 10195 | 10295 |
| **2/17** | 10261 | 10365 |
| **3/17** | 10242 | 10359 |
| **4/17** | 10318 | 10439 |
| **5/17** | 10395 | 10519 |
| **6/17** | 10385 | 10509 |
| **7/17** | 10423 | 10554 |
| **8/17** | 10518 | 10649 |
| **9/17** | 10461 | 10598 |
| **10/17** | 10461 | 10604 |
| **11/17** | 10442 | 10591 |
| **12/17** | 10490 | 10639 |
| **1/18** | 10364 | 10517 |
| **2/18** | 10266 | 10417 |
| **3/18** | 10325 | 10484 |
| **4/18** | 10247 | 10406 |
| **5/18** | 10315 | 10480 |
| **6/18** | 10296 | 10467 |
| **7/18** | 10296 | 10470 |
| **8/18** | 10354 | 10537 |
| **9/18** | 10286 | 10469 |
| **10/18** | 10198 | 10386 |
| **11/18** | 10257 | 10448 |
| **12/18** | 10440 | 10640 |
| **1/19** | 10540 | 10753 |
| **2/19** | 10540 | 10747 |
| **3/19** | 10738 | 10954 |
| **4/19** | 10728 | 10956 |
| **5/19** | 10917 | 11151 |
| **6/19** | 11047 | 11291 |
| **7/19** | 11076 | 11316 |
| **8/19** | 11355 | 11609 |
| **9/19** | 11285 | 11547 |
| **10/19** | 11315 | 11582 |
| **11/19** | 11305 | 11576 |
| **12/19** | 11295 | 11568 |
| **1/20** | 11509 | 11791 |
| **2/20** | 11712 | 12003 |
| **3/20** | 11661 | 11932 |
| **4/20** | 11854 | 12144 |
| **5/20** | 11905 | 12201 |
| **6/20** | 11976 | 12278 |
| **7/20** | 12138 | 12461 |
| **8/20** | 12037 | 12360 |
| **9/20** | 12027 | 12354 |
| **10/20** | 11966 | 12299 |
| **11/20** | 12077 | 12419 |
| **12/20** | 12093 | 12436 |
| **1/21** | 11996 | 12347 |
| **2/21** | 11791 | 12169 |
| **3/21** | 11683 | 12017 |
| **4/21** | 11767 | 12112 |
| **5/21** | 11791 | 12151 |
| **6/21** | 11876 | 12237 |
| **7/21** | 12008 | 12374 |
| **8/21** | 11984 | 12350 |
| **9/21** | 11876 | 12243 |
| **10/21** | 11864 | 12240 |
| **11/21** | 11900 | 12276 |
| **12/21** | 11854 | 12245 |
| **1/22** | 11608 | 11981 |
| **2/22** | 11474 | 11847 |
| **3/22** | 11154 | 11518 |
| **4/22** | 10725 | 11081 |
| **5/22** | 10786 | 11152 |
| **6/22** | 10615 | 10977 |
| **7/22** | 10872 | 11246 |
| **8/22** | 10565 | 10928 |
| **9/22** | 10111 | 10456 |
| **10/22** | 9976 | 10320 |
| **11/22** | 10345 | 10700 |
| **12/22** | 10264 | 10651 |
| **1/23** | 10600 | 10979 |
| **2/23** | 10314 | 10695 |
| **3/23** | 10575 | 10967 |
| **4/23** | 10637 | 11033 |
| **5/23** | 10525 | 10913 |
| **6/23** | 10488 | 10874 |
| **7/23** | 10463 | 10867 |
| **8/23** | 10401 | 10797 |
| **9/23** | 10127 | 10523 |
| **10/23** | 9953 | 10357 |
| **11/23** | 10413 | 10826 |
| **12/23** | 10804 | 11240 |
| **1/24** | 10778 | 11210 |
| **2/24** | 10623 | 11051 |
| **3/24** | 10700 | 11153 |
| **4/24** | 10442 | 10871 |
| **5/24** | 10610 | 11056 |
| **6/24** | 10713 | 11160 |
| **7/24** | 10959 | 11421 |
| **8/24** | 11115 | 11585 |
| **9/24** | 11257 | 11740 |
| **10/24** | 10972 | 11449 |
| **11/24** | 11089 | 11570 |
| **12/24** | 10898 | 11381 |
| **1/25** | 10951 | 11441 |
| **2/25** | 11192 | 11693 |
| **3/25** | 11192 | 11697 |
| **4/25** | 11233 | 11743 |
| **5/25** | 11139 | 11659 |
| **6/25** | 11313 | 11839 |
| **7/25** | 11286 | 11807 |
| **8/25** | 11407 | 11949 |

---

### **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **1-Year** | **5-Year** | **10-Year** |
| R-5 Shares | 2.63% | -1.07% | 1.32% |
| Bloomberg US Aggregate Index | 3.14% | -0.68% | 1.80% |

---

**Past performance is not a good predictor of the Fund's future performance.** The graph above represents historical performance of a hypothetical investment of $10,000 in the Fund over the past ten years (or since inception if shorter). The table and graph above do not reflect the impact of taxes. If they did, performance would be lower. Visit www.principalam.com/mutualfundperformance for more recent performance information.

### **Fund Statistics** 
* Net Assets (amount in thousands)$2,816,751

* Total Number of Portfolio Holdings3,863

* Portfolio Turnover Rate 43.1%

* Total Advisory Fees Paid (amount in thousands)$3,024

#### Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| U.S. Government & Government Agency Obligations | 70.83% |
| Bonds | 26.74% |
| Investment Companies | 2.95% |
| Municipal Bonds | 0.11% |
| Other Assets and Liabilities | (0.63)% |
| Total Net Assets | 100.00% |

---

#### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **Percent of Net Assets** |
| Government | 48.53% |
| Mortgage Securities | 25.49% |
| Financial | 7.91% |
| Consumer, Non-cyclical | 4.19% |
| Utilities | 2.24% |
| Money Market Funds | 2.12% |
| Communications | 1.97% |
| Technology | 1.84% |
| Industrial | 1.80% |
| Energy | 1.78% |
| Consumer, Cyclical | 1.30% |
| Exchange-Traded Funds | 0.83% |
| Basic Materials | 0.52% |
| Revenue Bonds | 0.06% |
| General Obligation Unlimited | 0.04% |
| Insured | 0.01% |
| Other Assets and Liabilities | (0.63)% |
| Total Net Assets | 100.00% |

---

## **Material Fund Changes** 
This is a summary of certain changes to the Fund since August 31, 2024. For more complete information, you may review the Fund's most recent prospectus, which we expect to be effective by December 31 or upon request at www.PrincipalAM.com/prospectuses.

Effective December 31, 2024, the Fund's contractual management fee waiver of 0.015% expired. Effective December 31, 2024, the Fund's management fees were changed. The management fee was reduced from 0.14% on all net assets to 0.12% on the first $3 billion of net assets, 0.10% on the next $3 billion of net assets, and 0.08% on net assets over $6 billion.

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

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

## **Householding** 
To avoid sending duplicate copies of materials to households, mailings for accounts held by members of your household may be combined so that only one copy of each annual and semi-annual shareholder reports will be mailed. If you prefer to receive multiple copies of the shareholder reports, you may request that by contacting us at <u>1-800-222-5852</u>. Householding will be stopped within 30 days after we receive your request.

FV824ARR5-0

# Class S

# PCSFX

# Capital Securities Fund
![Image](ic492f610b062e6032b887517.jpg)

#### Annual Shareholder Report August 31, 2025
This annual shareholder report contains important information about Capital Securities Fund (the "Fund") for the period of September 1, 2024 to August 31, 2025. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last year?
(based 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% |

---

## **Management's Discussion of Fund Performance** 
The Fund seeks to provide current income. The Fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in capital securities. It may invest up to 100% of its assets in below investment grade (sometimes called "junk") preferred securities, which are rated at the time of purchase Ba1 or lower by Moody's and BB+ or lower by S&P Global. The Fund concentrates its investments (invests more than 25% of its net assets) in securities in one or more industries (i.e., banking, insurance, and commercial finance) within the U.S. and non-U.S. (foreign) financial services sector. The bond market went through a series of stop and go exercises over the past year as the Fed cut the target rate by 100 basis points to 4.25% by the end of December but then paused over concerns of inflation being further impelled by President Trump's tariff threats. Indeed, tariff threats accelerated March to April which caused an equity correction and a material widening of hybrid credit spreads against a backdrop of long-term rates rising into May and staying elevated into August. Over the course of the year, spreads traded from being about 1 standard deviation tight to +1 ½ standard deviations wide by April – only to snap back over the course of the summer to close August being about ½ standard deviation tighter than 1 year ago. Allocation and security selection within the Banking and Insurance Industries were the primary contributors in absolute terms and relative to the Ice BofA U.S. All Capital Securities Index ("Index"). Electric Utility, Pipelines and Diversified Financial Services contributed positively, but underweight concentrations in each detracted from relative Index performance. Inflation concerns and economic resilience continue to keep U.S. Treasury rates high and credit spreads tighter than average.

## How did the Fund perform over the last 10 years?
![The graph represents how a hypothetical investment of $10,000 would have performed over the specified time period.](i9b9abcc231ca3cabc1cd158e.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class S Shares at net asset value $16,734** | **Bloomberg Global Aggregate Index $11,191** | **ICE BofA US All Capital Securities Index $15,825** |
| **8/15** | 10000 | 10000 | 10000 |
| **9/15** | 9979 | 10051 | 10007 |
| **10/15** | 10102 | 10072 | 10178 |
| **11/15** | 10125 | 9905 | 10220 |
| **12/15** | 10094 | 9958 | 10234 |
| **1/16** | 10036 | 10044 | 10199 |
| **2/16** | 9780 | 10268 | 10090 |
| **3/16** | 10013 | 10546 | 10316 |
| **4/16** | 10119 | 10686 | 10435 |
| **5/16** | 10247 | 10543 | 10576 |
| **6/16** | 10248 | 10850 | 10658 |
| **7/16** | 10504 | 10932 | 10864 |
| **8/16** | 10677 | 10879 | 10968 |
| **9/16** | 10678 | 10939 | 10912 |
| **10/16** | 10772 | 10635 | 10911 |
| **11/16** | 10589 | 10213 | 10575 |
| **12/16** | 10667 | 10166 | 10624 |
| **1/17** | 10867 | 10280 | 10850 |
| **2/17** | 11057 | 10329 | 11056 |
| **3/17** | 11107 | 10345 | 11109 |
| **4/17** | 11277 | 10461 | 11263 |
| **5/17** | 11448 | 10623 | 11381 |
| **6/17** | 11574 | 10614 | 11499 |
| **7/17** | 11686 | 10793 | 11588 |
| **8/17** | 11704 | 10900 | 11631 |
| **9/17** | 11755 | 10801 | 11673 |
| **10/17** | 11874 | 10760 | 11716 |
| **11/17** | 11855 | 10880 | 11725 |
| **12/17** | 11901 | 10918 | 11745 |
| **1/18** | 11930 | 11048 | 11617 |
| **2/18** | 11832 | 10950 | 11620 |
| **3/18** | 11755 | 11066 | 11604 |
| **4/18** | 11762 | 10889 | 11546 |
| **5/18** | 11650 | 10806 | 11579 |
| **6/18** | 11618 | 10758 | 11630 |
| **7/18** | 11737 | 10740 | 11704 |
| **8/18** | 11806 | 10752 | 11818 |
| **9/18** | 11789 | 10659 | 11754 |
| **10/18** | 11667 | 10540 | 11578 |
| **11/18** | 11488 | 10573 | 11367 |
| **12/18** | 11353 | 10787 | 11223 |
| **1/19** | 11744 | 10951 | 11803 |
| **2/19** | 11921 | 10888 | 12000 |
| **3/19** | 12048 | 11024 | 12157 |
| **4/19** | 12264 | 10991 | 12324 |
| **5/19** | 12270 | 11140 | 12365 |
| **6/19** | 12524 | 11387 | 12575 |
| **7/19** | 12677 | 11356 | 12785 |
| **8/19** | 12796 | 11587 | 12909 |
| **9/19** | 12916 | 11469 | 12994 |
| **10/19** | 13119 | 11545 | 13124 |
| **11/19** | 13198 | 11458 | 13124 |
| **12/19** | 13329 | 11524 | 13286 |
| **1/20** | 13522 | 11671 | 13447 |
| **2/20** | 13392 | 11750 | 13159 |
| **3/20** | 11634 | 11487 | 11763 |
| **4/20** | 12598 | 11712 | 12671 |
| **5/20** | 12861 | 11764 | 12913 |
| **6/20** | 13046 | 11868 | 12934 |
| **7/20** | 13480 | 12247 | 13461 |
| **8/20** | 13745 | 12228 | 13700 |
| **9/20** | 13687 | 12184 | 13590 |
| **10/20** | 13776 | 12196 | 13676 |
| **11/20** | 14191 | 12417 | 14081 |
| **12/20** | 14353 | 12584 | 14300 |
| **1/21** | 14377 | 12473 | 14194 |
| **2/21** | 14375 | 12259 | 14078 |
| **3/21** | 14385 | 12023 | 14241 |
| **4/21** | 14588 | 12175 | 14424 |
| **5/21** | 14640 | 12289 | 14509 |
| **6/21** | 14771 | 12181 | 14702 |
| **7/21** | 14875 | 12343 | 14766 |
| **8/21** | 14950 | 12291 | 14795 |
| **9/21** | 14946 | 12073 | 14792 |
| **10/21** | 14887 | 12044 | 14778 |
| **11/21** | 14752 | 12009 | 14573 |
| **12/21** | 14891 | 11992 | 14789 |
| **1/22** | 14630 | 11746 | 14426 |
| **2/22** | 14227 | 11606 | 13969 |
| **3/22** | 14109 | 11253 | 13853 |
| **4/22** | 13703 | 10637 | 13260 |
| **5/22** | 13514 | 10666 | 13298 |
| **6/22** | 12948 | 10323 | 12742 |
| **7/22** | 13568 | 10543 | 13410 |
| **8/22** | 13419 | 10127 | 13101 |
| **9/22** | 12747 | 9606 | 12590 |
| **10/22** | 12748 | 9540 | 12294 |
| **11/22** | 13030 | 9989 | 12738 |
| **12/22** | 13200 | 10043 | 12594 |
| **1/23** | 13915 | 10373 | 13681 |
| **2/23** | 13721 | 10028 | 13419 |
| **3/23** | 12830 | 10345 | 12782 |
| **4/23** | 12993 | 10391 | 12978 |
| **5/23** | 12944 | 10188 | 12827 |
| **6/23** | 13094 | 10187 | 12954 |
| **7/23** | 13414 | 10258 | 13162 |
| **8/23** | 13350 | 10117 | 13077 |
| **9/23** | 13272 | 9822 | 12928 |
| **10/23** | 13057 | 9704 | 12539 |
| **11/23** | 13640 | 10194 | 13338 |
| **12/23** | 14100 | 10617 | 13764 |
| **1/24** | 14414 | 10471 | 14122 |
| **2/24** | 14491 | 10339 | 14243 |
| **3/24** | 14727 | 10396 | 14389 |
| **4/24** | 14630 | 10134 | 14092 |
| **5/24** | 14870 | 10267 | 14369 |
| **6/24** | 14999 | 10281 | 14457 |
| **7/24** | 15209 | 10565 | 14601 |
| **8/24** | 15422 | 10815 | 14980 |
| **9/24** | 15670 | 10999 | 15339 |
| **10/24** | 15672 | 10631 | 15222 |
| **11/24** | 15775 | 10667 | 15290 |
| **12/24** | 15812 | 10438 | 15087 |
| **1/25** | 15950 | 10497 | 15184 |
| **2/25** | 16069 | 10648 | 15350 |
| **3/25** | 16088 | 10713 | 15175 |
| **4/25** | 15988 | 11028 | 15024 |
| **5/25** | 16264 | 10989 | 15197 |
| **6/25** | 16494 | 11197 | 15453 |
| **7/25** | 16612 | 11030 | 15638 |
| **8/25** | 16734 | 11191 | 15825 |

---

### **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **1-Year** | **5-Year** | **10-Year** |
| Class S Shares | 8.51% | 4.01% | 5.28% |
| Bloomberg Global Aggregate Index | 3.47% | -1.76% | 1.13% |
| ICE BofA US All Capital Securities Index | 5.64% | 2.93% | 4.70% |

---

**Past performance is not a good predictor of the Fund's future performance.** The graph above represents historical performance of a hypothetical investment of $10,000 in the Fund over the past ten years (or since inception if shorter). The table and graph above do not reflect the impact of taxes. If they did, performance would be lower. The Bloomberg Global Aggregate Index is the Fund's primary broad-based index and is included to meet the recently revised definition of "broad-based securities market index". The ICE BofA US All Capital Securities Index is included as an additional index for the Fund as it shows how the Fund's performance compares with the returns of an index of funds with similar investment objectives. Visit www.principalam.com/mutualfundperformance for more recent performance information.

### **Fund Statistics** 
* Net Assets (amount in thousands)$1,074,740

* Total Number of Portfolio Holdings189

* Portfolio Turnover Rate 19.4%

* Total Advisory Fees Paid (amount in thousands)$0

#### Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Bonds | 97.21% |
| Investment Companies | 3.38% |
| Preferred Stocks | 1.14% |
| Other Assets and Liabilities | (1.73)% |
| Total Net Assets | 100.00% |

---

#### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **Percent of Net Assets** |
| Financial | 85.34% |
| Energy | 6.59% |
| Utilities | 4.52% |
| Money Market Funds | 3.25% |
| Government | 1.17% |
| Consumer, Non-cyclical | 0.63% |
| Exchange-Traded Funds | 0.13% |
| Communications | 0.10% |
| Other Assets and Liabilities | (1.73)% |
| Total Net Assets | 100.00% |

---

## **Material Fund Changes** 
There were no material changes to the Fund for the period September 1, 2024 to August 31, 2025. For more complete information, you may review the Fund's most recent prospectus at www.PrincipalAM.com/prospectuses.

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

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

## **Householding** 
To avoid sending duplicate copies of materials to households, mailings for accounts held by members of your household may be combined so that only one copy of each annual and semi-annual shareholder reports will be mailed. If you prefer to receive multiple copies of the shareholder reports, you may request that by contacting us at <u>1-800-222-5852</u>. Householding will be stopped within 30 days after we receive your request.

FV828ARS-0

# Class A

# PRDAX

# Diversified Real Asset Fund
![Image](ic492f610b062e6032b887517.jpg)

#### Annual Shareholder Report August 31, 2025
This annual shareholder report contains important information about Diversified Real Asset Fund (the "Fund") for the period of September 1, 2024 to August 31, 2025. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.**This report describes certain changes to the Fund that occurred during the reporting period.**

## What were the Fund costs for the last year?
(based 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 | $124 | 1.20% |

---

## **Management's Discussion of Fund Performance** 
The Fund seeks a long-term total return in excess of inflation. Under normal circumstances, the Fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in investments related to real assets and real asset companies. It allocates its assets among general investment categories related to real assets, which include tangible assets and investments that are expected to perform well in periods of rising or high inflation, such as the following: infrastructure, natural resources, commodities, real estate, inflation-indexed bonds, and floating rate debt. Asset allocation and manager selection hindered results. Manager selection within infrastructure was a significant detractor. Both active managers suffered from underperforming positions in wireless towers and energy, while Clearbridge Investments was further hampered by an underweight position in airports, and Delaware Investments suffered acutely from poor stock selection within utilities. Style selection within infrastructure, specifically tactical exposures to infrastructure development and energy infrastructure ETFs, was a further detriment. In natural resources, Newton Investment Management suffered from weak stock selection within fertilizers, as well as having no exposure to rallying gold miners. An overweight position in energy during a period of falling spot prices also hurt returns. Several positive factors partially offset these challenges: a tactical allocation to gold benefited from strong central bank demand and safe-haven seekers, and manager selection within real estate investment trusts helped due in part to favorable selection within healthcare. Finally, an allocation to bank loans was rewarded. Derivatives had no material impact on performance.

## How did the Fund perform over the last 10 years?
![The graph represents how a hypothetical investment of $10,000 would have performed over the specified time period.](i72d85f4dec27a97be479466d.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class A Shares with maximum sales charge $14,420** | **MSCI ACWI Index NTR $28,656** | **S&P Global Infrastructure Index NTR $20,626** |
| **8/15** | 9623 | 10000 | 10000 |
| **9/15** | 9142 | 9638 | 9723 |
| **10/15** | 9468 | 10394 | 10187 |
| **11/15** | 9254 | 10308 | 9746 |
| **12/15** | 9041 | 10122 | 9486 |
| **1/16** | 8653 | 9512 | 9411 |
| **2/16** | 8671 | 9446 | 9495 |
| **3/16** | 9076 | 10147 | 10292 |
| **4/16** | 9317 | 10296 | 10527 |
| **5/16** | 9326 | 10309 | 10463 |
| **6/16** | 9472 | 10247 | 10770 |
| **7/16** | 9584 | 10688 | 11067 |
| **8/16** | 9541 | 10724 | 10856 |
| **9/16** | 9627 | 10790 | 11045 |
| **10/16** | 9429 | 10607 | 10731 |
| **11/16** | 9377 | 10688 | 10285 |
| **12/16** | 9530 | 10918 | 10572 |
| **1/17** | 9733 | 11217 | 10712 |
| **2/17** | 9847 | 11532 | 11024 |
| **3/17** | 9838 | 11673 | 11392 |
| **4/17** | 9891 | 11855 | 11582 |
| **5/17** | 9900 | 12116 | 12053 |
| **6/17** | 9909 | 12172 | 12034 |
| **7/17** | 10130 | 12512 | 12430 |
| **8/17** | 10174 | 12560 | 12621 |
| **9/17** | 10209 | 12802 | 12388 |
| **10/17** | 10262 | 13068 | 12503 |
| **11/17** | 10280 | 13321 | 12711 |
| **12/17** | 10453 | 13536 | 12588 |
| **1/18** | 10669 | 14300 | 12730 |
| **2/18** | 10264 | 13699 | 11869 |
| **3/18** | 10300 | 13396 | 11871 |
| **4/18** | 10516 | 13534 | 12159 |
| **5/18** | 10561 | 13551 | 11919 |
| **6/18** | 10543 | 13477 | 12138 |
| **7/18** | 10624 | 13884 | 12351 |
| **8/18** | 10516 | 13993 | 12042 |
| **9/18** | 10507 | 14054 | 11920 |
| **10/18** | 10031 | 13000 | 11446 |
| **11/18** | 10013 | 13191 | 11654 |
| **12/18** | 9593 | 12262 | 11283 |
| **1/19** | 10223 | 13230 | 12264 |
| **2/19** | 10279 | 13584 | 12543 |
| **3/19** | 10418 | 13754 | 12843 |
| **4/19** | 10482 | 14219 | 12993 |
| **5/19** | 10195 | 13375 | 12795 |
| **6/19** | 10566 | 14251 | 13477 |
| **7/19** | 10464 | 14293 | 13205 |
| **8/19** | 10399 | 13954 | 13245 |
| **9/19** | 10529 | 14247 | 13526 |
| **10/19** | 10658 | 14637 | 13729 |
| **11/19** | 10658 | 14995 | 13611 |
| **12/19** | 11000 | 15523 | 14188 |
| **1/20** | 10868 | 15351 | 14411 |
| **2/20** | 10322 | 14111 | 13026 |
| **3/20** | 8842 | 12206 | 10029 |
| **4/20** | 9398 | 13514 | 10973 |
| **5/20** | 9671 | 14102 | 11550 |
| **6/20** | 9822 | 14552 | 11396 |
| **7/20** | 10237 | 15322 | 11732 |
| **8/20** | 10491 | 16260 | 11917 |
| **9/20** | 10284 | 15735 | 11552 |
| **10/20** | 10227 | 15353 | 11423 |
| **11/20** | 10991 | 17245 | 12889 |
| **12/20** | 11389 | 18046 | 13267 |
| **1/21** | 11370 | 17964 | 12980 |
| **2/21** | 11634 | 18380 | 13072 |
| **3/21** | 11851 | 18871 | 13639 |
| **4/21** | 12314 | 19696 | 14117 |
| **5/21** | 12598 | 20003 | 14183 |
| **6/21** | 12569 | 20266 | 13928 |
| **7/21** | 12692 | 20406 | 14056 |
| **8/21** | 12777 | 20917 | 14302 |
| **9/21** | 12739 | 20052 | 14108 |
| **10/21** | 13185 | 21076 | 14614 |
| **11/21** | 12797 | 20569 | 13825 |
| **12/21** | 13319 | 21391 | 14731 |
| **1/22** | 13289 | 20341 | 14577 |
| **2/22** | 13480 | 19815 | 14932 |
| **3/22** | 14068 | 20245 | 15802 |
| **4/22** | 13705 | 18624 | 15279 |
| **5/22** | 13856 | 18646 | 15826 |
| **6/22** | 12645 | 17074 | 14593 |
| **7/22** | 13212 | 18266 | 15168 |
| **8/22** | 12898 | 17594 | 14928 |
| **9/22** | 11585 | 15910 | 13161 |
| **10/22** | 12124 | 16870 | 13821 |
| **11/22** | 12840 | 18178 | 14926 |
| **12/22** | 12444 | 17463 | 14586 |
| **1/23** | 12964 | 18715 | 15313 |
| **2/23** | 12478 | 18178 | 14789 |
| **3/23** | 12588 | 18739 | 15130 |
| **4/23** | 12724 | 19008 | 15518 |
| **5/23** | 12145 | 18805 | 14638 |
| **6/23** | 12486 | 19897 | 15067 |
| **7/23** | 12818 | 20625 | 15363 |
| **8/23** | 12429 | 20048 | 14632 |
| **9/23** | 11978 | 19219 | 13937 |
| **10/23** | 11749 | 18641 | 13513 |
| **11/23** | 12346 | 20362 | 14813 |
| **12/23** | 12807 | 21340 | 15429 |
| **1/24** | 12495 | 21465 | 14936 |
| **2/24** | 12507 | 22386 | 14925 |
| **3/24** | 12996 | 23089 | 15602 |
| **4/24** | 12764 | 22327 | 15513 |
| **5/24** | 13193 | 23234 | 16466 |
| **6/24** | 12950 | 23752 | 15966 |
| **7/24** | 13324 | 24135 | 16660 |
| **8/24** | 13581 | 24748 | 17419 |
| **9/24** | 13928 | 25323 | 18072 |
| **10/24** | 13565 | 24754 | 17839 |
| **11/24** | 13811 | 25680 | 18434 |
| **12/24** | 13149 | 25072 | 17597 |
| **1/25** | 13397 | 25914 | 17997 |
| **2/25** | 13479 | 25758 | 18008 |
| **3/25** | 13562 | 24740 | 18374 |
| **4/25** | 13562 | 24971 | 19040 |
| **5/25** | 13845 | 26406 | 19855 |
| **6/25** | 14087 | 27592 | 20220 |
| **7/25** | 14003 | 27966 | 20241 |
| **8/25** | 14420 | 28656 | 20626 |

---

### **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **1-Year** | **5-Year** | **10-Year** |
| Class A Shares Excluding Sales Charge | 6.18% | 6.57% | 4.13% |
| Class A Shares Including Sales Charge | 2.22% | 5.76% | 3.73% |
| MSCI ACWI Index NTR | 15.79% | 12.00% | 11.10% |
| S&P Global Infrastructure Index NTR | 18.41% | 11.60% | 7.51% |

---

**Past performance is not a good predictor of the Fund's future performance.** The graph above represents historical performance of a hypothetical investment of $10,000 in the Fund over the past ten years (or since inception if shorter). The table and graph above do not reflect the impact of taxes. If they did, performance would be lower. The MSCI ACWI Index NTR is the Fund's primary broad-based index and is included to meet the recently revised definition of "broad-based securities market index". The Fund uses a blended benchmark, Diversified Real Asset Index (Linked). The largest component of the blended benchmark, S&P Global Infrastructure Index NTR, is included as an additional index for the Fund to show how the Fund's performance compares with returns of indices of funds with similar investment objectives. The weightings of the Diversified Real Asset Index (Linked) are as follows: 30% S&P Global Infrastructure Index NTR, 25% FTSE EPRA/NAREIT Developed Markets Index NTR, 15% S&P Global Natural Resources Index NTR, 15% Bloomberg Commodity Index TR, and 15% Bloomberg U.S. Treasury TIPS Index. Visit www.principalam.com/mutualfundperformance for more recent performance information.

### **Fund Statistics** 
* Net Assets (amount in thousands)$2,445,064

* Total Number of Portfolio Holdings1,025

* Portfolio Turnover Rate 85.9%

* Total Advisory Fees Paid (amount in thousands)$20,074

#### Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Common Stocks | 66.19% |
| U.S. Government & Government Agency Obligations | 20.00% |
| Investment Companies | 10.89% |
| Senior Floating Rate Interests | 3.72% |
| Bonds | 0.76% |
| Preferred Stocks | 0.18% |
| Purchased Options | 0.00% |
| Purchased Interest Rate Swaptions | 0.00% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | (1.74)% |
| Total Net Assets | 100.00% |

---

---

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

---

#### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **Percent of Net Assets** |
| Financial | 25.72% |
| Government | 19.47% |
| Utilities | 14.59% |
| Energy | 9.75% |
| Industrial | 8.89% |
| Exchange-Traded Funds | 8.34% |
| Basic Materials | 5.41% |
| Consumer, Non-cyclical | 3.29% |
| Money Market Funds | 2.41% |
| Mortgage Securities | 1.18% |
| Communications | 0.94% |
| Consumer, Cyclical | 0.85% |
| Technology | 0.69% |
| Closed-End Funds | 0.14% |
| Asset Backed Securities | 0.07% |
| Purchased Options | 0.00% |
| Purchased Interest Rate Swaptions | 0.00% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | (1.74)% |
| Total Net Assets | 100.00% |

---

---

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

---

## **Material Fund Changes** 
This is a summary of certain changes to the Fund since August 31, 2024. For more complete information, you may review the Fund's most recent prospectus, which we expect to be effective by December 31 or upon request at www.PrincipalAM.com/prospectuses.

Effective June 16, 2025, the Fund's Principal Investment Strategies and Risks related to natural resources were updated.

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

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

## **Householding** 
To avoid sending duplicate copies of materials to households, mailings for accounts held by members of your household may be combined so that only one copy of each annual and semi-annual shareholder reports will be mailed. If you prefer to receive multiple copies of the shareholder reports, you may request that by contacting us at <u>1-800-222-5852</u>. Householding will be stopped within 30 days after we receive your request.

FV832ARA-0

# Institutional

# PDRDX

# Diversified Real Asset Fund
![Image](ic492f610b062e6032b887517.jpg)

#### Annual Shareholder Report August 31, 2025
This annual shareholder report contains important information about Diversified Real Asset Fund (the "Fund") for the period of September 1, 2024 to August 31, 2025. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.**This report describes certain changes to the Fund that occurred during the reporting period.**

## What were the Fund costs for the last year?
(based 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 | $87 | 0.84% |

---

## **Management's Discussion of Fund Performance** 
The Fund seeks a long-term total return in excess of inflation. Under normal circumstances, the Fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in investments related to real assets and real asset companies. It allocates its assets among general investment categories related to real assets, which include tangible assets and investments that are expected to perform well in periods of rising or high inflation, such as the following: infrastructure, natural resources, commodities, real estate, inflation-indexed bonds, and floating rate debt. Asset allocation and manager selection hindered results. Manager selection within infrastructure was a significant detractor. Both active managers suffered from underperforming positions in wireless towers and energy, while Clearbridge Investments was further hampered by an underweight position in airports, and Delaware Investments suffered acutely from poor stock selection within utilities. Style selection within infrastructure, specifically tactical exposures to infrastructure development and energy infrastructure ETFs, was a further detriment. In natural resources, Newton Investment Management suffered from weak stock selection within fertilizers, as well as having no exposure to rallying gold miners. An overweight position in energy during a period of falling spot prices also hurt returns. Several positive factors partially offset these challenges: a tactical allocation to gold benefited from strong central bank demand and safe-haven seekers, and manager selection within real estate investment trusts helped due in part to favorable selection within healthcare. Finally, an allocation to bank loans was rewarded. Derivatives had no material impact on performance.

## How did the Fund perform over the last 10 years?
![The graph represents how a hypothetical investment of $10,000 would have performed over the specified time period.](i12da206406f76e87a65473b1.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Institutional Shares at net asset value $15,544** | **MSCI ACWI Index NTR $28,656** | **S&P Global Infrastructure Index NTR $20,626** |
| **8/15** | 10000 | 10000 | 10000 |
| **9/15** | 9502 | 9638 | 9723 |
| **10/15** | 9840 | 10394 | 10187 |
| **11/15** | 9627 | 10308 | 9746 |
| **12/15** | 9399 | 10122 | 9486 |
| **1/16** | 9004 | 9512 | 9411 |
| **2/16** | 9022 | 9446 | 9495 |
| **3/16** | 9453 | 10147 | 10292 |
| **4/16** | 9704 | 10296 | 10527 |
| **5/16** | 9713 | 10309 | 10463 |
| **6/16** | 9875 | 10247 | 10770 |
| **7/16** | 9991 | 10688 | 11067 |
| **8/16** | 9947 | 10724 | 10856 |
| **9/16** | 10045 | 10790 | 11045 |
| **10/16** | 9839 | 10607 | 10731 |
| **11/16** | 9794 | 10688 | 10285 |
| **12/16** | 9949 | 10918 | 10572 |
| **1/17** | 10170 | 11217 | 10712 |
| **2/17** | 10290 | 11532 | 11024 |
| **3/17** | 10290 | 11673 | 11392 |
| **4/17** | 10345 | 11855 | 11582 |
| **5/17** | 10364 | 12116 | 12053 |
| **6/17** | 10373 | 12172 | 12034 |
| **7/17** | 10603 | 12512 | 12430 |
| **8/17** | 10659 | 12560 | 12621 |
| **9/17** | 10696 | 12802 | 12388 |
| **10/17** | 10751 | 13068 | 12503 |
| **11/17** | 10769 | 13321 | 12711 |
| **12/17** | 10961 | 13536 | 12588 |
| **1/18** | 11188 | 14300 | 12730 |
| **2/18** | 10773 | 13699 | 11869 |
| **3/18** | 10811 | 13396 | 11871 |
| **4/18** | 11037 | 13534 | 12159 |
| **5/18** | 11093 | 13551 | 11919 |
| **6/18** | 11074 | 13477 | 12138 |
| **7/18** | 11159 | 13884 | 12351 |
| **8/18** | 11056 | 13993 | 12042 |
| **9/18** | 11046 | 14054 | 11920 |
| **10/18** | 10547 | 13000 | 11446 |
| **11/18** | 10528 | 13191 | 11654 |
| **12/18** | 10096 | 12262 | 11283 |
| **1/19** | 10759 | 13230 | 12264 |
| **2/19** | 10817 | 13584 | 12543 |
| **3/19** | 10973 | 13754 | 12843 |
| **4/19** | 11041 | 14219 | 12993 |
| **5/19** | 10739 | 13375 | 12795 |
| **6/19** | 11139 | 14251 | 13477 |
| **7/19** | 11032 | 14293 | 13205 |
| **8/19** | 10963 | 13954 | 13245 |
| **9/19** | 11100 | 14247 | 13526 |
| **10/19** | 11246 | 14637 | 13729 |
| **11/19** | 11246 | 14995 | 13611 |
| **12/19** | 11611 | 15523 | 14188 |
| **1/20** | 11482 | 15351 | 14411 |
| **2/20** | 10913 | 14111 | 13026 |
| **3/20** | 9347 | 12206 | 10029 |
| **4/20** | 9936 | 13514 | 10973 |
| **5/20** | 10225 | 14102 | 11550 |
| **6/20** | 10394 | 14552 | 11396 |
| **7/20** | 10833 | 15322 | 11732 |
| **8/20** | 11113 | 16260 | 11917 |
| **9/20** | 10893 | 15735 | 11552 |
| **10/20** | 10833 | 15353 | 11423 |
| **11/20** | 11641 | 17245 | 12889 |
| **12/20** | 12073 | 18046 | 13267 |
| **1/21** | 12053 | 17964 | 12980 |
| **2/21** | 12333 | 18380 | 13072 |
| **3/21** | 12574 | 18871 | 13639 |
| **4/21** | 13065 | 19696 | 14117 |
| **5/21** | 13366 | 20003 | 14183 |
| **6/21** | 13346 | 20266 | 13928 |
| **7/21** | 13487 | 20406 | 14056 |
| **8/21** | 13577 | 20917 | 14302 |
| **9/21** | 13536 | 20052 | 14108 |
| **10/21** | 14021 | 21076 | 14614 |
| **11/21** | 13619 | 20569 | 13825 |
| **12/21** | 14166 | 21391 | 14731 |
| **1/22** | 14134 | 20341 | 14577 |
| **2/22** | 14348 | 19815 | 14932 |
| **3/22** | 14974 | 20245 | 15802 |
| **4/22** | 14598 | 18624 | 15279 |
| **5/22** | 14770 | 18646 | 15826 |
| **6/22** | 13480 | 17074 | 14593 |
| **7/22** | 14085 | 18266 | 15168 |
| **8/22** | 13761 | 17594 | 14928 |
| **9/22** | 12362 | 15910 | 13161 |
| **10/22** | 12949 | 16870 | 13821 |
| **11/22** | 13702 | 18178 | 14926 |
| **12/22** | 13294 | 17463 | 14586 |
| **1/23** | 13849 | 18715 | 15313 |
| **2/23** | 13330 | 18178 | 14789 |
| **3/23** | 13459 | 18739 | 15130 |
| **4/23** | 13605 | 19008 | 15518 |
| **5/23** | 12986 | 18805 | 14638 |
| **6/23** | 13353 | 19897 | 15067 |
| **7/23** | 13721 | 20625 | 15363 |
| **8/23** | 13304 | 20048 | 14632 |
| **9/23** | 12822 | 19219 | 13937 |
| **10/23** | 12576 | 18641 | 13513 |
| **11/23** | 13229 | 20362 | 14813 |
| **12/23** | 13724 | 21340 | 15429 |
| **1/24** | 13401 | 21465 | 14936 |
| **2/24** | 13414 | 22386 | 14925 |
| **3/24** | 13941 | 23089 | 15602 |
| **4/24** | 13691 | 22327 | 15513 |
| **5/24** | 14165 | 23234 | 16466 |
| **6/24** | 13904 | 23752 | 15966 |
| **7/24** | 14306 | 24135 | 16660 |
| **8/24** | 14583 | 24748 | 17419 |
| **9/24** | 14970 | 25323 | 18072 |
| **10/24** | 14591 | 24754 | 17839 |
| **11/24** | 14856 | 25680 | 18434 |
| **12/24** | 14147 | 25072 | 17597 |
| **1/25** | 14413 | 25914 | 17997 |
| **2/25** | 14515 | 25758 | 18008 |
| **3/25** | 14604 | 24740 | 18374 |
| **4/25** | 14604 | 24971 | 19040 |
| **5/25** | 14922 | 26406 | 19855 |
| **6/25** | 15171 | 27592 | 20220 |
| **7/25** | 15094 | 27966 | 20241 |
| **8/25** | 15544 | 28656 | 20626 |

---

### **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **1-Year** | **5-Year** | **10-Year** |
| Institutional Shares | 6.59% | 6.94% | 4.51% |
| MSCI ACWI Index NTR | 15.79% | 12.00% | 11.10% |
| S&P Global Infrastructure Index NTR | 18.41% | 11.60% | 7.51% |

---

**Past performance is not a good predictor of the Fund's future performance.** The graph above represents historical performance of a hypothetical investment of $10,000 in the Fund over the past ten years (or since inception if shorter). The table and graph above do not reflect the impact of taxes. If they did, performance would be lower. The MSCI ACWI Index NTR is the Fund's primary broad-based index and is included to meet the recently revised definition of "broad-based securities market index". The Fund uses a blended benchmark, Diversified Real Asset Index (Linked). The largest component of the blended benchmark, S&P Global Infrastructure Index NTR, is included as an additional index for the Fund to show how the Fund's performance compares with returns of indices of funds with similar investment objectives. The weightings of the Diversified Real Asset Index (Linked) are as follows: 30% S&P Global Infrastructure Index NTR, 25% FTSE EPRA/NAREIT Developed Markets Index NTR, 15% S&P Global Natural Resources Index NTR, 15% Bloomberg Commodity Index TR, and 15% Bloomberg U.S. Treasury TIPS Index. Visit www.principalam.com/mutualfundperformance for more recent performance information.

### **Fund Statistics** 
* Net Assets (amount in thousands)$2,445,064

* Total Number of Portfolio Holdings1,025

* Portfolio Turnover Rate 85.9%

* Total Advisory Fees Paid (amount in thousands)$20,074

#### Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Common Stocks | 66.19% |
| U.S. Government & Government Agency Obligations | 20.00% |
| Investment Companies | 10.89% |
| Senior Floating Rate Interests | 3.72% |
| Bonds | 0.76% |
| Preferred Stocks | 0.18% |
| Purchased Options | 0.00% |
| Purchased Interest Rate Swaptions | 0.00% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | (1.74)% |
| Total Net Assets | 100.00% |

---

---

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

---

#### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **Percent of Net Assets** |
| Financial | 25.72% |
| Government | 19.47% |
| Utilities | 14.59% |
| Energy | 9.75% |
| Industrial | 8.89% |
| Exchange-Traded Funds | 8.34% |
| Basic Materials | 5.41% |
| Consumer, Non-cyclical | 3.29% |
| Money Market Funds | 2.41% |
| Mortgage Securities | 1.18% |
| Communications | 0.94% |
| Consumer, Cyclical | 0.85% |
| Technology | 0.69% |
| Closed-End Funds | 0.14% |
| Asset Backed Securities | 0.07% |
| Purchased Options | 0.00% |
| Purchased Interest Rate Swaptions | 0.00% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | (1.74)% |
| Total Net Assets | 100.00% |

---

---

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

---

## **Material Fund Changes** 
This is a summary of certain changes to the Fund since August 31, 2024. For more complete information, you may review the Fund's most recent prospectus, which we expect to be effective by December 31 or upon request at www.PrincipalAM.com/prospectuses.

Effective June 16, 2025, the Fund's Principal Investment Strategies and Risks related to natural resources were updated.

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

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

## **Householding** 
To avoid sending duplicate copies of materials to households, mailings for accounts held by members of your household may be combined so that only one copy of each annual and semi-annual shareholder reports will be mailed. If you prefer to receive multiple copies of the shareholder reports, you may request that by contacting us at <u>1-800-222-5852</u>. Householding will be stopped within 30 days after we receive your request.

FV832ARI-0

# R-3

# PGDRX

# Diversified Real Asset Fund
![Image](ic492f610b062e6032b887517.jpg)

#### Annual Shareholder Report August 31, 2025
This annual shareholder report contains important information about Diversified Real Asset Fund (the "Fund") for the period of September 1, 2024 to August 31, 2025. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.**This report describes certain changes to the Fund that occurred during the reporting period.**

## What were the Fund costs for the last year?
(based 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 | $140 | 1.36% |

---

## **Management's Discussion of Fund Performance** 
The Fund seeks a long-term total return in excess of inflation. Under normal circumstances, the Fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in investments related to real assets and real asset companies. It allocates its assets among general investment categories related to real assets, which include tangible assets and investments that are expected to perform well in periods of rising or high inflation, such as the following: infrastructure, natural resources, commodities, real estate, inflation-indexed bonds, and floating rate debt. Asset allocation and manager selection hindered results. Manager selection within infrastructure was a significant detractor. Both active managers suffered from underperforming positions in wireless towers and energy, while Clearbridge Investments was further hampered by an underweight position in airports, and Delaware Investments suffered acutely from poor stock selection within utilities. Style selection within infrastructure, specifically tactical exposures to infrastructure development and energy infrastructure ETFs, was a further detriment. In natural resources, Newton Investment Management suffered from weak stock selection within fertilizers, as well as having no exposure to rallying gold miners. An overweight position in energy during a period of falling spot prices also hurt returns. Several positive factors partially offset these challenges: a tactical allocation to gold benefited from strong central bank demand and safe-haven seekers, and manager selection within real estate investment trusts helped due in part to favorable selection within healthcare. Finally, an allocation to bank loans was rewarded. Derivatives had no material impact on performance.

## How did the Fund perform over the last 10 years?
![The graph represents how a hypothetical investment of $10,000 would have performed over the specified time period.](i365bd7745bdff7fdcccbf184.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **R-3 Shares at net asset value $14,716** | **MSCI ACWI Index NTR $28,656** | **S&P Global Infrastructure Index NTR $20,626** |
| **8/15** | 10000 | 10000 | 10000 |
| **9/15** | 9498 | 9638 | 9723 |
| **10/15** | 9832 | 10394 | 10187 |
| **11/15** | 9615 | 10308 | 9746 |
| **12/15** | 9383 | 10122 | 9486 |
| **1/16** | 8985 | 9512 | 9411 |
| **2/16** | 8999 | 9446 | 9495 |
| **3/16** | 9425 | 10147 | 10292 |
| **4/16** | 9676 | 10296 | 10527 |
| **5/16** | 9685 | 10309 | 10463 |
| **6/16** | 9837 | 10247 | 10770 |
| **7/16** | 9953 | 10688 | 11067 |
| **8/16** | 9900 | 10724 | 10856 |
| **9/16** | 9989 | 10790 | 11045 |
| **10/16** | 9783 | 10607 | 10731 |
| **11/16** | 9730 | 10688 | 10285 |
| **12/16** | 9885 | 10918 | 10572 |
| **1/17** | 10104 | 11217 | 10712 |
| **2/17** | 10214 | 11532 | 11024 |
| **3/17** | 10214 | 11673 | 11392 |
| **4/17** | 10260 | 11855 | 11582 |
| **5/17** | 10269 | 12116 | 12053 |
| **6/17** | 10278 | 12172 | 12034 |
| **7/17** | 10507 | 12512 | 12430 |
| **8/17** | 10553 | 12560 | 12621 |
| **9/17** | 10580 | 12802 | 12388 |
| **10/17** | 10635 | 13068 | 12503 |
| **11/17** | 10653 | 13321 | 12711 |
| **12/17** | 10829 | 13536 | 12588 |
| **1/18** | 11052 | 14300 | 12730 |
| **2/18** | 10633 | 13699 | 11869 |
| **3/18** | 10670 | 13396 | 11871 |
| **4/18** | 10885 | 13534 | 12159 |
| **5/18** | 10931 | 13551 | 11919 |
| **6/18** | 10913 | 13477 | 12138 |
| **7/18** | 10996 | 13884 | 12351 |
| **8/18** | 10885 | 13993 | 12042 |
| **9/18** | 10866 | 14054 | 11920 |
| **10/18** | 10373 | 13000 | 11446 |
| **11/18** | 10363 | 13191 | 11654 |
| **12/18** | 9922 | 12262 | 11283 |
| **1/19** | 10565 | 13230 | 12264 |
| **2/19** | 10632 | 13584 | 12543 |
| **3/19** | 10776 | 13754 | 12843 |
| **4/19** | 10833 | 14219 | 12993 |
| **5/19** | 10536 | 13375 | 12795 |
| **6/19** | 10920 | 14251 | 13477 |
| **7/19** | 10814 | 14293 | 13205 |
| **8/19** | 10747 | 13954 | 13245 |
| **9/19** | 10872 | 14247 | 13526 |
| **10/19** | 11015 | 14637 | 13729 |
| **11/19** | 11006 | 14995 | 13611 |
| **12/19** | 11359 | 15523 | 14188 |
| **1/20** | 11223 | 15351 | 14411 |
| **2/20** | 10665 | 14111 | 13026 |
| **3/20** | 9129 | 12206 | 10029 |
| **4/20** | 9696 | 13514 | 10973 |
| **5/20** | 9980 | 14102 | 11550 |
| **6/20** | 10136 | 14552 | 11396 |
| **7/20** | 10557 | 15322 | 11732 |
| **8/20** | 10831 | 16260 | 11917 |
| **9/20** | 10606 | 15735 | 11552 |
| **10/20** | 10547 | 15353 | 11423 |
| **11/20** | 11330 | 17245 | 12889 |
| **12/20** | 11746 | 18046 | 13267 |
| **1/21** | 11727 | 17964 | 12980 |
| **2/21** | 11991 | 18380 | 13072 |
| **3/21** | 12217 | 18871 | 13639 |
| **4/21** | 12687 | 19696 | 14117 |
| **5/21** | 12981 | 20003 | 14183 |
| **6/21** | 12951 | 20266 | 13928 |
| **7/21** | 13079 | 20406 | 14056 |
| **8/21** | 13157 | 20917 | 14302 |
| **9/21** | 13115 | 20052 | 14108 |
| **10/21** | 13587 | 21076 | 14614 |
| **11/21** | 13185 | 20569 | 13825 |
| **12/21** | 13710 | 21391 | 14731 |
| **1/22** | 13679 | 20341 | 14577 |
| **2/22** | 13877 | 19815 | 14932 |
| **3/22** | 14482 | 20245 | 15802 |
| **4/22** | 14106 | 18624 | 15279 |
| **5/22** | 14263 | 18646 | 15826 |
| **6/22** | 13012 | 17074 | 14593 |
| **7/22** | 13599 | 18266 | 15168 |
| **8/22** | 13274 | 17594 | 14928 |
| **9/22** | 11922 | 15910 | 13161 |
| **10/22** | 12481 | 16870 | 13821 |
| **11/22** | 13200 | 18178 | 14926 |
| **12/22** | 12798 | 17463 | 14586 |
| **1/23** | 13337 | 18715 | 15313 |
| **2/23** | 12833 | 18178 | 14789 |
| **3/23** | 12944 | 18739 | 15130 |
| **4/23** | 13085 | 19008 | 15518 |
| **5/23** | 12474 | 18805 | 14638 |
| **6/23** | 12825 | 19897 | 15067 |
| **7/23** | 13168 | 20625 | 15363 |
| **8/23** | 12766 | 20048 | 14632 |
| **9/23** | 12295 | 19219 | 13937 |
| **10/23** | 12069 | 18641 | 13513 |
| **11/23** | 12688 | 20362 | 14813 |
| **12/23** | 13149 | 21340 | 15429 |
| **1/24** | 12827 | 21465 | 14936 |
| **2/24** | 12839 | 22386 | 14925 |
| **3/24** | 13343 | 23089 | 15602 |
| **4/24** | 13103 | 22327 | 15513 |
| **5/24** | 13535 | 23234 | 16466 |
| **6/24** | 13279 | 23752 | 15966 |
| **7/24** | 13618 | 24135 | 16660 |
| **8/24** | 13884 | 24748 | 17419 |
| **9/24** | 14235 | 25323 | 18072 |
| **10/24** | 13860 | 24754 | 17839 |
| **11/24** | 14114 | 25680 | 18434 |
| **12/24** | 13440 | 25072 | 17597 |
| **1/25** | 13683 | 25914 | 17997 |
| **2/25** | 13780 | 25758 | 18008 |
| **3/25** | 13848 | 24740 | 18374 |
| **4/25** | 13848 | 24971 | 19040 |
| **5/25** | 14140 | 26406 | 19855 |
| **6/25** | 14373 | 27592 | 20220 |
| **7/25** | 14299 | 27966 | 20241 |
| **8/25** | 14716 | 28656 | 20626 |

---

### **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **1-Year** | **5-Year** | **10-Year<sup>Footnote Reference\*</sup>** |
| R-3 Shares | 5.99% | 6.32% | 3.94% |
| MSCI ACWI Index NTR | 15.79% | 12.00% | 11.10% |
| S&P Global Infrastructure Index NTR | 18.41% | 11.60% | 7.51% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;For periods prior to the inception date of the share class, extended performance is calculated to reflect the historical performance of the oldest share class of the Fund, adjusted for the fees and expenses of this share class. The extended performance inception date is March 16, 2010. |

---

**Past performance is not a good predictor of the Fund's future performance.** The graph above represents historical performance of a hypothetical investment of $10,000 in the Fund over the past ten years (or since inception if shorter). The table and graph above do not reflect the impact of taxes. If they did, performance would be lower. The MSCI ACWI Index NTR is the Fund's primary broad-based index and is included to meet the recently revised definition of "broad-based securities market index". The Fund uses a blended benchmark, Diversified Real Asset Index (Linked). The largest component of the blended benchmark, S&P Global Infrastructure Index NTR, is included as an additional index for the Fund to show how the Fund's performance compares with returns of indices of funds with similar investment objectives. The weightings of the Diversified Real Asset Index (Linked) are as follows: 30% S&P Global Infrastructure Index NTR, 25% FTSE EPRA/NAREIT Developed Markets Index NTR, 15% S&P Global Natural Resources Index NTR, 15% Bloomberg Commodity Index TR, and 15% Bloomberg U.S. Treasury TIPS Index. Visit www.principalam.com/mutualfundperformance for more recent performance information.

### **Fund Statistics** 
* Net Assets (amount in thousands)$2,445,064

* Total Number of Portfolio Holdings1,025

* Portfolio Turnover Rate 85.9%

* Total Advisory Fees Paid (amount in thousands)$20,074

#### Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Common Stocks | 66.19% |
| U.S. Government & Government Agency Obligations | 20.00% |
| Investment Companies | 10.89% |
| Senior Floating Rate Interests | 3.72% |
| Bonds | 0.76% |
| Preferred Stocks | 0.18% |
| Purchased Options | 0.00% |
| Purchased Interest Rate Swaptions | 0.00% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | (1.74)% |
| Total Net Assets | 100.00% |

---

---

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

---

#### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **Percent of Net Assets** |
| Financial | 25.72% |
| Government | 19.47% |
| Utilities | 14.59% |
| Energy | 9.75% |
| Industrial | 8.89% |
| Exchange-Traded Funds | 8.34% |
| Basic Materials | 5.41% |
| Consumer, Non-cyclical | 3.29% |
| Money Market Funds | 2.41% |
| Mortgage Securities | 1.18% |
| Communications | 0.94% |
| Consumer, Cyclical | 0.85% |
| Technology | 0.69% |
| Closed-End Funds | 0.14% |
| Asset Backed Securities | 0.07% |
| Purchased Options | 0.00% |
| Purchased Interest Rate Swaptions | 0.00% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | (1.74)% |
| Total Net Assets | 100.00% |

---

---

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

---

## **Material Fund Changes** 
This is a summary of certain changes to the Fund since August 31, 2024. For more complete information, you may review the Fund's most recent prospectus, which we expect to be effective by December 31 or upon request at www.PrincipalAM.com/prospectuses.

Effective June 16, 2025, the Fund's Principal Investment Strategies and Risks related to natural resources were updated.

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

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

## **Householding** 
To avoid sending duplicate copies of materials to households, mailings for accounts held by members of your household may be combined so that only one copy of each annual and semi-annual shareholder reports will be mailed. If you prefer to receive multiple copies of the shareholder reports, you may request that by contacting us at <u>1-800-222-5852</u>. Householding will be stopped within 30 days after we receive your request.

FV832ARR3-0

# R-6

# PDARX

# Diversified Real Asset Fund
![Image](ic492f610b062e6032b887517.jpg)

#### Annual Shareholder Report August 31, 2025
This annual shareholder report contains important information about Diversified Real Asset Fund (the "Fund") for the period of September 1, 2024 to August 31, 2025. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.**This report describes certain changes to the Fund that occurred during the reporting period.**

## What were the Fund costs for the last year?
(based 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 | $82 | 0.79% |

---

## **Management's Discussion of Fund Performance** 
The Fund seeks a long-term total return in excess of inflation. Under normal circumstances, the Fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in investments related to real assets and real asset companies. It allocates its assets among general investment categories related to real assets, which include tangible assets and investments that are expected to perform well in periods of rising or high inflation, such as the following: infrastructure, natural resources, commodities, real estate, inflation-indexed bonds, and floating rate debt. Asset allocation and manager selection hindered results. Manager selection within infrastructure was a significant detractor. Both active managers suffered from underperforming positions in wireless towers and energy, while Clearbridge Investments was further hampered by an underweight position in airports, and Delaware Investments suffered acutely from poor stock selection within utilities. Style selection within infrastructure, specifically tactical exposures to infrastructure development and energy infrastructure ETFs, was a further detriment. In natural resources, Newton Investment Management suffered from weak stock selection within fertilizers, as well as having no exposure to rallying gold miners. An overweight position in energy during a period of falling spot prices also hurt returns. Several positive factors partially offset these challenges: a tactical allocation to gold benefited from strong central bank demand and safe-haven seekers, and manager selection within real estate investment trusts helped due in part to favorable selection within healthcare. Finally, an allocation to bank loans was rewarded. Derivatives had no material impact on performance.

## How did the Fund perform over the last 10 years?
![The graph represents how a hypothetical investment of $10,000 would have performed over the specified time period.](i008092bb6d99f5b90cb9f7cf.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **R-6 Shares at net asset value $15,628** | **MSCI ACWI Index NTR $28,656** | **S&P Global Infrastructure Index NTR $20,626** |
| **8/15** | 10000 | 10000 | 10000 |
| **9/15** | 9502 | 9638 | 9723 |
| **10/15** | 9840 | 10394 | 10187 |
| **11/15** | 9627 | 10308 | 9746 |
| **12/15** | 9402 | 10122 | 9486 |
| **1/16** | 9007 | 9512 | 9411 |
| **2/16** | 9025 | 9446 | 9495 |
| **3/16** | 9456 | 10147 | 10292 |
| **4/16** | 9708 | 10296 | 10527 |
| **5/16** | 9717 | 10309 | 10463 |
| **6/16** | 9878 | 10247 | 10770 |
| **7/16** | 9995 | 10688 | 11067 |
| **8/16** | 9950 | 10724 | 10856 |
| **9/16** | 10049 | 10790 | 11045 |
| **10/16** | 9843 | 10607 | 10731 |
| **11/16** | 9798 | 10688 | 10285 |
| **12/16** | 9954 | 10918 | 10572 |
| **1/17** | 10175 | 11217 | 10712 |
| **2/17** | 10295 | 11532 | 11024 |
| **3/17** | 10295 | 11673 | 11392 |
| **4/17** | 10350 | 11855 | 11582 |
| **5/17** | 10368 | 12116 | 12053 |
| **6/17** | 10378 | 12172 | 12034 |
| **7/17** | 10608 | 12512 | 12430 |
| **8/17** | 10663 | 12560 | 12621 |
| **9/17** | 10700 | 12802 | 12388 |
| **10/17** | 10756 | 13068 | 12503 |
| **11/17** | 10783 | 13321 | 12711 |
| **12/17** | 10973 | 13536 | 12588 |
| **1/18** | 11199 | 14300 | 12730 |
| **2/18** | 10784 | 13699 | 11869 |
| **3/18** | 10822 | 13396 | 11871 |
| **4/18** | 11048 | 13534 | 12159 |
| **5/18** | 11105 | 13551 | 11919 |
| **6/18** | 11086 | 13477 | 12138 |
| **7/18** | 11171 | 13884 | 12351 |
| **8/18** | 11067 | 13993 | 12042 |
| **9/18** | 11058 | 14054 | 11920 |
| **10/18** | 10558 | 13000 | 11446 |
| **11/18** | 10549 | 13191 | 11654 |
| **12/18** | 10113 | 12262 | 11283 |
| **1/19** | 10767 | 13230 | 12264 |
| **2/19** | 10835 | 13584 | 12543 |
| **3/19** | 10991 | 13754 | 12843 |
| **4/19** | 11060 | 14219 | 12993 |
| **5/19** | 10757 | 13375 | 12795 |
| **6/19** | 11157 | 14251 | 13477 |
| **7/19** | 11060 | 14293 | 13205 |
| **8/19** | 10991 | 13954 | 13245 |
| **9/19** | 11128 | 14247 | 13526 |
| **10/19** | 11275 | 14637 | 13729 |
| **11/19** | 11275 | 14995 | 13611 |
| **12/19** | 11637 | 15523 | 14188 |
| **1/20** | 11497 | 15351 | 14411 |
| **2/20** | 10927 | 14111 | 13026 |
| **3/20** | 9367 | 12206 | 10029 |
| **4/20** | 9957 | 13514 | 10973 |
| **5/20** | 10247 | 14102 | 11550 |
| **6/20** | 10417 | 14552 | 11396 |
| **7/20** | 10857 | 15322 | 11732 |
| **8/20** | 11137 | 16260 | 11917 |
| **9/20** | 10917 | 15735 | 11552 |
| **10/20** | 10857 | 15353 | 11423 |
| **11/20** | 11667 | 17245 | 12889 |
| **12/20** | 12095 | 18046 | 13267 |
| **1/21** | 12085 | 17964 | 12980 |
| **2/21** | 12366 | 18380 | 13072 |
| **3/21** | 12608 | 18871 | 13639 |
| **4/21** | 13100 | 19696 | 14117 |
| **5/21** | 13402 | 20003 | 14183 |
| **6/21** | 13372 | 20266 | 13928 |
| **7/21** | 13512 | 20406 | 14056 |
| **8/21** | 13603 | 20917 | 14302 |
| **9/21** | 13568 | 20052 | 14108 |
| **10/21** | 14064 | 21076 | 14614 |
| **11/21** | 13651 | 20569 | 13825 |
| **12/21** | 14202 | 21391 | 14731 |
| **1/22** | 14181 | 20341 | 14577 |
| **2/22** | 14385 | 19815 | 14932 |
| **3/22** | 15015 | 20245 | 15802 |
| **4/22** | 14648 | 18624 | 15279 |
| **5/22** | 14810 | 18646 | 15826 |
| **6/22** | 13517 | 17074 | 14593 |
| **7/22** | 14136 | 18266 | 15168 |
| **8/22** | 13800 | 17594 | 14928 |
| **9/22** | 12408 | 15910 | 13161 |
| **10/22** | 12987 | 16870 | 13821 |
| **11/22** | 13754 | 18178 | 14926 |
| **12/22** | 13335 | 17463 | 14586 |
| **1/23** | 13893 | 18715 | 15313 |
| **2/23** | 13383 | 18178 | 14789 |
| **3/23** | 13503 | 18739 | 15130 |
| **4/23** | 13662 | 19008 | 15518 |
| **5/23** | 13027 | 18805 | 14638 |
| **6/23** | 13411 | 19897 | 15067 |
| **7/23** | 13768 | 20625 | 15363 |
| **8/23** | 13350 | 20048 | 14632 |
| **9/23** | 12867 | 19219 | 13937 |
| **10/23** | 12632 | 18641 | 13513 |
| **11/23** | 13288 | 20362 | 14813 |
| **12/23** | 13775 | 21340 | 15429 |
| **1/24** | 13451 | 21465 | 14936 |
| **2/24** | 13464 | 22386 | 14925 |
| **3/24** | 14007 | 23089 | 15602 |
| **4/24** | 13757 | 22327 | 15513 |
| **5/24** | 14220 | 23234 | 16466 |
| **6/24** | 13960 | 23752 | 15966 |
| **7/24** | 14377 | 24135 | 16660 |
| **8/24** | 14655 | 24748 | 17419 |
| **9/24** | 15033 | 25323 | 18072 |
| **10/24** | 14652 | 24754 | 17839 |
| **11/24** | 14918 | 25680 | 18434 |
| **12/24** | 14207 | 25072 | 17597 |
| **1/25** | 14475 | 25914 | 17997 |
| **2/25** | 14577 | 25758 | 18008 |
| **3/25** | 14668 | 24740 | 18374 |
| **4/25** | 14668 | 24971 | 19040 |
| **5/25** | 14988 | 26406 | 19855 |
| **6/25** | 15253 | 27592 | 20220 |
| **7/25** | 15176 | 27966 | 20241 |
| **8/25** | 15628 | 28656 | 20626 |

---

### **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **1-Year** | **5-Year** | **10-Year** |
| R-6 Shares | 6.64% | 7.01% | 4.57% |
| MSCI ACWI Index NTR | 15.79% | 12.00% | 11.10% |
| S&P Global Infrastructure Index NTR | 18.41% | 11.60% | 7.51% |

---

**Past performance is not a good predictor of the Fund's future performance.** The graph above represents historical performance of a hypothetical investment of $10,000 in the Fund over the past ten years (or since inception if shorter). The table and graph above do not reflect the impact of taxes. If they did, performance would be lower. The MSCI ACWI Index NTR is the Fund's primary broad-based index and is included to meet the recently revised definition of "broad-based securities market index". The Fund uses a blended benchmark, Diversified Real Asset Index (Linked). The largest component of the blended benchmark, S&P Global Infrastructure Index NTR, is included as an additional index for the Fund to show how the Fund's performance compares with returns of indices of funds with similar investment objectives. The weightings of the Diversified Real Asset Index (Linked) are as follows: 30% S&P Global Infrastructure Index NTR, 25% FTSE EPRA/NAREIT Developed Markets Index NTR, 15% S&P Global Natural Resources Index NTR, 15% Bloomberg Commodity Index TR, and 15% Bloomberg U.S. Treasury TIPS Index. Visit www.principalam.com/mutualfundperformance for more recent performance information.

### **Fund Statistics** 
* Net Assets (amount in thousands)$2,445,064

* Total Number of Portfolio Holdings1,025

* Portfolio Turnover Rate 85.9%

* Total Advisory Fees Paid (amount in thousands)$20,074

#### Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Common Stocks | 66.19% |
| U.S. Government & Government Agency Obligations | 20.00% |
| Investment Companies | 10.89% |
| Senior Floating Rate Interests | 3.72% |
| Bonds | 0.76% |
| Preferred Stocks | 0.18% |
| Purchased Options | 0.00% |
| Purchased Interest Rate Swaptions | 0.00% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | (1.74)% |
| Total Net Assets | 100.00% |

---

---

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

---

#### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **Percent of Net Assets** |
| Financial | 25.72% |
| Government | 19.47% |
| Utilities | 14.59% |
| Energy | 9.75% |
| Industrial | 8.89% |
| Exchange-Traded Funds | 8.34% |
| Basic Materials | 5.41% |
| Consumer, Non-cyclical | 3.29% |
| Money Market Funds | 2.41% |
| Mortgage Securities | 1.18% |
| Communications | 0.94% |
| Consumer, Cyclical | 0.85% |
| Technology | 0.69% |
| Closed-End Funds | 0.14% |
| Asset Backed Securities | 0.07% |
| Purchased Options | 0.00% |
| Purchased Interest Rate Swaptions | 0.00% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | (1.74)% |
| Total Net Assets | 100.00% |

---

---

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

---

## **Material Fund Changes** 
This is a summary of certain changes to the Fund since August 31, 2024. For more complete information, you may review the Fund's most recent prospectus, which we expect to be effective by December 31 or upon request at www.PrincipalAM.com/prospectuses.

Effective June 16, 2025, the Fund's Principal Investment Strategies and Risks related to natural resources were updated.

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

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

## **Householding** 
To avoid sending duplicate copies of materials to households, mailings for accounts held by members of your household may be combined so that only one copy of each annual and semi-annual shareholder reports will be mailed. If you prefer to receive multiple copies of the shareholder reports, you may request that by contacting us at <u>1-800-222-5852</u>. Householding will be stopped within 30 days after we receive your request.

FV832ARR6-0

# Class A

# PEMCX

# Edge MidCap Fund
![Image](ic492f610b062e6032b887517.jpg)

#### Annual Shareholder Report August 31, 2025
This annual shareholder report contains important information about Edge MidCap Fund (the "Fund") for the period of September 1, 2024 to August 31, 2025. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.**This report describes certain changes to the Fund that occurred during the reporting period.**

## What were the Fund costs for the last year?
(based 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 | $113 | 1.10% |

---

## **Management's Discussion of Fund Performance** 
The Fund seeks long-term growth of capital. Under normal circumstances, the Fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in equity securities of companies with medium market capitalizations. It invests in real estate investment trust securities. The Fund invests in equity securities with value and/or growth characteristics and constructs an investment portfolio that has a "blend" of equity securities with these characteristics. Cloudflare Inc (NET) contributed to results due to investor enthusiasm about artificial intelligence (AI) and robust demand, particularly from AI customers. Live Nation Entertainment Inc (LYV) produces live concerts and sells tickets for leading arenas, stadiums, professional sports franchises and leagues, college sports teams, performing arts venues, museums, and theaters. The company outperformed as business fundamentals remained very strong despite regulatory risk and the company continued to see strong growth in concerts and sponsorships/advertising. Monolithic Power Systems Inc (MPWR) beat expectations and gave revenue guidance that was significantly above consensus, driven by strength across personal computers, storage and memory. Not owning Palantir Technologies Inc (PLTR) detracted from results during the year. Bio-Techne Corporation (TECH) lagged as investors worried about weaker U.S. academic/National Institutes of Health (NIH) funding, slower biotech funding, increased China uncertainty and tariffs. Finally, Universal Health Services Inc (UHS) lagged as hospitals were pressured during the year.

## How did the Fund perform since inception?
![The graph represents how a hypothetical investment of $10,000 would have performed over the specified time period.](ib067e91c4303d7f9f92ed000.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class A Shares with maximum sales charge $24,878** | **Russell 3000 Index $38,849** | **Russell MidCap Index $29,142** |
| **9/15** | 9452 | 10000 | 10000 |
| **9/15** | 9574 | 10188 | 10000 |
| **10/15** | 10007 | 10993 | 10620 |
| **11/15** | 10051 | 11054 | 10647 |
| **12/15** | 9606 | 10827 | 10362 |
| **1/16** | 9414 | 10216 | 9683 |
| **2/16** | 9620 | 10213 | 9792 |
| **3/16** | 10517 | 10932 | 10594 |
| **4/16** | 10807 | 11000 | 10706 |
| **5/16** | 10983 | 11196 | 10882 |
| **6/16** | 11160 | 11219 | 10931 |
| **7/16** | 11515 | 11665 | 11430 |
| **8/16** | 11578 | 11694 | 11402 |
| **9/16** | 11432 | 11713 | 11425 |
| **10/16** | 11050 | 11459 | 11062 |
| **11/16** | 11528 | 11972 | 11659 |
| **12/16** | 11907 | 12206 | 11791 |
| **1/17** | 12100 | 12436 | 12076 |
| **2/17** | 12441 | 12898 | 12418 |
| **3/17** | 12358 | 12907 | 12398 |
| **4/17** | 12600 | 13044 | 12494 |
| **5/17** | 12458 | 13177 | 12608 |
| **6/17** | 12591 | 13296 | 12733 |
| **7/17** | 12616 | 13547 | 12921 |
| **8/17** | 12395 | 13573 | 12820 |
| **9/17** | 12922 | 13904 | 13176 |
| **10/17** | 12927 | 14207 | 13395 |
| **11/17** | 13404 | 14639 | 13846 |
| **12/17** | 13518 | 14785 | 13975 |
| **1/18** | 14049 | 15564 | 14501 |
| **2/18** | 13360 | 14991 | 13902 |
| **3/18** | 13496 | 14690 | 13911 |
| **4/18** | 13582 | 14746 | 13889 |
| **5/18** | 14054 | 15162 | 14205 |
| **6/18** | 14268 | 15261 | 14303 |
| **7/18** | 14661 | 15767 | 14659 |
| **8/18** | 14894 | 16321 | 15114 |
| **9/18** | 14662 | 16348 | 15018 |
| **10/18** | 13436 | 15144 | 13770 |
| **11/18** | 13949 | 15448 | 14108 |
| **12/18** | 12667 | 14010 | 12709 |
| **1/19** | 14063 | 15213 | 14080 |
| **2/19** | 14464 | 15748 | 14685 |
| **3/19** | 14549 | 15978 | 14811 |
| **4/19** | 15183 | 16616 | 15374 |
| **5/19** | 14137 | 15540 | 14431 |
| **6/19** | 15120 | 16632 | 15422 |
| **7/19** | 15532 | 16879 | 15642 |
| **8/19** | 15226 | 16535 | 15197 |
| **9/19** | 15881 | 16825 | 15496 |
| **10/19** | 16082 | 17187 | 15659 |
| **11/19** | 16431 | 17841 | 16219 |
| **12/19** | 16914 | 18356 | 16591 |
| **1/20** | 16518 | 18336 | 16458 |
| **2/20** | 14870 | 16835 | 15028 |
| **3/20** | 12056 | 14520 | 12099 |
| **4/20** | 13749 | 16442 | 13837 |
| **5/20** | 14639 | 17322 | 14810 |
| **6/20** | 15023 | 17718 | 15077 |
| **7/20** | 15837 | 18724 | 15962 |
| **8/20** | 16221 | 20080 | 16523 |
| **9/20** | 15672 | 19349 | 16201 |
| **10/20** | 15936 | 18932 | 16305 |
| **11/20** | 17914 | 21235 | 18558 |
| **12/20** | 18616 | 22190 | 19428 |
| **1/21** | 18029 | 22091 | 19376 |
| **2/21** | 18731 | 22782 | 20455 |
| **3/21** | 19561 | 23598 | 21009 |
| **4/21** | 20862 | 24815 | 22080 |
| **5/21** | 21081 | 24928 | 22257 |
| **6/21** | 20978 | 25543 | 22585 |
| **7/21** | 21358 | 25975 | 22758 |
| **8/21** | 21438 | 26715 | 23337 |
| **9/21** | 20425 | 25517 | 22375 |
| **10/21** | 21438 | 27242 | 23706 |
| **11/21** | 21093 | 26828 | 22881 |
| **12/21** | 22524 | 27884 | 23815 |
| **1/22** | 20826 | 26244 | 22061 |
| **2/22** | 20363 | 25582 | 21902 |
| **3/22** | 20718 | 26412 | 22463 |
| **4/22** | 19189 | 24042 | 20733 |
| **5/22** | 19606 | 24010 | 20749 |
| **6/22** | 17785 | 22001 | 18678 |
| **7/22** | 19591 | 24065 | 20522 |
| **8/22** | 18448 | 23167 | 19878 |
| **9/22** | 16688 | 21019 | 18036 |
| **10/22** | 18263 | 22743 | 19637 |
| **11/22** | 19792 | 23930 | 20817 |
| **12/22** | 18886 | 22528 | 19692 |
| **1/23** | 20343 | 24080 | 21327 |
| **2/23** | 19686 | 23517 | 20810 |
| **3/23** | 19490 | 24146 | 20490 |
| **4/23** | 19544 | 24403 | 20382 |
| **5/23** | 19046 | 24498 | 19813 |
| **6/23** | 20450 | 26171 | 21466 |
| **7/23** | 21267 | 27109 | 22317 |
| **8/23** | 20699 | 26586 | 21543 |
| **9/23** | 19704 | 25320 | 20461 |
| **10/23** | 18762 | 24648 | 19439 |
| **11/23** | 20485 | 26947 | 21428 |
| **12/23** | 22237 | 28376 | 23084 |
| **1/24** | 21714 | 28691 | 22755 |
| **2/24** | 22435 | 30244 | 24027 |
| **3/24** | 23048 | 31219 | 25069 |
| **4/24** | 21642 | 29846 | 23715 |
| **5/24** | 22561 | 31256 | 24391 |
| **6/24** | 22399 | 32223 | 24230 |
| **7/24** | 23553 | 32822 | 25372 |
| **8/24** | 23716 | 33537 | 25886 |
| **9/24** | 24130 | 34230 | 26462 |
| **10/24** | 23535 | 33979 | 26319 |
| **11/24** | 25267 | 36239 | 28641 |
| **12/24** | 23466 | 35132 | 26626 |
| **1/25** | 24190 | 36241 | 27759 |
| **2/25** | 23986 | 35546 | 26969 |
| **3/25** | 22853 | 33473 | 25720 |
| **4/25** | 22147 | 33248 | 25454 |
| **5/25** | 23187 | 35356 | 26909 |
| **6/25** | 23967 | 37152 | 27914 |
| **7/25** | 24265 | 37970 | 28432 |
| **8/25** | 24878 | 38849 | 29142 |

---

### **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **1-Year** | **5-Year** | **Since Inception<sup>Footnote Reference\*</sup>** |
| Class A Shares Excluding Sales Charge | 4.90% | 8.93% | 10.24% |
| Class A Shares Including Sales Charge | -0.90% | 7.70% | 9.62% |
| Russell 3000 Index | 15.84% | 14.11% | 14.65% |
| Russell MidCap Index | 12.58% | 12.02% | 11.38% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;For periods prior to the inception date of the share class, extended performance is calculated to reflect the historical performance of the oldest share class of the Fund, adjusted for the fees and expenses of this share class. The extended performance inception date is September 28, 2015. |

---

**Past performance is not a good predictor of the Fund's future performance.** The graph above represents historical performance of a hypothetical investment of $10,000 in the Fund over the past ten years (or since inception if shorter). The table and graph above do not reflect the impact of taxes. If they did, performance would be lower. The Russell 3000 Index is the Fund's primary broad-based index and is included to meet the recently revised definition of "broad-based securities market index". The Russell MidCap Index is included as an additional index for the Fund as it shows how the Fund's performance compares with the returns of an index of funds with similar investment objectives. Visit www.principalam.com/mutualfundperformance for more recent performance information.

### **Fund Statistics** 
* Net Assets (amount in thousands)$52,899

* Total Number of Portfolio Holdings48

* Portfolio Turnover Rate 16.4%

* Total Advisory Fees Paid (amount in thousands)$434

#### Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Common Stocks | 98.72% |
| Investment Companies | 1.40% |
| Other Assets and Liabilities | (0.12)% |
| Total Net Assets | 100.00% |

---

#### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **Percent of Net Assets** |
| Financial | 20.45% |
| Industrial | 17.88% |
| Consumer, Cyclical | 17.28% |
| Consumer, Non-cyclical | 14.80% |
| Technology | 13.18% |
| Utilities | 6.67% |
| Energy | 5.58% |
| Basic Materials | 2.62% |
| Money Market Funds | 1.40% |
| Communications | 0.26% |
| Other Assets and Liabilities | (0.12)% |
| Total Net Assets | 100.00% |

---

## **Material Fund Changes** 
This is a summary of certain changes to the Fund since August 31, 2024. For more complete information, you may review the Fund's most recent prospectus, which we expect to be effective by December 31 or upon request at www.PrincipalAM.com/prospectuses.

On May 15, 2025, the Fund's Board of Directors approved the acquisition of the assets of Edge MidCap Fund by the MidCap Fund. The merger was effective on September 19, 2025.

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

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

## **Householding** 
To avoid sending duplicate copies of materials to households, mailings for accounts held by members of your household may be combined so that only one copy of each annual and semi-annual shareholder reports will be mailed. If you prefer to receive multiple copies of the shareholder reports, you may request that by contacting us at <u>1-800-222-5852</u>. Householding will be stopped within 30 days after we receive your request.

FV909ARA-0

# Institutional

# PEDGX

# Edge MidCap Fund
![Image](ic492f610b062e6032b887517.jpg)

#### Annual Shareholder Report August 31, 2025
This annual shareholder report contains important information about Edge MidCap Fund (the "Fund") for the period of September 1, 2024 to August 31, 2025. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.**This report describes certain changes to the Fund that occurred during the reporting period.**

## What were the Fund costs for the last year?
(based 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 | $79 | 0.77% |

---

## **Management's Discussion of Fund Performance** 
The Fund seeks long-term growth of capital. Under normal circumstances, the Fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in equity securities of companies with medium market capitalizations. It invests in real estate investment trust securities. The Fund invests in equity securities with value and/or growth characteristics and constructs an investment portfolio that has a "blend" of equity securities with these characteristics. Cloudflare Inc (NET) contributed to results due to investor enthusiasm about artificial intelligence (AI) and robust demand, particularly from AI customers. Live Nation Entertainment Inc (LYV) produces live concerts and sells tickets for leading arenas, stadiums, professional sports franchises and leagues, college sports teams, performing arts venues, museums, and theaters. The company outperformed as business fundamentals remained very strong despite regulatory risk and the company continued to see strong growth in concerts and sponsorships/advertising. Monolithic Power Systems Inc (MPWR) beat expectations and gave revenue guidance that was significantly above consensus, driven by strength across personal computers, storage and memory. Not owning Palantir Technologies Inc (PLTR) detracted from results during the year. Bio-Techne Corporation (TECH) lagged as investors worried about weaker U.S. academic/National Institutes of Health (NIH) funding, slower biotech funding, increased China uncertainty and tariffs. Finally, Universal Health Services Inc (UHS) lagged as hospitals were pressured during the year.

## How did the Fund perform since inception?
![The graph represents how a hypothetical investment of $10,000 would have performed over the specified time period.](ifece87b44b11c71c10cdc171.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Institutional Shares at net asset value $27,199** | **Russell 3000 Index $38,849** | **Russell MidCap Index $29,142** |
| **9/15** | 10000 | 10000 | 10000 |
| **9/15** | 10130 | 10188 | 10000 |
| **10/15** | 10590 | 10993 | 10620 |
| **11/15** | 10640 | 11054 | 10647 |
| **12/15** | 10171 | 10827 | 10362 |
| **1/16** | 9970 | 10216 | 9683 |
| **2/16** | 10191 | 10213 | 9792 |
| **3/16** | 11144 | 10932 | 10594 |
| **4/16** | 11456 | 11000 | 10706 |
| **5/16** | 11646 | 11196 | 10882 |
| **6/16** | 11837 | 11219 | 10931 |
| **7/16** | 12219 | 11665 | 11430 |
| **8/16** | 12289 | 11694 | 11402 |
| **9/16** | 12138 | 11713 | 11425 |
| **10/16** | 11737 | 11459 | 11062 |
| **11/16** | 12249 | 11972 | 11659 |
| **12/16** | 12656 | 12206 | 11791 |
| **1/17** | 12866 | 12436 | 12076 |
| **2/17** | 13233 | 12898 | 12418 |
| **3/17** | 13149 | 12907 | 12398 |
| **4/17** | 13411 | 13044 | 12494 |
| **5/17** | 13265 | 13177 | 12608 |
| **6/17** | 13411 | 13296 | 12733 |
| **7/17** | 13443 | 13547 | 12921 |
| **8/17** | 13212 | 13573 | 12820 |
| **9/17** | 13778 | 13904 | 13176 |
| **10/17** | 13789 | 14207 | 13395 |
| **11/17** | 14303 | 14639 | 13846 |
| **12/17** | 14429 | 14785 | 13975 |
| **1/18** | 15001 | 15564 | 14501 |
| **2/18** | 14270 | 14991 | 13902 |
| **3/18** | 14418 | 14690 | 13911 |
| **4/18** | 14514 | 14746 | 13889 |
| **5/18** | 15022 | 15162 | 14205 |
| **6/18** | 15255 | 15261 | 14303 |
| **7/18** | 15679 | 15767 | 14659 |
| **8/18** | 15932 | 16321 | 15114 |
| **9/18** | 15687 | 16348 | 15018 |
| **10/18** | 14380 | 15144 | 13770 |
| **11/18** | 14933 | 15448 | 14108 |
| **12/18** | 13564 | 14010 | 12709 |
| **1/19** | 15058 | 15213 | 14080 |
| **2/19** | 15488 | 15748 | 14685 |
| **3/19** | 15579 | 15978 | 14811 |
| **4/19** | 16258 | 16616 | 15374 |
| **5/19** | 15137 | 15540 | 14431 |
| **6/19** | 16201 | 16632 | 15422 |
| **7/19** | 16654 | 16879 | 15642 |
| **8/19** | 16326 | 16535 | 15197 |
| **9/19** | 17028 | 16825 | 15496 |
| **10/19** | 17254 | 17187 | 15659 |
| **11/19** | 17628 | 17841 | 16219 |
| **12/19** | 18159 | 18356 | 16591 |
| **1/20** | 17746 | 18336 | 16458 |
| **2/20** | 15980 | 16835 | 15028 |
| **3/20** | 12954 | 14520 | 12099 |
| **4/20** | 14779 | 16442 | 13837 |
| **5/20** | 15745 | 17322 | 14810 |
| **6/20** | 16168 | 17718 | 15077 |
| **7/20** | 17040 | 18724 | 15962 |
| **8/20** | 17464 | 20080 | 16523 |
| **9/20** | 16875 | 19349 | 16201 |
| **10/20** | 17158 | 18932 | 16305 |
| **11/20** | 19289 | 21235 | 18558 |
| **12/20** | 20055 | 22190 | 19428 |
| **1/21** | 19424 | 22091 | 19376 |
| **2/21** | 20179 | 22782 | 20455 |
| **3/21** | 21082 | 23598 | 21009 |
| **4/21** | 22505 | 24815 | 22080 |
| **5/21** | 22740 | 24928 | 22257 |
| **6/21** | 22628 | 25543 | 22585 |
| **7/21** | 23061 | 25975 | 22758 |
| **8/21** | 23148 | 26715 | 23337 |
| **9/21** | 22059 | 25517 | 22375 |
| **10/21** | 23160 | 27242 | 23706 |
| **11/21** | 22789 | 26828 | 22881 |
| **12/21** | 24350 | 27884 | 23815 |
| **1/22** | 22525 | 26244 | 22061 |
| **2/22** | 22011 | 25582 | 21902 |
| **3/22** | 22426 | 26412 | 22463 |
| **4/22** | 20751 | 24042 | 20733 |
| **5/22** | 21232 | 24010 | 20749 |
| **6/22** | 19258 | 22001 | 18678 |
| **7/22** | 21215 | 24065 | 20522 |
| **8/22** | 19988 | 23167 | 19878 |
| **9/22** | 18080 | 21019 | 18036 |
| **10/22** | 19788 | 22743 | 19637 |
| **11/22** | 21464 | 23930 | 20817 |
| **12/22** | 20481 | 22528 | 19692 |
| **1/23** | 22087 | 24080 | 21327 |
| **2/23** | 21360 | 23517 | 20810 |
| **3/23** | 21150 | 24146 | 20490 |
| **4/23** | 21207 | 24403 | 20382 |
| **5/23** | 20691 | 24498 | 19813 |
| **6/23** | 22221 | 26171 | 21466 |
| **7/23** | 23101 | 27109 | 22317 |
| **8/23** | 22489 | 26586 | 21543 |
| **9/23** | 21418 | 25320 | 20461 |
| **10/23** | 20404 | 24648 | 19439 |
| **11/23** | 22278 | 26947 | 21428 |
| **12/23** | 24197 | 28376 | 23084 |
| **1/24** | 23632 | 28691 | 22755 |
| **2/24** | 24430 | 30244 | 24027 |
| **3/24** | 25092 | 31219 | 25069 |
| **4/24** | 23554 | 29846 | 23715 |
| **5/24** | 24567 | 31256 | 24391 |
| **6/24** | 24411 | 32223 | 24230 |
| **7/24** | 25676 | 32822 | 25372 |
| **8/24** | 25871 | 33537 | 25886 |
| **9/24** | 26318 | 34230 | 26462 |
| **10/24** | 25676 | 33979 | 26319 |
| **11/24** | 27564 | 36239 | 28641 |
| **12/24** | 25609 | 35132 | 26626 |
| **1/25** | 26414 | 36241 | 27759 |
| **2/25** | 26193 | 35546 | 26969 |
| **3/25** | 24966 | 33473 | 25720 |
| **4/25** | 24201 | 33248 | 25454 |
| **5/25** | 25348 | 35356 | 26909 |
| **6/25** | 26213 | 37152 | 27914 |
| **7/25** | 26535 | 37970 | 28432 |
| **8/25** | 27199 | 38849 | 29142 |

---

### **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **1-Year** | **5-Year** | **Since Inception<sup>Footnote Reference\*</sup>** |
| Institutional Shares | 5.13% | 9.27% | 10.61% |
| Russell 3000 Index | 15.84% | 14.11% | 14.65% |
| Russell MidCap Index | 12.58% | 12.02% | 11.38% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Since inception performance is calculated from September 28, 2015, the inception date of the Fund. |

---

**Past performance is not a good predictor of the Fund's future performance.** The graph above represents historical performance of a hypothetical investment of $10,000 in the Fund over the past ten years (or since inception if shorter). The table and graph above do not reflect the impact of taxes. If they did, performance would be lower. The Russell 3000 Index is the Fund's primary broad-based index and is included to meet the recently revised definition of "broad-based securities market index". The Russell MidCap Index is included as an additional index for the Fund as it shows how the Fund's performance compares with the returns of an index of funds with similar investment objectives. Visit www.principalam.com/mutualfundperformance for more recent performance information.

### **Fund Statistics** 
* Net Assets (amount in thousands)$52,899

* Total Number of Portfolio Holdings48

* Portfolio Turnover Rate 16.4%

* Total Advisory Fees Paid (amount in thousands)$434

#### Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Common Stocks | 98.72% |
| Investment Companies | 1.40% |
| Other Assets and Liabilities | (0.12)% |
| Total Net Assets | 100.00% |

---

#### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **Percent of Net Assets** |
| Financial | 20.45% |
| Industrial | 17.88% |
| Consumer, Cyclical | 17.28% |
| Consumer, Non-cyclical | 14.80% |
| Technology | 13.18% |
| Utilities | 6.67% |
| Energy | 5.58% |
| Basic Materials | 2.62% |
| Money Market Funds | 1.40% |
| Communications | 0.26% |
| Other Assets and Liabilities | (0.12)% |
| Total Net Assets | 100.00% |

---

## **Material Fund Changes** 
This is a summary of certain changes to the Fund since August 31, 2024. For more complete information, you may review the Fund's most recent prospectus, which we expect to be effective by December 31 or upon request at www.PrincipalAM.com/prospectuses.

On May 15, 2025, the Fund's Board of Directors approved the acquisition of the assets of Edge MidCap Fund by the MidCap Fund. The merger was effective on September 19, 2025.

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

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

## **Householding** 
To avoid sending duplicate copies of materials to households, mailings for accounts held by members of your household may be combined so that only one copy of each annual and semi-annual shareholder reports will be mailed. If you prefer to receive multiple copies of the shareholder reports, you may request that by contacting us at <u>1-800-222-5852</u>. Householding will be stopped within 30 days after we receive your request.

FV909ARI-0

# R-6

# PEDMX

# Edge MidCap Fund
![Image](ic492f610b062e6032b887517.jpg)

#### Annual Shareholder Report August 31, 2025
This annual shareholder report contains important information about Edge MidCap Fund (the "Fund") for the period of September 1, 2024 to August 31, 2025. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.**This report describes certain changes to the Fund that occurred during the reporting period.**

## What were the Fund costs for the last year?
(based 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 | $69 | 0.67% |

---

## **Management's Discussion of Fund Performance** 
The Fund seeks long-term growth of capital. Under normal circumstances, the Fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in equity securities of companies with medium market capitalizations. It invests in real estate investment trust securities. The Fund invests in equity securities with value and/or growth characteristics and constructs an investment portfolio that has a "blend" of equity securities with these characteristics. Cloudflare Inc (NET) contributed to results due to investor enthusiasm about artificial intelligence (AI) and robust demand, particularly from AI customers. Live Nation Entertainment Inc (LYV) produces live concerts and sells tickets for leading arenas, stadiums, professional sports franchises and leagues, college sports teams, performing arts venues, museums, and theaters. The company outperformed as business fundamentals remained very strong despite regulatory risk and the company continued to see strong growth in concerts and sponsorships/advertising. Monolithic Power Systems Inc (MPWR) beat expectations and gave revenue guidance that was significantly above consensus, driven by strength across personal computers, storage and memory. Not owning Palantir Technologies Inc (PLTR) detracted from results during the year. Bio-Techne Corporation (TECH) lagged as investors worried about weaker U.S. academic/National Institutes of Health (NIH) funding, slower biotech funding, increased China uncertainty and tariffs. Finally, Universal Health Services Inc (UHS) lagged as hospitals were pressured during the year.

## How did the Fund perform since inception?
![The graph represents how a hypothetical investment of $10,000 would have performed over the specified time period.](i6f1b939f9f2928d48f56b080.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **R-6 Shares at net asset value $27,595** | **Russell 3000 Index $38,849** | **Russell MidCap Index $29,142** |
| **9/15** | 10000 | 10000 | 10000 |
| **9/15** | 10130 | 10188 | 10000 |
| **10/15** | 10590 | 10993 | 10620 |
| **11/15** | 10640 | 11054 | 10647 |
| **12/15** | 10171 | 10827 | 10362 |
| **1/16** | 9970 | 10216 | 9683 |
| **2/16** | 10191 | 10213 | 9792 |
| **3/16** | 11144 | 10932 | 10594 |
| **4/16** | 11455 | 11000 | 10706 |
| **5/16** | 11645 | 11196 | 10882 |
| **6/16** | 11835 | 11219 | 10931 |
| **7/16** | 12216 | 11665 | 11430 |
| **8/16** | 12286 | 11694 | 11402 |
| **9/16** | 12135 | 11713 | 11425 |
| **10/16** | 11733 | 11459 | 11062 |
| **11/16** | 12244 | 11972 | 11659 |
| **12/16** | 12650 | 12206 | 11791 |
| **1/17** | 12860 | 12436 | 12076 |
| **2/17** | 13216 | 12898 | 12418 |
| **3/17** | 13143 | 12907 | 12398 |
| **4/17** | 13394 | 13044 | 12494 |
| **5/17** | 13248 | 13177 | 12608 |
| **6/17** | 13405 | 13296 | 12733 |
| **7/17** | 13468 | 13547 | 12921 |
| **8/17** | 13290 | 13573 | 12820 |
| **9/17** | 13856 | 13904 | 13176 |
| **10/17** | 13866 | 14207 | 13395 |
| **11/17** | 14390 | 14639 | 13846 |
| **12/17** | 14519 | 14785 | 13975 |
| **1/18** | 15083 | 15564 | 14501 |
| **2/18** | 14359 | 14991 | 13902 |
| **3/18** | 14508 | 14690 | 13911 |
| **4/18** | 14604 | 14746 | 13889 |
| **5/18** | 15125 | 15162 | 14205 |
| **6/18** | 15349 | 15261 | 14303 |
| **7/18** | 15774 | 15767 | 14659 |
| **8/18** | 16039 | 16321 | 15114 |
| **9/18** | 15793 | 16348 | 15018 |
| **10/18** | 14470 | 15144 | 13770 |
| **11/18** | 15046 | 15448 | 14108 |
| **12/18** | 13651 | 14010 | 12709 |
| **1/19** | 15175 | 15213 | 14080 |
| **2/19** | 15596 | 15748 | 14685 |
| **3/19** | 15698 | 15978 | 14811 |
| **4/19** | 16381 | 16616 | 15374 |
| **5/19** | 15255 | 15540 | 14431 |
| **6/19** | 16324 | 16632 | 15422 |
| **7/19** | 16790 | 16879 | 15642 |
| **8/19** | 16449 | 16535 | 15197 |
| **9/19** | 17166 | 16825 | 15496 |
| **10/19** | 17393 | 17187 | 15659 |
| **11/19** | 17780 | 17841 | 16219 |
| **12/19** | 18305 | 18356 | 16591 |
| **1/20** | 17891 | 18336 | 16458 |
| **2/20** | 16115 | 16835 | 15028 |
| **3/20** | 13060 | 14520 | 12099 |
| **4/20** | 14907 | 16442 | 13837 |
| **5/20** | 15878 | 17322 | 14810 |
| **6/20** | 16304 | 17718 | 15077 |
| **7/20** | 17192 | 18724 | 15962 |
| **8/20** | 17618 | 20080 | 16523 |
| **9/20** | 17026 | 19349 | 16201 |
| **10/20** | 17322 | 18932 | 16305 |
| **11/20** | 19465 | 21235 | 18558 |
| **12/20** | 20239 | 22190 | 19428 |
| **1/21** | 19604 | 22091 | 19376 |
| **2/21** | 20376 | 22782 | 20455 |
| **3/21** | 21285 | 23598 | 21009 |
| **4/21** | 22716 | 24815 | 22080 |
| **5/21** | 22965 | 24928 | 22257 |
| **6/21** | 22853 | 25543 | 22585 |
| **7/21** | 23289 | 25975 | 22758 |
| **8/21** | 23376 | 26715 | 23337 |
| **9/21** | 22280 | 25517 | 22375 |
| **10/21** | 23401 | 27242 | 23706 |
| **11/21** | 23027 | 26828 | 22881 |
| **12/21** | 24600 | 27884 | 23815 |
| **1/22** | 22764 | 26244 | 22061 |
| **2/22** | 22247 | 25582 | 21902 |
| **3/22** | 22664 | 26412 | 22463 |
| **4/22** | 20979 | 24042 | 20733 |
| **5/22** | 21463 | 24010 | 20749 |
| **6/22** | 19460 | 22001 | 18678 |
| **7/22** | 21446 | 24065 | 20522 |
| **8/22** | 20211 | 23167 | 19878 |
| **9/22** | 18275 | 21019 | 18036 |
| **10/22** | 20011 | 22743 | 19637 |
| **11/22** | 21713 | 23930 | 20817 |
| **12/22** | 20710 | 22528 | 19692 |
| **1/23** | 22327 | 24080 | 21327 |
| **2/23** | 21595 | 23517 | 20810 |
| **3/23** | 21403 | 24146 | 20490 |
| **4/23** | 21460 | 24403 | 20382 |
| **5/23** | 20921 | 24498 | 19813 |
| **6/23** | 22480 | 26171 | 21466 |
| **7/23** | 23385 | 27109 | 22317 |
| **8/23** | 22769 | 26586 | 21543 |
| **9/23** | 21672 | 25320 | 20461 |
| **10/23** | 20652 | 24648 | 19439 |
| **11/23** | 22538 | 26947 | 21428 |
| **12/23** | 24491 | 28376 | 23084 |
| **1/24** | 23942 | 28691 | 22755 |
| **2/24** | 24746 | 30244 | 24027 |
| **3/24** | 25413 | 31219 | 25069 |
| **4/24** | 23864 | 29846 | 23715 |
| **5/24** | 24883 | 31256 | 24391 |
| **6/24** | 24707 | 32223 | 24230 |
| **7/24** | 26001 | 32822 | 25372 |
| **8/24** | 26197 | 33537 | 25886 |
| **9/24** | 26648 | 34230 | 26462 |
| **10/24** | 26021 | 33979 | 26319 |
| **11/24** | 27942 | 36239 | 28641 |
| **12/24** | 25953 | 35132 | 26626 |
| **1/25** | 26764 | 36241 | 27759 |
| **2/25** | 26541 | 35546 | 26969 |
| **3/25** | 25304 | 33473 | 25720 |
| **4/25** | 24534 | 33248 | 25454 |
| **5/25** | 25689 | 35356 | 26909 |
| **6/25** | 26581 | 37152 | 27914 |
| **7/25** | 26906 | 37970 | 28432 |
| **8/25** | 27595 | 38849 | 29142 |

---

### **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **1-Year** | **5-Year** | **Since Inception<sup>Footnote Reference\*</sup>** |
| R-6 Shares | 5.34% | 9.39% | 10.77% |
| Russell 3000 Index | 15.84% | 14.11% | 14.65% |
| Russell MidCap Index | 12.58% | 12.02% | 11.38% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;For periods prior to the inception date of the share class, extended performance is calculated to reflect the historical performance of the oldest share class of the Fund, adjusted for the fees and expenses of this share class. The extended performance inception date is September 28, 2015. |

---

**Past performance is not a good predictor of the Fund's future performance.** The graph above represents historical performance of a hypothetical investment of $10,000 in the Fund over the past ten years (or since inception if shorter). The table and graph above do not reflect the impact of taxes. If they did, performance would be lower. The Russell 3000 Index is the Fund's primary broad-based index and is included to meet the recently revised definition of "broad-based securities market index". The Russell MidCap Index is included as an additional index for the Fund as it shows how the Fund's performance compares with the returns of an index of funds with similar investment objectives. Visit www.principalam.com/mutualfundperformance for more recent performance information.

### **Fund Statistics** 
* Net Assets (amount in thousands)$52,899

* Total Number of Portfolio Holdings48

* Portfolio Turnover Rate 16.4%

* Total Advisory Fees Paid (amount in thousands)$434

#### Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Common Stocks | 98.72% |
| Investment Companies | 1.40% |
| Other Assets and Liabilities | (0.12)% |
| Total Net Assets | 100.00% |

---

#### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **Percent of Net Assets** |
| Financial | 20.45% |
| Industrial | 17.88% |
| Consumer, Cyclical | 17.28% |
| Consumer, Non-cyclical | 14.80% |
| Technology | 13.18% |
| Utilities | 6.67% |
| Energy | 5.58% |
| Basic Materials | 2.62% |
| Money Market Funds | 1.40% |
| Communications | 0.26% |
| Other Assets and Liabilities | (0.12)% |
| Total Net Assets | 100.00% |

---

## **Material Fund Changes** 
This is a summary of certain changes to the Fund since August 31, 2024. For more complete information, you may review the Fund's most recent prospectus, which we expect to be effective by December 31 or upon request at www.PrincipalAM.com/prospectuses.

On May 15, 2025, the Fund's Board of Directors approved the acquisition of the assets of Edge MidCap Fund by the MidCap Fund. The merger was effective on September 19, 2025.

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

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

## **Householding** 
To avoid sending duplicate copies of materials to households, mailings for accounts held by members of your household may be combined so that only one copy of each annual and semi-annual shareholder reports will be mailed. If you prefer to receive multiple copies of the shareholder reports, you may request that by contacting us at <u>1-800-222-5852</u>. Householding will be stopped within 30 days after we receive your request.

FV909ARR6-0

# Class A

# PMSAX

# Global Multi-Strategy Fund
![Image](ic492f610b062e6032b887517.jpg)

#### Annual Shareholder Report August 31, 2025
This annual shareholder report contains important information about Global Multi-Strategy Fund (the "Fund") for the period of September 1, 2024 to August 31, 2025. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.**This report describes certain changes to the Fund that occurred during the reporting period.**

## What were the Fund costs for the last year?
(based 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 | $184 | 1.78% |

---

## **Management's Discussion of Fund Performance** 
The Fund seeks to achieve long-term capital appreciation with an emphasis on positive total returns and managing volatility. The Fund invests in a broad range of instruments including, but not limited to, equities, bonds, currencies, commodities, convertible securities, and bank loans. Under normal market conditions, it invests in securities of issuers located throughout the world, including the U.S., invests at least 30% of its net assets in foreign and emerging market securities, and holds investments tied economically to at least twenty countries. The Fund's largest contributors were its equity hedge sleeves managed by Gotham Asset Management ("Gotham") and Los Angeles Capital Management ("LA Capital"). LA Capital delivered admirable returns, led by positive stock selection in materials and consumer staples. Gotham owns large cap quality stocks with high free cash flow; performance benefited from stock selection in technology and communications. The emerging market debt relative value sleeve managed by Principal Finisterre, an investment team within Principal Global Investors ("Finisterre"), was also a large contributor. Emerging market debt gained over the year, and Finisterre outperformed, making profits across every region. The credit relative value sleeve managed by Loomis Sayles & Company also contributed; performance was driven by investment grade corporate bonds, securitized debt, and high yield debt. The Fund's sole detractor was the systematic global macro sleeve managed by Graham Capital Management ("Graham"). Graham's strategy can be volatile but helps as a portfolio diversifier. The Fund and its subadvisors use derivatives to gain exposure to asset classes as well as to reduce portfolio risk.

## How did the Fund perform over the last 10 years?
![The graph represents how a hypothetical investment of $10,000 would have performed over the specified time period.](i2ca83c98f52547a69ea3cb4e.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class A Shares with maximum sales charge $13,931** | **MSCI ACWI Index NTR $28,656** | **HFRX Global Hedge Fund Index $12,815** |
| **8/15** | 9621 | 10000 | 10000 |
| **9/15** | 9541 | 9638 | 9793 |
| **10/15** | 9621 | 10394 | 9936 |
| **11/15** | 9612 | 10308 | 9864 |
| **12/15** | 9530 | 10122 | 9733 |
| **1/16** | 9431 | 9512 | 9464 |
| **2/16** | 9394 | 9446 | 9434 |
| **3/16** | 9503 | 10147 | 9551 |
| **4/16** | 9521 | 10296 | 9590 |
| **5/16** | 9548 | 10309 | 9634 |
| **6/16** | 9621 | 10247 | 9653 |
| **7/16** | 9720 | 10688 | 9793 |
| **8/16** | 9757 | 10724 | 9809 |
| **9/16** | 9775 | 10790 | 9863 |
| **10/16** | 9711 | 10607 | 9807 |
| **11/16** | 9739 | 10688 | 9892 |
| **12/16** | 9802 | 10918 | 9977 |
| **1/17** | 9893 | 11217 | 10027 |
| **2/17** | 10010 | 11532 | 10140 |
| **3/17** | 10028 | 11673 | 10142 |
| **4/17** | 10047 | 11855 | 10186 |
| **5/17** | 10119 | 12116 | 10210 |
| **6/17** | 10101 | 12172 | 10232 |
| **7/17** | 10210 | 12512 | 10327 |
| **8/17** | 10219 | 12560 | 10357 |
| **9/17** | 10264 | 12802 | 10419 |
| **10/17** | 10346 | 13068 | 10491 |
| **11/17** | 10373 | 13321 | 10498 |
| **12/17** | 10412 | 13536 | 10575 |
| **1/18** | 10552 | 14300 | 10834 |
| **2/18** | 10320 | 13699 | 10571 |
| **3/18** | 10236 | 13396 | 10467 |
| **4/18** | 10245 | 13534 | 10477 |
| **5/18** | 10227 | 13551 | 10505 |
| **6/18** | 10208 | 13477 | 10485 |
| **7/18** | 10292 | 13884 | 10470 |
| **8/18** | 10310 | 13993 | 10517 |
| **9/18** | 10366 | 14054 | 10445 |
| **10/18** | 10134 | 13000 | 10120 |
| **11/18** | 10096 | 13191 | 10058 |
| **12/18** | 9935 | 12262 | 9864 |
| **1/19** | 10122 | 13230 | 10074 |
| **2/19** | 10182 | 13584 | 10138 |
| **3/19** | 10251 | 13754 | 10120 |
| **4/19** | 10349 | 14219 | 10187 |
| **5/19** | 10280 | 13375 | 10118 |
| **6/19** | 10468 | 14251 | 10281 |
| **7/19** | 10507 | 14293 | 10360 |
| **8/19** | 10497 | 13954 | 10400 |
| **9/19** | 10507 | 14247 | 10446 |
| **10/19** | 10537 | 14637 | 10478 |
| **11/19** | 10626 | 14995 | 10586 |
| **12/19** | 10695 | 15523 | 10715 |
| **1/20** | 10685 | 15351 | 10759 |
| **2/20** | 10488 | 14111 | 10604 |
| **3/20** | 9679 | 12206 | 9980 |
| **4/20** | 9925 | 13514 | 10268 |
| **5/20** | 10231 | 14102 | 10416 |
| **6/20** | 10379 | 14552 | 10598 |
| **7/20** | 10626 | 15322 | 10742 |
| **8/20** | 10813 | 16260 | 10907 |
| **9/20** | 10714 | 15735 | 10888 |
| **10/20** | 10655 | 15353 | 10865 |
| **11/20** | 10951 | 17245 | 11171 |
| **12/20** | 11195 | 18046 | 11444 |
| **1/21** | 11155 | 17964 | 11426 |
| **2/21** | 11255 | 18380 | 11599 |
| **3/21** | 11345 | 18871 | 11592 |
| **4/21** | 11565 | 19696 | 11781 |
| **5/21** | 11665 | 20003 | 11826 |
| **6/21** | 11665 | 20266 | 11871 |
| **7/21** | 11675 | 20406 | 11819 |
| **8/21** | 11755 | 20917 | 11899 |
| **9/21** | 11575 | 20052 | 11854 |
| **10/21** | 11685 | 21076 | 11961 |
| **11/21** | 11545 | 20569 | 11806 |
| **12/21** | 11770 | 21391 | 11862 |
| **1/22** | 11750 | 20341 | 11648 |
| **2/22** | 11656 | 19815 | 11675 |
| **3/22** | 11905 | 20245 | 11719 |
| **4/22** | 11770 | 18624 | 11619 |
| **5/22** | 11770 | 18646 | 11470 |
| **6/22** | 11336 | 17074 | 11297 |
| **7/22** | 11480 | 18266 | 11318 |
| **8/22** | 11449 | 17594 | 11431 |
| **9/22** | 11191 | 15910 | 11329 |
| **10/22** | 11470 | 16870 | 11324 |
| **11/22** | 11625 | 18178 | 11334 |
| **12/22** | 11500 | 17463 | 11340 |
| **1/23** | 11743 | 18715 | 11529 |
| **2/23** | 11685 | 18178 | 11481 |
| **3/23** | 11569 | 18739 | 11312 |
| **4/23** | 11662 | 19008 | 11370 |
| **5/23** | 11627 | 18805 | 11339 |
| **6/23** | 11871 | 19897 | 11395 |
| **7/23** | 12010 | 20625 | 11457 |
| **8/23** | 11998 | 20048 | 11508 |
| **9/23** | 11963 | 19219 | 11504 |
| **10/23** | 11859 | 18641 | 11401 |
| **11/23** | 12114 | 20362 | 11519 |
| **12/23** | 12200 | 21340 | 11693 |
| **1/24** | 12331 | 21465 | 11733 |
| **2/24** | 12582 | 22386 | 11828 |
| **3/24** | 12844 | 23089 | 11981 |
| **4/24** | 12725 | 22327 | 11936 |
| **5/24** | 12856 | 23234 | 11985 |
| **6/24** | 12904 | 23752 | 12023 |
| **7/24** | 12988 | 24135 | 12085 |
| **8/24** | 13035 | 24748 | 12170 |
| **9/24** | 13179 | 25323 | 12297 |
| **10/24** | 13035 | 24754 | 12225 |
| **11/24** | 13250 | 25680 | 12292 |
| **12/24** | 13230 | 25072 | 12301 |
| **1/25** | 13412 | 25914 | 12427 |
| **2/25** | 13448 | 25758 | 12459 |
| **3/25** | 13279 | 24740 | 12392 |
| **4/25** | 13206 | 24971 | 12319 |
| **5/25** | 13388 | 26406 | 12458 |
| **6/25** | 13629 | 27592 | 12582 |
| **7/25** | 13726 | 27966 | 12673 |
| **8/25** | 13931 | 28656 | 12815 |

---

### **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **1-Year** | **5-Year** | **10-Year** |
| Class A Shares Excluding Sales Charge | 6.87% | 5.20% | 3.77% |
| Class A Shares Including Sales Charge | 2.82% | 4.39% | 3.37% |
| MSCI ACWI Index NTR | 15.79% | 12.00% | 11.10% |
| HFRX Global Hedge Fund Index | 5.30% | 3.28% | 2.51% |

---

**Past performance is not a good predictor of the Fund's future performance.** The graph above represents historical performance of a hypothetical investment of $10,000 in the Fund over the past ten years (or since inception if shorter). The table and graph above do not reflect the impact of taxes. If they did, performance would be lower. The MSCI ACWI Index NTR is the Fund's primary broad-based index and is included to meet the recently revised definition of "broad-based securities market index". The HFRX Global Hedge Fund Index is included as an additional index for the Fund as it shows how the Fund's performance compares with the returns of an index of funds with similar investment objectives. Visit www.principalam.com/mutualfundperformance for more recent performance information.

### **Fund Statistics** 
* Net Assets (amount in thousands)$429,552

* Total Number of Portfolio Holdings2,238

* Portfolio Turnover Rate 138.7%

* Total Advisory Fees Paid (amount in thousands)$5,316

#### Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Common Stocks | 35.07% |
| Bonds | 33.62% |
| Investment Companies | 21.83% |
| U.S. Government & Government Agency Obligations | 3.19% |
| Convertible Bonds | 0.75% |
| Senior Floating Rate Interests | 0.33% |
| Preferred Stocks | 0.13% |
| Purchased Options | 0.03% |
| Convertible Preferred Stocks | 0.03% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup><sup>Footnote Reference†</sup> | 5.02% |
| Total Net Assets | 100.00% |

---

---

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

---

#### Geographic Allocation

---

| | |
|:---|:---|
| **Top Locations** | **Percent of Net Assets** |
| United States | 41.05% |
| Canada | 6.50% |
| Japan | 2.12% |
| Cayman Islands | 2.02% |
| Mexico | 1.67% |
| United Kingdom | 1.44% |
| Israel | 1.23% |
| Netherlands | 1.05% |
| Luxembourg | 0.97% |
| Supranational | 0.91% |
| Colombia | 0.87% |
| South Africa | 0.86% |
| Brazil | 0.74% |
| Egypt | 0.58% |
| Hungary | 0.56% |
| Ireland | 0.56% |
| Peru | 0.55% |
| Turkey | 0.53% |
| Australia | 0.49% |
| Germany | 0.47% |
| Other Locations<sup>Footnote Reference\*</sup> | 29.81% |
| Other Assets and Liabilities<sup>Footnote Reference†</sup><sup>Footnote Reference‡</sup> | 5.02% |
| Total Net Assets | 100.00% |

---

---

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

---

## **Material Fund Changes** 
This is a summary of certain changes to the Fund since August 31, 2024. For more complete information, you may review the Fund's most recent prospectus, which we expect to be effective by December 31 or upon request at www.PrincipalAM.com/prospectuses.

Effective December 31, 2024, the Fund's management fees were changed. The management fee was reduced from 1.36% on the first $2 billion of net assets, 1.30% on the next $2 billion of net assets, and 1.25% on net assets over $4 billion to 1.21% on the first $500 million of net assets, 1.19% on the next $500 million of net assets, 1.17% on the next $500 million of net assets, and 1.16% on net assets over $1.5 billion.

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

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

## **Householding** 
To avoid sending duplicate copies of materials to households, mailings for accounts held by members of your household may be combined so that only one copy of each annual and semi-annual shareholder reports will be mailed. If you prefer to receive multiple copies of the shareholder reports, you may request that by contacting us at <u>1-800-222-5852</u>. Householding will be stopped within 30 days after we receive your request.

FV838ARA-0

# Institutional

# PSMIX

# Global Multi-Strategy Fund
![Image](ic492f610b062e6032b887517.jpg)

#### Annual Shareholder Report August 31, 2025
This annual shareholder report contains important information about Global Multi-Strategy Fund (the "Fund") for the period of September 1, 2024 to August 31, 2025. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.**This report describes certain changes to the Fund that occurred during the reporting period.**

## What were the Fund costs for the last year?
(based 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 | $149 | 1.44% |

---

## **Management's Discussion of Fund Performance** 
The Fund seeks to achieve long-term capital appreciation with an emphasis on positive total returns and managing volatility. The Fund invests in a broad range of instruments including, but not limited to, equities, bonds, currencies, commodities, convertible securities, and bank loans. Under normal market conditions, it invests in securities of issuers located throughout the world, including the U.S., invests at least 30% of its net assets in foreign and emerging market securities, and holds investments tied economically to at least twenty countries. The Fund's largest contributors were its equity hedge sleeves managed by Gotham Asset Management ("Gotham") and Los Angeles Capital Management ("LA Capital"). LA Capital delivered admirable returns, led by positive stock selection in materials and consumer staples. Gotham owns large cap quality stocks with high free cash flow; performance benefited from stock selection in technology and communications. The emerging market debt relative value sleeve managed by Principal Finisterre, an investment team within Principal Global Investors ("Finisterre"), was also a large contributor. Emerging market debt gained over the year, and Finisterre outperformed, making profits across every region. The credit relative value sleeve managed by Loomis Sayles & Company also contributed; performance was driven by investment grade corporate bonds, securitized debt, and high yield debt. The Fund's sole detractor was the systematic global macro sleeve managed by Graham Capital Management ("Graham"). Graham's strategy can be volatile but helps as a portfolio diversifier. The Fund and its subadvisors use derivatives to gain exposure to asset classes as well as to reduce portfolio risk.

## How did the Fund perform over the last 10 years?
![The graph represents how a hypothetical investment of $10,000 would have performed over the specified time period.](iea3c4c528b8c6f0f31ce5cc5.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Institutional Shares at net asset value $15,092** | **MSCI ACWI Index NTR $28,656** | **HFRX Global Hedge Fund Index $12,815** |
| **8/15** | 10000 | 10000 | 10000 |
| **9/15** | 9927 | 9638 | 9793 |
| **10/15** | 10009 | 10394 | 9936 |
| **11/15** | 10009 | 10308 | 9864 |
| **12/15** | 9918 | 10122 | 9733 |
| **1/16** | 9824 | 9512 | 9464 |
| **2/16** | 9786 | 9446 | 9434 |
| **3/16** | 9899 | 10147 | 9551 |
| **4/16** | 9927 | 10296 | 9590 |
| **5/16** | 9955 | 10309 | 9634 |
| **6/16** | 10030 | 10247 | 9653 |
| **7/16** | 10143 | 10688 | 9793 |
| **8/16** | 10180 | 10724 | 9809 |
| **9/16** | 10199 | 10790 | 9863 |
| **10/16** | 10133 | 10607 | 9807 |
| **11/16** | 10171 | 10688 | 9892 |
| **12/16** | 10242 | 10918 | 9977 |
| **1/17** | 10336 | 11217 | 10027 |
| **2/17** | 10458 | 11532 | 10140 |
| **3/17** | 10477 | 11673 | 10142 |
| **4/17** | 10505 | 11855 | 10186 |
| **5/17** | 10580 | 12116 | 10210 |
| **6/17** | 10562 | 12172 | 10232 |
| **7/17** | 10684 | 12512 | 10327 |
| **8/17** | 10693 | 12560 | 10357 |
| **9/17** | 10749 | 12802 | 10419 |
| **10/17** | 10834 | 13068 | 10491 |
| **11/17** | 10862 | 13321 | 10498 |
| **12/17** | 10918 | 13536 | 10575 |
| **1/18** | 11062 | 14300 | 10834 |
| **2/18** | 10821 | 13699 | 10571 |
| **3/18** | 10734 | 13396 | 10467 |
| **4/18** | 10753 | 13534 | 10477 |
| **5/18** | 10734 | 13551 | 10505 |
| **6/18** | 10724 | 13477 | 10485 |
| **7/18** | 10811 | 13884 | 10470 |
| **8/18** | 10831 | 13993 | 10517 |
| **9/18** | 10889 | 14054 | 10445 |
| **10/18** | 10657 | 13000 | 10120 |
| **11/18** | 10608 | 13191 | 10058 |
| **12/18** | 10445 | 12262 | 9864 |
| **1/19** | 10651 | 13230 | 10074 |
| **2/19** | 10723 | 13584 | 10138 |
| **3/19** | 10785 | 13754 | 10120 |
| **4/19** | 10898 | 14219 | 10187 |
| **5/19** | 10826 | 13375 | 10118 |
| **6/19** | 11032 | 14251 | 10281 |
| **7/19** | 11073 | 14293 | 10360 |
| **8/19** | 11073 | 13954 | 10400 |
| **9/19** | 11083 | 14247 | 10446 |
| **10/19** | 11114 | 14637 | 10478 |
| **11/19** | 11217 | 14995 | 10586 |
| **12/19** | 11299 | 15523 | 10715 |
| **1/20** | 11289 | 15351 | 10759 |
| **2/20** | 11093 | 14111 | 10604 |
| **3/20** | 10229 | 12206 | 9980 |
| **4/20** | 10497 | 13514 | 10268 |
| **5/20** | 10836 | 14102 | 10416 |
| **6/20** | 10990 | 14552 | 10598 |
| **7/20** | 11248 | 15322 | 10742 |
| **8/20** | 11454 | 16260 | 10907 |
| **9/20** | 11361 | 15735 | 10888 |
| **10/20** | 11299 | 15353 | 10865 |
| **11/20** | 11618 | 17245 | 11171 |
| **12/20** | 11877 | 18046 | 11444 |
| **1/21** | 11845 | 17964 | 11426 |
| **2/21** | 11950 | 18380 | 11599 |
| **3/21** | 12054 | 18871 | 11592 |
| **4/21** | 12285 | 19696 | 11781 |
| **5/21** | 12410 | 20003 | 11826 |
| **6/21** | 12410 | 20266 | 11871 |
| **7/21** | 12421 | 20406 | 11819 |
| **8/21** | 12515 | 20917 | 11899 |
| **9/21** | 12327 | 20052 | 11854 |
| **10/21** | 12452 | 21076 | 11961 |
| **11/21** | 12306 | 20569 | 11806 |
| **12/21** | 12546 | 21391 | 11862 |
| **1/22** | 12535 | 20341 | 11648 |
| **2/22** | 12437 | 19815 | 11675 |
| **3/22** | 12709 | 20245 | 11719 |
| **4/22** | 12568 | 18624 | 11619 |
| **5/22** | 12578 | 18646 | 11470 |
| **6/22** | 12121 | 17074 | 11297 |
| **7/22** | 12274 | 18266 | 11318 |
| **8/22** | 12241 | 17594 | 11431 |
| **9/22** | 11969 | 15910 | 11329 |
| **10/22** | 12284 | 16870 | 11324 |
| **11/22** | 12437 | 18178 | 11334 |
| **12/22** | 12321 | 17463 | 11340 |
| **1/23** | 12578 | 18715 | 11529 |
| **2/23** | 12529 | 18178 | 11481 |
| **3/23** | 12407 | 18739 | 11312 |
| **4/23** | 12517 | 19008 | 11370 |
| **5/23** | 12480 | 18805 | 11339 |
| **6/23** | 12749 | 19897 | 11395 |
| **7/23** | 12895 | 20625 | 11457 |
| **8/23** | 12895 | 20048 | 11508 |
| **9/23** | 12871 | 19219 | 11504 |
| **10/23** | 12761 | 18641 | 11401 |
| **11/23** | 13030 | 20362 | 11519 |
| **12/23** | 13132 | 21340 | 11693 |
| **1/24** | 13284 | 21465 | 11733 |
| **2/24** | 13549 | 22386 | 11828 |
| **3/24** | 13840 | 23089 | 11981 |
| **4/24** | 13713 | 22327 | 11936 |
| **5/24** | 13865 | 23234 | 11985 |
| **6/24** | 13916 | 23752 | 12023 |
| **7/24** | 14017 | 24135 | 12085 |
| **8/24** | 14067 | 24748 | 12170 |
| **9/24** | 14232 | 25323 | 12297 |
| **10/24** | 14080 | 24754 | 12225 |
| **11/24** | 14320 | 25680 | 12292 |
| **12/24** | 14296 | 25072 | 12301 |
| **1/25** | 14501 | 25914 | 12427 |
| **2/25** | 14540 | 25758 | 12459 |
| **3/25** | 14360 | 24740 | 12392 |
| **4/25** | 14296 | 24971 | 12319 |
| **5/25** | 14489 | 26406 | 12458 |
| **6/25** | 14758 | 27592 | 12582 |
| **7/25** | 14861 | 27966 | 12673 |
| **8/25** | 15092 | 28656 | 12815 |

---

### **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **1-Year** | **5-Year** | **10-Year** |
| Institutional Shares | 7.29% | 5.67% | 4.20% |
| MSCI ACWI Index NTR | 15.79% | 12.00% | 11.10% |
| HFRX Global Hedge Fund Index | 5.30% | 3.28% | 2.51% |

---

**Past performance is not a good predictor of the Fund's future performance.** The graph above represents historical performance of a hypothetical investment of $10,000 in the Fund over the past ten years (or since inception if shorter). The table and graph above do not reflect the impact of taxes. If they did, performance would be lower. The MSCI ACWI Index NTR is the Fund's primary broad-based index and is included to meet the recently revised definition of "broad-based securities market index". The HFRX Global Hedge Fund Index is included as an additional index for the Fund as it shows how the Fund's performance compares with the returns of an index of funds with similar investment objectives. Visit www.principalam.com/mutualfundperformance for more recent performance information.

### **Fund Statistics** 
* Net Assets (amount in thousands)$429,552

* Total Number of Portfolio Holdings2,238

* Portfolio Turnover Rate 138.7%

* Total Advisory Fees Paid (amount in thousands)$5,316

#### Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Common Stocks | 35.07% |
| Bonds | 33.62% |
| Investment Companies | 21.83% |
| U.S. Government & Government Agency Obligations | 3.19% |
| Convertible Bonds | 0.75% |
| Senior Floating Rate Interests | 0.33% |
| Preferred Stocks | 0.13% |
| Purchased Options | 0.03% |
| Convertible Preferred Stocks | 0.03% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup><sup>Footnote Reference†</sup> | 5.02% |
| Total Net Assets | 100.00% |

---

---

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

---

#### Geographic Allocation

---

| | |
|:---|:---|
| **Top Locations** | **Percent of Net Assets** |
| United States | 41.05% |
| Canada | 6.50% |
| Japan | 2.12% |
| Cayman Islands | 2.02% |
| Mexico | 1.67% |
| United Kingdom | 1.44% |
| Israel | 1.23% |
| Netherlands | 1.05% |
| Luxembourg | 0.97% |
| Supranational | 0.91% |
| Colombia | 0.87% |
| South Africa | 0.86% |
| Brazil | 0.74% |
| Egypt | 0.58% |
| Hungary | 0.56% |
| Ireland | 0.56% |
| Peru | 0.55% |
| Turkey | 0.53% |
| Australia | 0.49% |
| Germany | 0.47% |
| Other Locations<sup>Footnote Reference\*</sup> | 29.81% |
| Other Assets and Liabilities<sup>Footnote Reference†</sup><sup>Footnote Reference‡</sup> | 5.02% |
| Total Net Assets | 100.00% |

---

---

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

---

## **Material Fund Changes** 
This is a summary of certain changes to the Fund since August 31, 2024. For more complete information, you may review the Fund's most recent prospectus, which we expect to be effective by December 31 or upon request at www.PrincipalAM.com/prospectuses.

Effective December 31, 2024, the Manager changed the contractual expense limitation for the Fund's Institutional Class from 1.43% to 1.39%. Effective December 31, 2024, the Fund's management fees were changed. The management fee was reduced from 1.36% on the first $2 billion of net assets, 1.30% on the next $2 billion of net assets, and 1.25% on net assets over $4 billion to 1.21% on the first $500 million of net assets, 1.19% on the next $500 million of net assets, 1.17% on the next $500 million of net assets, and 1.16% on net assets over $1.5 billion.

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

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

## **Householding** 
To avoid sending duplicate copies of materials to households, mailings for accounts held by members of your household may be combined so that only one copy of each annual and semi-annual shareholder reports will be mailed. If you prefer to receive multiple copies of the shareholder reports, you may request that by contacting us at <u>1-800-222-5852</u>. Householding will be stopped within 30 days after we receive your request.

FV838ARI-0

# R-6

# PGLSX

# Global Multi-Strategy Fund
![Image](ic492f610b062e6032b887517.jpg)

#### Annual Shareholder Report August 31, 2025
This annual shareholder report contains important information about Global Multi-Strategy Fund (the "Fund") for the period of September 1, 2024 to August 31, 2025. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.**This report describes certain changes to the Fund that occurred during the reporting period.**

## What were the Fund costs for the last year?
(based 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 | $138 | 1.33% |

---

## **Management's Discussion of Fund Performance** 
The Fund seeks to achieve long-term capital appreciation with an emphasis on positive total returns and managing volatility. The Fund invests in a broad range of instruments including, but not limited to, equities, bonds, currencies, commodities, convertible securities, and bank loans. Under normal market conditions, it invests in securities of issuers located throughout the world, including the U.S., invests at least 30% of its net assets in foreign and emerging market securities, and holds investments tied economically to at least twenty countries. The Fund's largest contributors were its equity hedge sleeves managed by Gotham Asset Management ("Gotham") and Los Angeles Capital Management ("LA Capital"). LA Capital delivered admirable returns, led by positive stock selection in materials and consumer staples. Gotham owns large cap quality stocks with high free cash flow; performance benefited from stock selection in technology and communications. The emerging market debt relative value sleeve managed by Principal Finisterre, an investment team within Principal Global Investors ("Finisterre"), was also a large contributor. Emerging market debt gained over the year, and Finisterre outperformed, making profits across every region. The credit relative value sleeve managed by Loomis Sayles & Company also contributed; performance was driven by investment grade corporate bonds, securitized debt, and high yield debt. The Fund's sole detractor was the systematic global macro sleeve managed by Graham Capital Management ("Graham"). Graham's strategy can be volatile but helps as a portfolio diversifier. The Fund and its subadvisors use derivatives to gain exposure to asset classes as well as to reduce portfolio risk.

## How did the Fund perform over the last 10 years?
![The graph represents how a hypothetical investment of $10,000 would have performed over the specified time period.](i80aa088b08fcd033d21a959a.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **R-6 Shares at net asset value $15,147** | **MSCI ACWI Index NTR $28,656** | **HFRX Global Hedge Fund Index $12,815** |
| **8/15** | 10000 | 10000 | 10000 |
| **9/15** | 9927 | 9638 | 9793 |
| **10/15** | 10009 | 10394 | 9936 |
| **11/15** | 10009 | 10308 | 9864 |
| **12/15** | 9918 | 10122 | 9733 |
| **1/16** | 9824 | 9512 | 9464 |
| **2/16** | 9786 | 9446 | 9434 |
| **3/16** | 9899 | 10147 | 9551 |
| **4/16** | 9927 | 10296 | 9590 |
| **5/16** | 9955 | 10309 | 9634 |
| **6/16** | 10030 | 10247 | 9653 |
| **7/16** | 10143 | 10688 | 9793 |
| **8/16** | 10180 | 10724 | 9809 |
| **9/16** | 10199 | 10790 | 9863 |
| **10/16** | 10133 | 10607 | 9807 |
| **11/16** | 10171 | 10688 | 9892 |
| **12/16** | 10242 | 10918 | 9977 |
| **1/17** | 10336 | 11217 | 10027 |
| **2/17** | 10458 | 11532 | 10140 |
| **3/17** | 10477 | 11673 | 10142 |
| **4/17** | 10505 | 11855 | 10186 |
| **5/17** | 10580 | 12116 | 10210 |
| **6/17** | 10571 | 12172 | 10232 |
| **7/17** | 10684 | 12512 | 10327 |
| **8/17** | 10703 | 12560 | 10357 |
| **9/17** | 10749 | 12802 | 10419 |
| **10/17** | 10843 | 13068 | 10491 |
| **11/17** | 10872 | 13321 | 10498 |
| **12/17** | 10914 | 13536 | 10575 |
| **1/18** | 11069 | 14300 | 10834 |
| **2/18** | 10817 | 13699 | 10571 |
| **3/18** | 10740 | 13396 | 10467 |
| **4/18** | 10750 | 13534 | 10477 |
| **5/18** | 10730 | 13551 | 10505 |
| **6/18** | 10721 | 13477 | 10485 |
| **7/18** | 10817 | 13884 | 10470 |
| **8/18** | 10837 | 13993 | 10517 |
| **9/18** | 10895 | 14054 | 10445 |
| **10/18** | 10663 | 13000 | 10120 |
| **11/18** | 10614 | 13191 | 10058 |
| **12/18** | 10455 | 12262 | 9864 |
| **1/19** | 10661 | 13230 | 10074 |
| **2/19** | 10723 | 13584 | 10138 |
| **3/19** | 10796 | 13754 | 10120 |
| **4/19** | 10909 | 14219 | 10187 |
| **5/19** | 10837 | 13375 | 10118 |
| **6/19** | 11043 | 14251 | 10281 |
| **7/19** | 11084 | 14293 | 10360 |
| **8/19** | 11084 | 13954 | 10400 |
| **9/19** | 11105 | 14247 | 10446 |
| **10/19** | 11136 | 14637 | 10478 |
| **11/19** | 11229 | 14995 | 10586 |
| **12/19** | 11311 | 15523 | 10715 |
| **1/20** | 11301 | 15351 | 10759 |
| **2/20** | 11105 | 14111 | 10604 |
| **3/20** | 10249 | 12206 | 9980 |
| **4/20** | 10517 | 13514 | 10268 |
| **5/20** | 10847 | 14102 | 10416 |
| **6/20** | 11012 | 14552 | 10598 |
| **7/20** | 11270 | 15322 | 10742 |
| **8/20** | 11466 | 16260 | 10907 |
| **9/20** | 11373 | 15735 | 10888 |
| **10/20** | 11311 | 15353 | 10865 |
| **11/20** | 11641 | 17245 | 11171 |
| **12/20** | 11901 | 18046 | 11444 |
| **1/21** | 11859 | 17964 | 11426 |
| **2/21** | 11974 | 18380 | 11599 |
| **3/21** | 12069 | 18871 | 11592 |
| **4/21** | 12310 | 19696 | 11781 |
| **5/21** | 12425 | 20003 | 11826 |
| **6/21** | 12436 | 20266 | 11871 |
| **7/21** | 12446 | 20406 | 11819 |
| **8/21** | 12540 | 20917 | 11899 |
| **9/21** | 12352 | 20052 | 11854 |
| **10/21** | 12478 | 21076 | 11961 |
| **11/21** | 12331 | 20569 | 11806 |
| **12/21** | 12571 | 21391 | 11862 |
| **1/22** | 12561 | 20341 | 11648 |
| **2/22** | 12462 | 19815 | 11675 |
| **3/22** | 12735 | 20245 | 11719 |
| **4/22** | 12604 | 18624 | 11619 |
| **5/22** | 12604 | 18646 | 11470 |
| **6/22** | 12146 | 17074 | 11297 |
| **7/22** | 12299 | 18266 | 11318 |
| **8/22** | 12277 | 17594 | 11431 |
| **9/22** | 12004 | 15910 | 11329 |
| **10/22** | 12310 | 16870 | 11324 |
| **11/22** | 12473 | 18178 | 11334 |
| **12/22** | 12358 | 17463 | 11340 |
| **1/23** | 12615 | 18715 | 11529 |
| **2/23** | 12566 | 18178 | 11481 |
| **3/23** | 12444 | 18739 | 11312 |
| **4/23** | 12554 | 19008 | 11370 |
| **5/23** | 12517 | 18805 | 11339 |
| **6/23** | 12786 | 19897 | 11395 |
| **7/23** | 12933 | 20625 | 11457 |
| **8/23** | 12933 | 20048 | 11508 |
| **9/23** | 12909 | 19219 | 11504 |
| **10/23** | 12799 | 18641 | 11401 |
| **11/23** | 13068 | 20362 | 11519 |
| **12/23** | 13170 | 21340 | 11693 |
| **1/24** | 13322 | 21465 | 11733 |
| **2/24** | 13588 | 22386 | 11828 |
| **3/24** | 13880 | 23089 | 11981 |
| **4/24** | 13766 | 22327 | 11936 |
| **5/24** | 13905 | 23234 | 11985 |
| **6/24** | 13968 | 23752 | 12023 |
| **7/24** | 14057 | 24135 | 12085 |
| **8/24** | 14107 | 24748 | 12170 |
| **9/24** | 14285 | 25323 | 12297 |
| **10/24** | 14133 | 24754 | 12225 |
| **11/24** | 14373 | 25680 | 12292 |
| **12/24** | 14349 | 25072 | 12301 |
| **1/25** | 14555 | 25914 | 12427 |
| **2/25** | 14594 | 25758 | 12459 |
| **3/25** | 14414 | 24740 | 12392 |
| **4/25** | 14349 | 24971 | 12319 |
| **5/25** | 14555 | 26406 | 12458 |
| **6/25** | 14826 | 27592 | 12582 |
| **7/25** | 14929 | 27966 | 12673 |
| **8/25** | 15147 | 28656 | 12815 |

---

### **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **1-Year** | **5-Year** | **10-Year<sup>Footnote Reference\*</sup>** |
| R-6 Shares | 7.37% | 5.73% | 4.24% |
| MSCI ACWI Index NTR | 15.79% | 12.00% | 11.10% |
| HFRX Global Hedge Fund Index | 5.30% | 3.28% | 2.51% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;For periods prior to the inception date of the share class, extended performance is calculated to reflect the historical performance of the oldest share class of the Fund, adjusted for the fees and expenses of this share class. The extended performance inception date is October 24, 2011. |

---

**Past performance is not a good predictor of the Fund's future performance.** The graph above represents historical performance of a hypothetical investment of $10,000 in the Fund over the past ten years (or since inception if shorter). The table and graph above do not reflect the impact of taxes. If they did, performance would be lower. The MSCI ACWI Index NTR is the Fund's primary broad-based index and is included to meet the recently revised definition of "broad-based securities market index". The HFRX Global Hedge Fund Index is included as an additional index for the Fund as it shows how the Fund's performance compares with the returns of an index of funds with similar investment objectives. Visit www.principalam.com/mutualfundperformance for more recent performance information.

### **Fund Statistics** 
* Net Assets (amount in thousands)$429,552

* Total Number of Portfolio Holdings2,238

* Portfolio Turnover Rate 138.7%

* Total Advisory Fees Paid (amount in thousands)$5,316

#### Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Common Stocks | 35.07% |
| Bonds | 33.62% |
| Investment Companies | 21.83% |
| U.S. Government & Government Agency Obligations | 3.19% |
| Convertible Bonds | 0.75% |
| Senior Floating Rate Interests | 0.33% |
| Preferred Stocks | 0.13% |
| Purchased Options | 0.03% |
| Convertible Preferred Stocks | 0.03% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup><sup>Footnote Reference†</sup> | 5.02% |
| Total Net Assets | 100.00% |

---

---

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

---

#### Geographic Allocation

---

| | |
|:---|:---|
| **Top Locations** | **Percent of Net Assets** |
| United States | 41.05% |
| Canada | 6.50% |
| Japan | 2.12% |
| Cayman Islands | 2.02% |
| Mexico | 1.67% |
| United Kingdom | 1.44% |
| Israel | 1.23% |
| Netherlands | 1.05% |
| Luxembourg | 0.97% |
| Supranational | 0.91% |
| Colombia | 0.87% |
| South Africa | 0.86% |
| Brazil | 0.74% |
| Egypt | 0.58% |
| Hungary | 0.56% |
| Ireland | 0.56% |
| Peru | 0.55% |
| Turkey | 0.53% |
| Australia | 0.49% |
| Germany | 0.47% |
| Other Locations<sup>Footnote Reference\*</sup> | 29.81% |
| Other Assets and Liabilities<sup>Footnote Reference†</sup><sup>Footnote Reference‡</sup> | 5.02% |
| Total Net Assets | 100.00% |

---

---

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

---

## **Material Fund Changes** 
This is a summary of certain changes to the Fund since August 31, 2024. For more complete information, you may review the Fund's most recent prospectus, which we expect to be effective by December 31 or upon request at www.PrincipalAM.com/prospectuses.

Effective December 31, 2024, the Manager changed the contractual expense limitation for the Fund's Class R-6 "Other Expenses" from 0.02% to 0.04%. Effective December 31, 2024, the Fund's management fees were changed. The management fee was reduced from 1.36% on the first $2 billion of net assets, 1.30% on the next $2 billion of net assets, and 1.25% on net assets over $4 billion to 1.21% on the first $500 million of net assets, 1.19% on the next $500 million of net assets, 1.17% on the next $500 million of net assets, and 1.16% on net assets over $1.5 billion.

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

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

## **Householding** 
To avoid sending duplicate copies of materials to households, mailings for accounts held by members of your household may be combined so that only one copy of each annual and semi-annual shareholder reports will be mailed. If you prefer to receive multiple copies of the shareholder reports, you may request that by contacting us at <u>1-800-222-5852</u>. Householding will be stopped within 30 days after we receive your request.

FV838ARR6-0

# Institutional

# PGSLX

# Global Listed Infrastructure Fund
![Image](ic492f610b062e6032b887517.jpg)

#### Annual Shareholder Report August 31, 2025
This annual shareholder report contains important information about Global Listed Infrastructure Fund (the "Fund") for the period of September 1, 2024 to August 31, 2025. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.**This report describes certain changes to the Fund that occurred during the reporting period.**

## What were the Fund costs for the last year?
(based 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 | $77 | 0.74% |

---

## **Management's Discussion of Fund Performance** 
The Fund seeks to achieve total return by investing, under normal circumstances, at least 80% of its net assets, plus any borrowings for investment purposes, in securities issued by listed infrastructure companies. It invests primarily in equity securities regardless of market capitalization (small, medium, or large) and invests in both value and growth securities. The Fund also invests in Real Estate Investment Trusts ("REITs") but only those REITs that are engaged in the development, operation, or management of infrastructure assets. It is non-diversified. The Fund's investments outperformed the FTSE Global Core Infrastructure 50/50 Index over the year, attributed to strong stock selection. An underweight to a Thailand airports company pressured by liquidity challenges and reduced Chinese tourist traffic stemming from safety concerns was beneficial. Meanwhile, an overweight to Beijing airports captured a rebound in international travel and supportive policy measures in China. Not holding an Indian port operator added value, as the stock declined following a market reassessment of its valuation after a period of strength. An overweight to a Chinese electric utility contributed as investor sentiment improved, driven by solid fundamentals and a policy-led inflection. Overweights to North American electric utilities was also a main contributor, with these stocks performing well due to favorable regulatory outcomes and strong demand trends and growth drivers—particularly related to data center demand and industrial reshoring. A main detractor was an overweight to a European renewable energy company, which sold off amid ongoing U.S. renewables policy uncertainty and concerns around balance sheet strength.

## How did the Fund perform since inception?
![The graph represents how a hypothetical investment of $10,000 would have performed over the specified time period.](ibf0f0b8054197529eff3ba10.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Institutional Shares at net asset value $13,406** | **MSCI ACWI Index NTR $17,212** | **FTSE Global Core Infrastructure 50/50 Net Tax Index $12,476** |
| **9/22** | 10000 | 10000 | 10000 |
| **9/22** | 9470 | 9556 | 9187 |
| **10/22** | 9950 | 10132 | 9496 |
| **11/22** | 11000 | 10918 | 10241 |
| **12/22** | 10749 | 10489 | 10015 |
| **1/23** | 11093 | 11240 | 10275 |
| **2/23** | 10648 | 10918 | 9782 |
| **3/23** | 11043 | 11255 | 10070 |
| **4/23** | 11296 | 11417 | 10285 |
| **5/23** | 10739 | 11294 | 9760 |
| **6/23** | 11043 | 11950 | 10035 |
| **7/23** | 11225 | 12388 | 10244 |
| **8/23** | 10526 | 12041 | 9686 |
| **9/23** | 10000 | 11543 | 9234 |
| **10/23** | 10000 | 11196 | 9074 |
| **11/23** | 10860 | 12230 | 9804 |
| **12/23** | 11269 | 12817 | 10236 |
| **1/24** | 10832 | 12892 | 9986 |
| **2/24** | 10919 | 13446 | 10052 |
| **3/24** | 11247 | 13868 | 10395 |
| **4/24** | 11007 | 13410 | 10255 |
| **5/24** | 11738 | 13955 | 10759 |
| **6/24** | 11323 | 14266 | 10471 |
| **7/24** | 11989 | 14496 | 11140 |
| **8/24** | 12381 | 14864 | 11575 |
| **9/24** | 12905 | 15209 | 11894 |
| **10/24** | 12425 | 14868 | 11579 |
| **11/24** | 12621 | 15424 | 11907 |
| **12/24** | 11950 | 15059 | 11211 |
| **1/25** | 11927 | 15564 | 11297 |
| **2/25** | 12204 | 15471 | 11513 |
| **3/25** | 12631 | 14859 | 11751 |
| **4/25** | 13198 | 14998 | 11947 |
| **5/25** | 13360 | 15860 | 12145 |
| **6/25** | 13406 | 16572 | 12254 |
| **7/25** | 13267 | 16797 | 12292 |
| **8/25** | 13406 | 17212 | 12476 |

---

### **Average Annual Total Returns** 

---

| | | |
|:---|:---|:---|
| **Name** | **1-Year** | **Since Inception<sup>Footnote Reference\*</sup>** |
| Institutional Shares | 8.28% | 10.48% |
| MSCI ACWI Index NTR | 15.79% | 20.29% |
| FTSE Global Core Infrastructure 50/50 Net Tax Index | 7.78% | 7.81% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Since inception performance is calculated from September 22, 2022, the inception date of the Fund. |

---

**Past performance is not a good predictor of the Fund's future performance.** The graph above represents historical performance of a hypothetical investment of $10,000 in the Fund over the past ten years (or since inception if shorter). The table and graph above do not reflect the impact of taxes. If they did, performance would be lower. The MSCI ACWI Index NTR is the Fund's primary broad-based index and is included to meet the recently revised definition of "broad-based securities market index". The FTSE Global Core Infrastructure 50/50 Net Tax Index is included as an additional index for the Fund as it shows how the Fund's performance compares with the returns of an index of funds with similar investment objectives. Visit www.principalam.com/mutualfundperformance for more recent performance information.

### **Fund Statistics** 
* Net Assets (amount in thousands)$123,464

* Total Number of Portfolio Holdings40

* Portfolio Turnover Rate 36.7%

* Total Advisory Fees Paid (amount in thousands)$269

#### Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Common Stocks | 97.72% |
| Investment Companies | 3.77% |
| Other Assets and Liabilities | (1.49)% |
| Total Net Assets | 100.00% |

---

#### Geographic Allocation

---

| | |
|:---|:---|
| **Top Locations** | **Percent of Net Assets** |
| United States | 52.25% |
| Canada | 8.98% |
| United Kingdom | 6.98% |
| Australia | 5.69% |
| Brazil | 5.63% |
| China | 4.76% |
| France | 2.91% |
| Spain | 2.91% |
| Belgium | 2.55% |
| Hong Kong | 1.92% |
| Italy | 1.48% |
| India | 1.16% |
| Indonesia | 0.50% |
| Other Locations<sup>Footnote Reference\*</sup> | 3.77% |
| Other Assets and Liabilities | (1.49)% |
| Total Net Assets | 100.00% |

---

---

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

---

## **Material Fund Changes** 
This is a summary of certain changes to the Fund since August 31, 2024. For more complete information, you may review the Fund's most recent prospectus, which we expect to be effective by December 31 or upon request at www.PrincipalAM.com/prospectuses.

Effective June 20, 2025, the Fund changed its name from Global Sustainable Listed Infrastructure Fund to Global Listed Infrastructure Fund and made corresponding material changes to its investment strategies and risks. Effective June 9, 2025, the Manager contractually agreed to waive 0.11% of the Fund's management fees. Effective June 9, 2025, the Manager changed the contractual expense limitation for the Fund's Institutional Class from 0.88% to 0.65%.

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

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

## **Householding** 
To avoid sending duplicate copies of materials to households, mailings for accounts held by members of your household may be combined so that only one copy of each annual and semi-annual shareholder reports will be mailed. If you prefer to receive multiple copies of the shareholder reports, you may request that by contacting us at <u>1-800-222-5852</u>. Householding will be stopped within 30 days after we receive your request.

FV944ARI-0

# Institutional

# PIDIX

# International Equity Index Fund
![Image](ic492f610b062e6032b887517.jpg)

#### Annual Shareholder Report August 31, 2025
This annual shareholder report contains important information about International Equity Index Fund (the "Fund") for the period of September 1, 2024 to August 31, 2025. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.**This report describes certain changes to the Fund that occurred during the reporting period.**

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional | $33 | 0.31% |

---

## **Management's Discussion of Fund Performance** 
The Fund seeks long-term growth of capital. The Fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in securities that compose the MSCI EAFE Index ("Index"). The Index is a market-weighted equity index designed to measure the equity performance of developed markets, excluding the United States and Canada. The advisor employs a passive investment approach designed to attempt to track the performance of the Index. During the 12 months ending August 31, 2025, the Fund's investment performance was in line with the Index. The Fund uses an indexing strategy and does not attempt to manage market volatility, use defensive strategies or reduce the effect of any long-term periods of negative stock market performance. Nine of the eleven economic sectors in the Index posted positive returns as financials and communication services posted the best returns for the year. The healthcare and information technology sectors were the weakest performers. Siemens Energy, Rheinmetall, and Sea Limited contributed to Fund performance. Novo Nordisk, Daiichi Sankyo, and CSL Limited detracted from Fund performance for the year.

## How did the Fund perform over the last 10 years?
![The graph represents how a hypothetical investment of $10,000 would have performed over the specified time period.](ib0b13ccdc112d40cf7c39a7b.jpg)

---

| | | |
|:---|:---|:---|
| | **Institutional Shares at net asset value $20,074** | **MSCI EAFE Index NTR $20,424** |
| **8/15** | 10000 | 10000 |
| **9/15** | 9551 | 9492 |
| **10/15** | 10188 | 10234 |
| **11/15** | 10084 | 10075 |
| **12/15** | 9890 | 9939 |
| **1/16** | 9316 | 9221 |
| **2/16** | 9024 | 9052 |
| **3/16** | 9609 | 9641 |
| **4/16** | 9836 | 9920 |
| **5/16** | 9803 | 9830 |
| **6/16** | 9554 | 9500 |
| **7/16** | 9944 | 9981 |
| **8/16** | 9998 | 9988 |
| **9/16** | 10128 | 10111 |
| **10/16** | 9890 | 9904 |
| **11/16** | 9717 | 9707 |
| **12/16** | 9971 | 10039 |
| **1/17** | 10305 | 10330 |
| **2/17** | 10416 | 10478 |
| **3/17** | 10739 | 10766 |
| **4/17** | 11017 | 11040 |
| **5/17** | 11406 | 11445 |
| **6/17** | 11429 | 11425 |
| **7/17** | 11740 | 11755 |
| **8/17** | 11740 | 11750 |
| **9/17** | 12007 | 12042 |
| **10/17** | 12208 | 12225 |
| **11/17** | 12297 | 12354 |
| **12/17** | 12450 | 12552 |
| **1/18** | 13095 | 13181 |
| **2/18** | 12427 | 12586 |
| **3/18** | 12346 | 12360 |
| **4/18** | 12542 | 12642 |
| **5/18** | 12289 | 12358 |
| **6/18** | 12116 | 12207 |
| **7/18** | 12450 | 12507 |
| **8/18** | 12173 | 12266 |
| **9/18** | 12277 | 12372 |
| **10/18** | 11298 | 11387 |
| **11/18** | 11333 | 11373 |
| **12/18** | 10762 | 10821 |
| **1/19** | 11457 | 11532 |
| **2/19** | 11720 | 11826 |
| **3/19** | 11828 | 11901 |
| **4/19** | 12187 | 12235 |
| **5/19** | 11564 | 11648 |
| **6/19** | 12247 | 12339 |
| **7/19** | 11995 | 12182 |
| **8/19** | 11768 | 11866 |
| **9/19** | 12115 | 12206 |
| **10/19** | 12534 | 12645 |
| **11/19** | 12678 | 12787 |
| **12/19** | 13066 | 13203 |
| **1/20** | 12719 | 12927 |
| **2/20** | 11754 | 11759 |
| **3/20** | 10047 | 10189 |
| **4/20** | 10703 | 10848 |
| **5/20** | 11272 | 11320 |
| **6/20** | 11643 | 11705 |
| **7/20** | 11866 | 11978 |
| **8/20** | 12447 | 12594 |
| **9/20** | 12162 | 12267 |
| **10/20** | 11680 | 11777 |
| **11/20** | 13412 | 13603 |
| **12/20** | 14080 | 14235 |
| **1/21** | 13890 | 14083 |
| **2/21** | 14232 | 14399 |
| **3/21** | 14561 | 14730 |
| **4/21** | 14991 | 15173 |
| **5/21** | 15536 | 15668 |
| **6/21** | 15320 | 15492 |
| **7/21** | 15447 | 15609 |
| **8/21** | 15688 | 15884 |
| **9/21** | 15168 | 15423 |
| **10/21** | 15624 | 15802 |
| **11/21** | 14915 | 15067 |
| **12/21** | 15638 | 15838 |
| **1/22** | 15039 | 15073 |
| **2/22** | 14586 | 14806 |
| **3/22** | 14573 | 14902 |
| **4/22** | 13627 | 13938 |
| **5/22** | 13880 | 14042 |
| **6/22** | 12641 | 12739 |
| **7/22** | 13294 | 13374 |
| **8/22** | 12508 | 12739 |
| **9/22** | 11336 | 11547 |
| **10/22** | 12002 | 12168 |
| **11/22** | 13640 | 13539 |
| **12/22** | 13385 | 13549 |
| **1/23** | 14535 | 14647 |
| **2/23** | 14083 | 14341 |
| **3/23** | 14522 | 14696 |
| **4/23** | 14933 | 15111 |
| **5/23** | 14344 | 14472 |
| **6/23** | 14974 | 15130 |
| **7/23** | 15385 | 15620 |
| **8/23** | 14782 | 15022 |
| **9/23** | 14248 | 14508 |
| **10/23** | 13809 | 13920 |
| **11/23** | 14987 | 15212 |
| **12/23** | 15775 | 16021 |
| **1/24** | 15703 | 16113 |
| **2/24** | 16159 | 16408 |
| **3/24** | 16685 | 16947 |
| **4/24** | 16144 | 16513 |
| **5/24** | 16998 | 17153 |
| **6/24** | 16628 | 16876 |
| **7/24** | 17112 | 17371 |
| **8/24** | 17695 | 17936 |
| **9/24** | 17823 | 18102 |
| **10/24** | 16856 | 17117 |
| **11/24** | 16813 | 17020 |
| **12/24** | 16336 | 16633 |
| **1/25** | 17125 | 17507 |
| **2/25** | 17661 | 17847 |
| **3/25** | 17632 | 17775 |
| **4/25** | 18332 | 18589 |
| **5/25** | 19166 | 19439 |
| **6/25** | 19657 | 19868 |
| **7/25** | 19166 | 19589 |
| **8/25** | 20074 | 20424 |

---

### **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **1-Year** | **5-Year** | **10-Year** |
| Institutional Shares | 13.45% | 10.03% | 7.22% |
| MSCI EAFE Index NTR | 13.87% | 10.15% | 7.40% |

---

**Past performance is not a good predictor of the Fund's future performance.** The graph above represents historical performance of a hypothetical investment of $10,000 in the Fund over the past ten years (or since inception if shorter). The table and graph above do not reflect the impact of taxes. If they did, performance would be lower. Visit www.principalam.com/mutualfundperformance for more recent performance information.

### **Fund Statistics** 
* Net Assets (amount in thousands)$692,151

* Total Number of Portfolio Holdings699

* Portfolio Turnover Rate 28.1%

* Total Advisory Fees Paid (amount in thousands)$2,436

#### Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Common Stocks | 96.86% |
| Investment Companies | 3.39% |
| Preferred Stocks | 0.31% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | (0.56)% |
| Total Net Assets | 100.00% |

---

---

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

---

#### Geographic Allocation

---

| | |
|:---|:---|
| **Top Locations** | **Percent of Net Assets** |
| Japan | 21.51% |
| United Kingdom | 13.79% |
| France | 10.21% |
| Germany | 9.80% |
| Switzerland | 9.57% |
| Australia | 6.65% |
| Netherlands | 4.54% |
| Sweden | 3.50% |
| Spain | 3.30% |
| Italy | 3.01% |
| Hong Kong | 2.20% |
| Denmark | 1.95% |
| Singapore | 1.73% |
| Finland | 1.01% |
| Israel | 1.00% |
| Ireland | 0.87% |
| Belgium | 0.80% |
| Norway | 0.59% |
| New Zealand | 0.26% |
| Austria | 0.21% |
| Other Locations<sup>Footnote Reference\*</sup> | 4.06% |
| Other Assets and Liabilities<sup>Footnote Reference†</sup> | (0.56)% |
| Total Net Assets | 100.00% |

---

---

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

---

## **Material Fund Changes** 
This is a summary of certain changes to the Fund since August 31, 2024. For more complete information, you may review the Fund's most recent prospectus, which we expect to be effective by December 31 or upon request at www.PrincipalAM.com/prospectuses.

Effective December 31, 2024, the Manager changed the contractual expense limitation for the Fund's Institutional Class from 0.31% to 0.28%. Effective December 31, 2024, the Fund's management fees were changed. The management fee was reduced from 0.25% on all net assets to 0.22% on the first $3 billion of net assets, 0.18% on the next $3 billion of net assets, and 0.15% on net assets over $6 billion.

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

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

## **Householding** 
To avoid sending duplicate copies of materials to households, mailings for accounts held by members of your household may be combined so that only one copy of each annual and semi-annual shareholder reports will be mailed. If you prefer to receive multiple copies of the shareholder reports, you may request that by contacting us at <u>1-800-222-5852</u>. Householding will be stopped within 30 days after we receive your request.

FV845ARI-0

# R-3

# PIIOX

# International Equity Index Fund
![Image](ic492f610b062e6032b887517.jpg)

#### Annual Shareholder Report August 31, 2025
This annual shareholder report contains important information about International Equity Index Fund (the "Fund") for the period of September 1, 2024 to August 31, 2025. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.**This report describes certain changes to the Fund that occurred during the reporting period.**

## What were the Fund costs for the last year?
(based 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 | $93 | 0.87% |

---

## **Management's Discussion of Fund Performance** 
The Fund seeks long-term growth of capital. The Fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in securities that compose the MSCI EAFE Index ("Index"). The Index is a market-weighted equity index designed to measure the equity performance of developed markets, excluding the United States and Canada. The advisor employs a passive investment approach designed to attempt to track the performance of the Index. During the 12 months ending August 31, 2025, the Fund's investment performance was in line with the Index. The Fund uses an indexing strategy and does not attempt to manage market volatility, use defensive strategies or reduce the effect of any long-term periods of negative stock market performance. Nine of the eleven economic sectors in the Index posted positive returns as financials and communication services posted the best returns for the year. The healthcare and information technology sectors were the weakest performers. Siemens Energy, Rheinmetall, and Sea Limited contributed to Fund performance. Novo Nordisk, Daiichi Sankyo, and CSL Limited detracted from Fund performance for the year.

## How did the Fund perform over the last 10 years?
![The graph represents how a hypothetical investment of $10,000 would have performed over the specified time period.](i17aac8811e2fe964e577e3fc.jpg)

---

| | | |
|:---|:---|:---|
| | **R-3 Shares at net asset value $18,978** | **MSCI EAFE Index NTR $20,424** |
| **8/15** | 10000 | 10000 |
| **9/15** | 9543 | 9492 |
| **10/15** | 10181 | 10234 |
| **11/15** | 10074 | 10075 |
| **12/15** | 9885 | 9939 |
| **1/16** | 9303 | 9221 |
| **2/16** | 8996 | 9052 |
| **3/16** | 9589 | 9641 |
| **4/16** | 9808 | 9920 |
| **5/16** | 9775 | 9830 |
| **6/16** | 9512 | 9500 |
| **7/16** | 9907 | 9981 |
| **8/16** | 9951 | 9988 |
| **9/16** | 10071 | 10111 |
| **10/16** | 9830 | 9904 |
| **11/16** | 9644 | 9707 |
| **12/16** | 9902 | 10039 |
| **1/17** | 10228 | 10330 |
| **2/17** | 10340 | 10478 |
| **3/17** | 10654 | 10766 |
| **4/17** | 10924 | 11040 |
| **5/17** | 11305 | 11445 |
| **6/17** | 11317 | 11425 |
| **7/17** | 11620 | 11755 |
| **8/17** | 11620 | 11750 |
| **9/17** | 11878 | 12042 |
| **10/17** | 12069 | 12225 |
| **11/17** | 12147 | 12354 |
| **12/17** | 12295 | 12552 |
| **1/18** | 12932 | 13181 |
| **2/18** | 12272 | 12586 |
| **3/18** | 12180 | 12360 |
| **4/18** | 12365 | 12642 |
| **5/18** | 12110 | 12358 |
| **6/18** | 11937 | 12207 |
| **7/18** | 12249 | 12507 |
| **8/18** | 11972 | 12266 |
| **9/18** | 12076 | 12372 |
| **10/18** | 11104 | 11387 |
| **11/18** | 11139 | 11373 |
| **12/18** | 10570 | 10821 |
| **1/19** | 11251 | 11532 |
| **2/19** | 11502 | 11826 |
| **3/19** | 11609 | 11901 |
| **4/19** | 11944 | 12235 |
| **5/19** | 11335 | 11648 |
| **6/19** | 12004 | 12339 |
| **7/19** | 11741 | 12182 |
| **8/19** | 11514 | 11866 |
| **9/19** | 11848 | 12206 |
| **10/19** | 12242 | 12645 |
| **11/19** | 12386 | 12787 |
| **12/19** | 12753 | 13203 |
| **1/20** | 12421 | 12927 |
| **2/20** | 11475 | 11759 |
| **3/20** | 9792 | 10189 |
| **4/20** | 10431 | 10848 |
| **5/20** | 10984 | 11320 |
| **6/20** | 11340 | 11705 |
| **7/20** | 11549 | 11978 |
| **8/20** | 12102 | 12594 |
| **9/20** | 11832 | 12267 |
| **10/20** | 11353 | 11777 |
| **11/20** | 13023 | 13603 |
| **12/20** | 13677 | 14235 |
| **1/21** | 13476 | 14083 |
| **2/21** | 13802 | 14399 |
| **3/21** | 14114 | 14730 |
| **4/21** | 14527 | 15173 |
| **5/21** | 15053 | 15668 |
| **6/21** | 14840 | 15492 |
| **7/21** | 14953 | 15609 |
| **8/21** | 15178 | 15884 |
| **9/21** | 14665 | 15423 |
| **10/21** | 15103 | 15802 |
| **11/21** | 14415 | 15067 |
| **12/21** | 15095 | 15838 |
| **1/22** | 14518 | 15073 |
| **2/22** | 14073 | 14806 |
| **3/22** | 14047 | 14902 |
| **4/22** | 13129 | 13938 |
| **5/22** | 13378 | 14042 |
| **6/22** | 12173 | 12739 |
| **7/22** | 12789 | 13374 |
| **8/22** | 12029 | 12739 |
| **9/22** | 10902 | 11547 |
| **10/22** | 11544 | 12168 |
| **11/22** | 13103 | 13539 |
| **12/22** | 12847 | 13549 |
| **1/23** | 13946 | 14647 |
| **2/23** | 13517 | 14341 |
| **3/23** | 13932 | 14696 |
| **4/23** | 14308 | 15111 |
| **5/23** | 13732 | 14472 |
| **6/23** | 14334 | 15130 |
| **7/23** | 14723 | 15620 |
| **8/23** | 14133 | 15022 |
| **9/23** | 13611 | 14508 |
| **10/23** | 13196 | 13920 |
| **11/23** | 14308 | 15212 |
| **12/23** | 15057 | 16021 |
| **1/24** | 14988 | 16113 |
| **2/24** | 15403 | 16408 |
| **3/24** | 15902 | 16947 |
| **4/24** | 15376 | 16513 |
| **5/24** | 16179 | 17153 |
| **6/24** | 15833 | 16876 |
| **7/24** | 16290 | 17371 |
| **8/24** | 16830 | 17936 |
| **9/24** | 16941 | 18102 |
| **10/24** | 16013 | 17117 |
| **11/24** | 15958 | 17020 |
| **12/24** | 15500 | 16633 |
| **1/25** | 16250 | 17507 |
| **2/25** | 16741 | 17847 |
| **3/25** | 16712 | 17775 |
| **4/25** | 17376 | 18589 |
| **5/25** | 18155 | 19439 |
| **6/25** | 18603 | 19868 |
| **7/25** | 18126 | 19589 |
| **8/25** | 18978 | 20424 |

---

### **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **1-Year** | **5-Year** | **10-Year** |
| R-3 Shares | 12.76% | 9.42% | 6.62% |
| MSCI EAFE Index NTR | 13.87% | 10.15% | 7.40% |

---

**Past performance is not a good predictor of the Fund's future performance.** The graph above represents historical performance of a hypothetical investment of $10,000 in the Fund over the past ten years (or since inception if shorter). The table and graph above do not reflect the impact of taxes. If they did, performance would be lower. Visit www.principalam.com/mutualfundperformance for more recent performance information.

### **Fund Statistics** 
* Net Assets (amount in thousands)$692,151

* Total Number of Portfolio Holdings699

* Portfolio Turnover Rate 28.1%

* Total Advisory Fees Paid (amount in thousands)$2,436

#### Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Common Stocks | 96.86% |
| Investment Companies | 3.39% |
| Preferred Stocks | 0.31% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | (0.56)% |
| Total Net Assets | 100.00% |

---

---

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

---

#### Geographic Allocation

---

| | |
|:---|:---|
| **Top Locations** | **Percent of Net Assets** |
| Japan | 21.51% |
| United Kingdom | 13.79% |
| France | 10.21% |
| Germany | 9.80% |
| Switzerland | 9.57% |
| Australia | 6.65% |
| Netherlands | 4.54% |
| Sweden | 3.50% |
| Spain | 3.30% |
| Italy | 3.01% |
| Hong Kong | 2.20% |
| Denmark | 1.95% |
| Singapore | 1.73% |
| Finland | 1.01% |
| Israel | 1.00% |
| Ireland | 0.87% |
| Belgium | 0.80% |
| Norway | 0.59% |
| New Zealand | 0.26% |
| Austria | 0.21% |
| Other Locations<sup>Footnote Reference\*</sup> | 4.06% |
| Other Assets and Liabilities<sup>Footnote Reference†</sup> | (0.56)% |
| Total Net Assets | 100.00% |

---

---

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

---

## **Material Fund Changes** 
This is a summary of certain changes to the Fund since August 31, 2024. For more complete information, you may review the Fund's most recent prospectus, which we expect to be effective by December 31 or upon request at www.PrincipalAM.com/prospectuses.

Effective December 31, 2024, the Fund's management fees were changed. The management fee was reduced from 0.25% on all net assets to 0.22% on the first $3 billion of net assets, 0.18% on the next $3 billion of net assets, and 0.15% on net assets over $6 billion.

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

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

## **Householding** 
To avoid sending duplicate copies of materials to households, mailings for accounts held by members of your household may be combined so that only one copy of each annual and semi-annual shareholder reports will be mailed. If you prefer to receive multiple copies of the shareholder reports, you may request that by contacting us at <u>1-800-222-5852</u>. Householding will be stopped within 30 days after we receive your request.

FV845ARR3-0

# R-5

# PIIQX

# International Equity Index Fund
![Image](ic492f610b062e6032b887517.jpg)

#### Annual Shareholder Report August 31, 2025
This annual shareholder report contains important information about International Equity Index Fund (the "Fund") for the period of September 1, 2024 to August 31, 2025. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.**This report describes certain changes to the Fund that occurred during the reporting period.**

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| R-5 | $60 | 0.56% |

---

## **Management's Discussion of Fund Performance** 
The Fund seeks long-term growth of capital. The Fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in securities that compose the MSCI EAFE Index ("Index"). The Index is a market-weighted equity index designed to measure the equity performance of developed markets, excluding the United States and Canada. The advisor employs a passive investment approach designed to attempt to track the performance of the Index. During the 12 months ending August 31, 2025, the Fund's investment performance was in line with the Index. The Fund uses an indexing strategy and does not attempt to manage market volatility, use defensive strategies or reduce the effect of any long-term periods of negative stock market performance. Nine of the eleven economic sectors in the Index posted positive returns as financials and communication services posted the best returns for the year. The healthcare and information technology sectors were the weakest performers. Siemens Energy, Rheinmetall, and Sea Limited contributed to Fund performance. Novo Nordisk, Daiichi Sankyo, and CSL Limited detracted from Fund performance for the year.

## How did the Fund perform over the last 10 years?
![The graph represents how a hypothetical investment of $10,000 would have performed over the specified time period.](if102320ebe0a87656d3d180c.jpg)

---

| | | |
|:---|:---|:---|
| | **R-5 Shares at net asset value $19,577** | **MSCI EAFE Index NTR $20,424** |
| **8/15** | 10000 | 10000 |
| **9/15** | 9548 | 9492 |
| **10/15** | 10189 | 10234 |
| **11/15** | 10084 | 10075 |
| **12/15** | 9883 | 9939 |
| **1/16** | 9318 | 9221 |
| **2/16** | 9014 | 9052 |
| **3/16** | 9601 | 9641 |
| **4/16** | 9818 | 9920 |
| **5/16** | 9785 | 9830 |
| **6/16** | 9535 | 9500 |
| **7/16** | 9926 | 9981 |
| **8/16** | 9970 | 9988 |
| **9/16** | 10100 | 10111 |
| **10/16** | 9861 | 9904 |
| **11/16** | 9687 | 9707 |
| **12/16** | 9939 | 10039 |
| **1/17** | 10273 | 10330 |
| **2/17** | 10384 | 10478 |
| **3/17** | 10696 | 10766 |
| **4/17** | 10975 | 11040 |
| **5/17** | 11365 | 11445 |
| **6/17** | 11376 | 11425 |
| **7/17** | 11688 | 11755 |
| **8/17** | 11688 | 11750 |
| **9/17** | 11955 | 12042 |
| **10/17** | 12145 | 12225 |
| **11/17** | 12234 | 12354 |
| **12/17** | 12382 | 12552 |
| **1/18** | 13026 | 13181 |
| **2/18** | 12359 | 12586 |
| **3/18** | 12278 | 12360 |
| **4/18** | 12462 | 12642 |
| **5/18** | 12209 | 12358 |
| **6/18** | 12036 | 12207 |
| **7/18** | 12359 | 12507 |
| **8/18** | 12082 | 12266 |
| **9/18** | 12186 | 12372 |
| **10/18** | 11219 | 11387 |
| **11/18** | 11242 | 11373 |
| **12/18** | 10669 | 10821 |
| **1/19** | 11361 | 11532 |
| **2/19** | 11623 | 11826 |
| **3/19** | 11730 | 11901 |
| **4/19** | 12076 | 12235 |
| **5/19** | 11468 | 11648 |
| **6/19** | 12136 | 12339 |
| **7/19** | 11885 | 12182 |
| **8/19** | 11659 | 11866 |
| **9/19** | 11993 | 12206 |
| **10/19** | 12398 | 12645 |
| **11/19** | 12553 | 12787 |
| **12/19** | 12921 | 13203 |
| **1/20** | 12589 | 12927 |
| **2/20** | 11630 | 11759 |
| **3/20** | 9933 | 10189 |
| **4/20** | 10573 | 10848 |
| **5/20** | 11138 | 11320 |
| **6/20** | 11507 | 11705 |
| **7/20** | 11728 | 11978 |
| **8/20** | 12294 | 12594 |
| **9/20** | 12011 | 12267 |
| **10/20** | 11532 | 11777 |
| **11/20** | 13240 | 13603 |
| **12/20** | 13892 | 14235 |
| **1/21** | 13704 | 14083 |
| **2/21** | 14030 | 14399 |
| **3/21** | 14356 | 14730 |
| **4/21** | 14770 | 15173 |
| **5/21** | 15310 | 15668 |
| **6/21** | 15109 | 15492 |
| **7/21** | 15222 | 15609 |
| **8/21** | 15448 | 15884 |
| **9/21** | 14933 | 15423 |
| **10/21** | 15385 | 15802 |
| **11/21** | 14695 | 15067 |
| **12/21** | 15396 | 15838 |
| **1/22** | 14804 | 15073 |
| **2/22** | 14356 | 14806 |
| **3/22** | 14330 | 14902 |
| **4/22** | 13394 | 13938 |
| **5/22** | 13658 | 14042 |
| **6/22** | 12433 | 12739 |
| **7/22** | 13065 | 13374 |
| **8/22** | 12288 | 12739 |
| **9/22** | 11142 | 11547 |
| **10/22** | 11788 | 12168 |
| **11/22** | 13394 | 13539 |
| **12/22** | 13147 | 13549 |
| **1/23** | 14255 | 14647 |
| **2/23** | 13822 | 14341 |
| **3/23** | 14255 | 14696 |
| **4/23** | 14647 | 15111 |
| **5/23** | 14066 | 14472 |
| **6/23** | 14687 | 15130 |
| **7/23** | 15079 | 15620 |
| **8/23** | 14484 | 15022 |
| **9/23** | 13957 | 14508 |
| **10/23** | 13525 | 13920 |
| **11/23** | 14674 | 15212 |
| **12/23** | 15451 | 16021 |
| **1/24** | 15367 | 16113 |
| **2/24** | 15815 | 16408 |
| **3/24** | 16318 | 16947 |
| **4/24** | 15787 | 16513 |
| **5/24** | 16626 | 17153 |
| **6/24** | 16262 | 16876 |
| **7/24** | 16738 | 17371 |
| **8/24** | 17298 | 17936 |
| **9/24** | 17424 | 18102 |
| **10/24** | 16458 | 17117 |
| **11/24** | 16416 | 17020 |
| **12/24** | 15948 | 16633 |
| **1/25** | 16724 | 17507 |
| **2/25** | 17236 | 17847 |
| **3/25** | 17206 | 17775 |
| **4/25** | 17894 | 18589 |
| **5/25** | 18699 | 19439 |
| **6/25** | 19167 | 19868 |
| **7/25** | 18684 | 19589 |
| **8/25** | 19577 | 20424 |

---

### **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **1-Year** | **5-Year** | **10-Year** |
| R-5 Shares | 13.17% | 9.75% | 6.95% |
| MSCI EAFE Index NTR | 13.87% | 10.15% | 7.40% |

---

**Past performance is not a good predictor of the Fund's future performance.** The graph above represents historical performance of a hypothetical investment of $10,000 in the Fund over the past ten years (or since inception if shorter). The table and graph above do not reflect the impact of taxes. If they did, performance would be lower. Visit www.principalam.com/mutualfundperformance for more recent performance information.

### **Fund Statistics** 
* Net Assets (amount in thousands)$692,151

* Total Number of Portfolio Holdings699

* Portfolio Turnover Rate 28.1%

* Total Advisory Fees Paid (amount in thousands)$2,436

#### Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Common Stocks | 96.86% |
| Investment Companies | 3.39% |
| Preferred Stocks | 0.31% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | (0.56)% |
| Total Net Assets | 100.00% |

---

---

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

---

#### Geographic Allocation

---

| | |
|:---|:---|
| **Top Locations** | **Percent of Net Assets** |
| Japan | 21.51% |
| United Kingdom | 13.79% |
| France | 10.21% |
| Germany | 9.80% |
| Switzerland | 9.57% |
| Australia | 6.65% |
| Netherlands | 4.54% |
| Sweden | 3.50% |
| Spain | 3.30% |
| Italy | 3.01% |
| Hong Kong | 2.20% |
| Denmark | 1.95% |
| Singapore | 1.73% |
| Finland | 1.01% |
| Israel | 1.00% |
| Ireland | 0.87% |
| Belgium | 0.80% |
| Norway | 0.59% |
| New Zealand | 0.26% |
| Austria | 0.21% |
| Other Locations<sup>Footnote Reference\*</sup> | 4.06% |
| Other Assets and Liabilities<sup>Footnote Reference†</sup> | (0.56)% |
| Total Net Assets | 100.00% |

---

---

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

---

## **Material Fund Changes** 
This is a summary of certain changes to the Fund since August 31, 2024. For more complete information, you may review the Fund's most recent prospectus, which we expect to be effective by December 31 or upon request at www.PrincipalAM.com/prospectuses.

Effective December 31, 2024, the Fund's management fees were changed. The management fee was reduced from 0.25% on all net assets to 0.22% on the first $3 billion of net assets, 0.18% on the next $3 billion of net assets, and 0.15% on net assets over $6 billion.

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

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

## **Householding** 
To avoid sending duplicate copies of materials to households, mailings for accounts held by members of your household may be combined so that only one copy of each annual and semi-annual shareholder reports will be mailed. If you prefer to receive multiple copies of the shareholder reports, you may request that by contacting us at <u>1-800-222-5852</u>. Householding will be stopped within 30 days after we receive your request.

FV845ARR5-0

# R-6

# PFIEX

# International Equity Index Fund
![Image](ic492f610b062e6032b887517.jpg)

#### Annual Shareholder Report August 31, 2025
This annual shareholder report contains important information about International Equity Index Fund (the "Fund") for the period of September 1, 2024 to August 31, 2025. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.**This report describes certain changes to the Fund that occurred during the reporting period.**

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| R-6 | $31 | 0.29% |

---

## **Management's Discussion of Fund Performance** 
The Fund seeks long-term growth of capital. The Fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in securities that compose the MSCI EAFE Index ("Index"). The Index is a market-weighted equity index designed to measure the equity performance of developed markets, excluding the United States and Canada. The advisor employs a passive investment approach designed to attempt to track the performance of the Index. During the 12 months ending August 31, 2025, the Fund's investment performance was in line with the Index. The Fund uses an indexing strategy and does not attempt to manage market volatility, use defensive strategies or reduce the effect of any long-term periods of negative stock market performance. Nine of the eleven economic sectors in the Index posted positive returns as financials and communication services posted the best returns for the year. The healthcare and information technology sectors were the weakest performers. Siemens Energy, Rheinmetall, and Sea Limited contributed to Fund performance. Novo Nordisk, Daiichi Sankyo, and CSL Limited detracted from Fund performance for the year.

## How did the Fund perform over the last 10 years?
![The graph represents how a hypothetical investment of $10,000 would have performed over the specified time period.](i9873e50db11da31681c79d4b.jpg)

---

| | | |
|:---|:---|:---|
| | **R-6 Shares at net asset value $20,087** | **MSCI EAFE Index NTR $20,424** |
| **8/15** | 10000 | 10000 |
| **9/15** | 9551 | 9492 |
| **10/15** | 10187 | 10234 |
| **11/15** | 10081 | 10075 |
| **12/15** | 9887 | 9939 |
| **1/16** | 9313 | 9221 |
| **2/16** | 9021 | 9052 |
| **3/16** | 9604 | 9641 |
| **4/16** | 9831 | 9920 |
| **5/16** | 9798 | 9830 |
| **6/16** | 9548 | 9500 |
| **7/16** | 9937 | 9981 |
| **8/16** | 9991 | 9988 |
| **9/16** | 10120 | 10111 |
| **10/16** | 9882 | 9904 |
| **11/16** | 9708 | 9707 |
| **12/16** | 9962 | 10039 |
| **1/17** | 10295 | 10330 |
| **2/17** | 10406 | 10478 |
| **3/17** | 10729 | 10766 |
| **4/17** | 11007 | 11040 |
| **5/17** | 11396 | 11445 |
| **6/17** | 11407 | 11425 |
| **7/17** | 11718 | 11755 |
| **8/17** | 11718 | 11750 |
| **9/17** | 11996 | 12042 |
| **10/17** | 12185 | 12225 |
| **11/17** | 12285 | 12354 |
| **12/17** | 12429 | 12552 |
| **1/18** | 13085 | 13181 |
| **2/18** | 12417 | 12586 |
| **3/18** | 12337 | 12360 |
| **4/18** | 12532 | 12642 |
| **5/18** | 12267 | 12358 |
| **6/18** | 12106 | 12207 |
| **7/18** | 12440 | 12507 |
| **8/18** | 12164 | 12266 |
| **9/18** | 12267 | 12372 |
| **10/18** | 11289 | 11387 |
| **11/18** | 11324 | 11373 |
| **12/18** | 10754 | 10821 |
| **1/19** | 11448 | 11532 |
| **2/19** | 11723 | 11826 |
| **3/19** | 11818 | 11901 |
| **4/19** | 12177 | 12235 |
| **5/19** | 11555 | 11648 |
| **6/19** | 12249 | 12339 |
| **7/19** | 11986 | 12182 |
| **8/19** | 11771 | 11866 |
| **9/19** | 12106 | 12206 |
| **10/19** | 12524 | 12645 |
| **11/19** | 12668 | 12787 |
| **12/19** | 13055 | 13203 |
| **1/20** | 12722 | 12927 |
| **2/20** | 11757 | 11759 |
| **3/20** | 10039 | 10189 |
| **4/20** | 10694 | 10848 |
| **5/20** | 11275 | 11320 |
| **6/20** | 11646 | 11705 |
| **7/20** | 11869 | 11978 |
| **8/20** | 12437 | 12594 |
| **9/20** | 12165 | 12267 |
| **10/20** | 11683 | 11777 |
| **11/20** | 13402 | 13603 |
| **12/20** | 14081 | 14235 |
| **1/21** | 13891 | 14083 |
| **2/21** | 14220 | 14399 |
| **3/21** | 14562 | 14730 |
| **4/21** | 14979 | 15173 |
| **5/21** | 15536 | 15668 |
| **6/21** | 15321 | 15492 |
| **7/21** | 15447 | 15609 |
| **8/21** | 15688 | 15884 |
| **9/21** | 15169 | 15423 |
| **10/21** | 15625 | 15802 |
| **11/21** | 14916 | 15067 |
| **12/21** | 15639 | 15838 |
| **1/22** | 15040 | 15073 |
| **2/22** | 14588 | 14806 |
| **3/22** | 14561 | 14902 |
| **4/22** | 13629 | 13938 |
| **5/22** | 13882 | 14042 |
| **6/22** | 12644 | 12739 |
| **7/22** | 13296 | 13374 |
| **8/22** | 12511 | 12739 |
| **9/22** | 11340 | 11547 |
| **10/22** | 12005 | 12168 |
| **11/22** | 13643 | 13539 |
| **12/22** | 13387 | 13549 |
| **1/23** | 14537 | 14647 |
| **2/23** | 14085 | 14341 |
| **3/23** | 14523 | 14696 |
| **4/23** | 14934 | 15111 |
| **5/23** | 14345 | 14472 |
| **6/23** | 14975 | 15130 |
| **7/23** | 15386 | 15620 |
| **8/23** | 14784 | 15022 |
| **9/23** | 14250 | 14508 |
| **10/23** | 13812 | 13920 |
| **11/23** | 14989 | 15212 |
| **12/23** | 15790 | 16021 |
| **1/24** | 15704 | 16113 |
| **2/24** | 16159 | 16408 |
| **3/24** | 16685 | 16947 |
| **4/24** | 16145 | 16513 |
| **5/24** | 16998 | 17153 |
| **6/24** | 16628 | 16876 |
| **7/24** | 17125 | 17371 |
| **8/24** | 17708 | 17936 |
| **9/24** | 17836 | 18102 |
| **10/24** | 16855 | 17117 |
| **11/24** | 16813 | 17020 |
| **12/24** | 16337 | 16633 |
| **1/25** | 17141 | 17507 |
| **2/25** | 17662 | 17847 |
| **3/25** | 17632 | 17775 |
| **4/25** | 18346 | 18589 |
| **5/25** | 19179 | 19439 |
| **6/25** | 19670 | 19868 |
| **7/25** | 19179 | 19589 |
| **8/25** | 20087 | 20424 |

---

### **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **1-Year** | **5-Year** | **10-Year<sup>Footnote Reference\*</sup>** |
| R-6 Shares | 13.43% | 10.06% | 7.22% |
| MSCI EAFE Index NTR | 13.87% | 10.15% | 7.40% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;For periods prior to the inception date of the share class, extended performance is calculated to reflect the historical performance of the oldest share class of the Fund, adjusted for the fees and expenses of this share class. The extended performance inception date is December 30, 2009. |

---

**Past performance is not a good predictor of the Fund's future performance.** The graph above represents historical performance of a hypothetical investment of $10,000 in the Fund over the past ten years (or since inception if shorter). The table and graph above do not reflect the impact of taxes. If they did, performance would be lower. Visit www.principalam.com/mutualfundperformance for more recent performance information.

### **Fund Statistics** 
* Net Assets (amount in thousands)$692,151

* Total Number of Portfolio Holdings699

* Portfolio Turnover Rate 28.1%

* Total Advisory Fees Paid (amount in thousands)$2,436

#### Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Common Stocks | 96.86% |
| Investment Companies | 3.39% |
| Preferred Stocks | 0.31% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | (0.56)% |
| Total Net Assets | 100.00% |

---

---

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

---

#### Geographic Allocation

---

| | |
|:---|:---|
| **Top Locations** | **Percent of Net Assets** |
| Japan | 21.51% |
| United Kingdom | 13.79% |
| France | 10.21% |
| Germany | 9.80% |
| Switzerland | 9.57% |
| Australia | 6.65% |
| Netherlands | 4.54% |
| Sweden | 3.50% |
| Spain | 3.30% |
| Italy | 3.01% |
| Hong Kong | 2.20% |
| Denmark | 1.95% |
| Singapore | 1.73% |
| Finland | 1.01% |
| Israel | 1.00% |
| Ireland | 0.87% |
| Belgium | 0.80% |
| Norway | 0.59% |
| New Zealand | 0.26% |
| Austria | 0.21% |
| Other Locations<sup>Footnote Reference\*</sup> | 4.06% |
| Other Assets and Liabilities<sup>Footnote Reference†</sup> | (0.56)% |
| Total Net Assets | 100.00% |

---

---

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

---

## **Material Fund Changes** 
This is a summary of certain changes to the Fund since August 31, 2024. For more complete information, you may review the Fund's most recent prospectus, which we expect to be effective by December 31 or upon request at www.PrincipalAM.com/prospectuses.

Effective December 31, 2024, the Fund's management fees were changed. The management fee was reduced from 0.25% on all net assets to 0.22% on the first $3 billion of net assets, 0.18% on the next $3 billion of net assets, and 0.15% on net assets over $6 billion.

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

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

## **Householding** 
To avoid sending duplicate copies of materials to households, mailings for accounts held by members of your household may be combined so that only one copy of each annual and semi-annual shareholder reports will be mailed. If you prefer to receive multiple copies of the shareholder reports, you may request that by contacting us at <u>1-800-222-5852</u>. Householding will be stopped within 30 days after we receive your request.

FV845ARR6-0

# Institutional

# PISMX

# International Small Company Fund
![Image](ic492f610b062e6032b887517.jpg)

#### Annual Shareholder Report August 31, 2025
This annual shareholder report contains important information about International Small Company Fund (the "Fund") for the period of September 1, 2024 to August 31, 2025. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last year?
(based 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 | $118 | 1.08% |

---

## **Management's Discussion of Fund Performance** 
The Fund seeks long-term growth of capital. Under normal circumstances, the Fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in equity securities of companies with small market capitalizations. It invests primarily in foreign equity securities. The Fund typically invests in foreign securities of more than 10 countries but has no limitation on the percentage of assets that is invested in each country or denominated in any currency. The Fund's investments underperformed the MSCI World Ex USA Small Cap Net for the trailing year. Stock selection within the United Kingdom stood out as a key detractor from relative performance led by consumer discretionary. In U.K. discretionary, retail holdings with a focus on athletic footwear and apparel underperformed amid slowing demand from consumers and concerns over slowing product innovation. Healthcare stood out as a detractor during the year from a sector perspective amid profit warnings and continued subdued demand in the cosmetics and medication end markets which impacted the Fund's healthcare focused container and packaging holding. Europe and Japan stood out as key contributors to relative performance during the year. In Europe, a Swedish aerospace and defense holding and a German steel company holding both benefitted from exposure to the defense industry's outperformance amid increased European demand for military equipment. Japanese industrial companies performed well amid increased demand for offerings within the gas turbine and nuclear infrastructure end markets.

## How did the Fund perform over the last 10 years?
![The graph represents how a hypothetical investment of $10,000 would have performed over the specified time period.](if28220d1bdc8d6ca29f88973.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Institutional Shares at net asset value $18,360** | **MSCI World Ex USA IMI USD Net $20,852** | **MSCI World Ex USA Small Cap Net $20,920** | **MSCI World ex USA NTR $20,856** |
| **8/15** | 10000 | 10000 | 10000 | 10000 |
| **9/15** | 9709 | 9515 | 9641 | 9495 |
| **10/15** | 10187 | 10210 | 10213 | 10210 |
| **11/15** | 10302 | 10066 | 10191 | 10047 |
| **12/15** | 10209 | 9911 | 10202 | 9867 |
| **1/16** | 9609 | 9219 | 9425 | 9188 |
| **2/16** | 9367 | 9114 | 9475 | 9059 |
| **3/16** | 10073 | 9752 | 10263 | 9674 |
| **4/16** | 10157 | 10065 | 10587 | 9985 |
| **5/16** | 10368 | 9968 | 10600 | 9873 |
| **6/16** | 9936 | 9646 | 10131 | 9573 |
| **7/16** | 10462 | 10134 | 10733 | 10043 |
| **8/16** | 10399 | 10130 | 10643 | 10053 |
| **9/16** | 10778 | 10276 | 10942 | 10175 |
| **10/16** | 10431 | 10061 | 10617 | 9977 |
| **11/16** | 10262 | 9888 | 10355 | 9817 |
| **12/16** | 10345 | 10204 | 10642 | 10138 |
| **1/17** | 10789 | 10516 | 11025 | 10440 |
| **2/17** | 11011 | 10649 | 11237 | 10560 |
| **3/17** | 11212 | 10910 | 11452 | 10828 |
| **4/17** | 11624 | 11164 | 11857 | 11059 |
| **5/17** | 12184 | 11535 | 12247 | 11427 |
| **6/17** | 12163 | 11550 | 12285 | 11438 |
| **7/17** | 12691 | 11903 | 12718 | 11778 |
| **8/17** | 12860 | 11915 | 12825 | 11776 |
| **9/17** | 13304 | 12227 | 13177 | 12081 |
| **10/17** | 13547 | 12394 | 13363 | 12246 |
| **11/17** | 13758 | 12527 | 13552 | 12370 |
| **12/17** | 14046 | 12772 | 13945 | 12592 |
| **1/18** | 14711 | 13368 | 14595 | 13179 |
| **2/18** | 14001 | 12750 | 14028 | 12553 |
| **3/18** | 14046 | 12541 | 13874 | 12336 |
| **4/18** | 14301 | 12815 | 14086 | 12619 |
| **5/18** | 14068 | 12594 | 13986 | 12379 |
| **6/18** | 13746 | 12444 | 13744 | 12244 |
| **7/18** | 13946 | 12714 | 13822 | 12544 |
| **8/18** | 13713 | 12497 | 13727 | 12307 |
| **9/18** | 13657 | 12566 | 13627 | 12403 |
| **10/18** | 12248 | 11538 | 12328 | 11418 |
| **11/18** | 11938 | 11513 | 12207 | 11408 |
| **12/18** | 11203 | 10897 | 11424 | 10818 |
| **1/19** | 12273 | 11696 | 12394 | 11590 |
| **2/19** | 12528 | 11992 | 12679 | 11888 |
| **3/19** | 12576 | 12043 | 12673 | 11948 |
| **4/19** | 12929 | 12382 | 13019 | 12287 |
| **5/19** | 12321 | 11787 | 12336 | 11706 |
| **6/19** | 13038 | 12464 | 12896 | 12401 |
| **7/19** | 12892 | 12327 | 12839 | 12252 |
| **8/19** | 12710 | 12027 | 12541 | 11951 |
| **9/19** | 13014 | 12360 | 12862 | 12286 |
| **10/19** | 13488 | 12775 | 13390 | 12683 |
| **11/19** | 13694 | 12953 | 13694 | 12841 |
| **12/19** | 14193 | 13393 | 14327 | 13251 |
| **1/20** | 13756 | 13115 | 13913 | 12995 |
| **2/20** | 12569 | 11934 | 12556 | 11841 |
| **3/20** | 9883 | 10178 | 10260 | 10169 |
| **4/20** | 10970 | 10954 | 11461 | 10878 |
| **5/20** | 11719 | 11462 | 12265 | 11341 |
| **6/20** | 11994 | 11828 | 12483 | 11729 |
| **7/20** | 12481 | 12162 | 12962 | 12041 |
| **8/20** | 13281 | 12826 | 13907 | 12662 |
| **9/20** | 13181 | 12496 | 13747 | 12306 |
| **10/20** | 12694 | 12017 | 13302 | 11822 |
| **11/20** | 14068 | 13833 | 15134 | 13636 |
| **12/20** | 14987 | 14508 | 16159 | 14256 |
| **1/21** | 14923 | 14371 | 16118 | 14104 |
| **2/21** | 15189 | 14744 | 16585 | 14464 |
| **3/21** | 15695 | 15112 | 16947 | 14833 |
| **4/21** | 16340 | 15610 | 17648 | 15299 |
| **5/21** | 16643 | 16124 | 18045 | 15831 |
| **6/21** | 16365 | 15946 | 17761 | 15670 |
| **7/21** | 16681 | 16073 | 18030 | 15774 |
| **8/21** | 17035 | 16358 | 18514 | 16027 |
| **9/21** | 16226 | 15875 | 17889 | 15567 |
| **10/21** | 16580 | 16324 | 18250 | 16030 |
| **11/21** | 15720 | 15537 | 17228 | 15280 |
| **12/21** | 16218 | 16306 | 17959 | 16056 |
| **1/22** | 15148 | 15526 | 16730 | 15347 |
| **2/22** | 14760 | 15300 | 16581 | 15109 |
| **3/22** | 14607 | 15461 | 16660 | 15284 |
| **4/22** | 13524 | 14437 | 15503 | 14280 |
| **5/22** | 13566 | 14525 | 15399 | 14399 |
| **6/22** | 12191 | 13119 | 13672 | 13044 |
| **7/22** | 13010 | 13807 | 14605 | 13692 |
| **8/22** | 12330 | 13169 | 13973 | 13053 |
| **9/22** | 11136 | 11908 | 12379 | 11845 |
| **10/22** | 11649 | 12546 | 12934 | 12497 |
| **11/22** | 12885 | 13864 | 14177 | 13829 |
| **12/22** | 12663 | 13818 | 14262 | 13761 |
| **1/23** | 13660 | 14940 | 15353 | 14889 |
| **2/23** | 13337 | 14589 | 14977 | 14542 |
| **3/23** | 13506 | 14866 | 14973 | 14865 |
| **4/23** | 13646 | 15266 | 15237 | 15287 |
| **5/23** | 13056 | 14605 | 14604 | 14620 |
| **6/23** | 13618 | 15264 | 15046 | 15315 |
| **7/23** | 14012 | 15784 | 15726 | 15811 |
| **8/23** | 13674 | 15185 | 15199 | 15199 |
| **9/23** | 13028 | 14651 | 14523 | 14687 |
| **10/23** | 12424 | 13998 | 13665 | 14067 |
| **11/23** | 13618 | 15320 | 14990 | 15389 |
| **12/23** | 14329 | 16192 | 16062 | 16230 |
| **1/24** | 14086 | 16214 | 15787 | 16300 |
| **2/24** | 14372 | 16460 | 15833 | 16578 |
| **3/24** | 15031 | 17031 | 16476 | 17138 |
| **4/24** | 14458 | 16574 | 16001 | 16684 |
| **5/24** | 15160 | 17220 | 16701 | 17322 |
| **6/24** | 14673 | 16906 | 16220 | 17035 |
| **7/24** | 15347 | 17492 | 17121 | 17569 |
| **8/24** | 15590 | 18040 | 17442 | 18155 |
| **9/24** | 15834 | 18280 | 17914 | 18356 |
| **10/24** | 14888 | 17332 | 16890 | 17420 |
| **11/24** | 15017 | 17376 | 16950 | 17462 |
| **12/24** | 14485 | 16911 | 16506 | 16993 |
| **1/25** | 15007 | 17710 | 17030 | 17838 |
| **2/25** | 15201 | 17969 | 16962 | 18151 |
| **3/25** | 15364 | 17895 | 17067 | 18047 |
| **4/25** | 16274 | 18734 | 18008 | 18869 |
| **5/25** | 17198 | 19647 | 19069 | 19757 |
| **6/25** | 17868 | 20168 | 19938 | 20221 |
| **7/25** | 17510 | 19958 | 19931 | 19976 |
| **8/25** | 18360 | 20852 | 20920 | 20856 |

---

### **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **1-Year** | **5-Year** | **10-Year** |
| Institutional Shares | 17.76% | 6.69% | 6.26% |
| MSCI World Ex USA IMI USD Net | 15.59% | 10.21% | 7.63% |
| MSCI World Ex USA Small Cap Net | 19.94% | 8.51% | 7.66% |
| MSCI World ex USA NTR | 14.88% | 10.50% | 7.63% |

---

**Past performance is not a good predictor of the Fund's future performance.** The graph above represents historical performance of a hypothetical investment of $10,000 in the Fund over the past ten years (or since inception if shorter). The table and graph above do not reflect the impact of taxes. If they did, performance would be lower. Effective December 31, 2024, the Fund changed its primary broad-based index to the MSCI World Ex USA IMI USD Net. This index is included to meet the recently revised definition of "broad-based securities market index". Prior to that date, the Fund's primary broad-based index was the MSCI World ex USA NTR. The MSCI World Ex USA Small Cap Net is included as an additional index for the Fund as it shows how the Fund's performance compares with the returns of an index of funds with similar investment objectives. Visit www.principalam.com/mutualfundperformance for more recent performance information.

### **Fund Statistics** 
* Net Assets (amount in thousands)$507,103

* Total Number of Portfolio Holdings118

* Portfolio Turnover Rate 46.2%

* Total Advisory Fees Paid (amount in thousands)$5,393

#### Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Common Stocks | 98.35% |
| Investment Companies | 1.35% |
| Other Assets and Liabilities | 0.30% |
| Total Net Assets | 100.00% |

---

#### Geographic Allocation

---

| | |
|:---|:---|
| **Top Locations** | **Percent of Net Assets** |
| Japan | 31.96% |
| United Kingdom | 14.32% |
| Canada | 13.37% |
| Germany | 5.74% |
| France | 5.25% |
| Australia | 5.08% |
| Italy | 3.48% |
| Israel | 3.30% |
| Denmark | 2.14% |
| Switzerland | 1.99% |
| Netherlands | 1.86% |
| Spain | 1.81% |
| Austria | 1.79% |
| Sweden | 1.58% |
| Singapore | 1.57% |
| Macao | 1.19% |
| Portugal | 1.04% |
| Finland | 0.88% |
| Other Locations<sup>Footnote Reference\*</sup> | 1.35% |
| Other Assets and Liabilities | 0.30% |
| Total Net Assets | 100.00% |

---

---

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

---

## **Material Fund Changes** 
There were no material changes to the Fund for the period September 1, 2024 to August 31, 2025. For more complete information, you may review the Fund's most recent prospectus at www.PrincipalAM.com/prospectuses.

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

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

## **Householding** 
To avoid sending duplicate copies of materials to households, mailings for accounts held by members of your household may be combined so that only one copy of each annual and semi-annual shareholder reports will be mailed. If you prefer to receive multiple copies of the shareholder reports, you may request that by contacting us at <u>1-800-222-5852</u>. Householding will be stopped within 30 days after we receive your request.

FV847ARI-0

# R-6

# PFISX

# International Small Company Fund
![Image](ic492f610b062e6032b887517.jpg)

#### Annual Shareholder Report August 31, 2025
This annual shareholder report contains important information about International Small Company Fund (the "Fund") for the period of September 1, 2024 to August 31, 2025. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last year?
(based 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 | $113 | 1.04% |

---

## **Management's Discussion of Fund Performance** 
The Fund seeks long-term growth of capital. Under normal circumstances, the Fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in equity securities of companies with small market capitalizations. It invests primarily in foreign equity securities. The Fund typically invests in foreign securities of more than 10 countries but has no limitation on the percentage of assets that is invested in each country or denominated in any currency. The Fund's investments underperformed the MSCI World Ex USA Small Cap Net for the trailing year. Stock selection within the United Kingdom stood out as a key detractor from relative performance led by consumer discretionary. In U.K. discretionary, retail holdings with a focus on athletic footwear and apparel underperformed amid slowing demand from consumers and concerns over slowing product innovation. Healthcare stood out as a detractor during the year from a sector perspective amid profit warnings and continued subdued demand in the cosmetics and medication end markets which impacted the Fund's healthcare focused container and packaging holding. Europe and Japan stood out as key contributors to relative performance during the year. In Europe, a Swedish aerospace and defense holding and a German steel company holding both benefitted from exposure to the defense industry's outperformance amid increased European demand for military equipment. Japanese industrial companies performed well amid increased demand for offerings within the gas turbine and nuclear infrastructure end markets.

## How did the Fund perform over the last 10 years?
![The graph represents how a hypothetical investment of $10,000 would have performed over the specified time period.](ic4260815bb6cb8ce980166bb.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **R-6 Shares at net asset value $18,420** | **MSCI World Ex USA IMI USD Net $20,852** | **MSCI World Ex USA Small Cap Net $20,920** | **MSCI World ex USA NTR $20,856** |
| **8/15** | 10000 | 10000 | 10000 | 10000 |
| **9/15** | 9698 | 9515 | 9641 | 9495 |
| **10/15** | 10177 | 10210 | 10213 | 10210 |
| **11/15** | 10282 | 10066 | 10191 | 10047 |
| **12/15** | 10189 | 9911 | 10202 | 9867 |
| **1/16** | 9587 | 9219 | 9425 | 9188 |
| **2/16** | 9355 | 9114 | 9475 | 9059 |
| **3/16** | 10052 | 9752 | 10263 | 9674 |
| **4/16** | 10136 | 10065 | 10587 | 9985 |
| **5/16** | 10326 | 9968 | 10600 | 9873 |
| **6/16** | 9893 | 9646 | 10131 | 9573 |
| **7/16** | 10421 | 10134 | 10733 | 10043 |
| **8/16** | 10347 | 10130 | 10643 | 10053 |
| **9/16** | 10727 | 10276 | 10942 | 10175 |
| **10/16** | 10368 | 10061 | 10617 | 9977 |
| **11/16** | 10199 | 9888 | 10355 | 9817 |
| **12/16** | 10272 | 10204 | 10642 | 10138 |
| **1/17** | 10713 | 10516 | 11025 | 10440 |
| **2/17** | 10933 | 10649 | 11237 | 10560 |
| **3/17** | 11133 | 10910 | 11452 | 10828 |
| **4/17** | 11542 | 11164 | 11857 | 11059 |
| **5/17** | 12087 | 11535 | 12247 | 11427 |
| **6/17** | 12108 | 11550 | 12285 | 11438 |
| **7/17** | 12664 | 11903 | 12718 | 11778 |
| **8/17** | 12811 | 11915 | 12825 | 11776 |
| **9/17** | 13252 | 12227 | 13177 | 12081 |
| **10/17** | 13504 | 12394 | 13363 | 12246 |
| **11/17** | 13703 | 12527 | 13552 | 12370 |
| **12/17** | 13990 | 12772 | 13945 | 12592 |
| **1/18** | 14662 | 13368 | 14595 | 13179 |
| **2/18** | 13957 | 12750 | 14028 | 12553 |
| **3/18** | 14001 | 12541 | 13874 | 12336 |
| **4/18** | 14254 | 12815 | 14086 | 12619 |
| **5/18** | 14034 | 12594 | 13986 | 12379 |
| **6/18** | 13703 | 12444 | 13744 | 12244 |
| **7/18** | 13902 | 12714 | 13822 | 12544 |
| **8/18** | 13681 | 12497 | 13727 | 12307 |
| **9/18** | 13626 | 12566 | 13627 | 12403 |
| **10/18** | 12227 | 11538 | 12328 | 11418 |
| **11/18** | 11908 | 11513 | 12207 | 11408 |
| **12/18** | 11175 | 10897 | 11424 | 10818 |
| **1/19** | 12249 | 11696 | 12394 | 11590 |
| **2/19** | 12502 | 11992 | 12679 | 11888 |
| **3/19** | 12551 | 12043 | 12673 | 11948 |
| **4/19** | 12901 | 12382 | 13019 | 12287 |
| **5/19** | 12297 | 11787 | 12336 | 11706 |
| **6/19** | 13009 | 12464 | 12896 | 12401 |
| **7/19** | 12877 | 12327 | 12839 | 12252 |
| **8/19** | 12696 | 12027 | 12541 | 11951 |
| **9/19** | 12997 | 12360 | 12862 | 12286 |
| **10/19** | 13468 | 12775 | 13390 | 12683 |
| **11/19** | 13673 | 12953 | 13694 | 12841 |
| **12/19** | 14170 | 13393 | 14327 | 13251 |
| **1/20** | 13748 | 13115 | 13913 | 12995 |
| **2/20** | 12556 | 11934 | 12556 | 11841 |
| **3/20** | 9873 | 10178 | 10260 | 10169 |
| **4/20** | 10954 | 10954 | 11461 | 10878 |
| **5/20** | 11711 | 11462 | 12265 | 11341 |
| **6/20** | 11984 | 11828 | 12483 | 11729 |
| **7/20** | 12481 | 12162 | 12962 | 12041 |
| **8/20** | 13288 | 12826 | 13907 | 12662 |
| **9/20** | 13177 | 12496 | 13747 | 12306 |
| **10/20** | 12692 | 12017 | 13302 | 11822 |
| **11/20** | 14071 | 13833 | 15134 | 13636 |
| **12/20** | 14982 | 14508 | 16159 | 14256 |
| **1/21** | 14932 | 14371 | 16118 | 14104 |
| **2/21** | 15184 | 14744 | 16585 | 14464 |
| **3/21** | 15699 | 15112 | 16947 | 14833 |
| **4/21** | 16341 | 15610 | 17648 | 15299 |
| **5/21** | 16655 | 16124 | 18045 | 15831 |
| **6/21** | 16379 | 15946 | 17761 | 15670 |
| **7/21** | 16693 | 16073 | 18030 | 15774 |
| **8/21** | 17045 | 16358 | 18514 | 16027 |
| **9/21** | 16240 | 15875 | 17889 | 15567 |
| **10/21** | 16592 | 16324 | 18250 | 16030 |
| **11/21** | 15737 | 15537 | 17228 | 15280 |
| **12/21** | 16235 | 16306 | 17959 | 16056 |
| **1/22** | 15171 | 15526 | 16730 | 15347 |
| **2/22** | 14771 | 15300 | 16581 | 15109 |
| **3/22** | 14632 | 15461 | 16660 | 15284 |
| **4/22** | 13555 | 14437 | 15503 | 14280 |
| **5/22** | 13582 | 14525 | 15399 | 14399 |
| **6/22** | 12201 | 13119 | 13672 | 13044 |
| **7/22** | 13030 | 13807 | 14605 | 13692 |
| **8/22** | 12339 | 13169 | 13973 | 13053 |
| **9/22** | 11150 | 11908 | 12379 | 11845 |
| **10/22** | 11662 | 12546 | 12934 | 12497 |
| **11/22** | 12905 | 13864 | 14177 | 13829 |
| **12/22** | 12682 | 13818 | 14262 | 13761 |
| **1/23** | 13690 | 14940 | 15353 | 14889 |
| **2/23** | 13354 | 14589 | 14977 | 14542 |
| **3/23** | 13536 | 14866 | 14973 | 14865 |
| **4/23** | 13676 | 15266 | 15237 | 15287 |
| **5/23** | 13074 | 14605 | 14604 | 14620 |
| **6/23** | 13648 | 15264 | 15046 | 15315 |
| **7/23** | 14040 | 15784 | 15726 | 15811 |
| **8/23** | 13704 | 15185 | 15199 | 15199 |
| **9/23** | 13060 | 14651 | 14523 | 14687 |
| **10/23** | 12444 | 13998 | 13665 | 14067 |
| **11/23** | 13648 | 15320 | 14990 | 15389 |
| **12/23** | 14362 | 16192 | 16062 | 16230 |
| **1/24** | 14119 | 16214 | 15787 | 16300 |
| **2/24** | 14405 | 16460 | 15833 | 16578 |
| **3/24** | 15076 | 17031 | 16476 | 17138 |
| **4/24** | 14490 | 16574 | 16001 | 16684 |
| **5/24** | 15190 | 17220 | 16701 | 17322 |
| **6/24** | 14719 | 16906 | 16220 | 17035 |
| **7/24** | 15375 | 17492 | 17121 | 17569 |
| **8/24** | 15632 | 18040 | 17442 | 18155 |
| **9/24** | 15875 | 18280 | 17914 | 18356 |
| **10/24** | 14919 | 17332 | 16890 | 17420 |
| **11/24** | 15061 | 17376 | 16950 | 17462 |
| **12/24** | 14513 | 16911 | 16506 | 16993 |
| **1/25** | 15048 | 17710 | 17030 | 17838 |
| **2/25** | 15241 | 17969 | 16962 | 18151 |
| **3/25** | 15404 | 17895 | 17067 | 18047 |
| **4/25** | 16325 | 18734 | 18008 | 18869 |
| **5/25** | 17261 | 19647 | 19069 | 19757 |
| **6/25** | 17930 | 20168 | 19938 | 20221 |
| **7/25** | 17558 | 19958 | 19931 | 19976 |
| **8/25** | 18420 | 20852 | 20920 | 20856 |

---

### **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **1-Year** | **5-Year** | **10-Year<sup>Footnote Reference\*</sup>** |
| R-6 Shares | 17.83% | 6.75% | 6.30% |
| MSCI World Ex USA IMI USD Net | 15.59% | 10.21% | 7.63% |
| MSCI World Ex USA Small Cap Net | 19.94% | 8.51% | 7.66% |
| MSCI World ex USA NTR | 14.88% | 10.50% | 7.63% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;For periods prior to the inception date of the share class, extended performance is calculated to reflect the historical performance of the oldest share class of the Fund, adjusted for the fees and expenses of this share class. The extended performance inception date is June 11, 2014. |

---

**Past performance is not a good predictor of the Fund's future performance.** The graph above represents historical performance of a hypothetical investment of $10,000 in the Fund over the past ten years (or since inception if shorter). The table and graph above do not reflect the impact of taxes. If they did, performance would be lower. Effective December 31, 2024, the Fund changed its primary broad-based index to the MSCI World Ex USA IMI USD Net. This index is included to meet the recently revised definition of "broad-based securities market index". Prior to that date, the Fund's primary broad-based index was the MSCI World ex USA NTR. The MSCI World Ex USA Small Cap Net is included as an additional index for the Fund as it shows how the Fund's performance compares with the returns of an index of funds with similar investment objectives. Visit www.principalam.com/mutualfundperformance for more recent performance information.

### **Fund Statistics** 
* Net Assets (amount in thousands)$507,103

* Total Number of Portfolio Holdings118

* Portfolio Turnover Rate 46.2%

* Total Advisory Fees Paid (amount in thousands)$5,393

#### Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Common Stocks | 98.35% |
| Investment Companies | 1.35% |
| Other Assets and Liabilities | 0.30% |
| Total Net Assets | 100.00% |

---

#### Geographic Allocation

---

| | |
|:---|:---|
| **Top Locations** | **Percent of Net Assets** |
| Japan | 31.96% |
| United Kingdom | 14.32% |
| Canada | 13.37% |
| Germany | 5.74% |
| France | 5.25% |
| Australia | 5.08% |
| Italy | 3.48% |
| Israel | 3.30% |
| Denmark | 2.14% |
| Switzerland | 1.99% |
| Netherlands | 1.86% |
| Spain | 1.81% |
| Austria | 1.79% |
| Sweden | 1.58% |
| Singapore | 1.57% |
| Macao | 1.19% |
| Portugal | 1.04% |
| Finland | 0.88% |
| Other Locations<sup>Footnote Reference\*</sup> | 1.35% |
| Other Assets and Liabilities | 0.30% |
| Total Net Assets | 100.00% |

---

---

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

---

## **Material Fund Changes** 
There were no material changes to the Fund for the period September 1, 2024 to August 31, 2025. For more complete information, you may review the Fund's most recent prospectus at www.PrincipalAM.com/prospectuses.

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

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

## **Householding** 
To avoid sending duplicate copies of materials to households, mailings for accounts held by members of your household may be combined so that only one copy of each annual and semi-annual shareholder reports will be mailed. If you prefer to receive multiple copies of the shareholder reports, you may request that by contacting us at <u>1-800-222-5852</u>. Householding will be stopped within 30 days after we receive your request.

FV847ARR6-0

# Class A

# PMOAX

# Opportunistic Municipal Fund
![Image](ic492f610b062e6032b887517.jpg)

#### Annual Shareholder Report August 31, 2025
This annual shareholder report contains important information about Opportunistic Municipal Fund (the "Fund") for the period of September 1, 2024 to August 31, 2025. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last year?
(based 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 | $106 | 1.07% |

---

## **Management's Discussion of Fund Performance** 
The Fund seeks to provide a high level of income that is exempt from federal income tax while protecting investors' capital. The Fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in municipal obligations, which are securities issued by or on behalf of state or local governments and other public authorities. It invests in other debt obligations, including (but not limited to) taxable municipal obligations; U.S. Treasury securities; obligations of the U.S. government, its agencies, and instrumentalities; and exchange-traded funds (ETFs) to gain exposure to the municipal market. The municipal market has experienced many uncertainties this year. A primary challenge was whether the new administration would eliminate the exemption status to chip away at a growing budget deficit. Additionally, issuance was above average resulting in elevated yields. This created an environment where it was only a matter of time before both traditional and cross-over investors would capitalize on the opportunity. The Fund effectively toggled between investment and below-investment grade paper. Considering the multitude of risks, the Fund was managed conservatively. Although the Fund allows a large percentage of high-yield holdings, most purchases stress high quality names possessing liquidity. Even the lower quality names acquired were essential services possessing substantial moats versus their sectors. Additionally, the Fund's duration risk was below Bloomberg Municipal Bond Index. The Fund has gradually added risk especially after the precipitous drop in money market yields. There is certainly a struggle on whether inflation or recession is a larger risk. However, the characteristics of municipal credit should allow the Fund to prosper in either scenario.

## How did the Fund perform over the last 10 years?
![The graph represents how a hypothetical investment of $10,000 would have performed over the specified time period.](ie068eb1d7dfe0071d221931d.jpg)

---

| | | |
|:---|:---|:---|
| | **Class A Shares with maximum sales charge $12,641** | **Bloomberg Municipal Bond Index $12,405** |
| **8/15** | 9623 | 10000 |
| **9/15** | 9727 | 10072 |
| **10/15** | 9797 | 10112 |
| **11/15** | 9893 | 10153 |
| **12/15** | 10030 | 10224 |
| **1/16** | 10124 | 10346 |
| **2/16** | 10085 | 10362 |
| **3/16** | 10212 | 10395 |
| **4/16** | 10367 | 10472 |
| **5/16** | 10464 | 10500 |
| **6/16** | 10725 | 10667 |
| **7/16** | 10715 | 10673 |
| **8/16** | 10772 | 10688 |
| **9/16** | 10704 | 10634 |
| **10/16** | 10536 | 10523 |
| **11/16** | 9917 | 10130 |
| **12/16** | 10000 | 10249 |
| **1/17** | 10050 | 10317 |
| **2/17** | 10169 | 10389 |
| **3/17** | 10245 | 10411 |
| **4/17** | 10355 | 10487 |
| **5/17** | 10547 | 10653 |
| **6/17** | 10541 | 10615 |
| **7/17** | 10632 | 10701 |
| **8/17** | 10786 | 10782 |
| **9/17** | 10780 | 10727 |
| **10/17** | 10833 | 10754 |
| **11/17** | 10855 | 10696 |
| **12/17** | 11013 | 10808 |
| **1/18** | 10892 | 10681 |
| **2/18** | 10862 | 10649 |
| **3/18** | 10939 | 10688 |
| **4/18** | 10931 | 10650 |
| **5/18** | 11080 | 10772 |
| **6/18** | 11073 | 10781 |
| **7/18** | 11097 | 10807 |
| **8/18** | 11150 | 10835 |
| **9/18** | 11088 | 10765 |
| **10/18** | 10968 | 10698 |
| **11/18** | 11038 | 10817 |
| **12/18** | 11159 | 10946 |
| **1/19** | 11238 | 11029 |
| **2/19** | 11336 | 11088 |
| **3/19** | 11610 | 11263 |
| **4/19** | 11689 | 11306 |
| **5/19** | 11902 | 11462 |
| **6/19** | 11957 | 11504 |
| **7/19** | 12059 | 11597 |
| **8/19** | 12305 | 11780 |
| **9/19** | 12227 | 11685 |
| **10/19** | 12261 | 11706 |
| **11/19** | 12295 | 11735 |
| **12/19** | 12341 | 11771 |
| **1/20** | 12597 | 11983 |
| **2/20** | 12847 | 12137 |
| **3/20** | 11391 | 11697 |
| **4/20** | 11033 | 11550 |
| **5/20** | 11559 | 11918 |
| **6/20** | 12031 | 12016 |
| **7/20** | 12360 | 12218 |
| **8/20** | 12381 | 12161 |
| **9/20** | 12406 | 12163 |
| **10/20** | 12399 | 12127 |
| **11/20** | 12671 | 12310 |
| **12/20** | 12882 | 12385 |
| **1/21** | 13110 | 12464 |
| **2/21** | 12879 | 12266 |
| **3/21** | 12998 | 12341 |
| **4/21** | 13221 | 12445 |
| **5/21** | 13406 | 12482 |
| **6/21** | 13592 | 12516 |
| **7/21** | 13733 | 12620 |
| **8/21** | 13673 | 12574 |
| **9/21** | 13518 | 12483 |
| **10/21** | 13470 | 12446 |
| **11/21** | 13655 | 12552 |
| **12/21** | 13702 | 12573 |
| **1/22** | 13285 | 12229 |
| **2/22** | 13078 | 12185 |
| **3/22** | 12544 | 11790 |
| **4/22** | 12023 | 11464 |
| **5/22** | 12099 | 11634 |
| **6/22** | 11708 | 11443 |
| **7/22** | 12133 | 11746 |
| **8/22** | 11838 | 11488 |
| **9/22** | 11203 | 11047 |
| **10/22** | 10975 | 10955 |
| **11/22** | 11525 | 11468 |
| **12/22** | 11508 | 11501 |
| **1/23** | 11926 | 11831 |
| **2/23** | 11582 | 11564 |
| **3/23** | 11712 | 11820 |
| **4/23** | 11774 | 11793 |
| **5/23** | 11791 | 11691 |
| **6/23** | 11947 | 11808 |
| **7/23** | 11987 | 11855 |
| **8/23** | 11877 | 11684 |
| **9/23** | 11567 | 11342 |
| **10/23** | 11320 | 11245 |
| **11/23** | 11995 | 11959 |
| **12/23** | 12371 | 12237 |
| **1/24** | 12387 | 12174 |
| **2/24** | 12491 | 12190 |
| **3/24** | 12575 | 12190 |
| **4/24** | 12439 | 12039 |
| **5/24** | 12515 | 12003 |
| **6/24** | 12715 | 12187 |
| **7/24** | 12803 | 12298 |
| **8/24** | 12933 | 12395 |
| **9/24** | 13040 | 12518 |
| **10/24** | 12848 | 12335 |
| **11/24** | 13066 | 12549 |
| **12/24** | 12914 | 12366 |
| **1/25** | 12978 | 12428 |
| **2/25** | 13141 | 12551 |
| **3/25** | 12906 | 12338 |
| **4/25** | 12700 | 12239 |
| **5/25** | 12673 | 12247 |
| **6/25** | 12722 | 12323 |
| **7/25** | 12543 | 12298 |
| **8/25** | 12641 | 12405 |

---

### **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **1-Year** | **5-Year** | **10-Year** |
| Class A Shares Excluding Sales Charge | -2.26% | 0.42% | 2.77% |
| Class A Shares Including Sales Charge | -5.90% | -0.35% | 2.37% |
| Bloomberg Municipal Bond Index | 0.08% | 0.40% | 2.18% |

---

**Past performance is not a good predictor of the Fund's future performance.** The graph above represents historical performance of a hypothetical investment of $10,000 in the Fund over the past ten years (or since inception if shorter). The table and graph above do not reflect the impact of taxes. If they did, performance would be lower. Visit www.principalam.com/mutualfundperformance for more recent performance information.

### **Fund Statistics** 
* Net Assets (amount in thousands)$158,673

* Total Number of Portfolio Holdings142

* Portfolio Turnover Rate 85.7%

* Total Advisory Fees Paid (amount in thousands)$719

#### Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Municipal Bonds | 107.99% |
| Investment Companies | 0.12% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | (8.11)% |
| Total Net Assets | 100.00% |

---

---

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

---

#### State Allocation

---

| | |
|:---|:---|
| **Top States/Territories** | **Percent of Net Assets** |
| New York | 15.76% |
| California | 14.24% |
| Florida | 11.00% |
| Texas | 7.04% |
| Illinois | 6.79% |
| Alabama | 6.16% |
| Utah | 6.08% |
| Georgia | 4.38% |
| Wisconsin | 4.30% |
| Pennsylvania | 4.17% |
| Louisiana | 3.94% |
| Ohio | 3.54% |
| Puerto Rico | 2.76% |
| Arkansas | 2.53% |
| Arizona | 1.71% |
| Nevada | 1.27% |
| New Hampshire | 1.22% |
| Virginia | 1.15% |
| Connecticut | 1.08% |
| Tennessee | 0.98% |
| Other States<sup>Footnote Reference\*</sup> | 8.01% |
| Other Assets and Liabilities<sup>Footnote Reference†</sup> | (8.11)% |
| Total Net Assets | 100.00% |

---

---

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

---

## **Material Fund Changes** 
There were no material changes to the Fund for the period September 1, 2024 to August 31, 2025. For more complete information, you may review the Fund's most recent prospectus at www.PrincipalAM.com/prospectuses.

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

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

## **Householding** 
To avoid sending duplicate copies of materials to households, mailings for accounts held by members of your household may be combined so that only one copy of each annual and semi-annual shareholder reports will be mailed. If you prefer to receive multiple copies of the shareholder reports, you may request that by contacting us at <u>1-800-222-5852</u>. Householding will be stopped within 30 days after we receive your request.

FV885ARA-0

# Institutional

# POMFX

# Opportunistic Municipal Fund
![Image](ic492f610b062e6032b887517.jpg)

#### Annual Shareholder Report August 31, 2025
This annual shareholder report contains important information about Opportunistic Municipal Fund (the "Fund") for the period of September 1, 2024 to August 31, 2025. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last year?
(based 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 | $79 | 0.80% |

---

## **Management's Discussion of Fund Performance** 
The Fund seeks to provide a high level of income that is exempt from federal income tax while protecting investors' capital. The Fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in municipal obligations, which are securities issued by or on behalf of state or local governments and other public authorities. It invests in other debt obligations, including (but not limited to) taxable municipal obligations; U.S. Treasury securities; obligations of the U.S. government, its agencies, and instrumentalities; and exchange-traded funds (ETFs) to gain exposure to the municipal market. The municipal market has experienced many uncertainties this year. A primary challenge was whether the new administration would eliminate the exemption status to chip away at a growing budget deficit. Additionally, issuance was above average resulting in elevated yields. This created an environment where it was only a matter of time before both traditional and cross-over investors would capitalize on the opportunity. The Fund effectively toggled between investment and below-investment grade paper. Considering the multitude of risks, the Fund was managed conservatively. Although the Fund allows a large percentage of high-yield holdings, most purchases stress high quality names possessing liquidity. Even the lower quality names acquired were essential services possessing substantial moats versus their sectors. Additionally, the Fund's duration risk was below Bloomberg Municipal Bond Index. The Fund has gradually added risk especially after the precipitous drop in money market yields. There is certainly a struggle on whether inflation or recession is a larger risk. However, the characteristics of municipal credit should allow the Fund to prosper in either scenario.

## How did the Fund perform over the last 10 years?
![The graph represents how a hypothetical investment of $10,000 would have performed over the specified time period.](i819202201253a2dd5b0c7576.jpg)

---

| | | |
|:---|:---|:---|
| | **Institutional Shares at net asset value $13,511** | **Bloomberg Municipal Bond Index $12,405** |
| **8/15** | 10000 | 10000 |
| **9/15** | 10110 | 10072 |
| **10/15** | 10176 | 10112 |
| **11/15** | 10287 | 10153 |
| **12/15** | 10423 | 10224 |
| **1/16** | 10532 | 10346 |
| **2/16** | 10484 | 10362 |
| **3/16** | 10628 | 10395 |
| **4/16** | 10791 | 10472 |
| **5/16** | 10895 | 10500 |
| **6/16** | 11169 | 10667 |
| **7/16** | 11161 | 10673 |
| **8/16** | 11223 | 10688 |
| **9/16** | 11154 | 10634 |
| **10/16** | 10981 | 10523 |
| **11/16** | 10338 | 10130 |
| **12/16** | 10417 | 10249 |
| **1/17** | 10471 | 10317 |
| **2/17** | 10597 | 10389 |
| **3/17** | 10690 | 10411 |
| **4/17** | 10806 | 10487 |
| **5/17** | 11020 | 10653 |
| **6/17** | 11017 | 10615 |
| **7/17** | 11104 | 10701 |
| **8/17** | 11276 | 10782 |
| **9/17** | 11262 | 10727 |
| **10/17** | 11319 | 10754 |
| **11/17** | 11345 | 10696 |
| **12/17** | 11512 | 10808 |
| **1/18** | 11400 | 10681 |
| **2/18** | 11359 | 10649 |
| **3/18** | 11454 | 10688 |
| **4/18** | 11437 | 10650 |
| **5/18** | 11596 | 10772 |
| **6/18** | 11592 | 10781 |
| **7/18** | 11631 | 10807 |
| **8/18** | 11689 | 10835 |
| **9/18** | 11626 | 10765 |
| **10/18** | 11492 | 10698 |
| **11/18** | 11569 | 10817 |
| **12/18** | 11710 | 10946 |
| **1/19** | 11795 | 11029 |
| **2/19** | 11900 | 11088 |
| **3/19** | 12190 | 11263 |
| **4/19** | 12265 | 11306 |
| **5/19** | 12503 | 11462 |
| **6/19** | 12563 | 11504 |
| **7/19** | 12674 | 11597 |
| **8/19** | 12923 | 11780 |
| **9/19** | 12844 | 11685 |
| **10/19** | 12883 | 11706 |
| **11/19** | 12922 | 11735 |
| **12/19** | 12984 | 11771 |
| **1/20** | 13245 | 11983 |
| **2/20** | 13523 | 12137 |
| **3/20** | 11994 | 11697 |
| **4/20** | 11608 | 11550 |
| **5/20** | 12177 | 11918 |
| **6/20** | 12664 | 12016 |
| **7/20** | 13014 | 12218 |
| **8/20** | 13051 | 12161 |
| **9/20** | 13080 | 12163 |
| **10/20** | 13076 | 12127 |
| **11/20** | 13366 | 12310 |
| **12/20** | 13579 | 12385 |
| **1/21** | 13835 | 12464 |
| **2/21** | 13582 | 12266 |
| **3/21** | 13723 | 12341 |
| **4/21** | 13962 | 12445 |
| **5/21** | 14160 | 12482 |
| **6/21** | 14360 | 12516 |
| **7/21** | 14500 | 12620 |
| **8/21** | 14452 | 12574 |
| **9/21** | 14292 | 12483 |
| **10/21** | 14245 | 12446 |
| **11/21** | 14443 | 12552 |
| **12/21** | 14497 | 12573 |
| **1/22** | 14047 | 12229 |
| **2/22** | 13843 | 12185 |
| **3/22** | 13281 | 11790 |
| **4/22** | 12721 | 11464 |
| **5/22** | 12804 | 11634 |
| **6/22** | 12406 | 11443 |
| **7/22** | 12846 | 11746 |
| **8/22** | 12537 | 11488 |
| **9/22** | 11880 | 11047 |
| **10/22** | 11641 | 10955 |
| **11/22** | 12227 | 11468 |
| **12/22** | 12212 | 11501 |
| **1/23** | 12645 | 11831 |
| **2/23** | 12282 | 11564 |
| **3/23** | 12424 | 11820 |
| **4/23** | 12506 | 11793 |
| **5/23** | 12513 | 11691 |
| **6/23** | 12695 | 11808 |
| **7/23** | 12740 | 11855 |
| **8/23** | 12627 | 11684 |
| **9/23** | 12300 | 11342 |
| **10/23** | 12040 | 11245 |
| **11/23** | 12760 | 11959 |
| **12/23** | 13149 | 12237 |
| **1/24** | 13183 | 12174 |
| **2/24** | 13297 | 12190 |
| **3/24** | 13390 | 12190 |
| **4/24** | 13248 | 12039 |
| **5/24** | 13318 | 12003 |
| **6/24** | 13547 | 12187 |
| **7/24** | 13644 | 12298 |
| **8/24** | 13786 | 12395 |
| **9/24** | 13903 | 12518 |
| **10/24** | 13701 | 12335 |
| **11/24** | 13937 | 12549 |
| **12/24** | 13779 | 12366 |
| **1/25** | 13850 | 12428 |
| **2/25** | 14027 | 12551 |
| **3/25** | 13779 | 12338 |
| **4/25** | 13563 | 12239 |
| **5/25** | 13523 | 12247 |
| **6/25** | 13592 | 12323 |
| **7/25** | 13405 | 12298 |
| **8/25** | 13511 | 12405 |

---

### **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **1-Year** | **5-Year** | **10-Year** |
| Institutional Shares | -2.00% | 0.70% | 3.06% |
| Bloomberg Municipal Bond Index | 0.08% | 0.40% | 2.18% |

---

**Past performance is not a good predictor of the Fund's future performance.** The graph above represents historical performance of a hypothetical investment of $10,000 in the Fund over the past ten years (or since inception if shorter). The table and graph above do not reflect the impact of taxes. If they did, performance would be lower. Visit www.principalam.com/mutualfundperformance for more recent performance information.

### **Fund Statistics** 
* Net Assets (amount in thousands)$158,673

* Total Number of Portfolio Holdings142

* Portfolio Turnover Rate 85.7%

* Total Advisory Fees Paid (amount in thousands)$719

#### Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Municipal Bonds | 107.99% |
| Investment Companies | 0.12% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | (8.11)% |
| Total Net Assets | 100.00% |

---

---

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

---

#### State Allocation

---

| | |
|:---|:---|
| **Top States/Territories** | **Percent of Net Assets** |
| New York | 15.76% |
| California | 14.24% |
| Florida | 11.00% |
| Texas | 7.04% |
| Illinois | 6.79% |
| Alabama | 6.16% |
| Utah | 6.08% |
| Georgia | 4.38% |
| Wisconsin | 4.30% |
| Pennsylvania | 4.17% |
| Louisiana | 3.94% |
| Ohio | 3.54% |
| Puerto Rico | 2.76% |
| Arkansas | 2.53% |
| Arizona | 1.71% |
| Nevada | 1.27% |
| New Hampshire | 1.22% |
| Virginia | 1.15% |
| Connecticut | 1.08% |
| Tennessee | 0.98% |
| Other States<sup>Footnote Reference\*</sup> | 8.01% |
| Other Assets and Liabilities<sup>Footnote Reference†</sup> | (8.11)% |
| Total Net Assets | 100.00% |

---

---

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

---

## **Material Fund Changes** 
There were no material changes to the Fund for the period September 1, 2024 to August 31, 2025. For more complete information, you may review the Fund's most recent prospectus at www.PrincipalAM.com/prospectuses.

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

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

## **Householding** 
To avoid sending duplicate copies of materials to households, mailings for accounts held by members of your household may be combined so that only one copy of each annual and semi-annual shareholder reports will be mailed. If you prefer to receive multiple copies of the shareholder reports, you may request that by contacting us at <u>1-800-222-5852</u>. Householding will be stopped within 30 days after we receive your request.

FV885ARI-0

# Class A

# PMDAX

# Small-MidCap Dividend Income Fund
![Image](ic492f610b062e6032b887517.jpg)

#### Annual Shareholder Report August 31, 2025
This annual shareholder report contains important information about Small-MidCap Dividend Income Fund (the "Fund") for the period of September 1, 2024 to August 31, 2025. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last year?
(based 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 | $116 | 1.12% |

---

## **Management's Discussion of Fund Performance** 
The Fund seeks to provide current income and long-term growth of income and capital. The Fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in dividend-paying equity securities of companies with small-to-medium market capitalizations at the time of purchase. Its investments include the securities of foreign issuers and real estate investment trusts. Williams-Sonoma Inc (WSM) helped performance as the company improved its margin structure, store efficiency, and drove e-commerce sales. Comfort Systems USA (FIX) beat expectations with earnings rising significantly year over year, strong same store revenue growth and an impressive backlog. Raymond James Financial (RJF) benefited from investor enthusiasm for banks and a strong balance sheet. Not owning Robinhood Markets Inc (HOOD) detracted from results. Select Medical Holdings Corp (SEM) hindered results as margins were pressured due to reimbursement headwinds. Finally, Brunswick Corporation (BC) lagged as the marine industry is in the midst of an inventory correction driven by higher interest rates and softening boat demand.

## How did the Fund perform over the last 10 years?
![The graph represents how a hypothetical investment of $10,000 would have performed over the specified time period.](i0a85ffa3aacf665ece6c877a.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class A Shares with maximum sales charge $23,033** | **Russell 3000 Index $37,020** | **Russell 2500 Value Index $24,063** |
| **8/15** | 9451 | 10000 | 10000 |
| **9/15** | 9199 | 9709 | 9647 |
| **10/15** | 9915 | 10475 | 10219 |
| **11/15** | 10049 | 10534 | 10391 |
| **12/15** | 9734 | 10317 | 9915 |
| **1/16** | 9227 | 9735 | 9307 |
| **2/16** | 9342 | 9732 | 9407 |
| **3/16** | 10211 | 10417 | 10245 |
| **4/16** | 10512 | 10482 | 10444 |
| **5/16** | 10758 | 10669 | 10629 |
| **6/16** | 10805 | 10691 | 10692 |
| **7/16** | 11339 | 11116 | 11179 |
| **8/16** | 11587 | 11144 | 11279 |
| **9/16** | 11564 | 11161 | 11353 |
| **10/16** | 11392 | 10920 | 11013 |
| **11/16** | 12209 | 11409 | 12069 |
| **12/16** | 12624 | 11631 | 12413 |
| **1/17** | 12845 | 11850 | 12481 |
| **2/17** | 13161 | 12291 | 12714 |
| **3/17** | 13043 | 12299 | 12615 |
| **4/17** | 13161 | 12430 | 12602 |
| **5/17** | 12987 | 12557 | 12328 |
| **6/17** | 13240 | 12670 | 12656 |
| **7/17** | 13383 | 12909 | 12754 |
| **8/17** | 13114 | 12934 | 12533 |
| **9/17** | 13765 | 13249 | 13141 |
| **10/17** | 13884 | 13538 | 13212 |
| **11/17** | 14249 | 13950 | 13645 |
| **12/17** | 14258 | 14089 | 13699 |
| **1/18** | 14525 | 14832 | 13872 |
| **2/18** | 13775 | 14285 | 13191 |
| **3/18** | 13807 | 13998 | 13336 |
| **4/18** | 13916 | 14051 | 13481 |
| **5/18** | 14309 | 14448 | 14035 |
| **6/18** | 14287 | 14543 | 14110 |
| **7/18** | 14689 | 15025 | 14390 |
| **8/18** | 14940 | 15553 | 14717 |
| **9/18** | 14650 | 15579 | 14487 |
| **10/18** | 13348 | 14431 | 13248 |
| **11/18** | 13726 | 14720 | 13498 |
| **12/18** | 12279 | 13350 | 12006 |
| **1/19** | 13608 | 14496 | 13348 |
| **2/19** | 13843 | 15006 | 13765 |
| **3/19** | 13711 | 15225 | 13581 |
| **4/19** | 14192 | 15833 | 14057 |
| **5/19** | 13123 | 14809 | 12997 |
| **6/19** | 14056 | 15849 | 13838 |
| **7/19** | 14164 | 16084 | 13928 |
| **8/19** | 13770 | 15757 | 13250 |
| **9/19** | 14505 | 16033 | 13856 |
| **10/19** | 14604 | 16378 | 14056 |
| **11/19** | 14882 | 17001 | 14401 |
| **12/19** | 15350 | 17492 | 14836 |
| **1/20** | 14747 | 17473 | 14295 |
| **2/20** | 13151 | 16042 | 12917 |
| **3/20** | 9811 | 13836 | 9696 |
| **4/20** | 11044 | 15668 | 10978 |
| **5/20** | 11478 | 16506 | 11480 |
| **6/20** | 11698 | 16884 | 11693 |
| **7/20** | 11971 | 17842 | 12045 |
| **8/20** | 12042 | 19135 | 12592 |
| **9/20** | 11466 | 18438 | 12108 |
| **10/20** | 11862 | 18040 | 12381 |
| **11/20** | 13516 | 20235 | 14547 |
| **12/20** | 14342 | 21145 | 15559 |
| **1/21** | 14434 | 21051 | 15903 |
| **2/21** | 15493 | 21709 | 17318 |
| **3/21** | 16311 | 22487 | 18178 |
| **4/21** | 17169 | 23647 | 18958 |
| **5/21** | 17363 | 23754 | 19343 |
| **6/21** | 17033 | 24340 | 19087 |
| **7/21** | 17207 | 24752 | 18808 |
| **8/21** | 17391 | 25458 | 19204 |
| **9/21** | 17020 | 24315 | 18692 |
| **10/21** | 18024 | 25960 | 19580 |
| **11/21** | 17655 | 25565 | 18898 |
| **12/21** | 18649 | 26571 | 19882 |
| **1/22** | 17868 | 25008 | 18871 |
| **2/22** | 17838 | 24378 | 19179 |
| **3/22** | 17753 | 25169 | 19583 |
| **4/22** | 16600 | 22910 | 18256 |
| **5/22** | 17249 | 22879 | 18605 |
| **6/22** | 15724 | 20965 | 16569 |
| **7/22** | 17294 | 22932 | 18173 |
| **8/22** | 16468 | 22076 | 17603 |
| **9/22** | 14957 | 20029 | 15823 |
| **10/22** | 16367 | 21672 | 17493 |
| **11/22** | 17228 | 22803 | 18372 |
| **12/22** | 16425 | 21468 | 17280 |
| **1/23** | 17870 | 22946 | 19007 |
| **2/23** | 17563 | 22410 | 18469 |
| **3/23** | 16772 | 23009 | 17521 |
| **4/23** | 16837 | 23254 | 17288 |
| **5/23** | 16211 | 23345 | 16794 |
| **6/23** | 17857 | 24939 | 18287 |
| **7/23** | 18684 | 25833 | 19359 |
| **8/23** | 18132 | 25334 | 18614 |
| **9/23** | 17087 | 24128 | 17618 |
| **10/23** | 16357 | 23488 | 16629 |
| **11/23** | 17750 | 25678 | 18138 |
| **12/23** | 19470 | 27040 | 20042 |
| **1/24** | 19178 | 27340 | 19479 |
| **2/24** | 20029 | 28820 | 20260 |
| **3/24** | 21084 | 29749 | 21258 |
| **4/24** | 19803 | 28440 | 19922 |
| **5/24** | 20421 | 29784 | 20761 |
| **6/24** | 20121 | 30706 | 20343 |
| **7/24** | 21621 | 31277 | 21991 |
| **8/24** | 21644 | 31958 | 21990 |
| **9/24** | 21838 | 32619 | 22302 |
| **10/24** | 21623 | 32379 | 22021 |
| **11/24** | 23500 | 34533 | 23963 |
| **12/24** | 21564 | 33478 | 22243 |
| **1/25** | 22382 | 34535 | 23000 |
| **2/25** | 21856 | 33873 | 22150 |
| **3/25** | 20795 | 31897 | 20946 |
| **4/25** | 20033 | 31683 | 20340 |
| **5/25** | 20983 | 33691 | 21501 |
| **6/25** | 21727 | 35403 | 22473 |
| **7/25** | 22115 | 36183 | 22863 |
| **8/25** | 23033 | 37020 | 24063 |

---

### **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **1-Year** | **5-Year** | **10-Year** |
| Class A Shares Excluding Sales Charge | 6.42% | 13.85% | 9.32% |
| Class A Shares Including Sales Charge | 0.55% | 12.57% | 8.70% |
| Russell 3000 Index | 15.84% | 14.11% | 13.98% |
| Russell 2500 Value Index | 9.43% | 13.83% | 9.18% |

---

**Past performance is not a good predictor of the Fund's future performance.** The graph above represents historical performance of a hypothetical investment of $10,000 in the Fund over the past ten years (or since inception if shorter). The table and graph above do not reflect the impact of taxes. If they did, performance would be lower. The Russell 3000 Index is the Fund's primary broad-based index and is included to meet the recently revised definition of "broad-based securities market index". The Russell 2500 Value Index is included as an additional index for the Fund as it shows how the Fund's performance compares with the returns of an index of funds with similar investment objectives. Visit www.principalam.com/mutualfundperformance for more recent performance information.

### **Fund Statistics** 
* Net Assets (amount in thousands)$1,618,543

* Total Number of Portfolio Holdings73

* Portfolio Turnover Rate 25.9%

* Total Advisory Fees Paid (amount in thousands)$12,587

#### Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Common Stocks | 98.72% |
| Investment Companies | 1.32% |
| Other Assets and Liabilities | (0.04)% |
| Total Net Assets | 100.00% |

---

#### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **Percent of Net Assets** |
| Financial | 31.25% |
| Industrial | 22.09% |
| Consumer, Non-cyclical | 11.95% |
| Consumer, Cyclical | 10.69% |
| Technology | 7.90% |
| Energy | 5.07% |
| Utilities | 4.87% |
| Basic Materials | 2.79% |
| Communications | 2.11% |
| Money Market Funds | 1.32% |
| Other Assets and Liabilities | (0.04)% |
| Total Net Assets | 100.00% |

---

## **Material Fund Changes** 
There were no material changes to the Fund for the period September 1, 2024 to August 31, 2025. For more complete information, you may review the Fund's most recent prospectus at www.PrincipalAM.com/prospectuses.

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

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

## **Householding** 
To avoid sending duplicate copies of materials to households, mailings for accounts held by members of your household may be combined so that only one copy of each annual and semi-annual shareholder reports will be mailed. If you prefer to receive multiple copies of the shareholder reports, you may request that by contacting us at <u>1-800-222-5852</u>. Householding will be stopped within 30 days after we receive your request.

FV898ARA-0

# Class C

# PMDDX

# Small-MidCap Dividend Income Fund
![Image](ic492f610b062e6032b887517.jpg)

#### Annual Shareholder Report August 31, 2025
This annual shareholder report contains important information about Small-MidCap Dividend Income Fund (the "Fund") for the period of September 1, 2024 to August 31, 2025. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last year?
(based 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 | $192 | 1.87% |

---

## **Management's Discussion of Fund Performance** 
The Fund seeks to provide current income and long-term growth of income and capital. The Fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in dividend-paying equity securities of companies with small-to-medium market capitalizations at the time of purchase. Its investments include the securities of foreign issuers and real estate investment trusts. Williams-Sonoma Inc (WSM) helped performance as the company improved its margin structure, store efficiency, and drove e-commerce sales. Comfort Systems USA (FIX) beat expectations with earnings rising significantly year over year, strong same store revenue growth and an impressive backlog. Raymond James Financial (RJF) benefited from investor enthusiasm for banks and a strong balance sheet. Not owning Robinhood Markets Inc (HOOD) detracted from results. Select Medical Holdings Corp (SEM) hindered results as margins were pressured due to reimbursement headwinds. Finally, Brunswick Corporation (BC) lagged as the marine industry is in the midst of an inventory correction driven by higher interest rates and softening boat demand.

## How did the Fund perform over the last 10 years?
![The graph represents how a hypothetical investment of $10,000 would have performed over the specified time period.](i0e16cf40d306a420adb1af22.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class C Shares with maximum sales charge $22,943** | **Russell 3000 Index $37,020** | **Russell 2500 Value Index $24,063** |
| **8/15** | 10000 | 10000 | 10000 |
| **9/15** | 9718 | 9709 | 9647 |
| **10/15** | 10471 | 10475 | 10219 |
| **11/15** | 10606 | 10534 | 10391 |
| **12/15** | 10269 | 10317 | 9915 |
| **1/16** | 9723 | 9735 | 9307 |
| **2/16** | 9845 | 9732 | 9407 |
| **3/16** | 10746 | 10417 | 10245 |
| **4/16** | 11065 | 10482 | 10444 |
| **5/16** | 11310 | 10669 | 10629 |
| **6/16** | 11354 | 10691 | 10692 |
| **7/16** | 11911 | 11116 | 11179 |
| **8/16** | 12157 | 11144 | 11279 |
| **9/16** | 12133 | 11161 | 11353 |
| **10/16** | 11936 | 10920 | 11013 |
| **11/16** | 12789 | 11409 | 12069 |
| **12/16** | 13212 | 11631 | 12413 |
| **1/17** | 13436 | 11850 | 12481 |
| **2/17** | 13760 | 12291 | 12714 |
| **3/17** | 13627 | 12299 | 12615 |
| **4/17** | 13744 | 12430 | 12602 |
| **5/17** | 13553 | 12557 | 12328 |
| **6/17** | 13802 | 12670 | 12656 |
| **7/17** | 13943 | 12909 | 12754 |
| **8/17** | 13661 | 12934 | 12533 |
| **9/17** | 14329 | 13249 | 13141 |
| **10/17** | 14445 | 13538 | 13212 |
| **11/17** | 14812 | 13950 | 13645 |
| **12/17** | 14817 | 14089 | 13699 |
| **1/18** | 15087 | 14832 | 13872 |
| **2/18** | 14302 | 14285 | 13191 |
| **3/18** | 14329 | 13998 | 13336 |
| **4/18** | 14425 | 14051 | 13481 |
| **5/18** | 14827 | 14448 | 14035 |
| **6/18** | 14793 | 14543 | 14110 |
| **7/18** | 15195 | 15025 | 14390 |
| **8/18** | 15448 | 15553 | 14717 |
| **9/18** | 15144 | 15579 | 14487 |
| **10/18** | 13788 | 14431 | 13248 |
| **11/18** | 14173 | 14720 | 13498 |
| **12/18** | 12665 | 13350 | 12006 |
| **1/19** | 14028 | 14496 | 13348 |
| **2/19** | 14262 | 15006 | 13765 |
| **3/19** | 14112 | 15225 | 13581 |
| **4/19** | 14601 | 15833 | 14057 |
| **5/19** | 13490 | 14809 | 12997 |
| **6/19** | 14441 | 15849 | 13838 |
| **7/19** | 14554 | 16084 | 13928 |
| **8/19** | 14134 | 15757 | 13250 |
| **9/19** | 14880 | 16033 | 13856 |
| **10/19** | 14962 | 16378 | 14056 |
| **11/19** | 15249 | 17001 | 14401 |
| **12/19** | 15712 | 17492 | 14836 |
| **1/20** | 15089 | 17473 | 14295 |
| **2/20** | 13451 | 16042 | 12917 |
| **3/20** | 10034 | 13836 | 9696 |
| **4/20** | 11283 | 15668 | 10978 |
| **5/20** | 11710 | 16506 | 11480 |
| **6/20** | 11928 | 16884 | 11693 |
| **7/20** | 12199 | 17842 | 12045 |
| **8/20** | 12261 | 19135 | 12592 |
| **9/20** | 11665 | 18438 | 12108 |
| **10/20** | 12072 | 18040 | 12381 |
| **11/20** | 13740 | 20235 | 14547 |
| **12/20** | 14568 | 21145 | 15559 |
| **1/21** | 14652 | 21051 | 15903 |
| **2/21** | 15717 | 21709 | 17318 |
| **3/21** | 16541 | 22487 | 18178 |
| **4/21** | 17399 | 23647 | 18958 |
| **5/21** | 17587 | 23754 | 19343 |
| **6/21** | 17242 | 24340 | 19087 |
| **7/21** | 17410 | 24752 | 18808 |
| **8/21** | 17587 | 25458 | 19204 |
| **9/21** | 17200 | 24315 | 18692 |
| **10/21** | 18205 | 25960 | 19580 |
| **11/21** | 17818 | 25565 | 18898 |
| **12/21** | 18818 | 26571 | 19882 |
| **1/22** | 18012 | 25008 | 18871 |
| **2/22** | 17970 | 24378 | 19179 |
| **3/22** | 17874 | 25169 | 19583 |
| **4/22** | 16700 | 22910 | 18256 |
| **5/22** | 17340 | 22879 | 18605 |
| **6/22** | 15793 | 20965 | 16569 |
| **7/22** | 17378 | 22932 | 18173 |
| **8/22** | 16517 | 22076 | 17603 |
| **9/22** | 15004 | 20029 | 15823 |
| **10/22** | 16403 | 21672 | 17493 |
| **11/22** | 17254 | 22803 | 18372 |
| **12/22** | 16446 | 21468 | 17280 |
| **1/23** | 17875 | 22946 | 19007 |
| **2/23** | 17565 | 22410 | 18469 |
| **3/23** | 16765 | 23009 | 17521 |
| **4/23** | 16820 | 23254 | 17288 |
| **5/23** | 16177 | 23345 | 16794 |
| **6/23** | 17816 | 24939 | 18287 |
| **7/23** | 18627 | 25833 | 19359 |
| **8/23** | 18060 | 25334 | 18614 |
| **9/23** | 17020 | 24128 | 17618 |
| **10/23** | 16293 | 23488 | 16629 |
| **11/23** | 17681 | 25678 | 18138 |
| **12/23** | 19394 | 27040 | 20042 |
| **1/24** | 19104 | 27340 | 19479 |
| **2/24** | 19952 | 28820 | 20260 |
| **3/24** | 21002 | 29749 | 21258 |
| **4/24** | 19726 | 28440 | 19922 |
| **5/24** | 20342 | 29784 | 20761 |
| **6/24** | 20043 | 30706 | 20343 |
| **7/24** | 21537 | 31277 | 21991 |
| **8/24** | 21560 | 31958 | 21990 |
| **9/24** | 21753 | 32619 | 22302 |
| **10/24** | 21539 | 32379 | 22021 |
| **11/24** | 23409 | 34533 | 23963 |
| **12/24** | 21480 | 33478 | 22243 |
| **1/25** | 22295 | 34535 | 23000 |
| **2/25** | 21771 | 33873 | 22150 |
| **3/25** | 20715 | 31897 | 20946 |
| **4/25** | 19956 | 31683 | 20340 |
| **5/25** | 20902 | 33691 | 21501 |
| **6/25** | 21643 | 35403 | 22473 |
| **7/25** | 22029 | 36183 | 22863 |
| **8/25** | 22943 | 37020 | 24063 |

---

### **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **1-Year** | **5-Year** | **10-Year** |
| Class C Shares Excluding Sales Charge | 5.64% | 13.02% | 8.66% |
| Class C Shares Including Sales Charge | 4.64% | 13.02% | 8.66% |
| Russell 3000 Index | 15.84% | 14.11% | 13.98% |
| Russell 2500 Value Index | 9.43% | 13.83% | 9.18% |

---

**Past performance is not a good predictor of the Fund's future performance.** The graph above represents historical performance of a hypothetical investment of $10,000 in the Fund over the past ten years (or since inception if shorter). The table and graph above do not reflect the impact of taxes. If they did, performance would be lower. The Russell 3000 Index is the Fund's primary broad-based index and is included to meet the recently revised definition of "broad-based securities market index". The Russell 2500 Value Index is included as an additional index for the Fund as it shows how the Fund's performance compares with the returns of an index of funds with similar investment objectives. Visit www.principalam.com/mutualfundperformance for more recent performance information.

### **Fund Statistics** 
* Net Assets (amount in thousands)$1,618,543

* Total Number of Portfolio Holdings73

* Portfolio Turnover Rate 25.9%

* Total Advisory Fees Paid (amount in thousands)$12,587

#### Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Common Stocks | 98.72% |
| Investment Companies | 1.32% |
| Other Assets and Liabilities | (0.04)% |
| Total Net Assets | 100.00% |

---

#### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **Percent of Net Assets** |
| Financial | 31.25% |
| Industrial | 22.09% |
| Consumer, Non-cyclical | 11.95% |
| Consumer, Cyclical | 10.69% |
| Technology | 7.90% |
| Energy | 5.07% |
| Utilities | 4.87% |
| Basic Materials | 2.79% |
| Communications | 2.11% |
| Money Market Funds | 1.32% |
| Other Assets and Liabilities | (0.04)% |
| Total Net Assets | 100.00% |

---

## **Material Fund Changes** 
There were no material changes to the Fund for the period September 1, 2024 to August 31, 2025. For more complete information, you may review the Fund's most recent prospectus at www.PrincipalAM.com/prospectuses.

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

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

## **Householding** 
To avoid sending duplicate copies of materials to households, mailings for accounts held by members of your household may be combined so that only one copy of each annual and semi-annual shareholder reports will be mailed. If you prefer to receive multiple copies of the shareholder reports, you may request that by contacting us at <u>1-800-222-5852</u>. Householding will be stopped within 30 days after we receive your request.

FV898ARC-0

# Institutional

# PMDIX

# Small-MidCap Dividend Income Fund
![Image](ic492f610b062e6032b887517.jpg)

#### Annual Shareholder Report August 31, 2025
This annual shareholder report contains important information about Small-MidCap Dividend Income Fund (the "Fund") for the period of September 1, 2024 to August 31, 2025. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last year?
(based 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 | $88 | 0.85% |

---

## **Management's Discussion of Fund Performance** 
The Fund seeks to provide current income and long-term growth of income and capital. The Fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in dividend-paying equity securities of companies with small-to-medium market capitalizations at the time of purchase. Its investments include the securities of foreign issuers and real estate investment trusts. Williams-Sonoma Inc (WSM) helped performance as the company improved its margin structure, store efficiency, and drove e-commerce sales. Comfort Systems USA (FIX) beat expectations with earnings rising significantly year over year, strong same store revenue growth and an impressive backlog. Raymond James Financial (RJF) benefited from investor enthusiasm for banks and a strong balance sheet. Not owning Robinhood Markets Inc (HOOD) detracted from results. Select Medical Holdings Corp (SEM) hindered results as margins were pressured due to reimbursement headwinds. Finally, Brunswick Corporation (BC) lagged as the marine industry is in the midst of an inventory correction driven by higher interest rates and softening boat demand.

## How did the Fund perform over the last 10 years?
![The graph represents how a hypothetical investment of $10,000 would have performed over the specified time period.](ia9439d7d876221400a3ca50e.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Institutional Shares at net asset value $25,058** | **Russell 3000 Index $37,020** | **Russell 2500 Value Index $24,063** |
| **8/15** | 10000 | 10000 | 10000 |
| **9/15** | 9728 | 9709 | 9647 |
| **10/15** | 10491 | 10475 | 10219 |
| **11/15** | 10633 | 10534 | 10391 |
| **12/15** | 10309 | 10317 | 9915 |
| **1/16** | 9775 | 9735 | 9307 |
| **2/16** | 9896 | 9732 | 9407 |
| **3/16** | 10822 | 10417 | 10245 |
| **4/16** | 11148 | 10482 | 10444 |
| **5/16** | 11409 | 10669 | 10629 |
| **6/16** | 11459 | 10691 | 10692 |
| **7/16** | 12032 | 11116 | 11179 |
| **8/16** | 12294 | 11144 | 11279 |
| **9/16** | 12278 | 11161 | 11353 |
| **10/16** | 12097 | 10920 | 11013 |
| **11/16** | 12968 | 11409 | 12069 |
| **12/16** | 13407 | 11631 | 12413 |
| **1/17** | 13650 | 11850 | 12481 |
| **2/17** | 13984 | 12291 | 12714 |
| **3/17** | 13868 | 12299 | 12615 |
| **4/17** | 13994 | 12430 | 12602 |
| **5/17** | 13810 | 12557 | 12328 |
| **6/17** | 14079 | 12670 | 12656 |
| **7/17** | 14239 | 12909 | 12754 |
| **8/17** | 13962 | 12934 | 12533 |
| **9/17** | 14656 | 13249 | 13141 |
| **10/17** | 14791 | 13538 | 13212 |
| **11/17** | 15178 | 13950 | 13645 |
| **12/17** | 15190 | 14089 | 13699 |
| **1/18** | 15491 | 14832 | 13872 |
| **2/18** | 14695 | 14285 | 13191 |
| **3/18** | 14730 | 13998 | 13336 |
| **4/18** | 14845 | 14051 | 13481 |
| **5/18** | 15271 | 14448 | 14035 |
| **6/18** | 15241 | 14543 | 14110 |
| **7/18** | 15677 | 15025 | 14390 |
| **8/18** | 15944 | 15553 | 14717 |
| **9/18** | 15647 | 15579 | 14487 |
| **10/18** | 14262 | 14431 | 13248 |
| **11/18** | 14673 | 14720 | 13498 |
| **12/18** | 13116 | 13350 | 12006 |
| **1/19** | 14551 | 14496 | 13348 |
| **2/19** | 14800 | 15006 | 13765 |
| **3/19** | 14659 | 15225 | 13581 |
| **4/19** | 15170 | 15833 | 14057 |
| **5/19** | 14032 | 14809 | 12997 |
| **6/19** | 15046 | 15849 | 13838 |
| **7/19** | 15162 | 16084 | 13928 |
| **8/19** | 14742 | 15757 | 13250 |
| **9/19** | 15535 | 16033 | 13856 |
| **10/19** | 15641 | 16378 | 14056 |
| **11/19** | 15946 | 17001 | 14401 |
| **12/19** | 16446 | 17492 | 14836 |
| **1/20** | 15815 | 17473 | 14295 |
| **2/20** | 14103 | 16042 | 12917 |
| **3/20** | 10521 | 13836 | 9696 |
| **4/20** | 11847 | 15668 | 10978 |
| **5/20** | 12311 | 16506 | 11480 |
| **6/20** | 12553 | 16884 | 11693 |
| **7/20** | 12844 | 17842 | 12045 |
| **8/20** | 12920 | 19135 | 12592 |
| **9/20** | 12315 | 18438 | 12108 |
| **10/20** | 12737 | 18040 | 12381 |
| **11/20** | 14515 | 20235 | 14547 |
| **12/20** | 15408 | 21145 | 15559 |
| **1/21** | 15506 | 21051 | 15903 |
| **2/21** | 16649 | 21709 | 17318 |
| **3/21** | 17530 | 22487 | 18178 |
| **4/21** | 18459 | 23647 | 18958 |
| **5/21** | 18678 | 23754 | 19343 |
| **6/21** | 18326 | 24340 | 19087 |
| **7/21** | 18512 | 24752 | 18808 |
| **8/21** | 18719 | 25458 | 19204 |
| **9/21** | 18324 | 24315 | 18692 |
| **10/21** | 19410 | 25960 | 19580 |
| **11/21** | 19015 | 25565 | 18898 |
| **12/21** | 20094 | 26571 | 19882 |
| **1/22** | 19257 | 25008 | 18871 |
| **2/22** | 19224 | 24378 | 19179 |
| **3/22** | 19145 | 25169 | 19583 |
| **4/22** | 17897 | 22910 | 18256 |
| **5/22** | 18604 | 22879 | 18605 |
| **6/22** | 16960 | 20965 | 16569 |
| **7/22** | 18667 | 22932 | 18173 |
| **8/22** | 17769 | 22076 | 17603 |
| **9/22** | 16148 | 20029 | 15823 |
| **10/22** | 17674 | 21672 | 17493 |
| **11/22** | 18609 | 22803 | 18372 |
| **12/22** | 17749 | 21468 | 17280 |
| **1/23** | 19301 | 22946 | 19007 |
| **2/23** | 18983 | 22410 | 18469 |
| **3/23** | 18133 | 23009 | 17521 |
| **4/23** | 18204 | 23254 | 17288 |
| **5/23** | 17531 | 23345 | 16794 |
| **6/23** | 19312 | 24939 | 18287 |
| **7/23** | 20213 | 25833 | 19359 |
| **8/23** | 19620 | 25334 | 18614 |
| **9/23** | 18497 | 24128 | 17618 |
| **10/23** | 17711 | 23488 | 16629 |
| **11/23** | 19223 | 25678 | 18138 |
| **12/23** | 21086 | 27040 | 20042 |
| **1/24** | 20772 | 27340 | 19479 |
| **2/24** | 21701 | 28820 | 20260 |
| **3/24** | 22850 | 29749 | 21258 |
| **4/24** | 21470 | 28440 | 19922 |
| **5/24** | 22136 | 29784 | 20761 |
| **6/24** | 21828 | 30706 | 20343 |
| **7/24** | 23445 | 31277 | 21991 |
| **8/24** | 23494 | 31958 | 21990 |
| **9/24** | 23706 | 32619 | 22302 |
| **10/24** | 23474 | 32379 | 22021 |
| **11/24** | 25524 | 34533 | 23963 |
| **12/24** | 23427 | 33478 | 22243 |
| **1/25** | 24310 | 34535 | 23000 |
| **2/25** | 23743 | 33873 | 22150 |
| **3/25** | 22600 | 31897 | 20946 |
| **4/25** | 21777 | 31683 | 20340 |
| **5/25** | 22803 | 33691 | 21501 |
| **6/25** | 23635 | 35403 | 22473 |
| **7/25** | 24054 | 36183 | 22863 |
| **8/25** | 25058 | 37020 | 24063 |

---

### **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **1-Year** | **5-Year** | **10-Year** |
| Institutional Shares | 6.66% | 14.17% | 9.62% |
| Russell 3000 Index | 15.84% | 14.11% | 13.98% |
| Russell 2500 Value Index | 9.43% | 13.83% | 9.18% |

---

**Past performance is not a good predictor of the Fund's future performance.** The graph above represents historical performance of a hypothetical investment of $10,000 in the Fund over the past ten years (or since inception if shorter). The table and graph above do not reflect the impact of taxes. If they did, performance would be lower. The Russell 3000 Index is the Fund's primary broad-based index and is included to meet the recently revised definition of "broad-based securities market index". The Russell 2500 Value Index is included as an additional index for the Fund as it shows how the Fund's performance compares with the returns of an index of funds with similar investment objectives. Visit www.principalam.com/mutualfundperformance for more recent performance information.

### **Fund Statistics** 
* Net Assets (amount in thousands)$1,618,543

* Total Number of Portfolio Holdings73

* Portfolio Turnover Rate 25.9%

* Total Advisory Fees Paid (amount in thousands)$12,587

#### Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Common Stocks | 98.72% |
| Investment Companies | 1.32% |
| Other Assets and Liabilities | (0.04)% |
| Total Net Assets | 100.00% |

---

#### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **Percent of Net Assets** |
| Financial | 31.25% |
| Industrial | 22.09% |
| Consumer, Non-cyclical | 11.95% |
| Consumer, Cyclical | 10.69% |
| Technology | 7.90% |
| Energy | 5.07% |
| Utilities | 4.87% |
| Basic Materials | 2.79% |
| Communications | 2.11% |
| Money Market Funds | 1.32% |
| Other Assets and Liabilities | (0.04)% |
| Total Net Assets | 100.00% |

---

## **Material Fund Changes** 
There were no material changes to the Fund for the period September 1, 2024 to August 31, 2025. For more complete information, you may review the Fund's most recent prospectus at www.PrincipalAM.com/prospectuses.

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

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

## **Householding** 
To avoid sending duplicate copies of materials to households, mailings for accounts held by members of your household may be combined so that only one copy of each annual and semi-annual shareholder reports will be mailed. If you prefer to receive multiple copies of the shareholder reports, you may request that by contacting us at <u>1-800-222-5852</u>. Householding will be stopped within 30 days after we receive your request.

FV898ARI-0

# R-6

# PMDHX

# Small-MidCap Dividend Income Fund
![Image](ic492f610b062e6032b887517.jpg)

#### Annual Shareholder Report August 31, 2025
This annual shareholder report contains important information about Small-MidCap Dividend Income Fund (the "Fund") for the period of September 1, 2024 to August 31, 2025. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last year?
(based 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 | $81 | 0.78% |

---

## **Management's Discussion of Fund Performance** 
The Fund seeks to provide current income and long-term growth of income and capital. The Fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in dividend-paying equity securities of companies with small-to-medium market capitalizations at the time of purchase. Its investments include the securities of foreign issuers and real estate investment trusts. Williams-Sonoma Inc (WSM) helped performance as the company improved its margin structure, store efficiency, and drove e-commerce sales. Comfort Systems USA (FIX) beat expectations with earnings rising significantly year over year, strong same store revenue growth and an impressive backlog. Raymond James Financial (RJF) benefited from investor enthusiasm for banks and a strong balance sheet. Not owning Robinhood Markets Inc (HOOD) detracted from results. Select Medical Holdings Corp (SEM) hindered results as margins were pressured due to reimbursement headwinds. Finally, Brunswick Corporation (BC) lagged as the marine industry is in the midst of an inventory correction driven by higher interest rates and softening boat demand.

## How did the Fund perform over the last 10 years?
![The graph represents how a hypothetical investment of $10,000 would have performed over the specified time period.](i22aa228bb932136f5fc60d4b.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **R-6 Shares at net asset value $25,225** | **Russell 3000 Index $37,020** | **Russell 2500 Value Index $24,063** |
| **8/15** | 10000 | 10000 | 10000 |
| **9/15** | 9728 | 9709 | 9647 |
| **10/15** | 10491 | 10475 | 10219 |
| **11/15** | 10633 | 10534 | 10391 |
| **12/15** | 10309 | 10317 | 9915 |
| **1/16** | 9774 | 9735 | 9307 |
| **2/16** | 9896 | 9732 | 9407 |
| **3/16** | 10822 | 10417 | 10245 |
| **4/16** | 11147 | 10482 | 10444 |
| **5/16** | 11408 | 10669 | 10629 |
| **6/16** | 11457 | 10691 | 10692 |
| **7/16** | 12030 | 11116 | 11179 |
| **8/16** | 12292 | 11144 | 11279 |
| **9/16** | 12274 | 11161 | 11353 |
| **10/16** | 12093 | 10920 | 11013 |
| **11/16** | 12963 | 11409 | 12069 |
| **12/16** | 13401 | 11631 | 12413 |
| **1/17** | 13643 | 11850 | 12481 |
| **2/17** | 13977 | 12291 | 12714 |
| **3/17** | 13862 | 12299 | 12615 |
| **4/17** | 13987 | 12430 | 12602 |
| **5/17** | 13803 | 12557 | 12328 |
| **6/17** | 14082 | 12670 | 12656 |
| **7/17** | 14241 | 12909 | 12754 |
| **8/17** | 13964 | 12934 | 12533 |
| **9/17** | 14653 | 13249 | 13141 |
| **10/17** | 14787 | 13538 | 13212 |
| **11/17** | 15183 | 13950 | 13645 |
| **12/17** | 15190 | 14089 | 13699 |
| **1/18** | 15491 | 14832 | 13872 |
| **2/18** | 14704 | 14285 | 13191 |
| **3/18** | 14773 | 13998 | 13336 |
| **4/18** | 14888 | 14051 | 13481 |
| **5/18** | 15305 | 14448 | 14035 |
| **6/18** | 15281 | 14543 | 14110 |
| **7/18** | 15707 | 15025 | 14390 |
| **8/18** | 15974 | 15553 | 14717 |
| **9/18** | 15673 | 15579 | 14487 |
| **10/18** | 14283 | 14431 | 13248 |
| **11/18** | 14693 | 14720 | 13498 |
| **12/18** | 13143 | 13350 | 12006 |
| **1/19** | 14573 | 14496 | 13348 |
| **2/19** | 14833 | 15006 | 13765 |
| **3/19** | 14683 | 15225 | 13581 |
| **4/19** | 15204 | 15833 | 14057 |
| **5/19** | 14069 | 14809 | 12997 |
| **6/19** | 15073 | 15849 | 13838 |
| **7/19** | 15198 | 16084 | 13928 |
| **8/19** | 14769 | 15757 | 13250 |
| **9/19** | 15574 | 16033 | 13856 |
| **10/19** | 15679 | 16378 | 14056 |
| **11/19** | 15984 | 17001 | 14401 |
| **12/19** | 16486 | 17492 | 14836 |
| **1/20** | 15845 | 17473 | 14295 |
| **2/20** | 14137 | 16042 | 12917 |
| **3/20** | 10555 | 13836 | 9696 |
| **4/20** | 11879 | 15668 | 10978 |
| **5/20** | 12352 | 16506 | 11480 |
| **6/20** | 12595 | 16884 | 11693 |
| **7/20** | 12886 | 17842 | 12045 |
| **8/20** | 12961 | 19135 | 12592 |
| **9/20** | 12349 | 18438 | 12108 |
| **10/20** | 12782 | 18040 | 12381 |
| **11/20** | 14567 | 20235 | 14547 |
| **12/20** | 15461 | 21145 | 15559 |
| **1/21** | 15559 | 21051 | 15903 |
| **2/21** | 16712 | 21709 | 17318 |
| **3/21** | 17596 | 22487 | 18178 |
| **4/21** | 18523 | 23647 | 18958 |
| **5/21** | 18742 | 23754 | 19343 |
| **6/21** | 18393 | 24340 | 19087 |
| **7/21** | 18590 | 24752 | 18808 |
| **8/21** | 18798 | 25458 | 19204 |
| **9/21** | 18406 | 24315 | 18692 |
| **10/21** | 19490 | 25960 | 19580 |
| **11/21** | 19096 | 25565 | 18898 |
| **12/21** | 20177 | 26571 | 19882 |
| **1/22** | 19341 | 25008 | 18871 |
| **2/22** | 19297 | 24378 | 19179 |
| **3/22** | 19220 | 25169 | 19583 |
| **4/22** | 17973 | 22910 | 18256 |
| **5/22** | 18679 | 22879 | 18605 |
| **6/22** | 17028 | 20965 | 16569 |
| **7/22** | 18745 | 22932 | 18173 |
| **8/22** | 17847 | 22076 | 17603 |
| **9/22** | 16218 | 20029 | 15823 |
| **10/22** | 17755 | 21672 | 17493 |
| **11/22** | 18690 | 22803 | 18372 |
| **12/22** | 17832 | 21468 | 17280 |
| **1/23** | 19394 | 22946 | 19007 |
| **2/23** | 19066 | 22410 | 18469 |
| **3/23** | 18218 | 23009 | 17521 |
| **4/23** | 18289 | 23254 | 17288 |
| **5/23** | 17616 | 23345 | 16794 |
| **6/23** | 19411 | 24939 | 18287 |
| **7/23** | 20324 | 25833 | 19359 |
| **8/23** | 19719 | 25334 | 18614 |
| **9/23** | 18588 | 24128 | 17618 |
| **10/23** | 17803 | 23488 | 16629 |
| **11/23** | 19326 | 25678 | 18138 |
| **12/23** | 21203 | 27040 | 20042 |
| **1/24** | 20890 | 27340 | 19479 |
| **2/24** | 21818 | 28820 | 20260 |
| **3/24** | 22971 | 29749 | 21258 |
| **4/24** | 21579 | 28440 | 19922 |
| **5/24** | 22257 | 29784 | 20761 |
| **6/24** | 21952 | 30706 | 20343 |
| **7/24** | 23582 | 31277 | 21991 |
| **8/24** | 23618 | 31958 | 21990 |
| **9/24** | 23834 | 32619 | 22302 |
| **10/24** | 23614 | 32379 | 22021 |
| **11/24** | 25664 | 34533 | 23963 |
| **12/24** | 23560 | 33478 | 22243 |
| **1/25** | 24456 | 34535 | 23000 |
| **2/25** | 23888 | 33873 | 22150 |
| **3/25** | 22736 | 31897 | 20946 |
| **4/25** | 21913 | 31683 | 20340 |
| **5/25** | 22952 | 33691 | 21501 |
| **6/25** | 23775 | 35403 | 22473 |
| **7/25** | 24208 | 36183 | 22863 |
| **8/25** | 25225 | 37020 | 24063 |

---

### **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **1-Year** | **5-Year** | **10-Year<sup>Footnote Reference\*</sup>** |
| R-6 Shares | 6.80% | 14.24% | 9.69% |
| Russell 3000 Index | 15.84% | 14.11% | 13.98% |
| Russell 2500 Value Index | 9.43% | 13.83% | 9.18% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;For periods prior to the inception date of the share class, extended performance is calculated to reflect the historical performance of the oldest share class of the Fund, adjusted for the fees and expenses of this share class. The extended performance inception date is June 6, 2011. |

---

**Past performance is not a good predictor of the Fund's future performance.** The graph above represents historical performance of a hypothetical investment of $10,000 in the Fund over the past ten years (or since inception if shorter). The table and graph above do not reflect the impact of taxes. If they did, performance would be lower. The Russell 3000 Index is the Fund's primary broad-based index and is included to meet the recently revised definition of "broad-based securities market index". The Russell 2500 Value Index is included as an additional index for the Fund as it shows how the Fund's performance compares with the returns of an index of funds with similar investment objectives. Visit www.principalam.com/mutualfundperformance for more recent performance information.

### **Fund Statistics** 
* Net Assets (amount in thousands)$1,618,543

* Total Number of Portfolio Holdings73

* Portfolio Turnover Rate 25.9%

* Total Advisory Fees Paid (amount in thousands)$12,587

#### Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Common Stocks | 98.72% |
| Investment Companies | 1.32% |
| Other Assets and Liabilities | (0.04)% |
| Total Net Assets | 100.00% |

---

#### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **Percent of Net Assets** |
| Financial | 31.25% |
| Industrial | 22.09% |
| Consumer, Non-cyclical | 11.95% |
| Consumer, Cyclical | 10.69% |
| Technology | 7.90% |
| Energy | 5.07% |
| Utilities | 4.87% |
| Basic Materials | 2.79% |
| Communications | 2.11% |
| Money Market Funds | 1.32% |
| Other Assets and Liabilities | (0.04)% |
| Total Net Assets | 100.00% |

---

## **Material Fund Changes** 
There were no material changes to the Fund for the period September 1, 2024 to August 31, 2025. For more complete information, you may review the Fund's most recent prospectus at www.PrincipalAM.com/prospectuses.

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

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

## **Householding** 
To avoid sending duplicate copies of materials to households, mailings for accounts held by members of your household may be combined so that only one copy of each annual and semi-annual shareholder reports will be mailed. If you prefer to receive multiple copies of the shareholder reports, you may request that by contacting us at <u>1-800-222-5852</u>. Householding will be stopped within 30 days after we receive your request.

FV898ARR6-0

# Class A

# PPSAX

# Spectrum Preferred and Capital Securities Income Fund
![Image](ic492f610b062e6032b887517.jpg)

#### Annual Shareholder Report August 31, 2025
This annual shareholder report contains important information about Spectrum Preferred and Capital Securities Income Fund (the "Fund") for the period of September 1, 2024 to August 31, 2025. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last year?
(based 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 | $108 | 1.04% |

---

## **Management's Discussion of Fund Performance** 
The Fund seeks to provide current income. The Fund invests at least 80% of its net assets, plus any borrowing for investment purposes, in preferred securities and capital securities. Preferred securities typically include preferred stock and various types of junior subordinated debt and trust preferred securities. It also invests up to 55% of its assets in below-investment-grade preferred securities and bonds (sometimes called "high yield bonds" or "junk bonds"), which are rated at the time of purchase Ba1 or lower by Moody's and BB+ or lower by S&P Global. The bond market went through a series of stop and go exercises over the past year as the Fed cut the target rate by 100 basis points to 4.25% by the end of December but then paused over concerns of inflation being further impelled by President Trump's tariff threats. Indeed, tariff threats accelerated March to April which caused an equity correction and a material widening of hybrid credit spreads against a backdrop of long-term rates rising into May and staying elevated into August. Over the course of the year, spreads traded from being about 1 standard deviation tight to +1 ½ standard deviations wide by April – only to snap back over the course of the summer to close August being about ½ standard deviation tighter than 1year ago. Allocation and security selection within the Banking Industry were the primary contributors in absolute terms and relative to the Ice BofA U.S. All Capital Securities Index. Insurance and Financial Services contributed positively. Underweights in Electric Utilities and Pipelines contributed positively but detracted from relative performance due to underweights. Telecommunications and Real Estate Investment Trusts detracted. Inflation concerns and economic resilience continue to keep U.S. Treasury rates high and credit spreads tighter than average.

## How did the Fund perform over the last 10 years?
![The graph represents how a hypothetical investment of $10,000 would have performed over the specified time period.](i51e97492a70dfd8bd9c68058.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class A Shares with maximum sales charge $14,547** | **Bloomberg Global Aggregate Index $11,191** | **ICE BofA US All Capital Securities Index $15,825** |
| **8/15** | 9624 | 10000 | 10000 |
| **9/15** | 9606 | 10051 | 10007 |
| **10/15** | 9757 | 10072 | 10178 |
| **11/15** | 9774 | 9905 | 10220 |
| **12/15** | 9792 | 9958 | 10234 |
| **1/16** | 9754 | 10044 | 10199 |
| **2/16** | 9609 | 10268 | 10090 |
| **3/16** | 9782 | 10546 | 10316 |
| **4/16** | 9879 | 10686 | 10435 |
| **5/16** | 9983 | 10543 | 10576 |
| **6/16** | 10019 | 10850 | 10658 |
| **7/16** | 10193 | 10932 | 10864 |
| **8/16** | 10287 | 10879 | 10968 |
| **9/16** | 10265 | 10939 | 10912 |
| **10/16** | 10304 | 10635 | 10911 |
| **11/16** | 10085 | 10213 | 10575 |
| **12/16** | 10124 | 10166 | 10624 |
| **1/17** | 10325 | 10280 | 10850 |
| **2/17** | 10486 | 10329 | 11056 |
| **3/17** | 10525 | 10345 | 11109 |
| **4/17** | 10692 | 10461 | 11263 |
| **5/17** | 10796 | 10623 | 11381 |
| **6/17** | 10918 | 10614 | 11499 |
| **7/17** | 11012 | 10793 | 11588 |
| **8/17** | 11039 | 10900 | 11631 |
| **9/17** | 11071 | 10801 | 11673 |
| **10/17** | 11145 | 10760 | 11716 |
| **11/17** | 11143 | 10880 | 11725 |
| **12/17** | 11159 | 10918 | 11745 |
| **1/18** | 11104 | 11048 | 11617 |
| **2/18** | 11061 | 10950 | 11620 |
| **3/18** | 11028 | 11066 | 11604 |
| **4/18** | 10986 | 10889 | 11546 |
| **5/18** | 10932 | 10806 | 11579 |
| **6/18** | 10944 | 10758 | 11630 |
| **7/18** | 11020 | 10740 | 11704 |
| **8/18** | 11074 | 10752 | 11818 |
| **9/18** | 11034 | 10659 | 11754 |
| **10/18** | 10917 | 10540 | 11578 |
| **11/18** | 10758 | 10573 | 11367 |
| **12/18** | 10628 | 10787 | 11223 |
| **1/19** | 11041 | 10951 | 11803 |
| **2/19** | 11186 | 10888 | 12000 |
| **3/19** | 11309 | 11024 | 12157 |
| **4/19** | 11457 | 10991 | 12324 |
| **5/19** | 11479 | 11140 | 12365 |
| **6/19** | 11698 | 11387 | 12575 |
| **7/19** | 11845 | 11356 | 12785 |
| **8/19** | 11938 | 11587 | 12909 |
| **9/19** | 12038 | 11469 | 12994 |
| **10/19** | 12174 | 11545 | 13124 |
| **11/19** | 12235 | 11458 | 13124 |
| **12/19** | 12345 | 11524 | 13286 |
| **1/20** | 12505 | 11671 | 13447 |
| **2/20** | 12333 | 11750 | 13159 |
| **3/20** | 10825 | 11487 | 11763 |
| **4/20** | 11581 | 11712 | 12671 |
| **5/20** | 11804 | 11764 | 12913 |
| **6/20** | 11918 | 11868 | 12934 |
| **7/20** | 12286 | 12247 | 13461 |
| **8/20** | 12507 | 12228 | 13700 |
| **9/20** | 12431 | 12184 | 13590 |
| **10/20** | 12490 | 12196 | 13676 |
| **11/20** | 12856 | 12417 | 14081 |
| **12/20** | 12993 | 12584 | 14300 |
| **1/21** | 12972 | 12473 | 14194 |
| **2/21** | 12937 | 12259 | 14078 |
| **3/21** | 12978 | 12023 | 14241 |
| **4/21** | 13156 | 12175 | 14424 |
| **5/21** | 13198 | 12289 | 14509 |
| **6/21** | 13327 | 12181 | 14702 |
| **7/21** | 13381 | 12343 | 14766 |
| **8/21** | 13422 | 12291 | 14795 |
| **9/21** | 13420 | 12073 | 14792 |
| **10/21** | 13371 | 12044 | 14778 |
| **11/21** | 13233 | 12009 | 14573 |
| **12/21** | 13352 | 11992 | 14789 |
| **1/22** | 13126 | 11746 | 14426 |
| **2/22** | 12753 | 11606 | 13969 |
| **3/22** | 12667 | 11253 | 13853 |
| **4/22** | 12297 | 10637 | 13260 |
| **5/22** | 12200 | 10666 | 13298 |
| **6/22** | 11712 | 10323 | 12742 |
| **7/22** | 12245 | 10543 | 13410 |
| **8/22** | 12042 | 10127 | 13101 |
| **9/22** | 11533 | 9606 | 12590 |
| **10/22** | 11528 | 9540 | 12294 |
| **11/22** | 11804 | 9989 | 12738 |
| **12/22** | 11884 | 10043 | 12594 |
| **1/23** | 12485 | 10373 | 13681 |
| **2/23** | 12315 | 10028 | 13419 |
| **3/23** | 11644 | 10345 | 12782 |
| **4/23** | 11785 | 10391 | 12978 |
| **5/23** | 11749 | 10188 | 12827 |
| **6/23** | 11863 | 10187 | 12954 |
| **7/23** | 12117 | 10258 | 13162 |
| **8/23** | 12069 | 10117 | 13077 |
| **9/23** | 11976 | 9822 | 12928 |
| **10/23** | 11787 | 9704 | 12539 |
| **11/23** | 12270 | 10194 | 13338 |
| **12/23** | 12629 | 10617 | 13764 |
| **1/24** | 12863 | 10471 | 14122 |
| **2/24** | 12926 | 10339 | 14243 |
| **3/24** | 13091 | 10396 | 14389 |
| **4/24** | 12970 | 10134 | 14092 |
| **5/24** | 13179 | 10267 | 14369 |
| **6/24** | 13274 | 10281 | 14457 |
| **7/24** | 13429 | 10565 | 14601 |
| **8/24** | 13629 | 10815 | 14980 |
| **9/24** | 13870 | 10999 | 15339 |
| **10/24** | 13804 | 10631 | 15222 |
| **11/24** | 13872 | 10667 | 15290 |
| **12/24** | 13839 | 10438 | 15087 |
| **1/25** | 13936 | 10497 | 15184 |
| **2/25** | 14050 | 10648 | 15350 |
| **3/25** | 14014 | 10713 | 15175 |
| **4/25** | 13920 | 11028 | 15024 |
| **5/25** | 14125 | 10989 | 15197 |
| **6/25** | 14322 | 11197 | 15453 |
| **7/25** | 14448 | 11030 | 15638 |
| **8/25** | 14547 | 11191 | 15825 |

---

### **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **1-Year** | **5-Year** | **10-Year** |
| Class A Shares Excluding Sales Charge | 6.74% | 3.07% | 4.22% |
| Class A Shares Including Sales Charge | 2.76% | 2.29% | 3.82% |
| Bloomberg Global Aggregate Index | 3.47% | -1.76% | 1.13% |
| ICE BofA US All Capital Securities Index | 5.64% | 2.93% | 4.70% |

---

**Past performance is not a good predictor of the Fund's future performance.** The graph above represents historical performance of a hypothetical investment of $10,000 in the Fund over the past ten years (or since inception if shorter). The table and graph above do not reflect the impact of taxes. If they did, performance would be lower. The Bloomberg Global Aggregate Index is the Fund's primary broad-based index and is included to meet the recently revised definition of "broad-based securities market index". The ICE BofA US All Capital Securities Index is included as an additional index for the Fund as it shows how the Fund's performance compares with the returns of an index of funds with similar investment objectives. Visit www.principalam.com/mutualfundperformance for more recent performance information.

### **Fund Statistics** 
* Net Assets (amount in thousands)$5,408,316

* Total Number of Portfolio Holdings327

* Portfolio Turnover Rate 24.8%

* Total Advisory Fees Paid (amount in thousands)$40,442

#### Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Bonds | 87.73% |
| Preferred Stocks | 9.66% |
| Investment Companies | 2.84% |
| Convertible Preferred Stocks | 0.06% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | (0.29)% |
| Total Net Assets | 100.00% |

---

---

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

---

#### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **Percent of Net Assets** |
| Financial | 85.36% |
| Energy | 4.95% |
| Utilities | 4.81% |
| Money Market Funds | 2.12% |
| Government | 1.03% |
| Exchange-Traded Funds | 0.72% |
| Communications | 0.69% |
| Consumer, Non-cyclical | 0.61% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | (0.29)% |
| Total Net Assets | 100.00% |

---

---

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

---

## **Material Fund Changes** 
There were no material changes to the Fund for the period September 1, 2024 to August 31, 2025. For more complete information, you may review the Fund's most recent prospectus at www.PrincipalAM.com/prospectuses.

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

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

## **Householding** 
To avoid sending duplicate copies of materials to households, mailings for accounts held by members of your household may be combined so that only one copy of each annual and semi-annual shareholder reports will be mailed. If you prefer to receive multiple copies of the shareholder reports, you may request that by contacting us at <u>1-800-222-5852</u>. Householding will be stopped within 30 days after we receive your request.

FV887ARA-0

# Class C

# PRFCX

# Spectrum Preferred and Capital Securities Income Fund
![Image](ic492f610b062e6032b887517.jpg)

#### Annual Shareholder Report August 31, 2025
This annual shareholder report contains important information about Spectrum Preferred and Capital Securities Income Fund (the "Fund") for the period of September 1, 2024 to August 31, 2025. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last year?
(based 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 | $186 | 1.81% |

---

## **Management's Discussion of Fund Performance** 
The Fund seeks to provide current income. The Fund invests at least 80% of its net assets, plus any borrowing for investment purposes, in preferred securities and capital securities. Preferred securities typically include preferred stock and various types of junior subordinated debt and trust preferred securities. It also invests up to 55% of its assets in below-investment-grade preferred securities and bonds (sometimes called "high yield bonds" or "junk bonds"), which are rated at the time of purchase Ba1 or lower by Moody's and BB+ or lower by S&P Global. The bond market went through a series of stop and go exercises over the past year as the Fed cut the target rate by 100 basis points to 4.25% by the end of December but then paused over concerns of inflation being further impelled by President Trump's tariff threats. Indeed, tariff threats accelerated March to April which caused an equity correction and a material widening of hybrid credit spreads against a backdrop of long-term rates rising into May and staying elevated into August. Over the course of the year, spreads traded from being about 1 standard deviation tight to +1 ½ standard deviations wide by April – only to snap back over the course of the summer to close August being about ½ standard deviation tighter than 1year ago. Allocation and security selection within the Banking Industry were the primary contributors in absolute terms and relative to the Ice BofA U.S. All Capital Securities Index. Insurance and Financial Services contributed positively. Underweights in Electric Utilities and Pipelines contributed positively but detracted from relative performance due to underweights. Telecommunications and Real Estate Investment Trusts detracted. Inflation concerns and economic resilience continue to keep U.S. Treasury rates high and credit spreads tighter than average.

## How did the Fund perform over the last 10 years?
![The graph represents how a hypothetical investment of $10,000 would have performed over the specified time period.](i16f5bf336a0f472b154c04a0.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class C Shares with maximum sales charge $14,234** | **Bloomberg Global Aggregate Index $11,191** | **ICE BofA US All Capital Securities Index $15,825** |
| **8/15** | 10000 | 10000 | 10000 |
| **9/15** | 9975 | 10051 | 10007 |
| **10/15** | 10125 | 10072 | 10178 |
| **11/15** | 10138 | 9905 | 10220 |
| **12/15** | 10141 | 9958 | 10234 |
| **1/16** | 10104 | 10044 | 10199 |
| **2/16** | 9947 | 10268 | 10090 |
| **3/16** | 10121 | 10546 | 10316 |
| **4/16** | 10205 | 10686 | 10435 |
| **5/16** | 10316 | 10543 | 10576 |
| **6/16** | 10346 | 10850 | 10658 |
| **7/16** | 10520 | 10932 | 10864 |
| **8/16** | 10611 | 10879 | 10968 |
| **9/16** | 10581 | 10939 | 10912 |
| **10/16** | 10616 | 10635 | 10911 |
| **11/16** | 10373 | 10213 | 10575 |
| **12/16** | 10417 | 10166 | 10624 |
| **1/17** | 10608 | 10280 | 10850 |
| **2/17** | 10778 | 10329 | 11056 |
| **3/17** | 10811 | 10345 | 11109 |
| **4/17** | 10965 | 10461 | 11263 |
| **5/17** | 11076 | 10623 | 11381 |
| **6/17** | 11194 | 10614 | 11499 |
| **7/17** | 11272 | 10793 | 11588 |
| **8/17** | 11303 | 10900 | 11631 |
| **9/17** | 11318 | 10801 | 11673 |
| **10/17** | 11386 | 10760 | 11716 |
| **11/17** | 11378 | 10880 | 11725 |
| **12/17** | 11397 | 10918 | 11745 |
| **1/18** | 11334 | 11048 | 11617 |
| **2/18** | 11283 | 10950 | 11620 |
| **3/18** | 11232 | 11066 | 11604 |
| **4/18** | 11182 | 10889 | 11546 |
| **5/18** | 11131 | 10806 | 11579 |
| **6/18** | 11135 | 10758 | 11630 |
| **7/18** | 11195 | 10740 | 11704 |
| **8/18** | 11254 | 10752 | 11818 |
| **9/18** | 11207 | 10659 | 11754 |
| **10/18** | 11080 | 10540 | 11578 |
| **11/18** | 10901 | 10573 | 11367 |
| **12/18** | 10774 | 10787 | 11223 |
| **1/19** | 11185 | 10951 | 11803 |
| **2/19** | 11326 | 10888 | 12000 |
| **3/19** | 11432 | 11024 | 12157 |
| **4/19** | 11585 | 10991 | 12324 |
| **5/19** | 11589 | 11140 | 12365 |
| **6/19** | 11814 | 11387 | 12575 |
| **7/19** | 11954 | 11356 | 12785 |
| **8/19** | 12039 | 11587 | 12909 |
| **9/19** | 12132 | 11469 | 12994 |
| **10/19** | 12260 | 11545 | 13124 |
| **11/19** | 12315 | 11458 | 13124 |
| **12/19** | 12417 | 11524 | 13286 |
| **1/20** | 12570 | 11671 | 13447 |
| **2/20** | 12389 | 11750 | 13159 |
| **3/20** | 10865 | 11487 | 11763 |
| **4/20** | 11630 | 11712 | 12671 |
| **5/20** | 11834 | 11764 | 12913 |
| **6/20** | 11942 | 11868 | 12934 |
| **7/20** | 12302 | 12247 | 13461 |
| **8/20** | 12515 | 12228 | 13700 |
| **9/20** | 12443 | 12184 | 13590 |
| **10/20** | 12481 | 12196 | 13676 |
| **11/20** | 12840 | 12417 | 14081 |
| **12/20** | 12966 | 12584 | 14300 |
| **1/21** | 12950 | 12473 | 14194 |
| **2/21** | 12895 | 12259 | 14078 |
| **3/21** | 12927 | 12023 | 14241 |
| **4/21** | 13094 | 12175 | 14424 |
| **5/21** | 13140 | 12289 | 14509 |
| **6/21** | 13247 | 12181 | 14702 |
| **7/21** | 13292 | 12343 | 14766 |
| **8/21** | 13338 | 12291 | 14795 |
| **9/21** | 13328 | 12073 | 14792 |
| **10/21** | 13270 | 12044 | 14778 |
| **11/21** | 13125 | 12009 | 14573 |
| **12/21** | 13221 | 11992 | 14789 |
| **1/22** | 12989 | 11746 | 14426 |
| **2/22** | 12625 | 11606 | 13969 |
| **3/22** | 12532 | 11253 | 13853 |
| **4/22** | 12144 | 10637 | 13260 |
| **5/22** | 12054 | 10666 | 13298 |
| **6/22** | 11564 | 10323 | 12742 |
| **7/22** | 12082 | 10543 | 13410 |
| **8/22** | 11874 | 10127 | 13101 |
| **9/22** | 11365 | 9606 | 12590 |
| **10/22** | 11353 | 9540 | 12294 |
| **11/22** | 11604 | 9989 | 12738 |
| **12/22** | 11688 | 10043 | 12594 |
| **1/23** | 12258 | 10373 | 13681 |
| **2/23** | 12085 | 10028 | 13419 |
| **3/23** | 11430 | 10345 | 12782 |
| **4/23** | 11561 | 10391 | 12978 |
| **5/23** | 11518 | 10188 | 12827 |
| **6/23** | 11623 | 10187 | 12954 |
| **7/23** | 11864 | 10258 | 13162 |
| **8/23** | 11796 | 10117 | 13077 |
| **9/23** | 11718 | 9822 | 12928 |
| **10/23** | 11533 | 9704 | 12539 |
| **11/23** | 12005 | 10194 | 13338 |
| **12/23** | 12357 | 10617 | 13764 |
| **1/24** | 12586 | 10471 | 14122 |
| **2/24** | 12648 | 10339 | 14243 |
| **3/24** | 12809 | 10396 | 14389 |
| **4/24** | 12690 | 10134 | 14092 |
| **5/24** | 12896 | 10267 | 14369 |
| **6/24** | 12988 | 10281 | 14457 |
| **7/24** | 13140 | 10565 | 14601 |
| **8/24** | 13336 | 10815 | 14980 |
| **9/24** | 13571 | 10999 | 15339 |
| **10/24** | 13507 | 10631 | 15222 |
| **11/24** | 13574 | 10667 | 15290 |
| **12/24** | 13541 | 10438 | 15087 |
| **1/25** | 13636 | 10497 | 15184 |
| **2/25** | 13747 | 10648 | 15350 |
| **3/25** | 13712 | 10713 | 15175 |
| **4/25** | 13621 | 11028 | 15024 |
| **5/25** | 13821 | 10989 | 15197 |
| **6/25** | 14014 | 11197 | 15453 |
| **7/25** | 14137 | 11030 | 15638 |
| **8/25** | 14234 | 11191 | 15825 |

---

### **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **1-Year** | **5-Year** | **10-Year** |
| Class C Shares Excluding Sales Charge | 5.92% | 2.29% | 3.59% |
| Class C Shares Including Sales Charge | 4.92% | 2.29% | 3.59% |
| Bloomberg Global Aggregate Index | 3.47% | -1.76% | 1.13% |
| ICE BofA US All Capital Securities Index | 5.64% | 2.93% | 4.70% |

---

**Past performance is not a good predictor of the Fund's future performance.** The graph above represents historical performance of a hypothetical investment of $10,000 in the Fund over the past ten years (or since inception if shorter). The table and graph above do not reflect the impact of taxes. If they did, performance would be lower. The Bloomberg Global Aggregate Index is the Fund's primary broad-based index and is included to meet the recently revised definition of "broad-based securities market index". The ICE BofA US All Capital Securities Index is included as an additional index for the Fund as it shows how the Fund's performance compares with the returns of an index of funds with similar investment objectives. Visit www.principalam.com/mutualfundperformance for more recent performance information.

### **Fund Statistics** 
* Net Assets (amount in thousands)$5,408,316

* Total Number of Portfolio Holdings327

* Portfolio Turnover Rate 24.8%

* Total Advisory Fees Paid (amount in thousands)$40,442

#### Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Bonds | 87.73% |
| Preferred Stocks | 9.66% |
| Investment Companies | 2.84% |
| Convertible Preferred Stocks | 0.06% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | (0.29)% |
| Total Net Assets | 100.00% |

---

---

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

---

#### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **Percent of Net Assets** |
| Financial | 85.36% |
| Energy | 4.95% |
| Utilities | 4.81% |
| Money Market Funds | 2.12% |
| Government | 1.03% |
| Exchange-Traded Funds | 0.72% |
| Communications | 0.69% |
| Consumer, Non-cyclical | 0.61% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | (0.29)% |
| Total Net Assets | 100.00% |

---

---

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

---

## **Material Fund Changes** 
There were no material changes to the Fund for the period September 1, 2024 to August 31, 2025. For more complete information, you may review the Fund's most recent prospectus at www.PrincipalAM.com/prospectuses.

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

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

## **Householding** 
To avoid sending duplicate copies of materials to households, mailings for accounts held by members of your household may be combined so that only one copy of each annual and semi-annual shareholder reports will be mailed. If you prefer to receive multiple copies of the shareholder reports, you may request that by contacting us at <u>1-800-222-5852</u>. Householding will be stopped within 30 days after we receive your request.

FV887ARC-0

# Class J

# PPSJX

# Spectrum Preferred and Capital Securities Income Fund
![Image](ic492f610b062e6032b887517.jpg)

#### Annual Shareholder Report August 31, 2025
This annual shareholder report contains important information about Spectrum Preferred and Capital Securities Income Fund (the "Fund") for the period of September 1, 2024 to August 31, 2025. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last year?
(based 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 | $102 | 0.99% |

---

## **Management's Discussion of Fund Performance** 
The Fund seeks to provide current income. The Fund invests at least 80% of its net assets, plus any borrowing for investment purposes, in preferred securities and capital securities. Preferred securities typically include preferred stock and various types of junior subordinated debt and trust preferred securities. It also invests up to 55% of its assets in below-investment-grade preferred securities and bonds (sometimes called "high yield bonds" or "junk bonds"), which are rated at the time of purchase Ba1 or lower by Moody's and BB+ or lower by S&P Global. The bond market went through a series of stop and go exercises over the past year as the Fed cut the target rate by 100 basis points to 4.25% by the end of December but then paused over concerns of inflation being further impelled by President Trump's tariff threats. Indeed, tariff threats accelerated March to April which caused an equity correction and a material widening of hybrid credit spreads against a backdrop of long-term rates rising into May and staying elevated into August. Over the course of the year, spreads traded from being about 1 standard deviation tight to +1 ½ standard deviations wide by April – only to snap back over the course of the summer to close August being about ½ standard deviation tighter than 1year ago. Allocation and security selection within the Banking Industry were the primary contributors in absolute terms and relative to the Ice BofA U.S. All Capital Securities Index. Insurance and Financial Services contributed positively. Underweights in Electric Utilities and Pipelines contributed positively but detracted from relative performance due to underweights. Telecommunications and Real Estate Investment Trusts detracted. Inflation concerns and economic resilience continue to keep U.S. Treasury rates high and credit spreads tighter than average.

## How did the Fund perform over the last 10 years?
![The graph represents how a hypothetical investment of $10,000 would have performed over the specified time period.](i314a77b772b458c066bfd3f9.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class J Shares with maximum sales charge $15,140** | **Bloomberg Global Aggregate Index $11,191** | **ICE BofA US All Capital Securities Index $15,825** |
| **8/15** | 10000 | 10000 | 10000 |
| **9/15** | 9971 | 10051 | 10007 |
| **10/15** | 10131 | 10072 | 10178 |
| **11/15** | 10150 | 9905 | 10220 |
| **12/15** | 10170 | 9958 | 10234 |
| **1/16** | 10129 | 10044 | 10199 |
| **2/16** | 9985 | 10268 | 10090 |
| **3/16** | 10159 | 10546 | 10316 |
| **4/16** | 10262 | 10686 | 10435 |
| **5/16** | 10372 | 10543 | 10576 |
| **6/16** | 10411 | 10850 | 10658 |
| **7/16** | 10597 | 10932 | 10864 |
| **8/16** | 10687 | 10879 | 10968 |
| **9/16** | 10663 | 10939 | 10912 |
| **10/16** | 10705 | 10635 | 10911 |
| **11/16** | 10473 | 10213 | 10575 |
| **12/16** | 10525 | 10166 | 10624 |
| **1/17** | 10730 | 10280 | 10850 |
| **2/17** | 10891 | 10329 | 11056 |
| **3/17** | 10944 | 10345 | 11109 |
| **4/17** | 11111 | 10461 | 11263 |
| **5/17** | 11223 | 10623 | 11381 |
| **6/17** | 11355 | 10614 | 11499 |
| **7/17** | 11444 | 10793 | 11588 |
| **8/17** | 11474 | 10900 | 11631 |
| **9/17** | 11510 | 10801 | 11673 |
| **10/17** | 11589 | 10760 | 11716 |
| **11/17** | 11577 | 10880 | 11725 |
| **12/17** | 11605 | 10918 | 11745 |
| **1/18** | 11548 | 11048 | 11617 |
| **2/18** | 11503 | 10950 | 11620 |
| **3/18** | 11468 | 11066 | 11604 |
| **4/18** | 11424 | 10889 | 11546 |
| **5/18** | 11378 | 10806 | 11579 |
| **6/18** | 11379 | 10758 | 11630 |
| **7/18** | 11460 | 10740 | 11704 |
| **8/18** | 11518 | 10752 | 11818 |
| **9/18** | 11474 | 10659 | 11754 |
| **10/18** | 11361 | 10540 | 11578 |
| **11/18** | 11180 | 10573 | 11367 |
| **12/18** | 11054 | 10787 | 11223 |
| **1/19** | 11484 | 10951 | 11803 |
| **2/19** | 11627 | 10888 | 12000 |
| **3/19** | 11758 | 11024 | 12157 |
| **4/19** | 11916 | 10991 | 12324 |
| **5/19** | 11940 | 11140 | 12365 |
| **6/19** | 12162 | 11387 | 12575 |
| **7/19** | 12319 | 11356 | 12785 |
| **8/19** | 12410 | 11587 | 12909 |
| **9/19** | 12502 | 11469 | 12994 |
| **10/19** | 12659 | 11545 | 13124 |
| **11/19** | 12712 | 11458 | 13124 |
| **12/19** | 12829 | 11524 | 13286 |
| **1/20** | 12987 | 11671 | 13447 |
| **2/20** | 12815 | 11750 | 13159 |
| **3/20** | 11252 | 11487 | 11763 |
| **4/20** | 12035 | 11712 | 12671 |
| **5/20** | 12260 | 11764 | 12913 |
| **6/20** | 12383 | 11868 | 12934 |
| **7/20** | 12764 | 12247 | 13461 |
| **8/20** | 12990 | 12228 | 13700 |
| **9/20** | 12922 | 12184 | 13590 |
| **10/20** | 12984 | 12196 | 13676 |
| **11/20** | 13350 | 12417 | 14081 |
| **12/20** | 13497 | 12584 | 14300 |
| **1/21** | 13486 | 12473 | 14194 |
| **2/21** | 13436 | 12259 | 14078 |
| **3/21** | 13480 | 12023 | 14241 |
| **4/21** | 13670 | 12175 | 14424 |
| **5/21** | 13716 | 12289 | 14509 |
| **6/21** | 13843 | 12181 | 14702 |
| **7/21** | 13904 | 12343 | 14766 |
| **8/21** | 13964 | 12291 | 14795 |
| **9/21** | 13949 | 12073 | 14792 |
| **10/21** | 13911 | 12044 | 14778 |
| **11/21** | 13763 | 12009 | 14573 |
| **12/21** | 13878 | 11992 | 14789 |
| **1/22** | 13649 | 11746 | 14426 |
| **2/22** | 13263 | 11606 | 13969 |
| **3/22** | 13172 | 11253 | 13853 |
| **4/22** | 12774 | 10637 | 13260 |
| **5/22** | 12684 | 10666 | 13298 |
| **6/22** | 12189 | 10323 | 12742 |
| **7/22** | 12733 | 10543 | 13410 |
| **8/22** | 12515 | 10127 | 13101 |
| **9/22** | 11997 | 9606 | 12590 |
| **10/22** | 11992 | 9540 | 12294 |
| **11/22** | 12274 | 9989 | 12738 |
| **12/22** | 12361 | 10043 | 12594 |
| **1/23** | 12978 | 10373 | 13681 |
| **2/23** | 12796 | 10028 | 13419 |
| **3/23** | 12103 | 10345 | 12782 |
| **4/23** | 12254 | 10391 | 12978 |
| **5/23** | 12230 | 10188 | 12827 |
| **6/23** | 12339 | 10187 | 12954 |
| **7/23** | 12597 | 10258 | 13162 |
| **8/23** | 12544 | 10117 | 13077 |
| **9/23** | 12459 | 9822 | 12928 |
| **10/23** | 12255 | 9704 | 12539 |
| **11/23** | 12760 | 10194 | 13338 |
| **12/23** | 13133 | 10617 | 13764 |
| **1/24** | 13385 | 10471 | 14122 |
| **2/24** | 13439 | 10339 | 14243 |
| **3/24** | 13617 | 10396 | 14389 |
| **4/24** | 13487 | 10134 | 14092 |
| **5/24** | 13699 | 10267 | 14369 |
| **6/24** | 13802 | 10281 | 14457 |
| **7/24** | 13972 | 10565 | 14601 |
| **8/24** | 14187 | 10815 | 14980 |
| **9/24** | 14416 | 10999 | 15339 |
| **10/24** | 14362 | 10631 | 15222 |
| **11/24** | 14420 | 10667 | 15290 |
| **12/24** | 14401 | 10438 | 15087 |
| **1/25** | 14507 | 10497 | 15184 |
| **2/25** | 14614 | 10648 | 15350 |
| **3/25** | 14576 | 10713 | 15175 |
| **4/25** | 14492 | 11028 | 15024 |
| **5/25** | 14698 | 10989 | 15197 |
| **6/25** | 14912 | 11197 | 15453 |
| **7/25** | 15032 | 11030 | 15638 |
| **8/25** | 15140 | 11191 | 15825 |

---

### **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **1-Year** | **5-Year** | **10-Year** |
| Class J Shares Excluding Sales Charge | 6.72% | 3.11% | 4.24% |
| Class J Shares Including Sales Charge | 5.72% | 3.11% | 4.24% |
| Bloomberg Global Aggregate Index | 3.47% | -1.76% | 1.13% |
| ICE BofA US All Capital Securities Index | 5.64% | 2.93% | 4.70% |

---

**Past performance is not a good predictor of the Fund's future performance.** The graph above represents historical performance of a hypothetical investment of $10,000 in the Fund over the past ten years (or since inception if shorter). The table and graph above do not reflect the impact of taxes. If they did, performance would be lower. The Bloomberg Global Aggregate Index is the Fund's primary broad-based index and is included to meet the recently revised definition of "broad-based securities market index". The ICE BofA US All Capital Securities Index is included as an additional index for the Fund as it shows how the Fund's performance compares with the returns of an index of funds with similar investment objectives. Visit www.principalam.com/mutualfundperformance for more recent performance information.

### **Fund Statistics** 
* Net Assets (amount in thousands)$5,408,316

* Total Number of Portfolio Holdings327

* Portfolio Turnover Rate 24.8%

* Total Advisory Fees Paid (amount in thousands)$40,442

#### Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Bonds | 87.73% |
| Preferred Stocks | 9.66% |
| Investment Companies | 2.84% |
| Convertible Preferred Stocks | 0.06% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | (0.29)% |
| Total Net Assets | 100.00% |

---

---

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

---

#### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **Percent of Net Assets** |
| Financial | 85.36% |
| Energy | 4.95% |
| Utilities | 4.81% |
| Money Market Funds | 2.12% |
| Government | 1.03% |
| Exchange-Traded Funds | 0.72% |
| Communications | 0.69% |
| Consumer, Non-cyclical | 0.61% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | (0.29)% |
| Total Net Assets | 100.00% |

---

---

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

---

## **Material Fund Changes** 
There were no material changes to the Fund for the period September 1, 2024 to August 31, 2025. For more complete information, you may review the Fund's most recent prospectus at www.PrincipalAM.com/prospectuses.

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

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

## **Householding** 
To avoid sending duplicate copies of materials to households, mailings for accounts held by members of your household may be combined so that only one copy of each annual and semi-annual shareholder reports will be mailed. If you prefer to receive multiple copies of the shareholder reports, you may request that by contacting us at <u>1-800-222-5852</u>. Householding will be stopped within 30 days after we receive your request.

FV887ARJ-0

# Institutional

# PPSIX

# Spectrum Preferred and Capital Securities Income Fund
![Image](ic492f610b062e6032b887517.jpg)

#### Annual Shareholder Report August 31, 2025
This annual shareholder report contains important information about Spectrum Preferred and Capital Securities Income Fund (the "Fund") for the period of September 1, 2024 to August 31, 2025. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last year?
(based 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 | $83 | 0.80% |

---

## **Management's Discussion of Fund Performance** 
The Fund seeks to provide current income. The Fund invests at least 80% of its net assets, plus any borrowing for investment purposes, in preferred securities and capital securities. Preferred securities typically include preferred stock and various types of junior subordinated debt and trust preferred securities. It also invests up to 55% of its assets in below-investment-grade preferred securities and bonds (sometimes called "high yield bonds" or "junk bonds"), which are rated at the time of purchase Ba1 or lower by Moody's and BB+ or lower by S&P Global. The bond market went through a series of stop and go exercises over the past year as the Fed cut the target rate by 100 basis points to 4.25% by the end of December but then paused over concerns of inflation being further impelled by President Trump's tariff threats. Indeed, tariff threats accelerated March to April which caused an equity correction and a material widening of hybrid credit spreads against a backdrop of long-term rates rising into May and staying elevated into August. Over the course of the year, spreads traded from being about 1 standard deviation tight to +1 ½ standard deviations wide by April – only to snap back over the course of the summer to close August being about ½ standard deviation tighter than 1year ago. Allocation and security selection within the Banking Industry were the primary contributors in absolute terms and relative to the Ice BofA U.S. All Capital Securities Index. Insurance and Financial Services contributed positively. Underweights in Electric Utilities and Pipelines contributed positively but detracted from relative performance due to underweights. Telecommunications and Real Estate Investment Trusts detracted. Inflation concerns and economic resilience continue to keep U.S. Treasury rates high and credit spreads tighter than average.

## How did the Fund perform over the last 10 years?
![The graph represents how a hypothetical investment of $10,000 would have performed over the specified time period.](ia7d49b6511a2e691852a6a12.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Institutional Shares at net asset value $15,512** | **Bloomberg Global Aggregate Index $11,191** | **ICE BofA US All Capital Securities Index $15,825** |
| **8/15** | 10000 | 10000 | 10000 |
| **9/15** | 9984 | 10051 | 10007 |
| **10/15** | 10144 | 10072 | 10178 |
| **11/15** | 10165 | 9905 | 10220 |
| **12/15** | 10186 | 9958 | 10234 |
| **1/16** | 10149 | 10044 | 10199 |
| **2/16** | 9999 | 10268 | 10090 |
| **3/16** | 10184 | 10546 | 10316 |
| **4/16** | 10277 | 10686 | 10435 |
| **5/16** | 10399 | 10543 | 10576 |
| **6/16** | 10439 | 10850 | 10658 |
| **7/16** | 10624 | 10932 | 10864 |
| **8/16** | 10726 | 10879 | 10968 |
| **9/16** | 10705 | 10939 | 10912 |
| **10/16** | 10739 | 10635 | 10911 |
| **11/16** | 10512 | 10213 | 10575 |
| **12/16** | 10565 | 10166 | 10624 |
| **1/17** | 10769 | 10280 | 10850 |
| **2/17** | 10941 | 10329 | 11056 |
| **3/17** | 10996 | 10345 | 11109 |
| **4/17** | 11163 | 10461 | 11263 |
| **5/17** | 11286 | 10623 | 11381 |
| **6/17** | 11407 | 10614 | 11499 |
| **7/17** | 11507 | 10793 | 11588 |
| **8/17** | 11539 | 10900 | 11631 |
| **9/17** | 11575 | 10801 | 11673 |
| **10/17** | 11655 | 10760 | 11716 |
| **11/17** | 11656 | 10880 | 11725 |
| **12/17** | 11675 | 10918 | 11745 |
| **1/18** | 11621 | 11048 | 11617 |
| **2/18** | 11577 | 10950 | 11620 |
| **3/18** | 11545 | 11066 | 11604 |
| **4/18** | 11504 | 10889 | 11546 |
| **5/18** | 11449 | 10806 | 11579 |
| **6/18** | 11464 | 10758 | 11630 |
| **7/18** | 11546 | 10740 | 11704 |
| **8/18** | 11606 | 10752 | 11818 |
| **9/18** | 11566 | 10659 | 11754 |
| **10/18** | 11457 | 10540 | 11578 |
| **11/18** | 11280 | 10573 | 11367 |
| **12/18** | 11146 | 10787 | 11223 |
| **1/19** | 11584 | 10951 | 11803 |
| **2/19** | 11740 | 10888 | 12000 |
| **3/19** | 11860 | 11024 | 12157 |
| **4/19** | 12030 | 10991 | 12324 |
| **5/19** | 12045 | 11140 | 12365 |
| **6/19** | 12278 | 11387 | 12575 |
| **7/19** | 12436 | 11356 | 12785 |
| **8/19** | 12549 | 11587 | 12909 |
| **9/19** | 12645 | 11469 | 12994 |
| **10/19** | 12803 | 11545 | 13124 |
| **11/19** | 12871 | 11458 | 13124 |
| **12/19** | 12978 | 11524 | 13286 |
| **1/20** | 13150 | 11671 | 13447 |
| **2/20** | 12983 | 11750 | 13159 |
| **3/20** | 11388 | 11487 | 11763 |
| **4/20** | 12192 | 11712 | 12671 |
| **5/20** | 12430 | 11764 | 12913 |
| **6/20** | 12541 | 11868 | 12934 |
| **7/20** | 12935 | 12247 | 13461 |
| **8/20** | 13171 | 12228 | 13700 |
| **9/20** | 13106 | 12184 | 13590 |
| **10/20** | 13157 | 12196 | 13676 |
| **11/20** | 13536 | 12417 | 14081 |
| **12/20** | 13685 | 12584 | 14300 |
| **1/21** | 13678 | 12473 | 14194 |
| **2/21** | 13644 | 12259 | 14078 |
| **3/21** | 13690 | 12023 | 14241 |
| **4/21** | 13868 | 12175 | 14424 |
| **5/21** | 13929 | 12289 | 14509 |
| **6/21** | 14056 | 12181 | 14702 |
| **7/21** | 14116 | 12343 | 14766 |
| **8/21** | 14177 | 12291 | 14795 |
| **9/21** | 14177 | 12073 | 14792 |
| **10/21** | 14128 | 12044 | 14778 |
| **11/21** | 13984 | 12009 | 14573 |
| **12/21** | 14100 | 11992 | 14789 |
| **1/22** | 13862 | 11746 | 14426 |
| **2/22** | 13481 | 11606 | 13969 |
| **3/22** | 13393 | 11253 | 13853 |
| **4/22** | 13000 | 10637 | 13260 |
| **5/22** | 12900 | 10666 | 13298 |
| **6/22** | 12396 | 10323 | 12742 |
| **7/22** | 12953 | 10543 | 13410 |
| **8/22** | 12739 | 10127 | 13101 |
| **9/22** | 12213 | 9606 | 12590 |
| **10/22** | 12210 | 9540 | 12294 |
| **11/22** | 12492 | 9989 | 12738 |
| **12/22** | 12596 | 10043 | 12594 |
| **1/23** | 13225 | 10373 | 13681 |
| **2/23** | 13047 | 10028 | 13419 |
| **3/23** | 12332 | 10345 | 12782 |
| **4/23** | 12485 | 10391 | 12978 |
| **5/23** | 12463 | 10188 | 12827 |
| **6/23** | 12575 | 10187 | 12954 |
| **7/23** | 12849 | 10258 | 13162 |
| **8/23** | 12800 | 10117 | 13077 |
| **9/23** | 12718 | 9822 | 12928 |
| **10/23** | 12502 | 9704 | 12539 |
| **11/23** | 13037 | 10194 | 13338 |
| **12/23** | 13410 | 10617 | 13764 |
| **1/24** | 13663 | 10471 | 14122 |
| **2/24** | 13718 | 10339 | 14243 |
| **3/24** | 13913 | 10396 | 14389 |
| **4/24** | 13786 | 10134 | 14092 |
| **5/24** | 13998 | 10267 | 14369 |
| **6/24** | 14102 | 10281 | 14457 |
| **7/24** | 14271 | 10565 | 14601 |
| **8/24** | 14504 | 10815 | 14980 |
| **9/24** | 14750 | 10999 | 15339 |
| **10/24** | 14683 | 10631 | 15222 |
| **11/24** | 14758 | 10667 | 15290 |
| **12/24** | 14726 | 10438 | 15087 |
| **1/25** | 14850 | 10497 | 15184 |
| **2/25** | 14959 | 10648 | 15350 |
| **3/25** | 14923 | 10713 | 15175 |
| **4/25** | 14825 | 11028 | 15024 |
| **5/25** | 15048 | 10989 | 15197 |
| **6/25** | 15263 | 11197 | 15453 |
| **7/25** | 15386 | 11030 | 15638 |
| **8/25** | 15512 | 11191 | 15825 |

---

### **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **1-Year** | **5-Year** | **10-Year** |
| Institutional Shares | 6.95% | 3.33% | 4.49% |
| Bloomberg Global Aggregate Index | 3.47% | -1.76% | 1.13% |
| ICE BofA US All Capital Securities Index | 5.64% | 2.93% | 4.70% |

---

**Past performance is not a good predictor of the Fund's future performance.** The graph above represents historical performance of a hypothetical investment of $10,000 in the Fund over the past ten years (or since inception if shorter). The table and graph above do not reflect the impact of taxes. If they did, performance would be lower. The Bloomberg Global Aggregate Index is the Fund's primary broad-based index and is included to meet the recently revised definition of "broad-based securities market index". The ICE BofA US All Capital Securities Index is included as an additional index for the Fund as it shows how the Fund's performance compares with the returns of an index of funds with similar investment objectives. Visit www.principalam.com/mutualfundperformance for more recent performance information.

### **Fund Statistics** 
* Net Assets (amount in thousands)$5,408,316

* Total Number of Portfolio Holdings327

* Portfolio Turnover Rate 24.8%

* Total Advisory Fees Paid (amount in thousands)$40,442

#### Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Bonds | 87.73% |
| Preferred Stocks | 9.66% |
| Investment Companies | 2.84% |
| Convertible Preferred Stocks | 0.06% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | (0.29)% |
| Total Net Assets | 100.00% |

---

---

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

---

#### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **Percent of Net Assets** |
| Financial | 85.36% |
| Energy | 4.95% |
| Utilities | 4.81% |
| Money Market Funds | 2.12% |
| Government | 1.03% |
| Exchange-Traded Funds | 0.72% |
| Communications | 0.69% |
| Consumer, Non-cyclical | 0.61% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | (0.29)% |
| Total Net Assets | 100.00% |

---

---

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

---

## **Material Fund Changes** 
There were no material changes to the Fund for the period September 1, 2024 to August 31, 2025. For more complete information, you may review the Fund's most recent prospectus at www.PrincipalAM.com/prospectuses.

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

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

## **Householding** 
To avoid sending duplicate copies of materials to households, mailings for accounts held by members of your household may be combined so that only one copy of each annual and semi-annual shareholder reports will be mailed. If you prefer to receive multiple copies of the shareholder reports, you may request that by contacting us at <u>1-800-222-5852</u>. Householding will be stopped within 30 days after we receive your request.

FV887ARI-0

# R-3

# PNARX

# Spectrum Preferred and Capital Securities Income Fund
![Image](ic492f610b062e6032b887517.jpg)

#### Annual Shareholder Report August 31, 2025
This annual shareholder report contains important information about Spectrum Preferred and Capital Securities Income Fund (the "Fund") for the period of September 1, 2024 to August 31, 2025. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last year?
(based 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 | $131 | 1.27% |

---

## **Management's Discussion of Fund Performance** 
The Fund seeks to provide current income. The Fund invests at least 80% of its net assets, plus any borrowing for investment purposes, in preferred securities and capital securities. Preferred securities typically include preferred stock and various types of junior subordinated debt and trust preferred securities. It also invests up to 55% of its assets in below-investment-grade preferred securities and bonds (sometimes called "high yield bonds" or "junk bonds"), which are rated at the time of purchase Ba1 or lower by Moody's and BB+ or lower by S&P Global. The bond market went through a series of stop and go exercises over the past year as the Fed cut the target rate by 100 basis points to 4.25% by the end of December but then paused over concerns of inflation being further impelled by President Trump's tariff threats. Indeed, tariff threats accelerated March to April which caused an equity correction and a material widening of hybrid credit spreads against a backdrop of long-term rates rising into May and staying elevated into August. Over the course of the year, spreads traded from being about 1 standard deviation tight to +1 ½ standard deviations wide by April – only to snap back over the course of the summer to close August being about ½ standard deviation tighter than 1year ago. Allocation and security selection within the Banking Industry were the primary contributors in absolute terms and relative to the Ice BofA U.S. All Capital Securities Index. Insurance and Financial Services contributed positively. Underweights in Electric Utilities and Pipelines contributed positively but detracted from relative performance due to underweights. Telecommunications and Real Estate Investment Trusts detracted. Inflation concerns and economic resilience continue to keep U.S. Treasury rates high and credit spreads tighter than average.

## How did the Fund perform over the last 10 years?
![The graph represents how a hypothetical investment of $10,000 would have performed over the specified time period.](i58e8c5a4bdda6aad71fe9c13.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **R-3 Shares at net asset value $14,822** | **Bloomberg Global Aggregate Index $11,191** | **ICE BofA US All Capital Securities Index $15,825** |
| **8/15** | 10000 | 10000 | 10000 |
| **9/15** | 9979 | 10051 | 10007 |
| **10/15** | 10136 | 10072 | 10178 |
| **11/15** | 10154 | 9905 | 10220 |
| **12/15** | 10160 | 9958 | 10234 |
| **1/16** | 10128 | 10044 | 10199 |
| **2/16** | 9974 | 10268 | 10090 |
| **3/16** | 10155 | 10546 | 10316 |
| **4/16** | 10244 | 10686 | 10435 |
| **5/16** | 10362 | 10543 | 10576 |
| **6/16** | 10397 | 10850 | 10658 |
| **7/16** | 10568 | 10932 | 10864 |
| **8/16** | 10666 | 10879 | 10968 |
| **9/16** | 10640 | 10939 | 10912 |
| **10/16** | 10680 | 10635 | 10911 |
| **11/16** | 10448 | 10213 | 10575 |
| **12/16** | 10497 | 10166 | 10624 |
| **1/17** | 10697 | 10280 | 10850 |
| **2/17** | 10865 | 10329 | 11056 |
| **3/17** | 10904 | 10345 | 11109 |
| **4/17** | 11065 | 10461 | 11263 |
| **5/17** | 11183 | 10623 | 11381 |
| **6/17** | 11299 | 10614 | 11499 |
| **7/17** | 11394 | 10793 | 11588 |
| **8/17** | 11421 | 10900 | 11631 |
| **9/17** | 11452 | 10801 | 11673 |
| **10/17** | 11528 | 10760 | 11716 |
| **11/17** | 11513 | 10880 | 11725 |
| **12/17** | 11538 | 10918 | 11745 |
| **1/18** | 11479 | 11048 | 11617 |
| **2/18** | 11432 | 10950 | 11620 |
| **3/18** | 11396 | 11066 | 11604 |
| **4/18** | 11350 | 10889 | 11546 |
| **5/18** | 11292 | 10806 | 11579 |
| **6/18** | 11302 | 10758 | 11630 |
| **7/18** | 11380 | 10740 | 11704 |
| **8/18** | 11434 | 10752 | 11818 |
| **9/18** | 11390 | 10659 | 11754 |
| **10/18** | 11278 | 10540 | 11578 |
| **11/18** | 11098 | 10573 | 11367 |
| **12/18** | 10972 | 10787 | 11223 |
| **1/19** | 11390 | 10951 | 11803 |
| **2/19** | 11540 | 10888 | 12000 |
| **3/19** | 11656 | 11024 | 12157 |
| **4/19** | 11819 | 10991 | 12324 |
| **5/19** | 11829 | 11140 | 12365 |
| **6/19** | 12056 | 11387 | 12575 |
| **7/19** | 12206 | 11356 | 12785 |
| **8/19** | 12301 | 11587 | 12909 |
| **9/19** | 12403 | 11469 | 12994 |
| **10/19** | 12543 | 11545 | 13124 |
| **11/19** | 12605 | 11458 | 13124 |
| **12/19** | 12705 | 11524 | 13286 |
| **1/20** | 12870 | 11671 | 13447 |
| **2/20** | 12700 | 11750 | 13159 |
| **3/20** | 11147 | 11487 | 11763 |
| **4/20** | 11923 | 11712 | 12671 |
| **5/20** | 12139 | 11764 | 12913 |
| **6/20** | 12256 | 11868 | 12934 |
| **7/20** | 12638 | 12247 | 13461 |
| **8/20** | 12853 | 12228 | 13700 |
| **9/20** | 12785 | 12184 | 13590 |
| **10/20** | 12843 | 12196 | 13676 |
| **11/20** | 13210 | 12417 | 14081 |
| **12/20** | 13337 | 12584 | 14300 |
| **1/21** | 13326 | 12473 | 14194 |
| **2/21** | 13288 | 12259 | 14078 |
| **3/21** | 13328 | 12023 | 14241 |
| **4/21** | 13498 | 12175 | 14424 |
| **5/21** | 13553 | 12289 | 14509 |
| **6/21** | 13671 | 12181 | 14702 |
| **7/21** | 13725 | 12343 | 14766 |
| **8/21** | 13778 | 12291 | 14795 |
| **9/21** | 13759 | 12073 | 14792 |
| **10/21** | 13719 | 12044 | 14778 |
| **11/21** | 13560 | 12009 | 14573 |
| **12/21** | 13681 | 11992 | 14789 |
| **1/22** | 13443 | 11746 | 14426 |
| **2/22** | 13066 | 11606 | 13969 |
| **3/22** | 12974 | 11253 | 13853 |
| **4/22** | 12586 | 10637 | 13260 |
| **5/22** | 12483 | 10666 | 13298 |
| **6/22** | 12000 | 10323 | 12742 |
| **7/22** | 12539 | 10543 | 13410 |
| **8/22** | 12328 | 10127 | 13101 |
| **9/22** | 11809 | 9606 | 12590 |
| **10/22** | 11802 | 9540 | 12294 |
| **11/22** | 12073 | 9989 | 12738 |
| **12/22** | 12155 | 10043 | 12594 |
| **1/23** | 12763 | 10373 | 13681 |
| **2/23** | 12584 | 10028 | 13419 |
| **3/23** | 11897 | 10345 | 12782 |
| **4/23** | 12042 | 10391 | 12978 |
| **5/23** | 12031 | 10188 | 12827 |
| **6/23** | 12132 | 10187 | 12954 |
| **7/23** | 12393 | 10258 | 13162 |
| **8/23** | 12342 | 10117 | 13077 |
| **9/23** | 12257 | 9822 | 12928 |
| **10/23** | 12043 | 9704 | 12539 |
| **11/23** | 12558 | 10194 | 13338 |
| **12/23** | 12915 | 10617 | 13764 |
| **1/24** | 13154 | 10471 | 14122 |
| **2/24** | 13203 | 10339 | 14243 |
| **3/24** | 13387 | 10396 | 14389 |
| **4/24** | 13258 | 10134 | 14092 |
| **5/24** | 13459 | 10267 | 14369 |
| **6/24** | 13555 | 10281 | 14457 |
| **7/24** | 13712 | 10565 | 14601 |
| **8/24** | 13916 | 10815 | 14980 |
| **9/24** | 14149 | 10999 | 15339 |
| **10/24** | 14093 | 10631 | 15222 |
| **11/24** | 14146 | 10667 | 15290 |
| **12/24** | 14109 | 10438 | 15087 |
| **1/25** | 14223 | 10497 | 15184 |
| **2/25** | 14322 | 10648 | 15350 |
| **3/25** | 14282 | 10713 | 15175 |
| **4/25** | 14183 | 11028 | 15024 |
| **5/25** | 14393 | 10989 | 15197 |
| **6/25** | 14594 | 11197 | 15453 |
| **7/25** | 14706 | 11030 | 15638 |
| **8/25** | 14822 | 11191 | 15825 |

---

### **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **1-Year** | **5-Year** | **10-Year** |
| R-3 Shares | 6.51% | 2.89% | 4.01% |
| Bloomberg Global Aggregate Index | 3.47% | -1.76% | 1.13% |
| ICE BofA US All Capital Securities Index | 5.64% | 2.93% | 4.70% |

---

**Past performance is not a good predictor of the Fund's future performance.** The graph above represents historical performance of a hypothetical investment of $10,000 in the Fund over the past ten years (or since inception if shorter). The table and graph above do not reflect the impact of taxes. If they did, performance would be lower. The Bloomberg Global Aggregate Index is the Fund's primary broad-based index and is included to meet the recently revised definition of "broad-based securities market index". The ICE BofA US All Capital Securities Index is included as an additional index for the Fund as it shows how the Fund's performance compares with the returns of an index of funds with similar investment objectives. Visit www.principalam.com/mutualfundperformance for more recent performance information.

### **Fund Statistics** 
* Net Assets (amount in thousands)$5,408,316

* Total Number of Portfolio Holdings327

* Portfolio Turnover Rate 24.8%

* Total Advisory Fees Paid (amount in thousands)$40,442

#### Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Bonds | 87.73% |
| Preferred Stocks | 9.66% |
| Investment Companies | 2.84% |
| Convertible Preferred Stocks | 0.06% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | (0.29)% |
| Total Net Assets | 100.00% |

---

---

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

---

#### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **Percent of Net Assets** |
| Financial | 85.36% |
| Energy | 4.95% |
| Utilities | 4.81% |
| Money Market Funds | 2.12% |
| Government | 1.03% |
| Exchange-Traded Funds | 0.72% |
| Communications | 0.69% |
| Consumer, Non-cyclical | 0.61% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | (0.29)% |
| Total Net Assets | 100.00% |

---

---

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

---

## **Material Fund Changes** 
There were no material changes to the Fund for the period September 1, 2024 to August 31, 2025. For more complete information, you may review the Fund's most recent prospectus at www.PrincipalAM.com/prospectuses.

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

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

## **Householding** 
To avoid sending duplicate copies of materials to households, mailings for accounts held by members of your household may be combined so that only one copy of each annual and semi-annual shareholder reports will be mailed. If you prefer to receive multiple copies of the shareholder reports, you may request that by contacting us at <u>1-800-222-5852</u>. Householding will be stopped within 30 days after we receive your request.

FV887ARR3-0

# R-5

# PPARX

# Spectrum Preferred and Capital Securities Income Fund
![Image](ic492f610b062e6032b887517.jpg)

#### Annual Shareholder Report August 31, 2025
This annual shareholder report contains important information about Spectrum Preferred and Capital Securities Income Fund (the "Fund") for the period of September 1, 2024 to August 31, 2025. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last year?
(based 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 | $99 | 0.96% |

---

## **Management's Discussion of Fund Performance** 
The Fund seeks to provide current income. The Fund invests at least 80% of its net assets, plus any borrowing for investment purposes, in preferred securities and capital securities. Preferred securities typically include preferred stock and various types of junior subordinated debt and trust preferred securities. It also invests up to 55% of its assets in below-investment-grade preferred securities and bonds (sometimes called "high yield bonds" or "junk bonds"), which are rated at the time of purchase Ba1 or lower by Moody's and BB+ or lower by S&P Global. The bond market went through a series of stop and go exercises over the past year as the Fed cut the target rate by 100 basis points to 4.25% by the end of December but then paused over concerns of inflation being further impelled by President Trump's tariff threats. Indeed, tariff threats accelerated March to April which caused an equity correction and a material widening of hybrid credit spreads against a backdrop of long-term rates rising into May and staying elevated into August. Over the course of the year, spreads traded from being about 1 standard deviation tight to +1 ½ standard deviations wide by April – only to snap back over the course of the summer to close August being about ½ standard deviation tighter than 1year ago. Allocation and security selection within the Banking Industry were the primary contributors in absolute terms and relative to the Ice BofA U.S. All Capital Securities Index. Insurance and Financial Services contributed positively. Underweights in Electric Utilities and Pipelines contributed positively but detracted from relative performance due to underweights. Telecommunications and Real Estate Investment Trusts detracted. Inflation concerns and economic resilience continue to keep U.S. Treasury rates high and credit spreads tighter than average.

## How did the Fund perform over the last 10 years?
![The graph represents how a hypothetical investment of $10,000 would have performed over the specified time period.](ic53f5aa5f9497ebf322a1267.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **R-5 Shares at net asset value $15,257** | **Bloomberg Global Aggregate Index $11,191** | **ICE BofA US All Capital Securities Index $15,825** |
| **8/15** | 10000 | 10000 | 10000 |
| **9/15** | 9982 | 10051 | 10007 |
| **10/15** | 10141 | 10072 | 10178 |
| **11/15** | 10161 | 9905 | 10220 |
| **12/15** | 10180 | 9958 | 10234 |
| **1/16** | 10141 | 10044 | 10199 |
| **2/16** | 9999 | 10268 | 10090 |
| **3/16** | 10172 | 10546 | 10316 |
| **4/16** | 10275 | 10686 | 10435 |
| **5/16** | 10384 | 10543 | 10576 |
| **6/16** | 10423 | 10850 | 10658 |
| **7/16** | 10607 | 10932 | 10864 |
| **8/16** | 10707 | 10879 | 10968 |
| **9/16** | 10685 | 10939 | 10912 |
| **10/16** | 10727 | 10635 | 10911 |
| **11/16** | 10487 | 10213 | 10575 |
| **12/16** | 10539 | 10166 | 10624 |
| **1/17** | 10741 | 10280 | 10850 |
| **2/17** | 10912 | 10329 | 11056 |
| **3/17** | 10965 | 10345 | 11109 |
| **4/17** | 11131 | 10461 | 11263 |
| **5/17** | 11252 | 10623 | 11381 |
| **6/17** | 11371 | 10614 | 11499 |
| **7/17** | 11469 | 10793 | 11588 |
| **8/17** | 11499 | 10900 | 11631 |
| **9/17** | 11523 | 10801 | 11673 |
| **10/17** | 11602 | 10760 | 11716 |
| **11/17** | 11601 | 10880 | 11725 |
| **12/17** | 11629 | 10918 | 11745 |
| **1/18** | 11573 | 11048 | 11617 |
| **2/18** | 11528 | 10950 | 11620 |
| **3/18** | 11484 | 11066 | 11604 |
| **4/18** | 11452 | 10889 | 11546 |
| **5/18** | 11396 | 10806 | 11579 |
| **6/18** | 11409 | 10758 | 11630 |
| **7/18** | 11490 | 10740 | 11704 |
| **8/18** | 11549 | 10752 | 11818 |
| **9/18** | 11507 | 10659 | 11754 |
| **10/18** | 11385 | 10540 | 11578 |
| **11/18** | 11219 | 10573 | 11367 |
| **12/18** | 11083 | 10787 | 11223 |
| **1/19** | 11519 | 10951 | 11803 |
| **2/19** | 11673 | 10888 | 12000 |
| **3/19** | 11792 | 11024 | 12157 |
| **4/19** | 11960 | 10991 | 12324 |
| **5/19** | 11973 | 11140 | 12365 |
| **6/19** | 12205 | 11387 | 12575 |
| **7/19** | 12361 | 11356 | 12785 |
| **8/19** | 12459 | 11587 | 12909 |
| **9/19** | 12566 | 11469 | 12994 |
| **10/19** | 12710 | 11545 | 13124 |
| **11/19** | 12776 | 11458 | 13124 |
| **12/19** | 12881 | 11524 | 13286 |
| **1/20** | 13050 | 11671 | 13447 |
| **2/20** | 12882 | 11750 | 13159 |
| **3/20** | 11303 | 11487 | 11763 |
| **4/20** | 12103 | 11712 | 12671 |
| **5/20** | 12326 | 11764 | 12913 |
| **6/20** | 12448 | 11868 | 12934 |
| **7/20** | 12838 | 12247 | 13461 |
| **8/20** | 13060 | 12228 | 13700 |
| **9/20** | 12994 | 12184 | 13590 |
| **10/20** | 13056 | 12196 | 13676 |
| **11/20** | 13431 | 12417 | 14081 |
| **12/20** | 13564 | 12584 | 14300 |
| **1/21** | 13555 | 12473 | 14194 |
| **2/21** | 13520 | 12259 | 14078 |
| **3/21** | 13564 | 12023 | 14241 |
| **4/21** | 13740 | 12175 | 14424 |
| **5/21** | 13799 | 12289 | 14509 |
| **6/21** | 13923 | 12181 | 14702 |
| **7/21** | 13981 | 12343 | 14766 |
| **8/21** | 14040 | 12291 | 14795 |
| **9/21** | 14025 | 12073 | 14792 |
| **10/21** | 13988 | 12044 | 14778 |
| **11/21** | 13843 | 12009 | 14573 |
| **12/21** | 13957 | 11992 | 14789 |
| **1/22** | 13718 | 11746 | 14426 |
| **2/22** | 13337 | 11606 | 13969 |
| **3/22** | 13247 | 11253 | 13853 |
| **4/22** | 12855 | 10637 | 13260 |
| **5/22** | 12754 | 10666 | 13298 |
| **6/22** | 12265 | 10323 | 12742 |
| **7/22** | 12817 | 10543 | 13410 |
| **8/22** | 12602 | 10127 | 13101 |
| **9/22** | 12063 | 9606 | 12590 |
| **10/22** | 12073 | 9540 | 12294 |
| **11/22** | 12352 | 9989 | 12738 |
| **12/22** | 12439 | 10043 | 12594 |
| **1/23** | 13062 | 10373 | 13681 |
| **2/23** | 12883 | 10028 | 13419 |
| **3/23** | 12186 | 10345 | 12782 |
| **4/23** | 12337 | 10391 | 12978 |
| **5/23** | 12299 | 10188 | 12827 |
| **6/23** | 12422 | 10187 | 12954 |
| **7/23** | 12678 | 10258 | 13162 |
| **8/23** | 12628 | 10117 | 13077 |
| **9/23** | 12545 | 9822 | 12928 |
| **10/23** | 12345 | 9704 | 12539 |
| **11/23** | 12859 | 10194 | 13338 |
| **12/23** | 13227 | 10617 | 13764 |
| **1/24** | 13476 | 10471 | 14122 |
| **2/24** | 13545 | 10339 | 14243 |
| **3/24** | 13721 | 10396 | 14389 |
| **4/24** | 13594 | 10134 | 14092 |
| **5/24** | 13802 | 10267 | 14369 |
| **6/24** | 13904 | 10281 | 14457 |
| **7/24** | 14069 | 10565 | 14601 |
| **8/24** | 14283 | 10815 | 14980 |
| **9/24** | 14524 | 10999 | 15339 |
| **10/24** | 14472 | 10631 | 15222 |
| **11/24** | 14529 | 10667 | 15290 |
| **12/24** | 14511 | 10438 | 15087 |
| **1/25** | 14616 | 10497 | 15184 |
| **2/25** | 14722 | 10648 | 15350 |
| **3/25** | 14684 | 10713 | 15175 |
| **4/25** | 14602 | 11028 | 15024 |
| **5/25** | 14805 | 10989 | 15197 |
| **6/25** | 15032 | 11197 | 15453 |
| **7/25** | 15151 | 11030 | 15638 |
| **8/25** | 15257 | 11191 | 15825 |

---

### **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **1-Year** | **5-Year** | **10-Year** |
| R-5 Shares | 6.82% | 3.16% | 4.32% |
| Bloomberg Global Aggregate Index | 3.47% | -1.76% | 1.13% |
| ICE BofA US All Capital Securities Index | 5.64% | 2.93% | 4.70% |

---

**Past performance is not a good predictor of the Fund's future performance.** The graph above represents historical performance of a hypothetical investment of $10,000 in the Fund over the past ten years (or since inception if shorter). The table and graph above do not reflect the impact of taxes. If they did, performance would be lower. The Bloomberg Global Aggregate Index is the Fund's primary broad-based index and is included to meet the recently revised definition of "broad-based securities market index". The ICE BofA US All Capital Securities Index is included as an additional index for the Fund as it shows how the Fund's performance compares with the returns of an index of funds with similar investment objectives. Visit www.principalam.com/mutualfundperformance for more recent performance information.

### **Fund Statistics** 
* Net Assets (amount in thousands)$5,408,316

* Total Number of Portfolio Holdings327

* Portfolio Turnover Rate 24.8%

* Total Advisory Fees Paid (amount in thousands)$40,442

#### Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Bonds | 87.73% |
| Preferred Stocks | 9.66% |
| Investment Companies | 2.84% |
| Convertible Preferred Stocks | 0.06% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | (0.29)% |
| Total Net Assets | 100.00% |

---

---

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

---

#### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **Percent of Net Assets** |
| Financial | 85.36% |
| Energy | 4.95% |
| Utilities | 4.81% |
| Money Market Funds | 2.12% |
| Government | 1.03% |
| Exchange-Traded Funds | 0.72% |
| Communications | 0.69% |
| Consumer, Non-cyclical | 0.61% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | (0.29)% |
| Total Net Assets | 100.00% |

---

---

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

---

## **Material Fund Changes** 
There were no material changes to the Fund for the period September 1, 2024 to August 31, 2025. For more complete information, you may review the Fund's most recent prospectus at www.PrincipalAM.com/prospectuses.

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

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

## **Householding** 
To avoid sending duplicate copies of materials to households, mailings for accounts held by members of your household may be combined so that only one copy of each annual and semi-annual shareholder reports will be mailed. If you prefer to receive multiple copies of the shareholder reports, you may request that by contacting us at <u>1-800-222-5852</u>. Householding will be stopped within 30 days after we receive your request.

FV887ARR5-0

# R-6

# PPREX

# Spectrum Preferred and Capital Securities Income Fund
![Image](ic492f610b062e6032b887517.jpg)

#### Annual Shareholder Report August 31, 2025
This annual shareholder report contains important information about Spectrum Preferred and Capital Securities Income Fund (the "Fund") for the period of September 1, 2024 to August 31, 2025. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last year?
(based 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 | $72 | 0.70% |

---

## **Management's Discussion of Fund Performance** 
The Fund seeks to provide current income. The Fund invests at least 80% of its net assets, plus any borrowing for investment purposes, in preferred securities and capital securities. Preferred securities typically include preferred stock and various types of junior subordinated debt and trust preferred securities. It also invests up to 55% of its assets in below-investment-grade preferred securities and bonds (sometimes called "high yield bonds" or "junk bonds"), which are rated at the time of purchase Ba1 or lower by Moody's and BB+ or lower by S&P Global. The bond market went through a series of stop and go exercises over the past year as the Fed cut the target rate by 100 basis points to 4.25% by the end of December but then paused over concerns of inflation being further impelled by President Trump's tariff threats. Indeed, tariff threats accelerated March to April which caused an equity correction and a material widening of hybrid credit spreads against a backdrop of long-term rates rising into May and staying elevated into August. Over the course of the year, spreads traded from being about 1 standard deviation tight to +1 ½ standard deviations wide by April – only to snap back over the course of the summer to close August being about ½ standard deviation tighter than 1year ago. Allocation and security selection within the Banking Industry were the primary contributors in absolute terms and relative to the Ice BofA U.S. All Capital Securities Index. Insurance and Financial Services contributed positively. Underweights in Electric Utilities and Pipelines contributed positively but detracted from relative performance due to underweights. Telecommunications and Real Estate Investment Trusts detracted. Inflation concerns and economic resilience continue to keep U.S. Treasury rates high and credit spreads tighter than average.

## How did the Fund perform over the last 10 years?
![The graph represents how a hypothetical investment of $10,000 would have performed over the specified time period.](iba2302816c112a61fe4474d4.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **R-6 Shares at net asset value $15,605** | **Bloomberg Global Aggregate Index $11,191** | **ICE BofA US All Capital Securities Index $15,825** |
| **8/15** | 10000 | 10000 | 10000 |
| **9/15** | 9983 | 10051 | 10007 |
| **10/15** | 10143 | 10072 | 10178 |
| **11/15** | 10163 | 9905 | 10220 |
| **12/15** | 10183 | 9958 | 10234 |
| **1/16** | 10145 | 10044 | 10199 |
| **2/16** | 9995 | 10268 | 10090 |
| **3/16** | 10179 | 10546 | 10316 |
| **4/16** | 10272 | 10686 | 10435 |
| **5/16** | 10392 | 10543 | 10576 |
| **6/16** | 10432 | 10850 | 10658 |
| **7/16** | 10616 | 10932 | 10864 |
| **8/16** | 10717 | 10879 | 10968 |
| **9/16** | 10695 | 10939 | 10912 |
| **10/16** | 10728 | 10635 | 10911 |
| **11/16** | 10501 | 10213 | 10575 |
| **12/16** | 10553 | 10166 | 10624 |
| **1/17** | 10756 | 10280 | 10850 |
| **2/17** | 10928 | 10329 | 11056 |
| **3/17** | 10971 | 10345 | 11109 |
| **4/17** | 11137 | 10461 | 11263 |
| **5/17** | 11259 | 10623 | 11381 |
| **6/17** | 11391 | 10614 | 11499 |
| **7/17** | 11481 | 10793 | 11588 |
| **8/17** | 11524 | 10900 | 11631 |
| **9/17** | 11550 | 10801 | 11673 |
| **10/17** | 11631 | 10760 | 11716 |
| **11/17** | 11633 | 10880 | 11725 |
| **12/17** | 11663 | 10918 | 11745 |
| **1/18** | 11610 | 11048 | 11617 |
| **2/18** | 11567 | 10950 | 11620 |
| **3/18** | 11525 | 11066 | 11604 |
| **4/18** | 11485 | 10889 | 11546 |
| **5/18** | 11443 | 10806 | 11579 |
| **6/18** | 11458 | 10758 | 11630 |
| **7/18** | 11542 | 10740 | 11704 |
| **8/18** | 11603 | 10752 | 11818 |
| **9/18** | 11564 | 10659 | 11754 |
| **10/18** | 11444 | 10540 | 11578 |
| **11/18** | 11269 | 10573 | 11367 |
| **12/18** | 11147 | 10787 | 11223 |
| **1/19** | 11586 | 10951 | 11803 |
| **2/19** | 11731 | 10888 | 12000 |
| **3/19** | 11864 | 11024 | 12157 |
| **4/19** | 12035 | 10991 | 12324 |
| **5/19** | 12051 | 11140 | 12365 |
| **6/19** | 12285 | 11387 | 12575 |
| **7/19** | 12445 | 11356 | 12785 |
| **8/19** | 12546 | 11587 | 12909 |
| **9/19** | 12655 | 11469 | 12994 |
| **10/19** | 12803 | 11545 | 13124 |
| **11/19** | 12872 | 11458 | 13124 |
| **12/19** | 12992 | 11524 | 13286 |
| **1/20** | 13153 | 11671 | 13447 |
| **2/20** | 12986 | 11750 | 13159 |
| **3/20** | 11403 | 11487 | 11763 |
| **4/20** | 12210 | 11712 | 12671 |
| **5/20** | 12436 | 11764 | 12913 |
| **6/20** | 12562 | 11868 | 12934 |
| **7/20** | 12956 | 12247 | 13461 |
| **8/20** | 13195 | 12228 | 13700 |
| **9/20** | 13118 | 12184 | 13590 |
| **10/20** | 13183 | 12196 | 13676 |
| **11/20** | 13563 | 12417 | 14081 |
| **12/20** | 13714 | 12584 | 14300 |
| **1/21** | 13708 | 12473 | 14194 |
| **2/21** | 13662 | 12259 | 14078 |
| **3/21** | 13722 | 12023 | 14241 |
| **4/21** | 13902 | 12175 | 14424 |
| **5/21** | 13951 | 12289 | 14509 |
| **6/21** | 14093 | 12181 | 14702 |
| **7/21** | 14155 | 12343 | 14766 |
| **8/21** | 14203 | 12291 | 14795 |
| **9/21** | 14205 | 12073 | 14792 |
| **10/21** | 14157 | 12044 | 14778 |
| **11/21** | 14013 | 12009 | 14573 |
| **12/21** | 14145 | 11992 | 14789 |
| **1/22** | 13907 | 11746 | 14426 |
| **2/22** | 13526 | 11606 | 13969 |
| **3/22** | 13439 | 11253 | 13853 |
| **4/22** | 13032 | 10637 | 13260 |
| **5/22** | 12947 | 10666 | 13298 |
| **6/22** | 12442 | 10323 | 12742 |
| **7/22** | 13002 | 10543 | 13410 |
| **8/22** | 12788 | 10127 | 13101 |
| **9/22** | 12246 | 9606 | 12590 |
| **10/22** | 12259 | 9540 | 12294 |
| **11/22** | 12543 | 9989 | 12738 |
| **12/22** | 12634 | 10043 | 12594 |
| **1/23** | 13267 | 10373 | 13681 |
| **2/23** | 13089 | 10028 | 13419 |
| **3/23** | 12387 | 10345 | 12782 |
| **4/23** | 12542 | 10391 | 12978 |
| **5/23** | 12521 | 10188 | 12827 |
| **6/23** | 12634 | 10187 | 12954 |
| **7/23** | 12911 | 10258 | 13162 |
| **8/23** | 12863 | 10117 | 13077 |
| **9/23** | 12767 | 9822 | 12928 |
| **10/23** | 12567 | 9704 | 12539 |
| **11/23** | 13090 | 10194 | 13338 |
| **12/23** | 13481 | 10617 | 13764 |
| **1/24** | 13737 | 10471 | 14122 |
| **2/24** | 13794 | 10339 | 14243 |
| **3/24** | 13975 | 10396 | 14389 |
| **4/24** | 13864 | 10134 | 14092 |
| **5/24** | 14079 | 10267 | 14369 |
| **6/24** | 14185 | 10281 | 14457 |
| **7/24** | 14356 | 10565 | 14601 |
| **8/24** | 14576 | 10815 | 14980 |
| **9/24** | 14824 | 10999 | 15339 |
| **10/24** | 14774 | 10631 | 15222 |
| **11/24** | 14835 | 10667 | 15290 |
| **12/24** | 14804 | 10438 | 15087 |
| **1/25** | 14930 | 10497 | 15184 |
| **2/25** | 15041 | 10648 | 15350 |
| **3/25** | 15006 | 10713 | 15175 |
| **4/25** | 14909 | 11028 | 15024 |
| **5/25** | 15134 | 10989 | 15197 |
| **6/25** | 15369 | 11197 | 15453 |
| **7/25** | 15493 | 11030 | 15638 |
| **8/25** | 15605 | 11191 | 15825 |

---

### **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **1-Year** | **5-Year** | **10-Year<sup>Footnote Reference\*</sup>** |
| R-6 Shares | 7.06% | 3.41% | 4.55% |
| Bloomberg Global Aggregate Index | 3.47% | -1.76% | 1.13% |
| ICE BofA US All Capital Securities Index | 5.64% | 2.93% | 4.70% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;For periods prior to the inception date of the share class, extended performance is calculated to reflect the historical performance of the oldest share class of the Fund, adjusted for the fees and expenses of this share class. The extended performance inception date is May 1, 2002. |

---

**Past performance is not a good predictor of the Fund's future performance.** The graph above represents historical performance of a hypothetical investment of $10,000 in the Fund over the past ten years (or since inception if shorter). The table and graph above do not reflect the impact of taxes. If they did, performance would be lower. The Bloomberg Global Aggregate Index is the Fund's primary broad-based index and is included to meet the recently revised definition of "broad-based securities market index". The ICE BofA US All Capital Securities Index is included as an additional index for the Fund as it shows how the Fund's performance compares with the returns of an index of funds with similar investment objectives. Visit www.principalam.com/mutualfundperformance for more recent performance information.

### **Fund Statistics** 
* Net Assets (amount in thousands)$5,408,316

* Total Number of Portfolio Holdings327

* Portfolio Turnover Rate 24.8%

* Total Advisory Fees Paid (amount in thousands)$40,442

#### Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Bonds | 87.73% |
| Preferred Stocks | 9.66% |
| Investment Companies | 2.84% |
| Convertible Preferred Stocks | 0.06% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | (0.29)% |
| Total Net Assets | 100.00% |

---

---

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

---

#### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **Percent of Net Assets** |
| Financial | 85.36% |
| Energy | 4.95% |
| Utilities | 4.81% |
| Money Market Funds | 2.12% |
| Government | 1.03% |
| Exchange-Traded Funds | 0.72% |
| Communications | 0.69% |
| Consumer, Non-cyclical | 0.61% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | (0.29)% |
| Total Net Assets | 100.00% |

---

---

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

---

## **Material Fund Changes** 
There were no material changes to the Fund for the period September 1, 2024 to August 31, 2025. For more complete information, you may review the Fund's most recent prospectus at www.PrincipalAM.com/prospectuses.

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

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

## **Householding** 
To avoid sending duplicate copies of materials to households, mailings for accounts held by members of your household may be combined so that only one copy of each annual and semi-annual shareholder reports will be mailed. If you prefer to receive multiple copies of the shareholder reports, you may request that by contacting us at <u>1-800-222-5852</u>. Householding will be stopped within 30 days after we receive your request.

FV887ARR6-0

#### ITEM 2 – CODE OF ETHICS
(a) The Registrant has adopted a code of ethics (the "Code of Ethics") that applies to its principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions.

(b) Not applicable.

(c) The Registrant has not amended, as described in Item 2(c) of Form N-CSR, its Code of Ethics during the period covered by the shareholder report presented in Item 1 hereto.

(d) The Registrant has not granted a waiver or an implicit waiver from a provision of its Code of Ethics during the period covered by the shareholder report presented in Item 1 hereto.

(e) Not applicable.

(f) The Registrant's Code of Ethics is attached as an Exhibit in response to Item 13(a)(1).

#### ITEM 3 – AUDIT COMMITTEE FINANCIAL EXPERT
The Registrant's Board has determined that Frances Grieb, a member of the Registrant's Audit Committee, is an "audit committee financial expert" and "independent," as such terms are defined in this Item.

During the reporting period Elizabeth Nickels was the Funds' Audit Committee Financial Expert; however, effective September 10, 2025, and through the date of this filing, Frances Grieb is the Funds' Audit Committee Financial Expert.

#### ITEM 4 – PRINCIPAL ACCOUNTANT FEES AND SERVICES
<u>(a) Audit Fees.</u> Ernst & Young is the principal accountant for the registrant. As such, Ernst & Young has audited the financial statements of the registrant and reviewed regulatory filings that include those financial statements. During the last two fiscal years, Ernst & Young has billed the following amounts for their professional services.

August 31, 2024 – $575,419

August 31, 2025 – $456,351

<u>(b) Audit-Related Fees.</u> Ernst & Young provided audit-related services to the registrant that are not included in response to item 4(a). Those services related to the review of Form N-1A and Form N-14. Ernst & Young has billed the following amounts for those services.

August 31, 2024 - $0

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; August 31, 2025 - $3,258

Ernst & Young billed no fees that registrant's audit committee was required to pre-approve pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X.

<u>(c) Tax Fees.</u> Ernst & Young prepares and reviews the federal income tax returns and federal excise tax returns of the registrant. In connection with this service, Ernst & Young prepares and reviews the calculation of the registrant's dividend distributions that are included as deductions on the tax returns. Ernst & Young also provides services to identify passive foreign investment companies. Ernst & Young also provides services to understand and comply with tax laws in certain foreign countries and services to determine the taxability of corporate actions. During the last two fiscal years, Ernst & Young has billed the following amounts for their professional tax services.

August 31, 2024 - $180,996

August 31, 2025 - $188,458

Ernst & Young billed no fees that registrant's audit committee was required to pre-approve pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X.

<u>(d) All Other Fees.</u> Ernst & Young has not billed the registrant for other products or services during the last two fiscal years.

Ernst & Young billed no fees that registrant's audit committee was required to pre-approve pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X.

<u>(e) (1) Audit Committee Pre-Approval Policy.</u> The audit committee of the registrant has adopted the following pre-approval policy:

The Principal Funds Policy on Auditor Independence

The purpose of this policy is to ensure the independence of the Principal Funds' primary independent auditor. This policy is established by the Audit Committee (the "Committee") of the Boards of Directors of Principal Funds, Inc. and Principal Variable Contracts Funds, Inc. and the Boards of Trustees of Principal Exchange-Traded Funds (the "Funds") (the "Boards of the Funds") effective for all engagements of the primary independent auditor.

1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The primary independent auditor, its subsidiaries and affiliates shall not provide Prohibited Services to the Funds. For the purposes of this policy, Prohibited Services are:

· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Services that are subject to audit procedure during a financial statement audit;

· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Services where the auditor would act on behalf of management;

· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Services where the auditor is an advocate to the client's position in an adversarial proceeding;

· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bookkeeping or other services related to the accounting records or financial statements of the Funds, its subsidiaries and affiliates;

· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial information systems design and implementation;

· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Appraisal or valuation services, fairness opinions, or contribution-in-kind reports;

· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Actuarial services;

· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Internal audit functions or human resources;

· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Broker or dealer, investment advisor, or investment banking services;

· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Legal services and expert services unrelated to the audit;

· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tax planning services related to listed, confidential and aggressive transactions;

· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Personal tax planning services to individuals in a financial reporting oversight role with regard to the Funds (other than members of the Boards of the Funds who are not also officers of the Funds), including the immediate family members of such individuals;

· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Any other service that the Public Company Accounting Oversight Board (PCAOB) determines, by regulation, is impermissible; and

· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Any other service that the International Ethics Standards Board for Accountants (IESBA) determines, by regulation, is impermissible.

2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (A) All services the primary independent auditor, its subsidiaries and affiliates provide to the Funds, and (B) Audit services, including audits of annual financial statements, audits of acquired or divested businesses or review of regulatory filings, any independent auditor provides, shall be approved by the Committee in advance in accordance with the following procedure:

Each quarter, Management will present to the Committee for pre-approval and pre-concurrence a detailed description of each particular service, excluding tax services, for which pre-approval and pre-concurrence is sought, and the corresponding range of fees for such service. The Committee may delegate pre-approval and pre-concurrence authority to one or more of its members provided such delegated member(s) shall present a report of any services so pre-approved and pre-concurred to the full Committee at its next regularly scheduled meeting. The Committee Chairperson is presently so appointed pursuant to this policy, and shall have pre-approval and pre-concurrence authority for changes to any range of fees applicable to services the Committee previously approved and for new services and the range of fees for such services that arise between regularly scheduled Committee meetings.

In considering whether to grant pre-approval and pre-concurrence with respect to the primary independent auditor's provision of non-audit services, the Committee (or the delegated member(s), as applicable) will consider whether the services are compatible with the maintenance of such auditor's independence. The Committee (or the delegated member(s), as applicable) will also consider whether the primary independent auditor is best positioned to provide the most effective and efficient service, for reasons such as its familiarity with the Funds' business, people, culture, accounting systems, risk profile and other factors, and whether the service might enhance the Funds' ability to manage or control risk or improve audit quality.

3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The provisions of this policy shall apply to all audit and non-audit services provided directly to the Funds. Additionally, the provisions of this policy shall apply to non-audit services provided to Principal Global Investors, LLC ("PGI") or an affiliate of PGI that provides ongoing services to the Funds if the engagement relates directly to the operations and financial reporting of the Funds as well as any controlled subsidiary.

4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Not less than annually, the primary independent auditor shall report to the Committee in writing all relationships that may reasonably be thought to bear on independence between the auditor and the Funds or persons in financial reporting oversight roles with respect to any services provided by the auditor, its subsidiaries or affiliates as of the date of the communication, pursuant to Rule 3526 of the PCAOB. The primary independent auditor shall discuss with the Committee the potential effects of such relationships on the independence of the auditor. In addition, the primary independent auditor shall affirm, in writing, that, as of the date of the communication, it is independent within the meaning of the federal securities laws and Rule 3520 of the PCAOB.

5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Committee shall monitor that the lead (or coordinating) audit partners, as well as the reviewing audit partner, of the Funds' primary independent auditor are rotated at least every five years and subject upon rotation to a five year "time out" period. All other audit partners of the primary independent auditor, excluding partners who simply consult with others on the audit engagement regarding technical issues, shall rotate after seven years and be subject upon rotation to a two year "time out" period.

6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Neither the Funds nor PGI may hire or promote any former partner, principal, shareholder or professional employee (Former Employee) of the primary independent auditor into a financial reporting oversight role unless the Former Employee (1) has severed his/her economic interest in the independent audit firm, and (2) was not a member of the audit engagement team for the Funds during the one year period preceding the date that the audit procedures began for the fiscal period in which the Funds or PGI proposes to hire or promote the Former Employee. Neither the Funds nor PGI shall, without prior written consent of the primary independent auditor, hire or promote any Former Employee into a role not prohibited above if the Former Employee had provided any services to the Funds or PGI during the 12 months preceding the date of filing of the Funds' most recent annual report with the SEC. Upon termination of the primary independent auditor, the Funds or PGI shall not, without prior written consent of the former primary independent auditor, hire or promote any Former Employee for a period of up to 12 months from termination.

7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; For persons recently promoted or hired into a financial reporting oversight role (other than members of the Boards of the Funds who are not also officers or otherwise "interested persons" (as defined in the Investment Company Act of 1940) of the Funds), any personal tax planning services pursuant to an engagement that was in progress before the hiring or promotion and provided by the primary independent auditor must be completed on or before 180 days after the hiring or promotion.

8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The phrase "financial reporting oversight role" means a role in which a person is in a position to exercise influence over the contents of the financial statements or anyone who prepares them, such as a member of the board of directors or similar management or governing body, chief executive officer, president, chief operating officer, chief financial officer, counsel, controller, chief internal auditor, or any equivalent positions.

(Adopted by the Audit Committee of the Boards of the Funds on June 10, 2025).

<u>(e) (2) Pre-Approval Waivers.</u> There were no services, or 0%, provided to the registrant by Ernst & Young that were approved pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

<u>(f)</u> Substantially all work in connection with the audit of the registrant's financial statements was performed by full-time employees of Ernst & Young.

<u>(g)</u> The aggregate non-audit fees Ernst & Young billed to the registrant, the registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by or under common control with the adviser that provides ongoing services to the registrant for each of registrant's last two fiscal years were as follows.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; August 31, 2024 - $403,347

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; August 31, 2025 - $454,240

<u>(h)</u> The registrant's audit committee of the board of directors has considered whether the provision of non-audit services that were rendered to the registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant's independence.

(i) The registrant has not been identified by the Securities and Exchange Commission as having filed an annual report issued by a registered public accounting firm branch or office that is located in a foreign jurisdiction where the Public Company Accounting Oversight Board is unable to inspect or completely investigate because of a position of authority in that jurisdiction.

(j) the registrant is not a foreign issuer.

#### ITEM 5 – AUDIT COMMITTEE OF LISTED REGISTRANTS
(a) Not applicable.

(b) 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

Annual

Financial

Statements

and

Additional

Information

August

31,

2025

Table

of

Contents

#### Not

#### FDIC

#### or

#### NCUA

#### insured

#### May

#### lose

#### value
• #### Not

#### a

#### deposit
• #### No

#### bank

#### or

#### credit

#### union

#### guarantee

#### Not

#### insured

#### by

#### any

#### Federal

#### government

#### agency
Financial

Statements

Notes

to

Financial

Statements

Schedules

of

Investments

Financial

Highlights

(includes

performance

information)

Report

of

Independent

Registered

Public

Accounting

Firm

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.

August

31,

2025

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

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

$

5,973,826

$

2,852,932

$

1,052,148

Investment

in

affiliated

Funds--at

cost

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

$

$

58,724

$

32,192

Assets

Investment

in

securities--at

value

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

$

11,554,515

(a) $

2,775,693

(a) $

1,061,120

(a) Investment

in

affiliated

Funds--at

value

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

58,724

32,192

Receivables:

Dividends

and

interest

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

5,048

20,455

12,155

Expense

reimbursement

from

Manager

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

–

Fund

shares

sold

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

5,753

2,028

542

Investment

securities

sold

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

3,927

46,927

8,804

Total

Assets

11,569,542

2,903,827

1,114,849

Liabilities

Accrued

management

and

investment

advisory

fees

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

5,749

–

Accrued

administrative

service

fees

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

–

Accrued

distribution

fees

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

607

–

Accrued

service

fees

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

–

Accrued

transfer

agent

fees

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

938

Accrued

directors'

expenses

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

Accrued

professional

fees

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

Accrued

other

expenses

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

Cash

overdraft

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

–

Payables:

Fund

shares

redeemed

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

7,749

687

Interfund

borrowing

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

3,490

–

4,565

Investment

securities

purchased

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

72,388

–

Collateral

obligation

on

securities

loaned,

at

value

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

1,002

13,619

34,963

Total

Liabilities

19,998

87,076

40,109

Net

Assets

Applicable

to

Outstanding

Shares

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

$

11,549,544

$

2,816,751

$

1,074,740

Net

Assets

Consist

of:

Capital

shares

and

additional

paid-in-capital

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

$

4,728,308

$

2,928,532

$

1,155,597

Total

distributable

earnings

(accumulated

loss)

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

6,821,236

(111,781)

(80,857)

Total

Net

Assets

$

11,549,544

$

2,816,751

$

1,074,740

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

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

$

1,310,277

N/A

N/A

Shares

Issued

and

Outstanding

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

26,603

Net

Asset

Value

per

share

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

$

.25

(b) Maximum

Offering

Price

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

$

.12

Class

C

:

Net

Assets

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

$

333,921

N/A

N/A

Shares

Issued

and

Outstanding

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

7,523

Net

Asset

Value

per

share

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

$

.39

(b) Class

J

:

Net

Assets

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

$

296,709

$

37,437

N/A

Shares

Issued

and

Outstanding

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

5,883

4,416

Net

Asset

Value

per

share

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

$

.44

(b) $

.48

(b) Class

S

:

Net

Assets

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

N/A

N/A

$

1,074,740

Shares

Issued

and

Outstanding

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

111,573

Net

Asset

Value

per

share

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

$

.63

Institutional

:

Net

Assets

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

$

3,344,686

$

2,755,411

N/A

Shares

Issued

and

Outstanding

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

65,551

316,761

Net

Asset

Value

per

share

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

$

.02

$

.70

:

Net

Assets

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

$

24,846

$

8,123

N/A

Shares

Issued

and

Outstanding

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

510

959

Net

Asset

Value

per

share

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

$

.74

$

.47

:

Net

Assets

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

$

36,076

$

15,780

N/A

Shares

Issued

and

Outstanding

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

717

1,851

Net

Asset

Value

per

share

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

$

.29

$

.52

:

Net

Assets

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

$

6,203,029

N/A

N/A

Shares

Issued

and

Outstanding

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

120,830

Net

Asset

Value

per

share

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

$

.34

(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.

August

31,

2025

See

accompanying

notes.

Amounts

in

thousands,

except

per

share

amounts

Diversified

Real

Asset

Fund

(a) Edge

MidCap

Fund

Global

Listed

Infrastructure

Fund

(b) Investment

in

securities--at

cost

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

$

2,319,559

$

42,622

$

120,449

Investment

in

affiliated

Funds--at

cost

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

$

51,139

$

742

$

2,721

Foreign

currency--at

cost

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

$

–

$

–

$

Assets

Investment

in

securities--at

value

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

$

2,436,299

(c) $

52,218

$

122,577

(c) Investment

in

affiliated

Funds--at

value

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

51,139

742

2,721

Foreign

currency--at

value

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

–

–

Cash

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

–

–

Deposits

with

counterparty

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

1,965

–

–

Receivables:

Dividends

and

interest

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

6,534

Expense

reimbursement

from

Manager

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

Foreign

currency

contracts

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

–

–

Fund

shares

sold

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

863

Investment

securities

sold

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

10,017

–

–

OTC

swap

agreements--at

value

(premiums

paid

$

,

$

and

$

,

net)

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

1,321

–

–

Unrealized

gain

on

unfunded

commitments

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

–

–

Variation

margin

on

futures

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

1,953

–

–

Variation

margin

on

swaps

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

–

–

Total

Assets

2,510,353

53,032

125,776

Liabilities

Accrued

management

and

investment

advisory

fees

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

1,584

Accrued

distribution

fees

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

–

Accrued

transfer

agent

fees

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

Accrued

directors'

expenses

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

Accrued

professional

fees

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

Accrued

registration

fees

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

–

–

Accrued

other

expenses

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

Cash

overdraft

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

1,271

–

–

Deposits

from

counterparty

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

–

–

Payables:

Foreign

currency

contracts

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

–

–

Fund

shares

redeemed

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

4,669

Investment

securities

purchased

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

44,308

–

Options

and

swaptions

contracts

written

(premiums

received

$

,

$

and

$

0)

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

–

–

OTC

swap

agreements--at

value

(premiums

received

$

,

$

and

$

,

net)

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

–

–

Variation

margin

on

futures

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

1,329

–

–

Variation

margin

on

swaps

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

–

–

Collateral

obligation

on

securities

loaned,

at

value

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

11,305

–

1,933

Total

Liabilities

65,289

2,312

Net

Assets

Applicable

to

Outstanding

Shares

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

$

2,445,064

$

52,899

$

123,464

Net

Assets

Consist

of:

Capital

shares

and

additional

paid-in-capital

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

$

2,368,523

$

41,253

$

120,421

Total

distributable

earnings

(accumulated

loss)

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

76,541

11,646

3,043

Total

Net

Assets

$

2,445,064

$

52,899

$

123,464

Capital

Stock

(par

value:

$.01

per

share):

Shares

authorized

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

1,775,000

300,000

200,000

Net

Asset

Value

Per

Share:

Class

A

:

Net

Assets

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

$

44,013

$

13,969

N/A

Shares

Issued

and

Outstanding

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

3,632

1,044

Net

Asset

Value

per

share

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

$

.12

(d) $

.38

(d) Maximum

Offering

Price

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

$

.59

$

.16

Institutional

:

Net

Assets

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

$

1,314,610

$

25,962

$

123,464

Shares

Issued

and

Outstanding

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

108,614

1,920

10,644

Net

Asset

Value

per

share

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

$

.10

$

.52

$

.60

:

Net

Assets

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

$

N/A

N/A

Shares

Issued

and

Outstanding

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

Net

Asset

Value

per

share

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

$

.01

:

Net

Assets

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

$

1,086,421

$

12,968

N/A

Shares

Issued

and

Outstanding

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

89,816

953

Net

Asset

Value

per

share

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

$

.10

$

.60

(a) Consolidated

financial

statement;

see

"Basis

for

Consolidation"

in

Notes

to

Financial

Statements.

(b) Effective

June

20,

2025,

Global

Sustainable

Listed

Infrastructure

Fund

changed

its

name

to

Global

Listed

Infrastructure

Fund.

(c) Includes

fair

market

value

of

securities

loaned;

see

"Securities

Lending"

in

Notes

to

Financial

Statements.

(d) 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.

August

31,

2025

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

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

$

318,569

$

519,513

$

392,502

Investment

in

affiliated

Funds--at

cost

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

$

76,101

$

8,776

$

6,520

Assets

Investment

in

securities--at

value

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

$

331,902

$

687,231

(b) $

499,049

(b) Investment

in

affiliated

Funds--at

value

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

76,101

8,776

6,520

Cash

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

–

–

Deposits

with

counterparty

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

23,700

–

Receivables:

Dividends

and

interest

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

2,590

4,276

1,516

Expense

reimbursement

from

Manager

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

Foreign

currency

contracts

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

1,378

–

–

Fund

shares

sold

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

Interfund

lending

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

–

–

4,810

Investment

securities

sold

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

8,364

1,238

4,936

OTC

swap

agreements--at

value

(premiums

paid

$0,

$0

and

$0,

net)

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

6,434

–

–

Variation

margin

on

futures

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

615

–

–

Variation

margin

on

swaps

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

–

–

Prepaid

expenses

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

–

–

Total

Assets

451,587

701,912

516,985

Liabilities

Accrued

management

and

investment

advisory

fees

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

Accrued

administrative

service

fees

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

–

–

Accrued

distribution

fees

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

–

Accrued

service

fees

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

–

–

Accrued

transfer

agent

fees

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

Accrued

directors'

expenses

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

Accrued

professional

fees

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

Accrued

other

expenses

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

Cash

overdraft

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

Deposits

from

counterparty

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

–

–

Payables:

Dividends

and

interest

on

securities

sold

short

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

–

–

Foreign

currency

contracts

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

1,047

–

–

Fund

shares

redeemed

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

1,208

1,396

Investment

securities

purchased

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

10,870

–

3,513

Options

and

swaptions

contracts

written (premiums

received

$573,

$0

and

$0)

...........

–

–

Short

sales

(proceeds

received

$6,470,

$0

and

$0)

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

7,282

–

–

OTC

swap

agreements--at

value

(premiums

received

$80,

$0

and

$0,

net)

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

–

–

Variation

margin

on

futures

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

783

–

Variation

margin

on

swaps

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

–

–

Collateral

obligation

on

securities

loaned,

at

value

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

–

8,045

3,985

Total

Liabilities

22,035

9,761

9,882

Net

Assets

Applicable

to

Outstanding

Shares

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

$

429,552

$

692,151

$

507,103

Net

Assets

Consist

of:

Capital

shares

and

additional

paid-in-capital

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

$

397,265

$

495,698

$

427,186

Total

distributable

earnings

(accumulated

loss)

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

32,287

196,453

79,917

Total

Net

Assets

$

429,552

$

692,151

$

507,103

Statements

of

Assets

and

Liabilities

Principal

Funds,

Inc.

August

31,

2025

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

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

$

33,588

N/A

N/A

Shares

Issued

and

Outstanding

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

2,913

Net

Asset

Value

per

share

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

$

11.53 (c) Maximum

Offering

Price

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

$

11.98 Institutional:

Net

Assets

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

$

265,373

$

82,259

$

24,458

Shares

Issued

and

Outstanding

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

22,593

6,101

1,985

Net

Asset

Value

per

share

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

$

11.75 $

13.48 $

12.32 R-3:

Net

Assets

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

N/A

$

13,831

N/A

Shares

Issued

and

Outstanding

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

1,052

Net

Asset

Value

per

share

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

$

13.15 R-5:

Net

Assets

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

N/A

$

31,759

N/A

Shares

Issued

and

Outstanding

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

2,374

Net

Asset

Value

per

share

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

$

13.38 R-6:

Net

Assets

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

$

130,591

$

564,302

$

482,645

Shares

Issued

and

Outstanding

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

11,091

41,798

38,929

Net

Asset

Value

per

share

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

$

11.77 $

13.50 $

12.40 (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.

August

31,

2025

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

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

$

180,509

$

1,063,393

$

5,256,030

Investment

in

affiliated

Funds--at

cost

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

$

–

$

21,309

$

107,784

Foreign

currency--at

cost

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

$

–

$

–

$

Assets

Investment

in

securities--at

value

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

$

171,545

$

1,597,852

$

5,316,047

(a) Investment

in

affiliated

Funds--at

value

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

–

21,309

107,784

Foreign

currency--at

value

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

–

–

Cash

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

541

–

Deposits

with

counterparty

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

–

–

10,067

Receivables:

Dividends

and

interest

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

2,378

1,913

62,534

Expense

reimbursement

from

Manager

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

–

–

Fund

shares

sold

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

922

9,773

Investment

securities

sold

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

1,003

–

585

Total

Assets

176,403

1,621,509

5,506,817

Liabilities

Accrued

management

and

investment

advisory

fees

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

1,040

3,207

Accrued

distribution

fees

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

Accrued

service

fees

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

–

–

Accrued

transfer

agent

fees

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

841

Accrued

directors'

expenses

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

Accrued

professional

fees

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

Accrued

other

expenses

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

Payables:

Dividends

payable

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

716

–

–

Expense

reimbursement

to

Manager

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

–

–

Fund

shares

redeemed

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

613

1,749

7,179

Interest

expense

and

fees

payable

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

–

–

Investment

securities

purchased

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

1,973

–

–

Collateral

obligation

on

securities

loaned,

at

value

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

–

–

86,870

Floating

rate

notes

issued

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

14,160

–

–

Total

Liabilities

17,730

2,966

98,501

Net

Assets

Applicable

to

Outstanding

Shares

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

$

158,673

$

1,618,543

$

5,408,316

Net

Assets

Consist

of:

Capital

shares

and

additional

paid-in-capital

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

$

189,277

$

1,085,586

$

5,820,664

Total

distributable

earnings

(accumulated

loss)

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

(30,604)

532,957

(412,348)

Total

Net

Assets

$

158,673

$

1,618,543

$

5,408,316

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

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

$

30,644

$

180,264

$

633,867

Shares

Issued

and

Outstanding

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

3,339

9,207

67,212

Net

Asset

Value

per

share

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

$

.18

(b) $

.58

(b) $

.43

(b) Maximum

Offering

Price

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

$

.54

$

.72

$

.80

Class

C

:

Net

Assets

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

N/A

$

16,216

$

118,501

Shares

Issued

and

Outstanding

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

839

12,565

Net

Asset

Value

per

share

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

$

.35

(b) $

.43

(b) Class

J

:

Net

Assets

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

N/A

N/A

$

33,203

Shares

Issued

and

Outstanding

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

3,660

Net

Asset

Value

per

share

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

$

.07

(b) Institutional

:

Net

Assets

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

$

128,029

$

727,740

$

3,719,221

Shares

Issued

and

Outstanding

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

13,937

36,921

398,310

Net

Asset

Value

per

share

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

$

.19

$

.71

$

.34

:

Net

Assets

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

N/A

N/A

$

2,206

Shares

Issued

and

Outstanding

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

Net

Asset

Value

per

share

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

$

.27

:

Net

Assets

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

N/A

N/A

$

3,529

Shares

Issued

and

Outstanding

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

Net

Asset

Value

per

share

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

$

.28

:

Net

Assets

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

N/A

$

694,323

$

897,789

Shares

Issued

and

Outstanding

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

35,023

96,209

Net

Asset

Value

per

share

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

$

.83

$

.33

(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.

Year

Ended

August

31,

2025

See

accompanying

notes.

Amounts

in

thousands

Blue

Chip

Fund

(a) Bond

Market

Index

Fund

(a),(b)

Capital

Securities

Fund

Net

Investment

Income

(Loss)

Income:

Dividends

from

affiliated

Funds

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

$

$

2,519

$

Dividends

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

70,628

1,049

613

Withholding

tax

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

(711)

–

–

Interest

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

101,346

61,411

Securities

lending

-

net

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

Total

Income

70,096

105,044

62,684

Expenses:

Management

and

investment

advisory

fees

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

66,405

3,138

N/A

Distribution

f

ees

-

Class

A

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

3,072

N/A

N/A

Distribution

f

ees

-

Class

C

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

3,332

N/A

N/A

Distribution

f

ees

-

Class

J

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

N/A

Distribution

f

ees

-

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

N/A

N/A

Distribution

f

ees

-

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

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

Service

fees

-

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

N/A

Shareholder

reports

-

Class

A

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

N/A

N/A

Shareholder

reports

-

Class

C

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

N/A

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

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

1,218

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

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

2,772

N/A

Transfer agent

fees

-

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

N/A

N/A

Chief

compliance

officer

expenses

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

Custodian

fees

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

Directors'

expenses

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

Professional fees

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

Technology

fees

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

Other

expenses

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

Total

Gross

Expenses

79,218

3,608

511

Less: Reimbursement

from

Manager

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

3,393

–

Less:

Reimbursement

from

Manager

-

Class

S

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

N/A

N/A

503

Less:

Reimbursement

from

Distributor

-

Class

J

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

N/A

Total

Net

Expenses

75,816

3,493

Net

Investment

Income

(Loss)

(5,720)

101,551

62,676

Net

Realized

and

Unrealized

Gain

(Loss)

on

investments

Net

realized

gain

(loss)

from:

Investment

transactions

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

1,691,386

(5,783)

2,787

Net

change

in

unrealized

appreciation/(depreciation)

of:

Investments

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

63,909

(15,778)

29,903

Net

Realized

and

Unrealized

Gain

(Loss)

on

investments

1,755,295

(21,561)

32,690

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

$

1,749,575

$

79,990

$

95,366

(a) Class

shares

discontinued

operations

and

converted

to

Class

shares

on

November

22,

2024. (b) Class

shares

discontinued

operations

and

converted

to

Class

shares

on

November

22,

2024. Statements

of

Operations

Principal

Funds,

Inc.

Year

Ended

August

31,

2025

See

accompanying

notes.

Amounts

in

thousands

Diversified

Real

Asset

Fund

(a) Edge

MidCap

Fund

Global

Listed

Infrastructure

Fund

(b) Net

Investment

Income

(Loss)

Income:

Dividends

from

affiliated

Funds

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

$

2,089

$

$

Dividends

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

62,300

944

1,026

Withholding

tax

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

(2,736)

–

(48)

Interest

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

34,846

–

Securities

lending

-

net

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

–

Total

Income

96,795

992

1,074

Expenses:

Management

and

investment

advisory

fees

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

20,074

Distribution

f

ees

-

Class

A

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

N/A

Registration

fees

-

Class

A

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

N/A

Registration

fees

-

Institutional

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

Registration

fees

-

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

N/A

Shareholder

reports

-

Class

A

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

–

N/A

Shareholder

reports

-

Institutional

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

Shareholder

reports

-

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

–

N/A

Transfer agent

fees

-

Class

A

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

N/A

Transfer agent

fees

-

Institutional

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

1,327

Transfer agent

fees

-

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

N/A

Chief

compliance

officer

expenses

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

–

–

Custodian

fees

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

Directors'

expenses

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

Professional fees

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

Technology

fees

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

Other

expenses

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

Total

Gross

Expenses

22,343

628

Less: Reimbursement

from

Manager

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

–

–

Less:

Reimbursement

from

Manager

-

Class

A

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

–

N/A

Less:

Reimbursement

from

Manager

-

Institutional

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

724

Less:

Reimbursement

from

Manager

-

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

–

N/A

Total

Net

Expenses

21,619

549

Net

Investment

Income

(Loss)

75,176

781

Net

Realized

and

Unrealized

Gain

(Loss)

on

investments,

foreign

currencies,

futures,

options

and

swaptions

and

swap

agreements

Net

realized

gain

(loss)

from:

Investment

transactions

(net

of

foreign

taxes

of

$

–

,

$

–

and

$

,

respectively)

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

29,194

3,190

724

Foreign

currency

contracts

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

–

–

Foreign

currency

transactions

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

(471)

–

(36)

Futures

contracts

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

20,018

–

–

Options

and

swaptions

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

–

–

Swap

agreements

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

1,122

–

–

Net

change

in

unrealized

appreciation/(depreciation)

of:

Investments

(net

of

foreign

taxes

of

$

–

,

$

–

and

$

,

respectively)

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

22,981

(1,396)

920

Foreign

currency

contracts

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

–

–

Futures

contracts

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

618

–

–

Options

and

swaptions

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

–

–

Swap

agreements

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

3,307

–

–

Translation

of

assets

and

liabilities

in

foreign

currencies

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

–

–

Net

Realized

and

Unrealized

Gain

(Loss)

on

investments,

foreign

currencies,

futures,

options

and

swaptions

and

swap

agreements

77,478

1,794

1,608

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

$

152,654

$

2,237

$

2,389

(a) Consolidated

financial

statement;

see

"Basis

for

Consolidation"

in

Notes

to

Financial

Statements.

(b) Effective

June

20,

2025,

Global

Sustainable

Listed

Infrastructure

Fund

changed

its

name

to

Global

Listed

Infrastructure

Fund.

Statements

of

Operations

Principal

Funds,

Inc.

Year

Ended

August

31,

2025

See

accompanying

notes.

Amounts

in

thousands

Global

Multi-

Strategy

Fund

(a) International

Equity

Index

Fund

(b),(c)

International

Small

Company

Fund

Net

Investment

Income

(Loss)

Income:

Dividends

from

affiliated

Funds

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

$

3,476

$

$

Dividends

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

3,340

35,745

14,813

Withholding

tax

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

(161)

(2,597)

(1,375)

Interest

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

11,565

–

Securities

lending

-

net

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

–

IRS

closing

agreement

fees

related

to

foreign

tax

reclaims

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

(12)

–

–

Total

Income

18,208

33,258

13,642

Expenses:

Management

and

investment

advisory

fees

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

5,316

2,436

5,393

Distribution

f

ees

-

Class

A

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

N/A

N/A

Distribution

f

ees

-

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

N/A

N/A

Distribution

f

ees

-

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

N/A

N/A

Administrative

service

fees

-

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

N/A

N/A

Administrative

service

fees

-

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

N/A

N/A

Administrative

service

fees

-

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

N/A

N/A

Registration

fees

-

Class

A

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

N/A

N/A

Registration

fees

-

Institutional

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

Registration

fees

-

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

Service

fees

-

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

N/A

N/A

Service

fees

-

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

N/A

N/A

Service

fees

-

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

N/A

N/A

Shareholder

reports

-

Class

A

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

N/A

N/A

Shareholder

reports

-

Institutional

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

Shareholder

reports

-

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

–

Transfer agent

fees

-

Class

A

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

N/A

N/A

Transfer agent

fees

-

Institutional

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

Transfer agent

fees

-

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

Chief

compliance

officer

expenses

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

–

–

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

6,542

3,469

5,680

Less:

Reimbursement

from

Manager

-

Institutional

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

Less:

Reimbursement

from

Manager

-

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

Total

Net

Expenses

6,047

3,195

5,623

Net

Investment

Income

(Loss)

12,161

30,063

8,019

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

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

15,350

229,395

50,936

Foreign

currency

contracts

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

1,577

–

–

Foreign

currency

transactions

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

(848)

(111)

Futures

contracts

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

(6,510)

–

Options

and

swaptions

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

1,503

–

–

Short

sales

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

(1,337)

–

–

Net

change

in

unrealized

appreciation/(depreciation)

of:

Investments

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

2,777

(135,456)

1,208

Foreign

currency

contracts

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

2,045

–

–

Futures

contracts

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

803

(76)

–

Options

and

swaptions

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

–

–

Short

sales

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

600

–

–

Swap

agreements

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

1,097

–

–

Translation

of

assets

and

liabilities

in

foreign

currencies

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

(21)

Net

Realized

and

Unrealized

Gain

(Loss)

on

investments,

foreign

currencies,

futures,

options

and

swaptions,

short

sales

and

swap

agreements

17,416

94,244

52,012

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

$

29,577

$

124,307

$

60,031

(a) Consolidated

financial

statement;

see

"Basis

for

Consolidation"

in

Notes

to

Financial

Statements.

(b) Class

shares

discontinued

operations

and

converted

to

Class

shares

on

November

22,

2024. (c) Class

shares

discontinued

operations

and

converted

to

Class

shares

on

November

22,

2024. Statements

of

Operations

Principal

Funds,

Inc.

Year

Ended

August

31,

2025

See

accompanying

notes.

Amounts

in

thousands

Opportunistic

Municipal

Fund

Small-MidCap

Dividend

Income

Fund

Spectrum

Preferred

and

Capital

Securities

Income

Fund

(a),(b)

Net

Investment

Income

(Loss)

Income:

Dividends

from

affiliated

Funds

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

$

–

$

1,112

$

1,772

Dividends

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

35,580

31,359

Withholding

tax

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

–

(47)

–

Interest

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

8,750

298,027

Securities

lending

-

net

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

–

949

Total

Income

8,763

36,655

332,107

Expenses:

Management

and

investment

advisory

fees

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

719

12,587

40,442

Distribution

f

ees

-

Class

A

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

1,655

Distribution

f

ees

-

Class

C

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

N/A

1,280

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

Service

fees

-

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

N/A

N/A

Shareholder

reports

-

Class

A

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

–

Shareholder

reports

-

Class

C

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

N/A

–

Shareholder

reports

-

Institutional

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

Shareholder

reports

-

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

N/A

–

Transfer agent

fees

-

Class

A

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

558

Transfer agent

fees

-

Class

C

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

N/A

Transfer agent

fees

-

Class

J

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

N/A

N/A

Transfer agent

fees

-

Institutional

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

539

3,805

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

1,475

14,172

48,655

Less:

Reimbursement

from

Manager

-

Class

A

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

–

–

Less:

Reimbursement

from

Manager

-

Class

C

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

N/A

–

Less:

Reimbursement

from

Manager

-

Institutional

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

–

Less:

Reimbursement

from

Distributor

-

Class

J

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

N/A

N/A

Total

Net

Expenses

1,405

14,089

48,654

Net

Investment

Income

(Loss)

7,358

22,566

283,453

Net

Realized

and

Unrealized

Gain

(Loss)

on

investments,

foreign

currencies,

futures

and

options

and

swaptions

Net

realized

gain

(loss)

from:

Investment

transactions

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

(3,297)

15,134

7,534

Foreign

currency

transactions

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

–

(5)

–

Futures

contracts

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

–

–

(3,058)

Options

and

swaptions

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

–

–

3,423

Net

change

in

unrealized

appreciation/(depreciation)

of:

Investments

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

(7,671)

68,330

89,009

Options

and

swaptions

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

–

–

(11)

Net

Realized

and

Unrealized

Gain

(Loss)

on

investments,

foreign

currencies,

futures

and

options

and

swaptions

(10,968)

83,459

96,897

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

$

(3,610)

$

106,025

$

380,350

(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.

See

accompanying

notes.

Amounts

in

thousands

Blue

Chip

Fund

Year

Ended

August

31,

2025

(a) Year

Ended

August

31,

2024

Operations

Net

investment

income

(loss)

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

$

(5,720)

$

8,054

Net

realized

gain

(loss)

on

investments

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

1,691,386

334,207

Net

change

in

unrealized

appreciation/(depreciation)

of

investments

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

63,909

2,266,863

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

1,749,575

2,609,124

Dividends

and

Distributions

to

Shareholders

From

net

investment

income

and

net

realized

gain

on

investments

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

(503,177)

(1,781)

Total

Dividends

and

Distributions

(503,177)

(1,781)

Capital

Share

Transactions

Net

increase

(decrease)

in

capital

share

transactions

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

(1,368,568)

(412,944)

Total

Increase

(Decrease)

in

Net

Assets

(122,170)

2,194,399

Net

Assets

Beginning

of

period

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

11,671,714

9,477,315

End

of

period

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

$

11,549,544

$

11,671,714

Class

A

Class

C

Class

J

Institutional

Capital

Share

Transactions:

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)

Year

Ended

August

31,

2024

Dollars:

Sold

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

$

165,199

$

39,927

$

62,399

$

1,233,117

$

8,216

$

1,140

$

13,206

$

1,017,523

Reinvested

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

–

–

–

–

–

–

–

1,759

Redeemed

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

(244,629)

(65,359)

(51,015)

(1,292,346)

(6,444)

(873)

(6,149)

(1,288,615)

Net

Increase

(Decrease)

$

(79,430)

$

(25,432)

$

11,384

$

(59,229)

$

1,772

$

$

7,057

$

(269,333)

Shares:

Sold

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

4,332

1,116

1,566

30,308

24,263

Reinvested

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

–

–

–

–

–

–

–

Redeemed

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

(6,336)

(1,828)

(1,269)

(32,230)

(170)

(22)

(148)

(31,581)

Net

Increase

(Decrease)

(2,004)

(712)

(1,922)

(7,274)

Dividends

and

Distributions

to

Shareholders:

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)

Year

Ended

August

31,

2024

From

net

investment

income

and

net

realized

gain

on

investments

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

$

–

$

–

$

–

$

–

$

–

$

–

$

–

$

(1,781)

Total

Dividends

and

Distributions

$

–

$

–

$

–

$

–

$

–

$

–

$

–

$

(1,781)

(a) Class

shares

discontinued

operations

and

converted

to

Class

shares

on

November

22,

2024. Statement

of

Changes

in

Net

Assets

Principal

Funds,

Inc.

See

accompanying

notes.

Amounts

in

thousands

Bond

Market

Index

Fund

Year

Ended

August

31,

2025

(a),

(b) Year

Ended

August

31,

2024

Operations

Net

investment

income

(loss)

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

$

101,551

$

83,795

Net

realized

gain

(loss)

on

investments

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

(5,783)

(63,405)

Net

change

in

unrealized

appreciation/(depreciation)

of

investments

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

(15,778)

115,342

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

79,990

135,732

Dividends

and

Distributions

to

Shareholders

From

net

investment

income

and

net

realized

gain

on

investments

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

(81,344)

(85,167)

Total

Dividends

and

Distributions

(81,344)

(85,167)

Capital

Share

Transactions

Net

increase

(decrease)

in

capital

share

transactions

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

524,091

(243,669)

Total

Increase

(Decrease)

in

Net

Assets

522,737

(193,104)

Net

Assets

Beginning

of

period

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

2,294,014

2,487,118

End

of

period

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

$

2,816,751

$

2,294,014

Class

J

Institutional

Capital

Share

Transactions:

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

Year

Ended

August

31,

2024

Dollars:

Sold

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

$

6,387

$

529,263

$

$

3,562

$

2,768

$

2,716

Reinvested

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

1,141

83,177

Redeemed

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

(6,891)

(857,376)

(132)

(4,351)

(1,719)

(3,459)

Net

Increase

(Decrease)

$

637

$

(244,936)

$

$

(489)

$

1,183

$

(355)

Shares:

Sold

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

774

62,773

Reinvested

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

9,820

Redeemed

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

(836)

(102,986)

(16)

(531)

(208)

(419)

Net

Increase

(Decrease)

(30,393)

(58)

(43)

Dividends

and

Distributions

to

Shareholders:

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)

Year

Ended

August

31,

2024

From

net

investment

income

and

net

realized

gain

on

investments

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

$

(1,145)

$

(83,177)

$

(23)

$

(300)

$

(134)

$

(388)

Total

Dividends

and

Distributions

$

(1,145)

$

(83,177)

$

(23)

$

(300)

$

(134)

$

(388)

(a) Class

shares

discontinued

operations

and

converted

to

Class

shares

on

November

22,

2024. (b) Class

shares

discontinued

operations

and

converted

to

Class

shares

on

November

22,

2024. Statement

of

Changes

in

Net

Assets

Principal

Funds,

Inc.

See

accompanying

notes.

Amounts

in

thousands

Capital

Securities

Fund

Year

Ended

August

31,

2025

Year

Ended

August

31,

2024

Operations

Net

investment

income

(loss)

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

$

62,676

$

59,586

Net

realized

gain

(loss)

on

investments

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

2,787

(5,506)

Net

change

in

unrealized

appreciation/(depreciation)

of

investments

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

29,903

104,435

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

95,366

158,515

Dividends

and

Distributions

to

Shareholders

From

net

investment

income

and

net

realized

gain

on

investments

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

(68,240)

(63,966)

Total

Dividends

and

Distributions

(68,240)

(63,966)

Capital

Share

Transactions

Net

increase

(decrease)

in

capital

share

transactions

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

(153,965)

65,496

Total

Increase

(Decrease)

in

Net

Assets

(126,839)

160,045

Net

Assets

Beginning

of

period

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

1,201,579

1,041,534

End

of

period

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

$

1,074,740

$

1,201,579

Class

S

Capital

Share

Transactions:

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)

Year

Ended

August

31,

2024

Dollars:

Sold

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

$

353,626

Reinvested

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

38,427

Redeemed

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

(326,557)

Net

Increase

(Decrease)

$

65,496

Shares:

Sold

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

39,439

Reinvested

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

4,299

Redeemed

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

(36,634)

Net

Increase

(Decrease)

7,104

Dividends

and

Distributions

to

Shareholders:

Year

Ended

August

31,

2025

From

net

investment

income

and

net

realized

gain

on

investments

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

$

(68,240)

Total

Dividends

and

Distributions

$

(68,240)

Year

Ended

August

31,

2024

From

net

investment

income

and

net

realized

gain

on

investments

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

$

(63,966)

Total

Dividends

and

Distributions

$

(63,966)

Statement

of

Changes

in

Net

Assets

Principal

Funds,

Inc.

See

accompanying

notes.

Amounts

in

thousands

Diversified

Real

Asset

Fund

(a) Year

Ended

August

31,

2025

Year

Ended

August

31,

2024

Operations

Net

investment

income

(loss)

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

$

75,176

$

106,455

Net

realized

gain

(loss)

on

investments

,

foreign

currencies

,

futures

,

options

and

swaptions

and

swap

agreements

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

50,397

(113,901)

Net

change

in

unrealized

appreciation/(depreciation)

of

investments

,

foreign

currencies

,

futures

,

options

and

swaptions

and

swap

agreements

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

27,081

312,223

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

152,654

304,777

Dividends

and

Distributions

to

Shareholders

From

net

investment

income

and

net

realized

gain

on

investments

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

(58,284)

(90,582)

Total

Dividends

and

Distributions

(58,284)

(90,582)

Capital

Share

Transactions

Net

increase

(decrease)

in

capital

share

transactions

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

(766,557)

(589,436)

Total

Increase

(Decrease)

in

Net

Assets

(672,187)

(375,241)

Net

Assets

Beginning

of

period

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

3,117,251

3,492,492

End

of

period

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

$

2,445,064

$

3,117,251

Class

A

Institutional

Capital

Share

Transactions:

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)

Year

Ended

August

31,

2024

Dollars:

Sold

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

$

4,109

$

329,054

$

$

377,818

Reinvested

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

1,292

43,925

41,009

Redeemed

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

(32,798)

(962,985)

(281)

(390,599)

Net

Increase

(Decrease)

$

(27,397)

$

(590,006)

$

(261)

$

28,228

Shares:

Sold

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

30,565

35,286

Reinvested

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

3,992

3,725

Redeemed

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

(3,014)

(87,999)

(25)

(35,735)

Net

Increase

(Decrease)

(2,516)

(53,442)

(23)

3,276

Dividends

and

Distributions

to

Shareholders:

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)

Year

Ended

August

31,

2024

From

net

investment

income

and

net

realized

gain

on

investments

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

$

(1,372)

$

(47,283)

$

(6)

$

(41,921)

Total

Dividends

and

Distributions

$

(1,372)

$

(47,283)

$

(6)

$

(41,921)

(a) Consolidated

financial

statement;

see

"Basis

for

Consolidation"

in

Notes

to

Financial

Statements.

Statement

of

Changes

in

Net

Assets

Principal

Funds,

Inc.

See

accompanying

notes.

Amounts

in

thousands

Edge

MidCap

Fund

Year

Ended

August

31,

2025

Year

Ended

August

31,

2024

Operations

Net

investment

income

(loss)

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

$

$

732

Net

realized

gain

(loss)

on

investments

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

3,190

1,779

Net

change

in

unrealized

appreciation/(depreciation)

of

investments

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

(1,396)

7,940

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

2,237

10,451

Dividends

and

Distributions

to

Shareholders

From

net

investment

income

and

net

realized

gain

on

investments

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

(2,338)

(1,309)

Total

Dividends

and

Distributions

(2,338)

(1,309)

Capital

Share

Transactions

Net

increase

(decrease)

in

capital

share

transactions

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

(24,350)

(8,167)

Total

Increase

(Decrease)

in

Net

Assets

(24,451)

975

Net

Assets

Beginning

of

period

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

77,350

76,375

End

of

period

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

$

52,899

$

77,350

Class

A

Institutional

Capital

Share

Transactions:

Year

Ended

August

31,

2025

Dollars:

Sold

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

$

3,391

$

5,679

$

1,024

Reinvested

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

1,117

Redeemed

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

(7,604)

(18,174)

(10,762)

Net

Increase

(Decrease)

$

(3,720)

$

(11,378)

$

(9,252)

Shares:

Sold

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

Reinvested

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

Redeemed

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

(589)

(1,393)

(866)

Net

Increase

(Decrease)

(288)

(870)

(750)

Year

Ended

August

31,

2024

Dollars:

Sold

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

$

6,158

$

13,169

$

2,519

Reinvested

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

573

Redeemed

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

(8,702)

(11,492)

(10,941)

Net

Increase

(Decrease)

$

(2,281)

$

2,250

$

(8,136)

Shares:

Sold

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

508

1,078

Reinvested

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

Redeemed

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

(719)

(935)

(897)

Net

Increase

(Decrease)

(190)

(668)

Dividends

and

Distributions

to

Shareholders:

Year

Ended

August

31,

2025

From

net

investment

income

and

net

realized

gain

on

investments

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

$

(493)

$

(1,149)

$

(696)

Total

Dividends

and

Distributions

$

(493)

$

(1,149)

$

(696)

Year

Ended

August

31,

2024

From

net

investment

income

and

net

realized

gain

on

investments

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

$

(263)

$

(583)

$

(463)

Total

Dividends

and

Distributions

$

(263)

$

(583)

$

(463)

Statement

of

Changes

in

Net

Assets

Principal

Funds,

Inc.

See

accompanying

notes.

Amounts

in

thousands

Global

Listed

Infrastructure

Fund

(a) Year

Ended

August

31,

2025

Year

Ended

August

31,

2024

Operations

Net

investment

income

(loss)

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

$

781

$

Net

realized

gain

(loss)

on

investments

and

foreign

currencies

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

688

Net

change

in

unrealized

appreciation/(depreciation)

of

investments

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

920

2,148

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

2,389

2,887

Dividends

and

Distributions

to

Shareholders

From

net

investment

income

and

net

realized

gain

on

investments

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

(1,067)

(1,246)

Total

Dividends

and

Distributions

(1,067)

(1,246)

Capital

Share

Transactions

Net

increase

(decrease)

in

capital

share

transactions

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

102,547

1,945

Total

Increase

(Decrease)

in

Net

Assets

103,869

3,586

Net

Assets

Beginning

of

period

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

19,595

16,009

End

of

period

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

$

123,464

$

19,595

Institutional

Capital

Share

Transactions:

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

Year

Ended

August

31,

2024

Dollars:

Sold

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

$

1,293

Reinvested

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

884

Redeemed

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

(232)

Net

Increase

(Decrease)

$

1,945

Shares:

Sold

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

Reinvested

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

Redeemed

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

(23)

Net

Increase

(Decrease)

Dividends

and

Distributions

to

Shareholders:

Year

Ended

August

31,

2025

From

net

investment

income

and

net

realized

gain

on

investments

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

$

(1,067)

Total

Dividends

and

Distributions

$

(1,067)

Year

Ended

August

31,

2024

From

net

investment

income

and

net

realized

gain

on

investments

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

$

(1,246)

Total

Dividends

and

Distributions

$

(1,246)

(a) Effective

June

20,

2025,

Global

Sustainable

Listed

Infrastructure

Fund

changed

its

name

to

Global

Listed

Infrastructure

Fund.

Statement

of

Changes

in

Net

Assets

Principal

Funds,

Inc.

See

accompanying

notes.

Amounts

in

thousands

Global

Multi-Strategy

Fund

(a) Year

Ended

August

31,

2025

Year

Ended

August

31,

2024

Operations

Net

investment

income

(loss)

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

$

12,161

$

15,287

Net

realized

gain

(loss)

on

investments

,

foreign

currencies

,

futures

,

options

and

swaptions

and

short

sales

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

9,735

6,105

Net

change

in

unrealized

appreciation/(depreciation)

of

investments

,

foreign

currencies

,

futures

,

options

and

swaptions

,

short

sales

and

swap

agreements

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

7,681

14,768

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

29,577

36,160

Dividends

and

Distributions

to

Shareholders

From

net

investment

income

and

net

realized

gain

on

investments

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

(6,643)

(15,141)

Total

Dividends

and

Distributions

(6,643)

(15,141)

Capital

Share

Transactions

Net

increase

(decrease)

in

capital

share

transactions

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

(8,102)

(57,111)

Total

Increase

(Decrease)

in

Net

Assets

14,832

(36,092)

Net

Assets

Beginning

of

period

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

414,720

450,812

End

of

period

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

$

429,552

$

414,720

Class

A

Institutional

Capital

Share

Transactions:

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)

Year

Ended

August

31,

2024

Dollars:

Sold

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

$

2,792

$

80,390

$

75,661

Reinvested

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

955

9,048

651

Redeemed

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

(8,393)

(190,934)

(27,281)

Net

Increase

(Decrease)

$

(4,646)

$

(101,496)

$

49,031

Shares:

Sold

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

7,501

6,958

Reinvested

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

869

Redeemed

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

(797)

(17,854)

(2,535)

Net

Increase

(Decrease)

(439)

(9,484)

4,485

Dividends

and

Distributions

to

Shareholders:

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)

Year

Ended

August

31,

2024

From

net

investment

income

and

net

realized

gain

on

investments

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

$

(1,107)

$

(11,817)

$

(2,217)

Total

Dividends

and

Distributions

$

(1,107)

$

(11,817)

$

(2,217)

(a) Consolidated

financial

statement;

see

"Basis

for

Consolidation"

in

Notes

to

Financial

Statements.

Statement

of

Changes

in

Net

Assets

Principal

Funds,

Inc.

See

accompanying

notes.

Amounts

in

thousands

International

Equity

Index

Fund

Year

Ended

August

31,

2025

(a),

(b) Year

Ended

August

31,

2024

Operations

Net

investment

income

(loss)

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

$

30,063

$

31,910

Net

realized

gain

(loss)

on

investments

,

foreign

currencies

and

futures

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

229,694

29,666

Net

change

in

unrealized

appreciation/(depreciation)

of

investments

,

foreign

currencies

and

futures

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

(135,450)

144,722

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

124,307

206,298

Dividends

and

Distributions

to

Shareholders

From

net

investment

income

and

net

realized

gain

on

investments

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

(49,386)

(43,737)

Total

Dividends

and

Distributions

(49,386)

(43,737)

Capital

Share

Transactions

Net

increase

(decrease)

in

capital

share

transactions

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

(583,561)

(194,364)

Total

Increase

(Decrease)

in

Net

Assets

(508,640)

(31,803)

Net

Assets

Beginning

of

period

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

1,200,791

1,232,594

End

of

period

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

$

692,151

$

1,200,791

Institutional

Capital

Share

Transactions:

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)

Year

Ended

August

31,

2024

Dollars:

Sold

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

$

28,193

$

$

3,508

$

2,645

$

3,312

$

91,887

Reinvested

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

2,679

516

39,716

Redeemed

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

(21,832)

(266)

(4,554)

(4,845)

(3,821)

(332,364)

Net

Increase

(Decrease)

$

9,040

$

(224)

$

(592)

$

(1,834)

$

$

(200,761)

Shares:

Sold

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

2,499

8,133

Reinvested

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

3,570

Redeemed

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

(1,927)

(26)

(409)

(436)

(343)

(30,063)

Net

Increase

(Decrease)

813

(22)

(42)

(165)

(18,360)

Dividends

and

Distributions

to

Shareholders:

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)

Year

Ended

August

31,

2024

From

net

investment

income

and

net

realized

gain

on

investments

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

$

(2,679)

$

(6)

$

(454)

$

(366)

$

(516)

$

(39,716)

Total

Dividends

and

Distributions

$

(2,679)

$

(6)

$

(454)

$

(366)

$

(516)

$

(39,716)

(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.

See

accompanying

notes.

Amounts

in

thousands

International

Small

Company

Fund

Year

Ended

August

31,

2025

Year

Ended

August

31,

2024

Operations

Net

investment

income

(loss)

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

$

8,019

$

11,829

Net

realized

gain

(loss)

on

investments

and

foreign

currencies

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

50,825

(1,615)

Net

change

in

unrealized

appreciation/(depreciation)

of

investments

and

foreign

currencies

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

1,187

82,079

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

60,031

92,293

Dividends

and

Distributions

to

Shareholders

From

net

investment

income

and

net

realized

gain

on

investments

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

(21,552)

(13,761)

Total

Dividends

and

Distributions

(21,552)

(13,761)

Capital

Share

Transactions

Net

increase

(decrease)

in

capital

share

transactions

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

(274,144)

(42,271)

Total

Increase

(Decrease)

in

Net

Assets

(235,665)

36,261

Net

Assets

Beginning

of

period

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

742,768

706,507

End

of

period

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

$

507,103

$

742,768

Institutional

Capital

Share

Transactions:

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)

Year

Ended

August

31,

2024

Dollars:

Sold

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

$

8,675

$

71,148

Reinvested

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

730

13,031

Redeemed

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

(19,656)

(116,199)

Net

Increase

(Decrease)

$

(10,251)

$

(32,020)

Shares:

Sold

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

875

7,092

Reinvested

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

1,291

Redeemed

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

(1,969)

(11,702)

Net

Increase

(Decrease)

(1,021)

(3,319)

Dividends

and

Distributions

to

Shareholders:

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)

Year

Ended

August

31,

2024

From

net

investment

income

and

net

realized

gain

on

investments

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

$

(730)

$

(13,031)

Total

Dividends

and

Distributions

$

(730)

$

(13,031)

Statement

of

Changes

in

Net

Assets

Principal

Funds,

Inc.

See

accompanying

notes.

Amounts

in

thousands

Opportunistic

Municipal

Fund

Year

Ended

August

31,

2025

Year

Ended

August

31,

2024

Operations

Net

investment

income

(loss)

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

$

7,358

$

6,480

Net

realized

gain

(loss)

on

investments

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

(3,297)

(3,212)

Net

change

in

unrealized

appreciation/(depreciation)

of

investments

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

(7,671)

9,404

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

(3,610)

12,672

Dividends

and

Distributions

to

Shareholders

From

net

investment

income

and

net

realized

gain

on

investments

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

(7,803)

(6,569)

Total

Dividends

and

Distributions

(7,803)

(6,569)

Capital

Share

Transactions

Net

increase

(decrease)

in

capital

share

transactions

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

16,356

12,217

Total

Increase

(Decrease)

in

Net

Assets

4,943

18,320

Net

Assets

Beginning

of

period

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

153,730

135,410

End

of

period

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

$

158,673

$

153,730

Class

A

Institutional

Capital

Share

Transactions:

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

Year

Ended

August

31,

2024

Dollars:

Sold

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

$

9,741

$

64,918

Reinvested

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

1,553

4,949

Redeemed

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

(19,017)

(49,927)

Net

Increase

(Decrease)

$

(7,723)

$

19,940

Shares:

Sold

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

1,026

6,849

Reinvested

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

516

Redeemed

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

(2,011)

(5,249)

Net

Increase

(Decrease)

(822)

2,116

Dividends

and

Distributions

to

Shareholders:

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)

Year

Ended

August

31,

2024

From

net

investment

income

and

net

realized

gain

on

investments

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

$

(1,613)

$

(4,956)

Total

Dividends

and

Distributions

$

(1,613)

$

(4,956)

Statement

of

Changes

in

Net

Assets

Principal

Funds,

Inc.

See

accompanying

notes.

Amounts

in

thousands

Small-MidCap

Dividend

Income

Fund

Year

Ended

August

31,

2025

Year

Ended

August

31,

2024

Operations

Net

investment

income

(loss)

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

$

22,566

$

19,506

Net

realized

gain

(loss)

on

investments

and

foreign

currencies

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

15,129

56,722

Net

change

in

unrealized

appreciation/(depreciation)

of

investments

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

68,330

151,281

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

106,025

227,509

Dividends

and

Distributions

to

Shareholders

From

net

investment

income

and

net

realized

gain

on

investments

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

(76,239)

(30,859)

Total

Dividends

and

Distributions

(76,239)

(30,859)

Capital

Share

Transactions

Net

increase

(decrease)

in

capital

share

transactions

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

96,625

9,742

Total

Increase

(Decrease)

in

Net

Assets

126,411

206,392

Net

Assets

Beginning

of

period

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

1,492,132

1,285,740

End

of

period

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

$

1,618,543

$

1,492,132

Class

A

Class

C

Institutional

Capital

Share

Transactions:

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

Year

Ended

August

31,

2024

Dollars:

Sold

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

$

21,006

$

2,875

$

109,761

$

292,776

Reinvested

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

3,368

16,723

8,982

Redeemed

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

(26,943)

(13,329)

(180,516)

(225,370)

Net

Increase

(Decrease)

$

(2,569)

$

(10,045)

$

(54,032)

$

76,388

Shares:

Sold

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

1,208

6,271

15,909

Reinvested

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

970

521

Redeemed

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

(1,567)

(780)

(10,448)

(12,938)

Net

Increase

(Decrease)

(162)

(589)

(3,207)

3,492

Dividends

and

Distributions

to

Shareholders:

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)

Year

Ended

August

31,

2024

From

net

investment

income

and

net

realized

gain

on

investments

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

$

(3,684)

$

(418)

$

(17,775)

$

(8,982)

Total

Dividends

and

Distributions

$

(3,684)

$

(418)

$

(17,775)

$

(8,982)

Statement

of

Changes

in

Net

Assets

Principal

Funds,

Inc.

See

accompanying

notes.

Amounts

in

thousands

Spectrum

Preferred

and

Capital

Securities

Income

Fund

Year

Ended

August

31,

2025

(a),

(b) Year

Ended

August

31,

2024

Operations

Net

investment

income

(loss)

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

$

283,453

$

282,387

Net

realized

gain

(loss)

on

investments

,

futures

and

options

and

swaptions

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

7,899

(38,732)

Net

change

in

unrealized

appreciation/(depreciation)

of

investments

and

options

and

swaptions

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

88,998

489,502

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

380,350

733,157

Dividends

and

Distributions

to

Shareholders

From

net

investment

income

and

net

realized

gain

on

investments

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

(319,009)

(317,557)

Total

Dividends

and

Distributions

(319,009)

(317,557)

Capital

Share

Transactions

Net

increase

(decrease)

in

capital

share

transactions

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

(887,481)

64,628

Total

Increase

(Decrease)

in

Net

Assets

(826,140)

480,228

Net

Assets

Beginning

of

period

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

6,234,456

5,754,228

End

of

period

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

$

5,408,316

$

6,234,456

Class

A

Class

C

Class

J

Institutional

Capital

Share

Transactions:

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)

(108)

(7,791)

Year

Ended

August

31,

2024

Dollars:

Sold

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

$

147,058

$

22,778

$

4,938

$

1,553,722

$

$

$

$

576

$

220,817

Reinvested

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

28,350

5,305

1,683

193,163

27,458

Redeemed

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

(217,149)

(51,141)

(5,842)

(1,573,185)

(31)

(910)

(129)

(272)

(293,348)

Net

Increase

(Decrease)

$

(41,741)

$

(23,058)

$

779

$

173,700

$

$

(375)

$

(24)

$

$

(45,073)

Shares:

Sold

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

16,480

2,546

570

175,781

24,661

Reinvested

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

3,179

596

21,830

3,107

Redeemed

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

(24,367)

(5,748)

(682)

(178,300)

(4)

(102)

(15)

(31)

(33,342)

Net

Increase

(Decrease)

(4,708)

(2,606)

19,311

–

(41)

(3)

(5,574)

Dividends

and

Distributions

to

Shareholders:

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)

Year

Ended

August

31,

2024

From

net

investment

income

and

net

realized

gain

on

investments

.........

$

(35,438)

$

(6,057)

$

(1,706)

$

(224,250)

$

(22)

$

(98)

$

(50)

$

(114)

$

(49,822)

Total

Dividends

and

Distributions

$

(35,438)

$

(6,057)

$

(1,706)

$

(224,250)

$

(22)

$

(98)

$

(50)

$

(114)

$

(49,822)

(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.

August

31,

2025

1. Organization

Principal

Funds,

Inc.

(the

"Fund")

is

registered

under

the

Investment

Company

Act

of

1940,

as

amended

(the

"1940

Act"),

as

an

open-end

management

investment

company

and

operates

as

a

series

fund

in

the

mutual

fund

industry.

The

financial

statements

for

Blue

Chip

Fund,

Bond

Market

Index

Fund,

Capital

Securities

Fund,

Diversified

Real

Asset

Fund,

Edge

MidCap

Fund,

Global

Multi-Strategy

Fund,

Global

Listed

Infrastructure

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.

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.

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.

Notes

to

Financial

Statements

Principal

Funds,

Inc.

August

31,

2025

Currency

Translation.

Foreign

holdings

are

translated

to

U.S.

dollars

using

the

exchange

rate

at

the

daily

close

of

the

New

York

Stock

Exchange.

The

identified

cost

of

the

Funds'

holdings

is

translated

at

approximate

rates

prevailing

when

acquired.

Income

and

expense

amounts

are

translated

at

approximate

rates

prevailing

when

received

or

paid,

with

daily

accruals

of

such

amounts

reported

at

approximate

rates

prevailing

at

the

date

of

valuation.

Since

the

carrying

amount

of

the

foreign

securities

is

determined

based

on

the

exchange

rate

and

market

values

at

the

close

of

the

period,

it

is

not

practicable

to

isolate

that

portion

of

the

results

of

operations

arising

as

a

result

of

changes

in

the

foreign

exchange

rates

from

the

fluctuations

arising

from

changes

in

the

market

prices

of

securities

during

the

period.

Net

realized

foreign

exchange

gains

or

losses

arise

from

sales

of

foreign

currencies,

currency

gains

or

losses

realized

between

trade

and

settlement

dates

on

security

transactions,

and

the

difference

between

the

amount

of

dividends,

interest

income,

interest

expense,

and

foreign

withholding

taxes

recorded

on

the

books

and

the

U.S.

dollar

equivalent

of

the

amounts

actually

received

or

paid.

Net

unrealized

appreciation

(depreciation)

on

translation

of

assets

and

liabilities

in

foreign

currencies

arise

from

changes

in

the

exchange

rate

relating

to

assets

and

liabilities,

other

than

investments

in

securities,

purchased

and

held

in

non-U.S.

denominated

currencies.

The

following

Funds

held

securities

denominated

in

foreign

currencies

that

exceeded

5%

of

net

assets

of

the

respective

fund

as

of

August

31,

2025:

Income

and

Investment

Transactions.

The

Funds

record

investment

transactions

on

a

trade

date

basis.

Trade

date

for

senior

floating

rate

interests

purchased

in

the

primary

market

is

considered

the

date

on

which

the

loan

allocations

are

determined.

Trade

date

for

senior

floating

rate

interests

purchased

in

the

secondary

market

is

the

date

on

which

the

transaction

is

entered

into.

The

identified

cost

basis

has

been

used

in

determining

the

net

realized

gain

or

loss

from

investment

transactions

and

unrealized

appreciation

or

depreciation

of

investments.

The

Funds

record

dividend

income

on

the

ex-dividend

date,

except

dividend

income

from

foreign

securities

whereby

the

ex-dividend

date

has

passed;

such

dividends

are

recorded

as

soon

as

the

Funds

are

informed

of

the

ex-dividend

date.

Interest

income

is

recognized

on

an

accrual

basis.

Payment

in

kind

("PIK")

income

is

computed

on

the

value

of

the

securities

received

at

the

contractual

rate

specified

in

each

loan

agreement.

Discounts

and

premiums

on

securities

are

accreted/amortized,

respectively,

on

the

level

yield

method

over

the

expected

lives

of

the

respective

securities.

Callable

debt

securities

purchased

at

a

premium

are

amortized

to

the

earliest

call

date

and

to

the

callable

amount,

if

other

than

par.

The

Funds

allocate

all

income

and

realized

and

unrealized

gains

or

losses

on

a

daily

basis

to

each

class

of

shares

based

upon

the

relative

proportion

of

the

value

of

shares

outstanding

of

each

class.

Distributions

received

from

other

series

of

the

Fund

and

other

investment

companies

(collectively,

"Underlying

Funds")

are

recorded

in

accordance

with

the

character

of

the

distributions

as

designated

by

the

Underlying

Funds.

Distributions

received

from

Real

Estate

Investment

Trusts

("REITs")

may

be

characterized

as

ordinary

income,

capital

gain,

or

a

return

of

capital

to

the

Funds.

The

proper

characterization

of

distributions

from

REITs

is

generally

not

known

until

after

the

end

of

each

calendar

year.

As

such,

estimates

are

used

in

reporting

the

character

of

income

and

distributions

for

financial

statement

purposes.

Diversified

Real

Asset

Fund

Euro

.7%

Global

Listed

Infrastructure

Fund

Euro

.8%

Canadian

Dollar

.0

British

Pound

Sterling

.0

Hong

Kong

Dollar

.7

Australian

Dollar

.7

Brazilian

Real

.6

Global

Multi-Strategy

Fund

Canadian

Dollar

.1%

International

Equity

Index

Fund

Euro

.9%

Japanese

Yen

.5

British

Pound

Sterling

.4

Swiss

Franc

.2

Australian

Dollar

.8

International

Small

Company

Fund

Japanese

Yen

.9%

Euro

.9

British

Pound

Sterling

.3

Canadian

Dollar

.4

Australian

Dollar

.1

2. Significant

Accounting

Policies

(continued)

Notes

to

Financial

Statements

Principal

Funds,

Inc.

August

31,

2025

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 year

ended

August

31,

2025,

the

Funds

did

not

record

any

such

tax

benefit

or

expense

in

the

accompanying

financial

statements.

The

statute

of

limitations

remains

open

for

the

last

three

years,

once

a

return

is

filed.

No

examinations

are

in

progress

at

this

time.

Foreign

Taxes.

The

Funds

may

be

subject

to

foreign

income

taxes

imposed

by

certain

countries

in

which

they

invest.

Foreign

income

taxes

are

accrued

by

the

Funds

as

a

reduction

of

income.

These

amounts

are

shown

as

withholding

tax

on

the

statements

of

operations.

In

consideration

of

recent

decisions

rendered

by

European

courts,

certain

of

the

Funds

have

filed

for

additional

tax

reclaims

for

taxes

withheld

in

prior

years.

Due

to

the

uncertainty

regarding

collectability

and

timing

of

these

reclaims,

among

other

factors,

a

corresponding

receivable

will

only

be

recognized

when

the

tax

position

meets

the

"more

likely

than

not"

threshold.

Any

accrued

foreign tax

reclaims

receivables

are

included

in

dividends

and

interest

receivables

on

the

statements

of

assets

and

liabilities.

Any

foreign

tax

reclaim income is

included

in

dividend

income

on

the

statements

of

operations.

In

the

event

that

foreign

tax

reclaims

received

during

the

fiscal

year

exceed

foreign

withholding

tax

paid,

and

a

fund

previously

passed

through

foreign

tax

credits

to

its

shareholders,

a

fund will

enter

into

a

closing

agreement

with

the

Internal

Revenue

Service

("IRS"),

in

order

to

pay

the

associated

tax

liability

on

behalf

of

the

fund's

shareholders.

Any

IRS

closing

agreement

fees

related

to

foreign

tax

reclaims are

reflected

as

a

reduction

to

income

on

the

statements

of

operations.

Adjustments

and

final

payments

to

previously

estimated

IRS

closing

agreement

fee

liabilities

may

result

in

an

increase

to

income

on

the

statements

of

operations.

Any

accrued

IRS

closing

agreement

fees

related

to

foreign

tax

reclaims

are

reflected

on

the

statements

of

assets

and

liabilities.

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.

2. Significant

Accounting

Policies

(continued)

Notes

to

Financial

Statements

Principal

Funds,

Inc.

August

31,

2025

Basis

for

Consolidation.

Diversified

Real

Asset

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

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.

Diversified

Real

Asset

Fund's

investment

portfolio

has

been

consolidated

and

includes

the

portfolio

holdings

of

Diversified

Real

Asset

Fund

and

its

Cayman

subsidiary.

Global

Multi-Strategy

Fund's

investment

portfolio

has

been

consolidated

and

includes

the

portfolio

holdings

of

Global

Multi-Strategy

Fund

and

its

Cayman

subsidiary.

The

consolidated

financial

statements

for

Diversified

Real

Asset

Fund

include

the

accounts

of

Diversified

Real

Asset

Fund

and

its

Cayman

subsidiary

and

the

consolidated

financial

statements

for

Global

Multi-

Strategy

Fund

include

the

accounts

of

Global

Multi-Strategy

Fund

and

its

Cayman

subsidiary.

All

intercompany

transactions

and

balances

have

been

eliminated

in

consolidation.

At

August

31,

2025,

the

net

assets

of

the

Cayman

Subsidiaries

were

as

follows

(amounts

in

thousands):

Recent

Accounting

Pronouncements.

In

March

2020,

the

Financial

Accounting

Standards

Board

("FASB")

issued

Accounting

Standards

Update

("ASU")

No.

2020-04

Reference

Rate

Reform

(Topic

848);

Facilitation

of

the

Effects

of

Reference

Rate

Reform

on

Financial

Reporting,

which

provides

optional

guidance

for

a

limited

period

of

time

to

ease

the

potential

burden

in

accounting

for

(or

recognizing

the

effects

of)

reference

rate

reform.

The

guidance

is

applicable

to

contracts

referencing

London

Interbank

Offered

Rate

("LIBOR")

or

another

reference

rate

that

is

expected

to

be

discontinued

due

to

reference

rate

reform. The

ASU

is

effective

as

of

March

12,

2020

and

generally

can

be

applied

through

December

31,

2022. In

December

2022,

the

FASB

issued

ASU

No.

2022-06

Reference

Rate

Reform

(Topic

848):

Deferral

of

the

Sunset

Date

of

Topic

848

which

updates

and

clarifies

ASU

No.

2020-04.

The amendments

in

this ASU

defer

the

sunset

date

of

Topic

848

from

December

31,

2022,

to

December

31,

2024. The

impact

of

these

ASUs did

not

have

a

material

impact

on

the

Funds'

financial

statements.

In

June

2022,

the

FASB

issued

ASU

No.

2022-03

Fair

Value

Measurement

(Topic

820);

Fair

Value

Measurement

of

Equity

Securities

Subject

to

Contractual

Sale

Restrictions,

which

provides

clarifying

guidance

that

a

contractual

restriction

on

the

sale

of

an

equity

security

is

not

considered

part

of

the

unit

of

account

of

the

equity

security

and,

therefore,

is

not

considered

in

measuring

fair

value.

The

ASU

is

effective

for

fiscal

years

beginning

after

December

15,

2023,

and

interim

periods

within

those

fiscal

years.

As

of

September

1,

2024,

the

Funds

have

adopted

the

ASU

and

there

was

no

material

impact

to

the

Funds. Required

disclosures

were

added,

as

applicable.

In

November

2023,

the

FASB

issued

ASU

No.

2023-07

Segment

Reporting

(Topic

280);

Improvements

to

Reportable

Segment

Disclosures,

which

improves

reportable

segment

disclosure

requirements,

primarily

through

enhanced

disclosures.

The

ASU

is

effective

for

fiscal

years

beginning

after

December

15,

2023,

and

interim

periods

within

fiscal

years

beginning

after

December

15,

2024. As

of September

1,

2024,

the

Funds

have

adopted

the

ASU

and

added

required

disclosures,

as

applicable.

In

December

2023,

the

FASB

issued

ASU

No.

2023-09

Income

Taxes

(Topic

740);

Improvements

to

Income

Tax

Disclosures,

which

enhances

the

transparency

and

decision

usefulness

of

income

tax

disclosures,

including

disclosure

of

income

taxes

paid

by

jurisdiction.

The

ASU

is

effective

for

annual

periods

beginning

after

December

15,

2024. Management

does

not

expect

the

future

adoption

of

this

standard

to

have

a

material

impact

on

the

Funds'

financial

statements.

3. Operating

Policies

Borrowings.

Pursuant

to

an

exemptive

order

issued

by

the

Securities

and

Exchange

Commission

(the

"SEC"),

the

Funds

and

other

registered

investment

companies

managed

by

the

Manager

may

participate

in

an

interfund

lending

facility

("Facility").

The

Facility

allows

the Funds

to

borrow

money

from

or

loan

money

to

the

other

participants.

Loans

under

the

Facility

are

made

to

handle

unusual

and/or

unanticipated

short-

term

cash

requirements.

Interest

paid

and

received

on

borrowings

is

the

average

of

the

current

repurchase

agreement

rate

and

the

bank

loan

rate

plus

the

applicable

margin

of

1.00%.

The

bank

loan

rate

equals

the

higher

of

(i) the

Federal

Funds

Rate

or

(ii) the

Secured

Overnight

Financing

Rate

("SOFR") plus

.10%

("Adjusted

SOFR").

If

the

Federal

Funds

Rate

or

the

Adjusted

SOFR

is

less

than

zero,

it

shall

be

deemed

to

be

zero

for

purposes

of

calculating

such

rate.

The

interest

income

received

is

included

in

interest

income

on

the

statements

of

operations. The

interest

expense

associated

with

these

borrowings

is

included

in

other

expenses

on

the

statements

of

operations. Any

outstanding

lending

as

of August

Net

Assets

Percent

of

Consolidated

Fund's

Net

Assets

DRA

Cayman

Corporation

$

343,710

14.06%

GMS

Cayman

Corporation

10,389

2.42 2. Significant

Accounting

Policies

(continued)

Notes

to

Financial

Statements

Principal

Funds,

Inc.

August

31,

2025

31,

2025 is included

in interfund

lending

on the

statements

of

assets

and

liabilities.

Any

outstanding

borrowing as

of August

31,

2025 is

included

in

interfund

borrowing

on

the

statements

of

assets

and

liabilities.

During

the

year

ended

August

31,

2025,

Funds

lending

to

the

Facility

were

as

follows

(amount

in

thousands):

During

the year

ended

August

31,

2025,

Funds

borrowing

from

the

Facility

were

as

follows

(amounts

in

thousands):

In

addition,

the

Funds

participate

with

other

registered

investment

companies

managed

by

the

Manager

in

an

unsecured

joint

line

of

credit

with

a

group

of

financial

institutions

which

allows

the

participants

to

borrow

up

to

$300

million,

collectively.

Borrowings

are

made

solely

to

facilitate

the

handling

of

unusual

and/or

unanticipated

short-term

cash

requirements. The

line

of

credit

is

available

under

a

group

of

revolving

financial

institutions

and

lending

is

carried

out

with

unaffiliated

financial

institutions.

Interest

is

charged

to

each

participant,

based

on

its

borrowings,

at

a

rate

equal

to

the

higher

of

the

Federal

Funds

Rate

or

the

Adjusted

SOFR

plus

the

applicable

margin

of

1.00%.

If

the

Federal

Funds

Rate

or

the

Adjusted

SOFR

is

less

than

zero,

it

shall

be

deemed

to

be

zero

for

purposes

of

calculating

such

rate.

Additionally,

a

commitment

fee

is

charged

at

an

annual

rate

of

.15%

on

the

amount

of

the

line

of

credit

which

is

allocated

to

each

participant

based

on

average

net

assets.

The

interest

expense

associated

with

these

borrowings

is

included

in

other

expenses

on

the

statements of

operations.

There

was

no

outstanding

borrowing

as

of

August

31,

2025. During

the year ended

August

31,

2025,

Funds

borrowing

against

the

line

of

credit

were

as

follows

(amounts

in

thousands):

Contingent

Convertible

Securities.

As

footnoted

in

the

schedules

of

investments,

certain

of

the

Funds

invest in

contingent

convertible securities

("CoCos").

CoCos are

hybrid

debt

securities

that

may

convert

into

equity

or

have

their

principal

written

down

upon

the

occurrence

of

certain

"triggers."

Although

a

contingent

convertible

security's

equity

conversion

and

principal

write-down

features

are

tailored

to

the

particular

issuing

banking

institution

and

its

regulatory

requirements,

triggers

are

generally

linked

to

regulatory

capital

thresholds

or

regulatory

actions

calling

into

question

such

institution's

continued

viability

as

a

going-concern.

CoCos

may

have

no

stated

maturity

and

fully

discretionary

coupons,

which

Average

Daily

Amount

Loaned

Weighted

Average

Annual

Interest

Rate

Interest

Income

Blue

Chip

Fund

$

4.94 %

$

—

Bond

Market

Index

Fund

5.36 17

Capital

Securities

Fund

5.10 2

Diversified

Real

Asset

Fund

5.12 19

Edge

MidCap

Fund

5.14 —

Global

Listed

Infrastructure

Fund

5.24 1

Global

Multi-Strategy

Fund

5.04 2

International

Equity

Index

Fund

5.41 —

International

Small

Company

Fund

5.20 4

Small-MidCap

Dividend

Income

Fund

5.28 8

Spectrum

Preferred

and

Capital

Securities

Income

Fund

5.36 24

Average

Daily

Amount

Borrowed

Weighted

Average

Annual

Interest

Rate

Interest

Expense

Blue

Chip

Fund

$

3,936

5.04 %

$

Capital

Securities

Fund

4.92 8

Diversified

Real

Asset

Fund

5.13 18

Edge

MidCap

Fund

4.90 1

Global

Multi-Strategy

Fund

5.18 —

International

Equity

Index

Fund

4.96 21

International

Small

Company

Fund

4.96 4

Opportunistic

Municipal

Fund

5.00 8

Small-MidCap

Dividend

Income

Fund

4.90 —

Spectrum

Preferred

and

Capital

Securities

Income

Fund

681

4.96 34

Average

Daily

Amount

Borrowed

Weighted

Average

Annual

Interest

Rate

Blue

Chip

Fund

$

5.46 %

Capital

Securities

Fund

5.46 Diversified

Real

Asset

Fund

5.46 Global

Multi-Strategy

Fund

5.46 Small-MidCap

Dividend

Income

Fund

5.46 3. Operating

Policies

(continued)

Notes

to

Financial

Statements

Principal

Funds,

Inc.

August

31,

2025

means

coupon

payments

can

be

canceled

at

the

issuing

banking

institution's

discretion

or

at

the

request

of

the

relevant

regulatory

authority

without

causing

a

default.

To

provide

the

appropriate

regulatory

capital

treatment,

CoCos

are

usually

issued

in

the

form

of

subordinated

debt

instruments

that

rank

junior

to

the

claims

of

holders

of

more

senior

obligations

in

the

event

of

the

issuer's

liquidation.

If

CoCos

are

converted

into

equity

securities

due

to

a

trigger

event,

holders

will

be

further

subordinated.

The

future

value

of

CoCos

is

unpredictable

and

is

influenced

by

many

factors

including,

without

limitation:

the

creditworthiness

of

the

issuer

and/or

fluctuations

in

such

issuer's

applicable

capital

ratios;

supply

and

demand

for

CoCos;

general

market

conditions

and

available

liquidity;

and

economic,

financial

and

political

events

that

affect

the

issuer,

its

particular

market

or

the

financial

markets

in

general.

Due

to

these

features,

CoCos

may

have

substantially

greater

risk

than

other

securities

in

times

of

financial

stress.

Because

of

the

uncertainty

regarding

whether

a

conversion

event

will

occur,

it

may

be

difficult

to

predict

when,

if

at

all,

a

contingent

convertible

security

will

be

converted

to

equity,

and

a

fund

may

suffer

losses

as

a

result.

If

the

trigger

level

is

breached,

the

issuer's

decision

to

write

down,

write

off

or

convert

a

contingent

convertible

security

may

result

in

the

fund's

complete

loss

on

an

investment

in

CoCos

with

no

chance

of

recovery

even

if

the

issuer

remains

in

existence.

Counterparties.

The

Funds

may

be

exposed

to

counterparty

risk,

or

the

risk

that

another

party

with

which

the

Funds

have

unsettled

or

open

transactions

will

fail

to

perform

on

their

commitment.

To

the

extent

that

unpaid

amounts

owed

to

the

Funds

exceed

a

predetermined

threshold

agreed

to

with

the

counterparty,

as

stated

in

the

counterparties'

master

netting

agreements

("Master

Netting

Agreements"),

such

counterparty

shall

advance

collateral

to

the

Funds

in

the

form

of

cash

or

cash

equivalents

equal

in

value

to

the

unpaid

amount

owed

to

the

Funds.

If

the

unpaid

amount

owed

to

the

Funds

subsequently

decreases,

the

Funds

would

be

required

to

return

all

or

a

portion

of

the

collateral.

Master

Netting

Agreements

may

also

help

limit

counterparty

risk

by

specifying

collateral

posting

arrangements

at

pre-arranged

exposure

levels.

Under

the

Master

Netting

Agreements,

collateral

is

routinely

transferred

if

the

total

net

exposure

to

certain

transactions

governed

under

the

relevant

master

netting

agreement

with

a

counterparty

exceeds

a

specified

threshold.

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

August

31,

2025,

Funds

with

financial

assets

and

liabilities

subject

to

Master

Netting

Agreements

or

similar

agreements

were

as

follows

(amounts

in

thousands):

Assets

\*

Liabilities

\*

Net

Market

Value

of

OTC

Derivatives

Collateral

(Received)/

Pledged

†

Net

Exposure

Diversified

Real

Asset

Fund

Bank

of

America

NA

Foreign

Currency

Contracts

$

$

—

$

Total

Return

Swaps

—

$

$

—

$

$

—

$

Barclays

Bank

PLC

Foreign

Currency

Contracts

—

Purchased

Options

—

Written

Options

—

(10) (10) $

$

(10) $

$

(10) $

BNP

Paribas

Foreign

Currency

Contracts

—

(57) (57) $

—

$

(57) $

(57) $

—

$

(57) Citigroup

Inc

Foreign

Currency

Contracts

(25) (14) Purchased

Interest

Rate

Swaptions

—

Total

Return

Swaps

648

—

648

$

671

$

(25) $

646

$

—

$

646

Deutsche

Bank

AG

Foreign

Currency

Contracts

(8) (3) Written

Options

—

(15) (15) $

$

(23) $

(18) $

—

$

(18) Goldman

Sachs

&

Co

Foreign

Currency

Contracts

—

Total

Return

Swaps

(15) 439

$

$

(15) $

$

—

$

HSBC

Securities

Inc

Foreign

Currency

Contracts

—

(5) (5) $

—

$

(5) $

(5) $

—

$

(5) 3. Operating

Policies

(continued)

Notes

to

Financial

Statements

Principal

Funds,

Inc.

August

31,

2025

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

year ended

August

31,

2025,

none

of

the

Funds

had

material

cross

trades.

Assets

\*

Liabilities

\*

Net

Market

Value

of

OTC

Derivatives

Collateral

(Received)/

Pledged

†

Net

Exposure

Diversified

Real

Asset

Fund

(continued)

JPMorgan

Chase

Foreign

Currency

Contracts

$

—

$

(14) $

(14) Total

Return

Swaps

—

(11) (11) $

—

$

(25) $

(25) $

—

$

(25) UBS

AG

Foreign

Currency

Contracts

—

(3) (3) $

—

$

(3) $

(3) $

—

$

(3) Total

OTC

$

1,409

$

(163) $

1,246

$

1,236

Global

Multi-Strategy

Fund

Bank

of

America

NA

Foreign

Currency

Contracts

(305) (57) $

$

(305) $

(57) $

$

—

BNP

Paribas

Foreign

Currency

Contracts

(61) 21

$

$

(61) $

$

—

$

Citigroup

Inc

Foreign

Currency

Contracts

(9) 57

$

$

(9) $

$

—

$

Credit

Agricole

CIB

Foreign

Currency

Contracts

(210) (105) $

$

(210) $

(105) $

—

$

(105) Deutsche

Bank

AG

Foreign

Currency

Contracts

(15) 3

$

$

(15) $

$

—

$

Goldman

Sachs

&

Co

Credit

Default

Swaps

—

(104) (104) Foreign

Currency

Contracts

(52) (44) Total

Return

Swaps

547

—

547

$

555

$

(156) $

$

—

$

HSBC

Securities

Inc

Foreign

Currency

Contracts

(7) (3) Total

Return

Swaps

—

$

$

(7) $

$

—

$

JPMorgan

Chase

Foreign

Currency

Contracts

745

(323) 422

Total

Return

Swaps

(29) 43

$

817

$

(352) $

$

—

$

Merrill

Lynch

Foreign

Currency

Contracts

—

(6) (6) $

—

$

(6) $

(6) $

—

$

(6) Morgan

Stanley

&

Co

Total

Return

Swaps

5,775

—

5,775

$

5,775

$

—

$

5,775

$

—

$

5,775

RBC

Dominon

Securities

Corp

Foreign

Currency

Contracts

(59) 41

$

$

(59) $

$

—

$

UBS

AG

Foreign

Currency

Contracts

—

$

$

—

$

$

—

$

Total

OTC

$

7,812

$

(1,180)

$

6,632

$

6,

689

Spectrum

Preferred

and

Capital

Securities

Income

Fund

JPMorgan

Chase

Foreign

Currency

Contracts

—

—

—

$

—

$

—

$

—

$

—

$

—

Total

OTC

$

—

$

—

$

—

$

—

\*

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.

3. Operating

Policies

(continued)

Notes

to

Financial

Statements

Principal

Funds,

Inc.

August

31,

2025

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

August

31,

2025,

deposits

with

counterparty

were

as

follows

(amounts

in

thousands):

Deposits

from

Counterparty.

Cash

received

from

a

counterparty

as

collateral

is

reflected

as

a

liability

on

the

statements

of

assets

and

liabilities

as

deposits

from

counterparty.

There

are

a

variety

of

security

types

which

require

varying

levels

of

pledged

collateral.

The

collateral

posted

to

the Funds

by

the

broker

is

received

in

the

fund's

custodian

account.

As

of

August

31,

2025,

deposits

from

counterparty

were

as

follows

(amounts

in

thousands):

Floating

Rate

Notes

Issued

in

Conjunction

with

Securities

Held.

Certain

of

the funds may

enter

into

transactions

in

which

the

funds

transfer

fixed

rate

bonds

to

trusts

in

exchange

for

cash

and

residual

interests

in

the

trusts'

assets

and

cash

flows,

which

are

in

the

form

of

Inverse

Floaters.

The

trusts

finance

the

purchases

of

the

fixed

rate

bonds

by

issuing

floating

rate

notes

to

third

parties.

The

funds

enter

into

shortfall

and

forbearance

agreements

with

the

trusts,

which

commit

the

funds

to

pay

the

trusts,

in

certain

circumstances,

the

difference

between

the

liquidation

value

of

the

fixed

rate

bonds

held

by

the

trusts

and

the

liquidation

value

of

the

floating

rate

notes

held

by

third

parties,

as

well

as

any

shortfalls

in

interest

cash

flows.

The

residual

interests

held

by

the

fund

("Inverse

Floaters")

include

the

right

of

the

funds

(1) to

cause

the

holders

of

the

floating

rate

notes

to

tender

their

notes

at

par

at

the

next

interest

rate

reset

date,

and

(2) to

transfer

the

fixed

rate

bond

from

the

trusts

to

the

funds,

thereby

collapsing

the

trusts.

The

funds

account

for

the

transfer

of

bonds

to

the

trusts

as

secured

borrowings,

with

the

securities

transferred

remaining

in

the

funds'

investment

assets. The

related

floating

rate

notes

are

reflected

as

floating

rate

notes

issued

in

the

statements

of

assets

and

liabilities.

The

fund

holds

the

floating

rate

notes

issued

in

which

the

carrying

value,

including

accrued

interest,

approximates

fair

value

for

financial

statement

purposes.

As

of

year

end,

the

floating

rate

notes

issued liabilities

are categorized

as

Level

within

the

disclosure

hierarchy.

The

notes

issued

by

the

trusts

have

interest

rates

that

reset

weekly,

and

the

floating

rate

note

holders

have

the

option

to

tender

their

notes

to

the

trusts

for

redemption

at

par

at

each

reset

date.

During the

year

ended August

31,

2025,

the

average

outstanding

balances

for

the

liability and weighted

average

annual

interest

rates for

the

Funds'

were

as

follows

(amounts

in

thousands):

Foreign

Currency

Contracts.

Certain

of

the

Funds

may

be

subject

to

foreign

currency

exchange

rate

risk

in

the

normal

course

of

pursuing

such

Funds'

investment

objectives.

The

Funds

may

use

foreign

currency

contracts

to

gain

exposure

to,

or

hedge

against

changes

in

the

value

of

foreign

currencies.

Certain

of

the

Funds

enter

into

forward

contracts

to

purchase

and

sell

foreign

currencies

at

a

specified

future

date

at

a

fixed

exchange

rate.

Forward

foreign

currency

contracts

are

valued

at

the

forward

rate,

and

are

marked-to-market

daily.

The

change

in

fair

value

is

recorded

by

the

Funds

as

an

unrealized

gain

or

loss.

When

the

contract

is

closed,

the

Funds

record

a

realized

gain

or

loss

equal

to

the

difference

between

the

value

of

the

contract

at

the

time

it

was

opened

and

the

value

at

the

time

it

was

closed.

FCM

(Futures

and

Cleared

Swaps)

ISDA

(OTC

Derivatives)

Shorts

Total

Deposits

with

Counterparty

Diversified

Real

Asset

Fund

$

1,965

$

—

$

—

$

1,965

Global

Multi-Strategy

Fund

10,857

4,

8,739

23,

700

International

Equity

Index

Fund

—

—

Spectrum

Preferred

and

Capital

Securities

Income

Fund

10,067

—

—

10,067

ISDA

(OTC

Derivatives)

MSFTA

(Forward

Currency

Contracts

and

TBA

Securities)

Total

Deposits

from

Counterparty

Diversified

Real

Asset

Fund

$

$

$

Global

Multi-Strategy

Fund

—

Average

Outstanding

Balance

Weighted

Average

Annual

Interest

Rate

Opportunistic

Municipal

Fund

$

11,178

3.20 %

3. Operating

Policies

(continued)

Notes

to

Financial

Statements

Principal

Funds,

Inc.

August

31,

2025

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

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

Diversified

Real

Asset

Fund

and

Global

Multi-Strategy

Fund.

The

notional

values

of

the

futures

contracts

will

vary

in

accordance

with

the changing

duration

of

these

funds.

Illiquid

Securities.

Illiquid

securities

generally

cannot

be

sold

or

disposed

of

in

the

ordinary

course

of

business

(within

seven

calendar

days)

at

approximately

the

value

at

which

each

of

the

Funds

has

valued

the

investments.

This

may

have

an

adverse

effect

on

each

of

the

Funds'

ability

to

dispose

of

particular

illiquid

securities

at

fair

value

and

may

limit

each

of

the

Funds'

ability

to

obtain

accurate

market

quotations

for

purposes

of

valuing

the

securities.

Indemnification.

Under

the

Fund's

by-laws,

present

and

past

officers,

directors,

and

employees

are

indemnified

against

certain

liabilities

arising

out

of

the

performance

of

their

duties.

In

addition,

in

the

normal

course

of

business,

the

Fund

may

enter

into

a

variety

of

contracts

that

may

contain

representations

and

warranties

which

provide

general

indemnifications.

The

Fund's

maximum

exposure

under

these

arrangements

is

unknown,

as

this

would

involve

future

claims

that

may

be

made

against

the

Fund.

Inflation-Indexed

Bonds.

Certain

of

the

Funds

may

invest

in

inflation-indexed

bonds.

Inflation-indexed

bonds

are

fixed-income

securities

whose

principal

value

is

periodically

adjusted

to

the

rate

of

inflation.

The

interest

rate

on

these

bonds

is

generally

fixed

at

issuance

at

a

rate

lower

than

typical

bonds.

Over

the

life

of

an

inflation-indexed

bond,

however,

interest

will

be

paid

based

on

a

principal

value,

which

is

adjusted

for

inflation.

Any

increase

or

decrease

in

the

principal

amount

of

an

inflation-indexed

bond

will

be

included

as

interest

income

on

the

statements

of

operations,

even

though

the

Funds

would

not

receive

the

principal

until

maturity.

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

3. Operating

Policies

(continued)

Notes

to

Financial

Statements

Principal

Funds,

Inc.

August

31,

2025

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

year, 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

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 year

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

year

end,

the

commitments,

if

any, are

typically

categorized

as

Level

within

the

disclosure

hierarchy.

As of

August

31,

2025,

the

Funds

had

no

unfunded

commitments

in

connection

with

PIPEs.

Rebates.

Subject

to

best

execution,

the

Funds

may

direct

certain

portfolio

transactions

to

brokerage

firms

that,

in

turn,

have

agreed

to

rebate

a

portion

of

the

related

brokerage

commission

to

the

Funds

in

cash.

Commission

rebates

are

included

as

a

component

of

realized

gain

from

investment

transactions

in

the

statements

of

operations.

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

3. Operating

Policies

(continued)

Notes

to

Financial

Statements

Principal

Funds,

Inc.

August

31,

2025

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

year

end,

the

unfunded

loan

commitments

are

categorized

as

Level

within

the

disclosure

hierarchy.

As

of

August

31,

2025,

the

Funds

had

unfunded

loan

commitments

as

follows

(amounts

in

thousands):

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.

Unfunded

Loan

Commitment

Net

Unrealized

Gain/(Loss)

Diversified

Real

Asset

Fund

$

$

3. Operating

Policies

(continued)

Notes

to

Financial

Statements

Principal

Funds,

Inc.

August

31,

2025

Notional

principal

amounts

are

used

to

express

the

extent

of

involvement

in

these

agreements.

Risks

may

exceed

amounts

shown

on

the

statements

of

assets

and

liabilities.

These

risks

include

changes

in

the

returns

of

the

underlying

instruments,

unfavorable

interest

rate

fluctuation,

that

the

counterparty

to

the

agreements

may

default

on

its

obligation

to

perform

or

disagree

as

to

the

meaning

of

contractual

terms

in

the

agreements,

and

the

possible

lack

of

liquidity

with

respect

to

the

swap

agreements.

The

Funds

and

any

counterparty

are

required

to

maintain

an

agreement

that

requires

the

Funds

and

that

counterparty

to

monitor

the

net

fair

value

of

all

derivative

transactions

entered

into

pursuant

to

the

contract

between

the

Funds

and

such

counterparty.

If

the

net

fair

value

of

such

derivatives

transactions

between

the

Funds

and

that

counterparty

exceeds

a

certain

threshold

(as

defined

in

the

agreement),

the

Funds

or

the

counterparty

are

required

to

post

cash

and/or

securities

as

collateral.

Fair

values

of

derivatives

transactions

presented

in

the

financial

statements

are

not

netted

with

the

fair

values

of

other

derivatives

transactions

or

with

any

collateral

amounts

posted

by

the

Funds

or

any

counterparty.

Credit

default

swaps

involve

commitments

to

pay

a

fixed

rate

at

a

predetermined

frequency

in

exchange

for

a

lump

sum

payment

if

a

"credit

event",

as

defined

in

the

agreement,

affecting

a

third

party

occurs.

Credit

events

may

include

a

failure

to

pay

interest,

bankruptcy,

restructuring,

or

other

event

as

defined

in

the

agreement.

A

"buyer"

of

credit

protection

agrees

to

pay

a

counterparty

to

assume

the

credit

risk

of

an

issuer

upon

the

occurrence

of

a

credit

event.

The

"seller"

of

the

protection

receives

periodic

payments

and

agrees

to

assume

the

credit

risk

of

an

issuer

upon

the

occurrence

of

a

credit

event.

As

the

seller

of

credit

protection,

a

fund

would

add

leverage

to

its

portfolio

because,

in

addition

to

its

total

net

assets,

a

fund

would

be

subject

to

investment

exposure

on

the

notional

amount

of

the

swap.

If

a

fund

is

a

seller

of

protection

and

a

credit

event

occurs,

as

defined

under

the

terms

of

that

particular

swap

agreement,

the

fund

will

either

(i) pay

to

the

buyer

of

protection

an

amount

equal

to

the

notional

amount

of

the

swap

and

take

delivery

of

the

referenced

obligation,

other

deliverable

obligations

or

underlying

securities

comprising

the

referenced

index

or

(ii) pay

a

net

settlement

amount

in

the

form

of

cash

or

securities

equal

to

the

notional

amount

of

the

swap

less

the

recovery

value

of

the

referenced

obligation

or

underlying

securities

comprising

the

referenced

index.

If

a

fund

is

a

buyer

of

protection

and

a

credit

event

occurs,

as

defined

under

the

terms

of

that

particular

swap

agreement,

a

fund

will

either

(i) receive

from

the

seller

of

protection

an

amount

equal

to

the

notional

amount

of

the

swap

and

deliver

the

referenced

obligation,

other

deliverable

obligations

or

underlying

securities

comprising

the

referenced

index

or

(ii) receive

a

net

settlement

amount

in

the

form

of

cash

or

securities

equal

to

the

notional

amount

of

the

swap

less

the

recovery

value

of

the

referenced

obligation

or

underlying

securities

comprising

the

referenced

index.

Credit

default

swap

agreements

on

credit

indices

involve

one

party

making

a

stream

of

payments

to

another

party

in

exchange

for

the

right

to

receive

a

specified

return

in

the

event

of

a

write-down,

principal

shortfall,

interest

shortfall

or

default

of

all

or

part

of

the

referenced

entities

comprising

the

credit

index.

A

credit

index

is

a

basket

of

credit

instruments

or

exposures

designed

to

be

representative

of

some

part

of

the

credit

market

as

a

whole.

These

indices

are

made

up

of

reference

credits

that

are

judged

by

a

poll

of

dealers

to

be

the

most

liquid

entities

in

the

credit

default

swap

market

based

on

the

sector

of

the

index.

Components

of

the

indices

may

include,

but

are

not

limited

to,

investment

grade

securities,

high

yield

securities,

asset

backed

securities,

emerging

markets,

and/or

various

credit

ratings

within

each

sector.

Credit

indices

are

traded

using

credit

default

swaps

with

standardized

terms

including

a

fixed

spread

and

standard

maturity

dates.

An

index

credit

default

swap

references

all

the

names

in

the

index,

and

if

there

is

a

default,

the

credit

event

is

settled

based

on

that

name's

weight

in

the

index.

The

composition

of

the

indices

changes

periodically,

usually

every

six

months,

and

for

most

indices,

each

name

has

an

equal

weight

in

the

index.

A

fund

may

use

credit

default

swaps

on

credit

indices

to

hedge

a

portfolio

of

credit

default

swaps

or

bonds,

which

is

less

expensive

than

it

would

be

to

buy

many

credit

default

swaps

to

achieve

a

similar

effect.

Credit

default

swaps

on

indices

are

benchmarks

for

protecting

investors

owning

bonds

against

default,

and

traders

use

them

to

speculate

on

changes

in

credit

quality.

Credit

default

swap

agreements

on

corporate

issues

or

sovereign

issues

involve

one

party

making

a

stream

of

payments

to

another

party

in

exchange

for

the

right

to

receive

a

specified

return

in

the

event

of

a

default

or

other

credit

event.

If

a

credit

event

occurs

and

cash

settlement

is

not

elected,

a

variety

of

other

deliverable

obligations

may

be

delivered

in

lieu

of

the

specific

referenced

obligation.

The

ability

to

deliver

other

obligations

may

result

in

a

cheapest-to-deliver

option

(the

buyer

of

protection's

right

to

choose

the

deliverable

obligation

with

the

lowest

value

following

a

credit

event).

The

Funds

may

use

credit

default

swaps

on

corporate

issues

or

sovereign

issues

of

an

emerging

country

to

provide

a

measure

of

protection

against

defaults

of

the

issuers

(i.e.,

to

reduce

risk

where

the

Funds

own

or

have

exposure

to

the

referenced

obligation).

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

August

31,

2025

for

which

a

fund

is

the

seller

of

protection

are

disclosed

in

the

footnotes

to

the

schedules

of

3. Operating

Policies

(continued)

Notes

to

Financial

Statements

Principal

Funds,

Inc.

August

31,

2025

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

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 August

31,

2025,

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.

Total

Percentage

of

Outstanding

Shares

Owned

Blue

Chip

Fund

22.81%

Bond

Market

Index

Fund

91.85 Diversified

Real

Asset

Fund

16.47 Global

Listed

Infrastructure

Fund

79.84 International

Equity

Index

Fund

76.51 International

Small

Company

Fund

93.47 Small-MidCap

Dividend

Income

Fund

39.31 Spectrum

Preferred

and

Capital

Securities

Income

Fund

6.15 3. Operating

Policies

(continued)

Notes

to

Financial

Statements

Principal

Funds,

Inc.

August

31,

2025

Derivatives.

The

following

tables

provide

information

about

where

in

the

statements

of

assets

and

liabilities

and

statements

of

operations

information

about

derivatives

can

be

found

(amounts

in

thousands):

Asset

Derivatives

August

31,

2025

Liability

Derivatives

August

31,

2025

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)

$

6,864

\*

Payables,

Total

distributable

earnings

(accumulated

loss)

$

3,996

\*

Credit

Contracts

Receivables,

Total

distributable

earnings

(accumulated

loss)

$

\*

$

—

Foreign

Exchange

Contracts

Investment

in

securities

-

at

value\*\*,

Receivables

$

Payables

$

Interest

Rate

Contracts

Investment

in

securities

-

at

value\*\*,

Receivables,

Total

distributable

earnings

(accumulated

loss)

$

556

\*

Payables,

Total

distributable

earnings

(accumulated

loss)

$

\*

Total

$

7,580

$

4,385

Global

Multi-Strategy

Fund

Commodity

Contracts

Receivables,

Total

distributable

earnings

(accumulated

loss)

$

1,409

\*

Payables,

Total

distributable

earnings

(accumulated

loss)

$

\*

Credit

Contracts

$

—

Payables,

Total

distributable

earnings

(accumulated

loss)

$

\*

Equity

Contracts

Investment

in

securities

-

at

value\*\*,

Receivables,

Total

distributable

earnings

(accumulated

loss)

$

7,499

\*

Payables,

Total

distributable

earnings

(accumulated

loss)

$

1,690

\*

Foreign

Exchange

Contracts

Receivables,

Total

distributable

earnings

(accumulated

loss)

$

1,394

\*

Payables,

Total

distributable

earnings

(accumulated

loss)

$

1,052

\*

Interest

Rate

Contracts

Receivables,

Total

distributable

earnings

(accumulated

loss)

$

\*

Payables,

Total

distributable

earnings

(accumulated

loss)

$

612

\*

Total

$

11,135

$

4,078

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\*

$

(441) $

—

Futures

contracts

$

19,957

$

623

Options

and

swaptions

$

$

—

Swap

agreements

$

1,023

$

2,

880

Credit

Contracts

Swap

agreements

$

$

Foreign

Exchange

Contracts

Investment

transactions/Investments\*

$

(10) $

Foreign

currency

contracts

$

$

Options

and

swaptions

$

$

Interest

Rate

Contracts

Investment

transactions/Investments\*

$

$

(76) Futures

contracts

$

$

(5)

Options

and

swaptions

$

$

Swap

agreements

$

(113) $

Total

$

21,310

$

3,99

Global

Multi-Strategy

Fund

Commodity

Contracts

Futures

contracts

$

(1,487)

$

Credit

Contracts

Swap

agreements

$

(289) $

(176) Equity

Contracts

Investment

transactions/Investments\*

$

(629) $

Futures

contracts

$

(320) $

(150)

Options

and

swaptions

$

1,130

$

Swap

agreements

$

(57) $

1,494

Foreign

Exchange

Contracts

Foreign

currency

contracts

$

1,577

$

2,045

3. Operating

Policies

(continued)

Notes

to

Financial

Statements

Principal

Funds,

Inc.

August

31,

2025

The

following

table

includes

a

summary

of

the

average

quarterly

outstanding

notional

by

derivative

instrument

type

for

the

year

ended August

31,

2025

(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

$

$

Interest

Rate

Contracts

Investment

transactions/Investments\*

$

(215) $

(16) Futures

contracts

$

(4,705)

$

572

Options

and

swaptions

$

$

Swap

agreements

$

$

(221) Total

$

(4,274)

$

4,381

International

Equity

Index

Fund

Equity

Contracts

Futures

contracts

$

$

(76) Spectrum

Preferred

and

Capital

Securities

Income

Fund

Interest

Rate

Contracts

Investment

transactions/Investments\*

$

$

—

Futures

contracts

$

(3,058)

$

—

Options

and

swaptions

$

3,423

$

(11) Total

$

$

(11) \*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

$

245,646

Futures

-

Short

19,580

Total

Return

Swaps

-

Receive

Positive

Return

Credit

Contracts

Exchange

Cleared

Credit

Default

Swaps

-

Sell

Protection

3,945

Foreign

Exchange

Contracts

Foreign

Currency

Contracts

-

Contracts

to

Accept

6,400

Foreign

Currency

Contracts

-

Contracts

to

Deliver

11,446

Purchased

Options

8,466

Written

Options

7,551

Interest

Rate

Contracts

Exchange

Cleared

Interest

Rate

Swaps

-

Pay

Floating

Rate

174,846

Exchange

Cleared

Interest

Rate

Swaps

-

Receive

Floating

Rate

42,292

Futures

-

Long

41,044

Futures

-

Short

27,011

Purchased

Interest

Rate

Swaptions

36,441

Purchased

Options

24,119

Written

Interest

Rate

Swaptions

53,822

Written

Options

24,119

Global

Multi-Strategy

Fund

Commodity

Contracts

Futures

-

Long

19,442

Futures

-

Short

13,946

Credit

Contracts

Credit

Default

Swaps

-

Buy

Protection

10,100

Exchange

Cleared

Credit

Default

Swaps

-

Buy

Protection

10,208

Equity

Contracts

Futures

-

Long

38,639

Futures

-

Short

15,367

Purchased

Options

Total

Return

Swaps

-

Receive

Positive

Return

138,451

Written

Options

Foreign

Exchange

Contracts

Foreign

Currency

Contracts

-

Contracts

to

Accept

138,136

Foreign

Currency

Contracts

-

Contracts

to

Deliver

188,718

Futures

-

Long

1,071

Futures

-

Short

1,

821

Interest

Rate

Contracts

Exchange

Cleared

Interest

Rate

Swaps

-

Pay

Floating

Rate

35,749

Exchange

Cleared

Interest

Rate

Swaps

-

Receive

Floating

Rate

12,465

3. Operating

Policies

(continued)

Notes

to

Financial

Statements

Principal

Funds,

Inc.

August

31,

2025

4. Fair

Valuation

Fair

value

is

defined

as

the

price

that

the

Funds

would

receive

upon

selling

a

security

or

transferring

a

liability in

a

timely

transaction

to

an

independent

buyer

in

the

principal

or

most

advantageous

market

of

the

security

at

the

measurement

date.

In

determining

fair

value,

the

Funds

may

use

one

or

more

of

the

following

approaches:

market,

income

and/or

cost.

A

hierarchy

for

inputs

is

used

in

measuring

fair

value

that

maximizes

the

use

of

observable

inputs

and

minimizes

the

use

of

unobservable

inputs

by

requiring

that

the

most

observable

inputs

be

used

when

available.

Observable

inputs

are

inputs

that

reflect

the

assumptions

market

participants

would

use

in

pricing

the

asset

or

liability

developed

based

on

market

data

obtained

from

sources

independent

of

the

Funds.

Unobservable

inputs

are

inputs

that

reflect

the

fund's

own

estimates

about

the

estimates

market

participants

would

use

in

pricing

the

asset

or

liability

developed

based

on

the

best

information

available

in

the

circumstances.

The

three-tier

hierarchy

of

inputs

is

summarized

in

the

three

broad

levels

listed

below.

● Level

–

Quoted

prices

are

available

in

active

markets

for

identical

securities

as

of

the

reporting

date.

Investments

which

are

generally

included

in

this

category

include listed

equities

and exchange-traded

derivatives.

● Level

–

Other

significant

observable

inputs

(including

quoted

prices

for

similar

investments,

interest

rates,

prepayment

speeds,

credit

risk,

etc.).

Investments

which

are

generally

included

in

this

category

include

certain

foreign

equities,

corporate

bonds,

municipal

bonds,

OTC

derivatives,

exchange

cleared

derivatives, senior

floating

rate

interests, repurchase

agreements,

and

U.S.

Government

and

Government

Agency

Obligations.

● Level

–

Significant

unobservable

inputs

(including

the

Funds'

assumptions

in

determining

the

fair

value

of

investments).

Investments

which are

generally included

in

this

category

include

certain

common

stocks,

convertible

preferred

stocks,

corporate

bonds,

preferred

stocks, or

senior

floating

rate

interests.

The

availability

of

observable

inputs

can

vary

from

security

to

security

and

is

affected

by

a

wide

variety

of

factors,

including,

for

example,

the

type

of

security,

whether

the

security

is

new

and

not

yet

established

in

the

market

place,

and

other

characteristics

particular

to

the

transaction.

To

the

extent

that

valuation

is

based

on

models

or

inputs

that

are

less

observable

or

unobservable

in

the

market,

the

determination

of

fair

value

requires

more

judgment.

Accordingly,

the

degree

of

judgment

exercised

by

the

Funds

in

determining

fair

value

is

greatest

for

instruments

categorized

in

Level

3. In

certain

cases,

the

inputs

used

to

measure

fair

value

may

fall

into

different

levels

of

the

fair

value

hierarchy.

In

such

cases,

for

disclosure

purposes,

the

level

in

the

fair

value

hierarchy

within

which

the

fair

value

measurement

in

its

entirety

falls

is

determined

based

on

the

lowest

level

input

that

is

significant

to

the

fair

value

measurement

in

its

entirety.

Fair

value

is

a

market

based

measure

considered

from

the

perspective

of

a

market

participant

who

holds

the

asset

rather

than

an

entity

specific

measure.

Therefore,

even

when

market

assumptions

are

not

readily

available,

the

Funds'

own

assumptions

are

set

to

reflect

those

that

market

participants

would

use

in

pricing

the

asset

or

liability

at

the

measurement

date.

The

Funds

use

prices

and

inputs

that

are

current

as

of

the

measurement

date,

when

available.

Investments

which

are

included

in

the

Level

category

may

be

valued

using

quoted

prices

from

brokers

and

dealers

participating

in

the

market

for

these

investments.

These

investments

are

classified

as

Level

investments

due

to

the

lack

of

market

transparency

and

market

corroboration

to

support

these

quoted

prices.

Valuation

models

may

be

used

as

the

pricing

source

for

other

investments

classified

as

Level

3. Valuation

models

rely

on

one

or

more

significant

unobservable

inputs

such

as:

yield

to

maturity,

EBITDA

multiples,

discount

rates,

available

cash,

or

direct

offering

&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)

Futures

-

Long

168,483

Futures

-

Short

104,970

Purchased

Options

Total

Return

Swaps

-

Receive

Positive

Return

1,406

Written

Options

International

Equity

Index

Fund

Equity

Contracts

Futures

-

Long

2,376

Spectrum

Preferred

and

Capital

Securities

Income

Fund

Interest

Rate

Contracts

Futures

-

Long

55,594

Written

Options

1,000

3. Operating

Policies

(continued)

Notes

to

Financial

Statements

Principal

Funds,

Inc.

August

31,

2025

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 August

31,

2025

in

valuing

the

Funds'

securities

carried

at

fair

value

(amounts

in

thousands):

Fund

Level

-

Quoted

Prices

Level

-

Other

Significant

Observable

Inputs

Level

-

Significant

Unobservable

Inputs

Totals

(Level

1,2,3)

Blue

Chip

Fund

Common

Stocks\*

$

11,553,513

$

—

$

—

$

11,553,513

Investment

Companies\*

1,007

—

—

1,007

Total

investments

in

securities

$

11,554,520

$

—

$

—

$

11,554,520

Bond

Market

Index

Fund

Bonds\*

—

753,170

—

753,170

Investment

Companies\*

83,152

—

—

83,152

Municipal

Bonds\*

—

2,979

—

2,979

U.S.

Government

&

Government

Agency

Obligations\*

—

1,995,116

—

1,995,116

Total

investments

in

securities

$

83,152

$

2,751,265

$

—

$

2,834,417

Capital

Securities

Fund

Bonds\*

—

1,044,765

—

1,044,765

Investment

Companies\*

36,357

—

—

36,357

Preferred

Stocks\*

12,190

—

—

12,190

Total

investments

in

securities

$

48,547

$

1,044,765

$

—

$

1,093,312

Diversified

Real

Asset

Fund

Bonds\*

—

18,570

—

18,570

Common

Stocks

Basic

Materials

92,951

36,863

—

129,814

Communications

—

5,927

—

5,927

Consumer,

Cyclical

5,321

2,425

—

7,746

Consumer,

Non-cyclical

23,062

39,459

62,523

Energy

197,046

39,107

—

236,153

Financial

449,764

171,413

—

621,177

Industrial

68,121

136,726

—

204,847

Technology

—

Utilities

205,178

144,734

—

349,912

Investment

Companies\*

266,206

—

—

266,206

Preferred

Stocks

Industrial

—

—

Utilities

4,181

—

—

4,181

Senior

Floating

Rate

Interests\*

—

91,019

—

91,019

U.S.

Government

&

Government

Agency

Obligations\*

—

488,873

—

488,873

Purchased

Options

—

—

Purchased

Interest

Rate

Swaptions

—

—

Total

investments

in

securities

$

1,311,830

$

1,175,503

$

$

2,487,438

Derivative

Assets

Credit

Contracts

Exchange

Cleared

Credit

Default

Swaps\*\*

—

—

Commodity

Contracts

Futures\*\*

5,525

—

—

5,525

Total

Return

Swaps

—

1,321

—

1,321

Foreign

Exchange

Contracts

Foreign

Currency

Contracts

—

—

Interest

Rate

Contracts

Exchange

Cleared

Interest

Rate

Swaps\*\*

—

—

4. Fair

Valuation

(continued)

Notes

to

Financial

Statements

Principal

Funds,

Inc.

August

31,

2025

Fund

Level

-

Quoted

Prices

Level

-

Other

Significant

Observable

Inputs

Level

-

Significant

Unobservable

Inputs

Totals

(Level

1,2,3)

Diversified

Real

Asset

Fund

(continued)

Interest

Rate

Contracts

(continued)

Futures\*\*

$

$

—

$

—

$

Derivative

Liabilities

Commodity

Contracts

Futures\*\*

(3,952)

—

—

(3,952)

Total

Return

Swaps

—

(26) —

(26) Foreign

Exchange

Contracts

Foreign

Currency

Contracts

—

(112) —

(112) Written

Options

—

(25)

—

(25)

Interest

Rate

Contracts

Exchange

Cleared

Interest

Rate

Swaps\*\*

—

(114) —

(114) Futures\*\*

(138) —

—

(138) Edge

MidCap

Fund

Common

Stocks\*

52,218

—

—

52,218

Investment

Companies\*

742

—

—

742

Total

investments

in

securities

$

52,960

$

—

$

—

$

52,960

Global

Listed

Infrastructure

Fund

Common

Stocks

Communications

—

1,430

—

1,430

Consumer,

Non-cyclical

2,779

3,607

—

6,386

Energy

11,814

3,425

—

15,239

Financial

11,147

—

—

11,147

Industrial

13,376

12,925

—

26,301

Utilities

43,431

16,710

—

60,141

Investment

Companies\*

4,654

—

—

4,654

Total

investments

in

securities

$

87,201

$

38,097

$

—

$

125,298

Global

Multi-Strategy

Fund

Bonds\*

—

144,410

—

144,410

Common

Stocks

Basic

Materials

5,229

—

5,706

Communications

15,728

753

3,792

20,273

Consumer,

Cyclical

10,441

2,545

—

12,986

Consumer,

Non-cyclical

22,864

4,284

27,154

Diversified

5,144

2,554

—

7,698

Energy

3,495

684

—

4,179

Financial

18,300

4,046

—

22,346

Industrial

20,078

3,064

—

23,142

Technology

23,361

23,760

Utilities

2,881

539

—

3,420

Convertible

Bonds\*

—

3,232

—

3,232

Convertible

Preferred

Stocks

Energy

—

—

Financial

—

—

Industrial

—

—

Utilities

—

—

Investment

Companies\*

93,768

—

—

93,768

Preferred

Stocks

Consumer,

Cyclical

—

—

Financial

—

—

Industrial

—

—

Senior

Floating

Rate

Interests\*

—

1,429

—

1,429

U.S.

Government

&

Government

Agency

Obligations\*

—

13,725

—

13,725

Purchased

Options

—

—

Total

investments

in

securities

$

221,624

$

182,562

$

3,817

$

408,003

Short

Sales

Common

Stocks\*

(7,282)

—

—

(7,282)

Total

Short

Sales

$

(7,282)

$

—

$

—

$

(7,282)

Derivative

Assets

Commodity

Contracts

Futures\*\*

1,40

—

—

1,40

4. Fair

Valuation

(continued)

Notes

to

Financial

Statements

Principal

Funds,

Inc.

August

31,

2025

Fund

Level

-

Quoted

Prices

Level

-

Other

Significant

Observable

Inputs

Level

-

Significant

Unobservable

Inputs

Totals

(Level

1,2,3)

Global

Multi-Strategy

Fund

(continued)

Equity

Contracts

Futures\*\*

$

1,048

$

—

$

—

$

1,048

Total

Return

Swaps

—

6,322

—

6,322

Foreign

Exchange

Contracts

Foreign

Currency

Contracts

—

1,378

—

1,378

Futures\*\*

—

—

Interest

Rate

Contracts

Exchange

Cleared

Interest

Rate

Swaps\*\*

—

—

Futures\*\*

—

—

Total

Return

Swaps

—

—

Derivative

Liabilities

Credit

Contracts

Credit

Default

Swaps

—

(10

4)

—

(10

4)

Exchange

Cleared

Credit

Default

Swaps\*\*

—

(235) —

(235) Commodity

Contracts

Futures\*\*

(379) —

—

(379) Equity

Contracts

Futures\*\*

(1,310)

—

—

(1,310)

Total

Return

Swaps

—

(29) —

(29) Written

Options

—

(348) —

(348) Foreign

Exchange

Contracts

Foreign

Currency

Contracts

—

(1,047)

—

(1,047)

Futures\*\*

(5) —

—

(5) Interest

Rate

Contracts

Exchange

Cleared

Interest

Rate

Swaps\*\*

—

(349) —

(349) Futures\*\*

(237) —

—

(237) Written

Options

(26) —

—

(26) International

Equity

Index

Fund

Common

Stocks

Basic

Materials

—

32,186

—

32,186

Communications

6,854

29,037

—

35,891

Consumer,

Cyclical

—

84,381

—

84,381

Consumer,

Non-cyclical

1,453

141,246

—

142,699

Diversified

—

—

Energy

—

23,451

—

23,451

Financial

1,164

176,491

—

177,655

Industrial

—

108,052

—

108,052

Technology

1,620

42,048

—

43,668

Utilities

—

21,935

—

21,935

Investment

Companies\*

23,479

—

—

23,479

Preferred

Stocks

Consumer,

Cyclical

—

1,467

—

1,467

Consumer,

Non-cyclical

—

—

Industrial

—

—

Total

investments

in

securities

$

34,570

$

661,437

$

—

$

696,007

Derivative

Assets

Equity

Contracts

Futures\*\*

—

—

International

Small

Company

Fund

Common

Stocks

Basic

Materials

20,377

30,462

—

50,839

Communications

4,470

12,825

—

17,295

Consumer,

Cyclical

9,774

68,702

—

78,476

Consumer,

Non-cyclical

4,991

58,631

—

63,622

Energy

9,142

4,580

—

13,722

Financial

3,379

110,106

—

113,485

Industrial

13,995

96,967

—

110,962

Technology

15,741

18,898

—

34,639

Utilities

3,933

11,761

—

15,694

Investment

Companies\*

6,835

—

—

6,835

Total

investments

in

securities

$

92,637

$

412,932

$

—

$

505,569

4. Fair

Valuation

(continued)

Notes

to

Financial

Statements

Principal

Funds,

Inc.

August

31,

2025

\*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

year

,

there

were

no

Funds

which

had

a

significant

Level

balance.

During

the

year

,

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)

Opportunistic

Municipal

Fund

Investment

Companies\*

$

$

—

$

—

$

Municipal

Bonds\*

—

171,357

—

171,357

Total

investments

in

securities

$

$

171,357

$

—

$

171,545

Small-MidCap

Dividend

Income

Fund

Common

Stocks\*

1,597,852

—

—

1,597,852

Investment

Companies\*

21,309

—

—

21,309

Total

investments

in

securities

$

1,619,161

$

—

$

—

$

1,619,161

Spectrum

Preferred

and

Capital

Securities

Income

Fund

Bonds\*

—

4,744,573

—

4,744,573

Convertible

Preferred

Stocks\*

2,884

—

—

2,884

Investment

Companies\*

153,769

—

—

153,769

Preferred

Stocks

Communications

33,384

—

—

33,384

Consumer,

Non-cyclical

—

22,685

—

22,685

Financial

407,909

—

—

407,909

Utilities

57,622

1,005

—

58,627

Total

investments

in

securities

$

655,568

$

4,768,263

$

—

$

5,423,831

Derivative

Liabilities

Foreign

Exchange

Contracts

Foreign

Currency

Contracts

—

—

—

—

Net

Assets

of

Fund

First

$500

million

Next

$500

million

Next

$500

million

Over

$1.5

billion

Edge

MidCap

Fund

.65%

.63%

.61%

.60%

Global

Listed

Infrastructure

Fund

.75

.73

.71

.70

Global

Multi-Strategy

Fund

(Effective

December

31,

2024)

1.21 1.19 1.17 1.16 International

Small

Company

Fund

1.00 .98

.96

.95

Opportunistic

Municipal

Fund

.44

.42

.40

.39

Net

Assets

of

Fund

First

$2

billion

Next

$2

billion

Over

$4

billion

Global

Multi-Strategy

Fund

(Prior

to

December

31,

2024)

1.36%

1.30%

1.25%

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,

2024)

.12%

.10%

.08%

International

Equity

Index

Fund

(Effective

December

31,

2024)

.22

.18

.15

4. Fair

Valuation

(continued)

Notes

to

Financial

Statements

Principal

Funds,

Inc.

August

31,

2025

In

addition

to

the

management

fee,

R-1, R-3,

R-4,

and

classes

of

shares

of

the

Funds

pay

the

Manager

a

service

fee

and

an

administrative

service

fee

computed

at

an

annual

percentage

rate

of

each

class's

average

daily

net

assets.

The

annual

rates

for

the

service

fee

are

.25%, .25%,

.25%,

and

.25%

and

the

annual

rates

for

the

administrative

service

fee

are

.28%, .07%,

.03%,

and

.01%

for

R-1, R-3,

R-4,

and

R-5,

respectively. Class

shares

discontinued

operations

and

converted

to

Class

shares

and

Class

shares

discontinued

operations

and

converted

to

Class

shares

on

November

22,

2024. Class

A,

Class

C,

and

Institutional

shares

of

the

Funds pay

Principal

Shareholder

Services,

Inc.

(the

"Transfer

Agent")

(wholly

owned

by

the

Manager)

for

transfer

agent

services.

Class

J

shares

pay

the

Transfer

Agent

a

fee

for

the

services

provided

in

an

amount

that

includes

a

profit.

The

Manager

has

contractually

agreed

to

limit

the

expenses

(excluding

interest

expense,

expenses

related

to

fund

investments,

acquired

fund

fees

and

expenses,

and tax

reclaim

recovery

expenses and

other

extraordinary

expenses)

for

certain

classes

of

shares

of

certain

of

the

Funds.

The

reductions

and

reimbursements

are

in

amounts

that

maintain

total

operating

expenses

at

or

below

certain

limits.

The

limits

are

expressed

as

a

percentage

of

average

daily

net

assets

attributable

to

each

class

of

shares

on

an

annualized

basis

during

the

reporting

period.

The

expenses

borne

by

the

Manager

are

subject

to

reimbursement

by

the

Funds

through

the

fiscal

year

end,

provided

no

reimbursement

will

be

made

if

it

would

result

in

the

Funds

exceeding

the

total

operating

expense

limits.

Any

amounts

outstanding

at

the

end

of

the year 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:

\*

Prior

to

June

9,

2025,

the

contractual

limit

was

.88%.

\*\*

Prior

to

December

31,

2024,

the

contractual

limit

was

1.43%.

#

Prior

to

December

31,

2024,

the

contractual

limit

was

.31%.

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,

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

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,

and

tax

reclaim

recovery

expenses

and

other

All

Net

Assets

Bond

Market

Index

Fund

(Prior

to

December

31,

2024)

.14%

International

Equity

Index

Fund

(Prior

to

December

31,

2024)

.25

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,

2024

through

August

31,

2025

Class

A

Class

C

Institutional

Expiration

Blue

Chip

Fund

N/A

N/A

.66%

December

30,

2025

Diversified

Real

Asset

Fund

1.20%

N/A

.83

December

30,

2025

Edge

MidCap

Fund

1.10 N/A

.77

December

30,

2025

Global

Listed

Infrastructure

Fund

N/A

N/A

.65\*

December

30,

2025

Global

Multi-Strategy

Fund

N/A

N/A

1.39\*\*

December

30,

2025

International

Equity

Index

Fund

N/A

N/A

.28#

December

30,

2025

International

Small

Company

Fund

N/A

N/A

1.08 December

30,

2025

Opportunistic

Municipal

Fund

.84

N/A

.56

December

30,

2025

Small-MidCap

Dividend

Income

Fund

1.12 1.87%

.85

December

30,

2025

5. Management

Agreement

and

Transactions

with

Affiliates

(continued)

Notes

to

Financial

Statements

Principal

Funds,

Inc.

August

31,

2025

extraordinary

expenses.

The

limits

are

expressed

as

a

percentage

of

average

daily

net

assets

attributable

to

shares

on

an

annualized

basis

during

the

reporting

period.

The limits

are

as

follows:

In

addition,

the

Manager

has

contractually

agreed

to waive

certain

of

the

Funds'

management

and

investment

advisory

fees.

The

expense waiver

will

reduce

the

Funds'

management

and

investment

advisory

fees.

The

waivers

are

expressed

as

a

percentage

of

average

daily

net

assets on

an

annualized

basis

during

the

reporting

period.

The

waivers

are

as

follows:

\*Prior

to

June

9,

2025,

there

was

no

contractual

expense

reduction.

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,

R-1,

R-3,

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%,

.35%,

.25%,

and

.10%

for

Class

A,

Class

C,

Class

J,

R-1,

R-3,

and

classes

of

shares,

respectively.

Class

shares

discontinued

operations

and

converted

to

Class

shares

and

Class

shares

discontinued

operations

and

converted

to

Class

shares

on

November

22,

2024. The

Distributor

voluntarily

agreed

to

limit

the

distribution

fees

(expressed

as

a

percent

of

average

net

assets

on

an

annualized

basis)

attributable

to

Class

J

shares

through

December

31,

2024. The

limit

maintained

the

level

of

distribution

fees

not

to

exceed

.14%

for

Class

J

shares.

The

voluntary

expense

limit

was

terminated

December

31,

2024. 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").

This

expense

is

allocated

among

the

registered

investment

companies

managed

by

the

Manager

based

on

the

relative

net

assets

of

each

fund

and

is

shown

on

the

statements

of

operations.

Sales

Charges.

The

Distributor

receives

proceeds

of

any

contingent

deferred

sales

charge

("CDSC")

on

certain

Class

A,

Class

C,

and

Class

J

share

redemptions.

The

charge

for

Class

A

shares

is

1.00%

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,

Edge

MidCap

Fund,

and

Small-MidCap

Dividend

Income

Fund.

The

aggregate

amounts

of

these

charges

retained

by

the

Distributor

for

the

year

ended

August

31,

2025,

were

as

follows

(amounts

in

thousands):

Period

from

September

1,

2024

through

August

31,

2025

Expiration

Diversified

Real

Asset

Fund

.02%

December

30,

2025

Edge

MidCap

Fund

.02

December

30,

2025

Global

Multi-Strategy

Fund

.04#

December

30,

2025

International

Equity

Index

Fund

.04

December

30,

2025

International

Small

Company

Fund

.04

December

30,

2025

Small-MidCap

Dividend

Income

Fund

.02

December

30,

2025

#

Prior

to

December

31,

2024,

the

contractual

limit

was

.02%.

Period

from

September

1,

2024

through

August

31,

2025

Expiration

Blue

Chip

Fund

.030%

December

30,

2025

Bond

Market

Index

Fund

.015

December

30,

2024

Global

Listed

Infrastructure

Fund

.110\*

December

30,

2025

Class

A

Class

C

Class

J

Blue

Chip

Fund

$

577

$

$

Bond

Market

Index

Fund

N/A

N/A

Diversified

Real

Asset

Fund

N/A

N/A

Edge

MidCap

Fund

N/A

N/A

Global

Multi-Strategy

Fund

N/A

N/A

Opportunistic

Municipal

Fund

N/A

N/A

5. Management

Agreement

and

Transactions

with

Affiliates

(continued)

Notes

to

Financial

Statements

Principal

Funds,

Inc.

August

31,

2025

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

August

31,

2025,

Principal

Life

Insurance

Company

(an

affiliate

of

the

Manager),

the

Manager,

the

Distributor,

Principal

Securities,

Inc.

(an

affiliate

of

the

Manager),

collective

investment

trusts

sponsored

by

Principal

Global

Investors

Trust

Company

(an

affiliate

of

the

Manager),

and benefit

plans

and

separate

accounts

sponsored

on

behalf

of

Principal

Life

Insurance

Company

owned

shares

of

the

Funds

as

follows

(amounts

in

thousands):

Affiliated

Brokerage

Commissions.

With

respect

to

Spectrum

Preferred

and

Capital

Securities

Income

Fund,

$85,000

of

brokerage

commission

was

paid

to

SAMI

Brokerage

LLC,

a

member

of

the

Principal

Financial

Group.

The

other

Funds

did

not

pay

brokerage

commissions

to

any

member

of

the

Principal

Financial

Group

during

the

year

ended

August

31,

2025

.

6. Capital

Share

Transactions

The

conversion

of

shares

into

shares

during

the

period

ended

August

31,

2025,

resulted

in

the

following

capital

shares

transactions

(amounts

in

thousands):

The

conversion

of

shares

into

shares

during

the

period

ended

August

31,

2025,

resulted

in

the

following

capital

shares

transactions

(amounts

in

thousands):

7. Investment

Transactions

For

the year ended

August

31,

2025,

the

cost

of

investment

securities

purchased

and

proceeds

from

investment

securities

sold

(not

including

short-term

investments,

return

of

capital,

and

U.S.

government

securities)

by

the

Funds

were

as

follows

(amounts

in

thousands):

Class

A

Class

C

Class

J

Small-MidCap

Dividend

Income

Fund

$

$

$

N/A

Spectrum

Preferred

and

Capital

Securities

Income

Fund

Institutional

Blue

Chip

Fund

578

42,597

Bond

Market

Index

Fund

1,211

N/A

Diversified

Real

Asset

Fund

6,860

Edge

MidCap

Fund

–

Global

Listed

Infrastructure

Fund

1,305

N/A

Global

Multi-Strategy

Fund

International

Small

Company

Fund

Opportunistic

Municipal

Fund

N/A

Small-MidCap

Dividend

Income

Fund

604

Spectrum

Preferred

and

Capital

Securities

Income

Fund

–

2,958

Shares

Redeemed

Dollars

Redeemed

Shares

Sold

Dollars

Sold

Bond

Market

Index

Fund

$661

$661

International

Equity

Index

Fund

Spectrum

Preferred

and

Capital

Securities

Income

Fund

500

500

Shares

Redeemed

Dollars

Redeemed

Shares

Sold

Dollars

Sold

Blue

Chip

Fund

$2,546

$2,546

Bond

Market

Index

Fund

506

4,289

508

4,289

International

Equity

Index

Fund

780

8,953

776

8,953

Spectrum

Preferred

and

Capital

Securities

Income

Fund

991

991

Purchases

Sales

Covers

on

Securities

Sold

Short

Securities

Sold

Short

Blue

Chip

Fund

$

2,375,105

$

4,240,827

$

—

$

—

Bond

Market

Index

Fund

564,773

364,949

—

—

Capital

Securities

Fund

222,061

373,661

—

—

Diversified

Real

Asset

Fund

1,800,046

2,110,043

50,700

50,700

Edge

MidCap

Fund

10,761

36,077

—

—

Global

Listed

Infrastructure

Fund

115,501

15,406

—

—

Global

Multi-Strategy

Fund

397,618

437,208

40,819

26,750

International

Equity

Index

Fund

295,731

897,638

—

—

International

Small

Company

Fund

252,122

537,065

—

—

Opportunistic

Municipal

Fund

160,411

138,831

—

—

5. Management

Agreement

and

Transactions

with

Affiliates

(continued)

Notes

to

Financial

Statements

Principal

Funds,

Inc.

August

31,

2025

For

the year

ended

August

31,

2025,

the

cost

of

U.S.

government

securities

purchased

and

proceeds

from

U.S.

government

securities

sold

(not

including

short-term

investments)

by

the

Funds

were

as

follows

(amounts

in

thousands):

For

the

year

ended

August

31,

2025,

International

Equity

Index

Fund

had

in-kind

redemptions

totaling

$418,000,000

to

a

separate

account

sponsored

by

an

affiliate

of

the

Manager.

The

in-kind

redemptions

resulted

in

realized

gains

of

$194,068,000.

The

realized

gain

is

included

in

net

realized

gain

(loss)

from

investment

transactions

on

the

statement

of

operations

of

International

Equity

Index

Fund.

8. Federal

Tax

Information

Distributions

to

Shareholders.

The

federal

income

tax

character

of

distributions

paid

for

the years

ended August

31,

2025 and

August

31,

2024 were

as

follows

(amounts

in

thousands):

^

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):

Purchases

Sales

Covers

on

Securities

Sold

Short

Securities

Sold

Short

Small-MidCap

Dividend

Income

Fund

$

474,093

$

417,583

$

—

$

—

Spectrum

Preferred

and

Capital

Securities

Income

Fund

1,417,525

2,248,206

—

—

Purchases

Sales

Covers

on

Securities

Sold

Short

Securities

Sold

Short

Bond

Market

Index

Fund

$

1,007,882

$

698,414

$

—

$

—

Diversified

Real

Asset

Fund

141,883

285,909

—

—

Global

Multi-Strategy

Fund

3,781

8,966

—

—

Ordinary

Income

Tax-Exempt

Income^

Long-Term

Capital

Gain\*

2025

2024

2025

2024

2025

2024

Blue

Chip

Fund

$

9,386

$

1,781

$

—

$

—

$

493,791

$

—

Bond

Market

Index

Fund

81,344

85,167

—

—

—

—

Capital

Securities

Fund

68,240

63,966

—

—

—

—

Diversified

Real

Asset

Fund

58,284

90,582

—

—

—

—

Edge

MidCap

Fund

624

1,009

—

—

1,714

Global

Listed

Infrastructure

Fund

572

1,233

—

—

Global

Multi-Strategy

Fund

6,513

15,141

—

—

—

International

Equity

Index

Fund

37,530

34,015

—

—

11,856

9,722

International

Small

Company

Fund

21,552

13,761

—

—

—

—

Opportunistic

Municipal

Fund

7,724

6,519

—

—

Small-MidCap

Dividend

Income

Fund

27,526

22,739

—

—

48,713

8,120

Spectrum

Preferred

and

Capital

Securities

Income

Fund

319,009

317,557

—

—

—

—

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

Edge

MidCap

Fund

—

2,027

—

9,274

—

11,646

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

7. Investment

Transactions

(continued)

Notes

to

Financial

Statements

Principal

Funds,

Inc.

August

31,

2025

\*

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):

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):

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)

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

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)

Edge

MidCap

Fund

(515) 515

Global

Multi-Strategy

Fund

(291) 291

International

Equity

Index

Fund

(200,090)

200,090

Small-MidCap

Dividend

Income

Fund

(2,471)

2,471

8. Federal

Tax

Information

(continued)

Notes

to

Financial

Statements

Principal

Funds,

Inc.

August

31,

2025

Federal

Income

Tax

Basis.

As

of August

31,

2025,

the

net

federal

income

tax

unrealized

appreciation

(depreciation)

and

federal

tax

cost

of

investments

held

by

the

Funds

were

as

follows

(amounts

in

thousands):

9. Subsequent

Events

Management

has

evaluated

events

and

transactions

that

have

occurred

through

the

date

the

financial

statements

were issued

that

would

merit

recognition

or

disclosure

in

the

financial

statements.

Effective

September

19,

2025,

MidCap

Fund,

a

series

of

the

Fund,

acquired

all

the

assets

and

assumed

all

the

liabilities

of

Edge

MidCap

Fund,

pursuant

to

a

plan

of

reorganization

approved

by

the

Fund's

Board

of

Directors

on

May

15,

2025. The

purpose

of

the

acquisition

is

to

combine

four

series

of

the

Fund

with

substantially

identical

investment

objectives

and

to

achieve

economies

of

scale.

There

were

no

other

items

requiring

adjustment

of

the

financial

statements

or

additional

disclosure.

Unrealized

Appreciation

Unrealized

(Depreciation)

Net

Unrealized

Appreciation/

(Depreciation)

Cost

for

Federal

Income

Tax

Purposes

Blue

Chip

Fund

$

5,645,205

$

(86,197)

$

5,559,008

$

5,995,512

Bond

Market

Index

Fund

25,113

(109,189)

(84,076)

2,918,493

Capital

Securities

Fund

26,667

(24,979)

1,688

1,091,624

Diversified

Real

Asset

Fund

205,399

(135,667)

69,732

2,420,846

Edge

MidCap

Fund

12,257

(2,983)

9,274

43,686

Global

Listed

Infrastructure

Fund

5,368

(3,654)

1,714

123,584

Global

Multi-Strategy

Fund

39,657

(23,895)

15,762

391,890

International

Equity

Index

Fund

200,443

(46,181)

154,262

541,803

International

Small

Company

Fund

113,041

(18,887)

94,154

411,415

Opportunistic

Municipal

Fund

2,438

(11,360)

(8,922)

180,467

Small-MidCap

Dividend

Income

Fund

559,354

(35,821)

523,533

1,095,628

Spectrum

Preferred

and

Capital

Securities

Income

Fund

156,937

(152,591)

4,346

5,419,485

8. Federal

Tax

Information

(continued)

Schedule

of

Investments

Blue

Chip

Fund

August

31,

2025

See

accompanying

notes.

INVESTMENT

COMPANIES

-

.01

%

Shares

Held

Value

(000's)

Money

Market

Funds

-

.01

%

BlackRock

Liquidity

FedFund

-

Institutional

Class

4.18%

(a),(b)

1,001,705

$

1,002

Principal

Government

Money

Market

Fund

-

Class

4.20%

(a),(c)

4,428

$

1,007

TOTAL

INVESTMENT

COMPANIES

$

1,007

COMMON

STOCKS

-

.03

%

Shares

Held

Value

(000's)

Aerospace

&

Defense

-

.84

%

HEICO

Corp

-

Class

A

868,577

$

212,810

TransDigm

Group

Inc

412,538

577,091

$

789,901

Building

Materials

-

.18

%

Vulcan

Materials

Co

469,812

136,790

Chemicals

-

.04

%

Linde

PLC

364,488

174,331

Sherwin-Williams

Co/The

169,233

61,911

$

236,242

Commercial

Services

-

.48

%

Moody's

Corp

109,381

55,758

Distribution

&

Wholesale

-

.67

%

Copart

Inc

(d) 3,942,164

192,417

Diversified

Financial

Services

-

.06

%

Brookfield

Asset

Management

Ltd

660,182

39,717

Brookfield

Wealth

Solutions

Ltd

(d),(e)

58,969

3,882

Charles

Schwab

Corp/The

3,020,687

289,503

Mastercard

Inc

916,851

545,792

Visa

Inc

1,460,175

513,660

$

1,392,554

Electronics

-

.84

%

Amphenol

Corp

887,740

96,639

Healthcare

-

Products

-

.46

%

Danaher

Corp

1,748,136

359,801

IDEXX

Laboratories

Inc

(d) 181,152

117,222

Intuitive

Surgical

Inc

(d) 81,004

38,339

$

515,362

Insurance

-

.81

%

Arthur

J

Gallagher

&

Co

310,510

94,007

Internet

-

.86

%

Airbnb

Inc

(d) 1,818,441

237,361

Alphabet

Inc

-

A

Shares

762,365

162,315

Alphabet

Inc

-

C

Shares

608,648

129,964

Amazon.com

Inc

(d) 6,235,562

1,427,944

Meta

Platforms

Inc

371,008

274,064

Netflix

Inc

(d) 338,127

408,542

$

2,640,190

Lodging

-

.99

%

Hilton

Worldwide

Holdings

Inc

1,252,448

345,751

Pharmaceuticals

-

.64

%

Zoetis

Inc

1,209,455

189,159

Private

Equity

-

.36

%

Brookfield

Corp

10,532,569

692,201

KKR

&

Co

Inc

1,958,458

273,185

$

965,386

Real

Estate

-

.96

%

CoStar

Group

Inc

(d) 2,529,246

226,342

Retail

-

.19

%

Costco

Wholesale

Corp

115,693

109,135

O'Reilly

Automotive

Inc

(d) 2,500,169

259,218

$

368,353

Semiconductors

-

.98

%

Broadcom

Inc

1,268,455

377,226

NVIDIA

Corp

1,796,722

312,953

$

690,179

Software

-

.67

%

Cadence

Design

Systems

Inc

(d) 1,294,865

453,760

Constellation

Software

Inc/Canada

22,946

76,004

Microsoft

Corp

3,210,843

1,626,902

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Software

(continued)

MSCI

Inc

127,028

$

72,116

Roper

Technologies

Inc

430,245

226,442

Veeva

Systems

Inc

(d) 314,051

84,542

Workday

Inc

(d) 341,032

78,717

$

2,618,483

TOTAL

COMMON

STOCKS

$

11,553,513

Total

Investments

$

11,554,520

Other

Assets

and

Liabilities

- (0.04)%

(4,976)

TOTAL

NET

ASSETS

-

100.00%

$

11,549,544

(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

$1,002

or

0.01%

of

net

assets.

(c) Affiliated

Security.

Security

is

either

an

affiliate

(and

registered

under

the

Investment

Company

Act

of

1940,

as

amended,

(the

"1940

Act"))

or

an

affiliate

as

defined

by

the

1940

Act

(controls

5.00%

or

more

of

the

outstanding

voting

shares

of

the

security).

Please

see

Affiliated

Securities

sub-schedule

for

transactional

information.

(d) Non-income

producing

security

(e) Security

or

a

portion

of

the

security

was

on

loan. At

the

end

of

the

period,

the

value

of

these

securities

totaled

$981

or

0.01%

of

net

assets.

Schedule

of

Investments

Blue

Chip

Fund

August

31,

2025

See

accompanying

notes.

Affiliated

Securities

August

31,

2024

Purchases

Sales

August

31,

2025

Value

Cost

Proceeds

Value

Principal

Government

Money

Market

Fund

-

Class

4.20%

$

$

637,416

$

637,416

$

$

$

637,416

$

637,416

$

Income

(a) Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Principal

Government

Money

Market

Fund

-

Class

4.20%

$

$

—

$

—

$

—

$

$

—

$

—

$

—

Amounts

in

thousands.

(a) Amount

excludes

earnings

from

securities

lending

collateral.

Schedule

of

Investments

Bond

Market

Index

Fund

August

31,

2025

See

accompanying

notes.

INVESTMENT

COMPANIES

-

2.95%

Shares

Held

Value

(000's)

Exchange-Traded

Funds

-

0.83%

iShares

iBoxx

$

Investment

Grade

Corporate

Bond

ETF

(a) 180,000

$

19,764

Vanguard

Short-Term

Corporate

Bond

ETF

45,000

3,594

$

23,358

Money

Market

Funds

-

2.12%

BlackRock

Liquidity

FedFund

-

Institutional

Class

4.18%

(b),(c)

1,069,012

1,070

Principal

Government

Money

Market

Fund

-

Class

4.20%

(b),(c),(d)

58,724,409

58,724

$

59,794

TOTAL

INVESTMENT

COMPANIES

$

83,152

BONDS

-

26.74%

Principal

Amount

(000's)

Value

(000's)

Advertising

-

0.01%

Interpublic

Group

of

Cos

Inc/The

2.40%,

03/01/2031

$

$

Omnicom

Group

Inc

2.45%,

04/30/2030

(a) 155

2.60%,

08/01/2031

$

Aerospace

&

Defense

-

0.50%

Boeing

Co/The

2.70%,

02/01/2027

2.95%,

02/01/2030

3.25%,

02/01/2028

685

669

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

505

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%,

01/15/2027

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

5.20%,

02/15/2064

5.25%,

01/15/2033

5.70%,

11/15/2054

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Aerospace

&

Defense

(continued)

Northrop

Grumman

Corp

3.20%,

02/01/2027

$

$

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

559

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

4.13%,

11/16/2028

4.70%,

12/15/2041

5.15%,

02/27/2033

5.38%,

02/27/2053

5.75%,

11/08/2026

5.75%,

01/15/2029

6.10%,

03/15/2034

6.40%,

03/15/2054

$

14,060

Agriculture

-

0.36%

Altria

Group

Inc

2.45%,

02/04/2032

3.40%,

05/06/2030

530

508

3.70%,

02/04/2051

3.88%,

09/16/2046

4.00%,

02/04/2061

(a) 60

4.88%,

02/04/2028

545

553

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

4.54%,

08/15/2047

5.63%,

08/15/2035

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

4.13%,

04/28/2028

4.13%,

03/04/2043

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

Schedule

of

Investments

Bond

Market

Index

Fund

August

31,

2025

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Agriculture

(continued)

Philip

Morris

International

Inc

(continued)

5.25%,

02/13/2034

$

$

5.38%,

02/15/2033

5.50%,

09/07/2030

5.63%,

11/17/2029

580

610

5.75%,

11/17/2032

Reynolds

American

Inc

5.70%,

08/15/2035

5.85%,

08/15/2045

$

10,120

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

Southwest

Airlines

Co

3.00%,

11/15/2026

United

Airlines

2019-2

Class

AA

Pass

Through

Trust

2.70%,

11/01/2033

$

580

Apparel

-

0.01%

NIKE

Inc

3.25%,

03/27/2040

3.38%,

11/01/2046

$

Automobile

Manufacturers

-

0.55%

American

Honda

Finance

Corp

1.30%,

09/09/2026

2.25%,

01/12/2029

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

(a) 135

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

5.13%,

11/05/2026

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) 225

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

(a) 65

5.95%,

04/01/2049

6.25%,

04/15/2035

6.25%,

10/02/2043

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Automobile

Manufacturers

(continued)

General

Motors

Financial

Co

Inc

2.35%,

02/26/2027

$

$

2.35%,

01/08/2031

2.40%,

04/10/2028

2.40%,

10/15/2028

2.70%,

06/10/2031

4.00%,

10/06/2026

4.35%,

01/17/2027

4.90%,

10/06/2029

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

1.90%,

01/13/2027

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

4.95%,

01/09/2030

5.00%,

03/19/2027

5.10%,

03/21/2031

5.40%,

11/20/2026

$

15,633

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

$

547

Banks

-

5.53%

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

4.18%,

03/24/2028

(e) 600

599

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.00%

Schedule

of

Investments

Bond

Market

Index

Fund

August

31,

2025

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Banks

(continued)

Banco

Santander

SA

(continued)

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%

2.09%,

06/14/2029

(e) 60

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

545

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%

2.55%,

02/04/2028

(e) 255

Secured

Overnight

Financing

Rate

+

1.05%

2.57%,

10/20/2032

(e) 260

Secured

Overnight

Financing

Rate

+

1.21%

2.65%,

03/11/2032

(e) 175

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

542

3.31%,

04/22/2042

(e) 715

551

Secured

Overnight

Financing

Rate

+

1.58%

3.42%,

12/20/2028

(e) 700

688

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.30%

3.59%,

07/21/2028

(e) 600

594

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.63%

3.82%,

01/20/2028

(e) 500

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.84%

3.85%,

03/08/2037

(e) 550

508

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

595

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%

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Banks

(continued)

Bank

of

America

Corp

(continued)

4.57%,

04/27/2033

(e) $

$

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

594

Secured

Overnight

Financing

Rate

+

2.16%

5.16%,

01/24/2031

(e) 300

Secured

Overnight

Financing

Rate

+

1.00%

5.20%,

04/25/2029

(e) 250

Secured

Overnight

Financing

Rate

+

1.63%

5.29%,

04/25/2034

(e) 515

528

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) 305

Secured

Overnight

Financing

Rate

+

1.64%

5.47%,

01/23/2035

(e) 600

620

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) 620

626

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

5.93%,

09/15/2027

(e) 315

Secured

Overnight

Financing

Rate

+

1.34%

6.11%,

01/29/2037

7.75%,

05/14/2038

500

601

Bank

of

Montreal

3.09%,

01/10/2037

(e) 125

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.40%

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

2.05%,

01/26/2027

2.50%,

01/26/2032

(a) 65

3.99%,

06/13/2028

(e) 70

Secured

Overnight

Financing

Rate

+

1.15%

4.44%,

06/09/2028

(e) 380

Secured

Overnight

Financing

Rate

+

0.68%

4.54%,

02/01/2029

(e) 370

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%

Schedule

of

Investments

Bond

Market

Index

Fund

August

31,

2025

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Banks

(continued)

Bank

of

New

York

Mellon

Corp/The

(continued)

6.32%,

10/25/2029

(e) $

$

Secured

Overnight

Financing

Rate

+

1.60%

Bank

of

Nova

Scotia/The

1.30%,

09/15/2026

2.15%,

08/01/2031

4.74%,

11/10/2032

(e) 325

Secured

Overnight

Financing

Rate

+

1.44%

4.85%,

02/01/2030

615

629

5.35%,

12/07/2026

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%

4.84%,

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) 750

761

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%

6.50%,

09/13/2027

(e) 235

Secured

Overnight

Financing

Rate

+

1.88%

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

4.63%,

09/11/2030

(e) 135

Secured

Overnight

Financing

Rate

+

1.34%

4.86%,

01/13/2028

(e) 215

Secured

Overnight

Financing

Rate

+

0.72%

5.00%,

04/28/2028

5.26%,

04/08/2029

5.93%,

10/02/2026

5.99%,

10/03/2028

Citibank

NA

4.91%,

05/29/2030

500

513

5.57%,

04/30/2034

5.80%,

09/29/2028

Citigroup

Inc

2.52%,

11/03/2032

(e) 155

Secured

Overnight

Financing

Rate

+

1.18%

2.56%,

05/01/2032

(e) 200

Secured

Overnight

Financing

Rate

+

1.17%

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Banks

(continued)

Citigroup

Inc

(continued)

2.57%,

06/03/2031

(e) $

$

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%

2.98%,

11/05/2030

(e) 150

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

Secured

Overnight

Financing

Rate

+

1.94%

3.88%,

01/24/2039

(e) 220

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.43%

3.89%,

01/10/2028

(e) 500

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.82%

4.13%,

07/25/2028

620

619

4.28%,

04/24/2048

(e) 100

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.10%

4.30%,

11/20/2026

4.45%,

09/29/2027

875

877

4.54%,

09/19/2030

(e) 270

Secured

Overnight

Financing

Rate

+

1.34%

4.64%,

05/07/2028

(e) 155

Secured

Overnight

Financing

Rate

+

1.14%

4.65%,

07/30/2045

4.65%,

07/23/2048

4.66%,

05/24/2028

(e) 835

840

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%

5.33%,

03/27/2036

(e) 380

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

514

Secured

Overnight

Financing

Rate

+

2.06%

6.02%,

01/24/2036

(e) 450

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

4.80%,

01/09/2029

4.88%,

01/21/2028

600

613

Schedule

of

Investments

Bond

Market

Index

Fund

August

31,

2025

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Banks

(continued)

Deutsche

Bank

AG/New

York

NY

4.95%,

08/04/2031

(e) $

$

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

5.37%,

01/10/2029

(e) 365

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%

5.63%,

01/29/2032

(e) 135

Secured

Overnight

Financing

Rate

+

1.84%

6.34%,

07/27/2029

(e) 235

Secured

Overnight

Financing

Rate

+

2.34%

Fifth

Third

Bank

NA

4.97%,

01/28/2028

(e) 250

Secured

Overnight

Financing

Rate

+

0.81%

Goldman

Sachs

Group

Inc/The

1.54%,

09/10/2027

(e) 60

Secured

Overnight

Financing

Rate

+

0.82%

1.95%,

10/21/2027

(e) 235

Secured

Overnight

Financing

Rate

+

0.91%

1.99%,

01/27/2032

(e) 355

Secured

Overnight

Financing

Rate

+

1.09%

2.60%,

02/07/2030

590

552

2.62%,

04/22/2032

(e) 440

Secured

Overnight

Financing

Rate

+

1.28%

2.64%,

02/24/2028

(e) 185

Secured

Overnight

Financing

Rate

+

1.11%

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%

3.85%,

01/26/2027

510

508

4.22%,

05/01/2029

(e) 500

500

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.56%

4.41%,

04/23/2039

(e) 175

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.69%

4.48%,

08/23/2028

(e) 445

Secured

Overnight

Financing

Rate

+

1.73%

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%

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Banks

(continued)

Goldman

Sachs

Group

Inc/The

(continued)

5.02%,

10/23/2035

(e) $

$

Secured

Overnight

Financing

Rate

+

1.42%

5.05%,

07/23/2030

(e) 595

609

Secured

Overnight

Financing

Rate

+

1.21%

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%

5.54%,

01/28/2036

(e) 310

Secured

Overnight

Financing

Rate

+

1.38%

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) 195

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

785

873

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

542

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

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%

5.24%,

05/13/2031

(e) 200

Secured

Overnight

Financing

Rate

+

1.57%

5.29%,

11/19/2030

(e) 480

Secured

Overnight

Financing

Rate

+

1.29%

5.40%,

08/11/2033

(e) 500

516

Secured

Overnight

Financing

Rate

+

2.87%

5.55%,

03/04/2030

(e) 250

Secured

Overnight

Financing

Rate

+

1.46%

5.72%,

03/04/2035

(e) 250

Secured

Overnight

Financing

Rate

+

1.78%

5.73%,

05/17/2032

(e) 255

Secured

Overnight

Financing

Rate

+

1.52%

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%

Schedule

of

Investments

Bond

Market

Index

Fund

August

31,

2025

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Banks

(continued)

HSBC

Holdings

PLC

(continued)

6.25%,

03/09/2034

(e) $

570

$

616

Secured

Overnight

Financing

Rate

+

2.39%

6.33%,

03/09/2044

(e) 595

638

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%

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

1.47%,

09/22/2027

(e) 245

Secured

Overnight

Financing

Rate

+

0.77%

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

565

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.51%

2.95%,

10/01/2026

525

519

2.96%,

05/13/2031

(e) 575

537

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%

3.33%,

04/22/2052

(e) 215

Secured

Overnight

Financing

Rate

+

1.58%

3.51%,

01/23/2029

(e) 590

581

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%

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Banks

(continued)

JPMorgan

Chase

&

Co

(continued)

3.96%,

11/15/2048

(e) $

825

$

657

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%

4.32%,

04/26/2028

(e) 550

551

Secured

Overnight

Financing

Rate

+

1.56%

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%

4.85%,

07/25/2028

(e) 315

Secured

Overnight

Financing

Rate

+

1.99%

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%

5.04%,

01/23/2028

(e) 305

Secured

Overnight

Financing

Rate

+

1.19%

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%

5.29%,

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

563

Secured

Overnight

Financing

Rate

+

1.85%

5.50%,

01/24/2036

(e) 455

Secured

Overnight

Financing

Rate

+

1.32%

5.53%,

11/29/2045

(e) 280

Secured

Overnight

Financing

Rate

+

1.55%

5.57%,

04/22/2028

(e) 250

Secured

Overnight

Financing

Rate

+

0.93%

5.57%,

04/22/2036

(e) 375

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%

6.07%,

10/22/2027

(e) 320

Secured

Overnight

Financing

Rate

+

1.33%

6.09%,

10/23/2029

(e) 320

Secured

Overnight

Financing

Rate

+

1.57%

Schedule

of

Investments

Bond

Market

Index

Fund

August

31,

2025

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Banks

(continued)

JPMorgan

Chase

&

Co

(continued)

6.25%,

10/23/2034

(e) $

$

Secured

Overnight

Financing

Rate

+

1.81%

JPMorgan

Chase

Bank

NA

5.11%,

12/08/2026

KeyBank

NA/Cleveland

OH

5.85%,

11/15/2027

775

799

KeyCorp

2.25%,

04/06/2027

5.12%,

04/04/2031

(a),(e)

Secured

Overnight

Financing

Rate

+

1.23%

Korea

Development

Bank/The

4.38%,

02/15/2028

4.50%,

02/15/2029

5.38%,

10/23/2026

5.63%,

10/23/2033

Kreditanstalt

fuer

Wiederaufbau

0.00%,

06/29/2037

(f) 250

1.00%,

10/01/2026

(a) 90

2.88%,

04/03/2028

600

590

3.00%,

05/20/2027

520

514

3.50%,

08/27/2027

3.75%,

02/15/2028

3.75%,

07/15/2030

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

505

4.38%,

02/28/2034

4.63%,

03/18/2030

4.75%,

10/29/2030

Landwirtschaftliche

Rentenbank

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%

3.75%,

01/11/2027

4.34%,

01/09/2048

4.82%,

06/13/2029

(e) 470

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

0.83%

4.98%,

08/11/2033

(e) 200

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%

5.68%,

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

1.64%,

10/13/2027

(e) 200

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

0.67%

2.05%,

07/17/2030

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Banks

(continued)

Mitsubishi

UFJ

Financial

Group

Inc

(continued)

2.56%,

02/25/2030

$

$

3.20%,

07/18/2029

4.08%,

04/19/2028

(e) 600

598

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%

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%

5.35%,

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%

3.15%,

07/16/2030

(e) 700

670

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.39%

5.32%,

07/08/2036

(e) 340

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%,

01/21/2028

(e) 40

Secured

Overnight

Financing

Rate

+

1.00%

2.48%,

09/16/2036

(e) 810

702

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) 325

Secured

Overnight

Financing

Rate

+

1.14%

Schedule

of

Investments

Bond

Market

Index

Fund

August

31,

2025

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Banks

(continued)

Morgan

Stanley

(continued)

2.80%,

01/25/2052

(e) $

$

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

594

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.40%

3.95%,

04/23/2027

710

707

4.21%,

04/20/2028

(e) 135

Secured

Overnight

Financing

Rate

+

1.61%

4.30%,

01/27/2045

4.35%,

09/08/2026

4.65%,

10/18/2030

(e) 600

606

Secured

Overnight

Financing

Rate

+

1.10%

4.89%,

07/20/2033

(e) 275

Secured

Overnight

Financing

Rate

+

2.08%

5.04%,

07/19/2030

(e) 260

Secured

Overnight

Financing

Rate

+

1.22%

5.12%,

02/01/2029

(e) 320

Secured

Overnight

Financing

Rate

+

1.73%

5.16%,

04/20/2029

(e) 260

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) 305

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%

5.32%,

07/19/2035

(e) 260

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%

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Banks

(continued)

Morgan

Stanley

(continued)

6.63%,

11/01/2034

(e) $

$

Secured

Overnight

Financing

Rate

+

2.05%

Morgan

Stanley

Bank

NA

4.45%,

10/15/2027

(e) 275

Secured

Overnight

Financing

Rate

+

0.68%

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

4.73%,

07/18/2031

(e) 250

Secured

Overnight

Financing

Rate

+

1.08%

National

Australia

Bank

Ltd/New

York

4.53%,

06/13/2030

4.79%,

01/10/2029

500

512

5.09%,

06/11/2027

500

510

NatWest

Group

PLC

4.89%,

05/18/2029

(e) 700

711

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%

Oesterreichische

Kontrollbank

AG

3.63%,

09/09/2027

3.75%,

09/05/2029

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

4.63%,

06/06/2033

(e) 160

Secured

Overnight

Financing

Rate

+

1.85%

4.90%,

05/13/2031

(e) 475

Secured

Overnight

Financing

Rate

+

1.33%

5.22%,

01/29/2031

(e) 295

Secured

Overnight

Financing

Rate

+

1.07%

5.30%,

01/21/2028

(e) 135

Secured

Overnight

Financing

Rate

+

1.34%

5.35%,

12/02/2028

(e) 410

Secured

Overnight

Financing

Rate

+

1.62%

5.37%,

07/21/2036

(e) 125

Secured

Overnight

Financing

Rate

+

1.42%

5.40%,

07/23/2035

(e) 285

Secured

Overnight

Financing

Rate

+

1.60%

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%

6.62%,

10/20/2027

(e) 240

Secured

Overnight

Financing

Rate

+

1.73%

Royal

Bank

of

Canada

3.63%,

05/04/2027

3.88%,

05/04/2032

4.50%,

08/06/2029

(e) 155

Secured

Overnight

Financing

Rate

+

0.89%

4.51%,

10/18/2027

(e) 205

Secured

Overnight

Financing

Rate

+

0.72%

4.65%,

10/18/2030

(e) 405

Secured

Overnight

Financing

Rate

+

1.08%

4.90%,

01/12/2028

4.95%,

02/01/2029

Schedule

of

Investments

Bond

Market

Index

Fund

August

31,

2025

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Banks

(continued)

Royal

Bank

of

Canada

(continued)

4.97%,

01/24/2029

(e) $

$

Secured

Overnight

Financing

Rate

+

0.83%

4.97%,

05/02/2031

(a),(e)

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

Santander

Holdings

USA

Inc

2.49%,

01/06/2028

(e) 290

Secured

Overnight

Financing

Rate

+

1.25%

5.35%,

09/06/2030

(e) 325

Secured

Overnight

Financing

Rate

+

1.94%

5.47%,

03/20/2029

(e) 155

Secured

Overnight

Financing

Rate

+

1.61%

Santander

UK

Group

Holdings

PLC

2.47%,

01/11/2028

(e) 200

Secured

Overnight

Financing

Rate

+

1.22%

2.90%,

03/15/2032

(e) 600

547

Secured

Overnight

Financing

Rate

+

1.48%

State

Street

Corp

2.20%,

02/07/2028

(e) 65

Secured

Overnight

Financing

Rate

+

0.73%

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%

4.82%,

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

3.01%,

10/19/2026

3.04%,

07/16/2029

3.36%,

07/12/2027

3.45%,

01/11/2027

4.66%,

07/08/2031

(e) 300

Secured

Overnight

Financing

Rate

+

1.19%

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

(a) 225

5.77%,

01/13/2033

5.80%,

07/13/2028

5.80%,

07/08/2046

(e) 150

Secured

Overnight

Financing

Rate

+

1.78%

5.81%,

09/14/2033

6.18%,

07/13/2043

Toronto-Dominion

Bank/The

1.95%,

01/12/2027

(a) 125

2.00%,

09/10/2031

3.20%,

03/10/2032

4.11%,

06/08/2027

4.46%,

06/08/2032

4.57%,

12/17/2026

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Banks

(continued)

Toronto-Dominion

Bank/The

(continued)

4.57%,

06/02/2028

$

$

4.69%,

09/15/2027

655

663

4.78%,

12/17/2029

4.99%,

04/05/2029

5.30%,

01/30/2032

5.52%,

07/17/2028

Truist

Bank

2.25%,

03/11/2030

1,000

911

3.80%,

10/30/2026

Truist

Financial

Corp

1.89%,

06/07/2029

(e) 130

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%

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

AG/Stamford

CT

4.86%,

01/10/2028

(e) 500

505

Secured

Overnight

Financing

Rate

+

0.72%

5.00%,

07/09/2027

500

508

UBS

Group

AG

4.88%,

05/15/2045

US

Bancorp

1.38%,

07/22/2030

2.22%,

01/27/2028

(e) 275

Secured

Overnight

Financing

Rate

+

0.73%

2.49%,

11/03/2036

(e) 400

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

0.95%

3.15%,

04/27/2027

4.55%,

07/22/2028

(e) 480

Secured

Overnight

Financing

Rate

+

1.66%

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%

Schedule

of

Investments

Bond

Market

Index

Fund

August

31,

2025

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Banks

(continued)

Wells

Fargo

&

Co

2.39%,

06/02/2028

(e) $

$

Secured

Overnight

Financing

Rate

+

2.10%

2.57%,

02/11/2031

(e) 700

649

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.26%

3.00%,

10/23/2026

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%

3.58%,

05/22/2028

(e) 375

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.57%

4.15%,

01/24/2029

4.40%,

06/14/2046

4.61%,

04/25/2053

(e) 255

Secured

Overnight

Financing

Rate

+

2.13%

4.65%,

11/04/2044

600

519

4.75%,

12/07/2046

4.81%,

07/25/2028

(e) 315

Secured

Overnight

Financing

Rate

+

1.98%

4.90%,

01/24/2028

(e) 215

Secured

Overnight

Financing

Rate

+

0.78%

4.90%,

07/25/2033

(e) 735

739

Secured

Overnight

Financing

Rate

+

2.10%

4.90%,

11/17/2045

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) 460

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%

5.50%,

01/23/2035

(e) 265

Secured

Overnight

Financing

Rate

+

1.78%

5.56%,

07/25/2034

(e) 475

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%

Wells

Fargo

Bank

NA

5.25%,

12/11/2026

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

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Banks

(continued)

Westpac

Banking

Corp

(continued)

4.11%,

07/24/2034

(e) $

555

$

543

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.00%

4.35%,

07/01/2030

5.05%,

04/16/2029

690

715

$

155,679

Beverages

-

0.51%

Anheuser-Busch

Cos

LLC

/

Anheuser-Busch

InBev

Worldwide

Inc

4.70%,

02/01/2036

575

561

4.90%,

02/01/2046

992

906

Anheuser-Busch

InBev

Worldwide

Inc

3.50%,

06/01/2030

4.75%,

01/23/2029

550

562

4.95%,

01/15/2042

5.00%,

06/15/2034

5.45%,

01/23/2039

5.55%,

01/23/2049

570

560

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

(a) 325

5.00%,

05/13/2034

5.20%,

01/14/2055

5.30%,

05/13/2054

Constellation

Brands

Inc

2.25%,

08/01/2031

1,040

913

3.15%,

08/01/2029

3.60%,

02/15/2028

700

691

4.35%,

05/09/2027

4.90%,

05/01/2033

(a) 250

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

723

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

514

2.75%,

10/21/2051

2.88%,

10/15/2049

3.00%,

10/15/2027

600

590

4.30%,

07/23/2030

4.45%,

02/07/2028

545

552

4.50%,

07/17/2029

4.65%,

07/23/2032

4.80%,

07/17/2034

5.00%,

02/07/2035

$

14,404

Schedule

of

Investments

Bond

Market

Index

Fund

August

31,

2025

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Biotechnology

-

0.29%

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%,

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

5.60%,

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

520

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

623

2.20%,

09/02/2030

3.30%,

09/02/2040

$

8,122

Building

Materials

-

0.13%

Carrier

Global

Corp

2.49%,

02/15/2027

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

5.50%,

01/09/2035

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

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Building

Materials

(continued)

Vulcan

Materials

Co

3.50%,

06/01/2030

$

$

3.90%,

04/01/2027

5.35%,

12/01/2034

$

3,635

Chemicals

-

0.26%

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

(a) 130

DuPont

de

Nemours

Inc

4.73%,

11/15/2028

700

714

5.32%,

11/15/2038

5.42%,

11/15/2048

Eastman

Chemical

Co

4.65%,

10/15/2044

Ecolab

Inc

1.30%,

01/30/2031

1.65%,

02/01/2027

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

$

7,444

Commercial

Mortgage

Backed

Securities

-

0.02%

Fannie

Mae-Aces

3.09%,

12/25/2027

(g) 624

611

Commercial

Services

-

0.12%

American

University/The

3.67%,

04/01/2049

Global

Payments

Inc

3.20%,

08/15/2029

4.15%,

08/15/2049

Schedule

of

Investments

Bond

Market

Index

Fund

August

31,

2025

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Commercial

Services

(continued)

Massachusetts

Institute

of

Technology

3.96%,

07/01/2038

$

$

4.68%,

07/01/2114

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

720

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

(a) 20

$

3,297

Computers

-

0.53%

Apple

Inc

1.20%,

02/08/2028

1.65%,

05/11/2030

550

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

850

2.90%,

09/12/2027

2.95%,

09/11/2049

3.00%,

06/20/2027

500

3.20%,

05/11/2027

3.35%,

02/09/2027

525

521

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

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

534

4.75%,

04/01/2028

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

4.45%,

09/25/2026

4.55%,

10/15/2029

535

538

4.85%,

10/15/2031

5.00%,

10/15/2034

6.20%,

10/15/2035

6.35%,

10/15/2045

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Computers

(continued)

HP

Inc

3.00%,

06/17/2027

$

$

4.75%,

01/15/2028

502

6.00%,

09/15/2041

6.10%,

04/25/2035

IBM

International

Capital

Pte

Ltd

4.75%,

02/05/2031

4.90%,

02/05/2034

International

Business

Machines

Corp

2.20%,

02/09/2027

575

560

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

4.65%,

02/10/2028

4.70%,

02/19/2046

5.10%,

02/06/2053

5.70%,

02/10/2055

NetApp

Inc

2.38%,

06/22/2027

$

14,960

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

$

767

Cosmetics

&

Personal

Care

-

0.18%

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

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

1.90%,

02/01/2027

540

526

3.55%,

03/25/2040

4.05%,

05/01/2030

4.60%,

05/01/2035

Unilever

Capital

Corp

1.38%,

09/14/2030

1.75%,

08/12/2031

680

593

2.90%,

05/05/2027

4.63%,

08/12/2034

$

5,088

Diversified

Financial

Services

-

0.81%

AerCap

Ireland

Capital

DAC

/

AerCap

Global

Aviation

Trust

2.45%,

10/29/2026

3.00%,

10/29/2028

600

577

3.30%,

01/30/2032

750

687

3.40%,

10/29/2033

3.88%,

01/23/2028

Schedule

of

Investments

Bond

Market

Index

Fund

August

31,

2025

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Diversified

Financial

Services

(continued)

AerCap

Ireland

Capital

DAC

/

AerCap

Global

Aviation

Trust

(continued)

4.88%,

04/01/2028

$

$

4.95%,

09/10/2034

5.10%,

01/19/2029

5.38%,

12/15/2031

6.10%,

01/15/2027

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

1.65%,

11/04/2026

3.30%,

05/03/2027

500

4.05%,

05/03/2029

4.05%,

12/03/2042

4.73%,

04/25/2029

(e) 305

Secured

Overnight

Financing

Rate

+

1.26%

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%

5.10%,

02/16/2028

(e) 330

Secured

Overnight

Financing

Rate

+

1.00%

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%

5.53%,

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

(a) 260

5.35%,

01/08/2055

Blackrock

Inc

2.10%,

02/25/2032

(a) 295

2.40%,

04/30/2030

Capital

One

Financial

Corp

1.88%,

11/02/2027

(e) 390

Secured

Overnight

Financing

Rate

+

0.86%

2.36%,

07/29/2032

(e) 510

Secured

Overnight

Financing

Rate

+

1.34%

4.10%,

02/09/2027

4.93%,

05/10/2028

(e) 445

Secured

Overnight

Financing

Rate

+

2.06%

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%

6.05%,

02/01/2035

(e) 245

Secured

Overnight

Financing

Rate

+

2.26%

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Diversified

Financial

Services

(continued)

Capital

One

Financial

Corp

(continued)

6.18%,

01/30/2036

(e) $

$

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

(a) 400

1.95%,

12/01/2031

540

2.00%,

03/20/2028

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

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

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

875

851

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

2.33%,

01/22/2027

2.68%,

07/16/2030

4.90%,

07/01/2030

5.84%,

01/18/2028

6.09%,

07/12/2033

(a) 315

Synchrony

Financial

3.95%,

12/01/2027

720

710

5.02%,

07/29/2029

(e) 155

Secured

Overnight

Financing

Rate

+

1.40%

Visa

Inc

1.10%,

02/15/2031

1.90%,

04/15/2027

2.00%,

08/15/2050

2.70%,

04/15/2040

2.75%,

09/15/2027

4.15%,

12/14/2035

500

4.30%,

12/14/2045

$

22,706

Schedule

of

Investments

Bond

Market

Index

Fund

August

31,

2025

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Electric

-

2.02%

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

Ameren

Corp

1.75%,

03/15/2028

5.00%,

01/15/2029

5.70%,

12/01/2026

Ameren

Illinois

Co

1.55%,

11/15/2030

3.25%,

03/15/2050

3.85%,

09/01/2032

4.15%,

03/15/2046

American

Electric

Power

Co

Inc

2.30%,

03/01/2030

5.63%,

03/01/2033

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

(a) 155

5.65%,

06/01/2054

Berkshire

Hathaway

Energy

Co

1.65%,

05/15/2031

2.85%,

05/15/2051

3.80%,

07/15/2048

650

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

4.95%,

04/01/2033

4.95%,

08/15/2035

5.20%,

10/01/2028

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

715

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

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Electric

(continued)

Connecticut

Light

and

Power

Co/The

(continued)

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

500

5.20%,

03/01/2033

5.30%,

03/01/2035

6.15%,

11/15/2052

6.30%,

08/15/2037

6.75%,

04/01/2038

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

(h) 50

Dominion

Energy

Inc

3.30%,

04/15/2041

3.38%,

04/01/2030

4.60%,

05/15/2028

535

541

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

3.70%,

03/15/2045

5.20%,

03/01/2034

5.25%,

05/15/2035

5.40%,

04/01/2053

DTE

Energy

Co

4.88%,

06/01/2028

4.95%,

07/01/2027

550

557

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

5.35%,

01/15/2053

5.40%,

01/15/2054

6.05%,

04/15/2038

Duke

Energy

Corp

2.65%,

09/01/2026

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

5.00%,

08/15/2052

5.45%,

06/15/2034

5.80%,

06/15/2054

6.10%,

09/15/2053

Duke

Energy

Florida

LLC

1.75%,

06/15/2030

2.50%,

12/01/2029

3.20%,

01/15/2027

3.40%,

10/01/2046

5.88%,

11/15/2033

Schedule

of

Investments

Bond

Market

Index

Fund

August

31,

2025

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Electric

(continued)

Duke

Energy

Florida

LLC

(continued)

5.95%,

11/15/2052

$

$

6.40%,

06/15/2038

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

600

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

5.80%,

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

5.00%,

01/01/2027

5.13%,

05/15/2033

Exelon

Corp

3.35%,

03/15/2032

5.13%,

03/15/2031

5.15%,

03/15/2029

6.50%,

03/15/2055

(e) 425

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.98%

FirstEnergy

Transmission

LLC

4.75%,

01/15/2033

(h) 155

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

4.80%,

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

3.25%,

03/30/2027

4.30%,

03/15/2042

4.55%,

03/15/2030

4.65%,

05/16/2028

4.70%,

05/15/2032

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Electric

(continued)

Interstate

Power

and

Light

Co

2.30%,

06/01/2030

$

$

5.60%,

06/29/2035

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

4.12%,

09/16/2027

4.15%,

08/25/2028

4.15%,

12/15/2032

765

742

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

545

515

3.55%,

05/01/2027

700

693

4.69%,

09/01/2027

4.90%,

02/28/2028

4.90%,

03/15/2029

5.00%,

07/15/2032

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

565

502

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

570

574

4.50%,

03/20/2027

(h) 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

580

2.50%,

02/01/2031

880

780

3.30%,

08/01/2040

3.50%,

08/01/2050

850

558

4.20%,

06/01/2041

Schedule

of

Investments

Bond

Market

Index

Fund

August

31,

2025

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Electric

(continued)

Pacific

Gas

and

Electric

Co

(continued)

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

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

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

570

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

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

640

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Electric

(continued)

Southern

California

Edison

Co

(continued)

4.00%,

04/01/2047

$

$

4.70%,

06/01/2027

4.88%,

02/01/2027

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

3.75%,

09/15/2051

(e) 40

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.92%

4.40%,

07/01/2046

5.20%,

06/15/2033

5.50%,

03/15/2029

5.70%,

10/15/2032

665

701

5.70%,

03/15/2034

Southern

Power

Co

4.95%,

12/15/2046

Southwestern

Electric

Power

Co

4.10%,

09/15/2028

500

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

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

8.88%,

11/15/2038

WEC

Energy

Group

Inc

1.38%,

10/15/2027

2.20%,

12/15/2028

Wisconsin

Electric

Power

Co

4.75%,

09/30/2032

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

$

56,837

Electrical

Components

&

Equipment

-

0.03%

Emerson

Electric

Co

0.88%,

10/15/2026

2.20%,

12/21/2031

820

728

$

946

Schedule

of

Investments

Bond

Market

Index

Fund

August

31,

2025

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Electronics

-

0.10%

Amphenol

Corp

5.00%,

01/15/2035

$

$

5.05%,

04/05/2027

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

500

510

5.00%,

03/01/2035

5.25%,

03/01/2054

Tyco

Electronics

Group

SA

7.13%,

10/01/2037

$

2,846

Environmental

Control

-

0.19%

Republic

Services

Inc

1.75%,

02/15/2032

635

540

2.30%,

03/01/2030

685

633

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

735

714

Waste

Management

Inc

2.00%,

06/01/2029

2.50%,

11/15/2050

3.15%,

11/15/2027

790

777

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

$

5,356

Finance

-

Mortgage

Loan/Banker

-

0.31%

Fannie

Mae

0.75%,

10/08/2027

0.88%,

08/05/2030

710

621

5.63%,

07/15/2037

6.25%,

05/15/2029

750

817

6.63%,

11/15/2030

7.13%,

01/15/2030

7.25%,

05/15/2030

Federal

Home

Loan

Banks

1.25%,

12/21/2026

3.25%,

11/16/2028

950

941

3.63%,

09/04/2026

565

563

3.88%,

06/04/2027

4.00%,

10/09/2026

4.00%,

03/10/2027

845

849

4.00%,

06/30/2028

4.13%,

01/15/2027

4.63%,

11/17/2026

4.75%,

04/09/2027

5.50%,

07/15/2036

Freddie

Mac

6.25%,

07/15/2032

6.75%,

03/15/2031

543

622

$

8,630

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Food

-

0.36%

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

681

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

USA

Holding

Lux

Sarl

/

JBS

USA

Foods

Group

Holdings

Inc

/

JBS

USA

Food

Co

5.50%,

01/15/2036

(h) 355

6.25%,

03/01/2056

(h) 155

6.38%,

04/15/2066

(h) 155

JBS

USA

Holding

Lux

Sarl/

JBS

USA

Food

Co/

JBS

Lux

Co

Sarl

5.75%,

04/01/2033

6.50%,

12/01/2052

6.75%,

03/15/2034

JBS

USA

LUX

Sarl

/

JBS

USA

Food

Co

/

JBS

USA

Foods

Group

6.38%,

02/25/2055

(h) 215

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

695

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

Sysco

Corp

2.40%,

02/15/2030

2.45%,

12/14/2031

4.85%,

10/01/2045

5.40%,

03/23/2035

5.75%,

01/17/2029

The

Campbell's

Company

4.15%,

03/15/2028

Schedule

of

Investments

Bond

Market

Index

Fund

August

31,

2025

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Food

(continued)

Tyson

Foods

Inc

3.55%,

06/02/2027

$

$

4.55%,

06/02/2047

700

584

$

10,022

Forest

Products

&

Paper

-

0.03%

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

International

Finance

BV

5.50%,

01/17/2027

$

739

Gas

-

0.16%

Atmos

Energy

Corp

1.50%,

01/15/2031

3.38%,

09/15/2049

4.13%,

10/15/2044

5.75%,

10/15/2052

5.90%,

11/15/2033

6.20%,

11/15/2053

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

640

620

4.80%,

02/15/2044

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

640

646

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

$

4,558

Hand

&

Machine

Tools

-

0.02%

Stanley

Black

&

Decker

Inc

2.30%,

03/15/2030

700

638

2.75%,

11/15/2050

$

686

Healthcare

-

Products

-

0.33%

Abbott

Laboratories

3.75%,

11/30/2026

4.75%,

11/30/2036

4.75%,

04/15/2043

4.90%,

11/30/2046

5.30%,

05/27/2040

Agilent

Technologies

Inc

2.10%,

06/04/2030

2.30%,

03/12/2031

Baxter

International

Inc

1.73%,

04/01/2031

1.92%,

02/01/2027

2.27%,

12/01/2028

665

624

2.54%,

02/01/2032

3.13%,

12/01/2051

Boston

Scientific

Corp

2.65%,

06/01/2030

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Healthcare

-

Products

(continued)

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

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

541

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

2.60%,

10/01/2029

2.80%,

10/15/2041

650

4.80%,

11/21/2027

5.09%,

08/10/2033

5.40%,

08/10/2043

Zimmer

Biomet

Holdings

Inc

2.60%,

11/24/2031

610

547

$

9,173

Healthcare

-

Services

-

0.71%

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

547

4.63%,

12/15/2029

600

578

Cigna

Group/The

2.40%,

03/15/2030

791

729

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

870

817

5.13%,

05/15/2031

5.60%,

02/15/2054

Elevance

Health

Inc

3.13%,

05/15/2050

3.60%,

03/15/2051

4.10%,

03/01/2028

4.38%,

12/01/2047

4.65%,

01/15/2043

660

574

4.75%,

02/15/2030

4.75%,

02/15/2033

5.20%,

02/15/2035

5.38%,

06/15/2034

Schedule

of

Investments

Bond

Market

Index

Fund

August

31,

2025

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Healthcare

-

Services

(continued)

Elevance

Health

Inc

(continued)

5.65%,

06/15/2054

$

$

5.70%,

02/15/2055

6.10%,

10/15/2052

HCA

Inc

2.38%,

07/15/2031

3.38%,

03/15/2029

3.50%,

09/01/2030

680

648

3.50%,

07/15/2051

4.38%,

03/15/2042

4.50%,

02/15/2027

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

5.75%,

03/01/2035

5.95%,

09/15/2054

6.00%,

04/01/2054

Humana

Inc

1.35%,

02/03/2027

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

660

3.25%,

05/15/2051

3.45%,

01/15/2027

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

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Healthcare

-

Services

(continued)

UnitedHealth

Group

Inc

(continued)

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

$

19,925

Home

Builders

-

0.01%

DR

Horton

Inc

1.30%,

10/15/2026

1.40%,

10/15/2027

$

Home

Furnishings

-

0.01%

Leggett

&

Platt

Inc

4.40%,

03/15/2029

(a) 250

Insurance

-

0.67%

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

500

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

520

532

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

575

574

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

4.50%,

03/15/2029

4.90%,

06/23/2030

5.25%,

06/23/2032

5.55%,

06/23/2035

6.25%,

06/23/2055

Schedule

of

Investments

Bond

Market

Index

Fund

August

31,

2025

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Insurance

(continued)

Chubb

Corp/The

6.00%,

05/11/2037

$

$

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

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

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

2.38%,

12/15/2031

4.38%,

03/15/2029

4.55%,

11/08/2027

4.85%,

11/15/2031

4.90%,

03/15/2049

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

600

636

Progressive

Corp/The

2.45%,

01/15/2027

500

3.70%,

03/15/2052

4.35%,

04/25/2044

4.95%,

06/15/2033

Prudential

Financial

Inc

2.10%,

03/10/2030

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

573

5.20%,

03/14/2035

5.70%,

09/15/2048

(e) 520

528

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

650

716

W

R

Berkley

Corp

4.00%,

05/12/2050

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Insurance

(continued)

Willis

North

America

Inc

2.95%,

09/15/2029

$

$

3.88%,

09/15/2049

5.35%,

05/15/2033

$

19,030

Internet

-

0.44%

Alibaba

Group

Holding

Ltd

2.13%,

02/09/2031

(a) 500

3.15%,

02/09/2051

3.40%,

12/06/2027

860

849

4.20%,

12/06/2047

Alphabet

Inc

1.90%,

08/15/2040

4.00%,

05/15/2030

630

634

5.25%,

05/15/2055

505

5.30%,

05/15/2065

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

592

3.25%,

05/12/2061

3.30%,

04/13/2027

3.88%,

08/22/2037

3.95%,

04/13/2052

540

4.05%,

08/22/2047

500

4.25%,

08/22/2057

4.70%,

12/01/2032

4.80%,

12/05/2034

4.95%,

12/05/2044

eBay

Inc

2.60%,

05/10/2031

3.65%,

05/10/2051

4.00%,

07/15/2042

5.95%,

11/22/2027

(a) 155

Expedia

Group

Inc

2.95%,

03/15/2031

Meta

Platforms

Inc

3.85%,

08/15/2032

4.30%,

08/15/2029

4.45%,

08/15/2052

750

625

4.75%,

08/15/2034

4.80%,

05/15/2030

4.95%,

05/15/2033

5.40%,

08/15/2054

5.55%,

08/15/2064

5.60%,

05/15/2053

Netflix

Inc

4.90%,

08/15/2034

5.88%,

11/15/2028

512

$

12,428

Investment

Companies

-

0.00%

Ares

Capital

Corp

5.50%,

09/01/2030

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

Schedule

of

Investments

Bond

Market

Index

Fund

August

31,

2025

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Iron

&

Steel

(continued)

Vale

Overseas

Ltd

6.13%,

06/12/2033

$

$

6.40%,

06/28/2054

$

1,358

Lodging

-

0.06%

Hyatt

Hotels

Corp

5.25%,

06/30/2029

Marriott

International

Inc/MD

2.85%,

04/15/2031

510

5.00%,

10/15/2027

5.25%,

10/15/2035

5.35%,

03/15/2035

5.55%,

10/15/2028

$

1,570

Machinery

-

Construction

&

Mining

-

0.07%

Caterpillar

Financial

Services

Corp

1.10%,

09/14/2027

1.15%,

09/14/2026

(a) 60

4.50%,

01/08/2027

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

$

1,939

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

(a) 260

2.00%,

06/17/2031

2.35%,

03/08/2027

2.80%,

07/18/2029

4.15%,

09/15/2027

4.35%,

09/15/2032

4.50%,

01/08/2027

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

Otis

Worldwide

Corp

2.57%,

02/15/2030

3.36%,

02/15/2050

Rockwell

Automation

Inc

1.75%,

08/15/2031

2.80%,

08/15/2061

Westinghouse

Air

Brake

Technologies

Corp

4.70%,

09/15/2028

$

4,466

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

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Media

(continued)

Charter

Communications

Operating

LLC

/

Charter

Communications

Operating

Capital

(continued)

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

6.15%,

11/10/2026

6.38%,

10/23/2035

500

521

6.48%,

10/23/2045

6.55%,

06/01/2034

6.70%,

12/01/2055

(i) 80

Comcast

Corp

1.50%,

02/15/2031

2.35%,

01/15/2027

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

677

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

527

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%,

06/01/2054

6.05%,

05/15/2055

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

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

3.38%,

11/15/2026

3.50%,

05/13/2040

Schedule

of

Investments

Bond

Market

Index

Fund

August

31,

2025

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Media

(continued)

Walt

Disney

Co/The

(continued)

3.60%,

01/13/2051

$

$

4.70%,

03/23/2050

4.95%,

10/15/2045

6.40%,

12/15/2035

6.65%,

11/15/2037

$

15,876

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%,

09/30/2043

500

5.25%,

09/08/2026

5.25%,

09/08/2030

5.50%,

09/08/2053

Freeport-McMoRan

Inc

4.38%,

08/01/2028

5.25%,

09/01/2029

700

710

Newmont

Corp

2.60%,

07/15/2032

(a) 170

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

$

5,074

Miscellaneous

Manufacturers

-

0.09%

3M

Co

2.38%,

08/26/2029

3.25%,

08/26/2049

5.15%,

03/15/2035

Eaton

Corp

4.15%,

03/15/2033

575

562

4.15%,

11/02/2042

Illinois

Tool

Works

Inc

2.65%,

11/15/2026

Parker-Hannifin

Corp

4.20%,

11/21/2034

4.25%,

09/15/2027

4.50%,

09/15/2029

Teledyne

Technologies

Inc

2.25%,

04/01/2028

$

2,484

Oil

&

Gas

-

0.82%

BP

Capital

Markets

America

Inc

1.75%,

08/10/2030

2.72%,

01/12/2032

2.94%,

06/04/2051

750

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

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Oil

&

Gas

(continued)

BP

Capital

Markets

America

Inc

(continued)

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

(h) 295

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

4.41%,

02/26/2027

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

(a) 205

5.60%,

07/15/2041

5.75%,

09/15/2054

Diamondback

Energy

Inc

3.25%,

12/01/2026

5.15%,

01/30/2030

5.20%,

04/18/2027

5.40%,

04/18/2034

500

505

5.75%,

04/18/2054

EOG

Resources

Inc

4.40%,

07/15/2028

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

4.25%,

11/23/2041

Exxon

Mobil

Corp

2.44%,

08/16/2029

(a) 100

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

Schedule

of

Investments

Bond

Market

Index

Fund

August

31,

2025

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Oil

&

Gas

(continued)

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

5.00%,

08/01/2027

5.20%,

08/01/2029

5.38%,

01/01/2032

6.05%,

10/01/2054

6.45%,

09/15/2036

520

538

6.63%,

09/01/2030

Phillips

2.15%,

12/15/2030

4.65%,

11/15/2034

560

540

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

4.00%,

05/10/2046

4.13%,

05/11/2035

4.38%,

05/11/2045

4.55%,

08/12/2043

Shell

International

Finance

BV

2.88%,

11/26/2041

3.88%,

11/13/2028

6.38%,

12/15/2038

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

Valero

Energy

Corp

2.80%,

12/01/2031

740

668

4.00%,

06/01/2052

525

6.63%,

06/15/2037

7.50%,

04/15/2032

Woodside

Finance

Ltd

5.40%,

05/19/2030

6.00%,

05/19/2035

$

23,106

Oil

&

Gas

Services

-

0.05%

Baker

Hughes

Holdings

LLC

/

Baker

Hughes

Co-

Obligor

Inc

2.06%,

12/15/2026

3.14%,

11/07/2029

3.34%,

12/15/2027

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Oil

&

Gas

Services

(continued)

Halliburton

Co

4.50%,

11/15/2041

$

$

5.00%,

11/15/2045

7.45%,

09/15/2039

NOV

Inc

3.60%,

12/01/2029

$

1,477

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

$

1,709

Pharmaceuticals

-

1.30%

AbbVie

Inc

2.95%,

11/21/2026

3.20%,

11/21/2029

820

790

4.05%,

11/21/2039

4.25%,

11/14/2028

4.25%,

11/21/2049

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

645

592

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

Astrazeneca

Finance

LLC

1.75%,

05/28/2028

2.25%,

05/28/2031

4.80%,

02/26/2027

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

Becton

Dickinson

&

Co

1.96%,

02/11/2031

3.70%,

06/06/2027

600

596

3.79%,

05/20/2050

710

525

4.67%,

06/06/2047

4.69%,

12/15/2044

5.08%,

06/07/2029

Bristol-Myers

Squibb

Co

1.13%,

11/13/2027

1.45%,

11/13/2030

2.55%,

11/13/2050

2.95%,

03/15/2032

3.40%,

07/26/2029

3.55%,

03/15/2042

3.70%,

03/15/2052

Schedule

of

Investments

Bond

Market

Index

Fund

August

31,

2025

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Pharmaceuticals

(continued)

Bristol-Myers

Squibb

Co

(continued)

3.90%,

02/20/2028

$

$

4.13%,

06/15/2039

4.25%,

10/26/2049

4.35%,

11/15/2047

4.55%,

02/20/2048

4.90%,

02/22/2027

4.90%,

02/22/2029

5.20%,

02/22/2034

5.50%,

02/22/2044

5.55%,

02/22/2054

5.75%,

02/01/2031

6.40%,

11/15/2063

Cardinal

Health

Inc

3.41%,

06/15/2027

4.50%,

09/15/2030

CVS

Health

Corp

1.30%,

08/21/2027

1.75%,

08/21/2030

1.88%,

02/28/2031

3.25%,

08/15/2029

740

708

4.30%,

03/25/2028

500

500

4.78%,

03/25/2038

800

736

4.88%,

07/20/2035

510

5.00%,

09/15/2032

5.05%,

03/25/2048

725

622

5.13%,

07/20/2045

5.25%,

02/21/2033

5.30%,

06/01/2033

(a) 160

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%,

02/09/2027

4.50%,

02/09/2029

4.55%,

02/12/2028

545

553

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

760

846

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

537

4.90%,

06/01/2031

520

543

4.95%,

06/01/2034

(a) 260

5.95%,

08/15/2037

McKesson

Corp

4.65%,

05/30/2030

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Pharmaceuticals

(continued)

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

4.15%,

05/18/2043

4.50%,

05/17/2033

5.00%,

05/17/2053

Novartis

Capital

Corp

2.75%,

08/14/2050

3.80%,

09/18/2029

4.20%,

09/18/2034

4.40%,

05/06/2044

4.70%,

09/18/2054

Pfizer

Inc

1.75%,

08/18/2031

2.55%,

05/28/2040

800

577

4.00%,

12/15/2036

4.20%,

09/15/2048

4.30%,

06/15/2043

4.40%,

05/15/2044

7.20%,

03/15/2039

Pfizer

Investment

Enterprises

Pte

Ltd

4.45%,

05/19/2028

780

789

4.65%,

05/19/2030

4.75%,

05/19/2033

605

606

5.11%,

05/19/2043

5.30%,

05/19/2053

500

5.34%,

05/19/2063

Takeda

Pharmaceutical

Co

Ltd

2.05%,

03/31/2030

700

635

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

Zoetis

Inc

2.00%,

05/15/2030

3.00%,

05/15/2050

4.15%,

08/17/2028

4.70%,

02/01/2043

$

36,636

Pipelines

-

0.91%

Cheniere

Corpus

Christi

Holdings

LLC

3.70%,

11/15/2029

Cheniere

Energy

Partners

LP

5.55%,

10/30/2035

(h) 320

5.75%,

08/15/2034

Eastern

Gas

Transmission

&

Storage

Inc

4.60%,

12/15/2044

640

539

Enbridge

Inc

1.60%,

10/04/2026

2.50%,

08/01/2033

3.13%,

11/15/2029

3.40%,

08/01/2051

4.25%,

12/01/2026

4.60%,

06/20/2028

Schedule

of

Investments

Bond

Market

Index

Fund

August

31,

2025

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Pipelines

(continued)

Enbridge

Inc

(continued)

5.30%,

04/05/2029

$

$

5.55%,

06/20/2035

5.70%,

03/08/2033

5.90%,

11/15/2026

5.95%,

04/05/2054

6.70%,

11/15/2053

Energy

Transfer

LP

3.75%,

05/15/2030

715

693

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

5.75%,

02/15/2033

6.05%,

09/01/2054

6.10%,

12/01/2028

6.25%,

04/15/2049

6.40%,

12/01/2030

6.50%,

02/01/2042

Enterprise

Products

Operating

LLC

3.13%,

07/31/2029

(a) 350

3.30%,

02/15/2053

4.25%,

02/15/2048

4.45%,

02/15/2043

4.60%,

01/15/2031

4.85%,

01/31/2034

4.85%,

03/15/2044

750

677

4.95%,

02/15/2035

5.20%,

01/15/2036

5.55%,

02/16/2055

6.45%,

09/01/2040

538

6.88%,

03/01/2033

Kinder

Morgan

Energy

Partners

LP

4.70%,

11/01/2042

5.00%,

03/01/2043

Kinder

Morgan

Inc

1.75%,

11/15/2026

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

500

5.85%,

06/01/2035

5.95%,

08/01/2054

(a) 210

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

5.50%,

06/01/2034

5.50%,

02/15/2049

830

747

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

5.55%,

11/01/2026

5.70%,

11/01/2054

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Pipelines

(continued)

ONEOK

Inc

(continued)

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

Sabine

Pass

Liquefaction

LLC

4.20%,

03/15/2028

645

645

5.00%,

03/15/2027

Targa

Resources

Corp

4.90%,

09/15/2030

5.20%,

07/01/2027

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

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

5.30%,

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

$

25,718

Private

Equity

-

0.05%

Brookfield

Finance

Inc

2.72%,

04/15/2031

3.50%,

03/30/2051

3.90%,

01/25/2028

700

695

5.33%,

01/15/2036

5.68%,

01/15/2035

Brookfield

Finance

LLC

/

Brookfield

Finance

Inc

3.45%,

04/15/2050

$

1,311

Regional

Authority

-

0.26%

Province

of

Alberta

Canada

1.30%,

07/22/2030

525

3.30%,

03/15/2028

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

Schedule

of

Investments

Bond

Market

Index

Fund

August

31,

2025

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Regional

Authority

(continued)

Province

of

Ontario

Canada

1.13%,

10/07/2030

$

$

2.13%,

01/21/2032

3.10%,

05/19/2027

3.70%,

09/17/2029

3.90%,

09/04/2030

(i) 155

4.20%,

01/18/2029

4.70%,

01/15/2030

4.85%,

06/11/2035

Province

of

Quebec

Canada

1.35%,

05/28/2030

3.63%,

04/13/2028

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

$

7,309

REITs

-

0.85%

Alexandria

Real

Estate

Equities

Inc

1.88%,

02/01/2033

2.00%,

05/18/2032

600

502

2.75%,

12/15/2029

2.95%,

03/15/2034

3.00%,

05/18/2051

3.55%,

03/15/2052

4.00%,

02/01/2050

4.90%,

12/15/2030

5.15%,

04/15/2053

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

3.38%,

10/15/2026

500

3.65%,

03/15/2027

515

511

3.70%,

10/15/2049

3.95%,

03/15/2029

5.25%,

07/15/2028

5.65%,

03/15/2033

5.90%,

11/15/2033

AvalonBay

Communities

Inc

1.90%,

12/01/2028

2.05%,

01/15/2032

2.30%,

03/01/2030

755

695

5.00%,

02/15/2033

5.00%,

08/01/2035

5.35%,

06/01/2034

Boston

Properties

LP

2.55%,

04/01/2032

2.75%,

10/01/2026

500

2.90%,

03/15/2030

600

557

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

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

REITs

(continued)

CubeSmart

LP

2.00%,

02/15/2031

$

$

2.25%,

12/15/2028

5.13%,

11/01/2035

Digital

Realty

Trust

LP

5.55%,

01/15/2028

Equinix

Inc

1.80%,

07/15/2027

2.50%,

05/15/2031

3.20%,

11/18/2029

(a) 330

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

784

776

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

Mid-America

Apartments

LP

1.70%,

02/15/2031

5.30%,

02/15/2032

NNN

REIT

Inc

3.60%,

12/15/2026

4.60%,

02/15/2031

Omega

Healthcare

Investors

Inc

4.75%,

01/15/2028

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

575

573

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

Schedule

of

Investments

Bond

Market

Index

Fund

August

31,

2025

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

REITs

(continued)

Realty

Income

Corp

2.10%,

03/15/2028

$

$

2.20%,

06/15/2028

3.10%,

12/15/2029

3.25%,

01/15/2031

4.13%,

10/15/2026

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

555

527

2.65%,

02/01/2032

3.25%,

11/30/2026

4.38%,

10/01/2030

4.75%,

09/26/2034

4.75%,

03/15/2042

UDR

Inc

2.10%,

08/01/2032

3.20%,

01/15/2030

Ventas

Realty

LP

3.00%,

01/15/2030

500

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

570

513

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

$

24,029

Retail

-

0.62%

AutoZone

Inc

1.65%,

01/15/2031

3.75%,

06/01/2027

3.75%,

04/18/2029

5.10%,

07/15/2029

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

760

662

2.13%,

09/15/2026

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

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%,

09/30/2026

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

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Retail

(continued)

Lowe's

Cos

Inc

1.30%,

04/15/2028

$

$

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

4.05%,

05/03/2047

4.25%,

04/01/2052

540

4.55%,

04/05/2049

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

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

600

658

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

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

1.95%,

01/15/2027

(a) 280

2.35%,

02/15/2030

2.95%,

01/15/2052

(a) 325

4.50%,

09/15/2032

690

690

4.50%,

09/15/2034

4.80%,

01/15/2053

(a) 160

TJX

Cos

Inc/The

1.15%,

05/15/2028

1.60%,

05/15/2031

Walmart

Inc

1.05%,

09/17/2026

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

(a) 275

4.15%,

09/09/2032

4.50%,

09/09/2052

4.90%,

04/28/2035

$

17,447

Semiconductors

-

0.66%

Analog

Devices

Inc

2.10%,

10/01/2031

2.80%,

10/01/2041

3.50%,

12/05/2026

(a) 250

4.25%,

06/15/2028

Schedule

of

Investments

Bond

Market

Index

Fund

August

31,

2025

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Semiconductors

(continued)

Analog

Devices

Inc

(continued)

4.50%,

06/15/2030

$

$

5.30%,

04/01/2054

Applied

Materials

Inc

4.35%,

04/01/2047

4.80%,

06/15/2029

5.10%,

10/01/2035

(a) 250

Broadcom

Corp

/

Broadcom

Cayman

Finance

Ltd

3.88%,

01/15/2027

650

647

Broadcom

Inc

3.14%,

11/15/2035

(h) 738

624

3.19%,

11/15/2036

(h) 30

3.42%,

04/15/2033

(h) 452

3.47%,

04/15/2034

(h) 415

3.50%,

02/15/2041

(h) 250

3.75%,

02/15/2051

(h) 570

4.15%,

02/15/2028

4.15%,

11/15/2030

4.30%,

11/15/2032

4.35%,

02/15/2030

4.55%,

02/15/2032

4.60%,

07/15/2030

4.75%,

04/15/2029

5.15%,

11/15/2031

5.20%,

04/15/2032

5.20%,

07/15/2035

Intel

Corp

2.00%,

08/12/2031

(a) 60

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

576

4.10%,

05/19/2046

4.15%,

08/05/2032

765

728

4.60%,

03/25/2040

5.20%,

02/10/2033

(a) 300

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

4.66%,

02/15/2030

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

508

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

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Semiconductors

(continued)

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

589

$

18,470

Software

-

0.65%

Adobe

Inc

4.95%,

01/17/2030

535

555

Fidelity

National

Information

Services

Inc

1.65%,

03/01/2028

540

509

3.10%,

03/01/2041

5.10%,

07/15/2032

550

561

Fiserv

Inc

3.50%,

07/01/2029

900

874

4.40%,

07/01/2049

590

4.75%,

03/15/2030

5.15%,

08/12/2034

5.25%,

08/11/2035

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

5.25%,

09/15/2026

5.50%,

09/15/2053

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

3.30%,

02/06/2027

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

617

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

Schedule

of

Investments

Bond

Market

Index

Fund

August

31,

2025

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Software

(continued)

Oracle

Corp

(continued)

4.50%,

07/08/2044

$

$

4.65%,

05/06/2030

530

538

4.70%,

09/27/2034

5.25%,

02/03/2032

5.38%,

09/27/2054

5.50%,

09/27/2064

5.55%,

02/06/2053

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

6.90%,

11/09/2052

Roper

Technologies

Inc

1.40%,

09/15/2027

860

815

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

VMware

LLC

1.80%,

08/15/2028

685

641

2.20%,

08/15/2031

$

18,420

Sovereign

-

1.35%

Canada

Government

International

Bond

3.75%,

04/26/2028

(a) 505

507

4.00%,

03/18/2030

635

643

4.63%,

04/30/2029

Chile

Government

International

Bond

2.45%,

01/31/2031

500

2.55%,

01/27/2032

2.75%,

01/31/2027

500

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

515

509

Export

Development

Canada

3.75%,

09/07/2027

3.88%,

02/14/2028

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

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

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Sovereign

(continued)

Indonesia

Government

International

Bond

2.15%,

07/28/2031

$

$

2.85%,

02/14/2030

3.05%,

03/12/2051

3.50%,

01/11/2028

500

3.70%,

10/30/2049

4.20%,

10/15/2050

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

5.15%,

09/10/2054

(a) 200

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

5.38%,

02/19/2030

5.50%,

03/12/2034

5.75%,

03/12/2054

Japan

Bank

for

International

Cooperation

1.25%,

01/21/2031

1.88%,

04/15/2031

2.13%,

02/16/2029

2.25%,

11/04/2026

2.88%,

07/21/2027

3.88%,

07/03/2028

4.63%,

07/22/2027

4.63%,

07/19/2028

4.63%,

04/17/2034

(a) 200

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

3.88%,

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

4.50%,

04/22/2029

4.60%,

01/23/2046

4.60%,

02/10/2048

4.75%,

03/08/2044

500

5.55%,

01/21/2045

5.75%,

10/12/2110

5.85%,

07/02/2032

500

510

6.00%,

05/07/2036

6.05%,

01/11/2040

700

678

6.34%,

05/04/2053

500

6.35%,

02/09/2035

6.40%,

05/07/2054

6.75%,

09/27/2034

6.88%,

05/13/2037

7.38%,

05/13/2055

503

Panama

Government

International

Bond

2.25%,

09/29/2032

3.16%,

01/23/2030

600

552

3.30%,

01/19/2033

500

3.88%,

03/17/2028

4.30%,

04/29/2053

4.50%,

04/16/2050

6.70%,

01/26/2036

600

615

Schedule

of

Investments

Bond

Market

Index

Fund

August

31,

2025

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Sovereign

(continued)

Panama

Government

International

Bond

(continued)

6.85%,

03/28/2054

(a) $

$

Peruvian

Government

International

Bond

1.86%,

12/01/2032

2.78%,

01/23/2031

545

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

4.75%,

03/05/2035

5.00%,

07/17/2033

5.17%,

10/13/2027

500

510

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

525

539

4.88%,

10/04/2033

5.13%,

09/18/2034

5.50%,

03/18/2054

575

539

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

4.13%,

06/14/2028

4.88%,

09/14/2026

Tennessee

Valley

Authority

3.50%,

12/15/2042

3.88%,

03/15/2028

525

528

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

598

$

37,966

Supranational

Bank

-

1.25%

African

Development

Bank

3.50%,

09/18/2029

3.88%,

06/12/2028

4.00%,

03/18/2030

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Supranational

Bank

(continued)

African

Development

Bank

(continued)

4.13%,

02/25/2027

$

$

4.38%,

03/14/2028

4.63%,

01/04/2027

Asian

Development

Bank

1.50%,

01/20/2027

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%,

01/12/2027

4.13%,

05/30/2030

4.38%,

01/14/2028

540

549

4.38%,

03/06/2029

550

563

4.38%,

03/22/2035

4.50%,

08/25/2028

5.82%,

06/16/2028

Asian

Infrastructure

Investment

Bank/The

3.75%,

09/14/2027

4.13%,

01/18/2029

4.50%,

01/16/2030

4.50%,

05/21/2035

4.88%,

09/14/2026

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

0.75%,

10/26/2026

660

637

1.25%,

02/14/2031

1.63%,

05/13/2031

3.25%,

11/15/2027

3.63%,

07/15/2030

520

518

3.75%,

11/15/2029

510

511

3.75%,

02/14/2033

615

605

3.88%,

03/15/2028

500

503

3.88%,

06/15/2028

650

655

3.88%,

10/15/2030

4.00%,

02/15/2029

1,100

1,113

4.13%,

02/13/2034

4.25%,

08/16/2032

4.38%,

03/19/2027

4.38%,

10/10/2031

550

566

4.50%,

03/14/2030

570

589

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

1.50%,

01/13/2027

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

Schedule

of

Investments

Bond

Market

Index

Fund

August

31,

2025

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Supranational

Bank

(continued)

Inter-American

Development

Bank

(continued)

4.38%,

02/01/2027

$

$

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

538

1.38%,

04/20/2028

1.63%,

11/03/2031

1.75%,

10/23/2029

950

880

2.50%,

03/29/2032

620

568

3.13%,

06/15/2027

500

3.50%,

07/12/2028

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

615

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

3.88%,

07/02/2030

4.25%,

07/02/2029

4.38%,

01/15/2027

4.50%,

01/21/2028

Nordic

Investment

Bank

3.75%,

08/28/2028

3.75%,

05/09/2030

4.25%,

02/28/2029

$

35,364

Telecommunications

-

0.96%

America

Movil

SAB

de

CV

2.88%,

05/07/2030

600

560

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

726

2.75%,

06/01/2031

600

549

3.10%,

02/01/2043

3.50%,

06/01/2041

640

501

3.50%,

09/15/2053

627

3.55%,

09/15/2055

815

542

3.65%,

06/01/2051

3.65%,

09/15/2059

999

661

4.25%,

03/01/2027

4.30%,

12/15/2042

4.35%,

03/01/2029

700

703

4.35%,

06/15/2045

4.50%,

05/15/2035

700

670

4.50%,

03/09/2048

500

5.38%,

08/15/2035

5.40%,

02/15/2034

6.05%,

08/15/2056

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Telecommunications

(continued)

Bell

Telephone

Co

of

Canada

or

Bell

Canada

5.20%,

02/15/2034

$

$

Cisco

Systems

Inc

4.75%,

02/24/2030

4.80%,

02/26/2027

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

Motorola

Solutions

Inc

4.85%,

08/15/2030

(a) 155

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

543

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

600

588

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

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

5.75%,

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

2.55%,

03/21/2031

2.65%,

11/20/2040

750

532

2.88%,

11/20/2050

505

2.99%,

10/30/2056

3.00%,

11/20/2060

3.40%,

03/22/2041

715

554

3.55%,

03/22/2051

815

579

3.70%,

03/22/2061

Schedule

of

Investments

Bond

Market

Index

Fund

August

31,

2025

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Telecommunications

(continued)

Verizon

Communications

Inc

(continued)

3.85%,

11/01/2042

$

$

4.02%,

12/03/2029

4.13%,

03/16/2027

600

601

4.33%,

09/21/2028

510

514

4.40%,

11/01/2034

4.50%,

08/10/2033

4.67%,

03/15/2055

4.81%,

03/15/2039

4.86%,

08/21/2046

5.25%,

04/02/2035

Vodafone

Group

PLC

5.63%,

02/10/2053

5.75%,

06/28/2054

5.88%,

06/28/2064

6.15%,

02/27/2037

$

26,996

Transportation

-

0.43%

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

4.38%,

09/18/2034

Canadian

Pacific

Railway

Co

1.75%,

12/02/2026

3.10%,

12/02/2051

4.80%,

03/30/2030

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

524

4.30%,

03/01/2048

4.50%,

11/15/2052

4.90%,

03/15/2055

(a) 335

5.20%,

11/15/2033

FedEx

Corp

3.10%,

08/05/2029

(h) 800

764

3.88%,

08/01/2042

(h) 30

4.55%,

04/01/2046

(h) 420

5.10%,

01/15/2044

(h) 295

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

(a) 125

Ryder

System

Inc

2.90%,

12/01/2026

4.30%,

06/15/2027

4.95%,

09/01/2029

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Transportation

(continued)

Union

Pacific

Corp

2.38%,

05/20/2031

$

710

$

645

2.80%,

02/14/2032

2.89%,

04/06/2036

2.97%,

09/16/2062

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

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

$

12,254

Trucking

&

Leasing

-

0.01%

GATX

Corp

1.90%,

06/01/2031

(a) 115

5.50%,

06/15/2035

$

Water

-

0.06%

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

$

1,665

TOTAL

BONDS

$

753,170

MUNICIPAL

BONDS

-

0.11%

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

$

929

Georgia

-

0.01%

Municipal

Electric

Authority

of

Georgia

6.64%,

04/01/2057

Schedule

of

Investments

Bond

Market

Index

Fund

August

31,

2025

See

accompanying

notes.

MUNICIPAL

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Illinois

-

0.03%

Chicago

Transit

Authority

Sales

&

Transfer

Tax

Receipts

Revenue

6.90%,

12/01/2040

$

$

Chicago

Transit

Authority

Sales

Tax

Receipts

Fund

6.20%,

12/01/2040

State

of

Illinois

5.10%,

06/01/2033

611

618

$

957

New

Jersey

-

0.02%

New

Jersey

Economic

Development

Authority

(credit

support

from

National

Public

Finance

Guarantee

Corp)

7.43%,

02/15/2029

(j) 250

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

Ohio

-

0.00%

Ohio

State

University/The

4.91%,

06/01/2040

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

$

2,979

U.S.

GOVERNMENT

&

GOVERNMENT

AGENCY

OBLIGATIONS

-

70.83%

Principal

Amount

(000's)

Value

(000's)

Federal

Home

Loan

Mortgage

Corporation

(FHLMC)

-

0.23%

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

U.S.

GOVERNMENT

&

GOVERNMENT

AGENCY

OBLIGATIONS

(continued)

Principal

Amount

(000's)

Value

(000's)

Federal

Home

Loan

Mortgage

Corporation

(FHLMC)

(continued)

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

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

1,624

1,592

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

$

6,410

Federal

National

Mortgage

Association

(FNMA)/Federal

Home

Loan

Mortgage

Corporation

(FHLMC)

Uniform

Mortgage-Backed

Security

-

18.97%

1.50%,

12/01/2035

1,779

1,599

1.50%,

03/01/2036

1,003

899

1.50%,

05/01/2036

1,107

998

1.50%,

05/01/2036

3,591

3,218

1.50%,

11/01/2036

779

701

1.50%,

12/01/2036

1,978

1,772

1.50%,

05/01/2037

710

635

1.50%,

11/01/2050

713

542

1.50%,

01/01/2051

3,403

2,572

1.50%,

06/01/2051

1,591

1,206

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

2,753

2,540

2.00%,

02/01/2036

1,238

1,139

2.00%,

03/01/2036

2,223

2,052

2.00%,

04/01/2036

5,046

4,659

2.00%,

05/01/2036

795

733

2.00%,

09/01/2036

2,783

2,560

2.00%,

02/01/2037

5,677

5,225

2.00%,

11/01/2041

5,618

4,826

2.00%,

05/01/2042

2,450

2,104

2.00%,

12/01/2050

13,381

10,729

2.00%,

02/01/2051

6,198

4,965

2.00%,

02/01/2051

9,426

7,545

2.00%,

02/01/2051

1,947

1,569

2.00%,

02/01/2051

6,979

5,590

Schedule

of

Investments

Bond

Market

Index

Fund

August

31,

2025

See

accompanying

notes.

U.S.

GOVERNMENT

&

GOVERNMENT

AGENCY

OBLIGATIONS

(continued)

Principal

Amount

(000's)

Value

(000's)

Federal

National

Mortgage

Association

(FNMA)/Federal

Home

Loan

Mortgage

Corporation

(FHLMC)

Uniform

Mortgage-Backed

Security

(continued)

2.00%,

03/01/2051

$

3,910

$

3,130

2.00%,

04/01/2051

10,484

8,466

2.00%,

04/01/2051

2,051

1,660

2.00%,

04/01/2051

7,049

5,675

2.00%,

04/01/2051

4,760

3,844

2.00%,

05/01/2051

4,948

3,959

2.00%,

06/01/2051

1,830

1,464

2.00%,

07/01/2051

10,366

8,289

2.00%,

10/01/2051

3,540

2,838

2.00%,

11/01/2051

1,530

1,234

2.00%,

11/01/2051

2,944

2,351

2.00%,

12/01/2051

2,450

1,971

2.00%,

12/01/2051

5,096

4,100

2.00%,

12/01/2051

3,015

2,418

2.00%,

01/01/2052

10,529

8,497

2.00%,

01/01/2052

4,288

3,418

2.00%,

01/01/2052

1,931

1,550

2.00%,

02/01/2052

2,642

2,114

2.00%,

03/01/2052

4,264

3,426

2.00%,

04/01/2052

1,947

1,576

2.00%,

04/01/2052

1,166

942

2.00%,

04/01/2052

9,664

7,776

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

860

815

2.50%,

06/01/2035

1,859

1,748

2.50%,

10/01/2036

2.50%,

10/01/2036

2.50%,

12/01/2036

2.50%,

01/01/2037

3,324

3,137

2.50%,

04/01/2037

1,008

951

2.50%,

04/01/2042

3,807

3,328

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%,

12/01/2046

2.50%,

08/01/2050

4,008

3,389

2.50%,

10/01/2050

580

2.50%,

11/01/2050

552

2.50%,

02/01/2051

5,304

4,501

2.50%,

02/01/2051

1,945

1,641

2.50%,

04/01/2051

2,877

2,410

2.50%,

07/01/2051

7,105

5,956

2.50%,

07/01/2051

1,083

914

2.50%,

07/01/2051

538

2.50%,

09/01/2051

1,630

1,367

2.50%,

10/01/2051

4,361

3,634

2.50%,

11/01/2051

5,208

4,417

2.50%,

11/01/2051

2,291

1,940

2.50%,

01/01/2052

1,548

1,301

2.50%,

02/01/2052

1,914

1,618

2.50%,

02/01/2052

2,507

2,092

2.50%,

02/01/2052

1,887

1,598

2.50%,

02/01/2052

4,137

3,454

2.50%,

02/01/2052

9,981

8,427

2.50%,

03/01/2052

1,962

1,650

U.S.

GOVERNMENT

&

GOVERNMENT

AGENCY

OBLIGATIONS

(continued)

Principal

Amount

(000's)

Value

(000's)

Federal

National

Mortgage

Association

(FNMA)/Federal

Home

Loan

Mortgage

Corporation

(FHLMC)

Uniform

Mortgage-Backed

Security

(continued)

2.50%,

03/01/2052

$

1,804

$

1,504

2.50%,

03/01/2052

9,677

8,164

2.50%,

04/01/2052

1,287

1,078

2.50%,

04/01/2052

6,928

5,843

2.50%,

04/01/2052

9,350

7,856

2.50%,

05/01/2052

2,716

2,288

3.00%,

04/01/2027

3.00%,

01/01/2029

3.00%,

02/01/2029

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

1,045

1,003

3.00%,

05/01/2037

2,592

2,501

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

1,379

1,210

3.00%,

11/01/2049

1,634

1,433

3.00%,

11/01/2049

1,192

1,052

3.00%,

03/01/2050

2,627

2,315

3.00%,

10/01/2050

2,580

2,256

3.00%,

07/01/2051

10,096

8,873

3.00%,

02/01/2052

1,941

1,715

3.00%,

03/01/2052

1,667

1,448

3.00%,

03/01/2052

3.00%,

03/01/2052

6,126

5,361

3.00%,

04/01/2052

1,647

1,454

3.00%,

05/01/2052

3,377

2,932

3.00%,

05/01/2052

2,657

2,341

3.00%,

05/01/2052

6,382

5,580

3.00%,

06/01/2052

6,727

5,889

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

738

729

3.50%,

10/01/2033

3.50%,

05/01/2034

3.50%,

06/01/2034

Schedule

of

Investments

Bond

Market

Index

Fund

August

31,

2025

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)

3.50%,

07/01/2034

$

$

3.50%,

10/01/2034

3.50%,

02/01/2036

3.50%,

02/01/2037

3.50%,

05/01/2037

1,299

1,274

3.50%,

05/01/2037

3.50%,

03/01/2041

3.50%,

03/01/2042

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

622

584

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

717

659

3.50%,

08/01/2049

796

728

3.50%,

11/01/2049

1,591

1,468

3.50%,

12/01/2049

1,125

1,046

3.50%,

01/01/2050

5,517

5,040

3.50%,

04/01/2052

4,351

3,963

3.50%,

05/01/2052

3,720

3,404

3.50%,

06/01/2052

1,271

1,152

3.50%,

07/01/2052

9,267

8,516

3.50%,

07/01/2052

827

749

3.50%,

08/01/2052

3,324

3,041

3.50%,

10/01/2052

2,490

2,253

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%,

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

525

516

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

1,426

1,352

4.00%,

11/01/2049

583

554

4.00%,

04/01/2050

1,143

1,083

4.00%,

05/01/2052

4,184

3,973

4.00%,

08/01/2052

2,696

2,521

4.00%,

08/01/2052

6,299

5,904

4.00%,

09/01/2052

3,400

3,178

4.00%,

10/01/2052

1,057

994

U.S.

GOVERNMENT

&

GOVERNMENT

AGENCY

OBLIGATIONS

(continued)

Principal

Amount

(000's)

Value

(000's)

Federal

National

Mortgage

Association

(FNMA)/Federal

Home

Loan

Mortgage

Corporation

(FHLMC)

Uniform

Mortgage-Backed

Security

(continued)

4.00%,

01/01/2053

$

4,958

$

4,697

4.00%,

05/01/2053

4,259

4,011

4.50%,

06/01/2029

4.50%,

07/01/2029

4.50%,

08/01/2030

4.50%,

01/01/2034

4.50%,

01/01/2040

720

719

4.50%,

08/01/2052

2,120

2,046

4.50%,

08/01/2052

959

928

4.50%,

10/01/2052

4,712

4,571

4.50%,

10/01/2052

3,193

3,089

4.50%,

01/01/2053

1,484

1,438

4.50%,

05/01/2053

4,667

4,518

4.50%,

07/01/2053

5,231

5,090

4.50%,

04/01/2054

1,025

993

5.00%,

08/01/2039

659

666

5.00%,

12/01/2039

5.00%,

07/01/2052

2,353

2,345

5.00%,

08/01/2052

1,912

1,907

5.00%,

11/01/2052

4,119

4,100

5.00%,

04/01/2053

7,680

7,606

5.00%,

04/01/2053

1,648

1,633

5.00%,

05/01/2053

5,041

5,025

5.00%,

06/01/2053

752

744

5.00%,

06/01/2053

2,500

2,490

5.00%,

10/01/2053

2,360

2,359

5.00%,

05/01/2054

999

992

5.00%,

11/01/2054

4,036

4,009

5.00%,

12/01/2054

3,365

3,335

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

1,900

1,948

5.50%,

04/01/2040

5.50%,

03/01/2053

3,136

3,191

5.50%,

07/01/2053

1,279

1,299

5.50%,

07/01/2053

5,556

5,697

5.50%,

08/01/2053

5,436

5,507

5.50%,

08/01/2053

2,079

2,095

5.50%,

04/01/2054

3,135

3,190

5.50%,

05/01/2054

2,185

2,209

5.50%,

06/01/2054

4,156

4,206

5.50%,

08/01/2054

4,698

4,752

5.50%,

08/01/2054

1,434

1,456

5.50%,

10/01/2054

4,440

4,510

5.50%,

12/01/2054

3,769

3,824

5.50%,

02/01/2055

4,390

4,445

5.50%,

04/01/2055

984

998

6.00%,

10/01/2036

6.00%,

01/01/2053

2,174

2,257

6.00%,

05/01/2053

1,408

1,452

6.00%,

10/01/2053

2,875

2,981

6.00%,

10/01/2053

2,507

2,575

6.00%,

11/01/2053

3,126

3,223

6.00%,

02/01/2054

1,768

1,808

6.00%,

03/01/2054

1,899

1,955

6.00%,

06/01/2054

2,905

2,997

6.00%,

07/01/2054

2,699

2,784

6.00%,

07/01/2054

2,737

2,824

6.00%,

08/01/2054

2,768

2,858

6.00%,

08/01/2054

2,949

3,035

6.00%,

09/01/2054

5,616

5,774

6.00%,

09/01/2054

3,912

4,033

6.00%,

11/01/2054

2,429

2,501

Schedule

of

Investments

Bond

Market

Index

Fund

August

31,

2025

See

accompanying

notes.

U.S.

GOVERNMENT

&

GOVERNMENT

AGENCY

OBLIGATIONS

(continued)

Principal

Amount

(000's)

Value

(000's)

Federal

National

Mortgage

Association

(FNMA)/Federal

Home

Loan

Mortgage

Corporation

(FHLMC)

Uniform

Mortgage-Backed

Security

(continued)

6.00%,

11/01/2054

$

2,193

$

2,261

6.50%,

10/01/2053

954

996

6.50%,

01/01/2054

4,358

4,550

6.50%,

01/01/2054

2,609

2,745

6.50%,

02/01/2054

2,607

2,729

6.50%,

05/01/2054

2,249

2,350

6.50%,

09/01/2054

3,351

3,475

6.50%,

04/01/2055

3,200

3,356

$

534,358

Government

National

Mortgage

Association

(GNMA)

-

6.27%

2.00%,

08/20/2050

1,919

1,573

2.00%,

01/20/2051

2,366

1,939

2.00%,

02/20/2051

7,096

5,816

2.00%,

05/20/2051

5,400

4,426

2.00%,

07/20/2051

8,682

7,115

2.00%,

08/20/2051

1,616

1,324

2.00%,

11/20/2051

2,193

1,797

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

2,229

1,905

2.50%,

04/20/2051

2,395

2,044

2.50%,

05/20/2051

7,478

6,377

2.50%,

07/20/2051

9,904

8,446

2.50%,

09/20/2051

8,706

7,424

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%,

04/20/2046

3.00%,

05/20/2046

3.00%,

06/20/2046

3.00%,

07/20/2046

638

572

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

1,051

932

3.00%,

09/20/2051

6,949

6,157

3.00%,

12/20/2051

9,624

8,526

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

U.S.

GOVERNMENT

&

GOVERNMENT

AGENCY

OBLIGATIONS

(continued)

Principal

Amount

(000's)

Value

(000's)

Government

National

Mortgage

Association

(GNMA)

(continued)

3.50%,

03/20/2043

$

$

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%,

02/20/2045

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%,

01/20/2048

1,671

1,547

3.50%,

02/20/2048

3,860

3,573

3.50%,

08/20/2048

1,323

1,224

3.50%,

09/15/2048

3.50%,

04/20/2052

4,273

3,914

3.50%,

08/20/2052

2,177

1,987

4.00%,

11/20/2043

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%,

10/20/2045

4.00%,

11/20/2045

4.00%,

12/15/2045

4.00%,

01/20/2046

4.00%,

02/20/2046

4.00%,

04/20/2046

4.00%,

10/20/2046

4.00%,

11/20/2046

4.00%,

01/20/2047

4.00%,

02/20/2047

4.00%,

03/20/2047

4.00%,

05/20/2047

4.00%,

11/20/2047

4.00%,

03/20/2049

500

4.00%,

05/20/2049

636

599

Schedule

of

Investments

Bond

Market

Index

Fund

August

31,

2025

See

accompanying

notes.

U.S.

GOVERNMENT

&

GOVERNMENT

AGENCY

OBLIGATIONS

(continued)

Principal

Amount

(000's)

Value

(000's)

Government

National

Mortgage

Association

(GNMA)

(continued)

4.00%,

04/20/2052

$

7,411

$

6,966

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

4.50%,

10/15/2047

4.50%,

02/20/2049

2,457

2,414

4.50%,

05/20/2052

955

927

4.50%,

08/20/2052

4.50%,

09/20/2052

8,098

7,861

4.50%,

06/20/2053

2,832

2,739

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

866

862

5.00%,

01/20/2053

5,650

5,619

5.00%,

02/20/2053

1,308

1,301

5.00%,

04/20/2053

2,661

2,649

5.00%,

09/20/2053

1,745

1,730

5.00%,

10/20/2053

5,468

5,436

5.00%,

04/20/2054

1,982

1,964

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

3,926

3,974

5.50%,

08/20/2053

5,189

5,252

5.50%,

04/20/2054

3,384

3,417

5.50%,

07/20/2054

2,815

2,840

5.50%,

09/20/2055

(k) 7,325

7,379

6.00%,

07/20/2053

3,970

4,071

6.00%,

09/20/2055

(k) 11,565

11,794

6.50%,

12/20/2052

5,013

5,180

6.50%,

09/20/2055

(k) 750

772

$

176,662

U.S.

Treasury

-

45.36%

0.38%,

07/31/2027

6,345

5,967

0.38%,

09/30/2027

5,215

4,880

0.50%,

04/30/2027

14,200

13,480

0.50%,

05/31/2027

4,955

4,693

0.50%,

06/30/2027

3,790

3,581

0.50%,

08/31/2027

7,780

7,316

0.50%,

10/31/2027

5,120

4,791

0.63%,

03/31/2027

3,635

3,466

0.63%,

11/30/2027

7,625

7,141

0.63%,

12/31/2027

6,650

6,211

0.63%,

05/15/2030

21,605

18,775

0.63%,

08/15/2030

15,065

12,982

0.75%,

01/31/2028

10,210

9,543

0.88%,

09/30/2026

6,920

6,705

0.88%,

11/15/2030

13,310

11,537

1.00%,

07/31/2028

8,595

7,985

1.13%,

10/31/2026

5,395

5,231

1.13%,

02/28/2027

605

582

1.13%,

02/29/2028

5,245

4,939

1.13%,

08/31/2028

7,015

6,527

1.13%,

02/15/2031

12,680

11,074

1.13%,

05/15/2040

3,250

2,022

1.13%,

08/15/2040

3,885

2,392

U.S.

GOVERNMENT

&

GOVERNMENT

AGENCY

OBLIGATIONS

(continued)

Principal

Amount

(000's)

Value

(000's)

U.S.

Treasury

(continued)

1.25%,

11/30/2026

$

8,500

$

8,240

1.25%,

12/31/2026

9,625

9,313

1.25%,

03/31/2028

6,615

6,237

1.25%,

04/30/2028

10,140

9,544

1.25%,

05/31/2028

8,310

7,805

1.25%,

06/30/2028

9,680

9,077

1.25%,

09/30/2028

5,880

5,481

1.25%,

08/15/2031

10,095

8,723

1.25%,

05/15/2050

10,980

5,174

1.38%,

10/31/2028

8,830

8,249

1.38%,

12/31/2028

7,435

6,922

1.38%,

11/15/2031

11,485

9,924

1.38%,

11/15/2040

4,490

2,862

1.38%,

08/15/2050

4,950

2,391

1.50%,

01/31/2027

1,475

1,430

1.50%,

11/30/2028

6,840

6,404

1.50%,

02/15/2030

12,175

11,108

1.63%,

09/30/2026

1.63%,

10/31/2026

13,835

13,493

1.63%,

11/30/2026

2,925

2,849

1.63%,

08/15/2029

15,815

14,681

1.63%,

05/15/2031

11,030

9,818

1.63%,

11/15/2050

7,265

3,748

1.75%,

12/31/2026

2,055

2,002

1.75%,

01/31/2029

14,125

13,290

1.75%,

11/15/2029

2,360

2,190

1.75%,

08/15/2041

8,245

5,462

1.88%,

02/28/2027

21,010

20,449

1.88%,

02/28/2029

5,360

5,057

1.88%,

02/15/2032

10,485

9,290

1.88%,

02/15/2041

5,820

4,000

1.88%,

02/15/2051

6,040

3,323

1.88%,

11/15/2051

9,395

5,113

2.00%,

11/15/2026

11,885

11,635

2.00%,

11/15/2041

5,285

3,624

2.00%,

02/15/2050

3,950

2,280

2.00%,

08/15/2051

10,165

5,737

2.25%,

02/15/2027

5,635

5,518

2.25%,

08/15/2027

4,875

4,748

2.25%,

11/15/2027

6,555

6,367

2.25%,

05/15/2041

6,610

4,790

2.25%,

08/15/2046

4,160

2,695

2.25%,

08/15/2049

6,550

4,042

2.25%,

02/15/2052

6,160

3,682

2.38%,

05/15/2027

4,230

4,140

2.38%,

03/31/2029

6,075

5,825

2.38%,

05/15/2029

6,050

5,791

2.38%,

02/15/2042

6,020

4,357

2.38%,

11/15/2049

3,305

2,092

2.38%,

05/15/2051

6,765

4,204

2.50%,

03/31/2027

7,945

7,800

2.50%,

02/15/2045

3,795

2,644

2.50%,

02/15/2046

2,695

1,848

2.50%,

05/15/2046

2,720

1,860

2.63%,

05/31/2027

3,865

3,797

2.63%,

02/15/2029

7,695

7,452

2.63%,

07/31/2029

2,255

2,173

2.75%,

04/30/2027

4,420

4,354

2.75%,

07/31/2027

13,665

13,439

2.75%,

02/15/2028

8,515

8,348

2.75%,

05/31/2029

2,500

2,424

2.75%,

08/15/2032

11,730

10,891

2.75%,

08/15/2042

739

561

2.75%,

11/15/2042

1,090

824

2.75%,

11/15/2047

1,605

1,127

2.88%,

05/15/2028

3,870

3,799

2.88%,

08/15/2028

13,970

13,692

2.88%,

04/30/2029

4,605

4,488

Schedule

of

Investments

Bond

Market

Index

Fund

August

31,

2025

See

accompanying

notes.

U.S.

GOVERNMENT

&

GOVERNMENT

AGENCY

OBLIGATIONS

(continued)

Principal

Amount

(000's)

Value

(000's)

U.S.

Treasury

(continued)

2.88%,

05/15/2032

$

10,200

$

9,581

2.88%,

05/15/2043

2,880

2,203

2.88%,

08/15/2045

2,575

1,904

2.88%,

11/15/2046

600

2.88%,

05/15/2049

4,490

3,175

2.88%,

05/15/2052

6,300

4,344

3.00%,

05/15/2042

1,705

1,352

3.00%,

11/15/2044

4,710

3,593

3.00%,

05/15/2045

2,280

1,729

3.00%,

11/15/2045

1,950

1,470

3.00%,

02/15/2047

3,175

2,358

3.00%,

05/15/2047

4,345

3,218

3.00%,

02/15/2048

3,415

2,505

3.00%,

08/15/2048

1,210

883

3.00%,

02/15/2049

3,190

2,317

3.00%,

08/15/2052

4,610

3,260

3.13%,

08/31/2027

1,290

1,278

3.13%,

11/15/2028

11,250

11,090

3.13%,

08/31/2029

3,010

2,954

3.13%,

11/15/2041

7,350

5,992

3.13%,

02/15/2042

1,140

924

3.13%,

02/15/2043

815

650

3.13%,

08/15/2044

2,590

2,024

3.13%,

05/15/2048

1,030

771

3.25%,

06/30/2027

5,950

5,908

3.25%,

06/30/2029

4,380

4,321

3.25%,

05/15/2042

5,235

4,305

3.38%,

05/15/2033

9,200

8,818

3.38%,

08/15/2042

3,025

2,523

3.38%,

11/15/2048

6,675

5,209

3.50%,

01/31/2028

3,970

3,961

3.50%,

04/30/2028

3,820

3,811

3.50%,

09/30/2029

9,035

8,987

3.50%,

01/31/2030

7,810

7,758

3.50%,

04/30/2030

3,395

3,369

3.50%,

02/15/2033

8,390

8,132

3.50%,

02/15/2039

1,130

1,019

3.63%,

03/31/2028

3,180

3,183

3.63%,

08/31/2029

2,540

2,539

3.63%,

03/31/2030

6,730

6,715

3.63%,

09/30/2031

1,915

1,893

3.63%,

08/15/2043

2,410

2,055

3.63%,

02/15/2044

1,245

1,056

3.63%,

02/15/2053

3,965

3,174

3.63%,

05/15/2053

7,665

6,129

3.75%,

06/30/2027

7,720

7,733

3.75%,

08/15/2027

5,155

5,165

3.75%,

12/31/2028

6,315

6,343

3.75%,

05/31/2030

2,265

2,271

3.75%,

06/30/2030

5,090

5,104

3.75%,

12/31/2030

1,970

1,971

3.75%,

08/31/2031

9,060

9,024

3.75%,

08/15/2041

2,175

1,938

3.75%,

11/15/2043

1,250

1,082

3.88%,

05/31/2027

5,555

5,574

3.88%,

07/31/2027

4,470

4,489

3.88%,

11/30/2027

4,725

4,751

3.88%,

12/31/2027

5,365

5,397

3.88%,

03/15/2028

5,120

5,156

3.88%,

09/30/2029

6,260

6,316

3.88%,

11/30/2029

2,300

2,320

3.88%,

06/30/2030

4,235

4,270

3.88%,

07/31/2030

1,350

1,361

3.88%,

08/15/2033

10,405

10,296

3.88%,

08/15/2034

11,485

11,259

3.88%,

08/15/2040

1,350

1,236

3.88%,

02/15/2043

2,125

1,888

3.88%,

05/15/2043

1,060

940

U.S.

GOVERNMENT

&

GOVERNMENT

AGENCY

OBLIGATIONS

(continued)

Principal

Amount

(000's)

Value

(000's)

U.S.

Treasury

(continued)

4.00%,

02/29/2028

$

1,715

$

1,731

4.00%,

06/30/2028

2,640

2,670

4.00%,

01/31/2029

2,680

2,714

4.00%,

07/31/2029

5,130

5,198

4.00%,

02/28/2030

12,340

12,513

4.00%,

05/31/2030

9,220

9,348

4.00%,

07/31/2030

5,145

5,213

4.00%,

01/31/2031

7,695

7,786

4.00%,

04/30/2032

8,705

8,755

4.00%,

06/30/2032

4,340

4,362

4.00%,

02/15/2034

11,750

11,681

4.00%,

11/15/2042

3,690

3,343

4.00%,

11/15/2052

8,460

7,260

4.13%,

09/30/2027

6,975

7,045

4.13%,

10/31/2027

4,750

4,800

4.13%,

11/15/2027

2,145

2,168

4.13%,

07/31/2028

8,455

8,579

4.13%,

03/31/2029

5,800

5,899

4.13%,

10/31/2029

1,000

1,018

4.13%,

11/30/2029

10,715

10,911

4.13%,

08/31/2030

1,075

1,095

4.13%,

10/31/2031

4,015

4,076

4.13%,

11/30/2031

6,155

6,246

4.13%,

02/29/2032

5,270

5,343

4.13%,

03/31/2032

4.13%,

05/31/2032

3,575

3,620

4.13%,

11/15/2032

8,815

8,913

4.13%,

08/15/2044

3,585

3,257

4.13%,

08/15/2053

3,930

3,442

4.25%,

11/30/2026

13,040

13,109

4.25%,

03/15/2027

4,660

4,697

4.25%,

02/28/2029

6,355

6,488

4.25%,

06/30/2029

5,900

6,029

4.25%,

02/28/2031

2,640

2,704

4.25%,

06/30/2031

4,620

4,727

4.25%,

11/15/2034

10,515

10,584

4.25%,

05/15/2035

9,740

9,770

4.25%,

05/15/2039

3,400

3,302

4.25%,

11/15/2040

1,088

1,038

4.25%,

02/15/2054

7,180

6,424

4.25%,

08/15/2054

6,660

5,959

4.38%,

07/15/2027

5,770

5,844

4.38%,

08/31/2028

3,915

4,002

4.38%,

01/31/2032

6,205

6,379

4.38%,

05/15/2034

10,690

10,899

4.38%,

02/15/2038

4.38%,

11/15/2039

700

684

4.38%,

05/15/2040

1,995

1,941

4.38%,

05/15/2041

5,250

5,061

4.38%,

08/15/2043

1,645

1,555

4.50%,

04/15/2027

4,605

4,662

4.50%,

05/15/2027

4,445

4,504

4.50%,

12/31/2031

8,910

9,225

4.50%,

11/15/2033

9,935

10,245

4.50%,

02/15/2036

1,630

1,672

4.50%,

05/15/2038

1,200

1,212

4.50%,

08/15/2039

730

725

4.50%,

02/15/2044

3,835

3,676

4.50%,

11/15/2054

6,850

6,394

4.63%,

09/15/2026

1,465

1,477

4.63%,

11/15/2026

10,695

10,796

4.63%,

06/15/2027

16,890

17,166

4.63%,

09/30/2028

6,215

6,401

4.63%,

04/30/2029

6,920

7,156

4.63%,

09/30/2030

1,460

1,521

4.63%,

04/30/2031

2,775

2,893

4.63%,

05/31/2031

12,215

12,733

4.63%,

02/15/2035

11,305

11,692

Schedule

of

Investments

Bond

Market

Index

Fund

August

31,

2025

See

accompanying

notes.

U.S.

GOVERNMENT

&

GOVERNMENT

AGENCY

OBLIGATIONS

(continued)

Principal

Amount

(000's)

Value

(000's)

U.S.

Treasury

(continued)

4.63%,

02/15/2040

$

1,220

$

1,222

4.63%,

05/15/2044

4,030

3,920

4.63%,

11/15/2044

6,255

6,068

4.63%,

05/15/2054

6,335

6,035

4.63%,

02/15/2055

6,445

6,143

4.75%,

02/15/2037

1,250

1,301

4.75%,

02/15/2041

1,239

1,249

4.75%,

02/15/2045

3,865

3,808

4.75%,

11/15/2053

4,430

4,306

4.75%,

05/15/2055

5,480

5,331

5.00%,

05/15/2037

885

940

5.00%,

05/15/2045

3,925

3,991

5.25%,

11/15/2028

5.25%,

02/15/2029

795

839

5.38%,

02/15/2031

1,100

1,187

5.50%,

08/15/2028

1,115

1,175

6.13%,

11/15/2027

700

737

6.25%,

05/15/2030

1,050

1,165

6.38%,

08/15/2027

1,540

1,620

6.50%,

11/15/2026

1,000

1,035

6.63%,

02/15/2027

$

1,277,686

TOTAL

U.S.

GOVERNMENT

&

GOVERNMENT

AGENCY

OBLIGATIONS

$

1,995,116

Total

Investments

$

2,834,417

Other

Assets

and

Liabilities

- (0.63)%

(17,666)

TOTAL

NET

ASSETS

-

100.00%

$

2,816,751

(a) Security

or

a

portion

of

the

security

was

on

loan. At

the

end

of

the

period,

the

value

of

these

securities

totaled

$13,169

or

0.47%

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

$13,619

or

0.48%

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) Certain

variable

rate

securities

are

not

based

on

a

published

reference

rate

and

spread

but

are

determined

by

the

issuer

or

agent

and

are

based

on

current

market

conditions. These

securities

do

not

indicate

a

reference

rate

and

spread

in

their

description.

Rate

shown

is

the

rate

in

effect

as

of

period

end.

(h) Security

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

$5,309

or

0.19%

of

net

assets.

(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.

Affiliated

Securities

August

31,

2024

Purchases

Sales

August

31,

2025

Value

Cost

Proceeds

Value

Principal

Government

Money

Market

Fund

-

Class

4.20%

$

71,025

$

1,078,293

$

1,090,594

$

58,724

$

71,025

$

1,078,293

$

1,090,594

$

58,724

Income

(a) Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Principal

Government

Money

Market

Fund

-

Class

4.20%

$

2,519

$

—

$

—

$

—

$

2,519

$

—

$

—

$

—

Amounts

in

thousands.

(a) Amount

excludes

earnings

from

securities

lending

collateral.

Schedule

of

Investments

Capital

Securities

Fund

August

31,

2025

See

accompanying

notes.

INVESTMENT

COMPANIES

-

.38

%

Shares

Held

Value

(000's)

Exchange-Traded

Funds

-

.13

%

Invesco

Preferred

ETF

121,647

$

1,392

Money

Market

Funds

-

.25

%

BlackRock

Liquidity

FedFund

-

Institutional

Class

4.18%

(a),(b)

2,773,014

2,773

Principal

Government

Money

Market

Fund

-

Class

4.20%

(a),(b),(c)

32,192,271

32,192

$

34,965

TOTAL

INVESTMENT

COMPANIES

$

36,357

PREFERRED

STOCKS

-

.14

%

Shares

Held

Value

(000's)

Banks

-

.61

%

Cullen/Frost

Bankers

Inc

4.45%,

12/15/2025

(d),(e)

55,739

$

1,010

Regions

Financial

Corp

6.95%,

09/15/2029

(d),(e)

107,520

2,762

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.77%

US

Bancorp

5.18%,

10/03/2025

(d) 11,995

CME

Term

Secured

Overnight

Financing

Rate

Month

+

0.86%

Wintrust

Financial

Corp

7.88%,

07/15/2030

(d) 95,600

2,525

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.88%

$

6,540

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

-

.30

%

Assurant

Inc

5.25%,

01/15/2061

29,885

610

Corebridge

Financial

Inc

6.38%,

12/15/2064

109,872

2,637

$

3,247

REITs

-

.21

%

Public

Storage

4.10%,

01/13/2027

(d) 5,800

Public

Storage

4.13%,

10/02/2025

(d) 12,718

Public

Storage

5.60%,

10/03/2025

(d) 14,106

Rexford

Industrial

Realty

Inc

5.63%,

09/22/2025

(d) 70,660

1,587

$

2,226

TOTAL

PREFERRED

STOCKS

$

12,190

BONDS

-

.21

%

Principal

Amount

(000's)

Value

(000's)

Banks

-

.26

%

Australia

&

New

Zealand

Banking

Group

Ltd/

United

Kingdom

6.75%,

06/15/2026

(d),(f),(g),(h)

$

1,900

$

1,925

USD

Swap

Rate

NY

Year

+

5.17%

Banco

Bilbao

Vizcaya

Argentaria

SA

6.13%,

11/16/2027

(d),(f),(g)

600

597

USD

Swap

Semi-Annual

Year

+

3.87%

7.75%,

01/14/2032

(d),(f),(g)

9,700

10,092

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.25%

9.38%,

03/19/2029

(d),(f),(g)

8,500

9,395

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

5.10%

Banco

Santander

SA

4.75%,

11/12/2026

(d),(f),(g)

15,400

15,047

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.75%

8.00%,

02/01/2034

(d),(f),(g)

1,000

1,087

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.91%

9.63%,

11/21/2028

(d),(f),(g)

3,000

3,321

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

5.31%

9.63%,

05/21/2033

(d),(f),(g)

5,000

5,894

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

5.30%

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Banks

(continued)

Bank

of

America

Corp

6.13%,

04/27/2027

(d),(f)

$

10,304

$

10,400

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.23%

6.63%,

05/01/2030

(d),(f)

14,500

14,928

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.68%

Bank

of

Montreal

6.88%,

11/26/2085

(f) 4,800

4,829

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.98%

7.30%,

11/26/2084

(f) 2,500

2,622

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.01%

7.70%,

05/26/2084

(f) 7,300

7,611

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.45%

Bank

of

New

York

Mellon

Corp/The

3.70%,

03/20/2026

(d),(e),(f)

25,000

24,591

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.35%

3.75%,

12/20/2026

(d),(f)

14,600

14,152

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.63%

Bank

of

Nova

Scotia/The

3.63%,

10/27/2081

(f) 14,200

13,393

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.61%

7.35%,

04/27/2085

(f) 3,675

3,778

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.90%

8.00%,

01/27/2084

(f) 6,325

6,740

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

4.02%

8.63%,

10/27/2082

(f) 3,300

3,495

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

4.39%

Barclays

PLC

4.38%,

03/15/2028

(d),(f),(g)

18,000

16,972

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.41%

7.63%,

03/15/2035

(d),(f),(g)

1,000

1,033

USD

Secured

Overnight

Financing

Rate

ICE

Swap

Rate

Year

+

3.69%

8.00%,

03/15/2029

(d),(f),(g)

1,200

1,263

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

5.43%

9.63%,

12/15/2029

(d),(f),(g)

1,800

2,019

USD

Secured

Overnight

Financing

Rate

ICE

Swap

Rate

Year

+

5.78%

BNP

Paribas

SA

4.50%,

02/25/2030

(d),(f),(g),(h)

3,500

3,138

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.94%

4.63%,

02/25/2031

(d),(f),(g),(h)

7,000

6,252

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.34%

7.45%,

06/27/2035

(d),(f),(g),(h)

2,600

2,653

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.13%

8.50%,

08/14/2028

(d),(f),(g),(h)

2,000

2,124

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

4.35%

9.25%,

11/17/2027

(d),(f),(g),(h)

5,000

5,361

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

4.97%

Schedule

of

Investments

Capital

Securities

Fund

August

31,

2025

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Banks

(continued)

BNP

Paribas

SA

(continued)

9.25%,

11/17/2027

(d),(f),(g)

$

1,400

$

1,501

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

4.97%

Canadian

Imperial

Bank

of

Commerce

6.95%,

01/28/2085

(f) 5,500

5,532

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.83%

7.00%,

10/28/2085

(f) 8,800

8,973

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.00%

Citigroup

Inc

3.88%,

02/18/2026

(d),(f)

10,583

10,460

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.42%

6.75%,

02/15/2030

(d),(f)

1,000

1,008

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.57%

6.88%,

08/15/2030

(d),(f)

2,200

2,239

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.89%

6.95%,

02/15/2030

(d),(f)

5,000

5,077

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.73%

7.00%,

08/15/2034

(d),(f)

6,760

7,095

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.76%

7.38%,

05/15/2028

(d),(f)

3,600

3,740

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.21%

Citizens

Financial

Group

Inc

4.00%,

10/06/2026

(d),(f)

4,900

4,788

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.22%

5.65%,

10/06/2025

(d),(f)

8,000

7,994

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

5.31%

7.70%,

10/06/2025

(d) 3,462

3,465

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.42%

Credit

Agricole

SA

8.13%,

12/23/2025

(d),(f),(g),(h)

USD

Swap

Semi-Annual

Year

+

6.19%

Deutsche

Bank

AG

8.13%,

04/30/2030

(d),(e),(f),(g)

7,000

7,332

USD

Secured

Overnight

Financing

Rate

Spread-Adj.

ICE

Swap

Rate

Year

+

4.36%

Fifth

Third

Bancorp

4.50%,

09/30/2025

(d),(f)

500

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

4.22%

Goldman

Sachs

Group

Inc/The

3.65%,

08/10/2026

(d),(f)

7,100

6,922

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.92%

3.80%,

05/10/2026

(d),(e),(f)

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.97%

6.85%,

02/10/2030

(d),(f)

1,000

1,030

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.46%

7.50%,

02/10/2029

(d),(e),(f)

1,000

1,060

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.16%

7.50%,

05/10/2029

(d),(f)

12,000

12,597

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

(d),(f),(g)

$

3,000

$

3,001

USD

Swap

Rate

NY

Year

+

3.75%

6.50%,

03/23/2028

(d),(f),(g)

500

509

USD

Swap

Rate

NY

Year

+

3.61%

7.05%,

06/05/2030

(d),(f),(g)

1,000

1,032

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.99%

8.00%,

03/07/2028

(d),(f),(g)

5,000

5,281

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.86%

Huntington

Bancshares

Inc/OH

4.45%,

10/15/2027

(d),(f)

19,200

18,919

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

4.05%

5.63%,

07/15/2030

(d),(f)

8,010

8,164

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

4.95%

Huntington

Capital

II

5.21%,

06/15/2028

2,400

2,290

CME

Term

Secured

Overnight

Financing

Rate

Month

+

0.89%

ING

Groep

NV

4.25%,

05/16/2031

(d),(f),(g)

4,400

3,845

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.86%

5.75%,

11/16/2026

(d),(e),(f),(g)

7,515

7,526

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

4.34%

Intesa

Sanpaolo

SpA

7.70%,

09/17/2025

(d),(f),(g),(h)

7,000

7,007

USD

Swap

Semi-Annual

Year

+

5.46%

JPMorgan

Chase

&

Co

3.65%,

06/01/2026

(d),(f)

15,593

15,371

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.85%

6.50%,

04/01/2030

(d),(f)

6,000

6,162

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.15%

6.88%,

06/01/2029

(d),(f)

7,600

7,986

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.74%

KeyCorp

5.00%,

09/15/2026

(d),(f)

3,775

3,732

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.87%

KeyCorp

Capital

I

5.29%,

07/01/2028

1,500

1,464

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.00%

KeyCorp

Capital

III

7.75%,

07/15/2029

2,700

2,881

Lloyds

Banking

Group

PLC

6.75%,

09/27/2031

(d),(f),(g)

900

901

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.15%

7.50%,

09/29/2025

(d),(f),(g)

15,150

15,185

USD

Swap

Rate

NY

Year

+

4.50%

8.00%,

09/27/2029

(d),(e),(f),(g)

2,000

2,148

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.91%

M&T

Bank

Corp

3.50%,

09/01/2026

(d),(f)

8,000

7,733

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.68%

5.13%,

11/01/2026

(d),(f)

4,000

3,968

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.78%

Schedule

of

Investments

Capital

Securities

Fund

August

31,

2025

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Banks

(continued)

NatWest

Group

PLC

4.60%,

06/28/2031

(d),(f),(g)

$

18,000

$

16,142

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.10%

6.00%,

12/29/2025

(d),(f),(g)

8,000

8,006

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

5.63%

Nordea

Bank

Abp

6.63%,

03/26/2026

(d),(f),(g),(h)

5,400

5,431

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

4.11%

PNC

Capital

Trust

C

5.16%,

06/01/2028

3,000

2,948

CME

Term

Secured

Overnight

Financing

Rate

Month

+

0.83%

PNC

Financial

Services

Group

Inc/The

6.00%,

05/15/2027

(d),(f)

5,600

5,637

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.00%

6.20%,

09/15/2027

(d),(f)

2,000

2,032

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.24%

6.25%,

03/15/2030

(d),(f)

13,500

13,654

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.81%

Royal

Bank

of

Canada

6.35%,

11/24/2084

(f) 8,550

8,284

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.26%

6.75%,

08/24/2085

(f) 1,300

1,321

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.82%

7.50%,

05/02/2084

(f) 19,644

20,539

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.89%

Societe

Generale

SA

8.50%,

03/25/2034

(d),(f),(g),(h)

3,600

3,799

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

4.15%

10.00%,

11/14/2028

(d),(f),(g),(h)

7,000

7,704

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

5.45%

10.00%,

11/14/2028

(d),(f),(g)

600

660

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

11,531

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.81%

7.01%,

07/30/2037

(d),(e),(f),(h)

7,100

7,353

Month

USD

LIBOR

+

1.46%

7.01%,

07/30/2037

(d),(f)

2,000

2,071

Month

USD

LIBOR

+

1.46%

7.63%,

01/16/2032

(d),(f),(g),(h)

2,100

2,183

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.02%

7.88%,

03/08/2030

(d),(e),(f),(g),(h)

1,000

1,058

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.57%

State

Street

Corp

6.45%,

09/15/2030

(d),(f)

3,800

3,865

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.14%

6.70%,

09/15/2029

(d),(f)

10,800

11,185

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.63%

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Banks

(continued)

State

Street

Corp

(continued)

6.70%,

03/15/2029

(d),(f)

$

6,900

$

7,141

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.61%

Swedbank

AB

7.75%,

03/17/2030

(d),(f),(g)

3,000

3,187

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.66%

Toronto-Dominion

Bank/The

7.25%,

07/31/2084

(f) 1,000

1,039

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.98%

8.13%,

10/31/2082

(f) 13,201

13,903

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

4.08%

Truist

Financial

Corp

5.10%,

03/01/2030

(d),(f)

2,000

1,983

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

4.35%

5.14%,

05/15/2027

4,500

4,468

CME

Term

Secured

Overnight

Financing

Rate

Month

+

0.93%

5.23%,

03/15/2028

2,000

1,957

CME

Term

Secured

Overnight

Financing

Rate

Month

+

0.91%

UBS

Group

AG

3.88%,

06/02/2026

(d),(e),(f),(g),(h)

8,800

8,653

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.10%

4.38%,

02/10/2031

(d),(e),(f),(g)

2,500

2,241

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.31%

4.88%,

02/12/2027

(d),(f),(g),(h)

12,000

11,805

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.40%

6.60%,

08/05/2030

(d),(f),(g),(h)

3,900

3,900

USD

Secured

Overnight

Financing

Rate

ICE

Swap

Rate

Year

+

3.12%

7.00%,

02/10/2030

(d),(f),(g),(h)

2,000

2,029

USD

Secured

Overnight

Financing

Rate

ICE

Swap

Rate

Year

+

3.08%

US

Bancorp

3.70%,

01/15/2027

(d),(f)

32,500

31,299

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.54%

Wells

Fargo

&

Co

3.90%,

03/15/2026

(d),(f)

11,050

10,944

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.45%

6.85%,

09/15/2029

(d),(f)

9,705

10,167

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.77%

7.63%,

09/15/2028

(d),(f)

6,800

7,263

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.61%

$

669,148

Diversified

Financial

Services

-

.84

%

American

Express

Co

3.55%,

09/15/2026

(d),(f)

40,789

39,801

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.85%

Capital

One

Financial

Corp

3.95%,

09/01/2026

(d),(e),(f)

10,200

9,995

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.16%

Schedule

of

Investments

Capital

Securities

Fund

August

31,

2025

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Diversified

Financial

Services

(continued)

Charles

Schwab

Corp/The

4.00%,

06/01/2026

(d),(f)

$

22,200

$

21,865

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.17%

Nomura

Holdings

Inc

7.00%,

07/15/2030

(d),(f),(g)

600

615

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.08%

Voya

Financial

Inc

4.70%,

01/23/2048

(f) 10,800

10,480

Month

USD

LIBOR

+

2.08%

7.76%,

09/15/2028

(d),(f)

1,400

1,477

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.36%

$

84,233

Electric

-

.94

%

Algonquin

Power

&

Utilities

Corp

4.75%,

01/18/2082

(f) 5,000

4,862

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.25%

American

Electric

Power

Co

Inc

3.88%,

02/15/2062

(f) 7,100

6,883

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.68%

6.95%,

12/15/2054

(f) 2,000

2,126

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.68%

7.05%,

12/15/2054

(f) 2,600

2,710

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.75%

Dominion

Energy

Inc

4.35%,

01/15/2027

(d),(f)

1,150

1,128

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.20%

6.63%,

05/15/2055

(f) 3,500

3,586

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.21%

Duke

Energy

Corp

3.25%,

01/15/2082

(f) 5,000

4,823

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.32%

Electricite

de

France

SA

9.13%,

03/15/2033

(d),(f),(h)

2,000

2,305

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

5.41%

EUSHI

Finance

Inc

7.63%,

12/15/2054

(f) 500

522

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.14%

Evergy

Inc

6.65%,

06/01/2055

(f) 1,000

1,015

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.56%

NextEra

Energy

Capital

Holdings

Inc

3.80%,

03/15/2082

(f) 2,000

1,927

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.55%

6.62%,

10/01/2066

2,291

2,128

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.33%

6.70%,

09/01/2054

(f) 2,700

2,774

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.36%

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Electric

(continued)

Sempra

6.55%,

04/01/2055

(f) $

2,000

$

1,970

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.14%

6.63%,

04/01/2055

(f) 1,500

1,504

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.35%

Southern

Co/The

6.38%,

03/15/2055

(f) 2,000

2,093

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.07%

$

42,356

Food

-

.63

%

Dairy

Farmers

of

America

Inc

7.13%,

12/01/2026

(d),(h)

7,000

6,790

Gas

-

.58

%

NiSource

Inc

6.95%,

11/30/2054

(f) 6,000

6,239

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.45%

Insurance

-

.68

%

ACE

Capital

Trust

II

9.70%,

04/01/2030

2,570

3,088

Allianz

SE

3.20%,

10/30/2027

(d),(f),(g),(h)

5,000

4,666

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.17%

Argentum

Netherlands

BV

for

Zurich

Insurance

Co

Ltd

5.13%,

06/01/2048

(f) 2,000

2,003

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.27%

Cloverie

PLC

for

Zurich

Insurance

Co

Ltd

5.63%,

06/24/2046

(f) 4,900

4,918

Month

USD

LIBOR

+

4.92%

Corebridge

Financial

Inc

6.38%,

09/15/2054

(f) 1,200

1,215

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.65%

6.88%,

12/15/2052

(f) 7,100

7,343

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),(f),(h)

6,000

6,221

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.52%

Equitable

Holdings

Inc

6.70%,

03/28/2055

(f) 1,600

1,633

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.39%

Liberty

Mutual

Group

Inc

4.13%,

12/15/2051

(f),(h)

11,500

11,279

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.32%

7.80%,

03/07/2087

(h) 6,100

6,997

Month

USD

LIBOR

+

3.58%

Liberty

Mutual

Insurance

Co

7.70%,

10/15/2097

(h) 1,100

1,233

Meiji

Yasuda

Life

Insurance

Co

5.80%,

09/11/2054

(f),(h)

3,600

3,666

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.03%

6.10%,

06/11/2055

(f),(h)

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.91%

Schedule

of

Investments

Capital

Securities

Fund

August

31,

2025

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Insurance

(continued)

MetLife

Capital

Trust

IV

7.88%,

12/15/2067

(h) $

2,200

$

2,420

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.96%

MetLife

Inc

9.25%,

04/08/2068

(h) 10,372

12,326

Month

USD

LIBOR

+

5.54%

10.75%,

08/01/2069

4,300

5,748

Month

USD

LIBOR

+

7.55%

Muenchener

Rueckversicherungs-Gesellschaft

AG

in

Muenchen

5.88%,

05/23/2042

(f),(h)

3,600

3,722

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.98%

Nippon

Life

Insurance

Co

2.75%,

01/21/2051

(f),(h)

4,600

4,110

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.65%

2.90%,

09/16/2051

(f),(h)

10,500

9,284

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.60%

Prudential

Financial

Inc

3.70%,

10/01/2050

(f) 8,000

7,391

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.04%

6.50%,

03/15/2054

(f) 2,000

2,102

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.40%

Sumitomo

Life

Insurance

Co

3.38%,

04/15/2081

(e),(f),(h)

5,000

4,606

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.75%

Swiss

RE

Subordinated

Finance

PLC

5.70%,

04/05/2035

(f),(h)

1,600

1,636

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.81%

6.19%,

04/01/2046

(f),(h)

4,600

4,638

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.13%

Zurich

Finance

Ireland

Designated

Activity

Co

3.00%,

04/19/2051

(f) 31,200

27,882

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.78%

3.50%,

05/02/2052

(f) 7,200

6,454

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.79%

$

146,993

Oil

&

Gas

-

.28

%

BP

Capital

Markets

PLC

4.88%,

03/22/2030

(d),(f)

3,000

2,974

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

4.40%

Pipelines

-

.31

%

Enbridge

Inc

5.75%,

07/15/2080

(f) 5,000

4,994

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

5.31%

6.00%,

01/15/2077

(f) 4,200

4,211

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.15%

6.25%,

03/01/2078

(f) 11,000

11,069

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.90%

7.63%,

01/15/2083

(e),(f)

2,000

2,135

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

4.42%

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Pipelines

(continued)

Enbridge

Inc

(continued)

8.50%,

01/15/2084

(f) $

4,650

$

5,260

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

4.43%

Energy

Transfer

LP

6.50%,

02/15/2056

(f) 2,600

2,583

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.68%

6.75%,

02/15/2056

(f) 5,500

5,473

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.48%

Enterprise

Products

Operating

LLC

5.25%,

08/16/2077

(f) 7,938

7,854

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.29%

5.38%,

02/15/2078

(f) 1,300

1,286

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.83%

Transcanada

Trust

5.50%,

09/15/2079

(f) 12,500

12,314

Secured

Overnight

Financing

Rate

+

4.42%

5.60%,

03/07/2082

(f) 7,300

7,148

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.99%

5.88%,

08/15/2076

(f) 3,500

3,502

Month

USD

LIBOR

+

4.64%

$

67,829

REITs

-

.42

%

Scentre

Group

Trust

5.13%,

09/24/2080

(e),(f),(h)

4,500

4,505

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

4.69%

Sovereign

-

.17

%

CoBank

ACB

4.25%,

01/01/2027

(d),(f)

2,000

1,931

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.05%

6.25%,

10/01/2026

(d),(f)

1,000

1,000

Month

USD

LIBOR

+

4.66%

6.45%,

10/01/2027

(d),(f)

5,000

5,060

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.49%

Farm

Credit

Bank

of

Texas

7.00%,

09/15/2030

(d),(f)

4,477

4,588

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.01%

$

12,579

Telecommunications

-

.10

%

TELUS

Corp

6.63%,

10/15/2055

(f) 1,100

1,119

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.77%

TOTAL

BONDS

$

1,044,765

Total

Investments

$

1,093,312

Other

Assets

and

Liabilities

- (1.73)%

(18,572)

TOTAL

NET

ASSETS

-

100.00%

$

1,074,740

(a) 1-day

yield

shown

is

as

of

period

end.

(b) Security

or

a

portion

of

the

security

was

received

as

collateral

for

securities

lending.

At

the

end

of

the

period,

the

value

of

these

securities

totaled

$34,963

or

3.25%

of

net

assets.

(c) Affiliated

Security.

Security

is

either

an

affiliate

(and

registered

under

the

Investment

Company

Act

of

1940,

as

amended,

(the

"1940

Act"))

or

an

affiliate

as

defined

by

the

1940

Act

(controls

5.00%

or

more

of

the

outstanding

voting

shares

of

the

security).

Please

see

Affiliated

Securities

sub-schedule

for

transactional

information.

Schedule

of

Investments

Capital

Securities

Fund

August

31,

2025

See

accompanying

notes.

(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) Security

or

a

portion

of

the

security

was

on

loan. At

the

end

of

the

period,

the

value

of

these

securities

totaled

$33,870

or

3.15%

of

net

assets.

(f) Rate

shown

is

as

of

period

end.

The

rate

may

be

a

variable

or

floating

rate

or

a

fixed

rate

which

may

convert

to

a

variable

or

floating

rate

in

the

future.

(g) Security

is

a

contingent

convertible

security,

("CoCo").

CoCo's

are

hybrid

debt

securities

that

may

convert

to

equity

or

have

their

principal

written

down

upon

occurrence

of

certain

"triggers".

At

the

end

of

the

period,

the

value

of

these

securities

totaled

$237,252

or

22.08%

of

net

assets.

(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

$173,392

or

16.13%

of

net

assets.

Affiliated

Securities

August

31,

2024

Purchases

Sales

August

31,

2025

Value

Cost

Proceeds

Value

Principal

Government

Money

Market

Fund

-

Class

4.20%

$

28,358

$

702,677

$

698,843

$

32,192

$

28,358

$

702,677

$

698,843

$

32,192

Income

(a) Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Principal

Government

Money

Market

Fund

-

Class

4.20%

$

$

—

$

—

$

—

$

$

—

$

—

$

—

Amounts

in

thousands.

(a) Amount

excludes

earnings

from

securities

lending

collateral.

Consolidated

Schedule

of

Investments

Diversified

Real

Asset

Fund

August

31,

2025

See

accompanying

notes.

INVESTMENT

COMPANIES

-

10.89%

Shares

Held

Value

(000's)

Closed-End

Funds

-

0.14%

Sprott

Physical

Uranium

Trust

(a) 191,500

$

3,504

Exchange-Traded

Funds

-

8.34%

abrdn

Bloomberg

All

Commodity

Strategy

Free

ETF

321,775

6,773

Global

X

MLP

&

Energy

Infrastructure

ETF

402,400

24,768

Global

X

US

Infrastructure

Development

ETF

646,200

30,055

Invesco

Optimum

Yield

Diversified

Commodity

Strategy

No

ETF

127,395

1,688

iShares

Global

Infrastructure

ETF

221,791

13,385

Schwab

US

TIPS

ETF

260,679

7,020

SPDR

Gold

MiniShares

Trust

(a),(b)

1,480,945

101,297

SPDR

S&P

Global

Natural

Resources

ETF

124,022

7,202

Vanguard

Real

Estate

ETF

125,533

11,579

$

203,767

Money

Market

Funds

-

2.41%

BlackRock

Liquidity

FedFund

-

Institutional

Class

4.18%

(a),(c),(d)

3,089,664

3,090

BlackRock

Liquidity

Funds

Treasury

Trust

Fund

-

Institutional

Class

4.14%

(a),(c)

4,705,794

4,706

Principal

Government

Money

Market

Fund

-

Class

4.20%

(c),(d),(e)

51,139,396

51,139

$

58,935

TOTAL

INVESTMENT

COMPANIES

$

266,206

COMMON

STOCKS

-

66.19%

Shares

Held

Value

(000's)

Agriculture

-

0.36%

Archer-Daniels-Midland

Co

14,982

$

938

Bunge

Global

SA

4,191

Darling

Ingredients

Inc

(f) 197,861

6,720

Wilmar

International

Ltd

320,200

736

$

8,747

Biotechnology

-

0.30%

Corteva

Inc

99,519

7,383

Building

Materials

-

0.36%

Boise

Cascade

Co

1,703

Builders

FirstSource

Inc

(f) 3,007

Interfor

Corp

(f) 53,967

Louisiana-Pacific

Corp

7,884

750

Masterbrand

Inc

(f) 13,545

Stella-Jones

Inc

9,237

526

Svenska

Cellulosa

AB

SCA

242,148

3,294

UFP

Industries

Inc

5,581

564

West

Fraser

Timber

Co

Ltd

31,993

2,330

$

8,699

Chemicals

-

0.81%

CF

Industries

Holdings

Inc

31,554

2,734

FMC

Corp

3,895

ICL

Group

Ltd

86,298

561

Ingevity

Corp

(f) 11,040

645

Methanex

Corp

168,533

5,985

Mosaic

Co/The

177,989

5,944

Nutrien

Ltd

53,950

3,109

Yara

International

ASA

19,891

724

$

19,854

Commercial

Services

-

1.64%

Anhui

Expressway

Co

Ltd

330,000

Atlas

Arteria

Ltd

3,023,997

10,532

Cengage

Learning

Holdings

II

Inc

(f) 2,772

China

Merchants

Port

Holdings

Co

Ltd

984,000

1,893

Corp

America

Airports

SA

(f) 23,967

516

COSCO

SHIPPING

International

Hong

Kong

Co

Ltd

340,000

COSCO

SHIPPING

Ports

Ltd

1,058,000

768

Hutchison

Port

Holdings

Trust

4,107,200

883

Jiangsu

Expressway

Co

Ltd

1,028,000

1,214

Motiva

Infraestrutura

de

Mobilidade

SA

946,138

2,520

Shenzhen

Expressway

Corp

Ltd

508,000

Shenzhen

International

Holdings

Ltd

1,138,000

1,148

Transurban

Group

1,905,950

18,179

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Commercial

Services

(continued)

Zhejiang

Expressway

Co

Ltd

1,366,000

$

1,207

$

40,173

Consumer

Products

-

0.05%

Avery

Dennison

Corp

2,438

Kimberly-Clark

Corp

5,605

724

$

1,142

Cosmetics

&

Personal

Care

-

0.07%

Essity

AB

34,787

941

Procter

&

Gamble

Co/The

1,678

Unicharm

Corp

95,000

634

$

1,838

Electric

-

12.27%

American

Electric

Power

Co

Inc

109,790

12,189

Brookfield

Renewable

Corp

(g) 155,092

5,227

Centrais

Eletricas

Brasileiras

SA

ADR

54,480

CGN

Power

Co

Ltd

(h) 667,000

China

Longyuan

Power

Group

Corp

Ltd

198,000

China

Resources

Power

Holdings

Co

Ltd

114,000

Cia

Energetica

de

Minas

Gerais

ADR

113,791

Clearway

Energy

Inc

-

Class

C

130,047

3,877

CLP

Holdings

Ltd

701,500

5,937

CMS

Energy

Corp

108,681

7,778

Consolidated

Edison

Inc

20,953

2,058

Constellation

Energy

Corp

31,358

9,658

CPFL

Energia

SA

408,817

2,962

Dominion

Energy

Inc

183,267

10,978

Duke

Energy

Corp

46,929

5,748

E.ON

SE

463,238

8,260

EDP

Renovaveis

SA

758,796

8,912

Emera

Inc

170,985

8,144

Enel

SpA

2,154,725

19,884

Engie

SA

105,526

2,184

Entergy

Corp

132,210

11,647

Eversource

Energy

85,975

5,508

Exelon

Corp

276,800

12,090

HK

Electric

Investments

&

HK

Electric

Investments

Ltd

2,135,000

1,643

Huaneng

Power

International

Inc

244,000

Iberdrola

SA

686,294

12,938

National

Grid

PLC

1,259,682

17,693

NextEra

Energy

Inc

445,450

32,095

OGE

Energy

Corp

137,330

6,133

PG&E

Corp

684,835

10,464

Public

Service

Enterprise

Group

Inc

101,599

8,365

Redeia

Corp

SA

608,260

11,825

Sempra

164,291

13,564

Southern

Co/The

66,255

6,115

SSE

PLC

493,125

11,524

Terna

-

Rete

Elettrica

Nazionale

610,913

6,141

Vistra

Corp

20,489

3,875

WEC

Energy

Group

Inc

62,930

6,703

Xcel

Energy

Inc

88,974

6,440

$

300,100

Energy

-

Alternate

Sources

-

0.21%

ERG

SpA

209,237

5,058

Engineering

&

Construction

-

5.75%

Aena

SME

SA

(h) 860,401

24,939

Aeroports

de

Paris

SA

141,907

18,678

Airports

of

Thailand

PCL

2,090,600

2,340

Athens

International

Airport

SA

259,060

3,220

Auckland

International

Airport

Ltd

3,610,999

16,083

Beijing

Capital

International

Airport

Co

Ltd

(f) 1,554,000

590

Cellnex

Telecom

SA

(f),(h)

329,585

11,732

China

Tower

Corp

Ltd

(h) 2,127,329

3,214

Dalrymple

Bay

Infrastructure

Ltd

209,143

598

Enav

SpA

(h) 2,320,736

11,423

Flughafen

Zurich

AG

15,946

4,872

Fraport

AG

Frankfurt

Airport

Services

Worldwide

(f) 26,346

2,258

Consolidated

Schedule

of

Investments

Diversified

Real

Asset

Fund

August

31,

2025

See

accompanying

notes.

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Engineering

&

Construction

(continued)

Grupo

Aeroportuario

del

Centro

Norte

SAB

de

CV

ADR

28,694

$

2,933

Grupo

Aeroportuario

del

Pacifico

SAB

de

CV

ADR

34,156

8,231

Grupo

Aeroportuario

del

Sureste

SAB

de

CV

ADR

35,001

11,400

Japan

Airport

Terminal

Co

Ltd

77,700

2,663

Sacyr

SA

1,793,106

7,568

SATS

Ltd

752,000

1,939

Vinci

SA

43,841

5,946

$

140,627

Entertainment

-

0.05%

Crown

Finance

US

Inc

-

4A2

Shares

(f) 52,533

1,157

Food

-

0.01%

Ingredion

Inc

2,006

Forest

Products

&

Paper

-

1.08%

Acadian

Timber

Corp

41,965

543

Canfor

Corp

(f) 60,166

570

Empresas

CMPC

SA

308,327

Holmen

AB

29,163

1,135

International

Paper

Co

239,198

11,884

Mondi

PLC

138,315

1,947

Nine

Dragons

Paper

Holdings

Ltd

(f),(g)

1,192,000

867

Oji

Holdings

Corp

444,300

2,449

Sappi

Ltd

170,311

Suzano

SA

ADR

84,834

825

Suzano

SA

175,800

1,704

Sylvamo

Corp

8,549

UPM-Kymmene

Oyj

118,709

3,381

$

26,462

Gas

-

0.39%

China

Gas

Holdings

Ltd

2,905,400

2,910

China

Resources

Gas

Group

Ltd

53,900

Snam

SpA

662,092

4,030

Spire

Inc

33,219

2,545

$

9,624

Hand

&

Machine

Tools

-

0.02%

Makita

Corp

13,700

Healthcare

-

Products

-

0.00%

Carestream

Health

Inc

(f) 17,410

Healthcare

-

Services

-

0.12%

Chartwell

Retirement

Residences

220,000

2,967

Millennium

Health

LLC

(f),(i),(j)

20,580

Millennium

Health

LLC

(f),(i),(j)

19,318

—

$

2,969

Home

Builders

-

0.20%

DR

Horton

Inc

5,276

894

KB

Home

5,351

Meritage

Homes

Corp

4,313

NVR

Inc

(f) 55

PulteGroup

Inc

6,770

894

Sumitomo

Forestry

Co

Ltd

111,800

1,268

Toll

Brothers

Inc

4,453

619

$

4,796

Housewares

-

0.00%

Scotts

Miracle-Gro

Co/The

1,349

Internet

-

0.01%

Catalina

Marketing

Corp

(f) 4,112

Iron

&

Steel

-

0.61%

ArcelorMittal

SA

10,260

ArcelorMittal

SA

241,729

8,064

Fortescue

Ltd

38,439

Nippon

Steel

Corp

24,500

516

Novolipetsk

Steel

PJSC

(f) 1,124,750

—

Nucor

Corp

24,850

3,696

POSCO

Holdings

Inc

1,655

Reliance

Inc

1,195

Severstal

PAO

(f) 149,085

—

Steel

Dynamics

Inc

3,136

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Iron

&

Steel

(continued)

Vale

SA

ADR

81,393

$

837

$

15,041

Machinery

-

Construction

&

Mining

-

0.08%

Caterpillar

Inc

4,853

2,034

Machinery

-

Diversified

-

0.21%

AGCO

Corp

18,211

1,970

ANDRITZ

AG

7,673

540

Deere

&

Co

3,723

1,782

Kadant

Inc

795

Valmet

Oyj

16,392

570

$

5,119

Mining

-

2.80%

Agnico

Eagle

Mines

Ltd

11,438

1,649

Anglo

American

PLC

296,915

9,143

Anglogold

Ashanti

Plc

9,714

550

Antofagasta

PLC

7,833

Barrick

Mining

Corp

39,140

1,044

BHP

Group

Ltd

114,811

3,200

Cameco

Corp

6,200

Cameco

Corp

26,728

2,068

Capstone

Copper

Corp

(f) 1,062,311

7,596

China

Hongqiao

Group

Ltd

51,000

First

Quantum

Minerals

Ltd

(f) 15,405

Franco-Nevada

Corp

4,383

826

Freeport-McMoRan

Inc

219,582

9,749

Glencore

PLC

(f) 220,563

871

Gold

Fields

Ltd

ADR

20,316

680

Hudbay

Minerals

Inc

159,801

1,918

Impala

Platinum

Holdings

Ltd

ADR

(f) 214,335

1,943

Ivanhoe

Mines

Ltd

(f) 191,366

1,692

Kinross

Gold

Corp

27,900

583

MP

Materials

Corp

(f) 13,997

996

Newmont

Corp

25,264

1,880

Norsk

Hydro

ASA

30,072

Northern

Star

Resources

Ltd

31,493

Pan

American

Silver

Corp

159,950

5,426

Polyus

PJSC

(f) 124,590

—

Rio

Tinto

Ltd

8,427

637

Rio

Tinto

PLC

113,250

7,080

Southern

Copper

Corp

2,029

Teck

Resources

Ltd

10,040

Teck

Resources

Ltd

122,264

4,180

Valterra

Platinum

Ltd

21,770

989

Wheaton

Precious

Metals

Corp

10,292

1,034

Zijin

Mining

Group

Co

Ltd

136,000

$

68,457

Oil

&

Gas

-

4.45%

BP

PLC

1,217,342

7,122

Canadian

Natural

Resources

Ltd

274,230

8,684

Cenovus

Energy

Inc

18,263

Chevron

Corp

11,843

1,902

ConocoPhillips

68,330

6,763

Coterra

Energy

Inc

4,713

Crescent

Energy

Co

574,590

5,482

Devon

Energy

Corp

3,966

Diamondback

Energy

Inc

57,894

8,612

Ecopetrol

SA

ADR

(g) 3,528

Empresas

Copec

SA

77,293

576

Eni

SpA

29,689

531

EOG

Resources

Inc

3,373

EQT

Corp

23,546

1,221

Equinor

ASA

11,179

Expand

Energy

Corp

68,685

6,647

Exxon

Mobil

Corp

91,088

10,410

Imperial

Oil

Ltd

(g) 2,285

Kunlun

Energy

Co

Ltd

218,000

Marathon

Petroleum

Corp

44,223

7,947

Occidental

Petroleum

Corp

4,375

Permian

Resources

Corp

400,539

5,724

Consolidated

Schedule

of

Investments

Diversified

Real

Asset

Fund

August

31,

2025

See

accompanying

notes.

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Oil

&

Gas

(continued)

Petroleo

Brasileiro

SA

-

Petrobras

ADR

26,596

$

Phillips

71,841

9,596

Reliance

Industries

Ltd

(h) 24,664

1,482

Repsol

SA

339,765

5,571

Shell

PLC

85,449

3,146

Suncor

Energy

Inc

(g) 17,599

728

Suncor

Energy

Inc

210,131

8,678

TotalEnergies

SE

32,450

2,037

Transocean

Ltd

(f) 54,446

Ultrapar

Participacoes

SA

ADR

52,102

Valero

Energy

Corp

18,252

2,774

Woodside

Energy

Group

Ltd

27,142

$

108,696

Oil

&

Gas

Services

-

0.03%

Baker

Hughes

Co

6,120

Halliburton

Co

5,310

Schlumberger

NV

9,268

$

740

Packaging

&

Containers

-

1.08%

Amcor

PLC

193,854

1,673

Billerud

Aktiebolag

73,686

704

Crown

Holdings

Inc

21,123

2,099

Graphic

Packaging

Holding

Co

44,425

990

Klabin

SA

223,090

760

Packaging

Corp

of

America

33,944

7,398

Sealed

Air

Corp

4,585

SIG

Group

AG

55,741

883

Smurfit

WestRock

PLC

160,463

7,600

Sonoco

Products

Co

19,858

938

Stora

Enso

Oyj

269,080

3,143

$

26,337

Pipelines

-

4.98%

Antero

Midstream

Corp

24,076

APA

Group

1,239,322

7,137

Cheniere

Energy

Inc

49,050

11,862

DT

Midstream

Inc

7,282

759

Enbridge

Inc

688,477

33,313

Gaztransport

Et

Technigaz

SA

2,374

Gibson

Energy

Inc

301,866

5,721

Golar

LNG

Ltd

7,502

Keyera

Corp

16,468

531

Kinder

Morgan

Inc

360,008

9,713

Koninklijke

Vopak

NV

104,576

5,057

ONEOK

Inc

163,808

12,511

Pembina

Pipeline

Corp

42,323

1,599

South

Bow

Corp

265,567

7,359

Targa

Resources

Corp

15,781

2,647

TC

Energy

Corp

234,107

12,192

Williams

Cos

Inc/The

173,779

10,058

$

121,659

Real

Estate

-

2.74%

CBRE

Group

Inc

(f) 29,403

4,767

CoStar

Group

Inc

(f) 48,048

4,300

CTP

NV

(h) 55,900

1,202

Fastighets

AB

Balder

(f) 492,800

3,508

Mitsui

Fudosan

Co

Ltd

2,279,500

24,099

Qualitas

Ltd

(g) 1,515,269

3,667

Sky

Harbour

Group

Corp

(f) 16,826

Sun

Hung

Kai

Properties

Ltd

758,600

8,961

Swire

Properties

Ltd

1,183,700

3,212

Vonovia

SE

402,122

13,022

$

66,915

REITs

-

22.67%

Agree

Realty

Corp

148,561

10,806

Alexandria

Real

Estate

Equities

Inc

53,771

4,433

American

Healthcare

REIT

Inc

494,185

21,146

American

Homes

Rent

416,080

14,904

American

Tower

Corp

44,006

8,971

AvalonBay

Communities

Inc

99,988

19,583

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

REITs

(continued)

Boardwalk

Real

Estate

Investment

Trust

52,200

$

2,677

BXP

Inc

53,625

3,888

Camden

Property

Trust

33,452

3,746

CapitaLand

Integrated

Commercial

Trust

5,372,015

9,545

COPT

Defense

Properties

180,200

5,186

Cousins

Properties

Inc

225,112

6,639

Crown

Castle

Inc

163,844

16,243

Digital

Realty

Trust

Inc

92,238

15,463

Equinix

Inc

36,864

28,983

Equity

LifeStyle

Properties

Inc

75,400

4,546

Equity

Residential

191,406

12,655

Essex

Property

Trust

Inc

41,445

11,199

Extra

Space

Storage

Inc

133,667

19,192

Federal

Realty

Investment

Trust

40,720

4,094

Gaming

and

Leisure

Properties

Inc

129,700

6,227

Goodman

Group

846,968

18,954

Healthpeak

Properties

Inc

224,433

4,026

Host

Hotels

&

Resorts

Inc

245,936

4,233

InvenTrust

Properties

Corp

212,859

6,337

Invitation

Homes

Inc

117,887

3,689

Iron

Mountain

Inc

38,917

3,593

Japan

Hotel

REIT

Investment

Corp

5,738

3,368

Keppel

DC

REIT

2,991,600

5,500

Kimco

Realty

Corp

187,119

4,208

Klepierre

SA

402,924

15,733

Link

REIT

1,190,414

6,358

Merlin

Properties

Socimi

SA

301,600

4,497

Mid-America

Apartment

Communities

Inc

26,123

3,809

Mitsui

Fudosan

Accommodations

Fund

Inc

6,300

5,288

Nippon

Building

Fund

Inc

6,600

6,386

Nippon

Prologis

REIT

Inc

5,501

3,196

PotlatchDeltic

Corp

64,980

2,731

Prologis

Inc

220,045

25,036

Prologis

Property

Mexico

SA

de

CV

627,221

2,309

Public

Storage

13,086

3,855

Rayonier

Inc

117,946

3,100

Realty

Income

Corp

68,001

3,996

Regency

Centers

Corp

149,616

10,847

Ryman

Hospitality

Properties

Inc

106,900

10,561

Sabra

Health

Care

REIT

Inc

286,517

5,475

Safestore

Holdings

PLC

416,227

3,546

SBA

Communications

Corp

17,512

3,587

Segro

PLC

484,871

4,115

Sekisui

House

Reit

Inc

6,000

3,296

Simon

Property

Group

Inc

61,655

11,138

Stockland

1,720,300

6,968

UDR

Inc

94,688

3,747

Unibail-Rodamco-Westfield

(f) 79,400

8,261

UNITE

Group

PLC/The

925,015

8,731

Ventas

Inc

339,095

23,086

VICI

Properties

Inc

647,333

21,867

Vornado

Realty

Trust

172,382

6,556

Welltower

Inc

268,087

45,114

Weyerhaeuser

Co

272,121

7,039

$

554,262

Retail

-

0.05%

Gymboree

Corp/The

(f),(i)

17,842

—

Gymboree

Holding

Corp

(f),(i)

48,577

—

Home

Depot

Inc/The

1,530

622

Lowe's

Cos

Inc

2,284

590

$

1,212

Semiconductors

-

0.00%

Bright

Bidco

-

1145

Shares

(f) 11,047

Bright

Bidco

-

4A2

Shares

(f) 15,092

$

Software

-

0.01%

Avaya

Holdings

Corp

(f) 7,612

Avaya

Holdings

Corp

(f) 4,297

Bloom

Parent

Inc

(f),(i)

Consolidated

Schedule

of

Investments

Diversified

Real

Asset

Fund

August

31,

2025

See

accompanying

notes.

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Software

(continued)

Riverbed

Technology

Inc

(f),(i)

15,335

$

—

$

Storage

&

Warehousing

-

0.02%

Westshore

Terminals

Investment

Corp

26,569

Telecommunications

-

0.24%

MLN

US

Holdco

LLC

(f) 1,264

NEXTDC

Ltd

(f) 491,588

5,282

Windstream

(f),(k)

26,873

510

$

5,793

Transportation

-

0.88%

American

Commercial

Lines

Inc

(f) 573

American

Commercial

Lines

Inc

-

Warrants

(f) 603

Canadian

National

Railway

Co

79,549

7,701

Frontline

PLC

(g) 50,926

1,064

Getlink

SE

262,609

4,968

Qube

Holdings

Ltd

1,475,121

4,043

Union

Pacific

Corp

16,717

3,737

$

21,568

Water

-

1.64%

Cia

de

Saneamento

Basico

do

Estado

de

Sao

Paulo

SABESP

ADR

27,352

619

Essential

Utilities

Inc

245,904

9,716

Pennon

Group

PLC

1,619,456

10,362

Severn

Trent

PLC

238,109

8,318

United

Utilities

Group

PLC

719,196

11,173

$

40,188

TOTAL

COMMON

STOCKS

$

1,618,297

PREFERRED

STOCKS

-

0.18%

Shares

Held

Value

(000's)

Electric

-

0.17%

Cia

Paranaense

de

Energia

-

Copel

0.44%

1,856,376

$

4,181

Transportation

-

0.01%

American

Commercial

Lines

Inc

Preferred

A

-

Anti-

Dilution

Warrants

0.00%,

04/30/2045

(f) 6,729

American

Commercial

Lines

Inc

Preferred

B

2.50%

2,428

American

Commercial

Lines

Inc

Preferred

B

-

Anti-

Dilution

Warrants

0.00%,

04/30/2045

(f) 15,354

American

Commercial

Lines

Inc

Preferred

B

-

Warrants

0.00%,

04/30/2045

(f) 1,706

$

TOTAL

PREFERRED

STOCKS

$

4,417

BONDS

-

0.76%

Principal

Amount

(000's)

Value

(000's)

Commercial

Mortgage

Backed

Securities

-

0.12%

BAMLL

Trust

2024-BHP

6.71%,

08/15/2039

(h) $

$

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.35%

BFLD

2024-VICT

Mortgage

Trust

6.25%,

07/15/2041

(h) 120

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.89%

BFLD

Trust

2025-EWEST

5.91%,

06/15/2042

(h) 206

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.55%

BX

Commercial

Mortgage

Trust

2024-AIRC

6.05%,

08/15/2039

(h) 183

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.69%

BX

Commercial

Mortgage

Trust

2024-KING

5.90%,

05/15/2034

(h) 395

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.54%

BX

Commercial

Mortgage

Trust

2024-MDHS

6.00%,

05/15/2041

(h) 251

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.64%

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Commercial

Mortgage

Backed

Securities

(continued)

BX

Commercial

Mortgage

Trust

2024-XL4

7.50%,

02/15/2039

(h) $

$

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.14%

COMM

2024-WCL1

MORTGAGE

TRUST

6.20%,

06/15/2041

(h) 180

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.84%

CONE

Trust

2024-DFW1

6.00%,

08/15/2041

(h) 70

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.64%

DBSG

2024-ALTA

Mortgage

Trust

6.14%,

06/10/2037

(h),(l)

GWT

2024-WLF2

6.05%,

05/15/2041

(h) 350

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.69%

HONO

2021-LULU

Mortgage

Trust

5.63%,

10/15/2036

(h) 100

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.26%

LBA

Trust

2024-BOLT

5.95%,

06/15/2039

(h) 270

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.59%

NCMF

Trust

2025-MFS

5.05%,

06/10/2033

(h),(l)

PENN

Commercial

Mortgage

Trust

2025-P11

5.52%,

08/10/2042

(h),(l)

$

2,952

Electric

-

0.00%

Pacific

Gas

and

Electric

Co

3.15%,

01/01/2026

Healthcare

-

Services

-

0.02%

Team

Health

Holdings

Inc

9.00%,

PIK

4.50%;

06/30/2028

(h),(l),(m)

Mortgage

Backed

Securities

-

0.23%

Angel

Oak

Mortgage

Trust

2025-2

5.64%,

02/25/2070

(h),(l)

Barclays

Mortgage

Loan

Trust

2025-NQM3

5.64%,

05/25/2065

(h),(l)

BRAVO

Residential

Funding

Trust

2023-NQM3

4.85%,

09/25/2062

(h),(l)

573

568

Ellington

Financial

Mortgage

Trust

2021-3

1.24%,

09/25/2066

(h),(l)

711

595

Freddie

Mac

REMICS

5.75%,

02/25/2055

1.00 x

Day

Average

Secured

Overnight

Financing

Rate

+

1.40%

5.80%,

12/25/2054

1,354

1,367

1.00 x

Day

Average

Secured

Overnight

Financing

Rate

+

1.45%

HOMES

2025-AFC2

Trust

5.47%,

06/25/2060

(h),(l)

JP

Morgan

Mortgage

Trust

2023-DSC1

4.62%,

07/25/2063

(h),(l)

PRKCM

2022-AFC2

Trust

5.33%,

08/25/2057

(h),(l)

PRPM

2025-NQM2

Trust

5.69%,

04/25/2070

(h),(l)

PRPM

2025-NQM3

Trust

5.61%,

05/25/2070

(h),(l)

Santander

Mortgage

Asset

Receivable

Trust

2025-NQM2

5.73%,

02/25/2065

(h),(l)

SG

Residential

Mortgage

Trust

2022-2

5.35%,

08/25/2062

(h),(l)

Consolidated

Schedule

of

Investments

Diversified

Real

Asset

Fund

August

31,

2025

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Mortgage

Backed

Securities

(continued)

Verus

Securitization

Trust

2022-7

5.15%,

07/25/2067

(h),(l)

$

$

Verus

Securitization

Trust

2022-INV2

6.79%,

10/25/2067

(h),(l)

$

5,543

Other

Asset

Backed

Securities

-

0.07%

AMSR

2022-SFR3

Trust

4.00%,

10/17/2039

(h) 551

535

New

Residential

Mortgage

Loan

Trust

2022-SFR2

4.00%,

09/04/2039

(h) 560

543

Progress

Residential

2022-SFR6

Trust

6.04%,

07/20/2039

(h) 635

643

$

1,721

Sovereign

-

0.30%

Brazil

Notas

do

Tesouro

Nacional

Serie

F

9.76%,

01/01/2029

BRL

1,700

9.76%,

01/01/2035

7,990

1,195

Bundesrepublik

Deutschland

Bundesanleihe

2.50%,

08/15/2054

EUR

2.90%,

08/15/2056

Colombia

Government

International

Bond

8.00%,

11/14/2035

$

European

Union

2.50%,

10/04/2052

EUR

3.00%,

03/04/2053

936

906

Israel

Government

International

Bond

5.75%,

03/12/2054

$

Japan

Government

Thirty

Year

Bond

2.30%,

12/20/2054

JPY

61,300

2.40%,

03/20/2055

46,350

Kingdom

of

Belgium

Government

Bond

3.30%,

06/22/2054

(h) EUR

Mexico

Government

International

Bond

3.50%,

02/12/2034

$

6.35%,

02/09/2035

6.88%,

05/13/2037

Peruvian

Government

International

Bond

6.85%,

08/12/2035

PEN

7.60%,

08/12/2039

Republic

of

South

Africa

Government

Bond

8.50%,

01/31/2037

ZAR

2,590

10.00%,

03/31/2033

2,806

United

Kingdom

Gilt

4.38%,

03/07/2030

GBP

603

825

4.38%,

07/31/2054

545

$

7,309

Telecommunications

-

0.02%

CommScope

LLC

9.50%,

12/15/2031

(h) $

553

572

TOTAL

BONDS

$

18,570

SENIOR

FLOATING

RATE

INTERESTS

-

3.72%

Principal

Amount

(000's)

Value

(000's)

Advertising

-

0.05%

Advantage

Sales

&

Marketing

Inc

Term

Loan

B2

8.80%,

10/28/2027

(n) $

$

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.25%

Clear

Channel

Outdoor

Holdings

Inc

Term

Loan

B

8.45%,

08/23/2028

(n) 708

708

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.00%

CMG

Media

Corp

Term

Loan

B2

7.89%,

06/18/2029

(n) 107

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.50%

SENIOR

FLOATING

RATE

INTERESTS

(continued)

Principal

Amount

(000's)

Value

(000's)

Advertising

(continued)

Planet

US

Buyer

LLC

Term

Loan

B

7.20%,

02/07/2031

(n) $

$

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.00%

$

1,329

Aerospace

&

Defense

-

0.11%

Bleriot

US

Bidco

Inc

Term

Loan

B

6.81%,

10/31/2030

(n) 252

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.50%

Goat

Holdco

LLC

Term

Loan

B

7.36%,

12/10/2031

(n) 344

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.00%

Kaman

Corp

Term

Loan

B

7.05%,

01/30/2032

(n) 571

572

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.75%

Kaman

Corp

7.05%,

02/26/2032

(n) 5

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.75%

TransDigm

Inc

Term

Loan

J

6.80%,

02/28/2031

(n) 894

895

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.50%

TransDigm

Inc

Term

Loan

L

6.80%,

01/19/2032

(n) 307

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.50%

TransDigm

Inc

Term

Loan

M

6.85%,

08/13/2032

(n) 350

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.50%

$

2,726

Airlines

-

0.04%

AAdvantage

Loyalty

IP

Ltd

Term

Loan

B

6.57%,

04/20/2028

(n) 121

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.25%

Air

Canada

Term

Loan

B

6.32%,

03/21/2031

(n) 348

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.00%

SkyMiles

IP

Ltd

Term

Loan

B

8.08%,

10/20/2027

(n) 135

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.75%

United

Airlines

Inc

Term

Loan

B

6.20%,

02/22/2031

(n) 191

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.00%

WestJet

Loyalty

LP

Term

Loan

B

7.55%,

02/14/2031

(n) 159

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.25%

$

954

Apparel

-

0.03%

ABG

Intermediate

Holdings

LLC

Term

Loan

B1

6.61%,

12/21/2028

(n) 36

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.25%

Beach

Acquisition

Bidco

LLC

0.00%,

06/25/2032

(n),(o)

Varsity

Brands

Inc

Term

Loan

B

7.45%,

08/26/2031

(n) 309

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.50%

Consolidated

Schedule

of

Investments

Diversified

Real

Asset

Fund

August

31,

2025

See

accompanying

notes.

SENIOR

FLOATING

RATE

INTERESTS

(continued)

Principal

Amount

(000's)

Value

(000's)

Apparel

(continued)

WH

Borrower

LLC

Term

Loan

B

8.95%,

02/12/2032

(n) $

$

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.75%

$

633

Automobile

Parts

&

Equipment

-

0.04%

Clarios

Global

LP

Term

Loan

B

6.86%,

05/04/2030

(n) 564

564

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.50%

7.11%,

01/14/2032

(n) 279

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.75%

Dexko

Global

Inc

Term

Loan

B

8.22%,

10/04/2028

(n) 216

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.75%

$

1,054

Banks

-

0.00%

Ascensus

Holdings

Inc

Term

Loan

B

7.36%,

08/02/2028

(n) 85

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.00%

Beverages

-

0.04%

BrewCo

Borrower

LLC

Term

Loan

0.00%,

04/05/2028

(f),(n)

CME

Term

Secured

Overnight

Financing

Rate

Month

+

6.25%

0.00%,

04/05/2028

(f),(n)

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.50%

BrewCo

Borrower

LLC

PIK

Term

Loan

6.09%,

PIK

7.50%,

01/05/2026

(m),(n)

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.50%

Naked

Juice

LLC

Term

Loan

9.79%,

01/24/2029

(n) 109

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.50%

Pegasus

Bidco

BV

Term

Loan

B

7.46%,

07/12/2029

(n) 282

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.25%

Primo

Brands

Corp

Term

Loan

B

6.55%,

03/31/2028

(n) 524

524

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.25%

$

956

Building

Materials

-

0.07%

ACProducts

Holdings

Inc

Term

Loan

B

8.81%,

05/17/2028

(n) 109

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.25%

Chariot

Buyer

LLC

Term

Loan

B

7.71%,

10/22/2028

(n) 632

632

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.25%

Cornerstone

Building

Brands

Inc

Term

Loan

B

7.71%,

04/12/2028

(n) 504

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.25%

CP

Atlas

Buyer

Inc

Term

Loan

B

9.61%,

07/01/2030

(n) 164

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.25%

SENIOR

FLOATING

RATE

INTERESTS

(continued)

Principal

Amount

(000's)

Value

(000's)

Building

Materials

(continued)

MI

Windows

And

Doors

LLC

Term

Loan

B3

7.11%,

03/21/2031

(n) $

$

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.75%

Quikrete

Holdings

Inc

Term

Loan

B3

6.61%,

01/31/2032

(n) 134

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.25%

Quikrete

Holdings

Inc

Term

Loan

B1

6.61%,

04/14/2031

(n) 119

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.25%

$

1,670

Chemicals

-

0.10%

Discovery

Purchaser

Corp

Term

Loan

B

8.08%,

08/04/2029

(n) 308

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.75%

Ecovyst

Catalyst

Technologies

LLC

Term

Loan

B

6.31%,

06/12/2031

(n) 262

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.00%

Fortis

Inc

Term

Loan

B

7.79%,

03/29/2032

(n) 110

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.50%

Herens

US

Holdco

Corp

Term

Loan

B

8.32%,

07/03/2028

(n) 107

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.93%

INEOS

US

Finance

LLC

Term

Loan

B

7.36%,

02/07/2031

(n) 17

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.00%

7.61%,

02/18/2030

(n) 165

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.25%

NIC

Acquisition

Corp

Term

Loan

B

8.31%,

12/29/2027

(n) 113

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.75%

Nouryon

Finance

BV

Term

Loan

B

7.60%,

04/03/2028

(n) 733

734

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.25%

Olympus

Water

US

Holding

Corp

0.00%,

07/23/2032

(n),(o)

Qnity

Electronics

Inc

Term

Loan

B

0.00%,

08/12/2032

(n),(o)

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.00%

USALCO

LLC

Term

Loan

B

7.86%,

09/30/2031

(n) 203

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.50%

$

2,376

Commercial

Services

-

0.24%

Allied

Universal

Holdco

LLC

Term

Loan

B

7.59%,

08/06/2032

(n) 500

501

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.25%

American

Auto

Auction

Group

LLC

Term

Loan

B

8.83%,

05/22/2032

(n) 33

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.50%

Consolidated

Schedule

of

Investments

Diversified

Real

Asset

Fund

August

31,

2025

See

accompanying

notes.

SENIOR

FLOATING

RATE

INTERESTS

(continued)

Principal

Amount

(000's)

Value

(000's)

Commercial

Services

(continued)

Anticimex

Global

AB

Term

Loan

B1

7.66%,

11/16/2028

(n) $

593

$

593

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.40%

Belron

Finance

2019

LLC

Term

Loan

B

6.74%,

10/16/2031

(n) 175

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.50%

Boost

Newco

Borrower

LLC

Term

Loan

B2

6.30%,

01/31/2031

(n) 456

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.00%

Camelot

US

Acquisition

LLC

Term

Loan

B

7.11%,

01/31/2031

(n) 8

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.75%

Catawba

Nation

Gaming

Authority

Term

Loan

B

9.04%,

03/29/2032

(n) 145

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.75%

Creative

Artists

Agency

LLC

Term

Loan

B

6.86%,

10/01/2031

(n) 201

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.50%

Ensemble

RCM

LLC

Term

Loan

B

7.31%,

08/01/2029

(n) 189

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.00%

First

Advantage

Holdings

LLC

Term

Loan

B3

7.11%,

10/31/2031

(n) 298

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.75%

Garda

World

Security

Corp

Term

Loan

B

7.36%,

02/01/2029

(n) 593

593

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.00%

Jupiter

Buyer

Inc

Term

Loan

B

9.04%,

10/10/2031

(n) 273

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.75%

Mister

Car

Wash

Holdings

Inc

Term

Loan

B

6.86%,

03/27/2031

(n) 239

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.75%

OMNIA

Partners

LLC

Term

Loan

B

6.81%,

07/25/2030

(n) 256

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.75%

PG

Polaris

BidCo

Sarl

Term

Loan

B

7.05%,

03/26/2031

(n) 353

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.00%

Prime

Security

Services

Borrower

LLC

Term

Loan

B1

6.13%,

10/13/2030

(n) 410

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.00%

Priority

Holdings

LLC

Term

Loan

B

8.11%,

07/23/2032

(n) 125

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.75%

Shift4

Payments

LLC

7.05%,

05/07/2032

(n) 40

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.75%

SENIOR

FLOATING

RATE

INTERESTS

(continued)

Principal

Amount

(000's)

Value

(000's)

Commercial

Services

(continued)

Spin

Holdco

Inc

Term

Loan

B

8.58%,

03/03/2028

(n) $

$

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.00%

Wand

NewCo

Inc

Term

Loan

B2

6.86%,

01/30/2031

(n) 425

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.50%

WEX

Inc

Term

Loan

B2

6.11%,

03/31/2028

(n) 81

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.75%

XPLOR

T1

LLC

Term

Loan

B

7.80%,

06/24/2031

(n) 179

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.50%

$

5,947

Computers

-

0.14%

Amentum

Holdings

Inc

Term

Loan

B

6.61%,

07/30/2031

(n) 111

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.25%

Cubic

Corp

Term

Loan

B

0.00%,

05/25/2028

(n),(o)

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.25%

Cubic

Corp

Term

Loan

C

0.00%,

05/25/2028

(n),(o)

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.25%

Fortress

Intermediate

Inc

Term

Loan

B

7.35%,

06/27/2031

(n) 262

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.00%

Kaseya

Inc

Term

Loan

B

7.61%,

03/06/2032

(n) 316

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.25%

McAfee

Corp

Term

Loan

B1

7.35%,

03/01/2029

(n) 433

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.00%

NCR

Atleos

Corp

Term

Loan

B

8.06%,

03/27/2029

(n) 96

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.75%

Perforce

Software

Inc

Term

Loan

B

9.11%,

03/21/2031

(n) 204

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.75%

Synechron

Inc

Term

Loan

B

8.06%,

10/03/2031

(n) 249

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.75%

Tempo

Acquisition

LLC

Term

Loan

B1

6.11%,

08/31/2028

(n) 135

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.75%

VeriFone

Systems

Inc

Term

Loan

10.07%,

08/18/2028

(n) 400

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.50%

Vision

Solutions

Inc

Term

Loan

B

8.57%,

04/23/2028

(n) 276

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.00%

Consolidated

Schedule

of

Investments

Diversified

Real

Asset

Fund

August

31,

2025

See

accompanying

notes.

SENIOR

FLOATING

RATE

INTERESTS

(continued)

Principal

Amount

(000's)

Value

(000's)

Computers

(continued)

X

Corp

Term

Loan

B1

10.96%,

10/26/2029

(n) $

680

$

664

CME

Term

Secured

Overnight

Financing

Rate

Month

+

6.50%

X

Corp

Term

Loan

B3

9.50%,

10/26/2029

(n) 248

$

3,364

Consumer

Products

-

0.01%

Kronos

Acquisition

Holdings

Inc

Term

Loan

B

8.30%,

06/27/2031

(n) 79

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.00%

VC

GB

Holdings

I

Corp

Term

Loan

B

8.06%,

06/30/2028

(n) 81

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.50%

$

Cosmetics

&

Personal

Care

-

0.02%

Conair

Holdings

LLC

Term

Loan

B

8.22%,

05/17/2028

(n) 56

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.75%

Opal

US

LLC

Term

Loan

B

7.44%,

03/31/2032

(n) 330

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.25%

$

Distribution

&

Wholesale

-

0.01%

Gates

Corp/DE

Term

Loan

B5

6.11%,

06/04/2031

(n) 212

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.75%

Resideo

Funding

Inc

Term

Loan

B

6.36%,

08/09/2032

(n) 155

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.00%

$

Diversified

Financial

Services

-

0.02%

Dechra

Finance

US

LLC

Term

Loan

B

7.45%,

01/27/2032

(n) 125

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.25%

Ditech

Holding

Corp

0.00%,

06/30/2022

(f),(n)

792

Prime

Rate

+

6.00%

Kestra

Advisor

Services

Holdings

A

Inc

Term

Loan

B

7.36%,

03/22/2031

(n) 240

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.00%

Orion

US

Finco

Inc

Term

Loan

B

0.00%,

05/20/2032

(n),(o)

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.50%

$

Electric

-

0.12%

Cornerstone

Generation

LLC

Term

Loan

B

7.48%,

08/11/2032

(n) 359

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.25%

Invenergy

Thermal

Operating

I

LLC

7.91%,

05/06/2032

(n) 108

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.50%

7.91%,

05/06/2032

(n) 7

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.50%

SENIOR

FLOATING

RATE

INTERESTS

(continued)

Principal

Amount

(000's)

Value

(000's)

Electric

(continued)

Kestrel

Acquisition

LLC

Term

Loan

B

7.80%,

10/29/2031

(n) $

$

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.50%

Long

Ridge

Energy

LLC

8.79%,

02/07/2032

(n) 50

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.50%

NRG

Energy

Inc

Term

Loan

B

6.06%,

04/16/2031

(n) 125

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.75%

Talen

Energy

Supply

LLC

Term

Loan

B

6.73%,

05/17/2030

(n) 1,152

1,154

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.50%

6.73%,

12/11/2031

(n) 915

918

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.50%

$

2,920

Electronics

-

0.01%

Coherent

Corp

Term

Loan

B2

6.35%,

07/02/2029

(n) 71

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.00%

Ingram

Micro

Inc

Term

Loan

B2

6.56%,

09/22/2031

(n) 155

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.25%

$

Engineering

&

Construction

-

0.05%

Apple

Bidco

LLC

Term

Loan

B

6.86%,

09/22/2031

(n) 510

510

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.50%

Brown

Group

Holding

LLC

Term

Loan

B1

6.86%,

07/01/2031

(n) 356

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.50%

Brown

Group

Holding

LLC

Term

Loan

B2

7.08%,

07/01/2031

(n) 148

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.75%

Centuri

Group

Inc

Term

Loan

B

6.61%,

07/01/2032

(n) 140

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.25%

DG

Investment

Intermediate

Holdings

Inc

Term

Loan

B

8.10%,

07/02/2032

(n) 42

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.75%

$

1,196

Entertainment

-

0.17%

Allwyn

International

A.S.

6.33%,

06/02/2031

(n) 89

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.00%

AMC

Entertainment

Holdings

Inc

Term

Loan

11.34%,

01/04/2029

(n) 877

878

CME

Term

Secured

Overnight

Financing

Rate

Month

+

7.00%

Caesars

Entertainment

Inc

Term

Loan

B

6.61%,

02/06/2030

(n) 419

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.25%

Consolidated

Schedule

of

Investments

Diversified

Real

Asset

Fund

August

31,

2025

See

accompanying

notes.

SENIOR

FLOATING

RATE

INTERESTS

(continued)

Principal

Amount

(000's)

Value

(000's)

Entertainment

(continued)

Caesars

Entertainment

Inc

Term

Loan

B1

6.61%,

02/06/2031

(n) $

$

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.25%

Cinemark

USA

Inc

Term

Loan

B

6.59%,

05/24/2030

(n) 243

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.25%

Crown

Finance

US

Inc

Term

Loan

B

8.85%,

12/02/2031

(n) 609

608

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.50%

Entain

Holdings

Gibraltar

Ltd

Term

Loan

B3

7.02%,

10/31/2029

(n) 548

548

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.75%

Flutter

Financing

BV

Term

Loan

B

6.05%,

11/30/2030

(n) 241

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.75%

6.30%,

06/04/2032

(n) 80

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.00%

Herschend

Entertainment

Co

LLC

Term

Loan

7.60%,

05/14/2032

(n) 125

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.25%

Light

&

Wonder

International

Inc

Term

Loan

B2

6.61%,

04/14/2029

(n) 123

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.25%

Scientific

Games

Holdings

LP

Term

Loan

B

7.29%,

04/04/2029

(n) 487

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.00%

SeaWorld

Parks

&

Entertainment

Inc

Term

Loan

B3

6.36%,

12/04/2031

(n) 102

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.00%

Six

Flags

Entertainment

Corp

Term

Loan

B

6.36%,

04/18/2031

(n) 89

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.00%

$

4,244

Environmental

Control

-

0.05%

GFL

ES

US

LLC

Term

Loan

B

6.82%,

02/04/2032

(n) 220

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.50%

Madison

IAQ

LLC

Term

Loan

B

6.70%,

06/21/2028

(n) 143

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.50%

Reworld

Holding

Corp

Term

Loan

B1

6.61%,

11/30/2028

(n) 192

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.25%

Reworld

Holding

Corp

Term

Loan

C1

6.61%,

11/30/2028

(n) 15

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.25%

Win

Waste

Innovations

Holdings

Inc

Term

Loan

7.22%,

03/24/2028

(n) 590

589

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.75%

SENIOR

FLOATING

RATE

INTERESTS

(continued)

Principal

Amount

(000's)

Value

(000's)

Environmental

Control

(continued)

Win

Waste

Innovations

Holdings

Inc

Term

Loan

B1

8.22%,

03/24/2028

(n) $

$

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.75%

$

1,229

Food

-

0.04%

Aspire

Bakeries

Hldgs

LLC

7.83%,

12/23/2030

(n) 139

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.50%

B&G

Foods

Inc

Term

Loan

B5

0.00%,

10/10/2029

(n),(o)

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.50%

CHG

PPC

Parent

LLC

Term

Loan

B

7.47%,

12/08/2028

(n) 224

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.00%

Fiesta

Purchaser

Inc

Term

Loan

B

7.09%,

02/12/2031

(n) 241

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.75%

Froneri

US

Inc

Term

Loan

B6

0.00%,

07/16/2032

(n),(o)

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.50%

Savor

Acquisition

Inc

Term

Loan

B

7.61%,

02/04/2032

(n) 91

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.25%

$

927

Hand

&

Machine

Tools

-

0.01%

Madison

Safety

&

Flow

LLC

Term

Loan

B

7.11%,

09/26/2031

(n) 169

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.75%

Healthcare

-

Products

-

0.08%

Bausch

+

Lomb

Corp

Term

Loan

B

8.61%,

12/18/2030

(n) 256

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.25%

Insulet

Corp

Term

Loan

B

6.36%,

08/04/2031

(n) 178

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.00%

Medline

Borrower

LP

Term

Loan

B

6.36%,

10/23/2028

(n) 1,217

1,217

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.00%

Viant

Medical

Holdings

Inc

Term

Loan

8.36%,

10/17/2031

(n) 262

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.00%

Vyaire

Medical

Inc

0.00%,

10/10/2024

(f),(i),(n)

—

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.00%

0.00%,

04/16/2025

(f),(i),(n)

510

—

$

1,914

Healthcare

-

Services

-

0.23%

ADMI

Corp

Term

Loan

B1

10.11%,

12/23/2027

(n) 177

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.75%

Concentra

Health

Services

Inc

Term

Loan

B1

6.36%,

07/26/2031

(n) 174

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.00%

Consolidated

Schedule

of

Investments

Diversified

Real

Asset

Fund

August

31,

2025

See

accompanying

notes.

SENIOR

FLOATING

RATE

INTERESTS

(continued)

Principal

Amount

(000's)

Value

(000's)

Healthcare

-

Services

(continued)

Eyecare

Partners

LLC

PIK

Term

Loan

B

5.23%,

PIK

3.61%,

11/30/2028

(m),(n)

$

$

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.00%

Global

Medical

Response

Inc

PIK

Term

Loan

B

8.95%,

PIK

0.75%,

10/31/2028

(m),(n)

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.75%

Medical

Solutions

Holdings

Inc

Term

Loan

B

7.91%,

10/06/2028

(n) 229

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.50%

National

Mentor

Holdings

Inc

Term

Loan

B

8.20%,

03/02/2028

(n) 300

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.75%

National

Mentor

Holdings

Inc

Term

Loan

C

8.15%,

03/02/2028

(n) 12

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.75%

Onex

TSG

Intermediate

Corp

8.00%,

07/23/2032

(n) 143

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.75%

Pacific

Dental

Services

LLC

Term

Loan

B

7.09%,

03/15/2031

(n) 265

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.75%

Phoenix

Guarantor

Inc

Term

Loan

B5

6.86%,

02/21/2031

(n) 450

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.50%

Phoenix

Newco

Inc

Term

Loan

B

6.86%,

11/15/2028

(n) 1,029

1,030

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.50%

Radiology

Partners

Inc

Term

Loan

B

8.80%,

06/25/2032

(n) 329

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.50%

Select

Medical

Corp

Term

Loan

B2

6.36%,

11/18/2031

(n) 153

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.00%

Sound

Inpatient

Physicians

Inc

PIK

Term

Loan

B

8.06%,

PIK

1.50%,

06/28/2028

(m),(n)

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.50%

Sound

Inpatient

Physicians

Inc

PIK

Term

Loan

A

10.06%,

PIK

1.00%,

06/28/2028

(m),(n)

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.50%

Star

Parent

Inc

Term

Loan

B

8.30%,

09/27/2030

(n) 127

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.00%

Surgery

Center

Holdings

Inc

Term

Loan

6.86%,

12/19/2030

(n) 952

952

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.50%

Team

Health

Holdings

Inc

Term

Loan

B

8.80%,

06/23/2028

(n) 625

622

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.50%

SENIOR

FLOATING

RATE

INTERESTS

(continued)

Principal

Amount

(000's)

Value

(000's)

Healthcare

-

Services

(continued)

US

Radiology

Specialists

Inc

Term

Loan

B

9.05%,

12/15/2027

(n) $

$

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.75%

$

5,531

Home

Furnishings

-

0.05%

AI

Aqua

Merger

Sub

Inc

Term

Loan

B

7.35%,

07/31/2028

(n) 703

703

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.00%

Somnigroup

International

Inc

Term

Loan

B

6.56%,

10/24/2031

(n) 218

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.25%

Weber-Stephen

Products

LLC

Term

Loan

B

7.72%,

10/30/2027

(n) 248

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.25%

Weber-Stephen

Products

LLC

Term

Loan

8.70%,

10/30/2027

(n) 25

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.25%

$

1,192

Insurance

-

0.25%

Acrisure

LLC

Term

Loan

B6

7.36%,

11/06/2030

(n) 437

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.00%

Alera

Group

Inc

Term

Loan

B

7.61%,

05/21/2032

(n) 280

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.25%

Alliant

Holdings

Intermediate

LLC

Term

Loan

B

6.82%,

09/19/2031

(n) 981

979

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.50%

AmWINS

Group

Inc

Term

Loan

B

6.61%,

01/23/2032

(n) 312

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.25%

Asurion

LLC

Term

Loan

B9

7.72%,

07/31/2027

(n) 293

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.25%

Asurion

LLC

Term

Loan

B3

9.72%,

01/31/2028

(n) 245

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.25%

Asurion

LLC

Term

Loan

B4

9.69%,

01/20/2029

(n) 139

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.25%

Asurion

LLC

Term

Loan

B11

8.71%,

08/19/2028

(n) 30

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.25%

Asurion

LLC

Term

Loan

B13

8.61%,

09/19/2030

(n) 375

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.25%

BroadStreet

Partners

Inc

Term

Loan

B4

7.11%,

06/14/2031

(n) 1,036

1,036

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.75%

CRC

Insurance

Group

LLC

Term

Loan

B

7.05%,

05/06/2031

(n) 353

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.75%

Consolidated

Schedule

of

Investments

Diversified

Real

Asset

Fund

August

31,

2025

See

accompanying

notes.

SENIOR

FLOATING

RATE

INTERESTS

(continued)

Principal

Amount

(000's)

Value

(000's)

Insurance

(continued)

HUB

International

Ltd

Term

Loan

B

6.83%,

06/20/2030

(n) $

637

$

638

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.50%

Sedgwick

Claims

Management

Services

Inc

Term

Loan

B

6.86%,

07/31/2031

(n) 640

641

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.50%

Trucordia

Insurance

Holdings

LLC

Term

Loan

7.61%,

06/14/2032

(n) 170

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.25%

USI

Inc

/NY

Term

Loan

C

6.55%,

09/27/2030

(n) 98

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.25%

USI

Inc

/NY

Term

Loan

D

6.55%,

11/22/2029

(n) 228

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.25%

$

6,233

Internet

-

0.05%

CNT

Holdings

I

Corp

Term

Loan

B

6.56%,

11/08/2032

(n) 486

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.50%

Gen

Digital

Inc

Term

Loan

B1

6.11%,

09/12/2029

(n) 290

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.75%

Proofpoint

Inc

Term

Loan

B

7.36%,

08/31/2028

(n) 466

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.00%

$

1,243

Investment

Companies

-

0.01%

Acuren

Delaware

Holdco

Inc

Term

Loan

7.11%,

07/30/2031

(n) 65

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.75%

Aragorn

Parent

Corp

Term

Loan

B

7.86%,

12/15/2028

(n) 261

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.50%

$

Leisure

Products

&

Services

-

0.06%

Alterra

Mountain

Co

Term

Loan

B

6.85%,

05/31/2030

(n) 539

540

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.50%

Alterra

Mountain

Co

Term

Loan

B6

6.85%,

08/18/2028

(n) 96

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.50%

GBT

US

III

LLC

Term

Loan

B1

6.81%,

07/28/2031

(n) 151

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.50%

Hayward

Industries

Inc

Term

Loan

B

6.97%,

05/28/2028

(n) 466

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.50%

Topgolf

Callaway

Brands

Corp

Term

Loan

B

7.36%,

03/16/2030

(n) 137

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.00%

$

1,388

SENIOR

FLOATING

RATE

INTERESTS

(continued)

Principal

Amount

(000's)

Value

(000's)

Lodging

-

0.01%

Fertitta

Entertainment

LLC/NV

Term

Loan

B

7.60%,

01/13/2029

(n) $

$

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.25%

Machinery

-

Diversified

-

0.10%

Chart

Industries

Inc

Term

Loan

B

6.79%,

03/15/2030

(n) 401

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.50%

Husky

Injection

Molding

Systems

Ltd

Term

Loan

B

8.73%,

02/01/2029

(n) 372

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.50%

Oregon

Tool

Lux

LP

Term

Loan

8.45%,

10/15/2029

(n) 104

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.00%

9.54%,

10/15/2029

(n) 53

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.25%

TK

Elevator

US

Newco

Inc

Term

Loan

B

7.20%,

04/30/2030

(n) 1,084

1,088

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.00%

Victory

Buyer

LLC

Term

Loan

8.22%,

11/18/2028

(n) 394

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.75%

$

2,393

Media

-

0.15%

Cengage

Learning

Inc

Term

Loan

B

7.76%,

03/22/2031

(n) 307

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.50%

Century

DE

Buyer

LLC

Term

Loan

7.30%,

10/30/2030

(n) 261

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.00%

CSC

Holdings

LLC

Term

Loan

B5

8.88%,

04/15/2027

(n) 778

760

Prime

Rate

+

1.50%

CSC

Holdings

LLC

Term

Loan

B6

8.86%,

01/18/2028

(n) 769

766

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.50%

Directv

Financing

LLC

Term

Loan

Non-Extended

9.57%,

08/02/2027

(n) 100

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.00%

EW

Scripps

Co/The

Term

Loan

B2

10.23%,

06/30/2028

(n) 26

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.75%

EW

Scripps

Co/The

Term

Loan

B3

7.83%,

11/30/2029

(n) 42

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.35%

McGraw-Hill

Education

Inc

Term

Loan

B

7.61%,

08/06/2031

(n) 172

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.25%

Sinclair

Television

Group

Inc

Term

Loan

B6

7.87%,

12/31/2029

(n) 86

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.30%

Consolidated

Schedule

of

Investments

Diversified

Real

Asset

Fund

August

31,

2025

See

accompanying

notes.

SENIOR

FLOATING

RATE

INTERESTS

(continued)

Principal

Amount

(000's)

Value

(000's)

Media

(continued)

Sunrise

Financing

Partnership

Term

Loan

AAA

6.69%,

01/31/2032

(n) $

$

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.50%

Virgin

Media

Bristol

LLC

Term

Loan

Y

7.37%,

03/31/2031

(n) 219

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.18%

WideOpenWest

Finance

LLC

Term

Loan

0.00%,

12/11/2028

(n),(o)

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.00%

Ziggo

Financing

Partnership

Term

Loan

I

6.98%,

04/28/2028

(n) 611

591

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.50%

$

3,640

Metal

Fabrication

&

Hardware

-

0.00%

Tiger

Acquisition

LLC

Term

Loan

B

0.00%,

08/13/2032

(n),(o)

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.50%

Mining

-

0.01%

Arsenal

AIC

Parent

LLC

Term

Loan

B

7.11%,

08/18/2030

(n) 352

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.75%

Packaging

&

Containers

-

0.09%

Berlin

Packaging

LLC

Term

Loan

B7

7.59%,

06/07/2031

(n) 329

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.25%

Clydesdale

Acquisition

Holdings

Inc

Term

Loan

B

7.53%,

04/13/2029

(n) 335

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.18%

7.61%,

03/26/2032

(n) 553

553

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.25%

Klockner

Pentaplast

of

America

Inc

Term

Loan

B

9.23%,

02/12/2026

(n) 347

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.73%

Plaze

Inc

Term

Loan

B

8.22%,

08/03/2026

(n) 135

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.75%

Proampac

PG

Borrower

LLC

Term

Loan

B

8.27%,

09/15/2028

(n) 373

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.00%

SupplyOne

Inc

Term

Loan

B

7.86%,

03/27/2031

(n) 232

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.50%

TricorBraun

Holdings

Inc

Term

Loan

7.61%,

03/03/2031

(n) 96

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.25%

$

2,247

Pharmaceuticals

-

0.06%

Amneal

Pharmaceuticals

LLC

Term

Loan

B

7.85%,

07/23/2032

(n) 125

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.50%

SENIOR

FLOATING

RATE

INTERESTS

(continued)

Principal

Amount

(000's)

Value

(000's)

Pharmaceuticals

(continued)

Barentz

International

BV

7.65%,

03/03/2031

(n) $

$

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.25%

Gainwell

Acquisition

Corp

Term

Loan

B

8.40%,

10/01/2027

(n) 327

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.00%

Jazz

Financing

Lux

Sarl

Term

Loan

B2

6.61%,

05/05/2028

(n) 471

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.25%

Organon

&

Co

Term

Loan

B

6.57%,

05/19/2031

(n) 421

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.25%

$

1,552

Pipelines

-

0.08%

BCP

Renaissance

Parent

LLC

Term

Loan

B6

6.80%,

10/31/2028

(n) 268

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.50%

Colossus

Acquireco

LLC

Term

Loan

B

6.05%,

06/11/2032

(n) 125

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.75%

EPIC

Crude

Services

LP

Term

Loan

B

6.83%,

10/15/2031

(n) 233

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.50%

Freeport

LNG

Investments

LLLP

7.59%,

11/17/2026

(n) 550

549

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.00%

Freeport

LNG

Investments

LLLP

Term

Loan

B

7.58%,

12/21/2028

(n) 542

542

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.25%

Oryx

Midstream

Services

Permian

Basin

LLC

Term

Loan

B

6.57%,

10/05/2028

(n) 179

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.25%

Traverse

Midstream

Partners

LLC

Term

Loan

B

6.81%,

02/16/2028

(n) 38

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.00%

$

1,933

Real

Estate

-

0.03%

Cushman

&

Wakefield

US

Borrower

LLC

Term

Loan

B2

7.11%,

01/31/2030

(n) 359

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.75%

Forest

City

Enterprises

LLC

Term

Loan

B

7.97%,

12/07/2025

(n) 397

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.50%

$

744

Retail

-

0.12%

1011778

BC

ULC

Term

Loan

B6

6.11%,

09/20/2030

(n) 324

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.75%

Academy

Ltd

Term

Loan

8.22%,

11/05/2027

(n) 71

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.75%

Consolidated

Schedule

of

Investments

Diversified

Real

Asset

Fund

August

31,

2025

See

accompanying

notes.

SENIOR

FLOATING

RATE

INTERESTS

(continued)

Principal

Amount

(000's)

Value

(000's)

Retail

(continued)

Boots

Group

PLC

0.00%,

07/16/2032

(n),(o)

$

$

EG

America

LLC

Term

Loan

B

7.83%,

02/07/2028

(n) 231

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.50%

Foundation

Building

Materials

Inc

Term

Loan

B1

0.00%,

01/31/2028

(n),(o)

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.25%

Gulfside

Supply

Inc

Term

Loan

B

7.30%,

05/29/2031

(n) 212

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.00%

IRB

Holding

Corp

Term

Loan

B

6.86%,

12/15/2027

(n) 398

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.50%

Johnstone

Supply

LLC

Term

Loan

B

6.84%,

06/09/2031

(n) 318

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.50%

Kodiak

BP

LLC

Term

Loan

B

8.04%,

12/04/2031

(n) 47

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.75%

LBM

Acquisition

LLC

Term

Loan

B

8.21%,

06/06/2031

(n) 309

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.75%

LS

Group

OpCo

Acquistion

LLC

Term

Loan

B1

6.84%,

04/23/2031

(n) 207

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.50%

Michaels

Cos

Inc

/The

Term

Loan

8.81%,

04/15/2028

(n) 211

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.25%

Petco

Health

&

Wellness

Co

Inc

Term

Loan

B

7.81%,

03/03/2028

(n) 89

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.25%

PetSmart

LLC

Term

Loan

B

8.36%,

08/06/2032

(n) 100

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.00%

QXO

Building

Products

Inc

Term

Loan

B

7.29%,

04/23/2032

(n) 85

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.00%

Restoration

Hardware

Inc

Term

Loan

B

6.97%,

10/20/2028

(n) 213

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.50%

Serta

Simmons

Bedding

LLC

Term

Loan

Exit

11.92%,

06/29/2028

(n) 20

CME

Term

Secured

Overnight

Financing

Rate

Month

+

7.50%

White

Cap

Supply

Holdings

LLC

Term

Loan

B

7.60%,

10/19/2029

(n) 143

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.25%

$

3,023

Software

-

0.54%

Avalara

Inc

Term

Loan

B

7.55%,

03/19/2032

(n) 275

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.25%

SENIOR

FLOATING

RATE

INTERESTS

(continued)

Principal

Amount

(000's)

Value

(000's)

Software

(continued)

Avaya

Inc

PIK

Term

Loan

Exit

11.86%,

PIK

0.00%,

07/31/2028

(m),(n)

$

906

$

759

CME

Term

Secured

Overnight

Financing

Rate

Month

+

7.50%

Azalea

Topco

Inc

Term

Loan

B

7.36%,

04/30/2031

(n) 317

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.00%

BCPE

Pequod

Buyer

Inc

Term

Loan

B

7.36%,

09/19/2031

(n) 209

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.00%

Boxer

Parent

Co

Inc

Term

Loan

B

7.33%,

07/30/2031

(n) 1,184

1,182

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.00%

Cloud

Software

Group

Inc

Term

Loan

B2

7.48%,

03/21/2031

(n) 45

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.25%

Cotiviti

Inc

Term

Loan

B

7.10%,

05/01/2031

(n) 589

588

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.75%

Cotiviti

Inc

Term

Loan

7.10%,

03/26/2032

(n) 250

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.75%

Dayforce

Inc

Term

Loan

B

6.31%,

03/01/2031

(n) 230

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.00%

Disco

Parent

Inc

/

Duck

Creek

Technologies

Inc

7.48%,

07/30/2032

(n) 65

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.25%

DTI

Holdco

Inc

Term

Loan

B

8.36%,

04/26/2029

(n) 132

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.00%

Ellucian

Holdings

Inc

Term

Loan

B

7.11%,

10/09/2029

(n) 278

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.75%

Epicor

Software

Corp

Term

Loan

B

6.86%,

05/23/2031

(n) 1,048

1,050

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.75%

EVERTEC

Group

LLC

Term

Loan

B

6.61%,

10/30/2030

(n) 220

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.25%

FinThrive

Software

Intermediate

Holdings

Inc

Term

Loan

C

8.46%,

12/15/2028

(n) 29

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.00%

FinThrive

Software

Intermediate

Holdings

Inc

Term

Loan

B

8.34%,

12/17/2028

(n) 194

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.00%

Genesys

Cloud

Services

Inc

Term

Loan

B

6.86%,

01/23/2032

(n) 614

614

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.50%

Consolidated

Schedule

of

Investments

Diversified

Real

Asset

Fund

August

31,

2025

See

accompanying

notes.

SENIOR

FLOATING

RATE

INTERESTS

(continued)

Principal

Amount

(000's)

Value

(000's)

Software

(continued)

Icon

Parent

Inc

7.09%,

11/13/2031

(n) $

711

$

711

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.75%

Informatica

LLC

Term

Loan

B

6.61%,

10/27/2028

(n) 451

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.25%

Javelin

Buyer

Inc

Term

Loan

7.06%,

12/05/2031

(n) 432

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.75%

Leia

Finco

US

LLC

Term

Loan

B

7.57%,

10/09/2031

(n) 549

550

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.25%

Mitchell

International

Inc

Term

Loan

B

7.61%,

06/17/2031

(n) 492

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.25%

PointClickCare

Technologies

Inc

Term

Loan

B

7.08%,

11/03/2031

(n) 224

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.75%

Project

Ruby

Ultimate

Parent

Corp

Term

Loan

B5

7.22%,

03/10/2028

(n) 239

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.75%

Rackspace

Finance

LLC

Term

Loan

B

7.22%,

05/15/2028

(n) 373

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.75%

10.72%,

05/15/2028

(n) 230

CME

Term

Secured

Overnight

Financing

Rate

Month

+

6.25%

Rocket

Software

Inc

Term

Loan

B

8.11%,

11/28/2028

(n) 513

514

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.75%

SS&C

Technologies

Inc

Term

Loan

B8

6.48%,

05/09/2031

(n) 177

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.00%

UKG

Inc

Term

Loan

B

6.81%,

02/10/2031

(n) 1,559

1,558

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.50%

VS

Buyer

LLC

Term

Loan

B

6.56%,

04/12/2031

(n) 228

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.25%

West

Technology

Group

LLC

Term

Loan

B3

8.56%,

04/09/2027

(n) 252

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.00%

Zelis

Payments

Buyer

Inc

Term

Loan

B

7.11%,

09/28/2029

(n) 607

605

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.75%

ZoomInfo

LLC

Term

Loan

B

6.11%,

02/28/2030

(n) 158

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.75%

$

13,308

SENIOR

FLOATING

RATE

INTERESTS

(continued)

Principal

Amount

(000's)

Value

(000's)

Telecommunications

-

0.42%

Altice

France

SA

Term

Loan

B14-Exit

9.82%,

08/15/2028

(n) $

$

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.50%

Altice

France

SA

Term

Loan

B11

9.12%,

09/29/2025

(n) 164

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.75%

Altice

France

SA

Term

Loan

B12

10.05%,

01/31/2026

(n) 148

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.69%

Altice

France

SA

Term

Loan

B13

10.36%,

08/14/2026

(n) 395

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.00%

Cincinnati

Bell

Inc

Term

Loan

B4

7.11%,

11/22/2028

(n) 363

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.75%

CommScope

LLC

9.11%,

12/18/2029

(n) 1,830

1,860

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.25%

Connect

Finco

SARL

Term

Loan

B

8.86%,

09/27/2029

(n) 137

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.50%

Cyborg

Oldco

DC

Holdings

Inc

0.00%,

05/01/2024

(f),(i),(n)

—

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.00%

Delta

Topco

Inc

Term

Loan

B

7.07%,

11/30/2029

(n) 860

856

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.75%

Digicel

International

Finance

Ltd

9.49%,

07/30/2032

(n) 266

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.25%

EOS

US

Finco

LLC

Term

Loan

0.00%,

PIK

10.28%,

10/06/2029

(m),(n)

—

CME

Term

Secured

Overnight

Financing

Rate

Month

+

6.00%

Frontier

Communications

Holdings

LLC

Term

Loan

B

6.87%,

07/01/2031

(n) 943

942

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.50%

Level

Financing

Inc

Term

Loan

B3

8.61%,

03/22/2032

(n) 983

987

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.25%

Lumen

Technologies

Inc

Term

Loan

A

10.36%,

06/01/2028

(n) 399

CME

Term

Secured

Overnight

Financing

Rate

Month

+

6.00%

Lumen

Technologies

Inc

Term

Loan

B2

6.82%,

04/15/2030

(n) 708

703

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.35%

Telesat

LLC

Term

Loan

B5

7.34%,

12/07/2026

(n) 164

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.75%

Consolidated

Schedule

of

Investments

Diversified

Real

Asset

Fund

August

31,

2025

See

accompanying

notes.

SENIOR

FLOATING

RATE

INTERESTS

(continued)

Principal

Amount

(000's)

Value

(000's)

Telecommunications

(continued)

Viasat

Inc

Term

Loan

B

8.97%,

05/30/2030

(n) $

$

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.50%

8.98%,

03/04/2029

(n) 23

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.50%

Zayo

Group

Holdings

Inc

Term

Loan

B

0.00%,

03/09/2027

(n),(o)

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.25%

7.47%,

03/09/2027

(n) 2,389

2,305

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.00%

$

10,158

Transportation

-

0.01%

PODS

LLC

Term

Loan

B

7.47%,

03/31/2028

(n) 144

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.00%

Stonepeak

Nile

Parent

LLC

Term

Loan

B

7.08%,

04/11/2032

(n) 156

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.75%

$

TOTAL

SENIOR

FLOATING

RATE

INTERESTS

$

91,019

U.S.

GOVERNMENT

&

GOVERNMENT

AGENCY

OBLIGATIONS

-

20.00%

Principal

Amount

(000's)

Value

(000's)

Federal

National

Mortgage

Association

(FNMA)/Federal

Home

Loan

Mortgage

Corporation

(FHLMC)

Uniform

Mortgage-Backed

Security

-

0.83%

5.00%,

09/01/2055

(p) $

1,423

$

1,403

5.50%,

09/01/2055

(p) 11,244

11,308

6.00%,

09/01/2055

(p) 7,341

7,499

$

20,210

U.S.

Treasury

Bill

-

9.98%

4.00%,

01/15/2026

(a),(q),(r)

2,800

2,759

4.05%,

12/09/2025

(a),(q)

1,115

1,103

4.10%,

09/04/2025

(a),(q)

88,700

88,679

4.13%,

12/04/2025

(a),(q),(r),(s)

9,000

8,906

4.16%,

11/28/2025

(a),(q),(r),(s)

6,290

6,228

4.20%,

09/02/2025

(a),(q)

13,345

13,345

4.21%,

11/25/2025

(a),(q)

1,500

1,486

4.22%,

10/07/2025

(a),(q)

830

827

4.22%,

10/16/2025

(a),(q)

10,925

10,869

4.22%,

11/12/2025

(a),(q)

4.23%,

10/02/2025

(a),(q)

700

698

4.23%,

10/14/2025

(a),(q)

1,645

1,637

4.23%,

11/18/2025

(a),(q),(s)

53,250

52,790

4.25%,

10/09/2025

(a),(q)

2,590

2,579

4.26%,

09/30/2025

(a),(q)

20,355

20,288

4.27%,

09/23/2025

(a),(q)

31,495

31,417

$

243,953

U.S.

Treasury

Inflation-Indexed

Obligations

-

9.19%

0.13%,

10/15/2026

6,581

6,543

0.13%,

01/15/2030

5,817

5,580

0.13%,

07/15/2030

7,920

7,566

0.13%,

01/15/2031

7,472

7,045

0.13%,

07/15/2031

7,859

7,367

0.13%,

01/15/2032

8,681

8,018

0.13%,

02/15/2051

2,713

1,445

0.13%,

02/15/2052

3,326

1,729

0.25%,

07/15/2029

5,984

5,831

0.25%,

02/15/2050

2,823

1,605

0.38%,

01/15/2027

0.38%,

07/15/2027

2,545

2,532

0.50%,

01/15/2028

6,586

6,527

0.63%,

07/15/2032

8,715

8,273

0.63%,

02/15/2043

2,967

2,204

U.S.

GOVERNMENT

&

GOVERNMENT

AGENCY

OBLIGATIONS

(continued)

Principal

Amount

(000's)

Value

(000's)

U.S.

Treasury

Inflation-Indexed

Obligations

(continued)

0.75%,

07/15/2028

$

6,018

$

6,015

0.75%,

02/15/2042

3,514

2,734

0.75%,

02/15/2045

5,379

3,898

0.88%,

01/15/2029

5,238

5,225

0.88%,

02/15/2047

2,766

1,982

1.00%,

02/15/2046

2,227

1,669

1.00%,

02/15/2048

1,995

1,448

1.00%,

02/15/2049

1,878

1,340

1.13%,

01/15/2033

8,983

8,725

1.25%,

04/15/2028

7,813

7,875

1.38%,

07/15/2033

8,475

8,357

1.38%,

02/15/2044

2,982

2,492

1.50%,

02/15/2053

3,136

2,425

1.63%,

10/15/2027

6,267

6,389

1.63%,

10/15/2029

8,104

8,312

1.63%,

04/15/2030

10,221

10,439

1.75%,

01/15/2028

2,840

2,897

1.75%,

01/15/2034

9,082

9,128

1.88%,

07/15/2034

9,457

9,587

1.88%,

07/15/2035

3,687

3,708

2.13%,

04/15/2029

7,618

7,911

2.13%,

01/15/2035

(r) 10,865

11,166

2.13%,

02/15/2040

1,599

1,593

2.13%,

02/15/2041

2,277

2,238

2.13%,

02/15/2054

3,074

2,748

2.38%,

10/15/2028

7,556

7,915

2.38%,

02/15/2055

2,918

2,760

2.50%,

01/15/2029

2,744

2,884

3.38%,

04/15/2032

1,429

1,609

3.63%,

04/15/2028

2,636

2,819

3.88%,

04/15/2029

3,385

3,726

$

224,710

TOTAL

U.S.

GOVERNMENT

&

GOVERNMENT

AGENCY

OBLIGATIONS

$

488,873

TOTAL

PURCHASED

OPTIONS

-

0.00%

$

TOTAL

PURCHASED

INTEREST

RATE

SWAPTIONS

-

0.00%

$

Total

Investments

$

2,487,438

Other

Assets

and

Liabilities

- (1.74)%

(42,374)

TOTAL

NET

ASSETS

-

100.00%

$

2,445,064

(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) 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. (c) 1-day

yield

shown

is

as

of

period

end.

(d) Security

or

a

portion

of

the

security

was

received

as

collateral

for

securities

lending.

At

the

end

of

the

period,

the

value

of

these

securities

totaled

$11,305

or

0.46%

of

net

assets.

(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) Non-income

producing

security

(g) Security

or

a

portion

of

the

security

was

on

loan. At

the

end

of

the

period,

the

value

of

these

securities

totaled

$10,694

or

0.44%

of

net

assets.

(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

$64,117

or

2.62%

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) Restricted

Security.

Please

see

Restricted

Securities

sub-schedule

for

additional

information.

Consolidated

Schedule

of

Investments

Diversified

Real

Asset

Fund

August

31,

2025

See

accompanying

notes.

(k) Security

is

subject

to

a

contractual

sale

restriction

but

this

feature

is

not

considered

in

measuring

the

fair

value.

At

the

end

of

the

period,

the

value

of

these

securities

totaled

$510.

The

sale

restriction

provision

specified

in

the

shareholder

agreements

have

no

specified

expiration

date

or

circumstances

that

could

cause

a

lapse.

(l) Certain

variable

rate

securities

are

not

based

on

a

published

reference

rate

and

spread

but

are

determined

by

the

issuer

or

agent

and

are

based

on

current

market

conditions. These

securities

do

not

indicate

a

reference

rate

and

spread

in

their

description.

Rate

shown

is

the

rate

in

effect

as

of

period

end.

(m) Payment

in

kind;

the

issuer

has

the

option

of

paying

additional

securities

in

lieu

of

cash.

(n) Rate

information

disclosed

is

based

on

an

average

weighted

rate

of

the

underlying

tranches

as

of

period

end.

(o) This

Senior

Floating

Rate

Note

will

settle

after

August

31,

2025,

at

which

time

the

interest

rate

will

be

determined.

(p) Security

was

purchased

in

a

"to-be-announced"

("TBA")

transaction.

(q) Rate

shown

is

the

discount

rate

of

the

original

purchase.

(r) 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

$9,524

or

0.39%

of

net

assets.

(s) 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

$12,535

or

0.51%

of

net

assets.

Affiliated

Securities

August

31,

2024

Purchases

Sales

August

31,

2025

Value

Cost

Proceeds

Value

Principal

Government

Money

Market

Fund

-

Class

4.20%

$

108,731

$

1,784,847

$

1,842,439

$

51,139

$

108,731

$

1,784,847

$

1,842,439

$

51,139

Income

(a) Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Principal

Government

Money

Market

Fund

-

Class

4.20%

$

2,089

$

—

$

—

$

—

$

2,089

$

—

$

—

$

—

Amounts

in

thousands.

(a) Amount

excludes

earnings

from

securities

lending

collateral.

Restricted

Securities

Security

Name

Acquisition

Date

Cost

Value

Percent

of

Net

Assets

Millennium

Health

LLC

03/15/2016

$

—

$

0.00%

Millennium

Health

LLC

03/15/2016

—

—

0.00%

Total

$

0.00%

Amounts

in

thousands.

Options

Purchased

Options

Outstanding

Counterparty

Contracts/

Shares

Notional

Amount

Exercise

Price

Expiration

Date

Upfront

Payments

Fair

Value

Unrealized

Appreciation/

(Depreciation)

Call

-

EUR

versus

USD

Barclays

Bank

PLC

EUR

1,344

EUR

1.17 09/04/2025

$

$

$

—

Call

-

EUR

versus

USD

Barclays

Bank

PLC

1,344

EUR

1.17 09/04/2025

(4) Put

-

USD

versus

CNH

Barclays

Bank

PLC

$

4,131

$

7.00 01/16/2026

(1) Put

-

USD

versus

JPY

Barclays

Bank

PLC

1,955

$

150.00 11/20/2025

(3) Total

$

$

$

(8) Written

Options

Outstanding

Counterparty

Contracts/

Shares

Notional

Amount

Exercise

Price

Expiration

Date

Upfront

Receipts

Fair

Value

Unrealized

Appreciation/

(Depreciation)

Call

-

EUR

versus

USD

Deutsche

Bank

AG

EUR

1,344

EUR

1.17 09/04/2025

$

(9) $

(5) $

Call

-

EUR

versus

USD

Deutsche

Bank

AG

1,344

EUR

1.17 09/04/2025

(7) (10) (3) Put

-

USD

versus

CNH

Barclays

Bank

PLC

$

4,131

$

6.85 01/16/2026

(11) (10) 1

Total

$

(27) $

(25) $

Amounts

in

thousands

except

contracts/shares.

Interest

Rate

Swaptions

Purchased

Swaptions

Outstanding

Counterparty

Paid

by

the

Fund

Rate/Reference&nbsp;&nbsp;&nbsp;&nbsp;Frequency

Received

by

the

Fund

Rate/Reference Frequency

Notional

Amount

Exercise

Rate

Expiration

Date

Upfront

Payments

Fair

Value

Unrealized

Appreciation/

(Depreciation)

Put

-

Year

Interest

Rate

Swap

Citigroup

Inc

4.33%

Annual

Secured

Overnight

Financing

Rate

Annual

$

2,598

4.33%

10/14/2025

$

$

$

(25) Total

$

$

$

(25) Amounts

in

thousands.

Consolidated

Schedule

of

Investments

Diversified

Real

Asset

Fund

August

31,

2025

See

accompanying

notes.

Futures

Contracts

Description

and

Expiration

Date

Type

Contracts

Notional

Amount

Value

and

Unrealized

Appreciation/(Depreciation)

Month

Canadian

Overnight

Repo

Rate

Average;

December

2026

Long

$

2,484

$

Month

Secured

Overnight

Financing

Rate;

June

2026

Long

2,661

Day

Federal

Funds;

August

2025

Long

3,588

(2) Brent

Crude;

December

2025

(a) Short

3,278

(128) Brent

Crude;

December

2026

(a) Short

4,737

Brent

Crude;

March

2026

(a) Long

2,646

(4) Brent

Crude;

November

2025

(a) Long

11,269

California

Carbon

Allowance

Vintage;

December

2025

(a) Long

2,478

(404) California

Low

Carbon

Fuel;December

2026

(a) Long

Cocoa;

December

2025

(a) Long

(42) Coffee

'C';

December

2025

(a) Long

1,014

Coffee

'C';

March

2026

(a) Long

1,122

Copper;

December

2025

(a) Long

3,902

(827) Copper;

March

2026

(a) Long

1,509

Corn;

March

2026

(a) Long

6,325

Cotton

No.2;

March

2026

(a) Long

1,916

(6) ECX

Emission;

December

2025

(a) Long

1,025

Euro

Buxl

Year

Bond;

September

2025

Short

Euro

Milling

Wheat;

March

2026

(a) Long

1,728

(47) Euro-BTP;

September

2025

Long

703

—

Feeder

Cattle;

October

2025

(a) Long

911

Frozen

Concentrated

Orange

Juice-A;

January

2026

(a) Long

Frozen

Concentrated

Orange

Juice-A;

November

2025

(a) Long

—

Gasoline

RBOB;

January

2026

(a) Long

546

Gasoline

RBOB;

October

2025

(a) Long

4,879

Gold

oz

;

December

2025

(a) Long

33,403

1,420

KC

HRW

Wheat;

December

2025

(a) Short

KC

HRW

Wheat;

March

2026

(a) Long

(6) Lean

Hogs;

February

2026

(a) Long

1,470

Live

Cattle;

February

2026

(a) Long

5,136

LME

Copper;

December

2025

(a) Long

2,728

LME

Copper;

December

2026

(a) Short

—

—

(91) LME

Copper;

January

2026

(a) Long

6,956

LME

Copper;

September

2025

(a) Short

—

—

(221) LME

Lead;

January

2026

(a) Long

(6) LME

Lead;

November

2025

(a) Short

—

—

LME

Lead;

September

2025

(a) Short

—

—

(21) LME

Nickel;

January

2026

(a) Long

559

LME

Nickel;

November

2025

(a) Short

—

—

(24) LME

Nickel;

September

2025

(a) Short

—

—

(75) LME

Primary

Alum;

December

2025

(a) Long

13,152

LME

Primary

Alum;

December

2026

(a) Short

2,464

LME

Primary

Alum;

January

2026

(a) Long

1,573

LME

Primary

Alum;

November

2025

(a) Short

—

—

LME

Primary

Alum;

September

2025

(a) Short

—

—

(289) LME

Primary

Alum;

September

2025

(a) Short

—

—

LME

Zinc;

December

2025

(a) Long

1,058

(2) LME

Zinc;

January

2026

(a) Long

565

LME

Zinc;

November

2025

(a) Short

—

—

LME

Zinc;

September

2025

(a) Short

—

—

(87) Low

Sulphur

Gasoline;

January

2026

(a) Long

646

Low

Sulphur

Gasoline;

October

2025

(a) Long

5,649

(266) Natural

Gas;

April

2027

(a) Short

827

(5) Natural

Gas;

April

2028

(a) Short

Natural

Gas;

December

2026

(a) Long

4,967

Natural

Gas;

January

2026

(a) Short

4,116

803

Natural

Gas;

June

2027

(a) Short

856

(26) Natural

Gas;

June

2028

(a) Short

511

(13) Natural

Gas;

May

2027

(a) Short

821

(6) Natural

Gas;

May

2028

(a) Short

Natural

Gas;

October

2025

(a) Long

7,972

(1,156)

Natural

Gas;

October

2026

(a) Long

1,938

(76) NY

Harbor

ULSD;

December

2025

(a) Long

4,904

NY

Harbor

ULSD;

January

2026

(a) Long

565

(3) Platinum;

October

2025

(a) Long

Silver;

December

2025

(a) Long

5,294

Silver;

March

2026

(a) Long

1,648

Soybean

Future;

January

2026

(a) Long

1,823

Soybean

Future;

November

2025

(a) Long

12,390

Soybean

Meal;

January

2026

(a) Long

1,288

Consolidated

Schedule

of

Investments

Diversified

Real

Asset

Fund

August

31,

2025

See

accompanying

notes.

Futures

Contracts

(continued)

Description

and

Expiration

Date

Type

Contracts

Notional

Amount

Value

and

Unrealized

Appreciation/(Depreciation)

Soybean

Oil;

January

2026

(a) Long

$

566

$

(18) Soybean

Oil;

July

2026

(a) Long

3,223

(48) Sugar

#11;

March

2026

(a) Long

1,010

(30) Sugar

#11;

October

2025

(a) Long

2,035

(2) UK

Emissions

Allowance;

December

2025

(a) Long

646

US

Year

Treasury

Note;

December

2025

Short

4,612

(17) US

Year

Treasury

Ultra

Note;

December

2025

Short

13,157

(96) US

Year

Treasury

Note;

December

2025

Long

40,040

US

Year

Treasury Note;

December

2025

Short

3,612

(18) US

Long

Bond;

December

2025

Short

2,628

(5) US

Ultra

Bond;

December

2025

Short

—

Wheat;

December

2025

(a) Short

801

Wheat;

March

2026

(a) Long

(2) WTI

Crude;

January

2026

(a) Short

1,756

WTI

Crude;

January

2026

(a) Long

6,646

WTI

Crude;

October

2025

(a) Long

1,792

(21) Total

$

1,539

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.

Foreign

Currency

Contracts

Unrealized

Appreciation/(Depreciation)

Counterparty

Settlement

Date

Currency

to

Accept

Currency

to

Deliver

Asset

Liability

Bank

of

America

NA

09/17/2025

MXN

3,538

$

$

$

—

Barclays

Bank

PLC

09/17/2025

BRL

987

$

—

Barclays

Bank

PLC

09/17/2025

CNH

6,385

$

893

—

BNP

Paribas

09/02/2025

$

2,647

EUR

2,300

—

(44) BNP

Paribas

09/02/2025

$

1,158

GBP

866

—

(13) Citigroup

Inc

09/02/2025

EUR

AUD

—

—

Citigroup

Inc

09/02/2025

EUR

$

—

Citigroup

Inc

09/17/2025

BRL

1,137

$

—

Citigroup

Inc

09/17/2025

EUR

$

—

Citigroup

Inc

09/17/2025

JPY

66,985

$

—

—

Citigroup

Inc

09/17/2025

$

PEN

847

—

(1) Citigroup

Inc

09/17/2025

$

559

BRL

3,168

—

(24) Deutsche

Bank

AG

09/02/2025

EUR

1,913

$

2,233

—

Deutsche

Bank

AG

09/17/2025

$

BRL

513

—

(3) Deutsche

Bank

AG

10/02/2025

$

2,358

EUR

2,017

—

(5) Goldman

Sachs

&

Co

09/02/2025

GBP

1,014

$

1,370

—

—

Goldman

Sachs

&

Co

09/17/2025

MXN

3,504

$

—

Goldman

Sachs

&

Co

10/02/2025

$

1,371

GBP

1,014

—

—

HSBC

Securities

Inc

09/02/2025

$

622

JPY

92,052

—

(5) JPMorgan

Chase

09/02/2025

$

EUR

—

(1) JPMorgan

Chase

09/02/2025

$

GBP

—

(2) JPMorgan

Chase

09/17/2025

$

BRL

2,280

—

(11) UBS

AG

09/02/2025

JPY

89,199

$

607

—

—

UBS

AG

09/17/2025

$

ZAR

5,377

—

(3) UBS

AG

10/02/2025

$

609

JPY

89,199

—

—

Total

$

$

(112) Amounts

in

thousands.

Exchange

Cleared

Credit

Default

Swaps

Sell

Protection

Reference

Entity

Implied

Credit

Spread

as

of

August

31,

2025

(a) (Pay)/

Receive

Fixed

Rate

Payment

Frequency

Maturity

Date

Notional

Amount

(b) Upfront

Payments/

(Receipts)

Unrealized

Appreciation/

(Depreciation)

Fair

Value

(c) CDX.NA.HY.44

N/A

5.00%

Quarterly

06/20/2030

$

3,583

$

$

$

Total

$

$

$

Amounts

in

thousands.

Consolidated

Schedule

of

Investments

Diversified

Real

Asset

Fund

August

31,

2025

See

accompanying

notes.

(a) Implied

credit

spreads,

represented

in

absolute

terms,

used

in

determining

the

fair

value

of

credit

default

swap

agreements

on

corporate

issues

or

sovereign

issues

as

of

period

end

serve

as

an

indicator

of

the

current

status

of

the

payment/performance

risk

and

represent

the

likelihood

or

risk

of

default

for

the

credit

derivative.

The

implied

credit

spread

of

a

particular

referenced

entity

reflects

the

cost

of

buying/selling

protection

and

may

include

upfront

payments

required

to

be

made

to

enter

into

the

agreement.

Wider

credit

spreads

represent

a

deterioration

of

the

referenced

entity's

credit

soundness

and

a

greater

likelihood

or

risk

of

default

or

other

credit

event

occurring

as

defined

under

the

terms

of

the

agreement.

(b) The

maximum

potential

payment

amount

that

the

seller

of

credit

protection

could

be

required

to

make

if

a

credit

event

occurs

is

$3,583.

(c) The

price

and

resulting

fair

value

for

credit

default

swap

agreements

serve

as

an

indicator

of

the

current

status

of

the

payment/performance

risk

and

represent

the

likelihood

of

an

expected

liability

(or

profit)

for

the

credit

default

swap

as

of

the

period

end.

Increasing

fair

values

of

the

swap,

in

absolute

terms

when

compared

to

the

notional

amount

of

the

swap,

represent

a

deterioration

of

the

referenced

entity's

credit

soundness

and

a

greater

likelihood

or

risk

of

default

or

other

credit

event

occurring

as

defined

under

the

terms

of

the

agreement.

Exchange

Cleared

Interest

Rate

Swaps

Floating

Rate

Index

(Pay)/

Receive

Floating

Rate

Fixed

Rate

Payment

Frequency

Paid

by

Fund

Payment

Frequency

Received

by

Fund

Effective

Date

(a) Maturity

Date

Notional

Amount

Unrealized

Appreciation/

(Depreciation)

Upfront

Payments/

(Receipts)

Fair

Value

Month

Euro

Interbank

Offered

Rate

Receive

2.49%

Annual

Semiannual

N/A

02/19/2054

EUR

$

$

$

Month

Euro

Interbank

Offered

Rate

Receive

2.51%

Annual

Semiannual

N/A

02/20/2054

Month

Euro

Interbank

Offered

Rate

Receive

2.51%

Annual

Semiannual

N/A

02/20/2054

Month

Euro

Interbank

Offered

Rate

Pay

2.46%

Semiannual

Annual

N/A

03/22/2054

—

—

—

Month

Euro

Interbank

Offered

Rate

Receive

2.54%

Annual

Semiannual

N/A

04/22/2054

Month

Euro

Interbank

Offered

Rate

Receive

2.25%

Annual

Semiannual

N/A

10/02/2054

Month

Euro

Interbank

Offered

Rate

Pay

2.18%

Semiannual

Annual

N/A

11/07/2054

(12) (1) (13) Consumer

Price

All

Urban

Non-Seasonally

Adjusted

Index

Receive

2.67%

Maturity

Maturity

N/A

04/15/2029

$

—

Consumer

Price

All

Urban

Non-Seasonally

Adjusted

Index

Receive

2.83%

Maturity

Maturity

N/A

04/15/2028

—

Consumer

Price

All

Urban

Non-Seasonally

Adjusted

Index

Receive

2.65%

Maturity

Maturity

N/A

04/15/2029

(1) 1

Consumer

Price

All

Urban

Non-Seasonally

Adjusted

Index

Receive

2.73%

Maturity

Maturity

N/A

04/15/2028

—

Consumer

Price

All

Urban

Non-Seasonally

Adjusted

Index

Receive

2.53%

Maturity

Maturity

N/A

04/15/2029

—

Consumer

Price

All

Urban

Non-Seasonally

Adjusted

Index

Receive

2.76%

Maturity

Maturity

N/A

04/09/2027

1,200

—

Consumer

Price

All

Urban

Non-Seasonally

Adjusted

Index

Receive

2.40%

Maturity

Maturity

N/A

04/09/2029

710

—

Consumer

Price

All

Urban

Non-Seasonally

Adjusted

Index

Receive

2.69%

Maturity

Maturity

N/A

07/17/2030

1,141

—

Consumer

Price

All

Urban

Non-Seasonally

Adjusted

Index

Receive

2.80%

Maturity

Maturity

N/A

07/15/2027

825

—

Consumer

Price

All

Urban

Non-Seasonally

Adjusted

Index

Receive

2.92%

Maturity

Maturity

N/A

05/12/2027

3,305

—

Consumer

Price

All

Urban

Non-Seasonally

Adjusted

Index

Receive

2.90%

Maturity

Maturity

N/A

04/15/2027

3,125

—

Consumer

Price

All

Urban

Non-Seasonally

Adjusted

Index

Receive

2.87%

Maturity

Maturity

N/A

04/15/2028

—

Consumer

Price

All

Urban

Non-Seasonally

Adjusted

Index

Receive

2.79%

Maturity

Maturity

N/A

04/15/2028

—

Consumer

Price

All

Urban

Non-Seasonally

Adjusted

Index

Receive

2.64%

Maturity

Maturity

N/A

04/15/2029

—

Consumer

Price

All

Urban

Non-Seasonally

Adjusted

Index

Receive

2.73%

Maturity

Maturity

N/A

04/15/2028

620

—

Consumer

Price

All

Urban

Non-Seasonally

Adjusted

Index

Receive

2.56%

Maturity

Maturity

N/A

04/15/2029

—

Consumer

Price

All

Urban

Non-Seasonally

Adjusted

Index

Receive

2.65%

Maturity

Maturity

N/A

07/15/2027

2,675

—

Consumer

Price

All

Urban

Non-Seasonally

Adjusted

Index

Pay

2.39%

Maturity

Maturity

N/A

04/15/2030

(4) —

(4) Consumer

Price

All

Urban

Non-Seasonally

Adjusted

Index

Receive

2.72%

Maturity

Maturity

N/A

04/15/2029

—

Consumer

Price

All

Urban

Non-Seasonally

Adjusted

Index

Receive

2.84%

Maturity

Maturity

N/A

04/15/2028

—

Consumer

Price

All

Urban

Non-Seasonally

Adjusted

Index

Receive

2.84%

Maturity

Maturity

N/A

04/15/2028

—

Consumer

Price

All

Urban

Non-Seasonally

Adjusted

Index

Receive

2.59%

Maturity

Maturity

N/A

01/29/2027

8,390

—

Consumer

Price

All

Urban

Non-Seasonally

Adjusted

Index

Receive

2.54%

Maturity

Maturity

N/A

04/15/2029

—

Consolidated

Schedule

of

Investments

Diversified

Real

Asset

Fund

August

31,

2025

See

accompanying

notes.

Exchange

Cleared

Interest

Rate

Swaps

(continued)

Floating

Rate

Index

(Pay)/

Receive

Floating

Rate

Fixed

Rate

Payment

Frequency

Paid

by

Fund

Payment

Frequency

Received

by

Fund

Effective

Date

(a) Maturity

Date

Notional

Amount

Unrealized

Appreciation/

(Depreciation)

Upfront

Payments/

(Receipts)

Fair

Value

Consumer

Price

All

Urban

Non-Seasonally

Adjusted

Index

Receive

2.69%

Maturity

Maturity

N/A

04/15/2028

$

$

$

—

$

Consumer

Price

All

Urban

Non-Seasonally

Adjusted

Index

Receive

2.53%

Maturity

Maturity

N/A

04/15/2029

—

Consumer

Price

All

Urban

Non-Seasonally

Adjusted

Index

Receive

2.69%

Maturity

Maturity

N/A

04/15/2028

—

Consumer

Price

All

Urban

Non-Seasonally

Adjusted

Index

Receive

2.92%

Maturity

Maturity

N/A

10/15/2027

1,145

—

Consumer

Price

All

Urban

Non-Seasonally

Adjusted

Index

Receive

2.68%

Maturity

Maturity

N/A

04/15/2029

—

Consumer

Price

All

Urban

Non-Seasonally

Adjusted

Index

Pay

2.59%

Maturity

Maturity

N/A

08/28/2035

645

—

—

—

Consumer

Price

All

Urban

Non-Seasonally

Adjusted

Index

Receive

2.43%

Maturity

Maturity

N/A

04/15/2030

—

Consumer

Price

All

Urban

Non-Seasonally

Adjusted

Index

Receive

2.75%

Maturity

Maturity

N/A

04/15/2029

—

—

—

Consumer

Price

All

Urban

Non-Seasonally

Adjusted

Index

Receive

2.88%

Maturity

Maturity

N/A

04/15/2028

—

—

—

Consumer

Price

All

Urban

Non-Seasonally

Adjusted

Index

Receive

2.70%

Maturity

Maturity

N/A

07/22/2030

—

Consumer

Price

All

Urban

Non-Seasonally

Adjusted

Index

Receive

2.69%

Maturity

Maturity

N/A

04/15/2029

—

Consumer

Price

All

Urban

Non-Seasonally

Adjusted

Index

Receive

2.83%

Maturity

Maturity

N/A

04/15/2028

—

Consumer

Price

All

Urban

Non-Seasonally

Adjusted

Index

Receive

2.69%

Maturity

Maturity

N/A

04/15/2029

—

Consumer

Price

All

Urban

Non-Seasonally

Adjusted

Index

Receive

2.43%

Maturity

Maturity

N/A

04/15/2030

—

Consumer

Price

All

Urban

Non-Seasonally

Adjusted

Index

Receive

2.46%

Maturity

Maturity

N/A

08/28/2055

—

—

—

EUR

-

France

Consumer

Price

Index

Ex

Tobacco

Pay

2.02%

Maturity

Maturity

N/A

03/15/2035

EUR

(1) 2

Eurostat

Eurozone

HICP

ex

Tobacco

Receive

2.24%

Maturity

Maturity

N/A

08/15/2055

—

—

—

Eurostat

Eurozone

HICP

ex

Tobacco

Receive

2.23%

Maturity

Maturity

N/A

08/15/2055

—

—

—

Eurostat

Eurozone

HICP

ex

Tobacco

Receive

2.24%

Maturity

Maturity

N/A

08/15/2055

—

—

—

Eurostat

Eurozone

HICP

ex

Tobacco

Receive

2.24%

Maturity

Maturity

N/A

08/15/2055

—

—

—

Eurostat

Eurozone

HICP

ex

Tobacco

Receive

2.06%

Maturity

Maturity

N/A

03/15/2035

(3) 1

(2) Secured

Overnight

Financing

Rate

Receive

3.79%

Annual

Annual

N/A

05/16/2026

$

3,387

—

Secured

Overnight

Financing

Rate

Receive

3.81%

Annual

Annual

N/A

05/16/2026

2,599

Secured

Overnight

Financing

Rate

Pay

3.80%

Annual

Annual

N/A

05/16/2026

3,387

(9) —

(9) Secured

Overnight

Financing

Rate

Pay

3.90%

Annual

Annual

N/A

05/16/2026

2,599

(5) —

(5) Tokyo

Overnight

Average

Rate

Receive

1.03%

Annual

Annual

N/A

03/12/2027

JPY

496,691

(4) —

(4) Tokyo

Overnight

Average

Rate

Receive

1.02%

Annual

Annual

N/A

03/12/2027

460,140

(4) —

(4) Tokyo

Overnight

Average

Rate

Pay

2.04%

Annual

Annual

N/A

08/12/2045

15,913

(2) —

(2) Tokyo

Overnight

Average

Rate

Receive

1.30%

Annual

Annual

N/A

08/13/2035

28,574

—

Tokyo

Overnight

Average

Rate

Pay

2.04%

Annual

Annual

N/A

08/12/2045

16,003

(2) —

(2) Tokyo

Overnight

Average

Rate

Receive

1.30%

Annual

Annual

N/A

08/13/2035

28,403

—

Tokyo

Overnight

Average

Rate

Pay

2.03%

Annual

Annual

N/A

08/12/2045

9,959

(1) —

(1) Tokyo

Overnight

Average

Rate

Receive

0.70%

Annual

Annual

N/A

05/11/2027

155,484

—

Tokyo

Overnight

Average

Rate

Receive

1.29%

Annual

Annual

N/A

08/13/2035

15,851

—

Tokyo

Overnight

Average

Rate

Receive

1.00%

Annual

Annual

N/A

03/12/2027

202,964

(1) —

(1) Tokyo

Overnight

Average

Rate

Receive

0.68%

Annual

Annual

N/A

04/21/2027

194,705

—

Tokyo

Overnight

Average

Rate

Receive

0.69%

Annual

Annual

N/A

04/21/2027

196,981

—

United

Kingdom

Retail

Prices

Index

Receive

3.32%

Maturity

Maturity

N/A

08/15/2030

GBP

—

United

Kingdom

Retail

Prices

Index

Receive

3.35%

Maturity

Maturity

N/A

08/15/2030

—

United

Kingdom

Retail

Prices

Index

Pay

3.20%

Maturity

Maturity

N/A

08/15/2035

(1) —

(1) United

Kingdom

Retail

Prices

Index

Receive

3.37%

Maturity

Maturity

N/A

08/15/2029

852

—

United

Kingdom

Retail

Prices

Index

Receive

3.43%

Maturity

Maturity

N/A

07/15/2029

1,020

—

United

Kingdom

Retail

Prices

Index

Receive

3.46%

Maturity

Maturity

N/A

07/15/2030

—

—

—

United

Kingdom

Retail

Prices

Index

Receive

3.49%

Maturity

Maturity

N/A

07/15/2029

500

—

—

—

United

Kingdom

Retail

Prices

Index

Pay

3.43%

Maturity

Maturity

N/A

07/15/2027

500

(1) —

(1) United

Kingdom

Retail

Prices

Index

Pay

3.27%

Maturity

Maturity

N/A

07/15/2035

—

United

Kingdom

Retail

Prices

Index

Receive

3.41%

Maturity

Maturity

N/A

07/15/2030

—

United

Kingdom

Retail

Prices

Index

Pay

3.26%

Maturity

Maturity

N/A

08/15/2027

852

(3) —

(3) United

Kingdom

Retail

Prices

Index

Receive

3.42%

Maturity

Maturity

N/A

07/15/2029

521

—

United

Kingdom

Retail

Prices

Index

Pay

3.30%

Maturity

Maturity

N/A

07/15/2027

521

(3) —

(3) Consolidated

Schedule

of

Investments

Diversified

Real

Asset

Fund

August

31,

2025

See

accompanying

notes.

Exchange

Cleared

Interest

Rate

Swaps

(continued)

Floating

Rate

Index

(Pay)/

Receive

Floating

Rate

Fixed

Rate

Payment

Frequency

Paid

by

Fund

Payment

Frequency

Received

by

Fund

Effective

Date

(a) Maturity

Date

Notional

Amount

Unrealized

Appreciation/

(Depreciation)

Upfront

Payments/

(Receipts)

Fair

Value

United

Kingdom

Retail

Prices

Index

Receive

3.34%

Maturity

Maturity

N/A

07/15/2030

GBP

$

$

—

$

United

Kingdom

Retail

Prices

Index

Pay

3.20%

Maturity

Maturity

N/A

07/15/2027

1,170

(9) —

(9) United

Kingdom

Retail

Prices

Index

Receive

3.34%

Maturity

Maturity

N/A

07/15/2029

1,170

—

United

Kingdom

Retail

Prices

Index

Receive

3.32%

Maturity

Maturity

N/A

07/15/2030

535

United

Kingdom

Retail

Prices

Index

Pay

3.20%

Maturity

Maturity

N/A

07/15/2035

535

(3) —

(3) United

Kingdom

Retail

Prices

Index

Pay

3.23%

Maturity

Maturity

N/A

07/15/2027

1,170

(8) —

(8) United

Kingdom

Retail

Prices

Index

Receive

3.36%

Maturity

Maturity

N/A

07/15/2029

1,170

—

United

Kingdom

Retail

Prices

Index

Receive

3.35%

Maturity

Maturity

N/A

07/15/2030

540

—

United

Kingdom

Retail

Prices

Index

Pay

3.21%

Maturity

Maturity

N/A

07/15/2035

540

(2) —

(2) United

Kingdom

Retail

Prices

Index

Receive

3.35%

Maturity

Maturity

N/A

07/15/2030

—

United

Kingdom

Retail

Prices

Index

Receive

3.37%

Maturity

Maturity

N/A

07/15/2030

—

United

Kingdom

Retail

Prices

Index

Pay

3.28%

Maturity

Maturity

N/A

07/15/2027

510

(3) —

(3) United

Kingdom

Retail

Prices

Index

Receive

3.41%

Maturity

Maturity

N/A

07/15/2029

510

—

United

Kingdom

Retail

Prices

Index

Receive

3.39%

Maturity

Maturity

N/A

07/15/2030

—

United

Kingdom

Retail

Prices

Index

Pay

3.24%

Maturity

Maturity

N/A

07/15/2035

—

—

—

United

Kingdom

Retail

Prices

Index

Pay

3.24%

Maturity

Maturity

N/A

07/15/2035

—

—

—

United

Kingdom

Retail

Prices

Index

Receive

3.40%

Maturity

Maturity

N/A

07/15/2030

—

United

Kingdom

Retail

Prices

Index

Pay

3.32%

Maturity

Maturity

N/A

07/15/2027

1,020

(5) —

(5) United

Kingdom

Retail

Prices

Index

Pay

3.24%

Maturity

Maturity

N/A

07/15/2035

—

—

—

US

Federal

Funds

Effective

Rate

(continuous

series)

Pay

4.27%

Annual

Annual

N/A

09/17/2025

$

140,740

(13) —

(13) US

Federal

Funds

Effective

Rate

(continuous

series)

Pay

4.32%

Annual

Annual

N/A

09/17/2025

34,161

(1) —

(1) US

Federal

Funds

Effective

Rate

(continuous

series)

Pay

4.28%

Annual

Annual

N/A

09/17/2025

41,984

(4) —

(4) US

Federal

Funds

Effective

Rate

(continuous

series)

Pay

4.31%

Annual

Annual

N/A

09/17/2025

70,690

(3) —

(3) US

Federal

Funds

Effective

Rate

(continuous

series)

Pay

4.29%

Annual

Annual

N/A

09/17/2025

70,360

(5) —

(5) US

Federal

Funds

Effective

Rate

(continuous

series)

Pay

4.31%

Annual

Annual

N/A

09/17/2025

70,304

(3) —

(3) Total

$

$

$

Amounts

in

thousands.

(a)&nbsp;&nbsp;&nbsp;&nbsp;

Forward

swap.

Consolidated

Schedule

of

Investments

Diversified

Real

Asset

Fund

August

31,

2025

See

accompanying

notes.

Total

Return

Swaps

Counterparty

Fund

Pays

Fund

Receives

Payment

Frequency

Maturity

Date

Notional

Amount

Upfront

Payments/

(Receipts)

Value

and

Unrealized

Appreciation/

(Depreciation)

Asset

Liability

Bank

of

America

NA

(a) United

States

Treasury

Week

Bill

High

Discount

Rate

+

0.12%

Bloomberg

Commodity

Index

Month

Forward

Total

Return

Monthly

11/03/2025

$

$

—

$

$

—

Bank

of

America

NA

(a) 3

Month

US

Treasury

Bill

High

Rate

+

0.25%

CRB

Total

Return

Index

Monthly

05/01/2026

—

—

Citigroup

Inc

(a) United

States

Treasury

Week

Bill

High

Discount

Rate

+

0.11%

Bloomberg

Commodity

Index

Month

Forward

Total

Return

Monthly

11/03/2025

—

550

—

Citigroup

Inc

(a) 3

Month

US

Treasury

Bill

High

Rate

+

0.24%

CRB

Total

Return

Index

Monthly

05/01/2026

—

—

Goldman

Sachs

&

Co

(a) United

States

Treasury

Week

Bill

High

Discount

Rate

+

0.11%

Bloomberg

Commodity

Index

Month

Forward

Total

Return

Monthly

11/03/2025

—

—

Goldman

Sachs

&

Co

(a) 0.21%

Bloomberg

Commodity

Index

Month

Forward

Total

Return

Monthly

11/04/2025

—

—

(2) Goldman

Sachs

&

Co

(a) 0.25%

Bloomberg

Commodity

Index

Month

Forward

Total

Return

Monthly

11/04/2025

—

—

(6) Goldman

Sachs

&

Co

(a) 0.18%

Bloomberg

Cotton

Subindex

Monthly

11/04/2025

—

—

(7) JPMorgan

Chase

(a) 0.25%

Bloomberg

Cotton

Subindex

Monthly

11/04/2025

—

—

(11) Total

$

—

$

1,321

$

(26) 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

Edge

MidCap

Fund

August

31,

2025

See

accompanying

notes.

INVESTMENT

COMPANIES

-

.40

%

Shares

Held

Value

(000's)

Money

Market

Funds

-

.40

%

Principal

Government

Money

Market

Fund

-

Class

4.20%

(a),(b)

741,753

$

742

TOTAL

INVESTMENT

COMPANIES

$

742

COMMON

STOCKS

-

.72

%

Shares

Held

Value

(000's)

Advertising

-

.26

%

Interpublic

Group

of

Cos

Inc/The

5,037

$

Automobile

Parts

&

Equipment

-

.96

%

Autoliv

Inc

8,348

1,036

Banks

-

.58

%

Cullen/Frost

Bankers

Inc

10,598

1,367

Building

Materials

-

.52

%

Lennox

International

Inc

2,387

1,332

Chemicals

-

.62

%

RPM

International

Inc

11,073

1,388

Commercial

Services

-

.39

%

Morningstar

Inc

4,813

1,263

Computers

-

.29

%

Amdocs

Ltd

1,805

Consumer

Products

-

.44

%

Avery

Dennison

Corp

7,088

1,217

Co

2,792

603

$

1,820

Diversified

Financial

Services

-

.89

%

Hamilton

Lane

Inc

9,140

1,411

LPL

Financial

Holdings

Inc

3,220

1,174

$

2,585

Electric

-

.59

%

Alliant

Energy

Corp

21,433

1,395

Talen

Energy

Corp

(c) 2,724

1,032

$

2,427

Electronics

-

.37

%

nVent

Electric

PLC

19,699

1,781

Entertainment

-

.18

%

Live

Nation

Entertainment

Inc

(c) 10,107

1,683

Hand

&

Machine

Tools

-

.11

%

Lincoln

Electric

Holdings

Inc

6,651

1,614

MSA

Safety

Inc

8,240

1,405

Snap-on

Inc

3,930

1,278

$

4,297

Healthcare

-

Products

-

.99

%

Bio-Techne

Corp

21,255

1,161

STERIS

PLC

6,036

1,479

$

2,640

Healthcare

-

Services

-

.05

%

Universal

Health

Services

Inc

5,971

1,084

Insurance

-

.73

%

Fidelity

National

Financial

Inc

21,258

1,273

Kinsale

Capital

Group

Inc

1,827

836

Markel

Group

Inc

(c) 467

915

$

3,024

Leisure

Products

&

Services

-

.31

%

YETI

Holdings

Inc

(c) 19,743

694

Lodging

-

.42

%

Hyatt

Hotels

Corp

8,875

1,280

Machinery

-

Diversified

-

.18

%

Nordson

Corp

5,112

1,151

Oil

&

Gas

-

.13

%

Coterra

Energy

Inc

26,943

658

HF

Sinclair

Corp

10,576

538

Permian

Resources

Corp

69,064

988

$

2,184

Pharmaceuticals

-

.93

%

Cardinal

Health

Inc

6,862

1,021

Pipelines

-

.45

%

DT

Midstream

Inc

7,365

767

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

REITs

-

.25

%

Alexandria

Real

Estate

Equities

Inc

5,100

$

Equity

LifeStyle

Properties

Inc

19,594

1,181

Essential

Properties

Realty

Trust

Inc

32,613

1,021

Terreno

Realty

Corp

21,100

1,219

$

3,841

Retail

-

.41

%

Casey's

General

Stores

Inc

3,232

1,598

Tractor

Supply

Co

27,480

1,697

Williams-Sonoma

Inc

6,130

1,154

$

4,449

Semiconductors

-

.64

%

Monolithic

Power

Systems

Inc

1,889

1,579

Teradyne

Inc

2,959

$

1,929

Software

-

.25

%

Cloudflare

Inc

(c) 6,757

1,410

Fair

Isaac

Corp

(c) 805

1,225

HubSpot

Inc

(c) 2,144

1,036

Tyler

Technologies

Inc

(c) 2,166

1,219

$

4,890

Transportation

-

.70

%

Expeditors

International

of

Washington

Inc

7,442

897

Water

-

.08

%

Essential

Utilities

Inc

27,826

1,099

TOTAL

COMMON

STOCKS

$

52,218

Total

Investments

$

52,960

Other

Assets

and

Liabilities

- (0.12)%

(61)

TOTAL

NET

ASSETS

-

100.00%

$

52,899

(a) Affiliated

Security.

Security

is

either

an

affiliate

(and

registered

under

the

Investment

Company

Act

of

1940,

as

amended,

(the

"1940

Act"))

or

an

affiliate

as

defined

by

the

1940

Act

(controls

5.00%

or

more

of

the

outstanding

voting

shares

of

the

security).

Please

see

Affiliated

Securities

sub-schedule

for

transactional

information.

(b) 1-day

yield

shown

is

as

of

period

end.

(c) Non-income

producing

security

Schedule

of

Investments

Edge

MidCap

Fund

August

31,

2025

See

accompanying

notes.

Affiliated

Securities

August

31,

2024

Purchases

Sales

August

31,

2025

Value

Cost

Proceeds

Value

Principal

Government

Money

Market

Fund

-

Class

4.20%

$

975

$

23,123

$

23,356

$

742

$

975

$

23,123

$

23,356

$

742

Income

Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Principal

Government

Money

Market

Fund

-

Class

4.20%

$

$

—

$

—

$

—

$

$

—

$

—

$

—

Amounts

in

thousands.

Schedule

of

Investments

Global

Listed

Infrastructure

Fund

August

31,

2025

See

accompanying

notes.

INVESTMENT

COMPANIES

-

.77

%

Shares

Held

Value

(000's)

Money

Market

Funds

-

.77

%

BlackRock

Liquidity

FedFund

-

Institutional

Class

4.18%

(a),(b)

1,933,311

$

1,933

Principal

Government

Money

Market

Fund

-

Class

4.20%

(a),(c)

2,721,464

2,721

$

4,654

TOTAL

INVESTMENT

COMPANIES

$

4,654

COMMON

STOCKS

-

.72

%

Shares

Held

Value

(000's)

Commercial

Services

-

.17

%

Atlas

Arteria

Ltd

1,035,509

$

3,607

Motiva

Infraestrutura

de

Mobilidade

SA

1,043,422

2,779

$

6,386

Electric

-

.57

%

Boralex

Inc

(d) 87,966

1,850

CenterPoint

Energy

Inc

103,829

3,915

CMS

Energy

Corp

53,638

3,839

DTE

Energy

Co

15,446

2,111

Elia

Group

SA/NV

27,490

3,145

Emera

Inc

63,800

3,039

Entergy

Corp

57,648

5,078

National

Grid

PLC

394,647

5,543

NextEra

Energy

Inc

121,730

8,771

Northwestern

Energy

Group

Inc

27,383

1,575

PG&E

Corp

171,047

2,614

Sempra

56,978

4,704

Xcel

Energy

Inc

53,850

3,898

$

50,082

Engineering

&

Construction

-

.47

%

Aeroports

de

Paris

SA

27,300

3,593

Beijing

Capital

International

Airport

Co

Ltd

(e) 4,408,000

1,674

Cellnex

Telecom

SA

(e),(f)

100,825

3,589

China

Tower

Corp

Ltd

(f) 1,078,000

1,629

Enav

SpA

(f) 371,021

1,826

Sarana

Menara

Nusantara

Tbk

PT

16,464,900

614

$

12,925

Gas

-

.09

%

ENN

Energy

Holdings

Ltd

319,000

2,582

Pipelines

-

.34

%

APA

Group

594,702

3,425

DT

Midstream

Inc

19,507

2,032

Gibson

Energy

Inc

191,100

3,622

Williams

Cos

Inc/The

106,424

6,160

$

15,239

REITs

-

.03

%

American

Tower

Corp

29,718

6,058

Crown

Castle

Inc

38,751

3,842

Equinix

Inc

1,587

1,247

$

11,147

Telecommunications

-

.16

%

Indus

Towers

Ltd

(e) 372,144

1,430

Transportation

-

.83

%

Canadian

National

Railway

Co

26,700

2,585

CSX

Corp

132,098

4,294

Norfolk

Southern

Corp

3,359

940

Rumo

SA

795,158

2,140

Union

Pacific

Corp

15,282

3,417

$

13,376

Water

-

.06

%

Cia

de

Saneamento

Basico

do

Estado

de

Sao

Paulo

SABESP

90,400

2,037

Guangdong

Investment

Ltd

2,512,524

2,363

Severn

Trent

PLC

88,081

3,077

$

7,477

TOTAL

COMMON

STOCKS

$

120,644

Total

Investments

$

125,298

Other

Assets

and

Liabilities

- (1.49)%

(1,834)

TOTAL

NET

ASSETS

-

100.00%

$

123,464

(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

$1,933

or

1.57%

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

$1,831

or

1.48%

of

net

assets.

(e) Non-income

producing

security

(f) Security

exempt

from

registration

under

Rule

144A

of

the

Securities

Act

of

1933. These

securities

may

be

resold

in

transactions

exempt

from

registration,

normally

to

qualified

institutional

buyers.

At

the

end

of

the

period,

the

value

of

these

securities

totaled

$7,044

or

5.71%

of

net

assets.

Schedule

of

Investments

Global

Listed

Infrastructure

Fund

August

31,

2025

See

accompanying

notes.

Affiliated

Securities

August

31,

2024

Purchases

Sales

August

31,

2025

Value

Cost

Proceeds

Value

Principal

Government

Money

Market

Fund

-

Class

4.20%

$

$

88,688

$

86,405

$

2,721

$

$

88,688

$

86,405

$

2,721

Income

(a) Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Principal

Government

Money

Market

Fund

-

Class

4.20%

$

$

—

$

—

$

—

$

$

—

$

—

$

—

Amounts

in

thousands.

(a) Amount

excludes

earnings

from

securities

lending

collateral.

Consolidated

Schedule

of

Investments

Global

Multi-Strategy

Fund

August

31,

2025

See

accompanying

notes.

INVESTMENT

COMPANIES

-

21.83%

Shares

Held

Value

(000's)

Closed-End

Funds

-

0.54%

BlackRock

Municipal

Income

Quality

Trust

35,682

$

BlackRock

Municipal

Income

Trust

9,761

BlackRock

Municipal

Income

Trust

II

9,761

BlackRock

MuniHoldings

Fund

Inc

11,454

BlackRock

MuniHoldings

Quality

Fund

II

Inc

11,454

BlackRock

MuniYield

Quality

Fund

III

Inc

6,330

BlackRock

MuniYield

Quality

Fund

Inc

34,708

Franklin

Universal

Trust

13,568

Invesco

Municipal

Opportunity

Trust

18,794

Invesco

Value

Municipal

Income

Trust

27,502

Nuveen

AMT-Free

Municipal

Credit

Income

Fund

32,880

Saba

Capital

Income

&

Opportunities

Fund

5,486

$

2,298

Exchange-Traded

Funds

-

1.78%

iShares

Floating

Rate

Bond

ETF

36,208

1,848

iShares

MSCI

EAFE

Value

ETF

14,920

999

iShares

Russell

2000

ETF

514

iShares

Russell

2000

Growth

ETF

iShares

Russell

2000

Value

ETF

535

PGIM

AAA

CLO

ETF

57,450

2,960

Vanguard

Value

ETF

8,670

1,589

$

7,665

Money

Market

Funds

-

19.51%

BlackRock

Liquidity

FedFund

-

Institutional

Class

4.18%

(a),(b)

4,191,579

4,192

Morgan

Stanley

Institutional

Liquidity

Funds

-

Government

Portfolio

-

Institutional

Class

4.19%

(a),(b)

3,511,760

3,512

Principal

Government

Money

Market

Fund

-

Class

4.20%

(a),(c)

76,100,762

76,101

$

83,805

TOTAL

INVESTMENT

COMPANIES

$

93,768

COMMON

STOCKS

-

35.07%

Shares

Held

Value

(000's)

Advertising

-

0.48%

Dentsu

Group

Inc

(d) 3,500

$

Interpublic

Group

of

Cos

Inc/The

(e) 63,429

1,702

National

CineMedia

Inc

8,508

Omnicom

Group

Inc

2,961

Publicis

Groupe

SA

$

2,051

Aerospace

&

Defense

-

0.74%

Airbus

SE

CAE

Inc

(d),(f)

600

Firefly

Aerospace

Inc

(f) 145

General

Dynamics

Corp

(d) 1,356

General

Electric

Co

(d) 1,586

HEICO

Corp

-

Class

A

(d) 465

Hexcel

Corp

1,161

Howmet

Aerospace

Inc

(d) 1,171

L3Harris

Technologies

Inc

(d) 804

Lockheed

Martin

Corp

(d) 515

MTU

Aero

Engines

AG

Northrop

Grumman

Corp

Rolls-Royce

Holdings

PLC

(d) 3,610

RTX

Corp

1,971

Safran

SA

Singapore

Technologies

Engineering

Ltd

2,100

Spirit

AeroSystems

Holdings

Inc

(f) 13,046

542

Voyager

Technologies

Inc

(f) 269

$

3,163

Agriculture

-

0.17%

Altria

Group

Inc

(d) 3,006

Archer-Daniels-Midland

Co

2,289

Philip

Morris

International

Inc

(d) 2,248

$

721

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Airlines

-

0.30%

ANA

Holdings

Inc

(d) 11,100

$

Delta

Air

Lines

Inc

(d) 6,061

Japan

Airlines

Co

Ltd

(d) 21,100

Qantas

Airways

Ltd

28,632

United

Airlines

Holdings

Inc

(f) 279

$

1,296

Apparel

-

0.41%

Asics

Corp

600

Carter's

Inc

1,243

Deckers

Outdoor

Corp

(d),(f)

2,049

Gildan

Activewear

Inc

(d) 3,000

Hanesbrands

Inc

(f) 46,484

NIKE

Inc

(d) 1,481

On

Holding

AG

(f) 833

Ralph

Lauren

Corp

975

Skechers

USA

Inc

(f) 3,799

Steven

Madden

Ltd

2,252

Tapestry

Inc

2,593

$

1,764

Automobile

Manufacturers

-

0.28%

Bayerische

Motoren

Werke

AG

539

Blue

Bird

Corp

(f) 1,611

Cummins

Inc

Daimler

Truck

Holding

AG

2,096

Ford

Motor

Co

17,508

Mercedes-Benz

Group

AG

2,903

Renault

SA

1,680

Stellantis

NV

7,291

Subaru

Corp

(d) 3,800

Tesla

Inc

(d),(f)

Volvo

AB

-

B

Shares

2,879

Zapp

Electric

Vehicles

Group

Ltd

-

Warrants

(f) 1,167

—

$

1,217

Automobile

Parts

&

Equipment

-

0.23%

Aisin

Corp

4,900

Aptiv

PLC

(d),(f)

3,402

Denso

Corp

(d) 5,700

Gentex

Corp

2,330

Goodyear

Tire

&

Rubber

Co/The

(f) 5,534

Magna

International

Inc

(d) 4,500

Phinia

Inc

1,108

Sumitomo

Electric

Industries

Ltd

4,600

Visteon

Corp

$

972

Banks

-

1.14%

AIB

Group

PLC

1,088

Atlantic

Union

Bankshares

Corp

1,794

Banco

Bilbao

Vizcaya

Argentaria

SA

10,194

Banco

BPM

SpA

1,313

Bank

of

America

Corp

(d) 3,847

Bank

of

New

York

Mellon

Corp/The

Bank

OZK

1,191

Banner

Corp

795

BOC

Hong

Kong

Holdings

Ltd

33,000

Cadence

Bank

3,432

Citigroup

Inc

(d) 2,660

Citizens

Financial

Group

Inc

(d) 785

Columbia

Banking

System

Inc

2,100

Computershare

Ltd

4,601

Concordia

Financial

Group

Ltd

14,700

CVB

Financial

Corp

3,280

DBS

Group

Holdings

Ltd

940

Enterprise

Financial

Services

Corp

690

Erste

Group

Bank

AG

Fifth

Third

Bancorp

(d) 928

FinecoBank

Banca

Fineco

SpA

10,054

First

Hawaiian

Inc

2,266

First

Interstate

BancSystem

Inc

3,192

FNB

Corp/PA

3,567

Consolidated

Schedule

of

Investments

Global

Multi-Strategy

Fund

August

31,

2025

See

accompanying

notes.

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Banks

(continued)

Goldman

Sachs

Group

Inc/The

$

Home

BancShares

Inc/AR

2,467

Huntington

Bancshares

Inc/OH

Intesa

Sanpaolo

SpA

6,980

JPMorgan

Chase

&

Co

(d) 1,093

KeyCorp

3,024

Lloyds

Banking

Group

PLC

(d) 112,061

M&T

Bank

Corp

(d) 694

Morgan

Stanley

861

Northern

Trust

Corp

Old

National

Bancorp/IN

2,945

PNC

Financial

Services

Group

Inc/The

Prosperity

Bancshares

Inc

630

Regions

Financial

Corp

4,523

Renasant

Corp

1,053

Resona

Holdings

Inc

6,300

Seacoast

Banking

Corp

of

Florida

1,240

Simmons

First

National

Corp

3,158

Standard

Chartered

PLC

(d) 2,717

State

Street

Corp

Stellar

Bancorp

Inc

1,570

Sumitomo

Mitsui

Financial

Group

Inc

(d) 1,500

Sumitomo

Mitsui

Trust

Group

Inc

(d) 3,800

Truist

Financial

Corp

UniCredit

SpA

2,205

United

Community

Banks

Inc/GA

1,396

US

Bancorp

(d) 3,310

Veritex

Holdings

Inc

10,703

Wells

Fargo

&

Co

2,937

$

4,899

Beverages

-

0.30%

Coca-Cola

Co/The

4,199

Coca-Cola

HBC

AG

(d),(f)

1,721

Constellation

Brands

Inc

(d) 1,365

Keurig

Dr

Pepper

Inc

5,220

Kirin

Holdings

Co

Ltd

7,900

Molson

Coors

Beverage

Co

(d) 1,807

Monster

Beverage

Corp

(d),(f)

2,458

PepsiCo

Inc

1,059

Vita

Coco

Co

Inc/The

(f) 543

$

1,286

Biotechnology

-

0.66%

89bio

Inc

(f) 247

ACADIA

Pharmaceuticals

Inc

(f) 251

ADMA

Biologics

Inc

(f) 470

Akero

Therapeutics

Inc

(f) 138

Akouos

Inc

-

Contingent

Value

Rights

(f),(g)

4,410

Alnylam

Pharmaceuticals

Inc

(d),(f)

Amicus

Therapeutics

Inc

(f) 2,265

Anavex

Life

Sciences

Corp

(f) 164

ANI

Pharmaceuticals

Inc

(f) 37

Apogee

Therapeutics

Inc

(f) 328

Arcellx

Inc

(f) 73

Arcutis

Biotherapeutics

Inc

(f) 205

Ardelyx

Inc

(f) 403

Argenx

SE

(f) 80

Arrowhead

Pharmaceuticals

Inc

(f) 243

ARS

Pharmaceuticals

Inc

(f) 108

Aurinia

Pharmaceuticals

Inc

(f) 236

Avidity

Biosciences

Inc

(f) 721

Axsome

Therapeutics

Inc

(f) 263

Beam

Therapeutics

Inc

(f) 201

BioCryst

Pharmaceuticals

Inc

(f) 441

Biogen

Inc

(d),(f)

3,933

520

Biohaven

Ltd

(f) 181

BioMarin

Pharmaceutical

Inc

(d),(f)

5,220

Bridgebio

Pharma

Inc

(f) 315

Celcuity

Inc

(f) 58

Celldex

Therapeutics

Inc

(f) 833

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Biotechnology

(continued)

CG

oncology

Inc

(f) 524

$

Cogent

Biosciences

Inc

(f) 219

Corteva

Inc

Crinetics

Pharmaceuticals

Inc

(f) 754

CRISPR

Therapeutics

AG

(f) 179

CSL

Ltd

Cytokinetics

Inc

(f) 559

Denali

Therapeutics

Inc

(f) 271

Disc

Medicine

Inc

(f) 318

Dynavax

Technologies

Corp

(f) 211

Dyne

Therapeutics

Inc

(f) 189

Edgewise

Therapeutics

Inc

(f) 145

Genmab

A/S

(f) 705

Gilead

Sciences

Inc

(d) 5,048

569

Ideaya

Biosciences

Inc

(f) 169

Illumina

Inc

(d),(f)

Immunovant

Inc

(f) 136

Incyte

Corp

(d),(f)

3,386

Inhibrx

Inc

-

Contingent

Value

Rights

(f),(g)

4,407

Innoviva

Inc

(f) 128

Insmed

Inc

(f) 477

Intellia

Therapeutics

Inc

(f) 213

Janux

Therapeutics

Inc

(f) 77

Krystal

Biotech

Inc

(f) 51

Kymera

Therapeutics

Inc

(f) 528

Ligand

Pharmaceuticals

Inc

(f) 39

Liquidia

Corp

(f) 128

Novavax

Inc

(f) 301

Nuvalent

Inc

(f) 334

Praxis

Precision

Medicines

Inc

(f) 36

PTC

Therapeutics

Inc

(f) 621

Recursion

Pharmaceuticals

Inc

(f) 689

Regeneron

Pharmaceuticals

Inc

(d) 126

Revolution

Medicines

Inc

(f) 756

Royalty

Pharma

PLC

1,567

Scholar

Rock

Holding

Corp

(f) 492

Soleno

Therapeutics

Inc

(f) 262

Structure

Therapeutics

Inc

ADR

(f) 257

Swedish

Orphan

Biovitrum

AB

(f) 2,001

Tarsus

Pharmaceuticals

Inc

(f) 78

Tevogen

Bio

Holdings

Inc

-

Warrants

(f) 597

—

TG

Therapeutics

Inc

(f) 305

Travere

Therapeutics

Inc

(f) 174

Vera

Therapeutics

Inc

(f) 102

Veracyte

Inc

(f) 156

Vericel

Corp

(f) 102

Viridian

Therapeutics

Inc

(f) 139

WaVe

Life

Sciences

Ltd

(f) 232

Xenon

Pharmaceuticals

Inc

(f) 146

$

2,831

Building

Materials

-

0.23%

Amrize

Ltd

(f) 102

Builders

FirstSource

Inc

(f) 360

Cemex

SAB

de

CV

ADR

3,703

CRH

PLC

551

James

Hardie

Industries

PLC

(f) 5,969

Johnson

Controls

International

plc

1,770

Masco

Corp

(d) 1,680

Modine

Manufacturing

Co

(f) 298

ROCKWOOL

A/S

Trane

Technologies

PLC

(d) 517

Vulcan

Materials

Co

(d) 432

$

976

Chemicals

-

0.76%

Asahi

Kasei

Corp

(d) 13,700

Cabot

Corp

661

CF

Industries

Holdings

Inc

(d) 4,177

DuPont

de

Nemours

Inc

(d) 21,612

1,662

Eastman

Chemical

Co

(d) 2,918

Consolidated

Schedule

of

Investments

Global

Multi-Strategy

Fund

August

31,

2025

See

accompanying

notes.

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Chemicals

(continued)

Ecolab

Inc

$

FMC

Corp

708

Linde

PLC

812

LyondellBasell

Industries

NV

3,127

Mativ

Holdings

Inc

2,855

PPG

Industries

Inc

1,267

Quaker

Chemical

Corp

$

3,280

Commercial

Services

-

0.89%

Adtalem

Global

Education

Inc

(f) 522

Alight

Inc

13,650

Altaba

Inc

-

Escrow

(f) 837,142

1,063

Automatic

Data

Processing

Inc

(d) 835

Booz

Allen

Hamilton

Holding

Corp

Cintas

Corp

CoreCivic

Inc

(f) 2,533

Corpay

Inc

(f) 629

Edenred

SE

3,443

GEO

Group

Inc/The

(f) 1,219

H&R

Block

Inc

810

Laureate

Education

Inc

(f) 4,099

Loomis

AB

1,232

PayPal

Holdings

Inc

(d),(f)

4,463

PROG

Holdings

Inc

1,872

Progyny

Inc

(f) 2,571

Remitly

Global

Inc

(f) 3,962

Repay

Holdings

Corp

(f) 5,384

S&P

Global

Inc

Shift4

Payments

Inc

(f) 918

Stride

Inc

(f) 218

TOPPAN

Holdings

Inc

7,700

TransUnion

778

TriNet

Group

Inc

1,069

United

Rentals

Inc

(d) 261

Upbound

Group

Inc

3,683

Verra

Mobility

Corp

(f) 5,312

$

3,832

Computers

-

1.92%

Accenture

PLC

-

Class

A

1,915

Apple

Inc

(d) 9,710

2,254

CACI

International

Inc

(f) 126

Cantaloupe

Inc

(f) 23,659

Cognizant

Technology

Solutions

Corp

2,878

CyberArk

Software

Ltd

(e),(f)

6,840

3,101

Dell

Technologies

Inc

1,184

ExlService

Holdings

Inc

(f) 1,396

Grid

Dynamics

Holdings

Inc

(f) 3,904

Hewlett

Packard

Enterprise

Co

(d) 11,354

HP

Inc

2,204

International

Business

Machines

Corp

Leidos

Holdings

Inc

(d) 661

Maximus

Inc

1,118

NCR

Voyix

Corp

(f) 4,053

NetApp

Inc

1,027

NetScout

Systems

Inc

(f) 2,739

Otsuka

Corp

(d) 1,200

PAR

Technology

Corp

(f) 419

SCSK

Corp

(d) 3,000

Seagate

Technology

Holdings

PLC

943

Western

Digital

Corp

(d) 5,736

WNS

Holdings

Ltd

(f) 407

$

8,230

Consumer

Products

-

0.13%

Avery

Dennison

Corp

994

Clorox

Co/The

(d) 1,885

Helen

of

Troy

Ltd

(f) 2,293

Kimberly-Clark

Corp

746

$

546

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Cosmetics

&

Personal

Care

-

0.12%

Colgate-Palmolive

Co

1,499

$

Prestige

Consumer

Healthcare

Inc

(f) 100

Procter

&

Gamble

Co/The

1,974

Unilever

PLC

1,470

$

536

Distribution

&

Wholesale

-

0.19%

AddTech

AB

Fastenal

Co

(d) 6,238

LKQ

Corp

(d) 4,956

MRC

Global

Inc

(f) 6,539

Rush

Enterprises

Inc

-

Class

A

637

Toyota

Tsusho

Corp

(d) 5,200

WW

Grainger

Inc

$

797

Diversified

Financial

Services

-

1.89%

4L

Technologies

(f),(g)

24,306

—

Air

Lease

Corp

879

Ally

Financial

Inc

1,996

American

Express

Co

(d) 711

Ameriprise

Financial

Inc

Apollo

Global

Management

Inc

(d) 741

ASX

Ltd

Blackrock

Inc

Bread

Financial

Holdings

Inc

929

Capital

One

Financial

Corp

(d) 624

Cboe

Global

Markets

Inc

511

Charles

Schwab

Corp/The

(d) 3,065

CME

Group

Inc

1,144

Dave

Inc

(f) 54

Element

Comm

Aviation

(f),(g),(h)

—

Enova

International

Inc

(f) 942

Evercore

Inc

-

Class

A

EZCORP

Inc

(f) 2,838

Federal

Agricultural

Mortgage

Corp

Franklin

Resources

Inc

3,370

Guild

Holdings

Co

3,784

Hamilton

Lane

Inc

IGM

Financial

Inc

(d) 700

Interactive

Brokers

Group

Inc

-

A

Shares

1,467

Intercontinental

Exchange

Inc

1,264

Invesco

Ltd

Japan

Exchange

Group

Inc

19,700

Mastercard

Inc

(d) 862

513

Mr

Cooper

Group

Inc

(e),(f)

16,791

3,166

Nasdaq

Inc

2,316

Navient

Corp

4,324

PJT

Partners

Inc

Radian

Group

Inc

1,993

Raymond

James

Financial

Inc

(d) 1,403

Singapore

Exchange

Ltd

3,300

Synchrony

Financial

(d) 3,275

T

Rowe

Price

Group

Inc

1,037

TPG

Inc

1,310

Tradeweb

Markets

Inc

(d) 969

Visa

Inc

(d) 1,697

597

Voya

Financial

Inc

$

8,141

Electric

-

0.69%

ALLETE

Inc

1,822

Ameresco

Inc

(f) 5,195

CLP

Holdings

Ltd

1,500

Consolidated

Edison

Inc

Constellation

Energy

Corp

(d) 1,891

582

Dominion

Energy

Inc

869

DTE

Energy

Co

648

Duke

Energy

Corp

Edison

International

(d) 3,327

EDP

Renovaveis

SA

8,855

Eversource

Energy

(d) 2,025

Consolidated

Schedule

of

Investments

Global

Multi-Strategy

Fund

August

31,

2025

See

accompanying

notes.

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Electric

(continued)

Exelon

Corp

1,533

$

Iberdrola

SA

5,455

Kansai

Electric

Power

Co

Inc/The

4,400

NRG

Energy

Inc

(d) 3,706

539

PG&E

Corp

(d) 12,790

Sempra

917

Vistra

Corp

(d) 2,265

$

2,950

Electrical

Components

&

Equipment

-

0.21%

ABB

Ltd

Acuity

Inc

AMETEK

Inc

Eaton

Corp

PLC

(d) 306

Emerson

Electric

Co

1,560

Energizer

Holdings

Inc

1,593

Generac

Holdings

Inc

(d),(f)

1,999

Novanta

Inc

(f) 260

Prysmian

SpA

Zeo

Energy

Corp

-

Warrants

(f) 524

—

$

902

Electronics

-

0.92%

Allegion

plc

1,924

Amphenol

Corp

(d) 3,097

Brady

Corp

813

Celestica

Inc

(d),(f)

Coherent

Corp

(f) 372

Flex

Ltd

(f) 1,298

Fortive

Corp

3,481

Garmin

Ltd

Honeywell

International

Inc

(e) 9,169

2,013

Jabil

Inc

1,165

Keysight

Technologies

Inc

(d),(f)

1,059

NIDEC

CORP

(d) 6,000

SCREEN

Holdings

Co

Ltd

(d) 400

TDK

Corp

5,900

TE

Connectivity

PLC

Trimble

Inc

(f) 352

TTM

Technologies

Inc

(f) 1,204

Vishay

Intertechnology

Inc

3,733

$

3,955

Energy

-

Alternate

Sources

-

0.07%

First

Solar

Inc

(f) 291

NEXTracker

Inc

(f) 735

Vestas

Wind

Systems

A/S

9,179

$

Engineering

&

Construction

-

0.38%

ACS

Actividades

de

Construccion

y

Servicios

SA

2,235

AECOM

(d) 1,855

Aena

SME

SA

(i) 782

Bouygues

SA

2,171

Centuri

Holdings

Inc

(f) 1,495

Eiffage

SA

Fluor

Corp

(f) 896

Jacobs

Solutions

Inc

(d) 1,375

Obayashi

Corp

(d) 9,700

Skanska

AB

8,446

Stantec

Inc

1,500

Vinci

SA

934

WSP

Global

Inc

(d) 700

$

1,638

Entertainment

-

0.16%

Caesars

Entertainment

Inc

(f) 8,997

DraftKings

Inc

(f) 1,927

Entain

PLC

504

Evolution

AB

(i) 479

Flutter

Entertainment

PLC

(f) 263

Genting

Singapore

Ltd

105,600

Live

Nation

Entertainment

Inc

(f) 697

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Entertainment

(continued)

Monarch

Casino

&

Resort

Inc

505

$

$

689

Environmental

Control

-

0.13%

Casella

Waste

Systems

Inc

(f) 531

Pentair

PLC

2,010

Republic

Services

Inc

Veralto

Corp

1,581

Waste

Management

Inc

$

551

Food

-

1.27%

Conagra

Brands

Inc

10,214

General

Mills

Inc

3,559

George

Weston

Ltd

(d) 600

Grocery

Outlet

Holding

Corp

(f) 3,711

Kellanova

(e) 33,691

2,679

Kraft

Heinz

Co/The

39,190

1,096

Kroger

Co/The

2,162

Loblaw

Cos

Ltd

(d) 400

Marks

&

Spencer

Group

PLC

(d) 4,286

Mondelez

International

Inc

2,386

Orkla

ASA

972

Saputo

Inc

9,600

Seven

&

i

Holdings

Co

Ltd

1,000

Sysco

Corp

533

The

Campbell's

Company

8,146

Tyson

Foods

Inc

4,622

WK

Kellogg

Co

2,101

$

5,459

Gas

-

0.05%

Centrica

PLC

(d) 9,520

New

Jersey

Resources

Corp

1,261

NiSource

Inc

1,038

Spire

Inc

814

UGI

Corp

1,342

$

Hand

&

Machine

Tools

-

0.23%

Fuji

Electric

Co

Ltd

(d) 1,100

Kennametal

Inc

2,929

Makita

Corp

(d) 3,200

Schindler

Holding

AG

-

PC

Snap-on

Inc

630

Stanley

Black

&

Decker

Inc

(d) 3,727

Techtronic

Industries

Co

Ltd

12,857

$

978

Healthcare

-

Products

-

0.66%

Abbott

Laboratories

ABIOMED

Inc

-

Contingent

Value

Rights

(f),(g)

692

Agilent

Technologies

Inc

565

Allurion

Technologies

Inc

-

Warrants

(f) 931

—

Artivion

Inc

(f) 2,707

Baxter

International

Inc

(d) 15,427

Boston

Scientific

Corp

(f) 1,685

Cooper

Cos

Inc/The

(f) 1,292

Danaher

Corp

1,027

Exact

Sciences

Corp

(f) 1,013

GE

HealthCare

Technologies

Inc

(d) 4,794

Glaukos

Corp

(f) 381

GRAIL

Inc

(f) 61

Hologic

Inc

(d),(f)

4,098

IDEXX

Laboratories

Inc

(d),(f)

Insulet

Corp

(d),(f)

Integra

LifeSciences

Holdings

Corp

(f) 4,030

Intuitive

Surgical

Inc

(f) 67

Lantheus

Holdings

Inc

(f) 1,033

Medtronic

PLC

1,088

Natera

Inc

(f) 418

Omnicell

Inc

(f) 1,575

PROCEPT

BioRobotics

Corp

(f) 605

Psyence

Biomedical

Ltd

-

Warrants

(f) 974

—

Consolidated

Schedule

of

Investments

Global

Multi-Strategy

Fund

August

31,

2025

See

accompanying

notes.

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Healthcare

-

Products

(continued)

ResMed

Inc

(d) 604

$

SI-BONE

Inc

(f) 3,773

Solventum

Corp

(d),(f)

1,648

Stryker

Corp

TransMedics

Group

Inc

(f) 225

Twist

Bioscience

Corp

(f) 121

West

Pharmaceutical

Services

Inc

Zimmer

Biomet

Holdings

Inc

—

$

2,857

Healthcare

-

Services

-

0.50%

Centene

Corp

(f) 5,923

Charles

River

Laboratories

International

Inc

(f) 2,491

Cigna

Group/The

DaVita

Inc

(f) 75

Elevance

Health

Inc

(d) 559

Ensign

Group

Inc/The

Fresenius

Medical

Care

AG

1,176

GeneDx

Holdings

Corp

(f) 395

HCA

Healthcare

Inc

ICON

PLC

(f) 335

IQVIA

Holdings

Inc

(d),(f)

2,370

PACS

Group

Inc

(f) 948

Quest

Diagnostics

Inc

570

UnitedHealth

Group

Inc

(d) 1,149

Universal

Health

Services

Inc

$

2,129

Holding

Companies

-

Diversified

-

1.79%

1RT

Acquisition

Corp

(f) 446

A

Paradise

Acquisition

Corp

(f) 2,060

AA

Mission

Acquisition

Corp

(f) 10,684

Acropolis

Infrastructure

Acquisition

Corp

-

Escrow

(f),(g)

5,690

—

Alchemy

Investments

Acquisition

Corp

-

Warrants

(f) 3,107

—

Aldel

Financial

II

Inc

-

Warrants

(f) 3,442

AltEnergy

Acquisition

Corp

-

Warrants

(f) 449

—

Andretti

Acquisition

Corp

II

(f) 9,732

Andretti

Acquisition

Corp

II

-

Warrants

(f) 4,866

Archimedes

Tech

SPAC

Partners

II

Co

(f) 6,462

Archimedes

Tech

SPAC

Partners

II

Co

-

Warrants

(f) 3,231

Ares

Acquisition

Corp

II

(f) 26,926

Armada

Acquisition

Corp

II

(f) 8,114

Armada

Acquisition

Corp

II

-

Class

A

(f) 14,635

Axiom

Intelligence

Acquisition

-

Class

A

(f) 10,314

Axiom

Intelligence

Acquisition

Corp

(f) 3,653

Bayview

Acquisition

Corp

(f) 3,661

BERTO

ACQUISITION

CORP

(f) 1,567

BEST

SPAC

I

Acquisition

Corp

(f) 1,044

Blue

Acquisition

Corp

(f) 4,175

Blue

Water

Acquisition

Corp

III

(f) 9,794

Blue

Water

Acquisition

Corp

III

(f) 10,430

Cal

Redwood

Acquisition

Corp

(f) 3,133

Cal

Redwood

Acquisition

Corp

-

Class

A

(f) 10,450

Cantor

Equity

Partners

III

Inc

(f) 1,045

Cantor

Equity

Partners

IV

Inc

(f) 4,641

Cartesian

Growth

Corp

II

-

Warrants

(f) 781

—

CARTESIAN

GROWTH

CORP

III

(f) 2,069

CARTESIAN

GROWTH

CORP

III

-

Class

A

(f) 12,021

Cayson

Acquisition

Corp

(f) 3,476

Cayson

Acquisition

Corp

-

Rights

(f) 3,476

CERo

Therapeutics

Holdings

Inc

-

Warrants

(f) 449

—

ChampionsGate

Acquisition

Corp

(f) 1,253

Churchill

Capital

Corp

X

(f) 4,181

CO2

Energy

Transition

Corp

(f) 46,099

Cohen

Circle

Acquisition

Corp

II

(f) 4,403

Columbus

Circle

Capital

Corp

I

(f) 2,597

Copley

Acquisition

Corp

(f) 4,854

Copley

Acquisition

Corp

-

Warrants

(f) 1,305

—

CSLM

Digital

Asset

Acquisition

Corp

III

Ltd

(f) 3,095

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Holding

Companies

-

Diversified

(continued)

D

Boral

ARC

Acquisition

I

Corp

(f) 4,245

$

Dune

Acquisition

Corp

II

(f) 7,632

EGH

Acquisition

Corp

(f) 1,557

EGH

Acquisition

Corp

-

Class

A

(f) 5,220

EQV

Ventures

Acquisition

Corp

II

(f) 10,321

ESH

Acquisition

Corp

-

Rights

(f) 5,825

Eureka

Acquisition

Corp

(f) 1,047

EVe

Mobility

Acquisition

Corp

-

Warrants

(f) 1,847

—

FG

Merger

II

Corp

(f) 29,219

Fifth

Era

Acquisition

Corp

I

(f) 1,781

FIGX

Capital

Acquisition

Corp

(f) 1,776

FIGX

Capital

Acquisition

Corp

-

Class

A

(f) 2,532

Gesher

Acquisition

Corp

II

(f) 5,220

Gesher

Acquisition

Corp

II

-

Warrants

(f) 2,610

GigCapital7

Corp

(f) 5,016

Globa

Terra

Acquisition

Corp

(f) 28,136

Gores

Holdings

X

Inc

(f) 10,656

Graf

Global

Corp

(f) 4,458

Graf

Global

Corp

-

Warrants

(f) 2,229

GSR

III

Acquisition

Corp

(f) 28,885

Haymaker

Acquisition

Corp

(f) 15,675

HCM

III

Acquisition

Corp

(f) 514

Iron

Horse

Acquisitions

Corp

-

Rights

(f) 4,699

Iron

Horse

Acquisitions

Corp

-

Warrants

(f) 4,699

—

Jackson

Acquisition

Co

II

(f) 4,474

Jaws

Mustang

Acquisition

Corp

-

Warrants

(f) 4,137

—

Jena

Acquisition

Corp

II

(f) 8,369

K&F

Growth

Acquisition

Corp

II

(f) 5,396

K&F

Growth

Acquisition

Corp

II

-

Rights

(f) 5,396

Keen

Vision

Acquisition

Corp

-

Warrants

(f) 10,678

Lakeshore

Acquisition

III

Corp

(f) 14,402

Lakeshore

Acquisition

III

Corp

-

Rights

(f) 9,177

Lightwave

Acquisition

Corp

(f) 10,284

Lionheart

Holdings

(f) 6,195

Live

Oak

Acquisition

Corp

V

(f) 11,403

Live

Oak

Acquisition

Corp

V

-

Warrants

(f) 2,350

M3-Brigade

Acquisition

VI

Corp

(f) 1,032

Maywood

Acquisition

Corp

(f) 1,411

McKinley

Acquisition

Corp

(f) 2,064

Mountain

Lake

Acquisition

Corp

(f) 26,596

Mountain

Lake

Acquisition

Corp

-

Rights

(f) 7,860

Nabors

Energy

Transition

Corp

II

(f) 14,612

New

Providence

Acquisition

Corp

III

(f) 25,686

Newbury

Street

II

Acquisition

Corp

(f) 18,513

Newbury

Street

II

Acquisition

Corp

-

Warrants

(f) 4,940

NewHold

Investment

Corp

III

(f) 4,537

NewHold

Investment

Corp

III

-

Warrants

(f) 2,268

Oxley

Bridge

Acquisition

Ltd

(f) 4,173

Oxley

Bridge

Acquisition

Ltd

-

Class

A

(f) 9,052

Oyster

Enterprises

II

Acquisition

Corp

(f) 5,227

Oyster

Enterprises

II

Acquisition

Corp

-

Class

A

(f) 10,319

Perimeter

Acquisition

Corp

I

(f) 3,123

Pershing

Square

Tontine

Holdings

Ltd

(f),(g)

977

—

Pershing

Square

Tontine

Holdings

Ltd

-

Escrow

(f),(g)

3,910

—

Pioneer

Acquisition

I

Corp

(f) 15,671

ProCap

Acquisition

Corp

(f) 1,445

ProCap

Acquisition

Corp

-

Class

A

(f) 5,080

Quantumsphere

Acquisition

Corp

(f) 2,062

Quartzsea

Acquisition

Corp

(f) 14,901

Real

Asset

Acquisition

Corp

(f) 5,181

Republic

Digital

Acquisition

Co

(f) 1,567

Roman

DBDR

Acquisition

Corp

II

(f) 5,960

Roman

DBDR

Acquisition

Corp

II

-

Warrants

(f) 3,134

Siddhi

Acquisition

Corp

(f) 14,270

Silver

Pegasus

Acquisition

Corp

(f) 2,623

Silverbox

Corp

IV

(f) 4,505

Sizzle

Acquisition

Corp

II

(f) 17,239

Sizzle

Acquisition

Corp

II

-

Rights

(f) 5,432

Slam

Corp

-

Warrants

(f) 6,312

—

Consolidated

Schedule

of

Investments

Global

Multi-Strategy

Fund

August

31,

2025

See

accompanying

notes.

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Holding

Companies

-

Diversified

(continued)

Soulpower

Acquisition

Corp

(f) 13,783

$

Soulpower

Acquisition

Corp

-

Rights

(f) 10,651

Spark

I

Acquisition

Corp

-

Warrants

(f) 4,233

Spring

Valley

Acquisition

Corp

II

-

Rights

(f) 1,102

—

Spring

Valley

Acquisition

Corp

II

-

Warrants

(f) 387

—

Stellar

V

Capital

Corp

(f) 4,313

Stellar

V

Capital

Corp

-

Warrants

(f) 2,156

—

Target

Global

Acquisition

I

Corp

-

Warrants

(f) 1,309

—

Thayer

Ventures

Acquisition

Corp

II

(f) 5,908

Thayer

Ventures

Acquisition

Corp

II

-

Class

A

(f) 5,235

Titan

Acquisition

Corp

(f) 11,169

Titan

Acquisition

Corp

-

Warrants

(f) 5,584

Translational

Development

Acquisition

Corp

(f) 4,069

UY

Scuti

Acquisition

Corp

(f) 2,169

UY

Scuti

Acquisition

Corp

-

Rights

(f) 2,169

—

Veea

Inc

-

Warrants

(f) 1,370

—

Vine

Hill

Capital

Investment

Corp

(f) 8,274

Volato

Group

Inc

-

Warrants

(f) 1,728

—

Voyager

Acquisition

Corp

(f) 9,148

Voyager

Acquisition

Corp

-

Warrants

(f) 3,935

Wen

Acquisition

Corp

(f) 8,016

Wharf

Holdings

Ltd/The

1,000

Willow

Lane

Acquisition

Corp

(f) 6,595

Willow

Lane

Acquisition

Corp

-

Warrants

(f) 3,297

Wintergreen

Acquisition

Corp

(f) 94

$

7,698

Home

Builders

-

0.07%

Champion

Homes

Inc

(f) 1,716

DR

Horton

Inc

Lennar

Corp

-

A

Shares

NVR

Inc

(d),(f)

Sekisui

Chemical

Co

Ltd

(d) 2,500

$

Home

Furnishings

-

0.05%

Hoshizaki

Corp

1,100

Leggett

&

Platt

Inc

6,249

MillerKnoll

Inc

2,738

Xperi

Inc

(f) 6,255

$

Insurance

-

1.20%

Admiral

Group

PLC

(d) 1,141

Aflac

Inc

1,203

Ageas

SA/NV

1,126

AIA

Group

Ltd

1,600

Arthur

J

Gallagher

&

Co

Beazley

PLC

1,312

Berkshire

Hathaway

Inc

-

Class

B

(d),(f)

881

Brown

&

Brown

Inc

2,086

Chubb

Ltd

1,424

Cincinnati

Financial

Corp

(d) 542

Corebridge

Financial

Inc

799

Equitable

Holdings

Inc

(d) 2,693

Everest

Group

Ltd

Globe

Life

Inc

Hannover

Rueck

SE

524

Hartford

Insurance

Group

Inc/The

928

Insurance

Australia

Group

Ltd

13,506

Kemper

Corp

783

Lancashire

Holdings

Ltd

5,981

Loews

Corp

2,169

Marsh

&

McLennan

Cos

Inc

1,206

MetLife

Inc

678

MS&AD

Insurance

Group

Holdings

Inc

(d) 8,500

NN

Group

NV

1,731

ProAssurance

Corp

(e),(f)

49,123

1,170

Prudential

PLC

(d) 11,177

QBE

Insurance

Group

Ltd

811

SiriusPoint

Ltd

(f) 2,317

Swiss

Re

AG

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Insurance

(continued)

Talanx

AG

2,441

$

Travelers

Cos

Inc/The

W

R

Berkley

Corp

2,498

Willis

Towers

Watson

PLC

$

5,170

Internet

-

2.06%

Airbnb

Inc

(f) 606

Alphabet

Inc

-

A

Shares

(d) 8,698

1,852

Alphabet

Inc

-

C

Shares

Amazon.com

Inc

(d),(f)

6,103

1,397

Booking

Holdings

Inc

(d) 57

CAR

Group

Ltd

1,163

CDW

Corp/DE

Chewy

Inc

(f) 854

Criteo

SA

ADR

(f) 590

Delivery

Hero

SE

(f),(i)

eBay

Inc

3,196

Expedia

Group

Inc

(d) 417

F5

Inc

(d),(f)

1,047

Gen

Digital

Inc

(d) 15,360

GIBO

Holdings

Ltd

-

Warrants

(f) 1,119

—

GoDaddy

Inc

(f) 1,253

Hims

&

Hers

Health

Inc

(f) 292

IAC

Inc

(f) 17,100

626

LY

Corp

(d) 38,600

Magnite

Inc

(f) 5,111

Match

Group

Inc

5,858

MercadoLibre

Inc

(d),(f)

Meta

Platforms

Inc

(d) 1,467

1,083

Netflix

Inc

(d),(f)

722

873

Pinterest

Inc

(f) 926

Shopify

Inc

(f) 388

Spotify

Technology

SA

(f) 153

Trend

Micro

Inc/Japan

(d) 800

Uber

Technologies

Inc

(f) 608

VeriSign

Inc

670

Zillow

Group

Inc

-

C

Shares

(f) 638

$

8,869

Investment

Companies

-

0.03%

Eurazeo

SE

1,129

EXOR

NV

HA

Sustainable

Infrastructure

Capital

Inc

1,072

$

Iron

&

Steel

-

0.08%

ArcelorMittal

SA

1,943

Fortescue

Ltd

13,646

Reliance

Inc

$

Leisure

Products

&

Services

-

0.15%

Carnival

Corp

(d),(f)

11,402

Life

Time

Group

Holdings

Inc

(f) 3,267

Malibu

Boats

Inc

(f) 1,395

Royal

Caribbean

Cruises

Ltd

$

667

Lodging

-

0.11%

Galaxy

Entertainment

Group

Ltd

15,000

Marriott

International

Inc/MD

952

Sands

China

Ltd

1,600

Wyndham

Hotels

&

Resorts

Inc

564

Wynn

Resorts

Ltd

833

$

Machinery

-

Construction

&

Mining

-

0.13%

Caterpillar

Inc

(d) 832

GE

Vernova

Inc

Sandvik

AB

781

Vertiv

Holdings

Co

777

$

553

Consolidated

Schedule

of

Investments

Global

Multi-Strategy

Fund

August

31,

2025

See

accompanying

notes.

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Machinery

-

Diversified

-

0.82%

Applied

Industrial

Technologies

Inc

$

Cactus

Inc

Chart

Industries

Inc

(f) 11,827

2,358

Daifuku

Co

Ltd

(d) 3,400

Deere

&

Co

Dover

Corp

548

Ichor

Holdings

Ltd

(f) 5,900

Otis

Worldwide

Corp

(d) 1,844

Rockwell

Automation

Inc

(d) 892

Wartsila

OYJ

Abp

5,639

Westinghouse

Air

Brake

Technologies

Corp

Zurn

Elkay

Water

Solutions

Corp

1,377

$

3,526

Media

-

1.55%

Altice

USA

Inc

(f) 22,876

Charter

Communications

Inc

(f) 118

Comcast

Corp

-

Class

A

(d) 7,498

Endeavor

Group

Holdings

Inc

(g) 137,899

3,792

FactSet

Research

Systems

Inc

Fox

Corp

-

A

Shares

(d) 3,124

iHeartMedia

Inc

(f) 4,361

Liberty

Broadband

Corp

-

A

Shares

(e),(f)

17,410

1,056

Liberty

Media

Corp-Liberty

Formula

One

-

C

Shares

(f) 906

News

Corp

-

A

Shares

2,247

TEGNA

Inc

19,672

Walt

Disney

Co/The

(d) 4,471

529

$

6,659

Metal

Fabrication

&

Hardware

-

0.03%

VAT

Group

AG

(i) 42

Xometry

Inc

(f) 2,070

$

Mining

-

0.49%

Alamos

Gold

Inc

3,400

Barrick

Mining

Corp

(d) 13,355

Barrick

Mining

Corp

1,814

Cameco

Corp

900

First

Quantum

Minerals

Ltd

(d),(f)

3,400

Franco-Nevada

Corp

(d) 1,200

Freeport-McMoRan

Inc

(d) 9,152

Kaiser

Aluminum

Corp

1,530

Kinross

Gold

Corp

(d) 4,700

Lundin

Mining

Corp

(d) 13,682

MP

Materials

Corp

(f) 200

Newmont

Corp

(d) 2,641

Norsk

Hydro

ASA

6,878

Northern

Star

Resources

Ltd

6,619

Pan

American

Silver

Corp

(d) 3,300

$

2,095

Miscellaneous

Manufacturers

-

0.23%

3M

Co

A

O

Smith

Corp

(d) 4,780

Alfa

Laval

AB

Fabrinet

(f) 37

Illinois

Tool

Works

Inc

Parker-Hannifin

Corp

(d) 70

Sturm

Ruger

&

Co

Inc

1,503

Teledyne

Technologies

Inc

(d),(f)

Textron

Inc

(d) 2,583

$

970

Office

&

Business

Equipment

-

0.08%

Zebra

Technologies

Corp

(d),(f)

1,060

Oil

&

Gas

-

0.62%

ARC

Resources

Ltd

(d) 2,500

Canadian

Natural

Resources

Ltd

1,889

Chevron

Corp

(d) 2,091

ConocoPhillips

951

Coterra

Energy

Inc

1,586

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Oil

&

Gas

(continued)

Devon

Energy

Corp

2,736

$

EOG

Resources

Inc

(d) 1,821

EQT

Corp

(d) 2,017

Expand

Energy

Corp

2,520

Exxon

Mobil

Corp

3,151

Galp

Energia

SGPS

SA

16,142

Neste

Oyj

8,315

Parkland

Corp

10,582

Phillips

Valero

Energy

Corp

1,401

Viper

Energy

Inc

879

Woodside

Energy

Group

Ltd

1,979

$

2,676

Oil

&

Gas

Services

-

0.11%

Aris

Water

Solutions

Inc

3,521

Baker

Hughes

Co

845

Halliburton

Co

6,414

Helix

Energy

Solutions

Group

Inc

(f) 6,083

Schlumberger

NV

2,353

Select

Water

Solutions

Inc

4,186

Tidewater

Inc

(f) 605

$

Packaging

&

Containers

-

0.12%

CCL

Industries

Inc

1,300

Greif

Inc

-

Class

A

832

Packaging

Corp

of

America

1,597

Sonoco

Products

Co

1,108

$

533

Pharmaceuticals

-

1.62%

AbbVie

Inc

(d) 2,143

Agios

Pharmaceuticals

Inc

(f) 117

Akebia

Therapeutics

Inc

(f) 499

Alkermes

PLC

(f) 328

Amneal

Pharmaceuticals

Inc

(f) 285

Astellas

Pharma

Inc

(d) 43,500

AstraZeneca

PLC

(d) 1,124

AstraZeneca

PLC

ADR

1,072

Avadel

Pharmaceuticals

PLC

(f) 180

Becton

Dickinson

&

Co

BellRing

Brands

Inc

(f) 568

Bristol-Myers

Squibb

Co

(d) 3,516

Cardinal

Health

Inc

597

Catalyst

Pharmaceuticals

Inc

(f) 229

Cencora

Inc

Chugai

Pharmaceutical

Co

Ltd

2,000

Cidara

Therapeutics

Inc

(f) 34

Collegium

Pharmaceutical

Inc

(f) 64

CVS

Health

Corp

(d) 4,178

Daiichi

Sankyo

Co

Ltd

(d) 14,200

Dexcom

Inc

(d),(f)

1,346

Eli

Lilly

&

Co

Grifols

SA

13,014

GSK

PLC

(d) 5,318

Guardian

Pharmacy

Services

Inc

(f) 971

Harmony

Biosciences

Holdings

Inc

(f) 93

Harrow

Inc

(f) 64

Hikma

Pharmaceuticals

PLC

5,245

Indivior

PLC

(f) 239

Johnson

&

Johnson

(d) 1,755

Madrigal

Pharmaceuticals

Inc

(f) 32

MannKind

Corp

(f) 597

McKesson

Corp

(d) 311

Merck

&

Co

Inc

(d) 5,664

Merus

NV

(f) 301

Mirum

Pharmaceuticals

Inc

(f) 88

Neurocrine

Biosciences

Inc

(d),(f)

1,687

Novartis

AG

1,444

Ocular

Therapeutix

Inc

(f) 295

Orion

Oyj

1,956

Consolidated

Schedule

of

Investments

Global

Multi-Strategy

Fund

August

31,

2025

See

accompanying

notes.

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Pharmaceuticals

(continued)

Otsuka

Holdings

Co

Ltd

3,200

$

Pacira

BioSciences

Inc

(f) 1,665

Pfizer

Inc

(d) 12,754

Protagonist

Therapeutics

Inc

(f) 459

Recordati

Industria

Chimica

e

Farmaceutica

SpA

989

Rhythm

Pharmaceuticals

Inc

(f) 113

Sanofi

SA

ADR

1,477

Supernus

Pharmaceuticals

Inc

(f) 108

Takeda

Pharmaceutical

Co

Ltd

(d) 400

Teva

Pharmaceutical

Industries

Ltd

ADR

(f) 4,405

UCB

SA

Vaxcyte

Inc

(f) 620

Verona

Pharma

PLC

ADR

(f) 7,855

832

Viatris

Inc

7,198

Zoetis

Inc

(d) 1,178

$

6,957

Pipelines

-

0.17%

Cheniere

Energy

Inc

(d) 745

Excelerate

Energy

Inc

2,578

Keyera

Corp

(d) 3,700

Kinder

Morgan

Inc

(d) 10,409

Southcross

Holdings

(f),(g)

615,976

—

Targa

Resources

Corp

(d) 473

Williams

Cos

Inc/The

$

746

Private

Equity

-

0.09%

Blackstone

Inc

(d) 1,275

KKR

&

Co

Inc

1,229

$

Real

Estate

-

0.20%

CFLD

Cayman

Investment

Ltd

Unit

Trust

(f) 233,812

Daito

Trust

Construction

Co

Ltd

(d) 2,000

LEG

Immobilien

SE

1,798

Marcus

&

Millichap

Inc

1,354

Sunac

China

Holdings

Ltd

(f) 8,540

Vonovia

SE

12,530

Wharf

Real

Estate

Investment

Co

Ltd

6,000

Yuzhou

Properties

Co

Ltd

(f) 453,390

$

852

REITs

-

0.58%

American

Healthcare

REIT

Inc

1,672

American

Tower

Corp

908

AvalonBay

Communities

Inc

1,325

Camden

Property

Trust

(d) 1,307

CareTrust

REIT

Inc

2,015

Digital

Realty

Trust

Inc

1,055

EPR

Properties

1,047

Equinix

Inc

Extra

Space

Storage

Inc

Goodman

Group

1,934

Kimco

Realty

Corp

3,252

Land

Securities

Group

PLC

4,254

Macerich

Co/The

3,816

Pebblebrook

Hotel

Trust

5,423

Phillips

Edison

&

Co

Inc

1,352

Piedmont

Realty

Trust

Inc

8,385

Prologis

Inc

1,135

Realty

Income

Corp

1,679

Rithm

Capital

Corp

4,084

Simon

Property

Group

Inc

UDR

Inc

1,430

Ventas

Inc

1,370

VICI

Properties

Inc

5,227

Welltower

Inc

(d) 1,782

$

2,490

Retail

-

1.05%

American

Eagle

Outfitters

Inc

4,491

Associated

British

Foods

PLC

3,254

Bath

&

Body

Works

Inc

(d) 4,440

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Retail

(continued)

Best

Buy

Co

Inc

(d) 1,475

$

Boot

Barn

Holdings

Inc

(f) 324

CarMax

Inc

(f) 3,368

Carvana

Co

(f) 127

Chipotle

Mexican

Grill

Inc

(d),(f)

932

CK

Hutchison

Holdings

Ltd

5,000

Costco

Wholesale

Corp

Cracker

Barrel

Old

Country

Store

Inc

793

Darden

Restaurants

Inc

857

Dick's

Sporting

Goods

Inc

657

Dollar

General

Corp

(d) 1,797

Dollar

Tree

Inc

(d),(f)

3,364

Five

Below

Inc

(f) 152

Foot

Locker

Inc

(f) 7,122

Freshpet

Inc

(f) 436

GMS

Inc

(f) 1,195

Home

Depot

Inc/The

Lowe's

Cos

Inc

(d) 1,214

MatsukiyoCocokara

&

Co

(d) 1,500

McDonald's

Corp

835

MSC

Industrial

Direct

Co

Inc

667

Ollie's

Bargain

Outlet

Holdings

Inc

(f) 345

O'Reilly

Automotive

Inc

(d),(f)

540

Starbucks

Corp

561

Target

Corp

(d) 2,409

TJX

Cos

Inc/The

2,666

Ulta

Beauty

Inc

(f) 408

Walmart

Inc

(d) 2,042

Wesfarmers

Ltd

1,723

Williams-Sonoma

Inc

Wingstop

Inc

Yum!

Brands

Inc

(d) 2,105

$

4,494

Savings

&

Loans

-

0.06%

Pacific

Premier

Bancorp

Inc

9,537

WSFS

Financial

Corp

774

$

Semiconductors

-

1.95%

Advanced

Micro

Devices

Inc

(f) 688

Advantest

Corp

(d) 200

Analog

Devices

Inc

(d) 433

Applied

Materials

Inc

(d) 2,018

ARM

Holdings

PLC

ADR

(f) 314

ASM

International

NV

ASML

Holding

NV

-

NY

Reg

Shares

Broadcom

Inc

(d) 5,133

1,526

Disco

Corp

KLA

Corp

Lam

Research

Corp

(d) 5,734

574

Lasertec

Corp

(d) 200

Marvell

Technology

Inc

548

Microchip

Technology

Inc

(d) 2,283

Micron

Technology

Inc

696

MKS

Inc

Monolithic

Power

Systems

Inc

(d) 27

NVIDIA

Corp

(d) 18,936

3,298

NXP

Semiconductors

NV

ON

Semiconductor

Corp

(d),(f)

6,015

QUALCOMM

Inc

(d) 2,624

Silicon

Motion

Technology

Corp

ADR

654

SiTime

Corp

(f) 327

Skyworks

Solutions

Inc

(d) 7,227

542

Taiwan

Semiconductor

Manufacturing

Co

Ltd

ADR

Teradyne

Inc

(d) 876

Texas

Instruments

Inc

787

Tower

Semiconductor

Ltd

(f) 1,538

$

8,380

Shipbuilding

-

0.04%

Yangzijiang

Shipbuilding

Holdings

Ltd

68,400

Consolidated

Schedule

of

Investments

Global

Multi-Strategy

Fund

August

31,

2025

See

accompanying

notes.

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Software

-

1.59%

Adeia

Inc

3,666

$

Adobe

Inc

(f) 147

Agilysys

Inc

(f) 291

Amplitude

Inc

(f) 1,157

AppLovin

Corp

(f) 109

AvePoint

Inc

(f) 3,723

Broadridge

Financial

Solutions

Inc

Clearwater

Analytics

Holdings

Inc

(f) 4,161

Cloudflare

Inc

(d),(f)

Constellation

Software

Inc/Canada

-

Warrants

(f),(g)

—

Docusign

Inc

(f) 470

Dynatrace

Inc

(d),(f)

2,168

Electronic

Arts

Inc

(d) 1,325

Fair

Isaac

Corp

(d),(f)

Fiserv

Inc

(d),(f)

2,244

Freshworks

Inc

(f) 2,831

Genius

Sports

Ltd

(f) 5,039

iLearningEngines

Holdings

Inc

-

Warrants

(f) 1,824

—

Intapp

Inc

(f) 605

Intuit

Inc

503

Konami

Group

Corp

(d) 1,000

LeddarTech

Holdings

Inc

-

Warrants

(f) 2,297

—

Microsoft

Corp

(d) 5,613

2,844

MINDBODY

Inc

(f),(g)

9,229

MongoDB

Inc

(f) 199

MSCI

Inc

(d) 31

Nexon

Co

Ltd

1,200

Nutanix

Inc

(f) 470

Oracle

Corp

(d) 1,461

Palantir

Technologies

Inc

(d),(f)

2,837

Paychex

Inc

1,136

PTC

Inc

(f) 1,027

RingCentral

Inc

(f) 1,729

Roper

Technologies

Inc

Salesforce

Inc

(d) 1,075

SAP

SE

ADR

SEMrush

Holdings

Inc

(f) 3,641

ServiceNow

Inc

(f) 79

Snowflake

Inc

-

Class

A

(d),(f)

Veeva

Systems

Inc

(f) 495

Veradigm

Inc

(f) 7,366

Verint

Systems

Inc

(f) 3,024

$

6,814

Telecommunications

-

0.63%

A10

Networks

Inc

3,393

Arista

Networks

Inc

(d),(f)

2,303

AT&T

Inc

7,635

Calix

Inc

(f) 727

Cisco

Systems

Inc

(d) 4,571

Corning

Inc

(d) 2,380

Credo

Technology

Group

Holding

Ltd

(f) 305

Deutsche

Telekom

AG

3,713

Frontier

Communications

Parent

Inc

(f) 14,820

550

KDDI

Corp

(d) 4,000

Tele2

AB

4,784

Telenor

ASA

3,839

Telstra

Group

Ltd

2,304

T-Mobile

US

Inc

907

Verizon

Communications

Inc

(d) 6,499

Vodafone

Group

PLC

(d) 95,023

$

2,694

Toys,

Games

&

Hobbies

-

0.02%

Hasbro

Inc

1,126

Sanrio

Co

Ltd

$

Transportation

-

1.18%

AP

Moller

-

Maersk

A/S

-

B

Central

Japan

Railway

Co

7,000

CSX

Corp

(e) 66,336

2,156

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Transportation

(continued)

Expeditors

International

of

Washington

Inc

(d) 1,039

$

FedEx

Corp

553

InPost

SA

(f) 2,022

JB

Hunt

Transport

Services

Inc

1,503

Kirby

Corp

(f) 587

Knight-Swift

Transportation

Holdings

Inc

1,031

Nippon

Yusen

KK

(d) 2,800

Norfolk

Southern

Corp

5,231

1,465

Ryder

System

Inc

SITC

International

Holdings

Co

Ltd

49,000

Union

Pacific

Corp

United

Parcel

Service

Inc

2,046

$

5,074

Trucking

&

Leasing

-

0.01%

Greenbrier

Cos

Inc/The

1,119

Water

-

0.05%

United

Utilities

Group

PLC

(d) 15,281

TOTAL

COMMON

STOCKS

$

150,664

CONVERTIBLE

PREFERRED

STOCKS

-

0.03%

Shares

Held

Value

(000's)

Aerospace

&

Defense

-

0.02%

Boeing

Co/The

6.00%,

10/15/2027

879

$

Diversified

Financial

Services

-

0.00%

Apollo

Global

Management

Inc

6.75%,

07/31/2026

Electric

-

0.00%

PG&E

Corp

6.00%,

12/01/2027

Pipelines

-

0.01%

Southcross

Energy

Series

A

0.00%

(f),(g)

2,399,339

TOTAL

CONVERTIBLE

PREFERRED

STOCKS

$

PREFERRED

STOCKS

-

0.13%

Shares

Held

Value

(000's)

Automobile

Manufacturers

-

0.05%

Dr

Ing

hc

F

Porsche

AG

1.49%

(i) 3,565

$

Electronics

-

0.01%

Sartorius

AG

0.74%

REITs

-

0.07%

City

Office

REIT

Inc

6.63%,

10/03/2025

(j) 12,400

TOTAL

PREFERRED

STOCKS

$

539

BONDS

-

33.62%

Principal

Amount

(000's)

Value

(000's)

Aerospace

&

Defense

-

0.37%

Boeing

Co/The

3.63%,

02/01/2031

$

$

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) 600

614

$

1,600

Agriculture

-

0.09%

Cargill

Inc

4.96%,

02/11/2028

(i) 320

Secured

Overnight

Financing

Rate

+

0.61%

JBS

USA

LUX

Sarl

/

JBS

USA

Food

Co

/

JBS

USA

Foods

Group

5.95%,

04/20/2035

(i) 55

$

Airlines

-

0.06%

United

Airlines

2016-2

Class

B

Pass

Through

Trust

3.65%,

04/07/2027

United

Airlines

2019-2

Class

B

Pass

Through

Trust

3.50%,

11/01/2029

$

Consolidated

Schedule

of

Investments

Global

Multi-Strategy

Fund

August

31,

2025

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Automobile

Asset

Backed

Securities

-

0.66%

American

Credit

Acceptance

Receivables

Trust

2023-4

7.65%,

09/12/2030

(i) $

$

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

Carvana

Auto

Receivables

Trust

2021-N4

2.30%,

09/11/2028

Carvana

Auto

Receivables

Trust

2021-P1

1.53%,

03/10/2027

Carvana

Auto

Receivables

Trust

2024-N1

5.80%,

05/10/2030

(i) 15

Drive

Auto

Receivables

Trust

2024-1

5.43%,

11/17/2031

DT

Auto

Owner

Trust

2022-2

5.46%,

03/15/2028

(i) 150

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

Exeter

Automobile

Receivables

Trust

2024-5

5.06%,

02/18/2031

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) 170

Santander

Drive

Auto

Receivables

Trust

2024-3

5.97%,

10/15/2031

Westlake

Automobile

Receivables

Trust

2022-2

5.48%,

09/15/2027

(i) 125

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

$

2,827

Automobile

Manufacturers

-

0.20%

Allison

Transmission

Inc

3.75%,

01/30/2031

(i) 75

American

Honda

Finance

Corp

4.45%,

10/22/2027

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Automobile

Manufacturers

(continued)

Toyota

Motor

Credit

Corp

4.35%,

10/08/2027

$

$

$

860

Automobile

Parts

&

Equipment

-

0.03%

ZF

North

America

Capital

Inc

6.88%,

04/23/2032

(i) 150

Banks

-

1.62%

Australia

&

New

Zealand

Banking

Group

Ltd/New

York

NY

5.67%,

10/03/2025

Bank

of

America

Corp

2.48%,

09/21/2036

(k) 95

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.20%

3.85%,

03/08/2037

(k) 125

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.00%

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

732

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.38%

BOI

Finance

BV

7.50%,

02/16/2027

EUR

525

627

Commonwealth

Bank

of

Australia/New

York

NY

4.58%,

11/27/2026

$

5.32%,

03/13/2026

Israel

Discount

Bank

Ltd

5.38%,

01/26/2028

(i) 275

Morgan

Stanley

2.48%,

09/16/2036

(k) 290

Secured

Overnight

Financing

Rate

+

1.36%

National

Bank

of

Uzbekistan

7.20%,

07/17/2030

8.50%,

07/05/2029

PNC

Bank

NA

4.78%,

01/15/2027

(k) 320

Secured

Overnight

Financing

Rate

+

0.50%

Standard

Chartered

PLC

7.63%,

01/16/2032

(i),(j),(k),(l)

550

572

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.02%

State

Street

Bank

&

Trust

Co

4.59%,

11/25/2026

State

Street

Corp

4.33%,

10/22/2027

UBS

Group

AG

5.58%,

05/09/2036

(i),(k)

Secured

Overnight

Financing

Rate

+

1.76%

5.62%,

09/13/2030

(i),(k)

USD

Secured

Overnight

Financing

Rate

ICE

Swap

Rate

Year

+

1.34%

5.70%,

02/08/2035

(i),(k)

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.77%

6.60%,

08/05/2030

(i),(j),(k),(l)

USD

Secured

Overnight

Financing

Rate

ICE

Swap

Rate

Year

+

3.12%

US

Bank

NA/Cincinnati

OH

4.51%,

10/22/2027

(k) 395

Secured

Overnight

Financing

Rate

+

0.69%

$

6,939

Building

Materials

-

0.33%

Amrize

Finance

US

LLC

5.40%,

04/07/2035

(i) 75

Consolidated

Schedule

of

Investments

Global

Multi-Strategy

Fund

August

31,

2025

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Building

Materials

(continued)

Cemex

SAB

de

CV

5.13%,

06/08/2026

(i),(j),(k)

$

$

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

4.53%

7.20%,

06/10/2030

(i),(j),(k)

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.52%

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) 155

$

1,434

Chemicals

-

0.14%

Illuminate

Buyer

LLC

/

Illuminate

Holdings

IV

Inc

9.00%,

07/01/2028

(i) 589

589

Commercial

Mortgage

Backed

Securities

-

0.68%

BPR

Trust

2021-NRD

9.98%,

12/15/2038

(i) 20

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.62%

11.23%,

12/15/2038

(i) 140

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

6.87%

BPR

Trust

2022-SSP

7.36%,

05/15/2039

(i) 245

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.00%

BX

Trust

2025-VLT6

5.81%,

03/15/2042

(i) 295

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.44%

BX

Trust

2025-VLT7

6.06%,

07/15/2044

(i) 100

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.70%

6.36%,

07/15/2044

(i) 100

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.00%

Citigroup

Commercial

Mortgage

Trust

2014-GC21

4.90%,

05/10/2047

(i),(m)

COMM

2012-CCRE3

Mortgage

Trust

3.92%,

10/15/2045

(i) 104

COMM

2012-LC4

Mortgage

Trust

5.69%,

12/10/2044

(m) 2

CSMC

2014-USA

OA

LLC

4.37%,

09/15/2037

(i) 1,055

686

DC

Commercial

Mortgage

Trust

2023-DC

7.38%,

09/12/2040

(i),(m)

Extended

Stay

America

Trust

2021-ESH

8.18%,

07/15/2038

(i) 102

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.81%

LEX

2024-BBG

Mortgage

Trust

5.04%,

10/13/2033

(i),(m)

Morgan

Stanley

Capital

I

Trust

2011-C2

5.39%,

06/15/2044

(i),(m)

Starwood

Retail

Property

Trust

2014-STAR

0.00%,

11/15/2027

(f),(i)

—

1.00 x

Prime

Rate

+

0.00%

0.00%,

11/15/2027

(f),(i)

645

—

1.00 x

Prime

Rate

+

0.00%

Wells

Fargo

Commercial

Mortgage

Trust

2013-LC12

3.91%,

07/15/2046

(m) 8

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Commercial

Mortgage

Backed

Securities

(continued)

Wells

Fargo

Commercial

Mortgage

Trust

2016-C36

4.25%,

11/15/2059

(m) $

$

WFRBS

Commercial

Mortgage

Trust

2011-C3

6.05%,

03/15/2044

(i),(m)

WFRBS

Commercial

Mortgage

Trust

2011-C4

5.15%,

06/15/2044

(i),(m)

531

514

WFRBS

Commercial

Mortgage

Trust

2014-C20

4.38%,

05/15/2047

$

2,906

Commercial

Services

-

0.16%

DP

World

Salaam

6.00%,

10/01/2025

(j),(k)

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

5.75%

Mobius

Merger

Sub

Inc

9.00%,

06/01/2030

(i) 95

TriNet

Group

Inc

3.50%,

03/01/2029

(i) 70

United

Rentals

North

America

Inc

6.13%,

03/15/2034

(i) 130

$

682

Computers

-

0.03%

NetApp

Inc

5.50%,

03/17/2032

5.70%,

03/17/2035

$

Diversified

Financial

Services

-

0.63%

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) 145

Aviation

Capital

Group

LLC

4.80%,

10/24/2030

(i) 95

6.75%,

10/25/2028

(i) 210

Avolon

Holdings

Funding

Ltd

5.38%,

05/30/2030

(i) 45

BGC

Group

Inc

6.15%,

04/02/2030

(i) 45

Blue

Owl

Finance

LLC

6.25%,

04/18/2034

Brookfield

Asset

Management

Ltd

5.80%,

04/24/2035

Citadel

LP

6.00%,

01/23/2030

(i) 35

6.38%,

01/23/2032

(i) 25

Eagle

Funding

Luxco

Sarl

5.50%,

08/17/2030

(i) 700

710

Freedom

Mortgage

Holdings

LLC

7.88%,

04/01/2033

(i) 55

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) 85

SOCAR

Turkey

Enerji

AS

via

Steas

Funding

DAC

7.23%,

03/17/2026

Synchrony

Financial

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%

$

2,716

Consolidated

Schedule

of

Investments

Global

Multi-Strategy

Fund

August

31,

2025

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Electric

-

0.77%

Comision

Ejecutiva

Hidroelectrica

del

Rio

Lempa

8.65%,

01/24/2033

(i) $

$

Comision

Federal

de

Electricidad

5.00%,

09/29/2036

Eastern

European

Electric

Co

BV

6.50%,

05/15/2030

(i) EUR

Energo

-

Pro

as

8.00%,

05/27/2030

(i) 625

775

FIEMEX

Energia

-

Banco

Actinver

SA

Institucion

de

Banca

Multiple

7.25%,

01/31/2041

(i) $

545

559

GDZ

Elektrik

Dagitim

AS

9.00%,

10/15/2029

Pacific

Gas

and

Electric

Co

6.40%,

06/15/2033

Saavi

Energia

Sarl

8.88%,

02/10/2035

(i) 800

848

$

3,319

Electronics

-

0.07%

Sensata

Technologies

Inc

3.75%,

02/15/2031

(i) 190

TD

SYNNEX

Corp

6.10%,

04/12/2034

$

Energy

-

Alternate

Sources

-

0.13%

FS

Luxembourg

Sarl

8.63%,

06/25/2033

(i) 400

8.88%,

02/12/2031

(i) 150

$

566

Engineering

&

Construction

-

0.73%

ATP

Tower

Holdings

/

Andean

Telecom

Partners

Chile

SpA

/

Andean

Tower

Partners

Colombia

SAS

7.88%,

02/03/2030

(i) 600

611

HTA

Group

Ltd/Mauritius

7.50%,

06/04/2029

(i) 375

IHS

Holding

Ltd

7.88%,

05/29/2030

(i) 475

7.88%,

05/29/2030

IHS

Netherlands

Holdco

BV

8.00%,

09/18/2027

Kingston

Airport

Revenue

Finance

Ltd

6.75%,

12/15/2036

(i) 400

Sitios

Latinoamerica

SAB

de

CV

6.00%,

11/25/2029

(i) 600

618

$

3,150

Entertainment

-

0.15%

Light

&

Wonder

International

Inc

7.00%,

05/15/2028

(i) 461

Warnermedia

Holdings

Inc

4.28%,

03/15/2032

5.05%,

03/15/2042

$

635

Environmental

Control

-

0.01%

GFL

Environmental

Inc

4.38%,

08/15/2029

(i) 45

Food

-

0.27%

Grupo

Nutresa

SA

8.00%,

05/12/2030

(i) 925

984

JBS

USA

Holding

Lux

Sarl

/

JBS

USA

Foods

Group

Holdings

Inc

/

JBS

USA

Food

Co

5.50%,

01/15/2036

(i) 140

JBS

USA

Holding

Lux

Sarl/

JBS

USA

Food

Co/

JBS

Lux

Co

Sarl

3.00%,

02/02/2029

$

1,158

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Gas

-

0.07%

Venture

Global

Plaquemines

LNG

LLC

7.50%,

05/01/2033

(i) $

$

7.75%,

05/01/2035

(i) 110

$

Healthcare

-

Products

-

0.03%

Avantor

Funding

Inc

4.63%,

07/15/2028

(i) 40

Hologic

Inc

3.25%,

02/15/2029

(i) 105

$

Healthcare

-

Services

-

0.17%

Centene

Corp

3.38%,

02/15/2030

4.63%,

12/15/2029

HCA

Inc

5.60%,

04/01/2034

Molina

Healthcare

Inc

3.88%,

05/15/2032

(i) 70

4.38%,

06/15/2028

(i) 65

$

741

Home

Builders

-

0.05%

Meritage

Homes

Corp

5.65%,

03/15/2035

Home

Equity

Asset

Backed

Securities

-

0.03%

GITSIT

Mortgage

Loan

Trust

2025-NPL1

6.28%,

02/25/2055

(i),(m)

Home

Furnishings

-

0.01%

Whirlpool

Corp

6.13%,

06/15/2030

6.50%,

06/15/2033

$

Insurance

-

0.14%

Alliant

Holdings

Intermediate

LLC

/

Alliant

Holdings

Co-Issuer

6.50%,

10/01/2031

(i) 60

Brown

&

Brown

Inc

5.55%,

06/23/2035

Global

Atlantic

Fin

Co

3.13%,

06/15/2031

(i) 85

4.40%,

10/15/2029

(i) 50

Marsh

&

McLennan

Cos

Inc

4.55%,

11/08/2027

$

612

Internet

-

0.31%

Getty

Images

Inc

9.75%,

03/01/2027

(i) 1,284

1,195

Go

Daddy

Operating

Co

LLC

/

GD

Finance

Co

Inc

3.50%,

03/01/2029

(i) 85

5.25%,

12/01/2027

(i) 60

$

1,335

Investment

Companies

-

0.11%

Antares

Holdings

LP

2.75%,

01/15/2027

(i) 505

Iron

&

Steel

-

0.04%

Samarco

Mineracao

SA

9.00%,

PIK

9.00%;

06/30/2031

(m),(n)

Steel

Dynamics

Inc

5.25%,

05/15/2035

$

Leisure

Products

&

Services

-

0.02%

Royal

Caribbean

Cruises

Ltd

5.63%,

09/30/2031

(i) 65

Lodging

-

0.06%

Hilton

Grand

Vacations

Borrower

LLC

/

Hilton

Grand

Vacations

Borrower

Inc

6.63%,

01/15/2032

(i) 55

Consolidated

Schedule

of

Investments

Global

Multi-Strategy

Fund

August

31,

2025

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Lodging

(continued)

Marriott

International

Inc/MD

5.50%,

04/15/2037

$

$

$

Media

-

0.37%

CCO

Holdings

LLC

/

CCO

Holdings

Capital

Corp

5.13%,

05/01/2027

(i) 290

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

3.38%,

02/15/2031

(i) 675

4.63%,

12/01/2030

(i) 235

Directv

Financing

LLC

8.88%,

02/01/2030

(i) 25

Directv

Financing

LLC

/

Directv

Financing

Co-

Obligor

Inc

10.00%,

02/15/2031

(i) 95

Discovery

Communications

LLC

3.63%,

05/15/2030

6.35%,

06/01/2040

DISH

DBS

Corp

5.25%,

12/01/2026

(i) 415

iHeartCommunications

Inc

7.00%,

01/15/2031

(i) 48

Time

Warner

Cable

LLC

6.55%,

05/01/2037

$

1,576

Mining

-

0.64%

Glencore

Funding

LLC

6.50%,

10/06/2033

(i) 295

Ivanhoe

Mines

Ltd

7.88%,

01/23/2030

(i) 775

785

Vedanta

Resources

Finance

II

PLC

9.48%,

07/24/2030

(i) 475

10.88%,

09/17/2029

WE

Soda

Investments

Holding

PLC

9.50%,

10/06/2028

(i) 525

549

9.50%,

10/06/2028

$

2,745

Miscellaneous

Manufacturers

-

0.06%

Axon

Enterprise

Inc

6.13%,

03/15/2030

(i) 25

6.25%,

03/15/2033

(i) 15

Textron

Financial

Corp

6.21%,

02/15/2067

(i) 215

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.00%

$

Mortgage

Backed

Securities

-

0.58%

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

5.11%,

02/25/2035

(m) 6

BINOM

Securitization

Trust

2022-RPL1

3.00%,

02/25/2061

(i),(m)

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Mortgage

Backed

Securities

(continued)

CAFL

2023-RTL1

Issuer

LLC

7.55%,

12/28/2030

(i),(m)

$

$

CHL

Mortgage

Pass-Through

Trust

2004-HYB4

5.22%,

09/20/2034

(m) 10

Connecticut

Avenue

Securities

Trust

2022-R06

7.10%,

05/25/2042

(i) 45

1.00 x

Day

Average

Secured

Overnight

Financing

Rate

+

2.75%

CSFB

Mortgage-Backed

Pass-Through

Certificates

Series

2003-27

5.75%,

11/25/2033

DSLA

Mortgage

Loan

Trust

2005-AR5

5.13%,

09/19/2045

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

0.77%

GSR

Mortgage

Loan

Trust

2005-4F

6.50%,

02/25/2035

IndyMac

INDX

Mortgage

Loan

Trust

2004-AR7

5.66%,

09/25/2034

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.33%

IndyMac

INDX

Mortgage

Loan

Trust

2005-AR11

3.69%,

08/25/2035

(m) 265

Lehman

XS

Trust

Series

2006-2N

4.96%,

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

5.94%,

05/25/2036

(m) 1

MFA

2024-NPL1

Trust

6.33%,

09/25/2054

(m) 90

New

Residential

Mortgage

Loan

Trust

2024-RTL1

6.66%,

03/25/2039

(i),(m)

NLT

2023-1

Trust

3.20%,

10/25/2062

(i),(m)

PRET

2025-NPL8

LLC

5.73%,

08/25/2055

(i),(m)

PRPM

2025-2

LLC

9.56%,

05/25/2030

(i),(m)

RCO

IX

Mortgage

LLC

2025-2

6.51%,

04/25/2030

(i),(m)

RCO

X

Mortgage

LLC

2025-1

5.88%,

01/25/2030

(i),(m)

Redwood

Funding

Trust

2025-1

7.58%,

05/27/2055

(i),(m)

Roc

Mortgage

Trust

2024-RTL1

5.59%,

10/25/2039

(i),(m)

Structured

Adjustable

Rate

Mortgage

Loan

Trust

4.75%,

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),(m)

VCAT

2025-NPL3

LLC

5.89%,

02/25/2055

(i),(m)

VOLT

XCIV

LLC

6.24%,

02/27/2051

(i),(m)

$

2,504

Consolidated

Schedule

of

Investments

Global

Multi-Strategy

Fund

August

31,

2025

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Oil

&

Gas

-

2.20%

Azule

Energy

Finance

Plc

8.13%,

01/23/2030

(i) $

775

$

782

California

Resources

Corp

7.13%,

02/01/2026

(i) 127

Calumet

Specialty

Products

Partners

LP

/

Calumet

Finance

Corp

11.00%,

04/15/2026

(i) 492

Civitas

Resources

Inc

8.38%,

07/01/2028

(i) 60

Continental

Resources

Inc/OK

2.88%,

04/01/2032

(i) 135

5.75%,

01/15/2031

(i) 410

Energean

Israel

Finance

Ltd

4.88%,

03/30/2026

(i) 75

5.38%,

03/30/2028

(i) 560

543

8.50%,

09/30/2033

(i) 490

512

EQT

Corp

3.63%,

05/15/2031

(i) 105

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) 625

623

OGX

Austria

GmbH

0.00%,

06/01/2018

(f),(i)

600

—

0.00%,

04/01/2022

(f),(g)

1,100

—

Permian

Resources

Operating

LLC

8.00%,

04/15/2027

(i) 84

Petroleos

de

Venezuela

SA

0.00%,

05/16/2024

(f),(i)

0.00%,

05/16/2024

(f) 3,695

560

0.00%,

11/15/2026

(f) 850

Petroleos

Mexicanos

5.95%,

01/28/2031

6.49%,

01/23/2027

6.50%,

03/13/2027

6.84%,

01/23/2030

590

589

Puma

International

Financing

SA

7.75%,

04/25/2029

(i) 525

542

Raizen

Fuels

Finance

SA

6.25%,

07/08/2032

(i) 400

6.70%,

02/25/2037

(i) 275

Shelf

Drilling

Holdings

Ltd

9.63%,

04/15/2029

(i) 557

581

Tengizchevroil

Finance

Co

International

Ltd

4.00%,

08/15/2026

Uzbekneftegaz

JSC

8.75%,

05/07/2030

(i) 475

503

Viper

Energy

Partners

LLC

5.70%,

08/01/2035

$

9,443

Oil

&

Gas

Services

-

0.10%

Yinson

Boronia

Production

BV

8.95%,

07/31/2042

Other

Asset

Backed

Securities

-

2.37%

Capital

Clo

Ltd

6.12%,

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) 234

Accelerated

Assets

2018-1

LLC

4.51%,

12/02/2033

(i) 23

Affirm

Asset

Securitization

Trust

2023-B

6.82%,

09/15/2028

(i) 100

AIM

Aviation

Finance

Ltd

5.07%,

02/15/2040

(i),(m)

675

540

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Other

Asset

Backed

Securities

(continued)

Applebee's

Funding

LLC

/

IHOP

Funding

LLC

6.72%,

06/07/2055

(i) $

$

7.82%,

03/05/2053

(i) 150

Bain

Capital

Credit

CLO

2020-1

Ltd

6.04%,

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) 93

Blackbird

Capital

Aircraft

Lease

Securitization

Ltd

2016-1

4.21%,

12/16/2041

(i),(m)

Carval

Clo

X-C

Ltd

6.13%,

07/20/2037

(i) 260

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.80%

Clsec

Holdings

22t

LLC

6.17%,

05/11/2037

(i) 89

Compass

Datacenters

Issuer

III

LLC

5.29%,

07/25/2050

(i) 65

5.66%,

02/25/2050

(i) 65

5.85%,

02/25/2050

(i) 25

CyrusOne

Data

Centers

Issuer

I

LLC

5.91%,

02/20/2050

(i) 75

Domino's

Pizza

Master

Issuer

LLC

4.12%,

07/25/2047

(i) 498

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) 100

6.09%,

04/15/2050

(i) 100

Frontier

Issuer

LLC

6.60%,

08/20/2053

(i) 315

Garnet

CLO

Ltd

0.00%,

10/20/2038

(f),(i),(o)

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.35%

Golub

Capital

Partners

CLO

B

Ltd

6.17%,

07/25/2037

(i) 250

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.85%

Golub

Capital

Partners

CLO

75B

Ltd

6.27%,

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) 87

Kapitus

Asset

Securitization

IV

LLC

5.49%,

09/10/2031

(i) 100

Kestrel

Aircraft

Funding

Ltd

4.25%,

12/15/2038

(i) 109

KKR

CLO

Ltd

6.19%,

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) 133

Madison

Park

Funding

LIII

Ltd

6.08%,

04/21/2035

(i) 250

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.75%

Madison

Park

Funding

LIX

Ltd

6.58%,

04/18/2037

(i) 260

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.25%

Consolidated

Schedule

of

Investments

Global

Multi-Strategy

Fund

August

31,

2025

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Other

Asset

Backed

Securities

(continued)

Marlette

Funding

Trust

2023-4

8.15%,

12/15/2033

(i) $

$

MetroNet

Infrastructure

Issuer

LLC

7.83%,

08/20/2055

(i) 30

OCP

Clo

2019-17

Ltd

6.33%,

07/20/2037

(i) 250

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.00%

Octagon

Investment

Partners

XXII

Ltd

6.49%,

01/22/2030

(i) 250

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.16%

OHA

Credit

Partners

XI

Ltd

6.53%,

04/20/2037

(i) 250

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.20%

OHA

Loan

Funding

2013-1

Ltd

6.67%,

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) 88

Palmer

Square

BDC

CLO

Ltd

6.47%,

07/15/2037

(i) 250

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.15%

Palmer

Square

CLO

2024-2

LTD

5.98%,

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) 260

5.77%,

06/05/2054

(i) 74

Post

CLO

2023-1

Ltd

6.28%,

04/20/2036

(i) 250

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.95%

Regatta

Funding

Ltd

5.57%,

10/15/2038

(i) 250

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.29%

Rockford

Tower

2024-2

Ltd

6.18%,

10/20/2037

(i) 250

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.85%

Rockford

Tower

CLO

2018-1

Ltd

5.57%,

05/20/2031

(i) 75

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.36%

SEB

Funding

LLC

7.39%,

04/30/2054

(i) 70

Silver

Point

CLO

Ltd

0.00%,

10/15/2038

(f),(i),(o)

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.31%

Sixth

Street

CLO

XV

Ltd

6.32%,

10/24/2037

(i) 250

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.00%

Sixth

Street

CLO

XXV

Ltd

6.12%,

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) 213

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Other

Asset

Backed

Securities

(continued)

Sunnova

Helios

X

Issuer

LLC

6.00%,

11/22/2049

(i) $

$

Sunnova

Helios

XIII

Issuer

LLC

5.30%,

02/20/2051

(i) 86

Sunrun

Athena

Issuer

2018-1

LLC

5.31%,

04/30/2049

(i) 78

Sunrun

Demeter

Issuer

2021-2

LLC

2.27%,

01/30/2057

(i) 80

Wellfleet

CLO

2024-1

Ltd

6.38%,

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

$

10,170

Packaging

&

Containers

-

0.26%

Ball

Corp

5.50%,

09/15/2033

Mauser

Packaging

Solutions

Holding

Co

9.25%,

04/15/2027

(i) 858

854

$

1,107

Pharmaceuticals

-

0.34%

Bausch

Health

Cos

Inc

4.88%,

06/01/2028

(i) 155

Eli

Lilly

&

Co

4.55%,

02/12/2028

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

$

795

580

$

1,475

Pipelines

-

0.50%

Acu

Petroleo

Luxembourg

Sarl

7.50%,

07/13/2035

Galaxy

Pipeline

Assets

Bidco

Ltd

2.16%,

03/31/2034

(i) 276

2.16%,

03/31/2034

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

Venture

Global

Calcasieu

Pass

LLC

3.88%,

11/01/2033

(i) 105

4.13%,

08/15/2031

(i) 90

Venture

Global

Plaquemines

LNG

LLC

6.50%,

01/15/2034

(i) 90

Western

Midstream

Operating

LP

6.15%,

04/01/2033

$

2,126

Real

Estate

-

0.22%

Agile

Group

Holdings

Ltd

0.00%,

10/13/2025

(f) 210

CFLD

Cayman

Investment

Ltd

0.00%,

01/31/2031

(f),(i)

0.00%,

01/31/2031

(f),(i)

0.00%,

01/31/2031

(f),(i)

—

China

Evergrande

Group

0.00%,

06/28/2025

(f) 200

Kaisa

Group

Holdings

Ltd

0.00%,

06/30/2024

(f) 400

0.00%,

04/16/2025

(f) 200

0.00%,

11/11/2025

(f) 200

0.00%,

06/01/2026

(f) 200

Consolidated

Schedule

of

Investments

Global

Multi-Strategy

Fund

August

31,

2025

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Real

Estate

(continued)

KWG

Group

Holdings

Ltd

0.00%,

02/13/2026

(f) $

$

MAF

Global

Securities

Ltd

7.88%,

06/30/2027

(j),(k)

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

4.89%

NWD

Finance

BVI

Ltd

4.13%,

03/10/2028

(j),(k)

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

5.86%

NWD

MTN

Ltd

4.13%,

07/18/2029

4.50%,

05/19/2030

8.63%,

02/08/2028

Sunac

China

Holdings

Ltd

0.00%,

PIK

0.00%;

09/30/2025

(f),(i),(n)

0.00%,

PIK

0.00%;

09/30/2026

(f),(i),(n)

0.00%,

PIK

0.00%;

09/30/2027

(f),(i),(n)

0.00%,

PIK

0.00%;

09/30/2028

(f),(i),(n)

0.00%,

PIK

0.00%;

09/30/2029

(f),(i),(n)

0.00%,

PIK

0.00%;

09/30/2030

(f),(i),(n)

Times

China

Holdings

Ltd

0.00%,

03/22/2026

(f) 210

Yuzhou

Properties

Co

Ltd

0.00%,

06/30/2024

(f) 40

0.00%,

06/27/2027

(f) 47

0.00%,

06/30/2028

(f) 40

0.00%,

06/30/2029

(f) 70

0.00%,

06/30/2030

(f) 93

0.00%,

06/30/2031

(f) 131

Zhenro

Properties

Group

Ltd

0.00%,

01/07/2026

(f) 200

—

$

924

Regional

Authority

-

0.09%

Provincia

de

Buenos

Aires/Government

Bonds

6.63%,

09/01/2037

(m) 588

REITs

-

0.07%

Emirates

Reit

Sukuk

III

Ltd

7.50%,

12/12/2028

(m) 200

Iron

Mountain

Inc

4.50%,

02/15/2031

(i) 55

5.25%,

07/15/2030

(i) 30

$

Retail

-

0.19%

1011778

BC

ULC

/

New

Red

Finance

Inc

3.50%,

02/15/2029

(i) 20

3.88%,

01/15/2028

(i) 5

4.00%,

10/15/2030

(i) 185

Lowe's

Cos

Inc

4.80%,

04/01/2026

Starbucks

Corp

4.85%,

02/08/2027

$

826

Semiconductors

-

0.15%

Broadcom

Inc

3.14%,

11/15/2035

(i) 310

3.47%,

04/15/2034

(i) 40

Entegris

Inc

4.75%,

04/15/2029

(i) 105

Micron

Technology

Inc

5.88%,

09/15/2033

6.05%,

11/01/2035

$

659

Software

-

0.15%

AppLovin

Corp

5.13%,

12/01/2029

5.50%,

12/01/2034

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Software

(continued)

Fair

Isaac

Corp

6.00%,

05/15/2033

(i) $

$

MSCI

Inc

5.25%,

09/01/2035

Synopsys

Inc

5.15%,

04/01/2035

5.70%,

04/01/2055

$

661

Sovereign

-

15.05%

Angolan

Government

International

Bond

8.00%,

11/26/2029

675

640

Argentine

Republic

Government

International

Bond

4.12%,

07/09/2035

(m) 125

Australia

Government

Bond

1.00%,

11/21/2031

AUD

Bahamas

Government

International

Bond

8.25%,

06/24/2036

(i) $

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

12,083

2,131

10.00%,

01/01/2031

1,970

Brazilian

Government

International

Bond

5.50%,

11/06/2030

$

650

663

Canadian

Treasury

Bill

2.64%,

09/10/2025

CAD

6,000

4,365

2.64%,

10/08/2025

14,500

10,528

2.65%,

09/24/2025

11,300

8,212

Chile

Government

International

Bond

3.10%,

01/22/2061

$

3.25%,

09/21/2071

Colombia

Government

International

Bond

3.00%,

01/30/2030

7.38%,

04/25/2030

8.00%,

04/20/2033

Colombian

TES

12.75%,

11/28/2040

COP

1,394,000

13.25%,

02/09/2033

5,265,000

1,398

Dominican

Republic

International

Bond

4.50%,

01/30/2030

$

700

677

Ecuador

Government

International

Bond

0.00%,

07/31/2030

(f) 275

6.90%,

07/31/2030

(m) 575

515

6.90%,

07/31/2035

(m) 571

Egypt

Government

Bond

24.46%,

10/01/2027

EGP

17,300

25.32%,

08/13/2027

16,000

Egypt

Government

International

Bond

7.05%,

01/15/2032

$

7.63%,

05/29/2032

Egypt

Treasury

Bills

20.72%,

09/16/2025

(p) EGP

15,300

21.12%,

12/16/2025

(p) 6,800

21.80%,

10/07/2025

(p) 3,675

23.72%,

11/18/2025

(p) 38,000

739

Gabon

Government

International

Bond

6.63%,

02/06/2031

$

Ghana

Government

International

Bond

0.00%,

01/03/2030

(f),(i)

0.00%,

01/03/2030

(f) 529

5.00%,

07/03/2029

(i),(m)

575

552

Guatemala

Government

Bond

7.05%,

10/04/2032

Hungary

Government

Bond

4.50%,

03/23/2028

HUF

385,000

1,086

7.00%,

10/24/2035

190,000

559

Consolidated

Schedule

of

Investments

Global

Multi-Strategy

Fund

August

31,

2025

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Sovereign

(continued)

Hungary

Government

International

Bond

6.00%,

09/26/2035

(i) $

775

$

795

Ivory

Coast

Government

International

Bond

4.88%,

01/30/2032

EUR

4.88%,

01/30/2032

(i) 475

513

5.88%,

10/17/2031

8.08%,

04/01/2036

(i) $

800

794

Japan

Treasury

Discount

Bill

0.41%,

10/10/2025

(p) JPY

217,000

1,476

0.42%,

11/10/2025

(p) 290,000

1,972

Kyrgyz

Republic

International

Bond

7.75%,

06/03/2030

(i) $

Lebanon

Government

International

Bond

0.00%,

03/09/2020

(f) 275

0.00%,

06/19/2020

(f) 525

0.00%,

03/20/2028

(f) 225

Malaysia

Government

Bond

3.34%,

05/15/2030

MYR

4,075

974

3.83%,

07/05/2034

1,850

Mexican

Bonos

7.75%,

11/13/2042

MXN

18,500

842

8.50%,

11/18/2038

27,700

1,400

Morocco

Government

International

Bond

4.75%,

04/02/2035

EUR

775

922

Nigeria

Government

International

Bond

6.13%,

09/28/2028

$

7.14%,

02/23/2030

Oman

Government

International

Bond

6.00%,

08/01/2029

Pakistan

Government

International

Bond

6.88%,

12/05/2027

7.38%,

04/08/2031

600

567

Peru

Government

Bond

5.40%,

08/12/2034

PEN

3,350

906

Peruvian

Government

International

Bond

6.85%,

08/12/2035

(i) 3,500

1,029

6.90%,

08/12/2037

1,550

Philippine

Government

International

Bond

2.95%,

05/05/2045

$

Republic

of

Poland

Government

Bond

2.00%,

08/25/2036

PLN

4,499

1,111

Republic

of

South

Africa

Government

Bond

8.75%,

01/31/2044

ZAR

32,625

1,540

8.75%,

02/28/2048

18,675

872

9.00%,

01/31/2040

10,770

540

Republic

of

Uzbekistan

International

Bond

3.70%,

11/25/2030

$

3.90%,

10/19/2031

5.10%,

02/25/2029

(i) EUR

6.90%,

02/28/2032

(i) $

Romanian

Government

International

Bond

5.13%,

09/24/2031

(i) EUR

5.63%,

02/22/2036

5.88%,

07/11/2032

(i) 275

6.25%,

09/10/2034

(i) 115

6.38%,

09/18/2033

554

6.75%,

07/11/2039

6.75%,

07/11/2039

(i) 75

Senegal

Government

International

Bond

4.75%,

03/13/2028

650

668

6.75%,

03/13/2048

$

7.75%,

06/10/2031

Turkiye

Government

Bond

30.00%,

09/12/2029

TRY

28,500

647

36.00%,

08/12/2026

7,425

37.00%,

02/18/2026

10,000

Turkiye

Government

International

Bond

5.20%,

08/17/2031

EUR

561

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Sovereign

(continued)

Ukraine

Government

International

Bond

0.00%,

02/01/2035

(f),(m)

$

$

4.50%,

02/01/2034

(m) 491

4.50%,

02/01/2034

(i),(m)

United

Kingdom

Gilt

4.50%,

03/07/2035

GBP

Uruguay

Government

International

Bond

8.50%,

03/15/2028

UYU

3,500

9.75%,

07/20/2033

3,375

Zambia

Government

International

Bond

0.50%,

12/31/2053

(i) $

525

0.50%,

12/31/2053

$

64,661

Student

Loan

Asset

Backed

Securities

-

0.24%

College

Ave

Student

Loans

2021-A

LLC

4.12%,

07/25/2051

(i) 46

Navient

Private

Education

Refi

Loan

Trust

2018-A

3.68%,

02/18/2042

(i) 65

Navient

Private

Education

Refi

Loan

Trust

2018-C

4.22%,

06/16/2042

(i) 252

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

7.26%,

06/15/2032

1.00 x

US

Day

Auction

Rate

+

0.00%

SLM

Private

Credit

Student

Loan

Trust

2003-B

7.03%,

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) 16

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

$

1,036

Supranational

Bank

-

0.60%

Africa

Finance

Corp

7.50%,

01/21/2030

(i),(j),(k)

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.02%

Asian

Development

Bank

6.72%,

02/08/2028

INR

10,700

Banque

Ouest

Africaine

de

Developpement

5.00%,

07/27/2027

$

European

Bank

for

Reconstruction

&

Development

6.75%,

01/13/2032

INR

36,000

Inter-American

Development

Bank

7.00%,

01/25/2029

20,000

7.00%,

04/17/2033

28,000

International

Bank

for

Reconstruction

&

Development

6.50%,

04/17/2030

14,000

6.75%,

09/08/2027

9,000

6.85%,

04/24/2028

7,500

7.05%,

07/22/2029

27,500

$

2,580

Telecommunications

-

0.90%

Axian

Telecom

Holding

&

Management

PLC

7.25%,

07/11/2030

(i) $

CommScope

LLC

9.50%,

12/15/2031

(i) 338

Digicel

International

Finance

Ltd

/

Difl

US

LLC

8.63%,

08/01/2032

(i) 700

718

EchoStar

Corp

10.75%,

11/30/2029

989

1,064

Consolidated

Schedule

of

Investments

Global

Multi-Strategy

Fund

August

31,

2025

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

Telecommunications

co

Telekom

Srbija

AD

Belgrade

7.00%,

10/28/2029

(i) 250

Veon

Midco

BV

3.38%,

11/25/2027

650

607

$

3,884

Transportation

-

0.27%

Transnet/South

Africa

8.25%,

02/06/2028

700

735

Yinson

Bergenia

Production

BV

8.50%,

01/31/2045

(i) 200

8.50%,

01/31/2045

$

1,153

Trucking

&

Leasing

-

0.05%

SMBC

Aviation

Capital

Finance

DAC

5.10%,

04/01/2030

(i) 200

Water

-

0.05%

Aegea

Finance

Sarl

9.00%,

01/20/2031

(i) 200

TOTAL

BONDS

$

144,410

CONVERTIBLE

BONDS

-

0.75%

Principal

Amount

(000's)

Value

(000's)

Chemicals

-

0.13%

Sasol

Financing

USA

LLC

4.50%,

11/08/2027

$

600

$

565

Commercial

Services

-

0.01%

Euronet

Worldwide

Inc

0.63%,

10/01/2030

(i) 7

Global

Payments

Inc

1.50%,

03/01/2031

$

Computers

-

0.01%

Parsons

Corp

2.63%,

03/01/2029

Rubrik

Inc

0.00%,

06/15/2030

(f),(i)

Seagate

HDD

Cayman

3.50%,

06/01/2028

Zscaler

Inc

0.00%,

07/15/2028

(f),(i)

$

Electric

-

0.00%

Evergy

Inc

4.50%,

12/15/2027

FirstEnergy

Corp

3.88%,

01/15/2031

(i) 8

$

Electronics

-

0.00%

Advanced

Energy

Industries

Inc

2.50%,

09/15/2028

Itron

Inc

1.38%,

07/15/2030

$

Engineering

&

Construction

-

0.00%

Fluor

Corp

1.13%,

08/15/2029

Granite

Construction

Inc

3.75%,

05/15/2028

$

Food

-

0.01%

Post

Holdings

Inc

2.50%,

08/15/2027

CONVERTIBLE

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Gas

-

0.00%

UGI

Corp

5.00%,

06/01/2028

$

$

Internet

-

0.01%

Alibaba

Group

Holding

Ltd

0.50%,

06/01/2031

DoorDash

Inc

0.00%,

05/15/2030

(f),(i)

MakeMyTrip

Ltd

0.00%,

07/01/2030

(f),(i)

Sea

Ltd

2.38%,

12/01/2025

Spotify

USA

Inc

0.00%,

03/15/2026

(f) 4

Uber

Technologies

Inc

0.88%,

12/01/2028

$

Leisure

Products

&

Services

-

0.01%

Carnival

Corp

5.75%,

12/01/2027

NCL

Corp

Ltd

0.88%,

04/15/2030

(i) 11

$

Oil

&

Gas

-

0.00%

Northern

Oil

&

Gas

Inc

3.63%,

04/15/2029

Permian

Resources

Operating

LLC

3.25%,

04/01/2028

$

Retail

-

0.00%

Freshpet

Inc

3.00%,

04/01/2028

Semiconductors

-

0.44%

ams-OSRAM

AG

2.13%,

11/03/2027

EUR

1,700

1,889

Software

-

0.10%

Cloudflare

Inc

0.00%,

06/15/2030

(f),(i)

$

Datadog

Inc

0.00%,

12/01/2029

(f),(i)

Dye

&

Durham

Ltd

3.75%,

03/01/2026

(i) CAD

Guidewire

Software

Inc

1.25%,

11/01/2029

(i) $

Nutanix

Inc

0.25%,

10/01/2027

0.50%,

12/15/2029

(i) 7

Snowflake

Inc

0.00%,

10/01/2029

(f),(i)

Tyler

Technologies

Inc

0.25%,

03/15/2026

$

Telecommunications

-

0.03%

EchoStar

Corp

3.88%,

PIK

3.88%;

11/30/2030

(m),(n)

InterDigital

Inc

3.50%,

06/01/2027

$

TOTAL

CONVERTIBLE

BONDS

$

3,232

SENIOR

FLOATING

RATE

INTERESTS

-

0.33%

Principal

Amount

(000's)

Value

(000's)

Commercial

Services

-

0.00%

United

Rentals

North

America

Inc

Term

Loan

B

0.00%,

02/14/2031

(q),(r)

$

$

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.50%

Consolidated

Schedule

of

Investments

Global

Multi-Strategy

Fund

August

31,

2025

See

accompanying

notes.

SENIOR

FLOATING

RATE

INTERESTS

(continued)

Principal

Amount

(000's)

Value

(000's)

Electric

-

0.06%

NRG

Energy

Inc

Term

Loan

B

6.06%,

04/16/2031

(r) $

$

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.75%

Entertainment

-

0.08%

DraftKings

Crown

Holdings

Inc

6.10%,

02/25/2032

(r) 80

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.75%

Flutter

Financing

BV

Term

Loan

B

6.05%,

11/30/2030

(r) 145

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.75%

6.30%,

06/04/2032

(r) 100

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.00%

Light

&

Wonder

International

Inc

Term

Loan

B2

6.61%,

04/14/2029

(r) 16

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.25%

$

Food

Service

-

0.03%

Aramark

Services

Inc

Term

Loan

B8

6.35%,

06/22/2030

(r) 135

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.00%

Aramark

Services

Inc

6.12%,

04/06/2028

(r) 15

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.75%

$

Healthcare

-

Products

-

0.02%

Bausch

+

Lomb

Corp

Term

Loan

8.36%,

09/14/2028

(r) 99

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.00%

Healthcare

-

Services

-

0.02%

IQVIA

Inc

Term

Loan

B5

6.04%,

01/02/2031

(r) 75

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.75%

Insurance

-

0.03%

CRC

Insurance

Group

LLC

Term

Loan

B

7.05%,

05/06/2031

(r) 46

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.75%

HUB

International

Ltd

Term

Loan

B

6.83%,

06/20/2030

(r) 42

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.50%

Ryan

Specialty

LLC

Term

Loan

B

6.36%,

09/10/2031

(r) 28

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.25%

$

Internet

-

0.01%

MH

Sub

I

LLC

Term

Loan

B3

8.61%,

04/24/2028

(r) 33

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.25%

Lodging

-

0.02%

Hilton

Grand

Vacations

Borrower

LLC

Term

Loan

B

6.36%,

01/17/2031

(r) 81

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.00%

SENIOR

FLOATING

RATE

INTERESTS

(continued)

Principal

Amount

(000's)

Value

(000's)

Mining

-

0.03%

Novelis

Holdings

Inc

Term

Loan

B

6.29%,

02/25/2032

(r) $

$

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.00%

Software

-

0.03%

Open

Text

Corp

Term

Loan

B

6.11%,

01/31/2030

(r) 132

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.75%

TOTAL

SENIOR

FLOATING

RATE

INTERESTS

$

1,429

U.S.

GOVERNMENT

&

GOVERNMENT

AGENCY

OBLIGATIONS

-

3.19%

Principal

Amount

(000's)

Value

(000's)

U.S.

Treasury

-

1.41%

0.63%,

05/15/2030

$

3,895

$

3,385

4.50%,

03/31/2026

(s) 2,685

2,692

$

6,077

U.S.

Treasury

Bill

-

1.78%

4.10%,

11/20/2025

(p) 3,205

3,177

4.23%,

10/02/2025

(p) 1,300

1,295

4.24%,

10/09/2025

(p) 3,190

3,176

$

7,648

TOTAL

U.S.

GOVERNMENT

&

GOVERNMENT

AGENCY

OBLIGATIONS

$

13,725

TOTAL

PURCHASED

OPTIONS

-

0.03%

$

Total

Investments

$

408,003

Other

Assets

and

Liabilities

- 5.02%

21,549

TOTAL

NET

ASSETS

-

100.00%

$

429,552

(a) 1-day

yield

shown

is

as

of

period

end.

(b) All

or

a

portion

of

this

security

is

owned

by

the

GMS

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.

(d) 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

$36,039

or

8.39%

of

net

assets.

(e) Security

or

a

portion

of

the

security

was

pledged

as

collateral

for

short

sales.

At

the

end

of

the

period,

the

value

of

these

securities

totaled

$12,911

or

3.01%

of

net

assets.

(f) Non-income

producing

security

(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

$57,206

or

13.32%

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

$1,700

or

0.40%

of

net

assets.

(m) 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.

(n) Payment

in

kind;

the

issuer

has

the

option

of

paying

additional

securities

in

lieu

of

cash.

Consolidated

Schedule

of

Investments

Global

Multi-Strategy

Fund

August

31,

2025

See

accompanying

notes.

(o) Security

purchased

on

a

when-issued

basis.

(p) Rate

shown

is

the

discount

rate

of

the

original

purchase.

(q) This

Senior

Floating

Rate

Note

will

settle

after

August

31,

2025,

at

which

time

the

interest

rate

will

be

determined.

(r) Rate

information

disclosed

is

based

on

an

average

weighted

rate

of

the

underlying

tranches

as

of

period

end.

(s) 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

$2,371

or

0.55%

of

net

assets.

Affiliated

Securities

August

31,

2024

Purchases

Sales

August

31,

2025

Value

Cost

Proceeds

Value

Principal

Government

Money

Market

Fund

-

Class

4.20%

$

68,413

$

425,165

$

417,477

$

76,101

$

68,413

$

425,165

$

417,477

$

76,101

Income

Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Principal

Government

Money

Market

Fund

-

Class

4.20%

$

3,476

$

—

$

—

$

—

$

3,476

$

—

$

—

$

—

Amounts

in

thousands.

Restricted

Securities

Security

Name

Acquisition

Date

Cost

Value

Percent

of

Net

Assets

Element

Comm

Aviation

06/15/2015

$

2,800

$

—

0.00%

Total

$

—

0.00%

Amounts

in

thousands.

Options

Purchased

Options

Outstanding

Counterparty

Contracts/

Shares

Notional

Amount

Exercise

Price

Expiration

Date

Upfront

Payments

Fair

Value

Unrealized

Appreciation/

(Depreciation)

Put

-

Boeing

Co/The

N/A

$

$

150.00 09/19/2025

$

$

—

$

(1) Put

-

CSX

Corp

N/A

$

30.00 09/19/2025

(1) Put

-

CSX

Corp

N/A

$

27.50 09/19/2025

—

—

—

Put

-

CSX

Corp

N/A

$

32.50 09/19/2025

Put

-

CSX

Corp

N/A

$

25.00 09/19/2025

—

(4) Put

-

DuPont

de

Nemours

Inc

N/A

$

65.00 10/17/2025

—

Put

-

DuPont

de

Nemours

Inc

N/A

$

62.50 09/19/2025

(54) Put

-

Honeywell

International

Inc

N/A

$

200.00 09/19/2025

(17) Put

-

IAC

Inc

N/A

$

30.00 09/19/2025

—

(1) Put

-

Kraft

Heinz

Co/The

N/A

$

25.00 09/19/2025

(6) Put

-

Norfolk

Southern

Corp

N/A

$

240.00 09/19/2025

—

(3) Put

-

Phillips

N/A

$

100.00 09/19/2025

—

(1) Put

-

S&P

500

Index

N/A

$

6,150.00

12/19/2025

(4) Put

-

S&P

500

Index

N/A

$

6,000.00

10/17/2025

(36) Put

-

S&P

500

Index

N/A

$

5,900.00

09/19/2025

(35) Put

-

S&P

500

Index

Weekly

N/A

—

$

6,250.00

09/30/2025

(1) Put

-

SPDR

S&P

500

ETF

Trust

N/A

$

625.00 10/17/2025

(7) Total

$

$

$

(166) Written

Options

Outstanding

Counterparty

Contracts/

Shares

Notional

Amount

Exercise

Price

Expiration

Date

Upfront

Receipts

Fair

Value

Unrealized

Appreciation/

(Depreciation)

Call

-

Boeing

Co/The

N/A

$

$

205.00 09/19/2025

$

(11) $

(22) $

(11) Call

-

Bristol-Myers

Squibb

Co

N/A

—

$

55.00 10/17/2025

—

—

—

Call

-

CSX

Corp

N/A

$

32.50 09/19/2025

(54) (14) 40

Call

-

CSX

Corp

N/A

$

35.00 09/19/2025

(61) (5) 56

Call

-

DuPont

de

Nemours

Inc

N/A

$

70.00 10/17/2025

(65) (62) 3

Call

-

Exxon

Mobil

Corp

N/A

—

$

115.00 10/17/2025

—

—

—

Call

-

Honeywell

International

Inc

N/A

$

220.00 09/19/2025

(120) (36) 84

Call

-

IAC

Inc

N/A

$

35.00 09/19/2025

(27) (36) (9) Call

-

Kraft

Heinz

Co/The

N/A

$

27.50 09/19/2025

(57) (32) 25

Call

-

Merck

&

Co

Inc

N/A

—

$

95.00 10/17/2025

—

—

—

Call

-

Norfolk

Southern

Corp

N/A

$

260.00 09/19/2025

(55) (47) 8

Call

-

Phillips

N/A

$

115.00 09/19/2025

(36) (48) (12) Call

-

Procter

&

Gamble

Co/The

N/A

—

$

170.00 10/17/2025

—

—

—

Call

-

SPDR

S&P

500

ETF

Trust

N/A

$

655.00 10/17/2025

(15) (12) 3

Call

-

TEGNA

Inc

N/A

$

22.00 12/19/2025

(1) —

Call

-

United

Parcel

Service

Inc

N/A

—

$

95.00 10/17/2025

—

—

—

Call

-

Western

Midstream

Partners

LP

N/A

$

40.00 11/21/2025

—

—

—

Put

-

S&P

500

Index

N/A

$

5,400.00

10/17/2025

(18) (5) 13

Put

-

S&P

500

Index

N/A

$

5,525.00

12/19/2025

(22) (20) 2

Put

-

SPDR

S&P

500

ETF

Trust

N/A

$

600.00 10/17/2025

(12) (9) 3

Call

-

US

Year

Note

Future;

October

2025

N/A

$

110.75 09/26/2025

(6) (8) (2) Consolidated

Schedule

of

Investments

Global

Multi-Strategy

Fund

August

31,

2025

See

accompanying

notes.

Options

(continued)

Written

Options

Outstanding

Counterparty

Contracts/

Shares

Notional

Amount

Exercise

Price

Expiration

Date

Upfront

Receipts

Fair

Value

Unrealized

Appreciation/

(Depreciation)

Call

-

US

Year

Note

Future;

October

2025

N/A

$

$

110.00 09/26/2025

$

(13) $

(18) $

(5) Total

$

(573) $

(374) $

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;

January

2026

Short

$

3,207

$

Month

Secured

Overnight

Financing

Rate;

December

2026

Long

30,563

Month

Secured

Overnight

Financing

Rate;

June

2026

Long

2,903

Month

Sterling

Overnight

Index

Average;

December

2026

Long

4,562

ASX

Day

Bank

Bill;

September

2026

Long

4,546

AUD/USD;

September

2025

Short

—

Australia

Year

Bond;

September

2025

Long

5,283

(20) Australia

Year

Bond;

September

2025

Long

4,776

(6) Brazilian

Real;

October

2025

Long

—

Brent

Crude

Oil;

January

2026

(a) Short

(1) Brent

Crude;

December

2025

(a) Short

(2) Brent

Crude;

January

2026

(a) Long

—

Brent

Crude;

November

2025

(a) Long

877

Brent

Financial

Last

Day;

November

2025

(a) Long

—

CAC40

Index;

September

2025

Long

1,985

(40) Canada

Year

Bond;

December

2025

Short

4,300

(20) Canola;

January

2026

(a) Short

—

Canola;

November

2025

(a) Short

CBOE

VIX;

September

2025

Short

CHF;

September

2025

Long

(2) CME

Micro

Bitcoin;

September

2025

(a) Long

—

CME

Micro

Ether;

September

2025

(a) Long

(1) Cocoa;

December

2025

(a) Short

Cocoa;

December

2025

(a) Long

(3) Cocoa;

March

2026

(a) Long

(6) Cocoa;

March

2026

(a) Long

(6) Cocoa;

May

2026

(a) Short

Coffee

'C';

December

2025

(a) Long

869

Coffee

'C';

March

2026

(a) Long

Copper;

December

2025

(a) Short

(1) Copper;

March

2026

(a) Short

(2) Corn;

December

2025

(a) Short

1,681

Corn;

March

2026

(a) Short

Corn;

May

2026

(a) Short

627

Cotton

No.2;

December

2025

(a) Short

666

Cotton

No.2;

March

2026

(a) Short

Crude

Palm

Oil;

December

2025

(a) Long

(15) Crude

Palm

Oil;

January

2026

(a) Long

(8) Crude

Palm

Oil;

November

2025

(a) Long

(10) Crude

Palm

Oil;

October

2025

(a) Long

(8) DAX

Index;

September

2025

Long

3,504

(45) DJ

Euro

Stoxx

50;

September

2025

Short

(4) DJ

Euro

Stoxx

50;

September

2025

Long

2,760

(30) Dollar

Index;

September

2025

Short

1,563

ECX

Emission;

December

2025

(a) Short

(4) ECX

Emission;

December

2026

(a) Long

—

E-Mini

DJIA

Index;

September

2025

Long

2,508

eMini

MSCI

EAFE;

September

2025

Long

1,088

eMini

MSCI

Emerging

Markets;

September

2025

Long

1,581

E-Mini

Natural

Gas;

October

2025

(a) Short

(1) E-Mini

S&P

Real

Estate;

September

2025

Short

(1) EUR/USD;

September

2025

Long

Euribor;

December

2026

Long

26,964

(12) Euribor;

June

2026

Long

10,906

(10) Euribor;

June

2027

Long

8,594

(4) Euribor;

June

2028

Long

3,714

(1) Euribor;

March

2026

Long

8,895

(20) Euribor;

September

2026

Short

5,452

—

Euribor;

September

2027

Long

—

Euribor;

September

2028

Long

—

Consolidated

Schedule

of

Investments

Global

Multi-Strategy

Fund

August

31,

2025

See

accompanying

notes.

Futures

Contracts

(continued)

Description

and

Expiration

Date

Type

Contracts

Notional

Amount

Value

and

Unrealized

Appreciation/(Depreciation)

Euro

Bond

Year

Bond;

September

2025

Short

$

6,972

$

(12) Euro

Buxl

Year

Bond;

September

2025

Short

533

Euro

E-Mini;

September

2025

Long

—

Euro

Milling

Wheat;

December

2025

(a) Short

—

Euro

Milling

Wheat;

March

2026

(a) Short

Euro

Milling

Wheat;

May

2026

(a) Short

Euro

Schatz;

September

2025

Short

4,884

—

Euro

Stoxx

Bank;

September

2025

Long

Euro-Bobl

Year;

September

2025

Short

9,894

(15) Euro-BTP;

September

2025

Long

4,924

(23) Euro-Oat;

September

2025

Short

3,851

Feeder

Cattle;

October

2025

(a) Long

1,093

Frozen

Concentrated

Orange

Juice-A;

November

2025

(a) Short

—

FTSE

China

A50

Index;

September

2025

Long

854

FTSE

KLCI

Index;

September

2025

Long

(1) FTSE

Taiwan

Index;

September

2025

Long

FTSE/JSE

Top

40;

September

2025

Long

747

FTSE100

Index;

September

2025

Short

(10) FTSE100

Index;

September

2025

Long

7,352

Gasoline

RBOB;

December

2025

(a) Short

(2) Gasoline

RBOB;

January

2026

(a) Long

(2) Gasoline

RBOB;

November

2025

(a) Long

Gasoline

RBOB;

October

2025

(a) Long

1,158

GBP/USD;

September

2025

Long

Gold

oz;

December

2025

(a) Long

4,219

Gold

oz;

February

2026

(a) Long

Gold;

April

2026

(a) Long

552

Gold;

June

2026

(a) Long

1,326

Hang

Seng

Index;

September

2025

Long

2,567

(62) HSCEI

China

Index;

September

2025

Long

(6) HSTECH;

September

2025

Long

(1) IBEX

Index;

September

2025

Long

1,051

(15) IBEX

Mini

Index;

September

2025

Long

—

IFSC

Nifty

50;

September

2025

Long

589

(9) INR/USD

Standard;

September

2025

Short

INR/USD;

September

2025

Short

—

Japan

Year

Bond

TSE;

September

2025

Short

9,360

Japan

Topix

Index;

September

2025

Long

3,554

Japanese

Yen;

September

2025

Short

(1) KC

HRW

Wheat;

December

2025

(a) Short

1,300

KC

HRW

Wheat;

March

2026

(a) Short

Korea

Year

Bond;

September

2025

Long

5,123

Korea

Year

Bond;

September

2025

Long

22,931

KOSDAQ150;

September

2025

Short

—

KOSPI

Index;

September

2025

Long

542

(3) Kospi200

Mini;

September

2025

Long

(1) Lean

Hogs;

December

2025

(a) Long

Lean

Hogs;

February

2026

(a) Long

Lean

Hogs;

October

2025

(a) Long

Live

Cattle;

April

2026

(a) Long

Live

Cattle;

December

2025

(a) Long

963

Live

Cattle;

February

2026

(a) Long

1,357

Live

Cattle;

October

2025

(a) Long

1,725

LME

Copper;

December

2025

(a) Long

1,488

LME

Copper;

November

20,

2025

(a) Long

LME

Copper;

October

08,

2025

(a) Short

—

—

(4) LME

Copper;

October

16,

2025

(a) Short

—

—

(4) LME

Copper;

October

21,

2025

(a) Short

—

—

(3) LME

Copper;

September

17,

2025

(a) Short

—

—

LME

Copper;

September

2025

(a) Short

—

—

LME

Copper;

September

24,

2025

(a) Short

—

—

LME

Lead;

November

20,

2025

(a) Short

696

(7) LME

Lead;

October

02,

2025

(a) Short

—

—

LME

Lead;

October

03,

2025

(a) Short

—

—

LME

Lead;

October

07,

2025

(a) Short

—

—

LME

Lead;

October

08,

2025

(a) Short

—

—

LME

Lead;

October

09,

2025

(a) Short

—

—

LME

Lead;

October

10,

2025

(a) Short

—

—

LME

Lead;

October

14,

2025

(a) Short

—

—

LME

Lead;

October

15,

2025

(a) Short

—

—

Consolidated

Schedule

of

Investments

Global

Multi-Strategy

Fund

August

31,

2025

See

accompanying

notes.

Futures

Contracts

(continued)

Description

and

Expiration

Date

Type

Contracts

Notional

Amount

Value

and

Unrealized

Appreciation/(Depreciation)

LME

Lead;

October

16,

2025

(a) Short

—

$

—

$

LME

Lead;

October

17,

2025

(a) Short

—

—

LME

Lead;

September

17,

2025

(a) Short

—

—

LME

Lead;

September

18,

2025

(a) Short

—

—

LME

Lead;

September

23,

2025

(a) Short

—

—

LME

Lead;

September

24,

2025

(a) Short

—

—

—

LME

Nickel;

November

04,

2025

(a) Short

(2) LME

Nickel;

November

05,

2025

(a) Long

LME

Nickel;

November

12,

2025

(a) Short

—

LME

Nickel;

November

13,

2025

(a) Short

—

LME

Nickel;

November

14,

2025

(a) Short

—

—

—

LME

Nickel;

November

18,

2025

(a) Long

LME

Nickel;

November

19,

2025

(a) Short

—

—

—

LME

Nickel;

November

20,

2025

(a) Short

(7) LME

Nickel;

November

21,

2025

(a) Short

(8) LME

Nickel;

November

26,

2025

(a) Long

LME

Nickel;

November

28,

2025

(a) Long

LME

Nickel;

October

01,

2025

(a) Short

—

—

—

LME

Nickel;

October

03,

2025

(a) Short

—

—

(3) LME

Nickel;

October

16,

2025

(a) Short

—

—

LME

Nickel;

October

17,

2025

(a) Short

—

—

(1) LME

Nickel;

October

22,

2025

(a) Short

—

—

LME

Nickel;

October

24,

2025

(a) Short

LME

Nickel;

October

30,

2025

(a) Short

(1) LME

Nickel;

October

31,

2025

(a) Short

—

—

—

LME

Nickel;

September

02,

2025

(a) Short

—

—

(1) LME

Nickel;

September

12,

2025

(a) Short

—

—

(2) LME

Nickel;

September

17,

2025

(a) Short

—

—

(1) LME

Nickel;

September

18,

2025

(a) Short

—

—

LME

Nickel;

September

19,

2025

(a) Short

—

—

(3) LME

Nickel;

September

23,

2025

(a) Short

—

—

LME

Nickel;

September

24,

2025

(a) Short

—

—

(2) LME

Nickel;

September

26,

2025

(a) Short

—

—

—

LME

PRI

Alum;

November

07,

2025

(a) Long

—

LME

PRI

Alum;

November

19,

2025

(a) Short

—

—

—

LME

PRI

Alum;

November

20,

2025

(a) Long

850

LME

PRI

Alum;

November

21,

2025

(a) Short

—

—

—

LME

PRI

Alum;

November

28,

2025

(a) Long

—

LME

Primary

Alum;

December

2025

(a) Long

LME

Primary

Alum;

October

02,

2025

(a) Short

—

—

LME

Primary

Alum;

October

07,

2025

(a) Short

—

—

(2) LME

Primary

Alum;

October

17,

2025

(a) Short

—

—

(3) LME

Primary

Alum;

October

21,

2025

(a) Short

—

—

(3) LME

Primary

Alum;

October

22,

2025

(a) Short

—

—

(14) LME

Primary

Alum;

October

23,

2025

(a) Short

—

—

(6) LME

Primary

Alum;

October

24,

2025

(a) Short

—

—

(7) LME

Primary

Alum;

October

31,

2025

(a) Short

—

—

—

LME

Primary

Alum;

September

02,

2025

(a) Short

—

—

LME

Primary

Alum;

September

04,

2025

(a) Short

—

—

LME

Primary

Alum;

September

10,

2025

(a) Short

—

—

(2) LME

Primary

Alum;

September

16,

2025

(a) Short

—

—

LME

Primary

Alum;

September

2025

(a) Short

—

—

(18) LME

Primary

Alum;

September

24,

2025

(a) Short

—

—

(1) LME

Tin;

October

08,

2025

(a) Short

—

—

(6) LME

Tin;

October

24,

2025

(a) Short

—

—

(8) LME

Tin;

October

31,

2025

(a) Short

—

—

(4) LME

Tin;

September

24,

2025

(a) Short

—

—

LME

Zinc;

November

06,

2025

(a) Short

—

—

LME

Zinc;

November

07,

2025

(a) Short

—

—

(2) LME

Zinc;

November

12,

2025

(a) Short

—

—

(2) LME

Zinc;

November

13,

2025

(a) Short

—

—

(1) LME

Zinc;

November

14,

2025

(a) Short

—

—

(2) LME

Zinc;

November

18,

2025

(a) Short

(1) LME

Zinc;

November

19,

2025

(a) Short

—

—

—

LME

Zinc;

November

20,

2025

(a) Long

LME

Zinc;

November

21,

2025

(a) Short

(1) LME

Zinc;

November

28,

2025

(a) Long

—

LME

Zinc;

October

01,

2025

(a) Short

—

—

(2) LME

Zinc;

October

03,

2025

(a) Short

—

—

LME

Zinc;

October

08,

2025

(a) Short

—

—

Consolidated

Schedule

of

Investments

Global

Multi-Strategy

Fund

August

31,

2025

See

accompanying

notes.

Futures

Contracts

(continued)

Description

and

Expiration

Date

Type

Contracts

Notional

Amount

Value

and

Unrealized

Appreciation/(Depreciation)

LME

Zinc;

October

09,

2025

(a) Short

—

$

—

$

LME

Zinc;

October

15,

2025

(a) Short

—

—

(2) LME

Zinc;

October

16,

2025

(a) Short

—

—

(3) LME

Zinc;

October

17,

2025

(a) Short

—

—

—

LME

Zinc;

October

23,

2025

(a) Short

—

—

(2) LME

Zinc;

October

24,

2025

(a) Short

—

—

(1) LME

Zinc;

October

30,

2025

(a) Short

—

—

—

LME

Zinc;

October

31,

2025

(a) Short

—

—

(6) LME

Zinc;

September

09,

2025

(a) Short

—

—

—

LME

Zinc;

September

12,

2025

(a) Short

—

—

(5) LME

Zinc;

September

19,

2025

(a) Short

—

—

(5) LME

Zinc;

September

2025

(a) Short

—

—

(10) LME

Zinc;

September

24,

2025

(a) Short

—

—

(6) LME

Zinc;

September

26,

2025

(a) Short

—

—

(1) Low

Sulphur

Gasoline;

December

2025

(a) Long

Low

Sulphur

Gasoline;

January

2026

(a) Short

(2) Low

Sulphur

Gasoline;

October

2025

(a) Long

1,143

Lumber;

November

2025

(a) Short

Maize;

November

2025

(a) Short

—

MCSI

China

A

50;

September

2025

Long

Mexican

Peso;

September

2025

Long

—

Micro

EUR/USD;

September

2025

Long

—

Micro

Gold;

December

2025

(a) Long

Mini

FTSE/MIB;

September

2025

Long

Mini

HIS

Index;

September

2025

Long

514

(9) Mini

H-Share

Index;

September

2025

Long

(2) Mini

Japan

Year

Bond;

September

2025

Short

1,685

Mini

Topix

Index;

September

2025

Long

MSCI

Singapore

Index;

September

2025

Long

588

(3) Nasdaq

E-Mini;

September

2025

Long

4,223

(4) Nasdaq

Micro

E-mini;

September

2025

Long

Natural

Gas;

December

2025

(a) Short

(6) Natural

Gas;

November

2025

(a) Short

Natural

Gas;

October

2025

(a) Short

750

Nikkei

Mini;

September

2025

Long

Nikkei

OSE;

September

2025

Long

3,485

Nikkei

SGX;

September

2025

Long

726

Nikkei

Yen;

September

2025

Long

Nikkei

225;

September

2025

Long

632

Nikkei

400;

September

2025

Long

NY

Harbor

ULSD;

December

2025

(a) Long

(6) NY

Harbor

ULSD;

January

2026

(a) Long

NY

Harbor

ULSD;

November

2025

(a) Short

(3) NY

Harbor

ULSD;

October

2025

(a) Long

953

NY

Harbor

ULSD;

October

2025

(a) Short

(1) Palladium;

December

2025

(a) Long

—

Platinum;

April

2026

(a) Long

(1) Platinum;

October

2025

(a) Long

Rapeseed

Euro;

February

2026

(a) Short

Rapeseed

Euro;

November

2025

(a) Short

Robusta

Coffee

10tn;

November

2025

(a) Short

(15) Rough

Rice;

November

2025

(a) Short

—

Russell

2000

Emini;

September

2025

Short

10,190

(911) Russell

2000

Emini;

September

2025

Long

948

S&P

500

Emini;

September

2025

Short

2,265

(130) S&P

500

Emini;

September

2025

Long

4,855

S&P

500

Micro

E-Mini;

September

2025

Long

S&P

Mid

Emini;

September

2025

Short

652

(15) S&P/TSX

Index;

September

2025

Long

988

SET50

Index;

September

2025

Long

(3) SGX

Iron

Ore

62%;

October

2025

(a) Long

Short

Term

Euro-BTP;

September

2025

Long

13,611

(28) Silver;

December

2025

(a) Long

2,647

Silver;

March

2026

(a) Long

South

African

Rand;

September

2025

Long

—

Soybean

Future;

January

2026

(a) Short

590

(11) Soybean

Future;

March

2026

(a) Short

543

(5) Soybean

Future;

November

2025

(a) Short

2,214

(49) Soybean

Meal;

December

2025

(a) Short

867

Soybean

Meal;

January

2026

(a) Short

586

(4) Consolidated

Schedule

of

Investments

Global

Multi-Strategy

Fund

August

31,

2025

See

accompanying

notes.

Futures

Contracts

(continued)

Description

and

Expiration

Date

Type

Contracts

Notional

Amount

Value

and

Unrealized

Appreciation/(Depreciation)

Soybean

Oil;

December

2025

(a) Long

$

$

(16) Soybean

Oil;

January

2026

(a) Long

(1) Soybean

Oil;

March

2026

(a) Long

(4) SPI

Index;

September

2025

Long

1,462

Stoxx

50;

September

2025

Long

Stoxx

600

Bank;

September

2025

Long

Stoxx

600

Insurance;

September

2025

Long

Stoxx

600

Utilities;

September

2025

Long

(3) Stoxx

Europe

600;

September

2025

Long

1,096

Sugar

#11;

March

2026

(a) Short

—

Sugar

#11;

May

2026

(a) Short

—

Sugar

#11;

October

2025

(a) Short

550

Swiss

Federal

Bond;

September

2025

Long

(2) SX5E

Dividend;

December

2026

Long

TTF

Natural

Gas;

October

2025

(a) Short

UK

Year

Gilt;

December

2025

Short

5,384

(1) UK

Natural

Gas;

October

2025

(a) Short

US

Year

Treasury

Note;

December

2025

Long

6,526

US

Year

Treasury

Ultra

Note;

December

2025

Short

5,835

(28) US

Year

Treasury

Note;

December

2025

Short

25,024

(29) US

Year

Treasury

Note;

December

2025

Long

6,465

US

Year

Treasury

Note;

December

2025

Long

US

Year

Treasury Note;

December

2025

Long

50,574

US

Dollar;

September

2025

Long

—

US

Long

Bond;

December

2025

Short

3,198

(6) US

Ultra

Bond;

December

2025

Short

1,632

USD/CNH;

September

2025

Long

(1) Wheat;

December

2025

(a) Short

Wheat;

December

2025

(a) Short

1,015

Wheat;

March

2026

(a) Short

(1) Wheat;

May

2026

(a) Short

—

White

Maize-SAF;

December

2025

(a) Short

White

Sugar;

December

2025

(a) Long

White

Sugar;

October

2025

(a) Long

WIG20

Index;

September

2025

Long

(1) WTI

Crude;

December

2025

(a) Long

—

WTI

Crude;

December

2025

(a) Short

—

WTI

Crude;

January

2026

(a) Short

(2) WTI

Crude;

January

2026

(a) Long

—

WTI

Crude;

November

2025

(a) Short

(1) WTI

Crude;

November

2025

(a) Long

—

WTI

Crude;

October

2025

(a) Long

WTI

Crude;

October

2025

(a) Short

(5) XAP

Consumer

Staples;

September

2025

Long

(1) Yellow

Maize-SAF;

December

2025

(a) Short

Total

$

978

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

09/17/2025

AUD

5,049

$

3,301

$

$

(5) Bank

of

America

NA

09/17/2025

GBP

6,929

$

9,371

(12) Bank

of

America

NA

09/17/2025

CAD

3,609

$

2,648

—

(17) Bank

of

America

NA

09/17/2025

EUR

8,613

$

10,045

(22) Bank

of

America

NA

09/17/2025

JPY

154,907

$

1,063

(7) Bank

of

America

NA

09/17/2025

MXN

36,263

$

1,893

—

Bank

of

America

NA

09/17/2025

NZD

3,231

$

1,940

(36) Bank

of

America

NA

09/17/2025

CHF

5,306

$

6,607

(21) Bank

of

America

NA

09/17/2025

$

MXN

942

—

(1) Bank

of

America

NA

09/17/2025

$

3,145

NZD

5,295

(2) Bank

of

America

NA

09/17/2025

$

2,723

JPY

398,850

(8) Bank

of

America

NA

09/17/2025

$

2,868

AUD

4,418

—

(22) Bank

of

America

NA

09/17/2025

$

5,021

CAD

6,887

(11) Bank

of

America

NA

09/17/2025

$

3,958

CHF

3,173

(20) Bank

of

America

NA

09/17/2025

$

5,311

GBP

3,968

(61) Consolidated

Schedule

of

Investments

Global

Multi-Strategy

Fund

August

31,

2025

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

09/17/2025

$

5,670

EUR

4,889

$

$

(60) BNP

Paribas

09/24/2025

$

3,884

CAD

5,300

—

BNP

Paribas

09/25/2025

GBP

$

—

—

BNP

Paribas

09/25/2025

CAD

1,625

$

1,173

—

BNP

Paribas

09/25/2025

CLP

2,450,040

$

2,535

—

—

BNP

Paribas

09/25/2025

EUR

$

—

—

BNP

Paribas

09/25/2025

MXN

1,916

$

—

BNP

Paribas

09/25/2025

NOK

33,832

$

3,325

—

BNP

Paribas

09/25/2025

RON

9,597

$

2,207

—

BNP

Paribas

09/25/2025

SEK

$

—

—

BNP

Paribas

09/25/2025

$

2,038

SEK

19,471

—

(24) BNP

Paribas

09/25/2025

$

CHF

—

—

BNP

Paribas

09/25/2025

$

BRL

739

—

(2) BNP

Paribas

09/25/2025

$

1,594

PEN

5,682

—

(15) BNP

Paribas

09/25/2025

$

MXN

1,060

—

—

BNP

Paribas

09/25/2025

$

NZD

—

—

BNP

Paribas

09/25/2025

$

916

NOK

9,227

—

(3) BNP

Paribas

09/25/2025

$

RON

646

—

(1) BNP

Paribas

09/25/2025

$

CLP

142,804

—

—

BNP

Paribas

09/25/2025

$

2,056

CZK

43,242

—

(16) BNP

Paribas

09/25/2025

$

CAD

—

—

Citigroup

Inc

09/12/2025

EUR

$

—

—

Citigroup

Inc

09/26/2025

CZK

62,850

$

2,973

—

Citigroup

Inc

09/26/2025

EUR

1,894

$

2,199

—

Citigroup

Inc

09/26/2025

MXN

19,286

$

1,024

—

Citigroup

Inc

09/26/2025

$

1,096

COP

4,447,400

—

(9) Citigroup

Inc

09/26/2025

$

2,337

PEN

8,254

—

Credit

Agricole

CIB

09/10/2025

$

4,358

CAD

6,000

—

(13) Credit

Agricole

CIB

09/24/2025

$

4,361

CAD

6,000

—

(13) Credit

Agricole

CIB

09/25/2025

AUD

1,031

$

664

—

Credit

Agricole

CIB

09/25/2025

GBP

$

576

—

—

Credit

Agricole

CIB

09/25/2025

CAD

$

—

—

Credit

Agricole

CIB

09/25/2025

EUR

769

$

898

—

Credit

Agricole

CIB

09/25/2025

INR

319,180

$

3,647

—

(33) Credit

Agricole

CIB

09/25/2025

IDR

56,466,088

$

3,486

—

(54) Credit

Agricole

CIB

09/25/2025

JPY

179,964

$

1,221

—

Credit

Agricole

CIB

09/25/2025

NZD

$

—

—

Credit

Agricole

CIB

09/25/2025

PHP

159,807

$

2,797

—

Credit

Agricole

CIB

09/25/2025

CHF

$

—

—

Credit

Agricole

CIB

09/25/2025

THB

14,837

$

—

Credit

Agricole

CIB

09/25/2025

$

4,248

TWD

127,110

—

Credit

Agricole

CIB

09/25/2025

$

IDR

2,400,047

—

Credit

Agricole

CIB

09/25/2025

$

INR

12,777

—

Credit

Agricole

CIB

09/25/2025

$

EUR

—

—

Credit

Agricole

CIB

09/25/2025

$

THB

4,767

—

(1) Credit

Agricole

CIB

09/25/2025

$

JPY

16,834

—

—

Credit

Agricole

CIB

09/25/2025

$

609

PHP

34,817

—

(1) Credit

Agricole

CIB

09/25/2025

$

4,490

ZAR

79,605

—

(18) Credit

Agricole

CIB

10/08/2025

$

10,502

CAD

14,500

—

(77) Deutsche

Bank

AG

09/02/2025

$

KRW

138,013

—

Deutsche

Bank

AG

09/04/2025

$

KRW

138,778

—

—

Deutsche

Bank

AG

09/05/2025

$

KRW

139,685

—

(1) Deutsche

Bank

AG

09/08/2025

$

CLP

96,213

—

—

Deutsche

Bank

AG

09/11/2025

$

TWD

2,962

—

Deutsche

Bank

AG

09/12/2025

$

TWD

2,976

—

Deutsche

Bank

AG

09/15/2025

TWD

5,969

$

—

(4) Deutsche

Bank

AG

09/17/2025

$

EUR

—

(4) Deutsche

Bank

AG

09/18/2025

TWD

2,990

$

—

(2) Deutsche

Bank

AG

09/22/2025

CLP

95,814

$

—

(1) Deutsche

Bank

AG

09/22/2025

$

INR

34,889

—

Deutsche

Bank

AG

09/22/2025

$

COP

809,926

—

(2) Deutsche

Bank

AG

09/25/2025

$

INR

26,170

—

Deutsche

Bank

AG

09/26/2025

$

INR

26,281

—

Deutsche

Bank

AG

09/29/2025

CLP

96,107

$

—

(1) Deutsche

Bank

AG

09/30/2025

$

INR

26,365

—

Deutsche

Bank

AG

10/02/2025

CLP

96,708

$

—

—

Goldman

Sachs

&

Co

09/04/2025

GBP

$

—

—

Goldman

Sachs

&

Co

09/04/2025

EUR

$

—

Consolidated

Schedule

of

Investments

Global

Multi-Strategy

Fund

August

31,

2025

See

accompanying

notes.

Foreign

Currency

Contracts

(continued)

Unrealized

Appreciation/(Depreciation)

Counterparty

Settlement

Date

Currency

to

Accept

Currency

to

Deliver

Asset

Liability

Goldman

Sachs

&

Co

09/04/2025

$

535

EUR

$

—

$

(7) Goldman

Sachs

&

Co

09/04/2025

$

GBP

—

—

Goldman

Sachs

&

Co

09/26/2025

TWD

31,550

$

1,033

—

Goldman

Sachs

&

Co

10/15/2025

JPY

16,500

$

—

Goldman

Sachs

&

Co

10/15/2025

$

JPY

53,051

—

Goldman

Sachs

&

Co

10/20/2025

$

611

EUR

527

—

(7) Goldman

Sachs

&

Co

11/05/2025

$

1,357

EUR

1,175

(25) Goldman

Sachs

&

Co

12/16/2025

$

EUR

—

(5) Goldman

Sachs

&

Co

12/17/2025

$

505

GBP

—

(7) Goldman

Sachs

&

Co

12/18/2025

$

532

GBP

—

(1) HSBC

Securities

Inc

09/12/2025

EUR

578

$

678

(2) HSBC

Securities

Inc

09/26/2025

BRL

2,098

$

—

HSBC

Securities

Inc

09/26/2025

KRW

2,048,400

$

1,475

—

HSBC

Securities

Inc

09/26/2025

$

BRL

2,099

—

(5) JPMorgan

Chase

09/02/2025

KRW

138,623

$

—

—

JPMorgan

Chase

09/04/2025

GBP

$

—

—

JPMorgan

Chase

09/04/2025

INR

8,704

$

—

(1) JPMorgan

Chase

09/04/2025

KRW

138,422

$

—

—

JPMorgan

Chase

09/04/2025

$

INR

8,769

—

JPMorgan

Chase

09/04/2025

$

GBP

—

—

JPMorgan

Chase

09/04/2025

$

EUR

—

(1) JPMorgan

Chase

09/05/2025

KRW

1,103,355

$

800

—

(6) JPMorgan

Chase

09/05/2025

$

700

KRW

967,389

—

JPMorgan

Chase

09/08/2025

CLP

193,111

$

—

—

JPMorgan

Chase

09/08/2025

COP

410,908

$

—

JPMorgan

Chase

09/08/2025

INR

175,662

$

2,000

—

(9) JPMorgan

Chase

09/08/2025

$

COP

406,310

—

(1) JPMorgan

Chase

09/08/2025

$

2,000

INR

175,444

—

JPMorgan

Chase

09/08/2025

$

CLP

96,607

—

—

JPMorgan

Chase

09/11/2025

CLP

193,428

$

—

—

JPMorgan

Chase

09/11/2025

TWD

5,966

$

—

(5) JPMorgan

Chase

09/11/2025

KRW

1,111,507

$

800

—

—

JPMorgan

Chase

09/11/2025

$

CLP

194,756

—

(2) JPMorgan

Chase

09/11/2025

$

TWD

3,053

—

—

JPMorgan

Chase

09/11/2025

$

800

KRW

1,103,000

—

JPMorgan

Chase

09/12/2025

COP

404,938

$

—

JPMorgan

Chase

09/12/2025

TWD

3,053

$

—

—

JPMorgan

Chase

09/12/2025

$

6,421

EUR

5,509

—

(29) JPMorgan

Chase

09/12/2025

$

COP

403,226

—

—

JPMorgan

Chase

09/15/2025

$

800

INR

70,203

—

JPMorgan

Chase

09/18/2025

$

CAD

—

JPMorgan

Chase

09/22/2025

AUD

JPY

19,079

—

JPMorgan

Chase

09/22/2025

AUD

CAD

—

—

JPMorgan

Chase

09/22/2025

AUD

7,800

NZD

8,561

—

JPMorgan

Chase

09/22/2025

AUD

1,900

$

1,235

(1) JPMorgan

Chase

09/22/2025

GBP

3,125

$

4,171

(1) JPMorgan

Chase

09/22/2025

GBP

2,125

JPY

416,563

(1) JPMorgan

Chase

09/22/2025

GBP

EUR

508

—

(1) JPMorgan

Chase

09/22/2025

GBP

CHF

—

—

JPMorgan

Chase

09/22/2025

GBP

1,250

AUD

2,570

—

JPMorgan

Chase

09/22/2025

CAD

4,400

$

3,202

—

JPMorgan

Chase

09/22/2025

CAD

1,779

AUD

2,000

—

(13) JPMorgan

Chase

09/22/2025

CNH

45,279

$

6,328

—

JPMorgan

Chase

09/22/2025

COP

810,526

$

—

JPMorgan

Chase

09/22/2025

EUR

CHF

—

(1) JPMorgan

Chase

09/22/2025

EUR

HUF

80,374

—

(3) JPMorgan

Chase

09/22/2025

EUR

2,500

CAD

3,989

(2) JPMorgan

Chase

09/22/2025

EUR

1,500

NOK

17,829

—

(18) JPMorgan

Chase

09/22/2025

EUR

4,008

GBP

3,491

(25) JPMorgan

Chase

09/22/2025

EUR

1,375

AUD

2,464

—

(2) JPMorgan

Chase

09/22/2025

EUR

PLN

854

—

—

JPMorgan

Chase

09/22/2025

EUR

1,900

JPY

323,074

—

JPMorgan

Chase

09/22/2025

EUR

3,250

$

3,773

—

JPMorgan

Chase

09/22/2025

HUF

119,239

EUR

—

—

JPMorgan

Chase

09/22/2025

HUF

693,594

$

2,000

—

JPMorgan

Chase

09/22/2025

ILS

3,412

$

1,000

—

JPMorgan

Chase

09/22/2025

JPY

173,524

GBP

875

(2) JPMorgan

Chase

09/22/2025

JPY

45,830

CHF

—

(1) Consolidated

Schedule

of

Investments

Global

Multi-Strategy

Fund

August

31,

2025

See

accompanying

notes.

Foreign

Currency

Contracts

(continued)

Unrealized

Appreciation/(Depreciation)

Counterparty

Settlement

Date

Currency

to

Accept

Currency

to

Deliver

Asset

Liability

JPMorgan

Chase

09/22/2025

JPY

106,635

CAD

1,000

$

—

$

(1) JPMorgan

Chase

09/22/2025

JPY

17,222

EUR

—

—

JPMorgan

Chase

09/22/2025

JPY

100,000

$

683

—

—

JPMorgan

Chase

09/22/2025

JPY

259,167

NZD

3,000

(5) JPMorgan

Chase

09/22/2025

JPY

170,693

AUD

1,800

—

(15) JPMorgan

Chase

09/22/2025

MXN

26,500

$

1,405

—

JPMorgan

Chase

09/22/2025

NZD

JPY

17,602

—

(2) JPMorgan

Chase

09/22/2025

NZD

2,200

$

1,301

(3) JPMorgan

Chase

09/22/2025

NOK

14,363

$

1,400

—

JPMorgan

Chase

09/22/2025

PLN

6,678

$

1,800

—

JPMorgan

Chase

09/22/2025

PLN

2,999

EUR

700

—

JPMorgan

Chase

09/22/2025

SGD

5,260

$

4,100

—

JPMorgan

Chase

09/22/2025

ZAR

51,665

$

2,900

(3) JPMorgan

Chase

09/22/2025

SEK

13,514

$

1,400

—

JPMorgan

Chase

09/22/2025

SEK

20,946

EUR

1,875

—

JPMorgan

Chase

09/22/2025

SEK

16,921

NOK

18,000

—

(1) JPMorgan

Chase

09/22/2025

CHF

2,216

EUR

2,375

—

(5) JPMorgan

Chase

09/22/2025

CHF

803

GBP

750

—

(7) JPMorgan

Chase

09/22/2025

CHF

1,625

$

2,016

—

JPMorgan

Chase

09/22/2025

CHF

2,250

JPY

409,809

—

JPMorgan

Chase

09/22/2025

TRY

16,932

$

—

JPMorgan

Chase

09/22/2025

$

2,077

AUD

3,200

—

(16) JPMorgan

Chase

09/22/2025

$

2,783

NZD

4,700

(10) JPMorgan

Chase

09/22/2025

$

3,346

CAD

4,600

(8) JPMorgan

Chase

09/22/2025

$

2,189

EUR

1,875

—

(8) JPMorgan

Chase

09/22/2025

$

1,328

CNH

9,520

—

(12) JPMorgan

Chase

09/22/2025

$

ILS

—

(3) JPMorgan

Chase

09/22/2025

$

CLP

386,514

—

—

JPMorgan

Chase

09/22/2025

$

CHF

—

(1) JPMorgan

Chase

09/22/2025

$

SEK

1,918

—

(3) JPMorgan

Chase

09/22/2025

$

1,500

TRY

63,732

—

(28) JPMorgan

Chase

09/22/2025

$

2,020

GBP

1,499

—

(7) JPMorgan

Chase

09/22/2025

$

MXN

5,000

—

(1) JPMorgan

Chase

09/22/2025

$

ZAR

7,054

—

JPMorgan

Chase

09/22/2025

$

NOK

2,019

—

(1) JPMorgan

Chase

09/22/2025

$

JPY

37,500

—

(1) JPMorgan

Chase

09/22/2025

$

HUF

34,197

—

(1) JPMorgan

Chase

09/22/2025

$

INR

17,512

—

JPMorgan

Chase

09/25/2025

$

INR

8,713

—

JPMorgan

Chase

09/26/2025

HUF

700,772

$

2,046

—

JPMorgan

Chase

09/26/2025

PLN

1,325

$

—

JPMorgan

Chase

09/26/2025

TRY

121,750

$

2,842

—

JPMorgan

Chase

09/29/2025

$

800

KRW

1,110,432

—

(1) JPMorgan

Chase

09/30/2025

$

2,000

INR

175,853

—

JPMorgan

Chase

11/14/2025

$

CAD

—

(3) JPMorgan

Chase

12/17/2025

$

1,850

EUR

1,615

—

(52) Merrill

Lynch

09/05/2025

$

EUR

—

(2) Merrill

Lynch

10/31/2025

$

EUR

—

(4) RBC

Dominon

Securities

Corp

09/25/2025

BRL

20,399

$

3,737

—

RBC

Dominon

Securities

Corp

09/25/2025

COP

8,051,022

$

1,987

—

RBC

Dominon

Securities

Corp

09/25/2025

HUF

721,888

$

2,108

—

RBC

Dominon

Securities

Corp

09/25/2025

IDR

1,316,325

$

—

(1) RBC

Dominon

Securities

Corp

09/25/2025

NZD

607

$

—

RBC

Dominon

Securities

Corp

09/25/2025

PHP

29,412

$

515

—

—

RBC

Dominon

Securities

Corp

09/25/2025

PLN

5,499

$

1,506

—

RBC

Dominon

Securities

Corp

09/25/2025

$

COP

1,157,774

—

(2) RBC

Dominon

Securities

Corp

09/25/2025

$

CLP

129,350

—

RBC

Dominon

Securities

Corp

09/25/2025

$

511

KRW

710,375

(2) RBC

Dominon

Securities

Corp

09/25/2025

$

INR

11,573

—

RBC

Dominon

Securities

Corp

09/25/2025

$

888

GBP

659

—

(3) RBC

Dominon

Securities

Corp

09/25/2025

$

3,395

CNH

24,316

—

(28) RBC

Dominon

Securities

Corp

09/25/2025

$

618

HUF

210,134

—

(1) RBC

Dominon

Securities

Corp

09/25/2025

$

3,124

CHF

2,507

—

(19) RBC

Dominon

Securities

Corp

09/25/2025

$

AUD

—

—

RBC

Dominon

Securities

Corp

09/25/2025

$

PLN

—

(1) RBC

Dominon

Securities

Corp

09/25/2025

$

PEN

997

—

(1) RBC

Dominon

Securities

Corp

09/25/2025

$

BRL

817

—

(1) RBC

Dominon

Securities

Corp

10/10/2025

$

1,524

JPY

217,000

—

Consolidated

Schedule

of

Investments

Global

Multi-Strategy

Fund

August

31,

2025

See

accompanying

notes.

Foreign

Currency

Contracts

(continued)

Unrealized

Appreciation/(Depreciation)

Counterparty

Settlement

Date

Currency

to

Accept

Currency

to

Deliver

Asset

Liability

RBC

Dominon

Securities

Corp

11/10/2025

$

1,997

JPY

290,000

$

$

—

UBS

AG

09/17/2025

$

GBP

—

Total

$

1,378

$

(1,047)

Amounts

in

thousands.

Credit

Default

Swaps

Buy

Protection

Counterparty

Reference

Entity

Implied

Credit

Spread

as

of

August

31,

2025

(a) (Pay)/

Receive

Fixed

Rate

Payment

Frequency

Maturity

Date

Notional

Amount

Upfront

Payments/

(Receipts)

Unrealized

Appreciation/

(Depreciation)

Fair

Value

Asset

----

Liability

Goldman

Sachs

&

Co

Bank

of

China

Ltd/Hong

Kong,

1.25%,

06/24/2025

0.23%

(1.00)%

Quarterly

12/20/2026

$

2,650

$

(21) $

(5) $

—

$

(26) Goldman

Sachs

&

Co

China

Construction

Bank

/London,

3.125%,

05/17/2025

0.16%

(1.00)%

Quarterly

12/20/2026

2,650

(21) (8) —

(29) Goldman

Sachs

&

Co

China

Development

Bank,

3.00%,

06/01/2026

0.23%

(1.00)%

Quarterly

12/20/2026

2,150

(17) (4) —

(21) Goldman

Sachs

&

Co

Industrial

&

Commercial

Bank

of

China

Ltd/

Hong

Kong,

1.625%,

10/28/2026

0.17%

(1.00)%

Quarterly

12/20/2026

2,650

(21) (7) —

(28) Total

$

(80) $

(24) $

—

$

(104) Amounts

in

thousands.

Exchange

Cleared

Credit

Default

Swaps

Buy

Protection

Reference

Entity

Implied

Credit

Spread

as

of

August

31,

2025

(a) (Pay)/

Receive

Fixed

Rate

Payment

Frequency

Maturity

Date

Notional

Amount

Upfront

Payments/

(Receipts)

Unrealized

Appreciation/

(Depreciation)

Fair

Value

CDX.EM.43

N/A

(1.00)%

Quarterly

06/20/2030

$

1,600

$

$

(21) $

CDX.NA.HY.44

N/A

(5.00)%

Quarterly

06/20/2030

5,850

(250) (173) (423) ITRX.XOVER.43

N/A

(5.00)%

Quarterly

06/20/2030

EUR

2,312

(213) (41) (254) Total

$

(411) $

(235) $

(646) Amounts

in

thousands.

(a) Implied

credit

spreads,

represented

in

absolute

terms,

used

in

determining

the

fair

value

of

credit

default

swap

agreements

on

corporate

issues

or

sovereign

issues

as

of

period

end

serve

as

an

indicator

of

the

current

status

of

the

payment/performance

risk

and

represent

the

likelihood

or

risk

of

default

for

the

credit

derivative.

The

implied

credit

spread

of

a

particular

referenced

entity

reflects

the

cost

of

buying/selling

protection

and

may

include

upfront

payments

required

to

be

made

to

enter

into

the

agreement.

Wider

credit

spreads

represent

a

deterioration

of

the

referenced

entity's

credit

soundness

and

a

greater

likelihood

or

risk

of

default

or

other

credit

event

occurring

as

defined

under

the

terms

of

the

agreement.

Exchange

Cleared

Interest

Rate

Swaps

Floating

Rate

Index

(Pay)/

Receive

Floating

Rate

Fixed

Rate

Payment

Frequency

Paid

by

Fund

Payment

Frequency

Received

by

Fund

Effective

Date

(a) Maturity

Date

Notional

Amount

Unrealized

Appreciation/

(Depreciation)

Upfront

Payments/

(Receipts)

Fair

Value

Day

MXN

TIIE

Banxico

Receive

0.00%

Monthly

Monthly

N/A

12/24/2025

MXN

195,000

$

$

$

Day

MXN

TIIE

Banxico

Pay

0.00%

Monthly

Monthly

N/A

12/24/2025

195,000

(197) (54) (251) 3

Month

KRW

Certificate

of

Deposit

Pay

2.31%

Quarterly

Quarterly

N/A

09/17/2027

KRW

14,400,000

(8) —

(8) 3

Month

KRW

Certificate

of

Deposit

Receive

2.65%

Quarterly

Quarterly

N/A

09/17/2035

1,700,000

(1) —

(1) 3

Month

Tel

AVIV

Inter-Bank

Offered

Rate

Pay

0.00%

Quarterly

Annual

N/A

09/18/2025

ILS

10,200

(33) (2) (35) 3

Month

Tel

AVIV

Inter-Bank

Offered

Rate

Pay

0.00%

Quarterly

Annual

N/A

09/18/2025

1,300

(4) —

(4) 6

Month

Prague

Interbank

Offered

Rate

Pay

3.32%

Semiannual

Annual

N/A

09/17/2030

CZK

105,000

(93) (3) (96) 6

Month

Prague

Interbank

Offered

Rate

Pay

3.32%

Semiannual

Annual

N/A

09/17/2030

34,000

(13) (18) (31) Shekel

Overnight

Interest

Rate

Receive

0.00%

Annual

Quarterly

N/A

09/18/2025

ILS

10,200

Shekel

Overnight

Interest

Rate

Receive

0.00%

Annual

Quarterly

N/A

09/18/2025

1,300

—

Shekel

Overnight

Interest

Rate

Pay

4.12%

Quarterly

Annual

N/A

09/17/2030

11,575

Total

$

(70) $

(20) $

(90) Amounts

in

thousands.

(a)&nbsp;&nbsp;&nbsp;&nbsp;

Forward

swap.

Consolidated

Schedule

of

Investments

Global

Multi-Strategy

Fund

August

31,

2025

See

accompanying

notes.

Total

Return

Swaps

Counterparty

Fund

Pays

Fund

Receives

Payment

Frequency

Maturity

Date

Notional

Amount

Upfront

Payments/

(Receipts)

Value

and

Unrealized

Appreciation/

(Depreciation)

Asset

Liability

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

09/16/2025-

07/29/2026

$

12,193

$

—

$

547

$

—

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

+

0.60%

Egypt

Treasury

Bill,

0.00%,

12/16/2025

Annual

12/16/2025

EGP

19,200

—

—

JPMorgan

Chase

Secured

Overnight

Financing

Rate

+

0.075%

Nigeria

OMO

Bill,

0.00%,

01/08/2026

Annual

01/06/2026

NGN

243,000

—

—

JPMorgan

Chase

Secured

Overnight

Financing

Rate

+

0.75%

Nigeria

OMO

Bill,

0.00%,

11/18/2025

Annual

11/18/2025

590,650

—

—

JPMorgan

Chase

Secured

Overnight

Financing

Rate

+

0.75%

Nigeria

OMO

Bill,

0.00%,

11/25/2025

Annual

11/25/2025

200,000

—

—

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

12/29/2025-

03/10/2026

$

955

—

—

(29) 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

07/29/2026

91,140

—

5,695

—

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

09/06/2028

19,643

—

—

Total

$

—

$

6,434

$

(29) 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

August

31,

2025

See

accompanying

notes.

Description

Shares

Notional

Amount

%

of

Total

Absolute

Notional

Amount

Frontier

Communications

Parent

Inc

61,012

$

2,262

18.55%

Omnicom

Group

Inc

(19,944)

(1,562)

(12.81)%

Just

Eat

Takeaway.com

NV

57,853

1,366

11.20%

Covestro

AG

14,719

1,023

8.39%

Kellanova

11,305

899

7.37%

Charter

Communications

Inc

(2,749)

(730)

(5.99)%

Honeywell

International

Inc

2,700

593

4.86%

Vivendi

SE

153,694

549

4.51%

Spectris

PLC

9,448

517

4.24%

Just

Group

PLC

172,384

4.03%

Boeing

Co/The

(1,600)

(375)

(3.08)%

Phillips

2,500

2.74%

Universal

Music

Group

NV

(9,466)

(267)

(2.19)%

Gildan

Activewear

Inc

(4,741)

(259)

(2.12)%

Topcon

Corp

11,076

2.03%

Columbia

Banking

System

Inc

(8,731)

(234)

(1.92)%

Huntington

Bancshares

Inc/OH

(11,408)

(203)

(1.66)%

Rocket

Cos

Inc

(6,237)

(111)

(0.91)%

Mr

Cooper

Group

Inc

567

0.88%

Western

Midstream

Partners

LP

(1,584)

(62)

(0.51)%

(a) Top

Underlying

Securities

WESTGSUSD

Consolidated

Schedule

of

Investments

Global

Multi-Strategy

Fund

August

31,

2025

See

accompanying

notes.

Description

Shares

Notional

Amount

%

of

Total

Absolute

Notional

Amount

Microsoft

Corp

2,356

$

1,194

1.31%

NVIDIA

Corp

6,229

1,085

1.19%

AES

Corp/The

(63,259)

(857)

(0.94)%

McCormick

&

Co

Inc/MD

(10,387)

(731)

(0.80)%

PACCAR

Inc

(6,862)

(686)

(0.75)%

Moderna

Inc

(27,705)

(667)

(0.73)%

Mosaic

Co/The

(19,029)

(636)

(0.70)%

Southwest

Airlines

Co

(18,333)

(603)

(0.66)%

Alphabet

Inc

-

A

Shares

2,814

599

0.66%

Lennox

International

Inc

(1,047)

(584)

(0.64)%

Fidelity

National

Information

Services

Inc

(8,233)

(575)

(0.63)%

Nordson

Corp

(2,522)

(568)

(0.62)%

Akamai

Technologies

Inc

(7,083)

(560)

(0.61)%

Norwegian

Cruise

Line

Holdings

Ltd

(21,475)

(533)

(0.59)%

Dayforce

Inc

(7,559)

(527)

(0.58)%

Albemarle

Corp

(6,085)

(517)

(0.57)%

Enphase

Energy

Inc

(13,705)

(517)

(0.57)%

Apple

Inc

2,200

511

0.56%

NRG

Energy

Inc

3,339

0.53%

Jack

Henry

&

Associates

Inc

(2,971)

(485)

(0.53)%

Trade

Desk

Inc/The

(8,872)

(485)

(0.53)%

Erie

Indemnity

Co

(1,358)

(481)

(0.53)%

Tractor

Supply

Co

(7,779)

(480)

(0.53)%

Intel

Corp

(19,486)

(474)

(0.52)%

Amcor

PLC

(53,929)

(465)

(0.51)%

Meta

Platforms

Inc

623

0.51%

MSCI

Inc

(803) (456)

(0.50)%

Vertex

Pharmaceuticals

Inc

(1,137)

(445)

(0.49)%

Block

Inc

(5,575)

(444)

(0.49)%

Warner

Bros

Discovery

Inc

(37,812)

(440)

(0.48)%

Equifax

Inc

(1,778)

(438)

(0.48)%

Diamondback

Energy

Inc

(2,894)

(431)

(0.47)%

Coterra

Energy

Inc

(17,582)

(430)

(0.47)%

Constellation

Energy

Corp

1,395

0.47%

Trimble

Inc

(5,293)

(428)

(0.47)%

Skyworks

Solutions

Inc

5,676

0.47%

Chipotle

Mexican

Grill

Inc

(9,852)

(415)

(0.46)%

Microchip

Technology

Inc

(6,387)

(415)

(0.46)%

Starbucks

Corp

(4,685)

(413)

(0.45)%

Hubbell

Inc

(955) (412)

(0.45)%

Ingersoll

Rand

Inc

(5,171)

(411)

(0.45)%

Builders

FirstSource

Inc

(2,957)

(410)

(0.45)%

Edwards

Lifesciences

Corp

(4,989)

(406)

(0.44)%

Dexcom

Inc

(5,373)

(405)

(0.44)%

Occidental

Petroleum

Corp

(8,436)

(402)

(0.44)%

Dow

Inc

(16,298)

(401)

(0.44)%

Old

Dominion

Freight

Line

Inc

(2,645)

(399)

(0.44)%

Tyler

Technologies

Inc

(708) (399)

(0.44)%

Sherwin-Williams

Co/The

(1,083)

(396)

(0.43)%

Amazon.com

Inc

1,711

0.43%

(b) Top

Underlying

Securities

GOTEBSUSD

Consolidated

Schedule

of

Investments

Global

Multi-Strategy

Fund

August

31,

2025

See

accompanying

notes.

Description

Shares

Notional

Amount

%

of

Total

Absolute

Notional

Amount

Washington

H

Soul

Pattinson

&

Co

Ltd

(17,648)

$

(505)

(2.57)%

JFE

Holdings

Inc

(28,000)

(350)

(1.78)%

Secom

Co

Ltd

(9,300)

(345)

(1.76)%

Shimadzu

Corp

(12,400)

(306)

(1.55)%

Diamondback

Energy

Inc

(2,030)

(302)

(1.54)%

Kyowa

Kirin

Co

Ltd

(15,900)

(275)

(1.40)%

Tenaris

SA

(13,034)

(237)

(1.20)%

Canadian

Pacific

Kansas

City

Ltd

(3,100)

(236)

(1.20)%

Deutsche

Boerse

AG

(766) (225)

(1.15)%

Sekisui

House

Ltd

(9,700)

(220)

(1.12)%

Waste

Connections

Inc

(1,171)

(216)

(1.10)%

Agilent

Technologies

Inc

(1,720)

(216)

(1.10)%

Sony

Group

Corp

(7,700)

(214)

(1.09)%

Alcon

AG

(2,562)

(204)

(1.04)%

Element

Fleet

Management

Corp

(7,600)

(203)

(1.03)%

National

Australia

Bank

Ltd

(7,194)

(201)

(1.03)%

GFL

Environmental

Inc

(3,900)

(195)

(0.99)%

Prudential

Financial

Inc

(1,775)

(195)

(0.99)%

Jacobs

Solutions

Inc

(1,304)

(191)

(0.97)%

EssilorLuxottica

SA

(624) (190)

(0.97)%

Canadian

Tire

Corp

Ltd

(1,500)

(187)

(0.95)%

Yakult

Honsha

Co

Ltd

(11,200)

(183)

(0.93)%

Ashtead

Group

PLC

(2,479)

(182)

(0.93)%

CK

Infrastructure

Holdings

Ltd

(26,000)

(174)

(0.89)%

Unilever

PLC

(2,766)

(174)

(0.88)%

Cardinal

Health

Inc

(1,138)

(169)

(0.86)%

Kyocera

Corp

(12,500)

(168)

(0.86)%

Tokyo

Metro

Co

Ltd

(14,400)

(168)

(0.85)%

Rentokil

Initial

PLC

(33,771)

(167)

(0.85)%

Aflac

Inc

(1,550)

(166)

(0.84)%

Oriental

Land

Co

Ltd/Japan

(6,900)

(165)

(0.84)%

Pro

Medicus

Ltd

(842) (165)

(0.84)%

Pearson

PLC

(11,267)

(164)

(0.84)%

Robinhood

Markets

Inc

(1,563)

(163)

(0.83)%

Hikari

Tsushin

Inc

(600) (161)

(0.82)%

Solventum

Corp

(2,187)

(160)

(0.81)%

Danaher

Corp

(776) (160)

(0.81)%

FUJIFILM

Holdings

Corp

(6,600)

(158)

(0.80)%

Mitsubishi

Corp

(6,800)

(155)

(0.79)%

EQT

AB

(4,233)

(152)

(0.77)%

BASF

SE

(2,848)

(151)

(0.77)%

LVMH

Moet

Hennessy

Louis

Vuitton

SE

(256) (151)

(0.77)%

DiaSorin

SpA

(1,497)

(151)

(0.77)%

Goldman

Sachs

Group

Inc/The

(200) (149)

(0.76)%

Revvity

Inc

(1,634)

(147)

(0.75)%

Graco

Inc

(1,715)

(146)

(0.75)%

Air

Products

and

Chemicals

Inc

(497) (146)

(0.74)%

D'ieteren

Group

(675) (146)

(0.74)%

Moncler

SpA

(2,513)

(146)

(0.75)%

Infineon

Technologies

AG

(3,511)

(144)

(0.73)%

(c) Top

Underlying

Securities

LACEBSUSD

Consolidated

Schedule

of

Investments

Global

Multi-Strategy

Fund

August

31,

2025

See

accompanying

notes.

Short

Sales

Outstanding

COMMON

STOCKS

-

(1.70)%

Shares

Value

(000's)

Banks

-

(0.04)%

Huntington

Bancshares

Inc/OH

9,461

$

Chemicals

-

(0.19)%

DuPont

de

Nemours

Inc

10,700

823

Diversified

Financial

Services

-

(0.74)%

Rocket

Cos

Inc

178,093

3,165

Internet

-

(0.65)%

Palo

Alto

Networks

Inc

14,518

2,766

Media

-

(0.08)%

Charter

Communications

Inc

1,356

TOTAL

COMMON

STOCKS

(proceeds

$6,470)

$

7,282

TOTAL

SHORT

SALES

(proceeds

$6,470)

$

7,282

Schedule

of

Investments

International

Equity

Index

Fund

August

31,

2025

See

accompanying

notes.

INVESTMENT

COMPANIES

-

.39

%

Shares

Held

Value

(000's)

Exchange-Traded

Funds

-

.03

%

iShares

MSCI

EAFE

ETF

(a) 153,774

$

14,068

Money

Market

Funds

-

.36

%

BlackRock

Liquidity

FedFund

-

Institutional

Class

4.18%

(b),(c)

635,314

635

Principal

Government

Money

Market

Fund

-

Class

4.20%

(b),(c),(d)

8,776,274

8,776

$

9,411

TOTAL

INVESTMENT

COMPANIES

$

23,479

COMMON

STOCKS

-

.86

%

Shares

Held

Value

(000's)

Advertising

-

.14

%

Publicis

Groupe

SA

8,003

$

739

WPP

PLC

37,721

$

939

Aerospace

&

Defense

-

.44

%

Airbus

SE

20,843

4,358

BAE

Systems

PLC

105,667

2,504

Dassault

Aviation

SA

686

Elbit

Systems

Ltd

975

IHI

Corp

5,200

540

Kawasaki

Heavy

Industries

Ltd

5,300

Leonardo

SpA

14,151

804

Melrose

Industries

PLC

44,590

MTU

Aero

Engines

AG

1,882

839

Rheinmetall

AG

1,610

3,123

Rolls-Royce

Holdings

PLC

296,431

4,275

Saab

AB

11,200

633

Safran

SA

12,631

4,198

Singapore

Technologies

Engineering

Ltd

54,500

Thales

SA

3,240

852

$

23,817

Agriculture

-

.98

%

British

American

Tobacco

PLC

73,123

4,152

Imperial

Brands

PLC

27,080

1,144

Japan

Tobacco

Inc

42,100

1,339

Wilmar

International

Ltd

67,100

$

6,789

Airlines

-

.29

%

ANA

Holdings

Inc

5,600

Deutsche

Lufthansa

AG

20,949

International

Consolidated

Airlines

Group

SA

43,457

Japan

Airlines

Co

Ltd

5,000

Qantas

Airways

Ltd

25,926

Ryanair

Holdings

PLC

29,727

881

Singapore

Airlines

Ltd

53,100

$

1,991

Apparel

-

.51

%

Adidas

AG

5,980

1,163

Asics

Corp

24,500

659

Hermes

International

SCA

1,111

2,721

Kering

SA

2,604

698

LVMH

Moet

Hennessy

Louis

Vuitton

SE

8,772

5,179

$

10,420

Automobile

Manufacturers

-

.55

%

Bayerische

Motoren

Werke

AG

9,842

1,030

Daimler

Truck

Holding

AG

16,613

781

Ferrari

NV

4,422

2,104

Honda

Motor

Co

Ltd

138,900

1,540

Isuzu

Motors

Ltd

18,700

Mercedes-Benz

Group

AG

25,251

1,580

Nissan

Motor

Co

Ltd

(a) 77,800

Renault

SA

6,720

Stellantis

NV

70,502

675

Subaru

Corp

20,700

Suzuki

Motor

Corp

55,300

732

Toyota

Motor

Corp

332,400

6,436

Volvo

AB

-

B

Shares

55,541

1,709

$

17,677

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Automobile

Parts

&

Equipment

-

.66

%

Aisin

Corp

17,300

$

Bridgestone

Corp

20,100

908

Cie

Generale

des

Etablissements

Michelin

SCA

23,442

849

Continental

AG

3,847

Denso

Corp

61,300

878

Sumitomo

Electric

Industries

Ltd

25,100

703

Toyota

Industries

Corp

5,700

628

$

4,588

Banks

-

.93

%

ABN

AMRO

Bank

NV

(e) 20,455

590

AIB

Group

PLC

74,952

609

ANZ

Group

Holdings

Ltd

104,654

2,300

Banca

Mediolanum

SpA

7,818

Banco

Bilbao

Vizcaya

Argentaria

SA

202,160

3,679

Banco

BPM

SpA

39,734

545

Banco

Comercial

Portugues

SA

291,409

Banco

de

Sabadell

SA

176,222

669

Banco

Santander

SA

522,014

4,985

Bank

Hapoalim

BM

43,875

857

Bank

Leumi

Le-Israel

BM

52,435

1,008

Bank

of

Ireland

Group

PLC

33,793

500

Bankinter

SA

23,571

Banque

Cantonale

Vaudoise

1,054

Barclays

PLC

495,975

2,417

BNP

Paribas

SA

35,699

3,208

BOC

Hong

Kong

Holdings

Ltd

130,500

592

BPER

Banca

SPA

51,115

531

CaixaBank

SA

136,699

1,365

Chiba

Bank

Ltd/The

19,700

Commerzbank

AG

27,011

1,031

Commonwealth

Bank

of

Australia

58,701

6,525

Computershare

Ltd

18,190

Concordia

Financial

Group

Ltd

36,000

Credit

Agricole

SA

37,031

677

Danske

Bank

A/S

23,432

964

DBS

Group

Holdings

Ltd

74,670

2,939

Deutsche

Bank

AG

64,922

2,281

DNB

Bank

ASA

31,098

819

Erste

Group

Bank

AG

10,766

1,025

FinecoBank

Banca

Fineco

SpA

21,384

Hang

Seng

Bank

Ltd

26,300

HSBC

Holdings

PLC

611,685

7,830

ING

Groep

NV

105,987

2,530

Intesa

Sanpaolo

SpA

499,492

3,145

Israel

Discount

Bank

Ltd

42,988

Japan

Post

Bank

Co

Ltd

62,500

786

KBC

Group

NV

8,031

947

Lloyds

Banking

Group

PLC

2,103,073

2,256

Macquarie

Group

Ltd

12,661

1,857

Mediobanca

Banca

di

Credito

Finanziario

SpA

18,999

Mitsubishi

UFJ

Financial

Group

Inc

402,100

6,120

Mizrahi

Tefahot

Bank

Ltd

5,438

Mizuho

Financial

Group

Inc

88,180

2,901

National

Australia

Bank

Ltd

107,442

2,999

NatWest

Group

PLC

284,092

1,961

Nordea

Bank

Abp

109,467

1,671

Oversea-Chinese

Banking

Corp

Ltd

118,800

1,549

Resona

Holdings

Inc

72,600

728

Skandinaviska

Enskilda

Banken

AB

53,104

982

Societe

Generale

SA

25,186

1,554

Standard

Chartered

PLC

69,310

1,299

Sumitomo

Mitsui

Financial

Group

Inc

129,400

3,524

Sumitomo

Mitsui

Trust

Group

Inc

22,588

643

Svenska

Handelsbanken

AB

50,999

656

Swedbank

AB

29,685

835

UBS

Group

AG

111,353

4,511

UniCredit

SpA

49,175

3,803

United

Overseas

Bank

Ltd

44,200

1,210

Schedule

of

Investments

International

Equity

Index

Fund

August

31,

2025

See

accompanying

notes.

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Banks

(continued)

Westpac

Banking

Corp

120,036

$

3,024

$

103,331

Beverages

-

.35

%

Anheuser-Busch

InBev

SA/NV

34,673

2,175

Asahi

Group

Holdings

Ltd

50,800

638

Carlsberg

AS

3,298

Coca-Cola

Europacific

Partners

PLC

8,057

716

Coca-Cola

HBC

AG

(f) 7,623

Davide

Campari-Milano

NV

21,526

Diageo

PLC

78,058

2,165

Heineken

Holding

NV

4,533

Heineken

NV

10,071

817

JDE

Peet's

NV

5,974

Kirin

Holdings

Co

Ltd

27,200

Pernod

Ricard

SA

7,057

804

Suntory

Beverage

&

Food

Ltd

5,000

$

9,357

Biotechnology

-

.67

%

Argenx

SE

(f) 2,147

1,529

CSL

Ltd

16,985

2,363

Genmab

A/S

(f) 2,138

533

Swedish

Orphan

Biovitrum

AB

(f) 6,846

$

4,633

Building

Materials

-

.53

%

AGC

Inc

7,000

Amrize

Ltd

(f) 17,896

934

Belimo

Holding

AG

Cie

de

Saint-Gobain

SA

15,705

1,695

Daikin

Industries

Ltd

9,300

1,162

Geberit

AG

1,190

873

Heidelberg

Materials

AG

4,680

1,107

Holcim

AG

(f) 17,896

1,500

James

Hardie

Industries

PLC

(f) 20,231

Kingspan

Group

PLC

5,410

Nibe

Industrier

AB

52,989

ROCKWOOL

A/S

3,303

Sika

AG

5,331

1,237

Svenska

Cellulosa

AB

SCA

21,241

$

10,567

Chemicals

-

.18

%

Air

Liquide

SA

20,292

4,181

Akzo

Nobel

NV

5,973

Arkema

SA

1,995

Asahi

Kasei

Corp

42,900

BASF

SE

31,208

1,658

Brenntag

SE

4,292

Covestro

AG

(f) 6,279

DSM-Firmenich

AG

6,503

636

EMS-Chemie

Holding

AG

Evonik

Industries

AG

8,962

Givaudan

SA

1,369

ICL

Group

Ltd

27,072

Mitsubishi

Chemical

Group

Corp

44,900

Nippon

Paint

Holdings

Co

Ltd

33,000

Nippon

Sanso

Holdings

Corp

6,200

Nitto

Denko

Corp

24,900

560

Novonesis

Novozymes

B

12,322

784

Shin-Etsu

Chemical

Co

Ltd

59,200

1,803

Syensqo

SA

2,555

Symrise

AG

4,644

Toray

Industries

Inc

48,500

Yara

International

ASA

5,789

$

15,064

Commercial

Services

-

.41

%

Adyen

NV

(e),(f)

883

1,483

Ashtead

Group

PLC

14,968

1,103

Brambles

Ltd

47,998

813

Bureau

Veritas

SA

11,108

Dai

Nippon

Printing

Co

Ltd

13,700

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Commercial

Services

(continued)

Edenred

SE

8,444

$

Experian

PLC

32,232

1,671

Intertek

Group

PLC

5,521

Nexi

SpA

(e) 19,418

Randstad

NV

3,795

Recruit

Holdings

Co

Ltd

46,600

2,667

RELX

PLC

64,367

3,007

Rentokil

Initial

PLC

88,271

Secom

Co

Ltd

14,700

543

Securitas

AB

17,196

SGS

SA

5,807

592

TOPPAN

Holdings

Inc

8,300

Transurban

Group

108,685

1,037

Wise

PLC

(f) 23,296

Wolters

Kluwer

NV

8,340

1,051

$

16,673

Computers

-

.05

%

Capgemini

SE

5,692

810

Check

Point

Software

Technologies

Ltd

(f) 3,032

586

CyberArk

Software

Ltd

(f) 1,676

760

Fujitsu

Ltd

61,800

1,487

Logitech

International

SA

5,319

549

NEC

Corp

45,500

1,385

Nomura

Research

Institute

Ltd

13,343

524

NTT

Data

Group

Corp

9,800

Obic

Co

Ltd

11,500

Otsuka

Corp

8,000

SCSK

Corp

5,600

Teleperformance

SE

1,885

$

7,256

Consumer

Products

-

.30

%

Henkel

AG

&

Co

KGaA

3,634

Reckitt

Benckiser

Group

PLC

23,843

1,783

$

2,062

Cosmetics

&

Personal

Care

-

.89

%

Beiersdorf

AG

3,415

Essity

AB

21,061

569

Haleon

PLC

315,549

1,553

Kao

Corp

16,300

741

L'Oreal

SA

8,434

3,938

Shiseido

Co

Ltd

14,000

Unicharm

Corp

39,000

Unilever

PLC

86,002

5,426

$

13,107

Distribution

&

Wholesale

-

.64

%

AddTech

AB

9,089

Bunzl

PLC

11,454

D'ieteren

Group

752

IMCD

NV

2,067

ITOCHU

Corp

41,700

2,355

Marubeni

Corp

49,600

1,126

Mitsubishi

Corp

112,900

2,549

Mitsui

&

Co

Ltd

86,600

1,994

Rexel

SA

7,821

SGH

Ltd

7,115

Sumitomo

Corp

38,200

1,070

Toyota

Tsusho

Corp

24,200

644

$

11,326

Diversified

Financial

Services

-

.85

%

AerCap

Holdings

NV

6,189

764

Amundi

SA

(e) 2,155

ASX

Ltd

6,795

Daiwa

Securities

Group

Inc

46,600

Deutsche

Boerse

AG

6,585

1,938

Euronext

NV

(e) 2,734

Futu

Holdings

Ltd

ADR

2,155

Hong

Kong

Exchanges

&

Clearing

Ltd

42,200

2,473

Japan

Exchange

Group

Inc

34,600

Julius

Baer

Group

Ltd

7,203

520

Schedule

of

Investments

International

Equity

Index

Fund

August

31,

2025

See

accompanying

notes.

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Diversified

Financial

Services

(continued)

London

Stock

Exchange

Group

PLC

16,665

$

2,065

Mitsubishi

HC

Capital

Inc

30,700

Nomura

Holdings

Inc

105,100

748

ORIX

Corp

40,900

1,057

SBI

Holdings

Inc

9,890

Schroders

PLC

25,343

Singapore

Exchange

Ltd

30,300

$

12,814

Electric

-

.72

%

BKW

AG

739

Chubu

Electric

Power

Co

Inc

23,900

CLP

Holdings

Ltd

58,000

Contact

Energy

Ltd

29,283

E.ON

SE

78,502

1,400

EDP

Renovaveis

SA

11,028

EDP

SA

109,722

Elia

Group

SA/NV

1,530

Endesa

SA

11,105

Enel

SpA

285,283

2,633

Engie

SA

63,863

1,322

Fortum

Oyj

15,687

Iberdrola

SA

222,642

4,197

Kansai

Electric

Power

Co

Inc/The

33,400

Meridian

Energy

Ltd

45,725

National

Grid

PLC

171,943

2,415

Origin

Energy

Ltd

60,236

508

Orsted

AS

(e),(f)

5,879

Power

Assets

Holdings

Ltd

49,000

Redeia

Corp

SA

14,189

RWE

AG

22,108

885

SSE

PLC

38,682

904

Terna

-

Rete

Elettrica

Nazionale

49,196

Verbund

AG

2,381

$

18,849

Electrical

Components

&

Equipment

-

.65

%

ABB

Ltd

54,977

3,689

Fujikura

Ltd

8,800

747

Legrand

SA

9,171

1,397

Prysmian

SpA

9,826

857

Schneider

Electric

SE

19,232

4,725

$

11,415

Electronics

-

.06

%

Assa

Abloy

AB

35,045

1,238

Halma

PLC

13,276

590

Hoya

Corp

12,100

1,562

Kyocera

Corp

44,900

597

MINEBEA

MITSUMI

Inc

12,600

Murata

Manufacturing

Co

Ltd

58,600

946

NIDEC

CORP

29,400

635

SCREEN

Holdings

Co

Ltd

2,900

Shimadzu

Corp

8,400

TDK

Corp

68,300

882

Yokogawa

Electric

Corp

8,000

$

7,324

Energy

-

Alternate

Sources

-

.10

%

Vestas

Wind

Systems

A/S

35,311

703

Engineering

&

Construction

-

.22

%

Acciona

SA

863

ACS

Actividades

de

Construccion

y

Servicios

SA

6,286

Aena

SME

SA

(e) 26,223

760

Aeroports

de

Paris

SA

1,212

Auckland

International

Airport

Ltd

59,025

Bouygues

SA

6,626

Cellnex

Telecom

SA

(e),(f)

17,291

616

CK

Infrastructure

Holdings

Ltd

22,500

Eiffage

SA

2,399

Ferrovial

SE

18,017

985

Infrastrutture

Wireless

Italiane

SpA

(e) 9,775

Kajima

Corp

14,800

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Engineering

&

Construction

(continued)

Keppel

Ltd

50,800

$

Obayashi

Corp

22,700

Skanska

AB

11,899

Taisei

Corp

5,500

Vinci

SA

17,310

2,348

$

8,455

Entertainment

-

.66

%

Aristocrat

Leisure

Ltd

19,683

933

CTS

Eventim

AG

&

Co

KGaA

2,182

Entain

PLC

21,243

Evolution

AB

(e) 5,020

FDJ

UNITED

3,887

Genting

Singapore

Ltd

211,400

Lottery

Corp

Ltd/The

77,824

Oriental

Land

Co

Ltd/Japan

38,000

905

Toho

Co

Ltd/Tokyo

3,700

Universal

Music

Group

NV

38,469

1,087

$

4,595

Food

-

.24

%

Aeon

Co

Ltd

(a) 78,300

950

Ajinomoto

Co

Inc

31,700

860

Barry

Callebaut

AG

Carrefour

SA

20,662

Chocoladefabriken

Lindt

&

Spruengli

AG

-

PC

503

Chocoladefabriken

Lindt

&

Spruengli

AG

-

REG

599

Coles

Group

Ltd

46,899

732

Danone

SA

22,707

1,895

J

Sainsbury

PLC

60,246

Jeronimo

Martins

SGPS

SA

9,901

Kerry

Group

PLC

5,719

524

Kesko

Oyj

9,549

Kikkoman

Corp

23,700

Kobe

Bussan

Co

Ltd

5,400

Koninklijke

Ahold

Delhaize

NV

31,797

1,274

Lotus

Bakeries

NV

Marks

&

Spencer

Group

PLC

71,860

MEIJI

Holdings

Co

Ltd

8,300

Mowi

ASA

16,272

Nestle

SA

90,378

8,525

Nissin

Foods

Holdings

Co

Ltd

6,800

Orkla

ASA

24,510

Salmar

ASA

2,339

Seven

&

i

Holdings

Co

Ltd

(a) 73,100

946

Tesco

PLC

230,287

1,316

WH

Group

Ltd

(e) 291,000

Woolworths

Group

Ltd

42,713

804

Yakult

Honsha

Co

Ltd

8,600

$

22,409

Food

Service

-

.32

%

Compass

Group

PLC

59,542

2,023

Sodexo

SA

3,094

$

2,209

Forest

Products

&

Paper

-

.12

%

Holmen

AB

2,665

Mondi

PLC

15,434

UPM-Kymmene

Oyj

18,493

527

$

848

Gas

-

.24

%

Centrica

PLC

170,334

Hong

Kong

&

China

Gas

Co

Ltd

391,387

Osaka

Gas

Co

Ltd

12,600

Sembcorp

Industries

Ltd

31,200

Snam

SpA

70,508

$

1,659

Hand

&

Machine

Tools

-

.30

%

Fuji

Electric

Co

Ltd

4,700

Makita

Corp

7,900

Schindler

Holding

AG

-

PC

1,424

529

Schedule

of

Investments

International

Equity

Index

Fund

August

31,

2025

See

accompanying

notes.

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Hand

&

Machine

Tools

(continued)

Schindler

Holding

AG

-

REG

822

$

Techtronic

Industries

Co

Ltd

51,500

666

$

2,052

Healthcare

-

Products

-

.77

%

Alcon

AG

17,473

1,393

Cochlear

Ltd

2,287

Coloplast

A/S

4,411

Demant

A/S

(f) 2,990

EssilorLuxottica

SA

10,560

3,221

Fisher

&

Paykel

Healthcare

Corp

Ltd

20,498

FUJIFILM

Holdings

Corp

39,400

934

Koninklijke

Philips

NV

27,021

746

Lifco

AB

8,150

Olympus

Corp

39,800

QIAGEN

NV

7,557

Sartorius

Stedim

Biotech

1,022

Siemens

Healthineers

AG

(e) 11,833

655

Smith

&

Nephew

PLC

29,094

546

Sonova

Holding

AG

1,772

516

Straumann

Holding

AG

3,903

Sysmex

Corp

17,900

Terumo

Corp

46,800

839

$

12,276

Healthcare

-

Services

-

.54

%

BioMerieux

1,448

Eurofins

Scientific

SE

4,140

Fresenius

Medical

Care

AG

7,695

Fresenius

SE

&

Co

KGaA

14,771

803

Lonza

Group

AG

2,463

1,748

Sonic

Healthcare

Ltd

16,470

$

3,722

Holding

Companies

-

Diversified

-

.08

%

Jardine

Matheson

Holdings

Ltd

5,668

Swire

Pacific

Ltd

13,000

Wharf

Holdings

Ltd/The

39,000

$

567

Home

Builders

-

.17

%

Barratt

Redrow

PLC

48,015

Daiwa

House

Industry

Co

Ltd

19,700

696

Sekisui

Chemical

Co

Ltd

13,100

$

1,178

Home

Furnishings

-

.99

%

Panasonic

Holdings

Corp

81,500

825

Rational

AG

Sony

Group

Corp

215,700

5,895

$

6,854

Insurance

-

.97

%

Admiral

Group

PLC

9,103

Aegon

Ltd

46,232

Ageas

SA/NV

5,217

AIA

Group

Ltd

373,000

3,545

Allianz

SE

13,546

5,727

ASR

Nederland

NV

5,172

Aviva

PLC

106,781

940

AXA

SA

62,172

2,896

Baloise

Holding

AG

1,442

Dai-ichi

Life

Holdings

Inc

122,900

1,009

Generali

29,899

1,167

Gjensidige

Forsikring

ASA

6,993

Hannover

Rueck

SE

2,109

614

Helvetia

Holding

AG

1,299

Insurance

Australia

Group

Ltd

82,702

Japan

Post

Holdings

Co

Ltd

62,300

636

Japan

Post

Insurance

Co

Ltd

6,600

Legal

&

General

Group

PLC

201,172

673

M&G

PLC

79,868

Medibank

Pvt

Ltd

96,294

MS&AD

Insurance

Group

Holdings

Inc

45,000

1,047

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Insurance

(continued)

Muenchener

Rueckversicherungs-Gesellschaft

AG

in

Muenchen

4,583

$

2,924

NN

Group

NV

9,406

647

Phoenix

Financial

Ltd

7,922

Phoenix

Group

Holdings

PLC

24,553

Prudential

PLC

90,565

1,208

QBE

Insurance

Group

Ltd

52,798

746

Sampo

Oyj

84,658

971

Sompo

Holdings

Inc

31,150

996

Suncorp

Group

Ltd

37,865

526

Swiss

Life

Holding

AG

1,000

1,081

Swiss

Re

AG

10,480

1,899

T&D

Holdings

Inc

17,200

Talanx

AG

2,258

Tokio

Marine

Holdings

Inc

64,400

2,762

Tryg

A/S

11,854

Unipol

Assicurazioni

SpA

12,543

Zurich

Insurance

Group

AG

5,134

3,752

$

41,303

Internet

-

.77

%

Auto

Trader

Group

PLC

(e) 30,741

CAR

Group

Ltd

13,205

Delivery

Hero

SE

(e),(f)

6,676

Grab

Holdings

Ltd

(f) 82,965

LY

Corp

97,400

M3

Inc

15,400

MonotaRO

Co

Ltd

8,700

Prosus

NV

(f) 45,896

2,839

Rakuten

Group

Inc

(f) 52,800

Scout24

SE

(e) 2,623

Sea

Ltd

ADR

(f) 13,419

2,503

Spotify

Technology

SA

(f) 5,369

3,661

Trend

Micro

Inc/Japan

4,400

Wix.com

Ltd

(f) 1,953

ZOZO

Inc

15,600

$

12,279

Investment

Companies

-

.54

%

Eurazeo

SE

—

EXOR

NV

3,280

Groupe

Bruxelles

Lambert

NV

2,803

Industrivarden

AB

-

A

Shares

4,168

Industrivarden

AB

-

C

Shares

5,413

Infratil

Ltd

32,157

Investment

AB

Latour

5,176

Investor

AB

-

B

Shares

60,713

1,870

L

E

Lundbergforetagen

AB

2,658

Sofina

SA

540

Washington

H

Soul

Pattinson

&

Co

Ltd

8,358

$

3,711

Iron

&

Steel

-

.36

%

ArcelorMittal

SA

16,399

546

BlueScope

Steel

Ltd

15,335

Fortescue

Ltd

59,210

747

JFE

Holdings

Inc

20,100

Nippon

Steel

Corp

34,077

718

$

2,491

Leisure

Products

&

Services

-

.27

%

Amadeus

IT

Group

SA

15,752

1,321

Shimano

Inc

2,600

Yamaha

Motor

Co

Ltd

32,300

$

1,844

Lodging

-

.27

%

Accor

SA

6,852

Galaxy

Entertainment

Group

Ltd

77,000

InterContinental

Hotels

Group

PLC

5,143

624

Sands

China

Ltd

84,400

Whitbread

PLC

6,172

$

1,857

Schedule

of

Investments

International

Equity

Index

Fund

August

31,

2025

See

accompanying

notes.

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Machinery

-

Construction

&

Mining

-

.08

%

Epiroc

AB

-

A

Shares

23,042

$

Epiroc

AB

-

B

Shares

13,635

Hitachi

Ltd

160,700

4,330

Komatsu

Ltd

33,400

1,131

Metso

Oyj

23,263

Mitsubishi

Electric

Corp

66,700

1,592

Mitsubishi

Heavy

Industries

Ltd

112,400

2,836

Sandvik

AB

37,281

943

Siemens

Energy

AG

(f) 23,832

2,535

$

14,403

Machinery

-

Diversified

-

.46

%

Atlas

Copco

AB

-

A

Shares

93,919

1,499

Atlas

Copco

AB

-

B

Shares

54,576

776

Beijer

Ref

AB

13,457

Daifuku

Co

Ltd

11,400

FANUC

Corp

32,700

909

GEA

Group

AG

5,122

Hexagon

AB

72,594

809

Keyence

Corp

6,860

2,615

Kone

Oyj

11,885

748

Kubota

Corp

34,100

SMC

Corp

2,000

612

Spirax

Group

PLC

2,574

Wartsila

OYJ

Abp

17,586

516

$

10,093

Media

-

.12

%

Informa

PLC

45,705

538

Pearson

PLC

20,881

$

842

Metal

Fabrication

&

Hardware

-

.12

%

SKF

AB

11,927

Tenaris

SA

13,161

VAT

Group

AG

(e) 944

$

853

Mining

-

.99

%

Anglo

American

PLC

39,130

1,205

Antofagasta

PLC

13,788

BHP

Group

Ltd

178,053

4,963

Boliden

AB

(f) 9,938

Evolution

Mining

Ltd

70,013

Fresnillo

PLC

7,750

Glencore

PLC

(f) 355,545

1,404

Norsk

Hydro

ASA

48,415

Northern

Star

Resources

Ltd

47,487

593

Rio

Tinto

Ltd

12,981

980

Rio

Tinto

PLC

39,589

2,475

South32

Ltd

157,788

Sumitomo

Metal

Mining

Co

Ltd

8,800

$

13,783

Miscellaneous

Manufacturers

-

.34

%

Alfa

Laval

AB

10,118

Alstom

SA

(f) 12,102

Indutrade

AB

9,553

Knorr-Bremse

AG

2,537

Siemens

AG

26,659

7,390

Smiths

Group

PLC

11,578

Trelleborg

AB

7,076

$

9,287

Office

&

Business

Equipment

-

.13

%

Canon

Inc

(a) 30,400

890

Oil

&

Gas

-

.25

%

Aker

BP

ASA

11,049

Bollore

SE

24,745

BP

PLC

556,217

3,254

DCC

PLC

3,461

ENEOS

Holdings

Inc

95,330

564

Eni

SpA

71,747

1,283

Equinor

ASA

26,906

664

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Oil

&

Gas

(continued)

Galp

Energia

SGPS

SA

14,588

$

Idemitsu

Kosan

Co

Ltd

27,105

Inpex

Corp

30,800

523

Neste

Oyj

14,792

OMV

AG

5,150

Repsol

SA

40,468

664

Santos

Ltd

113,559

594

Shell

PLC

206,699

7,611

TotalEnergies

SE

72,017

4,521

Woodside

Energy

Group

Ltd

66,390

1,144

$

22,485

Packaging

&

Containers

-

.06

%

SIG

Group

AG

10,693

Stora

Enso

Oyj

20,364

$

Pharmaceuticals

-

.46

%

Astellas

Pharma

Inc

63,200

694

AstraZeneca

PLC

54,394

8,671

Bayer

AG

34,350

1,130

Chugai

Pharmaceutical

Co

Ltd

23,700

1,047

Daiichi

Sankyo

Co

Ltd

60,000

1,435

Eisai

Co

Ltd

9,300

Galderma

Group

AG

4,574

801

Grifols

SA

10,430

GSK

PLC

143,173

2,829

Hikma

Pharmaceuticals

PLC

5,818

Ipsen

SA

1,318

Kyowa

Kirin

Co

Ltd

8,200

Merck

KGaA

4,519

574

Novartis

AG

66,689

8,441

Novo

Nordisk

A/S

112,970

6,384

Orion

Oyj

3,790

Otsuka

Holdings

Co

Ltd

15,200

798

Recordati

Industria

Chimica

e

Farmaceutica

SpA

4,022

Roche

Holding

AG

24,644

8,036

Roche

Holding

AG

1,119

Sandoz

Group

AG

14,617

917

Sanofi

SA

38,760

3,845

Shionogi

&

Co

Ltd

26,400

Sigma

Healthcare

Ltd

161,451

Takeda

Pharmaceutical

Co

Ltd

55,800

1,680

Teva

Pharmaceutical

Industries

Ltd

ADR

(f) 40,104

737

UCB

SA

4,422

1,037

$

51,671

Pipelines

-

.04

%

APA

Group

45,611

Private

Equity

-

.54

%

3i

Group

PLC

34,145

1,855

CapitaLand

Investment

Ltd/Singapore

81,900

CVC

Capital

Partners

PLC

(e) 7,433

EQT

AB

13,019

Partners

Group

Holding

AG

798

1,096

$

3,745

Real

Estate

-

.01

%

Azrieli

Group

Ltd

1,484

CK

Asset

Holdings

Ltd

67,132

Daito

Trust

Construction

Co

Ltd

2,100

Fastighets

AB

Balder

(f) 25,105

Henderson

Land

Development

Co

Ltd

51,982

Hongkong

Land

Holdings

Ltd

38,529

Hulic

Co

Ltd

16,100

LEG

Immobilien

SE

2,605

Mitsubishi

Estate

Co

Ltd

37,300

795

Mitsui

Fudosan

Co

Ltd

92,400

977

REA

Group

Ltd

1,848

Sagax

AB

7,684

Sekisui

House

Ltd

20,800

Sino

Land

Co

Ltd

127,073

Sumitomo

Realty

&

Development

Co

Ltd

11,000

Schedule

of

Investments

International

Equity

Index

Fund

August

31,

2025

See

accompanying

notes.

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Real

Estate

(continued)

Sun

Hung

Kai

Properties

Ltd

51,000

$

602

Swiss

Prime

Site

AG

2,806

Vonovia

SE

26,380

854

Wharf

Real

Estate

Investment

Co

Ltd

60,000

$

7,007

REITs

-

.81

%

CapitaLand

Ascendas

REIT

137,350

CapitaLand

Integrated

Commercial

Trust

204,629

Covivio

SA/France

1,952

Gecina

SA

1,610

Goodman

Group

71,019

1,589

Klepierre

SA

7,522

Land

Securities

Group

PLC

24,745

Link

REIT

90,840

Nippon

Building

Fund

Inc

Scentre

Group

182,123

Segro

PLC

44,954

Stockland

83,911

Unibail-Rodamco-Westfield

(f) 4,252

Vicinity

Ltd

135,612

$

5,632

Retail

-

.22

%

Associated

British

Foods

PLC

11,395

Avolta

AG

3,074

Cie

Financiere

Richemont

SA

18,857

3,302

CK

Hutchison

Holdings

Ltd

94,632

626

Fast

Retailing

Co

Ltd

6,700

2,094

H

&

M

Hennes

&

Mauritz

AB

19,805

Industria

de

Diseno

Textil

SA

38,263

1,892

JD

Sports

Fashion

PLC

90,584

Kingfisher

PLC

62,349

MatsukiyoCocokara

&

Co

11,600

Moncler

SpA

8,168

Next

PLC

4,082

660

Nitori

Holdings

Co

Ltd

2,800

Pan

Pacific

International

Holdings

Corp

13,500

Pandora

A/S

2,771

Ryohin

Keikaku

Co

Ltd

17,800

Swatch

Group

AG/The

-

BR

1,013

Tokyo

Gas

Co

Ltd

11,100

Wesfarmers

Ltd

39,805

2,384

Zalando

SE

(e),(f)

7,849

Zensho

Holdings

Co

Ltd

3,400

$

15,360

Semiconductors

-

.96

%

Advantest

Corp

26,900

2,057

ASM

International

NV

1,639

787

ASML

Holding

NV

13,815

10,259

BE

Semiconductor

Industries

NV

2,562

Disco

Corp

3,200

876

Hensoldt

AG

2,227

Infineon

Technologies

AG

45,808

1,875

Lasertec

Corp

2,800

Nova

Ltd

(f) 1,027

Renesas

Electronics

Corp

58,800

686

STMicroelectronics

NV

23,974

653

Tokyo

Electron

Ltd

15,700

2,138

$

20,471

Shipbuilding

-

.10

%

Kongsberg

Gruppen

ASA

15,377

Yangzijiang

Shipbuilding

Holdings

Ltd

90,200

$

664

Software

-

.17

%

Capcom

Co

Ltd

12,300

Dassault

Systemes

SE

23,434

729

Konami

Group

Corp

3,500

528

Monday.com

Ltd

(f) 1,421

Nemetschek

SE

2,019

Nexon

Co

Ltd

11,500

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Software

(continued)

Nice

Ltd

(f) 2,213

$

Oracle

Corp

Japan

1,400

Pro

Medicus

Ltd

2,009

Sage

Group

PLC/The

33,950

SAP

SE

36,629

9,970

TIS

Inc

7,600

WiseTech

Global

Ltd

7,020

Xero

Ltd

(f) 5,774

616

$

15,051

Telecommunications

-

.15

%

BT

Group

PLC

208,886

612

Deutsche

Telekom

AG

122,439

4,481

Elisa

Oyj

4,974

Hikari

Tsushin

Inc

600

HKT

Trust

&

HKT

Ltd

131,980

KDDI

Corp

110,200

1,905

Koninklijke

KPN

NV

135,977

649

Nokia

OYJ

181,809

783

NTT

Inc

1,044,800

1,105

Orange

SA

65,106

1,061

Singapore

Telecommunications

Ltd

259,800

873

SoftBank

Corp

1,006,100

1,556

SoftBank

Group

Corp

33,500

3,597

Swisscom

AG

(f) 906

655

Tele2

AB

19,141

Telecom

Italia

SpA/Milano

(f) 403,220

Telecom

Italia

SpA/Milano

-

Rights

(f) 384,357

—

Telefonaktiebolaget

LM

Ericsson

98,169

777

Telefonica

SA

128,868

691

Telenor

ASA

21,530

Telia

Co

AB

82,492

Telstra

Group

Ltd

139,228

Vodafone

Group

PLC

682,849

818

$

21,831

Toys,

Games

&

Hobbies

-

.65

%

Bandai

Namco

Holdings

Inc

20,500

705

Nintendo

Co

Ltd

38,700

3,451

Sanrio

Co

Ltd

6,300

$

4,482

Transportation

-

.26

%

AP

Moller

-

Maersk

A/S

-

A

AP

Moller

-

Maersk

A/S

-

B

Central

Japan

Railway

Co

27,200

723

Deutsche

Post

AG

33,567

1,530

DSV

A/S

7,147

1,585

East

Japan

Railway

Co

33,800

829

Getlink

SE

10,576

Hankyu

Hanshin

Holdings

Inc

8,400

InPost

SA

(f) 8,769

Kawasaki

Kisen

Kaisha

Ltd

12,200

Kuehne

+

Nagel

International

AG

1,689

Mitsui

OSK

Lines

Ltd

12,200

MTR

Corp

Ltd

54,000

Nippon

Yusen

KK

15,200

548

Poste

Italiane

SpA

(e) 15,983

SG

Holdings

Co

Ltd

10,100

SITC

International

Holdings

Co

Ltd

48,000

Tokyo

Metro

Co

Ltd

(a) 10,100

Tokyu

Corp

17,400

West

Japan

Railway

Co

14,900

$

8,715

Water

-

.21

%

Severn

Trent

PLC

9,447

United

Utilities

Group

PLC

23,842

Veolia

Environnement

SA

22,011

727

$

1,427

TOTAL

COMMON

STOCKS

$

670,373

Schedule

of

Investments

International

Equity

Index

Fund

August

31,

2025

See

accompanying

notes.

PREFERRED

STOCKS

-

.31

%

Shares

Held

Value

(000's)

Automobile

Manufacturers

-

.21

%

Bayerische

Motoren

Werke

AG

4.32%

1,958

$

Dr

Ing

hc

F

Porsche

AG

1.49%

(e) 3,982

Porsche

Automobil

Holding

SE

1.91%

5,355

Volkswagen

AG

6.36%

7,211

840

$

1,467

Consumer

Products

-

.07

%

Henkel

AG

&

Co

KGaA

2.04%

5,625

Electronics

-

.03

%

Sartorius

AG

0.74%

917

TOTAL

PREFERRED

STOCKS

$

2,155

Total

Investments

$

696,007

Other

Assets

and

Liabilities

- (0.56)%

(3,856)

TOTAL

NET

ASSETS

-

100.00%

$

692,151

(a) Security

or

a

portion

of

the

security

was

on

loan. At

the

end

of

the

period,

the

value

of

these

securities

totaled

$6,822

or

0.99%

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

$8,045

or

1.16%

of

net

assets.

(d) Affiliated

Security.

Security

is

either

an

affiliate

(and

registered

under

the

Investment

Company

Act

of

1940,

as

amended,

(the

"1940

Act"))

or

an

affiliate

as

defined

by

the

1940

Act

(controls

5.00%

or

more

of

the

outstanding

voting

shares

of

the

security).

Please

see

Affiliated

Securities

sub-schedule

for

transactional

information.

(e) Security

exempt

from

registration

under

Rule

144A

of

the

Securities

Act

of

1933. These

securities

may

be

resold

in

transactions

exempt

from

registration,

normally

to

qualified

institutional

buyers.

At

the

end

of

the

period,

the

value

of

these

securities

totaled

$7,996

or

1.16%

of

net

assets.

(f) Non-income

producing

security

Affiliated

Securities

August

31,

2024

Purchases

Sales

August

31,

2025

Value

Cost

Proceeds

Value

Principal

Government

Money

Market

Fund

-

Class

4.20%

$

8,792

$

280,729

$

280,745

$

8,776

$

8,792

$

280,729

$

280,745

$

8,776

Income

(a) Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Principal

Government

Money

Market

Fund

-

Class

4.20%

$

$

—

$

—

$

—

$

$

—

$

—

$

—

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;

September

2025

Long

$

1,769

$

Total

$

Amounts

in

thousands

except

contracts.

Schedule

of

Investments

International

Small

Company

Fund

August

31,

2025

See

accompanying

notes.

INVESTMENT

COMPANIES

-

.35

%

Shares

Held

Value

(000's)

Money

Market

Funds

-

.35

%

BlackRock

Liquidity

FedFund

-

Institutional

Class

4.18%

(a),(b)

315,341

$

Principal

Government

Money

Market

Fund

-

Class

4.20%

(a),(b),(c)

6,519,864

6,520

$

6,835

TOTAL

INVESTMENT

COMPANIES

$

6,835

COMMON

STOCKS

-

.35

%

Shares

Held

Value

(000's)

Advertising

-

.45

%

Stroeer

SE

&

Co

KGaA

47,239

$

2,294

Airlines

-

.76

%

JET2

PLC

175,977

3,875

Apparel

-

.63

%

Asics

Corp

148,700

3,997

Gildan

Activewear

Inc

78,300

4,275

$

8,272

Automobile

Parts

&

Equipment

-

.06

%

Nifco

Inc/Japan

186,400

5,351

Banks

-

.42

%

Banca

Mediolanum

SpA

295,870

5,985

Banco

Comercial

Portugues

SA

6,216,248

5,266

BAWAG

Group

AG

(d) 41,862

5,412

Concordia

Financial

Group

Ltd

663,200

5,004

Mebuki

Financial

Group

Inc

943,900

5,802

$

27,469

Beverages

-

.83

%

Royal

Unibrew

A/S

54,569

4,217

Building

Materials

-

.28

%

Breedon

Group

PLC

749,363

3,723

Buzzi

SpA

64,120

3,256

Sumitomo

Osaka

Cement

Co

Ltd

35,100

935

Wienerberger

AG

105,325

3,670

$

11,584

Chemicals

-

.34

%

ADEKA

Corp

176,800

3,934

Air

Water

Inc

247,100

4,296

Fuso

Chemical

Co

Ltd

121,800

3,843

NOF

Corp

261,700

4,860

$

16,933

Commercial

Services

-

.47

%

Boyd

Group

Services

Inc

30,400

4,991

Dai

Nippon

Printing

Co

Ltd

286,300

4,796

Elis

SA

205,419

5,629

GMO

Payment

Gateway

Inc

58,100

3,326

Securitas

AB

257,663

3,943

$

22,685

Computers

-

.23

%

Computacenter

PLC

117,407

3,649

CyberArk

Software

Ltd

(e) 8,994

4,077

Sopra

Steria

Group

19,313

3,586

$

11,312

Distribution

&

Wholesale

-

.52

%

Rexel

SA

132,519

4,291

SGH

Ltd

108,058

3,558

Sojitz

Corp

186,800

4,921

$

12,770

Diversified

Financial

Services

-

.63

%

Credit

Saison

Co

Ltd

142,100

3,609

IG

Group

Holdings

PLC

305,629

4,669

$

8,278

Electric

-

.47

%

Capital

Power

Corp

94,300

3,933

Hera

SpA

980,348

4,214

Tohoku

Electric

Power

Co

Inc

572,800

4,399

$

12,546

Electrical

Components

&

Equipment

-

.83

%

SWCC

Corp

75,700

4,185

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Electronics

-

.64

%

Celestica

Inc

(e) 27,200

$

5,298

NKT

A/S

(e) 47,690

4,542

SCREEN

Holdings

Co

Ltd

46,800

3,538

$

13,378

Engineering

&

Construction

-

.73

%

Balfour

Beatty

PLC

648,393

5,203

Fraport

AG

Frankfurt

Airport

Services

Worldwide

(e) 53,853

4,615

Kandenko

Co

Ltd

174,700

4,708

Kinden

Corp

140,800

5,022

Stantec

Inc

42,390

4,608

Technip

Energies

NV

105,869

4,893

$

29,049

Entertainment

-

.08

%

Sportradar

Group

AG

(e) 177,721

5,499

Food

-

.03

%

Aryzta

AG

(e) 50,242

4,628

Cranswick

PLC

60,535

4,172

Kotobuki

Spirits

Co

Ltd

261,400

3,224

Toyo

Suisan

Kaisha

Ltd

71,000

4,884

Yamazaki

Baking

Co

Ltd

152,000

3,527

$

20,435

Gas

-

.62

%

Sembcorp

Industries

Ltd

665,800

3,148

Healthcare

-

Products

-

.48

%

Convatec

Group

PLC

(d) 1,428,739

4,568

Menicon

Co

Ltd

359,200

2,918

$

7,486

Home

Builders

-

.68

%

Bellway

PLC

109,329

3,444

Home

Furnishings

-

.93

%

JVCKenwood

Corp

564,700

4,713

Insurance

-

.27

%

ASR

Nederland

NV

70,283

4,876

AUB

Group

Ltd

152,435

3,341

Beazley

PLC

382,092

4,045

Phoenix

Financial

Ltd

122,219

4,322

$

16,584

Internet

-

.76

%

Scout24

SE

(d) 27,532

3,567

U-Next

Holdings

Co

Ltd

21,900

$

3,876

Iron

&

Steel

-

.77

%

Japan

Steel

Works

Ltd/The

77,600

4,665

thyssenkrupp

AG

405,541

4,292

$

8,957

Leisure

Products

&

Services

-

.82

%

Flight

Centre

Travel

Group

Ltd

(f) 486,352

4,135

Lodging

-

.88

%

MGM

China

Holdings

Ltd

2,930,800

6,020

Whitbread

PLC

81,975

3,490

$

9,510

Machinery

-

Construction

&

Mining

-

.93

%

Weir

Group

PLC/The

140,824

4,690

Machinery

-

Diversified

-

.16

%

ATS

Corp

(e) 147,700

4,089

IMI

PLC

177,772

5,463

KION

Group

AG

93,075

6,061

Organo

Corp

72,600

5,484

$

21,097

Media

-

.39

%

Quebecor

Inc

147,100

4,470

TV

Asahi

Holdings

Corp

122,800

2,578

$

7,048

Metal

Fabrication

&

Hardware

-

.69

%

Vallourec

SACA

196,163

3,522

Schedule

of

Investments

International

Small

Company

Fund

August

31,

2025

See

accompanying

notes.

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Mining

-

.92

%

Alamos

Gold

Inc

170,300

$

5,188

Capstone

Copper

Corp

(e) 478,000

3,418

Genesis

Minerals

Ltd

(e) 1,528,137

4,572

NGEx

Minerals

Ltd

(e) 352,627

5,428

OR

Royalties

Inc

197,400

6,343

$

24,949

Miscellaneous

Manufacturers

-

.48

%

Amano

Corp

120,900

3,454

Trelleborg

AB

104,038

4,026

$

7,480

Office

&

Business

Equipment

-

.73

%

Canon

Marketing

Japan

Inc

96,100

3,725

Oil

&

Gas

-

.80

%

ARC

Resources

Ltd

228,200

4,392

Whitecap

Resources

Inc

630,880

4,750

$

9,142

Oil

&

Gas

Services

-

.90

%

SBM

Offshore

NV

167,533

4,580

Packaging

&

Containers

-

.49

%

Gerresheimer

AG

48,890

2,469

Pharmaceuticals

-

.74

%

Hikma

Pharmaceuticals

PLC

156,074

3,770

Laboratorios

Farmaceuticos

Rovi

SA

43,719

2,972

Zealand

Pharma

A/S

(e) 29,931

2,057

$

8,799

Private

Equity

-

.14

%

ICG

PLC

195,776

5,773

Real

Estate

-

.14

%

TAG

Immobilien

AG

326,190

5,844

Tokyo

Tatemono

Co

Ltd

265,200

4,985

$

10,829

REITs

-

.79

%

British

Land

Co

PLC/The

1,060,028

4,813

Canadian

Apartment

Properties

REIT

109,200

3,379

Gecina

SA

48,319

4,745

Invincible

Investment

Corp

11,432

5,181

KDX

Realty

Investment

Corp

4,656

5,353

Keppel

DC

REIT

2,613,700

4,806

Merlin

Properties

Socimi

SA

413,684

6,168

Mirvac

Group

3,474,362

5,354

Stockland

1,173,581

4,753

$

44,552

Retail

-

.12

%

B&M

European

Value

Retail

SA

989,268

3,218

Brunello

Cucinelli

SpA

36,356

4,205

Food

&

Life

Cos

Ltd

93,000

5,364

JINS

Holdings

Inc

69,100

3,739

Monogatari

Corp/The

154,400

4,381

$

20,907

Semiconductors

-

.70

%

Nova

Ltd

(e) 13,553

3,569

Software

-

.16

%

Cellebrite

DI

Ltd

(e) 292,473

4,797

Descartes

Systems

Group

Inc/The

(e) 33,000

3,298

JMDC

Inc

149,100

4,183

TIS

Inc

112,800

3,755

$

16,033

Telecommunications

-

.80

%

Gamma

Communications

PLC

285,565

4,077

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Transportation

-

.66

%

Hiab

Oyj

67,569

$

4,453

Kamigumi

Co

Ltd

143,400

4,301

Kyushu

Railway

Co

172,100

4,754

$

13,508

TOTAL

COMMON

STOCKS

$

498,734

Total

Investments

$

505,569

Other

Assets

and

Liabilities

- 0.30%

1,534

TOTAL

NET

ASSETS

-

100.00%

$

507,103

(a) 1-day

yield

shown

is

as

of

period

end.

(b) Security

or

a

portion

of

the

security

was

received

as

collateral

for

securities

lending.

At

the

end

of

the

period,

the

value

of

these

securities

totaled

$3,985

or

0.79%

of

net

assets.

(c) Affiliated

Security.

Security

is

either

an

affiliate

(and

registered

under

the

Investment

Company

Act

of

1940,

as

amended,

(the

"1940

Act"))

or

an

affiliate

as

defined

by

the

1940

Act

(controls

5.00%

or

more

of

the

outstanding

voting

shares

of

the

security).

Please

see

Affiliated

Securities

sub-schedule

for

transactional

information.

(d) Security

exempt

from

registration

under

Rule

144A

of

the

Securities

Act

of

1933. These

securities

may

be

resold

in

transactions

exempt

from

registration,

normally

to

qualified

institutional

buyers.

At

the

end

of

the

period,

the

value

of

these

securities

totaled

$13,547

or

2.67%

of

net

assets.

(e) Non-income

producing

security

(f) Security

or

a

portion

of

the

security

was

on

loan. At

the

end

of

the

period,

the

value

of

these

securities

totaled

$3,787

or

0.75%

of

net

assets.

Schedule

of

Investments

International

Small

Company

Fund

August

31,

2025

See

accompanying

notes.

Affiliated

Securities

August

31,

2024

Purchases

Sales

August

31,

2025

Value

Cost

Proceeds

Value

Principal

Government

Money

Market

Fund

-

Class

4.20%

$

22,143

$

311,066

$

326,689

$

6,520

$

22,143

$

311,066

$

326,689

$

6,520

Income

(a) Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Principal

Government

Money

Market

Fund

-

Class

4.20%

$

$

—

$

—

$

—

$

$

—

$

—

$

—

Amounts

in

thousands.

(a) Amount

excludes

earnings

from

securities

lending

collateral.

Schedule

of

Investments

Opportunistic

Municipal

Fund

August

31,

2025

See

accompanying

notes.

INVESTMENT

COMPANIES

-

.12

%

Shares

Held

Value

(000's)

Exchange-Traded

Funds

-

.12

%

iShares

Short-Term

National

Muni

Bond

ETF

1,000

$

JPMorgan

Ultra-Short

Municipal

Income

ETF

—

SPDR

Nuveen

ICE

High

Yield

Municipal

Bond

ETF

1,678

VanEck

High

Yield

Muni

ETF

VanEck

Short

High

Yield

Muni

ETF

1,000

$

TOTAL

INVESTMENT

COMPANIES

$

MUNICIPAL

BONDS

-

.99

%

Principal

Amount

(000's)

Value

(000's)

Alabama

-

.16

%

County

of

Jefferson

AL

Sewer

Revenue

5.25%,

10/01/2049

$

1,800

$

1,805

Lower

Alabama

Gas

District/The

5.00%,

09/01/2046

3,355

3,401

Mobile

County

Industrial

Development

Authority

4.75%,

12/01/2054

3,000

2,605

Tuscaloosa

County

Industrial

Development

Authority

5.25%,

05/01/2044

(a) 2,003

1,957

$

9,768

Arizona

-

.71

%

Arizona

Industrial

Development

Authority

0.00%,

01/01/2059

(b) 1,150

Navajo

Nation

5.50%,

12/01/2030

(a) 2,500

2,509

$

2,708

Arkansas

-

.53

%

Arkansas

Development

Finance

Authority

4.75%,

09/01/2049

(a) 1,000

923

5.45%,

09/01/2052

1,000

969

6.88%,

07/01/2048

(a) 2,000

2,116

$

4,008

California

-

.24

%

Alameda

Corridor

Transportation

Authority

(credit

support

from

Assured

Guaranty)

5.00%,

10/01/2052

(c) 1,000

1,007

Bay

Area

Toll

Authority

2.60%,

04/01/2056

California

Educational

Facilities

Authority

5.00%,

05/01/2049

5.00%,

04/01/2051

2,110

2,213

California

Infrastructure

&

Economic

Development

Bank

9.50%,

01/01/2065

(a),(d)

4,500

4,136

California

Pollution

Control

Financing

Authority

5.00%,

07/01/2038

(a) 1,115

1,149

California

Public

Finance

Authority

6.50%,

06/01/2054

(a) 5,000

4,598

6.75%,

07/01/2065

(a) 3,500

3,576

California

Statewide

Financing

Authority

6.00%,

05/01/2043

1,000

1,020

City

of

Compton

CA

Sewer

Revenue

6.00%,

09/01/2039

1,000

1,018

City

of

Los

Angeles

Department

of

Airports

5.00%,

05/15/2037

(e) 1,421

1,477

La

Verne

Public

Financing

Authority

7.25%,

09/01/2026

Los

Angeles

Department

of

Water

&

Power

Water

System

Revenue

3.25%,

07/01/2050

(d) 305

San

Francisco

City

&

County

Airport

Comm-San

Francisco

International

Airport

5.25%,

05/01/2055

(e) 1,500

1,512

$

22,591

Colorado

-

.57

%

Regional

Transportation

District

4.00%,

07/15/2040

1,000

913

MUNICIPAL

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Connecticut

-

.08

%

Mohegan

Tribal

Finance

Authority

7.00%,

02/01/2045

(a) $

1,700

$

1,712

Florida

-

.00

%

County

of

Miami-Dade

FL

Aviation

Revenue

5.00%,

10/01/2049

(e) 3,000

2,914

County

of

Palm

Beach

FL

5.75%,

10/01/2065

(a) 1,000

1,001

Florida

Development

Finance

Corp

4.38%,

10/01/2054

(a),(d)

2,000

1,988

5.25%,

08/01/2029

(a) 1,000

1,038

5.25%,

08/01/2055

1,000

987

5.50%,

07/01/2053

1,000

825

6.13%,

07/01/2032

(a),(d)

2,000

2,021

Greater

Orlando

Aviation

Authority

5.25%,

10/01/2049

(e) 2,000

2,026

Ocean

Highway

&

Port

Authority

5.50%,

12/01/2049

(a) 1,500

1,126

Palm

Beach

County

Health

Facilities

Authority

5.25%,

11/01/2055

610

590

5.75%,

11/01/2050

500

509

7.63%,

05/15/2058

1,000

1,101

Village

Community

Development

District

No

4.80%,

05/01/2055

(a) 1,500

1,337

$

17,463

Georgia

-

.38

%

Atlanta

Development

Authority/The

0.00%,

12/15/2048

(a),(b)

4,000

3,414

5.50%,

04/01/2039

(a) 2,000

1,996

George

L

Smith

II

Congress

Center

Authority

5.00%,

01/01/2036

(a) 1,528

1,534

$

6,944

Illinois

-

.79

%

City

of

Chicago

IL

6.00%,

01/01/2050

1,500

1,527

7.46%,

02/15/2026

990

693

Illinois

State

Toll

Highway

Authority

4.00%,

01/01/2046

590

517

5.00%,

01/01/2040

(e) 5,000

5,003

5.25%,

01/01/2043

(e) 1,500

1,569

State

of

Illinois

5.50%,

05/01/2047

1,435

1,462

$

10,771

Indiana

-

.48

%

City

of

Whiting

IN

3.00%,

11/01/2051

1,145

756

Kansas

-

.57

%

City

of

Wichita

KS

6.00%,

05/15/2054

1,000

905

Kentucky

-

.58

%

City

of

Henderson

KY

4.45%,

01/01/2042

(a) 1,000

916

Louisiana

-

.94

%

Louisiana

Local

Government

Environmental

Facilities

&

Community

Development

Authority

3.50%,

11/01/2032

1,000

964

4.40%,

11/01/2044

(a) 805

729

5.50%,

11/01/2039

(a) 500

509

5.65%,

11/01/2037

(a) 800

826

Louisiana

Public

Facilities

Authority

0.00%,

07/01/2039

(b) 278

—

Parish

of

St

James

LA

6.35%,

10/01/2040

(a) 3,000

3,217

$

6,245

Maine

-

.63

%

Finance

Authority

of

Maine

5.00%,

08/01/2035

(a) 1,000

1,007

Schedule

of

Investments

Opportunistic

Municipal

Fund

August

31,

2025

See

accompanying

notes.

MUNICIPAL

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Maryland

-

.24

%

Maryland

Stadium

Authority

(credit

support

from

State

Intercept

Program)

0.00%,

05/01/2051

(b),(c)

$

1,500

$

Michigan

-

.60

%

City

of

Detroit

MI

5.00%,

04/01/2050

1,000

950

Montana

-

.87

%

City

of

Kalispell

MT

5.25%,

05/15/2037

1,400

1,384

Nevada

-

.27

%

Las

Vegas

Convention

&

Visitors

Authority

5.00%,

07/01/2043

(e) 1,400

1,401

5.25%,

07/01/2049

(e) 600

613

State

of

Nevada

Department

of

Business

&

Industry

0.00%,

12/15/2037

(a),(b)

702

—

$

2,014

New

Hampshire

-

.22

%

New

Hampshire

Business

Finance

Authority

4.38%,

09/20/2036

958

930

New

Hampshire

Health

and

Education

Facilities

Authority

Act

(credit

support

from

Build

America

Mutual

Assurance

Corp

-

Transfer

Custodial

Receipt)

5.00%,

08/01/2059

(c) 1,000

1,006

$

1,936

New

Jersey

-

.64

%

New

Jersey

Transportation

Trust

Fund

Authority

5.25%,

06/15/2050

1,000

1,020

New

York

-

.76

%

New

York

City

Transitional

Finance

Authority

5.50%,

05/01/2042

1,000

1,076

New

York

Liberty

Development

Corp

5.25%,

10/01/2035

1,300

1,463

New

York

State

Dormitory

Authority

5.00%,

10/01/2048

(e) 500

524

5.00%,

10/01/2050

(e) 1,000

1,043

5.25%,

10/01/2049

2,000

1,937

5.50%,

05/01/2049

3,200

3,185

New

York

State

Environmental

Facilities

Corp

5.12%,

09/01/2050

(a),(d)

1,000

1,021

New

York

Transportation

Development

Corp

4.00%,

10/31/2041

1,000

878

5.00%,

01/01/2034

1,000

1,013

5.38%,

08/01/2036

1,050

1,072

5.63%,

04/01/2040

1,000

1,030

6.00%,

06/30/2054

1,100

1,117

6.00%,

06/30/2059

1,000

1,023

New

York

Transportation

Development

Corp

(credit

support

from

Assured

Guaranty)

5.50%,

06/30/2044

(c) 1,210

1,229

Oneida

Indian

Nation

of

New

York

6.00%,

09/01/2043

(a) 3,000

3,135

Suffolk

Regional

Off-Track

Betting

Corp

6.00%,

12/01/2053

3,000

2,987

Western

Regional

Off-Track

Betting

Corp

4.13%,

12/01/2041

(a) 1,500

1,277

$

25,010

North

Carolina

-

.63

%

Columbus

County

Industrial

Facilities

&

Pollution

Control

Financing

Authority

4.20%,

05/01/2034

1,000

1,008

Ohio

-

.54

%

Buckeye

Tobacco

Settlement

Financing

Authority

5.00%,

06/01/2055

2,650

2,140

Cleveland-Cuyahoga

County

Port

Authority

4.00%,

12/01/2055

(a) 900

671

4.50%,

12/01/2055

(a) 1,210

952

MUNICIPAL

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Ohio

(continued)

County

of

Hamilton

OH

5.50%,

08/01/2051

$

1,000

$

970

Ohio

Air

Quality

Development

Authority

4.50%,

01/15/2048

(a) 1,000

879

$

5,612

Oklahoma

-

.60

%

Tulsa

County

Industrial

Authority

5.25%,

11/15/2045

1,000

952

Pennsylvania

-

.17

%

Lancaster

County

Hospital

Authority/PA

5.00%,

07/01/2045

1,000

909

Pennsylvania

Economic

Development

Financing

Authority

5.45%,

01/01/2051

(a),(d)

2,000

2,035

5.50%,

11/01/2044

1,000

1,000

6.88%,

09/01/2047

(a),(f)

1,000

988

Philadelphia

Authority

for

Industrial

Development

4.00%,

07/01/2049

2,000

1,689

$

6,621

Puerto

Rico

-

.76

%

Commonwealth

of

Puerto

Rico

0.00%,

07/01/2033

(b) 133

0.00%,

11/01/2043

(b),(d)

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

1,635

Puerto

Rico

Sales

Tax

Financing

Corp

Sales

Tax

Revenue

5.00%,

07/01/2058

2,325

2,126

$

4,384

South

Carolina

-

.53

%

South

Carolina

Jobs-Economic

Development

Authority

0.00%,

06/01/2040

(a),(b)

1,000

0.00%,

06/01/2051

(a),(b)

2,000

5.25%,

11/15/2052

560

508

$

838

South

Dakota

-

.31

%

Oglala

Sioux

Tribe

5.75%,

10/01/2025

(a) 500

Tennessee

-

.98

%

Metropolitan

Government

Nashville

&

Davidson

County

Industrial

Development

Board

4.00%,

06/01/2051

(a) 1,000

802

Nashville

Metropolitan

Development

&

Housing

Agency

5.13%,

06/01/2036

(a) 750

754

$

1,556

Texas

-

.04

%

City

of

Houston

TX

Airport

System

Revenue

4.00%,

07/01/2041

1,000

858

4.00%,

07/15/2041

500

5.50%,

07/15/2038

1,500

1,566

New

Hope

Cultural

Education

Facilities

Finance

Corp

6.50%,

07/01/2056

(a) 4,200

3,754

Port

of

Beaumont

Navigation

District

4.00%,

01/01/2050

(a) 3,000

2,105

5.13%,

01/01/2044

(a) 1,000

907

5.25%,

01/01/2054

(a) 505

Port

of

Port

Arthur

Navigation

District

4.00%,

04/01/2040

(d) 100

Schedule

of

Investments

Opportunistic

Municipal

Fund

August

31,

2025

See

accompanying

notes.

MUNICIPAL

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Texas

(continued)

Tarrant

County

Cultural

Education

Facilities

Finance

Corp

4.13%,

12/01/2054

$

1,000

$

859

Texas

Municipal

Gas

Acquisition

and

Supply

Corp

I

6.25%,

12/15/2026

$

11,173

Utah

-

.08

%

City

of

Salt

Lake

City

UT

Airport

Revenue

5.00%,

07/01/2040

(e) 960

980

5.25%,

07/01/2042

(e) 960

994

5.50%,

07/01/2050

(e) 640

661

5.50%,

07/01/2055

(e) 640

659

Mida

Mountain

Village

Public

Infrastructure

District

5.13%,

06/15/2054

(a) 1,500

1,374

6.00%,

06/15/2054

(a) 1,500

1,487

Tech

Ridge

Public

Infrastructure

District

6.25%,

12/01/2054

(a) 3,500

3,496

$

9,651

Virginia

-

.15

%

Virginia

Beach

Development

Authority

7.00%,

09/01/2059

1,000

1,078

Virginia

Small

Business

Financing

Authority

4.00%,

01/01/2039

800

742

$

1,820

West

Virginia

-

.64

%

West

Virginia

Economic

Development

Authority

5.45%,

01/01/2055

(a),(d)

1,000

1,017

Wisconsin

-

.30

%

Public

Finance

Authority

5.00%,

09/01/2039

(a) 1,000

979

5.00%,

06/01/2041

(a) 1,000

976

5.25%,

06/15/2055

1,000

979

5.50%,

06/15/2055

750

737

5.75%,

06/15/2055

750

710

5.75%,

06/30/2060

550

539

6.50%,

06/30/2060

1,135

1,200

Wisconsin

Health

&

Educational

Facilities

Authority

6.50%,

07/01/2033

7.00%,

07/01/2043

500

$

6,829

TOTAL

MUNICIPAL

BONDS

$

171,357

Total

Investments

$

171,545

Liability

for

Floating

Rate

Notes

Issued

in

Conjunction

with

Securities

Held

-

(8.92)%

Notes

with

interest

rates

of

2.76%

-2.85%

at

August

31,

2025

and

contractual

maturity

of

collateral

from

2026-2049.

(g) $

(14,160)

(14,160)

Total

Net

Investments

$

157,385

Other

Assets

and

Liabilities

- 0.81%

1,288

TOTAL

NET

ASSETS

-

100.00%

$

158,673

(a) 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

$75,219

or

47.41%

of

net

assets.

(b) Non-income

producing

security

(c) Credit

support

indicates

investments

that

benefit

from

credit

enhancement

or

liquidity

support

provided

by

a

third

party

bank,

institution,

or

government

agency.

(d) Certain

variable

rate

securities

are

not

based

on

a

published

reference

rate

and

spread

but

are

determined

by

the

issuer

or

agent

and

are

based

on

current

market

conditions. These

securities

do

not

indicate

a

reference

rate

and

spread

in

their

description.

Rate

shown

is

the

rate

in

effect

as

of

period

end.

(e) Security

or

portion

of

underlying

security

related

to

Inverse

Floaters

entered

into

by

the

fund.

(f) Security

purchased

on

a

when-issued

basis.

(g) Floating

rate

securities.

The

interest

rate(s)

shown

reflect

the

rates

in

effect

at

August

31,

2025. Schedule

of

Investments

Small-MidCap

Dividend

Income

Fund

August

31,

2025

See

accompanying

notes.

INVESTMENT

COMPANIES

-

.32

%

Shares

Held

Value

(000's)

Money

Market

Funds

-

.32

%

Principal

Government

Money

Market

Fund

-

Class

4.20%

(a),(b)

21,308,705

$

21,309

TOTAL

INVESTMENT

COMPANIES

$

21,309

COMMON

STOCKS

-

.72

%

Shares

Held

Value

(000's)

Advertising

-

.67

%

Interpublic

Group

of

Cos

Inc/The

403,244

$

10,823

Automobile

Parts

&

Equipment

-

.62

%

Linamar

Corp

182,437

9,960

Banks

-

.98

%

Cullen/Frost

Bankers

Inc

249,714

32,221

East

West

Bancorp

Inc

418,298

43,980

ServisFirst

Bancshares

Inc

361,679

31,882

Wintrust

Financial

Corp

271,443

37,266

$

145,349

Building

Materials

-

.87

%

Owens

Corning

93,887

14,099

Chemicals

-

.49

%

RPM

International

Inc

192,834

24,164

Commercial

Services

-

.93

%

Service

Corp

International/US

190,718

15,114

Computers

-

.39

%

Amdocs

Ltd

346,090

29,615

Leidos

Holdings

Inc

204,489

36,996

Western

Digital

Corp

56,063

4,504

$

71,115

Consumer

Products

-

.33

%

Avery

Dennison

Corp

125,240

21,498

Distribution

&

Wholesale

-

.06

%

LKQ

Corp

525,346

17,137

Diversified

Financial

Services

-

.76

%

Air

Lease

Corp

165,033

9,937

Federal

Agricultural

Mortgage

Corp

146,699

30,744

Hamilton

Lane

Inc

156,602

24,170

Jefferies

Financial

Group

Inc

502,471

32,585

Raymond

James

Financial

Inc

166,373

28,190

$

125,626

Electric

-

.37

%

Alliant

Energy

Corp

297,144

19,335

IDACORP

Inc

171,239

21,422

NRG

Energy

Inc

94,244

13,718

$

54,475

Electrical

Components

&

Equipment

-

.35

%

Littelfuse

Inc

84,179

21,872

Electronics

-

.52

%

Hubbell

Inc

57,053

24,589

nVent

Electric

PLC

413,261

37,355

TD

SYNNEX

Corp

76,250

11,290

$

73,234

Engineering

&

Construction

-

.39

%

Comfort

Systems

USA

Inc

31,960

22,480

Food

-

.05

%

Ingredion

Inc

262,045

33,945

Marzetti

Company/The

84,546

15,438

$

49,383

Gas

-

.50

%

NiSource

Inc

573,476

24,241

Hand

&

Machine

Tools

-

.44

%

Lincoln

Electric

Holdings

Inc

97,220

23,588

MSA

Safety

Inc

136,687

23,319

Snap-on

Inc

76,708

24,949

$

71,856

Healthcare

-

Products

-

.29

%

STERIS

PLC

150,994

37,003

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Healthcare

-

Services

-

.35

%

Concentra

Group

Holdings

Parent

Inc

1,041,308

$

24,783

Quest

Diagnostics

Inc

183,345

33,303

Select

Medical

Holdings

Corp

941,723

12,252

$

70,338

Home

Builders

-

.04

%

LCI

Industries

160,080

16,876

Insurance

-

.26

%

Assured

Guaranty

Ltd

269,060

22,117

Equitable

Holdings

Inc

647,913

34,508

Fidelity

National

Financial

Inc

475,245

28,453

$

85,078

Iron

&

Steel

-

.30

%

Reliance

Inc

71,417

21,115

Leisure

Products

&

Services

-

.95

%

Acushnet

Holdings

Corp

319,252

24,471

Brunswick

Corp/DE

365,150

23,220

$

47,691

Lodging

-

.12

%

Hyatt

Hotels

Corp

125,242

18,070

Machinery

-

Diversified

-

.65

%

AGCO

Corp

295,111

31,928

Crane

Co

134,631

24,947

Nordson

Corp

81,522

18,350

$

75,225

Media

-

.44

%

Nexstar

Media

Group

Inc

114,200

23,357

Metal

Fabrication

&

Hardware

-

.49

%

Timken

Co/The

312,678

24,148

Miscellaneous

Manufacturers

-

.31

%

Donaldson

Co

Inc

63,971

5,097

Oil

&

Gas

-

.14

%

HF

Sinclair

Corp

311,177

15,833

Magnolia

Oil

&

Gas

Corp

557,373

13,867

Permian

Resources

Corp

1,474,539

21,071

$

50,771

Packaging

&

Containers

-

.21

%

Packaging

Corp

of

America

164,286

35,808

Pipelines

-

.93

%

DT

Midstream

Inc

38,450

4,006

Targa

Resources

Corp

162,170

27,205

$

31,211

REITs

-

.25

%

Agree

Realty

Corp

356,741

25,949

BXP

Inc

196,044

14,215

Camden

Property

Trust

130,523

14,616

Cousins

Properties

Inc

592,266

17,466

EastGroup

Properties

Inc

109,225

18,520

Essential

Properties

Realty

Trust

Inc

667,900

20,919

Four

Corners

Property

Trust

Inc

527,657

13,661

Regency

Centers

Corp

192,084

13,926

Terreno

Realty

Corp

181,584

10,490

$

149,762

Retail

-

.90

%

Dick's

Sporting

Goods

Inc

62,819

13,368

Domino's

Pizza

Inc

28,576

13,096

Williams-Sonoma

Inc

194,740

36,648

$

63,112

Semiconductors

-

.51

%

Amkor

Technology

Inc

966,353

23,376

MKS

Inc

324,005

33,483

$

56,859

Shipbuilding

-

.86

%

Huntington

Ingalls

Industries

Inc

51,351

13,905

TOTAL

COMMON

STOCKS

$

1,597,852

Total

Investments

$

1,619,161

Other

Assets

and

Liabilities

- (0.04)%

(618)

TOTAL

NET

ASSETS

-

100.00%

$

1,618,543

Schedule

of

Investments

Small-MidCap

Dividend

Income

Fund

August

31,

2025

See

accompanying

notes.

(a) Affiliated

Security.

Security

is

either

an

affiliate

(and

registered

under

the

Investment

Company

Act

of

1940,

as

amended,

(the

"1940

Act"))

or

an

affiliate

as

defined

by

the

1940

Act

(controls

5.00%

or

more

of

the

outstanding

voting

shares

of

the

security).

Please

see

Affiliated

Securities

sub-schedule

for

transactional

information.

(b) 1-day

yield

shown

is

as

of

period

end.

Affiliated

Securities

August

31,

2024

Purchases

Sales

August

31,

2025

Value

Cost

Proceeds

Value

Principal

Government

Money

Market

Fund

-

Class

4.20%

$

30,655

$

544,579

$

553,925

$

21,309

$

30,655

$

544,579

$

553,925

$

21,309

Income

(a) Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Principal

Government

Money

Market

Fund

-

Class

4.20%

$

1,112

$

—

$

—

$

—

$

1,112

$

—

$

—

$

—

Amounts

in

thousands.

(a) Amount

excludes

earnings

from

securities

lending

collateral.

Schedule

of

Investments

Spectrum

Preferred

and

Capital

Securities

Income

Fund

August

31,

2025

See

accompanying

notes.

INVESTMENT

COMPANIES

-

.84

%

Shares

Held

Value

(000's)

Exchange-Traded

Funds

-

.72

%

Invesco

Preferred

ETF

(a) 3,415,609

$

39,075

Money

Market

Funds

-

.12

%

BlackRock

Liquidity

FedFund

-

Institutional

Class

4.18%

(b),(c)

6,910,023

6,910

Principal

Government

Money

Market

Fund

-

Class

4.20%

(b),(c),(d)

107,784,525

107,784

$

114,694

TOTAL

INVESTMENT

COMPANIES

$

153,769

CONVERTIBLE

PREFERRED

STOCKS

-

.06

%

Shares

Held

Value

(000's)

Banks

-

.06

%

Wells

Fargo

&

Co

7.50%

(e) 2,374

$

2,884

TOTAL

CONVERTIBLE

PREFERRED

STOCKS

$

2,884

PREFERRED

STOCKS

-

.66

%

Shares

Held

Value

(000's)

Banks

-

.33

%

Bank

of

America

Corp

4.25%,

11/17/2026

(e) 7,500

$

Bank

of

America

Corp

4.38%,

11/03/2025

(e) 293,847

5,392

Bank

of

America

Corp

5.12%,

10/03/2025

(a),(e)

200,640

4,113

CME

Term

Secured

Overnight

Financing

Rate

Month

+

0.91%

Bank

of

New

York

Mellon

Corp/The

6.15%,

03/20/2030

(a),(e)

868,500

22,477

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.16%

Citizens

Financial

Group

Inc

0.00%,

10/06/2030

(e),(f)

475,700

11,997

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.63%

Citizens

Financial

Group

Inc

5.00%,

10/06/2025

(e) 15,373

Citizens

Financial

Group

Inc

7.38%,

07/06/2029

(a),(e)

669,818

17,670

Cullen/Frost

Bankers

Inc

4.45%,

12/15/2025

(e) 298,372

5,410

First

Horizon

Corp

4.70%,

07/10/2026

(a),(e)

1,388

First

Horizon

Corp

6.50%,

10/10/2025

(e) 4,374

Goldman

Sachs

Group

Inc/The

5.16%,

10/03/2025

(a),(e)

31,810

677

CME

Term

Secured

Overnight

Financing

Rate

Month

+

0.93%

Huntington

Bancshares

Inc/OH

5.70%,

12/01/2025

(e) 19,328

Huntington

Bancshares

Inc/OH

6.88%,

04/15/2028

(e) 67,019

1,697

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.70%

JPMorgan

Chase

&

Co

4.75%,

12/01/2025

(e) 109,347

2,246

JPMorgan

Chase

&

Co

5.75%,

12/01/2025

(e) 10,841

KeyCorp

5.65%,

12/15/2025

(e) 57,334

1,279

KeyCorp

6.13%,

12/15/2026

(a),(e)

725,354

18,105

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.15%

KeyCorp

6.20%,

12/15/2027

(e) 403,382

10,004

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.13%

M&T

Bank

Corp

5.63%,

12/15/2026

(e) 29,503

730

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.28%

M&T

Bank

Corp

7.50%,

06/15/2029

(e) 150,526

4,079

Morgan

Stanley

5.85%,

04/15/2027

(e) 629,481

15,410

Month

USD

LIBOR

+

3.49%

Morgan

Stanley

6.50%,

10/15/2027

(e) 440,682

11,246

Morgan

Stanley

6.63%,

10/15/2029

(e) 467,149

12,113

Northern

Trust

Corp

4.70%,

01/01/2026

(e) 206,006

4,174

Regions

Financial

Corp

4.45%,

06/15/2026

(e) 311,305

5,684

Regions

Financial

Corp

5.70%,

05/15/2029

(e) 338,586

8,099

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.41%

Regions

Financial

Corp

6.95%,

09/15/2029

(e) 845,886

21,731

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.77%

PREFERRED

STOCKS

(continued)

Shares

Held

Value

(000's)

Banks

(continued)

Truist

Financial

Corp

4.75%,

12/01/2025

(e) 462,909

$

9,082

UMB

Financial

Corp

7.75%,

07/15/2030

(e) 490,700

12,881

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.74%

US

Bancorp

4.00%,

04/15/2026

(a),(e)

54,816

913

US

Bancorp

5.18%,

10/03/2025

(e) 116,001

2,350

CME

Term

Secured

Overnight

Financing

Rate

Month

+

0.86%

US

Bancorp

5.50%,

10/03/2025

(a),(e)

117,583

2,802

Webster

Financial

Corp

5.25%,

10/03/2025

(a),(e)

194,856

3,917

Webster

Financial

Corp

6.50%,

10/01/2025

(e) 37,427

919

Wells

Fargo

&

Co

4.38%,

03/15/2026

(e) 33,835

604

Wells

Fargo

&

Co

4.70%,

12/15/2025

(a),(e)

59,138

1,133

Wells

Fargo

&

Co

4.75%,

12/15/2025

(a),(e)

73,015

1,421

Wintrust

Financial

Corp

7.88%,

07/15/2030

(e) 467,120

12,337

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.88%

$

233,971

Diversified

Financial

Services

-

.53

%

Affiliated

Managers

Group

Inc

4.20%,

09/30/2061

(a) 175,726

2,852

Affiliated

Managers

Group

Inc

4.75%,

09/30/2060

10,536

Affiliated

Managers

Group

Inc

5.88%,

03/30/2059

146,158

3,148

Capital

One

Financial

Corp

4.25%,

09/01/2026

(e) 103,648

1,774

Capital

One

Financial

Corp

4.80%,

12/01/2025

(e) 222,141

4,179

Capital

One

Financial

Corp

5.00%,

12/01/2025

(a),(e)

252,621

4,982

Stifel

Financial

Corp

4.50%,

08/15/2026

(e) 558,669

10,140

Stifel

Financial

Corp

5.20%,

10/15/2047

4,481

Stifel

Financial

Corp

6.13%,

10/03/2025

(a),(e)

5,715

Voya

Financial

Inc

5.35%,

09/15/2029

(e) 58,984

1,393

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.21%

$

28,894

Electric

-

.08

%

CMS

Energy

Corp

5.88%,

03/01/2079

142,374

3,363

CMS

Energy

Corp

5.88%,

10/15/2078

250,450

5,946

DTE

Energy

Co

4.38%,

12/01/2081

(a) 242,879

4,265

DTE

Energy

Co

5.25%,

12/01/2077

381,382

8,653

Entergy

Arkansas

LLC

4.88%,

09/01/2066

50,980

1,063

Entergy

Louisiana

LLC

4.88%,

09/01/2066

(a) 125,440

2,595

Entergy

Texas

Inc

5.38%,

10/03/2025

(e) 42,934

1,005

Georgia

Power

Co

5.00%,

10/01/2077

164,560

3,703

NextEra

Energy

Capital

Holdings

Inc

5.65%,

03/01/2079

98,197

2,283

NextEra

Energy

Capital

Holdings

Inc

6.50%,

06/01/2085

(a) 304,235

7,670

Southern

Co/The

4.95%,

01/30/2080

248,873

5,356

Southern

Co/The

5.25%,

12/01/2077

552,715

12,602

$

58,504

Food

-

.42

%

Dairy

Farmers

of

America

Inc

7.88%,

12/01/2025

(e),(g)

236,300

22,685

Gas

-

.00

%

Spire

Inc

5.90%,

10/03/2025

(e) 5,031

Insurance

-

.18

%

Allstate

Corp/The

4.75%,

10/15/2025

(e) 135,447

2,737

Allstate

Corp/The

5.10%,

10/15/2025

(e) 47,311

1,034

Allstate

Corp/The

7.38%,

07/15/2028

(e) 229,165

6,242

Allstate

Corp/The

7.59%,

01/15/2053

215,493

5,570

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.43%

American

Financial

Group

Inc/OH

4.50%,

09/15/2060

(a) 92,709

1,620

American

Financial

Group

Inc/OH

5.63%,

06/01/2060

126,716

2,717

American

Financial

Group

Inc/OH

5.88%,

03/30/2059

93,043

2,079

Arch

Capital

Group

Ltd

4.55%,

06/11/2026

(e) 119,912

2,113

Arch

Capital

Group

Ltd

5.45%,

10/02/2025

(e) 54,066

1,150

Schedule

of

Investments

Spectrum

Preferred

and

Capital

Securities

Income

Fund

August

31,

2025

See

accompanying

notes.

PREFERRED

STOCKS

(continued)

Shares

Held

Value

(000's)

Insurance

(continued)

Assurant

Inc

5.25%,

01/15/2061

39,469

$

805

Corebridge

Financial

Inc

6.38%,

12/15/2064

34,735

834

Equitable

Holdings

Inc

4.30%,

03/15/2026

(a),(e)

538,152

9,337

Equitable

Holdings

Inc

5.25%,

12/15/2025

(e) 461,567

9,873

Prudential

Financial

Inc

5.63%,

08/15/2058

169,114

4,164

Prudential

Financial

Inc

5.95%,

09/01/2062

(a) 166,189

4,200

RenaissanceRe

Holdings

Ltd

4.20%,

07/15/2026

(e) 235,914

3,862

RenaissanceRe

Holdings

Ltd

5.75%,

10/03/2025

(e) 23,682

531

W

R

Berkley

Corp

4.13%,

03/30/2061

117,926

2,085

W

R

Berkley

Corp

5.10%,

12/30/2059

150,258

3,068

$

64,021

REITs

-

.50

%

Digital

Realty

Trust

Inc

5.20%,

10/03/2025

(e) 30,204

640

Digital

Realty

Trust

Inc

5.25%,

10/02/2025

(e) 16,600

Digital

Realty

Trust

Inc

5.85%,

10/03/2025

(e) 76,850

1,895

Federal

Realty

Investment

Trust

5.00%,

10/02/2025

(e) 65,290

1,356

Kimco

Realty

Corp

5.13%,

10/03/2025

(e) 106,113

2,239

Kimco

Realty

Corp

5.25%,

10/03/2025

(e) 240,235

5,127

Prologis

Inc

8.54%,

11/13/2026

(e) 123,703

6,736

Public

Storage

3.88%,

10/06/2025

(e) 117,394

1,836

Public

Storage

3.90%,

11/17/2025

(e) 109,893

1,737

Public

Storage

3.95%,

08/17/2026

(e) 77,361

1,245

Public

Storage

4.00%,

11/19/2026

(e) 471,069

7,598

Public

Storage

4.00%,

06/16/2026

(e) 868,470

14,008

Public

Storage

4.10%,

01/13/2027

(e) 128,309

2,126

Public

Storage

4.13%,

10/02/2025

(e) 567,023

9,503

Public

Storage

4.63%,

10/02/2025

(e) 420,706

7,855

Public

Storage

4.70%,

10/03/2025

(e) 306,791

5,829

Public

Storage

4.75%,

10/03/2025

(e) 253,963

4,907

Public

Storage

5.60%,

10/03/2025

(e) 257,128

6,019

$

81,023

Telecommunications

-

.62

%

AT&T

Inc

4.75%,

10/03/2025

(e) 1,678,335

32,929

AT&T

Inc

5.00%,

10/03/2025

(e) 22,144

$

33,384

TOTAL

PREFERRED

STOCKS

$

522,605

BONDS

-

.73

%

Principal

Amount

(000's)

Value

(000's)

Banks

-

.76

%

Australia

&

New

Zealand

Banking

Group

Ltd/

United

Kingdom

6.75%,

06/15/2026

(e),(g),(h),(i)

$

12,200

$

12,361

USD

Swap

Rate

NY

Year

+

5.17%

6.75%,

06/15/2026

(e),(h),(i)

2,700

2,736

USD

Swap

Rate

NY

Year

+

5.17%

Banco

Bilbao

Vizcaya

Argentaria

SA

6.13%,

11/16/2027

(e),(h),(i)

14,200

14,131

USD

Swap

Semi-Annual

Year

+

3.87%

7.75%,

01/14/2032

(e),(h),(i)

45,000

46,819

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.25%

9.38%,

03/19/2029

(e),(h),(i)

27,000

29,843

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

5.10%

Banco

Santander

SA

4.75%,

11/12/2026

(e),(h),(i)

47,000

45,923

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.75%

8.00%,

02/01/2034

(e),(h),(i)

4,600

4,999

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.91%

9.63%,

11/21/2028

(e),(h),(i)

32,000

35,423

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

5.31%

9.63%,

05/21/2033

(e),(h),(i)

20,000

23,576

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

5.30%

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Banks

(continued)

Bank

of

America

Corp

4.38%,

01/27/2027

(a),(e),(h)

$

11,620

$

11,351

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.76%

6.13%,

04/27/2027

(e),(h)

47,236

47,675

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.23%

6.25%,

07/26/2030

(e),(h)

56,700

56,751

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.35%

6.63%,

05/01/2030

(e),(h)

36,600

37,680

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.68%

8.05%,

06/15/2027

6,112

6,465

Bank

of

Montreal

6.88%,

11/26/2085

(h) 26,150

26,310

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.98%

7.30%,

11/26/2084

(h) 17,000

17,830

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.01%

7.70%,

05/26/2084

(h) 37,793

39,405

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.45%

Bank

of

New

York

Mellon

Corp/The

3.70%,

03/20/2026

(a),(e),(h)

49,485

48,675

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.35%

3.75%,

12/20/2026

(e),(h)

58,050

56,270

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.63%

4.63%,

09/20/2026

(e),(h)

4,050

4,025

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.39%

Bank

of

Nova

Scotia/The

3.63%,

10/27/2081

(h) 14,445

13,624

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.61%

7.35%,

04/27/2085

(h) 25,300

26,006

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.90%

8.00%,

01/27/2084

(h) 27,045

28,818

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

4.02%

8.63%,

10/27/2082

(h) 39,003

41,309

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

4.39%

Barclays

PLC

4.38%,

03/15/2028

(a),(e),(h),(i)

20,900

19,706

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.41%

7.63%,

03/15/2035

(a),(e),(h),(i)

11,300

11,672

USD

Secured

Overnight

Financing

Rate

ICE

Swap

Rate

Year

+

3.69%

8.00%,

03/15/2029

(e),(h),(i)

3,600

3,788

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

5.43%

9.63%,

12/15/2029

(a),(e),(h),(i)

50,400

56,521

USD

Secured

Overnight

Financing

Rate

ICE

Swap

Rate

Year

+

5.78%

BNP

Paribas

SA

4.50%,

02/25/2030

(e),(g),(h),(i)

5,000

4,482

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.94%

4.63%,

02/25/2031

(e),(h),(i)

5,000

4,466

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.34%

Schedule

of

Investments

Spectrum

Preferred

and

Capital

Securities

Income

Fund

August

31,

2025

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Banks

(continued)

BNP

Paribas

SA

(continued)

4.63%,

02/25/2031

(e),(g),(h),(i)

$

4,100

$

3,662

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.34%

7.38%,

09/10/2034

(e),(g),(h),(i)

25,000

25,699

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.54%

7.45%,

06/27/2035

(e),(g),(h),(i)

2,500

2,551

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.13%

7.75%,

08/16/2029

(e),(g),(h),(i)

55,000

57,763

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

4.90%

7.75%,

08/16/2029

(e),(h),(i)

10,048

10,553

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

4.90%

8.00%,

08/22/2031

(e),(g),(h),(i)

20,000

21,235

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.73%

8.50%,

08/14/2028

(e),(g),(h),(i)

64,000

67,979

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

4.35%

9.25%,

11/17/2027

(e),(g),(h),(i)

6,000

6,433

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

4.97%

9.25%,

11/17/2027

(e),(h),(i)

8,600

9,220

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

4.97%

Canadian

Imperial

Bank

of

Commerce

6.95%,

01/28/2085

(h) 13,600

13,679

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.83%

7.00%,

10/28/2085

(h) 24,850

25,338

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.00%

Citigroup

Capital

III

7.63%,

12/01/2036

3,300

3,667

Citigroup

Inc

3.88%,

02/18/2026

(e),(h)

52,000

51,393

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.42%

6.25%,

08/15/2026

(a),(e),(h)

54,167

54,495

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.78%

6.75%,

02/15/2030

(e),(h)

4,500

4,536

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.57%

6.88%,

08/15/2030

(e),(h)

11,000

11,193

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.89%

6.95%,

02/15/2030

(e),(h)

10,100

10,255

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.73%

7.00%,

08/15/2034

(e),(h)

27,960

29,347

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.76%

7.38%,

05/15/2028

(e),(h)

24,600

25,559

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.21%

Citizens

Financial

Group

Inc

4.00%,

10/06/2026

(a),(e),(h)

34,319

33,537

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.22%

5.65%,

10/06/2025

(a),(e),(h)

18,228

18,214

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

5.31%

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Banks

(continued)

Citizens

Financial

Group

Inc

(continued)

7.70%,

10/06/2025

(a),(e)

$

7,738

$

7,745

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.42%

Credit

Agricole

SA

4.75%,

03/23/2029

(e),(g),(h),(i)

7,100

6,740

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.24%

8.13%,

12/23/2025

(e),(g),(h),(i)

63,500

63,962

USD

Swap

Semi-Annual

Year

+

6.19%

8.13%,

12/23/2025

(e),(h),(i)

15,000

15,109

USD

Swap

Semi-Annual

Year

+

6.19%

Depository

Trust

&

Clearing

Corp/The

3.38%,

06/20/2026

(e),(g),(h)

5,000

4,872

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.61%

Deutsche

Bank

AG

8.13%,

04/30/2030

(a),(e),(h),(i)

15,800

16,551

USD

Secured

Overnight

Financing

Rate

Spread-Adj.

ICE

Swap

Rate

Year

+

4.36%

DNB

Bank

ASA

7.38%,

05/30/2029

(e),(h),(i)

4,000

4,160

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.72%

Fifth

Third

Bancorp

4.50%,

09/30/2025

(e),(h)

2,131

2,125

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

4.22%

Goldman

Sachs

Group

Inc/The

3.65%,

08/10/2026

(a),(e),(h)

23,598

23,006

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.92%

3.80%,

05/10/2026

(e),(h)

12,800

12,558

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.97%

4.13%,

11/10/2026

(e),(h)

5,300

5,150

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.95%

6.13%,

11/10/2034

(a),(e),(h)

17,100

17,129

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.40%

6.85%,

02/10/2030

(e),(h)

13,700

14,109

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.46%

7.50%,

05/10/2029

(e),(h)

8,000

8,398

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.81%

HSBC

Holdings

PLC

6.00%,

05/22/2027

(e),(h),(i)

15,900

15,904

USD

Swap

Rate

NY

Year

+

3.75%

6.50%,

03/23/2028

(e),(h),(i)

5,600

5,696

USD

Swap

Rate

NY

Year

+

3.61%

6.88%,

09/11/2029

(a),(e),(h),(i)

5,000

5,157

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.30%

6.95%,

03/11/2034

(a),(e),(h),(i)

6,000

6,203

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.19%

7.05%,

06/05/2030

(e),(h),(i)

8,300

8,562

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.99%

Huntington

Bancshares

Inc/OH

4.45%,

10/15/2027

(e),(h)

90,661

89,332

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

4.05%

5.63%,

07/15/2030

(a),(e),(h)

38,673

39,416

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

4.95%

Schedule

of

Investments

Spectrum

Preferred

and

Capital

Securities

Income

Fund

August

31,

2025

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Banks

(continued)

ING

Groep

NV

4.25%,

05/16/2031

(e),(h),(i)

$

14,385

$

12,570

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.86%

4.88%,

05/16/2029

(e),(h),(i)

12,600

12,088

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.51%

5.75%,

11/16/2026

(e),(h),(i)

20,625

20,655

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

4.34%

7.25%,

11/16/2034

(e),(h),(i)

30,400

31,695

USD

Secured

Overnight

Financing

Rate

ICE

Swap

Rate

Year

+

4.08%

JPMorgan

Chase

&

Co

3.65%,

06/01/2026

(e),(h)

92,624

91,307

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.85%

5.51%,

01/15/2087

4,000

3,702

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.21%

6.50%,

04/01/2030

(e),(h)

13,200

13,557

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.15%

6.88%,

06/01/2029

(e),(h)

44,000

46,234

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.74%

KeyCorp

5.00%,

09/15/2026

(a),(e),(h)

18,852

18,636

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.87%

KeyCorp

Capital

III

7.75%,

07/15/2029

11,200

11,949

Lloyds

Banking

Group

PLC

6.75%,

06/27/2026

(e),(h),(i)

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

4.82%

6.75%,

09/27/2031

(e),(h),(i)

15,000

15,012

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.15%

8.00%,

09/27/2029

(e),(h),(i)

6,400

6,874

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.91%

M&T

Bank

Corp

3.50%,

09/01/2026

(e),(h)

37,118

35,879

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.68%

5.13%,

11/01/2026

(a),(e),(h)

6,305

6,255

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.78%

7.30%,

02/01/2026

(a),(e),(h)

15,500

15,637

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.17%

Macquarie

Bank

Ltd/London

6.13%,

03/08/2027

(a),(e),(g),(h),(i)

21,000

21,210

USD

Swap

Semi-Annual

Year

+

3.70%

6.13%,

03/08/2027

(e),(h),(i)

5,000

5,050

USD

Swap

Semi-Annual

Year

+

3.70%

NatWest

Group

PLC

4.60%,

06/28/2031

(e),(h),(i)

26,085

23,392

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.10%

6.00%,

12/29/2025

(e),(h),(i)

55,100

55,140

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

5.63%

7.30%,

11/19/2034

(e),(h),(i)

6,800

7,077

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.94%

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Banks

(continued)

NatWest

Group

PLC

(continued)

8.13%,

11/10/2033

(a),(e),(h),(i)

$

6,000

$

6,643

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.75%

Nordea

Bank

Abp

6.30%,

09/25/2031

(e),(g),(h),(i)

43,100

43,095

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.66%

6.63%,

03/26/2026

(e),(h),(i)

8,400

8,448

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

4.11%

6.63%,

03/26/2026

(e),(g),(h),(i)

43,562

43,813

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

4.11%

Northern

Trust

Corp

4.60%,

10/01/2026

(a),(e),(h)

12,400

12,293

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.46%

PNC

Financial

Services

Group

Inc/The

6.00%,

05/15/2027

(e),(h)

6,000

6,040

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.00%

6.20%,

09/15/2027

(e),(h)

9,200

9,347

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.24%

6.25%,

03/15/2030

(e),(h)

111,020

112,290

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.81%

Royal

Bank

of

Canada

6.35%,

11/24/2084

(h) 55,450

53,725

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.26%

6.75%,

08/24/2085

(h) 17,700

17,984

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.82%

7.50%,

05/02/2084

(a),(h)

42,500

44,436

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.89%

Societe

Generale

SA

8.50%,

03/25/2034

(e),(g),(h),(i)

24,000

25,330

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

4.15%

9.38%,

11/22/2027

(e),(g),(h),(i)

3,800

4,056

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

5.39%

10.00%,

11/14/2028

(e),(g),(h),(i)

30,100

33,127

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

5.45%

Standard

Chartered

PLC

4.30%,

08/19/2028

(a),(e),(g),(h),(i)

17,532

16,530

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.14%

4.75%,

01/14/2031

(e),(g),(h),(i)

10,000

9,225

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.81%

4.75%,

01/14/2031

(a),(e),(h),(i)

10,000

9,225

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.81%

7.01%,

07/30/2037

(e),(g),(h)

9,200

9,528

Month

USD

LIBOR

+

1.46%

7.63%,

01/16/2032

(a),(e),(g),(h),(i)

16,600

17,253

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.02%

7.75%,

08/15/2027

(e),(g),(h),(i)

45,000

46,658

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

4.98%

Schedule

of

Investments

Spectrum

Preferred

and

Capital

Securities

Income

Fund

August

31,

2025

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Banks

(continued)

State

Street

Corp

6.45%,

09/15/2030

(e),(h)

$

11,100

$

11,289

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.14%

6.70%,

09/15/2029

(e),(h)

51,193

53,018

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.63%

6.70%,

03/15/2029

(e),(h)

52,160

53,984

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.61%

Svenska

Handelsbanken

AB

4.38%,

03/01/2027

(e),(h),(i)

20,400

19,966

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.94%

Swedbank

AB

7.63%,

03/17/2028

(e),(h),(i)

14,000

14,715

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.59%

7.75%,

03/17/2030

(e),(h),(i)

14,800

15,725

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.66%

Toronto-Dominion

Bank/The

7.25%,

07/31/2084

(a),(h)

1,000

1,039

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.98%

8.13%,

10/31/2082

(h) 44,600

46,970

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

4.08%

Truist

Financial

Corp

5.10%,

03/01/2030

(e),(h)

35,906

35,595

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

4.35%

5.23%,

03/15/2028

9,022

8,828

CME

Term

Secured

Overnight

Financing

Rate

Month

+

0.91%

UBS

Group

AG

3.88%,

06/02/2026

(a),(e),(g),(h),(i)

20,000

19,667

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.10%

4.38%,

02/10/2031

(e),(g),(h),(i)

7,000

6,276

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.31%

6.60%,

08/05/2030

(e),(g),(h),(i)

17,200

17,199

USD

Secured

Overnight

Financing

Rate

ICE

Swap

Rate

Year

+

3.12%

6.85%,

09/10/2029

(e),(g),(h),(i)

17,000

17,377

USD

Secured

Overnight

Financing

Rate

ICE

Swap

Rate

Year

+

3.63%

7.00%,

02/10/2030

(e),(g),(h),(i)

15,600

15,825

USD

Secured

Overnight

Financing

Rate

ICE

Swap

Rate

Year

+

3.08%

7.00%,

02/05/2035

(e),(g),(h),(i)

2,300

2,318

USD

Secured

Overnight

Financing

Rate

ICE

Swap

Rate

Year

+

3.30%

7.13%,

08/10/2034

(e),(g),(h),(i)

7,000

7,126

USD

Secured

Overnight

Financing

Rate

ICE

Swap

Rate

Year

+

3.18%

9.25%,

11/13/2028

(e),(g),(h),(i)

17,000

18,631

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

4.75%

US

Bancorp

3.70%,

01/15/2027

(e),(h)

36,243

34,904

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.54%

USB

Realty

Corp

5.73%,

01/15/2027

(e),(g)

1,500

1,205

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.41%

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Banks

(continued)

Wells

Fargo

&

Co

3.90%,

03/15/2026

(e),(h)

$

41,650

$

41,249

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.45%

6.85%,

09/15/2029

(e),(h)

57,985

60,746

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.77%

7.63%,

09/15/2028

(e),(h)

47,100

50,304

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.61%

7.95%,

11/15/2029

3,700

4,139

$

3,178,094

Diversified

Financial

Services

-

.30

%

American

Express

Co

3.55%,

09/15/2026

(e),(h)

47,190

46,046

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.85%

Capital

One

Financial

Corp

3.95%,

09/01/2026

(a),(e),(h)

49,940

48,937

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.16%

Charles

Schwab

Corp/The

4.00%,

12/01/2030

(e),(h)

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.08%

4.00%,

06/01/2026

(e),(h)

96,320

94,869

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.17%

Julius

Baer

Group

Ltd

6.88%,

06/09/2027

(e),(h),(i)

5,000

5,022

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.94%

Nomura

Holdings

Inc

7.00%,

07/15/2030

(e),(h),(i)

1,200

1,230

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.08%

Voya

Financial

Inc

4.70%,

01/23/2048

(h) 15,655

15,192

Month

USD

LIBOR

+

2.08%

7.76%,

09/15/2028

(e),(h)

20,306

21,417

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.36%

$

232,750

Electric

-

.65

%

American

Electric

Power

Co

Inc

3.88%,

02/15/2062

(h) 20,950

20,311

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.68%

6.95%,

12/15/2054

(h) 10,000

10,632

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.68%

7.05%,

12/15/2054

(h) 18,600

19,388

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.75%

Dominion

Energy

Inc

6.63%,

05/15/2055

(h) 27,600

28,274

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.21%

6.88%,

02/01/2055

(h) 18,800

19,651

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.39%

7.00%,

06/01/2054

(h) 22,400

23,973

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.51%

Duke

Energy

Corp

6.45%,

09/01/2054

(h) 14,900

15,427

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.59%

Schedule

of

Investments

Spectrum

Preferred

and

Capital

Securities

Income

Fund

August

31,

2025

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Electric

(continued)

Electricite

de

France

SA

9.13%,

03/15/2033

(e),(h)

$

800

$

922

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

5.41%

Evergy

Inc

6.65%,

06/01/2055

(h) 4,800

4,870

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.56%

Exelon

Corp

6.50%,

03/15/2055

(h) 1,400

1,446

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.98%

NextEra

Energy

Capital

Holdings

Inc

3.80%,

03/15/2082

(h) 3,000

2,891

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.55%

5.65%,

05/01/2079

(h) 3,200

3,191

Month

USD

LIBOR

+

3.16%

6.62%,

10/01/2066

12,149

11,285

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.33%

6.70%,

09/01/2054

(h) 16,700

17,155

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.36%

Sempra

6.55%,

04/01/2055

(h) 10,400

10,242

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.14%

6.63%,

04/01/2055

(h) 7,700

7,721

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.35%

$

197,379

Food

-

.19

%

Dairy

Farmers

of

America

Inc

7.13%,

12/01/2026

(e),(g)

10,700

10,379

Gas

-

.08

%

NiSource

Inc

6.95%,

11/30/2054

(h) 4,000

4,159

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.45%

Insurance

-

.75

%

ACE

Capital

Trust

II

9.70%,

04/01/2030

15,505

18,633

Allianz

SE

3.20%,

10/30/2027

(e),(g),(h),(i)

5,800

5,412

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.17%

3.50%,

11/17/2025

(e),(h),(i)

6,200

6,144

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.97%

3.50%,

11/17/2025

(e),(g),(h),(i)

22,400

22,198

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.97%

5.60%,

09/03/2054

(g),(h)

2,000

2,032

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.77%

Aon

Corp

8.21%,

01/01/2027

4,350

4,555

Argentum

Netherlands

BV

for

Swiss

Re

Ltd

5.63%,

08/15/2052

(h) 63,620

64,018

Month

USD

LIBOR

+

3.78%

Argentum

Netherlands

BV

for

Zurich

Insurance

Co

Ltd

5.13%,

06/01/2048

(h) 2,490

2,494

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.27%

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Insurance

(continued)

AXA

SA

5.13%,

01/17/2047

(h) $

500

$

502

Secured

Overnight

Financing

Rate

+

4.14%

Corebridge

Financial

Inc

6.38%,

09/15/2054

(h) 12,500

12,653

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.65%

6.88%,

12/15/2052

(h) 36,290

37,529

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),(h)

16,700

17,315

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.52%

Equitable

Holdings

Inc

6.70%,

03/28/2055

(h) 8,100

8,268

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.39%

Liberty

Mutual

Group

Inc

4.13%,

12/15/2051

(g),(h)

6,100

5,983

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.32%

7.80%,

03/07/2087

(g) 76,240

87,456

Month

USD

LIBOR

+

3.58%

Liberty

Mutual

Insurance

Co

7.70%,

10/15/2097

(a),(g)

5,025

5,631

Meiji

Yasuda

Life

Insurance

Co

5.80%,

09/11/2054

(g),(h)

19,000

19,349

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.03%

6.10%,

06/11/2055

(g),(h)

23,700

24,407

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.91%

MetLife

Capital

Trust

IV

7.88%,

12/15/2067

(g) 24,540

26,991

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.96%

MetLife

Inc

9.25%,

04/08/2068

(g) 53,475

63,550

Month

USD

LIBOR

+

5.54%

10.75%,

08/01/2069

50,413

67,390

Month

USD

LIBOR

+

7.55%

Mitsui

Sumitomo

Insurance

Co

Ltd

4.95%,

03/06/2029

(e),(h)

520

520

USD

Swap

Semi-Annual

Year

+

3.26%

4.95%,

03/06/2029

(e),(g),(h)

1,800

1,801

USD

Swap

Semi-Annual

Year

+

3.26%

MMI

Capital

Trust

I

7.63%,

12/15/2027

1,073

1,134

Muenchener

Rueckversicherungs-Gesellschaft

AG

in

Muenchen

5.88%,

05/23/2042

(a),(g),(h)

4,800

4,963

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.98%

5.88%,

05/23/2042

(h) 1,800

1,861

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.98%

Nationwide

Financial

Services

Inc

6.75%,

05/15/2087

70,995

71,085

Nippon

Life

Insurance

Co

2.75%,

01/21/2051

(g),(h)

3,200

2,859

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.65%

2.90%,

09/16/2051

(g),(h)

22,900

20,249

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.60%

4.70%,

01/20/2046

(g),(h)

5,000

4,987

USD

Swap

Rate

NY

Year

+

3.75%

Schedule

of

Investments

Spectrum

Preferred

and

Capital

Securities

Income

Fund

August

31,

2025

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Insurance

(continued)

Nippon

Life

Insurance

Co

(continued)

5.95%,

04/16/2054

(g),(h)

$

18,300

$

18,953

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.59%

Prudential

Financial

Inc

5.13%,

03/01/2052

(h) 1,000

980

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.16%

6.00%,

09/01/2052

(h) 23,400

24,144

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.23%

6.50%,

03/15/2054

(h) 8,285

8,708

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.40%

Reinsurance

Group

of

America

Inc

6.65%,

09/15/2055

(h) 7,100

7,232

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.39%

Sumitomo

Life

Insurance

Co

4.00%,

09/14/2077

(a),(g),(h)

4,700

4,627

Month

USD

LIBOR

+

2.99%

Swiss

RE

Subordinated

Finance

PLC

5.70%,

04/05/2035

(g),(h)

10,800

11,042

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.81%

6.19%,

04/01/2046

(g),(h)

2,000

2,017

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.13%

Zurich

Finance

Ireland

Designated

Activity

Co

3.00%,

04/19/2051

(h) 60,100

53,709

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.78%

$

743,381

Oil

&

Gas

-

.85

%

BP

Capital

Markets

PLC

4.88%,

03/22/2030

(e),(h)

21,762

21,573

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

4.40%

6.13%,

03/18/2035

(e),(h)

23,700

24,163

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.92%

$

45,736

Pipelines

-

.10

%

Enbridge

Inc

5.75%,

07/15/2080

(h) 59,201

59,127

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

5.31%

6.00%,

01/15/2077

(h) 28,981

29,060

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.15%

6.25%,

03/01/2078

(h) 34,882

35,100

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.90%

7.38%,

03/15/2055

(h) 5,000

5,253

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.12%

8.25%,

01/15/2084

(h) 2,000

2,130

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.79%

8.50%,

01/15/2084

(a),(h)

17,815

20,153

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

4.43%

Energy

Transfer

LP

6.75%,

02/15/2056

(h) 4,000

3,980

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.48%

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Pipelines

(continued)

Enterprise

Products

Operating

LLC

5.25%,

08/16/2077

(h) $

27,400

$

27,112

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.29%

TransCanada

PipeLines

Ltd

7.00%,

06/01/2065

(h) 12,100

12,273

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.61%

Transcanada

Trust

5.50%,

09/15/2079

(h) 28,000

27,583

Secured

Overnight

Financing

Rate

+

4.42%

$

221,771

REITs

-

.95

%

Scentre

Group

Trust

5.13%,

09/24/2080

(g),(h)

51,600

51,654

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

4.69%

Sovereign

-

.03

%

CoBank

ACB

4.25%,

01/01/2027

(e),(h)

1,000

965

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.05%

6.25%,

10/01/2026

(e),(h)

16,400

16,407

Month

USD

LIBOR

+

4.66%

6.45%,

10/01/2027

(e),(h)

11,400

11,536

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.49%

7.25%,

07/01/2029

(e),(h)

20,000

20,548

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.88%

Farm

Credit

Bank

of

Texas

7.75%,

06/15/2029

(e),(h)

6,000

6,247

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.29%

$

55,703

Telecommunications

-

.07

%

Vodafone

Group

PLC

5.13%,

06/04/2081

(h) 4,600

3,567

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.07%

TOTAL

BONDS

$

4,744,573

Total

Investments

$

5,423,831

Other

Assets

and

Liabilities

- (0.29)%

(15,515)

TOTAL

NET

ASSETS

-

100.00%

$

5,408,316

(a) Security

or

a

portion

of

the

security

was

on

loan. At

the

end

of

the

period,

the

value

of

these

securities

totaled

$83,963

or

1.55%

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

$86,869

or

1.61%

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) 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

$1,089,728

or

20.15%

of

net

assets.

(h) Rate

shown

is

as

of

period

end.

The

rate

may

be

a

variable

or

floating

rate

or

a

fixed

rate

which

may

convert

to

a

variable

or

floating

rate

in

the

future.

Schedule

of

Investments

Spectrum

Preferred

and

Capital

Securities

Income

Fund

August

31,

2025

See

accompanying

notes.

(i) Security

is

a

contingent

convertible

security,

("CoCo").

CoCo's

are

hybrid

debt

securities

that

may

convert

to

equity

or

have

their

principal

written

down

upon

occurrence

of

certain

"triggers".

At

the

end

of

the

period,

the

value

of

these

securities

totaled

$1,338,784

or

24.75%

of

net

assets.

Affiliated

Securities

August

31,

2024

Purchases

Sales

August

31,

2025

Value

Cost

Proceeds

Value

Principal

Government

Money

Market

Fund

-

Class

4.20%

$

172,326

$

3,039,537

$

3,104,079

$

107,784

$

172,326

$

3,039,537

$

3,104,079

$

107,784

Income

(a) Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Principal

Government

Money

Market

Fund

-

Class

4.20%

$

1,772

$

—

$

—

$

—

$

1,772

$

—

$

—

$

—

Amounts

in

thousands.

(a) Amount

excludes

earnings

from

securities

lending

collateral.

Foreign

Currency

Contracts

Unrealized

Appreciation/(Depreciation)

Counterparty

Settlement

Date

Currency

to

Accept

Currency

to

Deliver

Asset

Liability

JPMorgan

Chase

09/24/2025

$

EUR

$

—

$

—

Total

$

—

$

—

Amounts

in

thousands.

Glossary

to

the

Schedule

of

Investments

August

31,

2025

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

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

THB

Thai

Baht

TRY

Turkish

Lira

TWD

New

Taiwan

Dollar

USD/$

United

States

Dollar

UYU

Uruguayan

Peso

ZAR

South

African

Rand

Financial

Highlights

Principal

Funds,

Inc.

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

2025

$

.17

($

.14)

$

.28

$

.14

$

–

($

.06)

($

.06)

$

.25

2024

.44

(0

.07)

.80

.73

–

–

–

.17

2023

.35

(0

.08)

.37

.29

–

(0

.20)

(0

.20)

.44

2022

.59

(0

.12)

(10

.39)

(10

.51)

–

(2

.73)

(2

.73)

.35

2021

.85

(0

.18)

.06

.88

–

(1

.14)

(1

.14)

.59

Class

C

shares

2025

.28

(0

.43)

.60

.17

–

(2

.06)

(2

.06)

.39

2024

.63

(0

.33)

.98

.65

–

–

–

.28

2023

.18

(0

.27)

.92

.65

–

(0

.20)

(0

.20)

.63

2022

.91

(0

.35)

(9

.65)

(10

.00)

–

(2

.73)

(2

.73)

.18

2021

.01

(0

.42)

.46

.04

–

(1

.14)

(1

.14)

.91

Class

J

shares

2025

.11

(0

.07)

.46

.39

–

(2

.06)

(2

.06)

.44

2024

.11

–

.00

.00

–

–

–

.11

2023

.87

(0

.03)

.47

.44

–

(0

.20)

(0

.20)

.11

2022

.23

(0

.07)

(10

.56)

(10

.63)

–

(2

.73)

(2

.73)

.87

2021

.29

(0

.13)

.21

.08

–

(1

.14)

(1

.14)

.23

Institutional

shares

2025

.58

(0

.02)

.53

.51

(0

.01)

(2

.06)

(2

.07)

.02

2024

.44

.03

.11

.14

–

–

–

.58

2023

.11

.01

.52

.53

–

(0

.20)

(0

.20)

.44

2022

.51

(0

.02)

(10

.65)

(10

.67)

–

(2

.73)

(2

.73)

.11

2021

.47

(0

.08)

.26

.18

–

(1

.14)

(1

.14)

.51

shares

2025

.82

(0

.25)

.23

.98

–

(2

.06)

(2

.06)

.74

2024

.23

(0

.15)

.74

.59

–

–

–

.82

2023

.23

(0

.13)

.33

.20

–

(0

.20)

(0

.20)

.23

2022

.51

(0

.18)

(10

.37)

(10

.55)

–

(2

.73)

(2

.73)

.23

2021

.85

(0

.25)

.05

.80

–

(1

.14)

(1

.14)

.51

shares

2025

.01

(0

.10)

.44

.34

–

(2

.06)

(2

.06)

.29

2024

.06

(0

.03)

.98

.95

–

–

–

.01

2023

.84

(0

.04)

.46

.42

–

(0

.20)

(0

.20)

.06

2022

.20

(0

.09)

(10

.54)

(10

.63)

–

(2

.73)

(2

.73)

.84

2021

.29

(0

.14)

.19

.05

–

(1

.14)

(1

.14)

.20

shares

2025

.85

.03

.57

.60

(0

.05)

(2

.06)

(2

.11)

.34

2024

.63

.07

.16

.23

(0

.01)

–

(0

.01)

.85

2023

.24

.04

.55

.59

–

(0

.20)

(0

.20)

.63

2022

.64

.02

(10

.69)

(10

.67)

–

(2

.73)

(2

.73)

.24

2021

.54

(0

.05)

.29

.24

–

(1

.14)

(1

.14)

.64

Financial

Highlights

(Continued)

Principal

Funds,

Inc.

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

.50

%

(b) ,(c)

$

1,310,277

.92

%

(d) –

%

(0

.31)

%

.9

%

.25

(c) 1,200,724

.93

(d) –

(0

.18)

.7

.15

(c) 1,005,219

.96

(d) –

(0

.27)

.0

(26

.35)

(c) 850,509

.94

(d) –

(0

.35)

.0

.18

(c) 1,123,747

.91

(d) –

(0

.49)

.6

.63

(c) 333,921

.67

(d) –

(1

.05)

.9

.35

(c) 338,963

.66

(d) –

(0

.91)

.7

.24

(c) 288,734

.68

(d) –

(0

.99)

.0

(26

.86)

(c) 276,796

.66

(d) –

(1

.08)

.0

.26

(c) 411,694

.65

(d) –

(1

.23)

.6

.69

(c) 296,709

.75

(e) 0

.78

(f) (0

.14)

.9

.48

(c) 265,823

.75

(e) 0

.79

(f) (0

.01)

.7

.34

(c) 196,453

.79

(e) 0

.84

(f) (0

.10)

.0

(26

.23)

(c) 156,338

.77

(e) 0

.82

(f) (0

.18)

.0

.38

(c) 221,942

.77

(e) 0

.83

(f) (0

.35)

.6

.81

(b) 3,344,686

.66

(d) –

(0

.04)

.9

.61

3,198,677

.66

(d) –

.08

.7

.45

(b) 2,555,465

.66

(d) –

.03

.0

(26

.13)

(b) 2,473,139

.66

(d) –

(0

.06)

.0

.51

3,141,819

.65

(d) –

(0

.23)

.6

.23

24,846

.13

(d) –

(0

.56)

.9

.02

16,984

.13

(d) –

(0

.39)

.7

.92

11,611

.14

(d) –

(0

.44)

.0

(26

.50)

11,031

.13

(d) –

(0

.51)

.0

.94

11,204

.12

(d) –

(0

.70)

.6

.61

36,076

.82

(d) –

(0

.22)

.9

.38

25,653

.82

(d) –

(0

.08)

.7

.29

12,616

.83

(d) –

(0

.13)

.0

(26

.25)

7,938

.82

(d) –

(0

.25)

.0

.29

12,383

.81

(d) –

(0

.39)

.6

.90

6,203,029

.57

(d) –

.06

.9

.72

6,621,976

.57

(d) –

.18

.7

.61

5,405,192

.57

(d) –

.13

.0

(26

.08)

(b) 4,932,871

.56

(d) –

.05

.0

.66

(b) 6,134,030

.55

(d) –

(0

.14)

.6

(a) Calculated

based

on

average

shares

outstanding

during

the

period.

(b) 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.

(c) Total

return

is

calculated

without

the

front-end

sales

charge

or

contingent

deferred

sales

charge,

if

applicable.

(d) Subject

to

Manager's

contractual

expense

limit.

(e) Subject

to

Manager's

contractual

expense

limit

and/or

Distributor's

voluntary

distribution

fee

limit.

(f) Excludes

expense

reimbursement

from

Manager

and/or

Distributor.

Financial

Highlights

Principal

Funds,

Inc.

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

2025

$

.54

$

.32

($

.11)

$

.21

($

.27)

$

–

($

.27)

$

.48

2024

.30

.30

.26

.56

(0

.32)

–

(0

.32)

.54

2023

.56

.26

(0

.41)

(0

.15)

(0

.11)

–

(0

.11)

.30

2022

.89

.15

(1

.32)

(1

.17)

(0

.13)

(0

.03)

(0

.16)

.56

2021

.79

.15

(0

.19)

(0

.04)

(0

.64)

(1

.22)

(1

.86)

.89

Institutional

shares

2025

.75

.35

(0

.10)

.25

(0

.30)

–

(0

.30)

.70

2024

.51

.33

.26

.59

(0

.35)

–

(0

.35)

.75

2023

.77

.30

(0

.42)

(0

.12)

(0

.14)

–

(0

.14)

.51

2022

.12

.18

(1

.33)

(1

.15)

(0

.17)

(0

.03)

(0

.20)

.77

2021

.03

.19

(0

.20)

(0

.01)

(0

.68)

(1

.22)

(1

.90)

.12

shares

2025

.53

.29

(0

.10)

.19

(0

.25)

–

(0

.25)

.47

2024

.30

.28

.26

.54

(0

.31)

–

(0

.31)

.53

2023

.55

.24

(0

.40)

(0

.16)

(0

.09)

–

(0

.09)

.30

2022

.86

.13

(1

.31)

(1

.18)

(0

.10)

(0

.03)

(0

.13)

.55

2021

.78

.12

(0

.20)

(0

.08)

(0

.62)

(1

.22)

(1

.84)

.86

shares

2025

.59

.32

(0

.11)

.21

(0

.28)

–

(0

.28)

.52

2024

.36

.30

.26

.56

(0

.33)

–

(0

.33)

.59

2023

.61

.27

(0

.40)

(0

.13)

(0

.12)

–

(0

.12)

.36

2022

.94

.16

(1

.32)

(1

.16)

(0

.14)

(0

.03)

(0

.17)

.61

2021

.85

.16

(0

.20)

(0

.04)

(0

.65)

(1

.22)

(1

.87)

.94

Financial

Highlights

(Continued)

Principal

Funds,

Inc.

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

.64

%

(b) $

37,437

.43

%

(c) 0

.44

%

(d) 3

.78

%

.1

%

.87

(b) 30,934

.47

(c) 0

.50

(d) 3

.59

.0

(1

.79)

(b) 29,452

.55

(c) 0

.59

(d) 3

.08

.7

(11

.95)

(b) 32,188

.48

(c) 0

.52

(d) 1

.61

.4

(0

.44)

(b) 36,254

.48

(c) 0

.52

(d) 1

.42

.7

.01

2,755,411

.13

(e) –

.09

.1

.12

2,238,719

.14

(e) –

.92

.0

(1

.38)

2,434,617

.14

(e) –

.50

.7

(11

.58)

1,858,811

.15

(e) –

.97

.4

(0

.18)

831,018

.14

(e) –

.77

.7

.37

8,123

.70

(e) –

.51

.1

.55

8,756

.70

(e) –

.36

.0

(2

.02)

(f) 8,995

.70

(e) –

.94

.7

(11

.99)

(f) 8,056

.71

(e) –

.38

.4

(0

.84)

11,264

.70

(e) –

.18

.7

.63

15,780

.39

(e) –

.82

.1

.86

9,620

.39

(e) –

.66

.0

(1

.56)

9,718

.39

(e) –

.24

.7

(11

.84)

10,475

.40

(e) –

.68

.4

(0

.44)

14,572

.39

(e) –

.50

.7

(a) Calculated

based

on

average

shares

outstanding

during

the

period.

(b) Total

return

is

calculated

without

the

front-end

sales

charge

or

contingent

deferred

sales

charge,

if

applicable.

(c) Subject

to

Manager's

contractual

expense

limit

and/or

Distributor's

voluntary

distribution

fee

limit.

(d) Excludes

expense

reimbursement

from

Manager

and/or

Distributor.

(e) Subject

to

Manager's

contractual

expense

limit.

(f) Total

return

is

calculated

using

the

traded

net

asset

value

which

may

differ

from

the

reported

net

asset

value.

The

traded

net

asset

value

is

the

net

asset

value

which

a

shareholder

would

have

paid

or

received

from

a

subscription

or

redemption.

Financial

Highlights

Principal

Funds,

Inc.

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

2025

$

.41

$

.51

$

.27

$

.78

($

.56)

($

.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.

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

.51

%

$

1,074,740

.00

%

(b) 5

.37

%

.4

%

.53

1,201,579

.00

(b) 5

.38

.7

(0

.52)

1,041,534

.00

(b) 5

.34

.7

(10

.24)

1,143,647

.00

(b) 4

.40

.0

.77

1,167,754

.00

(b) 4

.34

.2

(a) Calculated

based

on

average

shares

outstanding

during

the

period.

(b) Subject

to

Manager's

contractual

expense

limit.

Financial

Highlights

Principal

Funds,

Inc.

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

2025

$

.62

$

.29

$

.42

$

.71

($

.21)

$

–

($

.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

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

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

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.

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

.18

%

(c) $

44,013

.20

%

(d) ,(e)

.50

%

.9

%

.27

(c) 49,508

.20

(d) 2

.81

.0

(3

.63)

(c) 73,729

.20

(d) 2

.46

.4

.95

(c) 150,176

.20

(d) 2

.34

.9

.79

(c) 83,941

.20

(d) 1

.74

.0

.59

1,314,610

.84

(d) ,(e)

.85

.9

.61

1,517,536

.83

(d) 3

.20

.0

(3

.32)

2,002,048

.83

(d) 2

.93

.4

.35

2,624,597

.83

(d) 2

.61

.9

.18

2,086,484

.83

(d) 1

.97

.0

.99

.36

(e) 2

.40

.9

.76

.35

.90

.0

(3

.83)

.34

(d) 2

.47

.4

.89

.33

(d) 2

.06

.9

.47

.34

(d) 1

.49

.0

.64

1,086,421

.79

(d) ,(e)

.89

.9

.78

1,550,184

.78

(d) 3

.27

.0

(3

.26)

1,416,444

.77

(d) 2

.96

.4

.45

1,853,422

.77

(d) 2

.61

.9

.14

2,213,151

.78

(d) 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) Total

return

is

calculated

without

the

front-end

sales

charge

or

contingent

deferred

sales

charge,

if

applicable.

(d) Subject

to

Manager's

contractual

expense

limit.

(e) 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.

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

EDGE

MIDCAP

FUND

Class

A

shares

2025

$

.15

$

.05

$

.56

$

.61

($

.07)

($

.31)

($

.38)

$

.38

2024

.65

.08

.61

.69

(0

.13)

(0

.06)

(0

.19)

.15

2023

.95

.09

.19

.28

(0

.31)

(1

.27)

(1

.58)

.65

2022

.61

.05

(1

.99)

(1

.94)

(0

.04)

(4

.68)

(4

.72)

.95

2021

.76

.02

.61

.63

(0

.05)

(0

.73)

(0

.78)

.61

Institutional

shares

2025

.29

.09

.57

.66

(0

.12)

(0

.31)

(0

.43)

.52

2024

.76

.12

.64

.76

(0

.17)

(0

.06)

(0

.23)

.29

2023

.05

.13

.20

.33

(0

.35)

(1

.27)

(1

.62)

.76

2022

.71

.10

(2

.00)

(1

.90)

(0

.08)

(4

.68)

(4

.76)

.05

2021

.83

.08

.62

.70

(0

.09)

(0

.73)

(0

.82)

.71

shares

2025

.36

.11

.57

.68

(0

.13)

(0

.31)

(0

.44)

.60

2024

.83

.14

.63

.77

(0

.18)

(0

.06)

(0

.24)

.36

2023

.11

.15

.20

.35

(0

.36)

(1

.27)

(1

.63)

.83

2022

.78

.11

(2

.00)

(1

.89)

(0

.10)

(4

.68)

(4

.78)

.11

2021

.88

.09

.65

.74

(0

.11)

(0

.73)

(0

.84)

.78

Financial

Highlights

(Continued)

Principal

Funds,

Inc.

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

.90

%

(b) ,(c)

$

13,969

.10

%

(d) 0

.38

%

.4

%

.58

(c) 17,524

.10

(d) 0

.68

.6

.20

(c) 17,724

.10

(d) 0

.84

.3

(13

.95)

(c) 16,564

.10

(d) 0

.38

.1

.16

(c) 21,225

.10

(d) 0

.13

.4

.13

25,962

.77

(d) 0

.72

.4

.04

37,068

.77

(d) 1

.01

.6

.51

30,598

.77

(d) 1

.15

.3

(13

.65)

61,125

.77

(d) 0

.70

.1

.55

112,703

.77

(d) 0

.46

.4

.34

(b) 12,968

.67

(d) 0

.82

.4

.06

22,758

.67

(d) 1

.12

.6

.66

28,053

.67

(d) 1

.26

.3

(13

.54)

33,326

.66

(d) 0

.79

.1

.68

451,070

.65

(d) 0

.57

.4

(a) Calculated

based

on

average

shares

outstanding

during

the

period.

(b) 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.

(c) Total

return

is

calculated

without

the

front-end

sales

charge

or

contingent

deferred

sales

charge,

if

applicable.

(d) Subject

to

Manager's

contractual

expense

limit.

Financial

Highlights

Principal

Funds,

Inc.

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

(c) Institutional

shares

2025

$

.35

$

.23

$

.63

$

.86

($

.27)

($

.34)

($

.61)

$

.60

2024

.40

.29

.46

.75

(0

.29)

(0

.51)

(0

.80)

.35

2023(d)

.00

.29

.24

.53

(0

.08)

(0

.05)

(0

.13)

.40

Financial

Highlights

(Continued)

Principal

Funds,

Inc.

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

.28

%

$

123,464

.74

%

(b) 1

.98

%

.7

%

.62

19,595

.88

(b) 2

.83

.8

.26

(e) 16,009

.88

(b) ,(f)

.84

(f) 46

.3

(f) (a) Calculated

based

on

average

shares

outstanding

during

the

period.

(b) Subject

to

Manager's

contractual

expense

limit.

(c) Effective

June

20,

2025,

Global

Sustainable

Listed

Infrastructure

Fund

changed

its

name

to

Global

Listed

Infrastructure

Fund.

(d) Period

from

September

22,

2022,

date

operations

commenced,

through

August

31,

2023. (e) Total

return

amounts

have

not

been

annualized.

(f) Computed

on

an

annualized

basis.

Financial

Highlights

Principal

Funds,

Inc.

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

2025

$

.92

$

.28

$

.46

$

.74

($

.13)

$

–

($

.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

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

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.

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

.87

%

(c) $

33,588

.78

%

.75

%

(d) 2

.53

%

.7

%

.65

(c) 35,790

.04

(e) 1

.89

(d) ,(e)

.20

.9

.79

(c) 38,521

.27

(f) 2

.04

(d) ,(f)

.13

.0

(2

.60)

(c) 38,252

.41

(f) 2

.08

(d) ,(f)

.47

.2

.71

(c) ,(g)

39,485

.60

(f) 2

.12

(d) ,(f)

.30

.8

.29

265,373

.44

(f) 1

.41

(d) ,(f)

.87

.7

.09

256,208

.61

(e) ,(f)

.46

(d) ,(e)

,(f)

.67

.9

.35

343,287

.77

(f) 1

.54

(d) ,(f)

.63

.0

(2

.19)

364,886

.96

(f) 1

.63

(d) ,(f)

.92

.2

.27

(g) 351,188

.16

(f) 1

.63

(d) ,(f)

.89

.8

.37

130,591

.33

(f) 1

.30

(d) ,(f)

.98

.7

.08

122,722

.56

(e) ,(f)

.41

(d) ,(e)

,(f)

.54

.9

.35

69,004

.74

(f) 1

.51

(d) ,(f)

.65

.0

(2

.10)

76,481

.91

(f) 1

.58

(d) ,(f)

.88

.2

.37

173,029

.08

(f) 1

.58

(d) ,(f)

.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) Total

return

is

calculated

without

the

front-end

sales

charge

or

contingent

deferred

sales

charge,

if

applicable.

(d) 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.

(e) 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.

(f) Subject

to

Manager's

contractual

expense

limit.

(g) Total

return

is

calculated

using

the

traded

net

asset

value

which

may

differ

from

the

reported

net

asset

value.

The

traded

net

asset

value

is

the

net

asset

value

which

a

shareholder

would

have

paid

or

received

from

a

subscription

or

redemption.

Financial

Highlights

Principal

Funds,

Inc.

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

2025

$

.44

$

.34

$

.21

$

.55

($

.39)

($

.12)

($

.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

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

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

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.

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

.45

%

$

82,259

.31

%

(b) ,(c)

.77

%

.1

%

.71

85,820

.33

(b) ,(d)

.79

.5

.18

65,622

.32

(b) ,(e)

.93

.5

(20

.27)

41,036

.32

(b) ,(c)

.09

.1

.03

50,246

.31

(b) 2

.38

.7

.76

13,831

.87

(c) 2

.22

.1

.08

13,494

.89

(d) 2

.18

.5

.50

12,167

.89

(e) 2

.35

.5

(20

.75)

10,683

.88

(c) 2

.47

.1

.42

16,698

.88

.75

.7

.17

31,759

.56

(c) 2

.59

.1

.43

16,208

.58

(d) 2

.49

.5

.87

14,032

.58

(e) 2

.68

.5

(20

.45)

13,153

.57

(c) 2

.82

.1

.66

18,863

.57

.08

.7

.43

564,302

.29

(b) ,(c)

.87

.1

.78

1,075,562

.31

(b) ,(d)

.75

.5

.16

1,130,368

.30

(b) ,(e)

.89

.5

(20

.25)

912,444

.30

(b) ,(c)

.10

.1

.14

1,151,273

.29

(b) 2

.35

.7

(a) Calculated

based

on

average

shares

outstanding

during

the

period.

(b) Subject

to

Manager's

contractual

expense

limit.

(c) 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.

(d) 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.

(e) 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.

Financial

Highlights

Principal

Funds,

Inc.

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

2025

$

.88

$

.16

$

.67

$

.83

($

.39)

$

–

($

.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

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.

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

.76

%

$

24,458

.08

%

(b) 1

.48

%

.2

%

.01

29,913

.08

(b) 1

.58

.7

.91

36,678

.11

(b) 1

.72

.8

(27

.62)

49,278

.16

(b) 1

.81

.4

.27

94,066

.19

(b) 0

.96

.6

.83

482,645

.04

(b) 1

.48

.2

.07

712,855

.03

(b) 1

.71

.7

.06

669,829

.05

(b) 1

.82

.8

(27

.61)

655,371

.08

(b) 2

.00

.4

.27

1,087,460

.08

(b) 1

.11

.6

(a) Calculated

based

on

average

shares

outstanding

during

the

period.

(b) Subject

to

Manager's

contractual

expense

limit.

Financial

Highlights

Principal

Funds,

Inc.

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

2025

$

.82

$

.41

($

.62)

($

.21)

($

.43)

($

.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

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.

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

(2

.26)

%

(b) ,(c)

$

30,644

.07

%

(d) ,(e)

.84

%

(d) ,(e)

,(f)

.27

%

.7

%

.89

(b) ,(c)

34,864

.08

(d) ,(e)

.85

(d) ,(e)

,(f)

.28

.1

.33

(c) 41,241

.05

(d) 0

.84

(d) ,(f)

.17

.4

(13

.42)

(c) 49,013

.90

(d) 0

.84

(d) ,(f)

.32

.4

.43

(c) 59,266

.88

(d) 0

.84

(d) ,(f)

.26

.0

(2

.00)

(b) 128,029

.80

(d) ,(e)

.57

(d) ,(e)

,(f)

.56

.7

.19

(b) 118,866

.80

(d) ,(e)

.57

(d) ,(e)

,(f)

.55

.1

.72

94,169

.77

(d) 0

.56

(d) ,(f)

.44

.4

(13

.25)

90,215

.62

(d) 0

.56

(d) ,(f)

.57

.4

.73

116,210

.60

(d) 0

.56

(d) ,(f)

.52

.0

(a) Calculated

based

on

average

shares

outstanding

during

the

period.

(b) 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.

(c) Total

return

is

calculated

without

the

front-end

sales

charge

or

contingent

deferred

sales

charge,

if

applicable.

(d) Subject

to

Manager's

contractual

expense

limit.

(e) Includes

0.01%

of

interest

expense

associated

with

borrowings.

The

expense

is

not

subject

to

the

Manager's

contractual

expense

limit.

(f) Excludes

interest

expense

and

fees

paid

through

inverse

floater

agreements.

See

"Operating

Policies"

in

notes

to

financial

statements.

Financial

Highlights

Principal

Funds,

Inc.

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

2025

$

.19

$

.21

$

.00

$

.21

($

.22)

($

.60)

($

.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

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

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

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.

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

.42

%

(b) $

180,264

.12

%

(c) 1

.11

%

.9

%

.36

(b) 178,959

.12

(c) 1

.37

.3

.11

(b) 156,039

.12

(c) 1

.43

.5

(5

.31)

(b) 145,799

.12

(c) 1

.17

.1

.42

(b) 148,411

.12

(c) 0

.70

.6

.64

(b) 16,216

.87

(c) 0

.35

.9

.49

(b) 23,495

.87

(c) 0

.62

.3

.34

(b) 29,705

.87

(c) 0

.66

.5

(6

.09)

(b) 45,460

.87

(c) 0

.39

.1

.44

(b) 69,017

.87

(c) (0

.03)

.6

.66

727,740

.85

(c) 1

.38

.9

.74

753,140

.85

(c) 1

.64

.3

.42

698,401

.85

(c) 1

.69

.5

(5

.08)

749,448

.85

(c) 1

.44

.1

.89

833,344

.85

(c) 1

.02

.6

.80

694,323

.78

(c) 1

.46

.9

.77

536,538

.79

(c) 1

.71

.3

.49

401,595

.79

(c) 1

.75

.5

(5

.05)

120,396

.80

(c) 1

.54

.1

.03

61,986

.79

(c) 0

.93

.6

(a) Calculated

based

on

average

shares

outstanding

during

the

period.

(b) Total

return

is

calculated

without

the

front-end

sales

charge

or

contingent

deferred

sales

charge,

if

applicable.

(c) Subject

to

Manager's

contractual

expense

limit.

Financial

Highlights

Principal

Funds,

Inc.

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

2025

$

.31

$

.43

$

.18

$

.61

($

.49)

($

.49)

$

.43

2024

.68

.41

.68

.09

(0

.46)

(0

.46)

.31

2023

.13

.39

(0

.38)

.01

(0

.46)

(0

.46)

.68

2022

.64

.37

(1

.44)

(1

.07)

(0

.44)

(0

.44)

.13

2021

.32

.38

.36

.74

(0

.42)

(0

.42)

.64

Class

C

shares

2025

.31

.36

.18

.54

(0

.42)

(0

.42)

.43

2024

.67

.34

.69

.03

(0

.39)

(0

.39)

.31

2023

.13

.33

(0

.40)

(0

.07)

(0

.39)

(0

.39)

.67

2022

.64

.30

(1

.45)

(1

.15)

(0

.36)

(0

.36)

.13

2021

.31

.30

.37

.67

(0

.34)

(0

.34)

.64

Class

J

shares

2025

.98

.42

.17

.59

(0

.50)

(0

.50)

.07

2024

.38

.40

.67

.07

(0

.47)

(0

.47)

.98

2023

.83

.38

(0

.37)

.01

(0

.46)

(0

.46)

.38

2022

.32

.36

(1

.41)

(1

.05)

(0

.44)

(0

.44)

.83

2021

.01

.37

.37

.74

(0

.43)

(0

.43)

.32

Institutional

shares

2025

.23

.45

.17

.62

(0

.51)

(0

.51)

.34

2024

.60

.43

.68

.11

(0

.48)

(0

.48)

.23

2023

.05

.41

(0

.38)

.03

(0

.48)

(0

.48)

.60

2022

.56

.39

(1

.44)

(1

.05)

(0

.46)

(0

.46)

.05

2021

.24

.40

.37

.77

(0

.45)

(0

.45)

.56

shares

2025

.16

.41

.17

.58

(0

.47)

(0

.47)

.27

2024

.54

.38

.68

.06

(0

.44)

(0

.44)

.16

2023

.98

.37

(0

.37)

–

(0

.44)

(0

.44)

.54

2022

.48

.35

(1

.43)

(1

.08)

(0

.42)

(0

.42)

.98

2021

.16

.35

.37

.72

(0

.40)

(0

.40)

.48

shares

2025

.17

.43

.18

.61

(0

.50)

(0

.50)

.28

2024

.55

.41

.68

.09

(0

.47)

(0

.47)

.17

2023

.01

.40

(0

.39)

.01

(0

.47)

(0

.47)

.55

2022

.51

.38

(1

.43)

(1

.05)

(0

.45)

(0

.45)

.01

2021

.19

.39

.36

.75

(0

.43)

(0

.43)

.51

shares

2025

.22

.46

.17

.63

(0

.52)

(0

.52)

.33

2024

.60

.44

.67

.11

(0

.49)

(0

.49)

.22

2023

.05

.42

(0

.38)

.04

(0

.49)

(0

.49)

.60

2022

.55

.40

(1

.43)

(1

.03)

(0

.47)

(0

.47)

.05

2021

.24

.41

.36

.77

(0

.46)

(0

.46)

.55

Financial

Highlights

(Continued)

Principal

Funds,

Inc.

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

.74

%

(b) $

633,867

.04

%

–

%

.66

%

.8

%

.92

(b) 704,729

.04

–

.59

.3

.23

(b) 697,257

.05

–

.50

.5

(10

.28)

(b) 808,228

.03

–

.78

.4

.32

(b) 971,310

.04

–

.62

.6

.92

(b) 118,501

.81

–

.89

.8

.18

(b) 134,526

.80

–

.83

.3

(0

.66)

(b) 147,896

.82

–

.74

.5

(10

.98)

(b) 180,824

.79

–

.01

.4

.58

(b) 256,799

.79

–

.89

.6

.72

(b) 33,203

.99

(c) 0

.99

(d) 4

.71

.8

.10

(b) 34,095

.99

(c) 1

.01

(d) 4

.63

.3

.24

(b) 31,131

.06

(c) 1

.08

(d) 4

.49

.5

(10

.38)

(b) 36,128

.01

(c) 1

.03

(d) 3

.80

.4

.50

(b) 42,288

.00

(c) 1

.02

(d) 3

.68

.6

.95

3,719,221

.80

–

.90

.8

.32

4,396,219

.80

–

.82

.3

.48

3,930,780

.81

(e) –

.74

.5

(10

.14)

4,213,593

.79

(e) –

.01

.4

.64

5,472,494

.79

(e) –

.87

.6

.51

2,206

.27

–

.43

.8

.76

1,747

.27

–

.36

.3

.11

1,981

.27

–

.26

.5

(10

.53)

7,838

.26

–

.64

.4

.20

2,521

.26

–

.38

.6

.82

3,529

.96

–

.71

.8

.10

2,553

.96

–

.65

.3

.21

1,987

.96

–

.59

.5

(10

.24)

2,726

.95

–

.82

.4

.51

4,126

.95

–

.72

.6

.06

897,789

.70

–

.99

.8

.31

959,105

.71

–

.92

.3

.59

941,791

.70

–

.85

.5

(9

.97)

1,228,160

.70

–

.11

.4

.64

1,706,467

.70

(e) –

.97

.6

(a) Calculated

based

on

average

shares

outstanding

during

the

period.

(b) Total

return

is

calculated

without

the

front-end

sales

charge

or

contingent

deferred

sales

charge,

if

applicable.

(c) Subject

to

Manager's

contractual

expense

limit

and/or

Distributor's

voluntary

distribution

fee

limit.

(d) Excludes

expense

reimbursement

from

Manager

and/or

Distributor.

(e) Subject

to

Manager's

contractual

expense

limit.

Report

of

Independent

Registered

Public

Accounting

Firm

To

the

Shareholders

of

Blue

Chip

Fund,

Bond

Market

Index

Fund,

Capital

Securities

Fund,

Diversified

Real

Asset

Fund,

Edge

MidCap

Fund,

Global

Listed

Infrastructure

Fund

(formerly

Global

Sustainable

Listed

Infrastructure

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

and

the

Board

of

Directors

of

Principal

Funds,

Inc.

Opinion

on

the

Financial

Statements

We

have

audited

the

accompanying

consolidated

statements

of

assets

and

liabilities

of

Diversified

Real

Asset

Fund

and

Global

Multi-Strategy

Fund

(two

of

the

funds

constituting

Principal

Funds,

Inc.

(the

"Fund")),

including

the

consolidated

schedules

of

investments,

as

of

August

31,

2025,

and

the

related

consolidated

statements

of

operations

and

changes

in

net

assets,

and

the

consolidated

financial

highlights

for

each

of

the

periods

indicated

in

the

table

below

and

the

related

notes

(collectively

referred

to

as

the

"consolidated

financial

statements").

We

have

also

audited

the

accompanying

statements

of

assets

and

liabilities

of

Blue

Chip

Fund,

Bond

Market

Index

Fund,

Capital

Securities

Fund,

Edge

MidCap

Fund,

Global

Listed

Infrastructure

Fund

(formerly

Global

Sustainable

Listed

Infrastructure

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

(collectively,

together

with

Diversified

Real

Asset

Fund

and

Global

Multi-Strategy

Fund,

referred

to

as

the

"Funds")

(10

of

the

funds

constituting

the

"Fund"),

including

the

schedules

of

investments,

as

of

August

31,

2025,

and

the

related

statements

of

operations

and

changes

in

net

assets,

and

the

financial

highlights

for

each

of

the

periods

indicated

in

the

table

below

and

the

related

notes

(collectively,

together

with

the

consolidated

financial

statements,

referred

to

as

the

"financial

statements").

In

our

opinion,

the

financial

statements

present

fairly,

in

all

material

respects,

the

financial

position

of

each

of

the

Funds

(12

of

the

funds

constituting

the

Fund)

at

August

31,

2025,

and

the

results

of

their

operations,

changes

in

net

assets

and

financial

highlights

for

each

of

the

periods

indicated

in

the

table

below,

in

conformity

with

U.S.

generally

accepted

accounting

principles.

Basis

for

Opinion

These

financial

statements

are

the

responsibility

of

the

Fund's

management.

Our

responsibility

is

to

express

an

opinion

on

each

of

the

Funds'

financial

statements

based

on

our

audits.

We

are

a

public

accounting

firm

registered

with

the

Public

Company

Accounting

Oversight

Board

(United

States)

("PCAOB")

and

are

required

to

be

independent

with

respect

to

the

Fund

in

accordance

with

the

U.S.

federal

securities

laws

and

the

applicable

rules

and

regulations

of

the

Securities

and

Exchange

Commission

and

the

PCAOB.

We

conducted

our

audits

in

accordance

with

the

standards

of

the

PCAOB.

Those

standards

require

that

we

plan

and

perform

the

audit

to

obtain

reasonable

assurance

about

whether

the

financial

statements

are

free

of

material

misstatement,

whether

due

to

error

or

fraud.

The

Fund

is

not

required

to

have,

nor

were

we

engaged

to

perform,

an

audit

of

the

Fund's

internal

control

over

financial

reporting.

As

part

of

our

audits,

we

are

required

to

obtain

an

understanding

of

internal

control

over

financial

reporting

but

not

for

the

purpose

of

expressing

an

opinion

on

the

effectiveness

of

the

Fund's

internal

control

over

financial

reporting.

Accordingly,

we

express

no

such

opinion.

Our

audits

included

performing

procedures

to

assess

the

risks

of

material

misstatement

of

the

financial

statements,

whether

due

to

error

or

fraud,

and

performing

procedures

that

respond

to

those

risks.

Such

procedures

included

examining,

on

a

test

basis,

evidence

regarding

the

amounts

Individual

fund

constituting

the

Fund

Statement

of

operations

Statements

of

changes

in

net

assets

Financial

highlights

Blue

Chip

Fund

Bond

Market

Index

Fund

Capital

Securities

Fund

Diversified

Real

Asset

Fund

Edge

MidCap

Fund

Global

Multi-Strategy

Fund

International

Equity

Index

Fund

International

Small

Company

Fund

Opportunistic

Municipal

Fund

Small-MidCap

Dividend

Income

Fund

Spectrum

Preferred

and

Capital

Securities

Income

Fund

For

the

year

ended

August

31,

2025

For

each

of

the

two

years

in

the

period

ended

August

31,

2025

For

each

of

the

five

years

in

the

period

ended

August

31,

2025

Global

Listed

Infrastructure

Fund

(formerly

Global

Sustainable

Listed

Infrastructure

Fund)

For

the

year

ended

August

31,

2025

For

each

of

the

two

years

in

the

period

ended

August

31,

2025

For

each

of

the

two

years

in

the

period

ended

August

31,

2025

and

the

period

from

September

22,

2022

(commencement

of

operations)

through

August

31,

2023

Report

of

Independent

Registered

Public

Accounting

Firm

and

disclosures

in

the

financial

statements.

Our

procedures

included

confirmation

of

securities

owned

as

of

August

31,

2025,

by

correspondence

with

the

custodian,

agent

banks,

transfer

agents

and

brokers;

when

replies

were

not

received

from

agent

banks,

transfer

agents

and

brokers,

we

performed

other

auditing

procedures.

Our

audits

also

included

evaluating

the

accounting

principles

used

and

significant

estimates

made

by

management,

as

well

as

evaluating

the

overall

presentation

of

the

financial

statements.

We

believe

that

our

audits

provide

a

reasonable

basis

for

our

opinion.

We

have

served

as

the

auditor

of

one

or

more

Principal

investment

companies

since

1969. Minneapolis,

Minnesota

October

23,

2025

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

July

2025,

August

2025

and

September

2025

for

which

a

portion

is

estimated

to

be

in

excess

of

the

Fund's

current

and

accumulated

net

income.

As

of

these

month

ends,

the

estimated

sources

of

these

distributions

were

as

follows:

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.

July

2025

Fund

Net

Income

Realized

Gain

Capital

Sources

Opportunistic

Municipal

Fund

93.03%

0.00%

6.97%

August

2025

Fund

Net

Income

Realized

Gain

Capital

Sources

Opportunistic

Municipal

Fund

86.18%

0.00%

13.82%

September

2025

Fund

Net

Income

Realized

Gain

Capital

Sources

Diversified

Real

Asset

Fund

99.10%

0.00%

0.90%

Opportunistic

Municipal

Fund

91.83 0.00 8.17 Federal

Income

Tax

Information

Principal

Funds,

Inc.

August

31,

2025

(unaudited)

Long-Term

Capital

Gain

Dividends.

Certain

funds

distributed

long-term

capital

gain

dividends

during

the

fiscal

year

ended

August

31,

2025

.

Details

of

designated

long-term

capital

gain

dividends

for

federal

income

tax

purposes

are

shown

in

the

Notes

to

Financial

Statements.

To

the

extent

necessary

to

distribute

such

capital

gains,

certain

funds

may

also

utilize,

and

hereby

designate,

earnings

and

profits

distributed

to

shareholders

on

redemptions

of

shares

as

part

of

the

Dividends

Paid

Deduction.

Dividends

Received

Deduction

("DRD").

For

corporate

shareholders,

the

funds

designate

the

following

percentage

of

taxable

ordinary

income

distributions

\*

,

or

up

to

the

maximum

amount

allowable,

as

DRD

eligible

for

the

calendar

year

ended

December

31,

2024

:

\*For

purposes

of

calculating

DRD,

"ordinary

income

distributions"

includes

dividend

distributions,

short

term

capital

gains

distributions,

and

foreign

taxes

paid.

Qualified

Dividend

Income

("QDI").

Certain

dividends

paid

by

the

funds

may

be

subject

to

a

maximum

tax

rate

of

20%.

The

funds

designate

the

following

as

a

percentage

of

taxable

ordinary

income

distributions

(dividend

income

and

short-term

gains,

if

any),

or

up

to

the

maximum

amount

allowable,

as

QDI

eligible

for

the

calendar

year

ended

December

31,

2024

:

Foreign

Taxes

Paid.

The

following

funds

elect

under

the

Internal

Revenue

Code

("IRC")

Section

853

to

pass

through

foreign

taxes

paid

to

their

shareholders.

The

funds

designated

the

following

for

federal

income

tax

purposes

for

distributions

made

during

the

taxable

year

ended

August

31,

2025

:

St

Section

163(j)

Interest

Dividends.

The

funds

below

intend

to

pass

through

Section

163(j)

Interest

Dividends

as

defined

in

Proposed

Treasury

Regulation

§1.163(j)-1(b).

The

funds

designate

the

following

as

a

percentage

of

taxable

ordinary

income

distributions

(dividend

income

and

short-term

gains,

if

any),

or

up

to

the

maximum

amount

allowable,

as

163(j)

eligible

for

the

calendar

year

ended

December

31,

2024

:

DRD

Blue

Chip

Fund

100.00 %

Bond

Market

Index

Fund

0.00 Capital

Securities

Fund

37.87 Diversified

Real

Asset

Fund

21.31 Edge

MidCap

Fund

100.00 Global

Listed

Infrastructure

Fund

41.82 Global

Multi-Strategy

Fund

27.39 International

Equity

Index

Fund

0.00 International

Small

Company

Fund

0.00 Opportunistic

Municipal

Fund

0.00 Small-

MidCap

Dividend

Income

Fund

94.28 Spectrum

Preferred

and

Capital

Securities

Income

Fund

40.23 QDI

Blue

Chip

Fund

100.00 %

Bond

Market

Index

Fund

0.00 Capital

Securities

Fund

68.00 Diversified

Real

Asset

Fund

56.22 Edge

MidCap

Fund

100.00 Global

Listed

Infrastructure

Fund

88.15 Global

Multi-Strategy

Fund

37.24 International

Equity

Index

Fund

85.82 International

Small

Company

Fund

68.67 Opportunistic

Municipal

Fund

0.00 Small-

MidCap

Dividend

Income

Fund

98.77 Spectrum

Preferred

and

Capital

Securities

Income

Fund

78.43 Foreign

Taxes

Per

Share

Global

Multi-Strategy

Fund

$

0.0015 International

Equity

Index

Fund

0.0180 International

Small

Company

Fund

0.0254 163(j)

Interest

Dividends

Bond

Market

Index

Fund

98.95 %

Federal

Income

Tax

Information

Principal

Funds,

Inc.

August

31,

2025

(unaudited)

In

early

2025,

if

applicable,

shareholders

of

record

received

the

above

information

on

QDI,

Foreign

Tax

Credit,

and

Section

199A

for

the

distribution

paid

to

them

by

the

funds

during

the

calendar

year

2024

via

Form

1099. The

funds

will

notify

shareholders

in

early

2026

of

amounts

paid

to

them

by

the

funds,

if

any,

during

the

calendar

year

2025

.

This

information

is

given

to

meet

certain

requirements

of

the

IRC

and

should

not

be

used

by

shareholders

for

preparing

their

income

tax

returns.

For

tax

return

preparation

purposes,

please

refer

to

the

information

supplied

with

the

1099-DIV

form

you

will

receive

from

the

fund's

transfer

agent.

The

latest

tax

reporting

supplement

is

available

on

Principal's

Tax

Center

website.

Website:

https://www.principal.com/individuals/dividends-capital-gains-distributions

Please

consult

your

tax

advisor

if

you

have

any

questions.

163(j)

Interest

Dividends

Capital

Securities

Fund

28.73 %

Diversified

Real

Asset

Fund

30.16 Edge

MidCap

Fund

6.56 Global

Listed

Infrastructure

Fund

4.19 Global

Multi-Strategy

Fund

100.00 International

Equity

Index

Fund

0.20 International

Small

Company

Fund

1.34 Small-

MidCap

Dividend

Income

Fund

5.28 Spectrum

Preferred

and

Capital

Securities

Income

Fund

24.24 Changes

in

and

Disagreements

with

Accountants

(N-CSR

Item

8)

Principal

Funds,

Inc.

August

31,

2025

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.

August

31,

2025

During

the

period

covered

by

this

report,

the

following

were

matters

submitted

through

the

solicitation

of

proxies

or

otherwise.

Special

Meeting

of

Shareholders

-

July

17,

2025

Approval

to

change

the

Fund's

sub-classification

under

the

Investment

Company

Act

of

1940,

as

amended

from

"diversified"

to

"non-diversified"

and

to

change

the

related

fundamental

investment

restriction

for

Blue

Chip

Fund.

Shares

Voted

For

128,070,599

Against

11,649,465

Abstained

5,357,856

Remuneration

Paid

to

Directors,

Officers

and

Others

(N-CSR

Item

10)

Principal

Funds,

Inc.

August

31,

2025

The

Principal

Funds,

Inc.

(the

"Funds")

do

not

pay

any

remuneration

to

its

officers

or

to

any

Board

Members

who

serve

as

Interested

Board

Members.

The

Board

annually

considers

a

proposal

to

reimburse

the

Manager

for

certain

expenses,

including

a

portion

of

the

Chief

Compliance

Officer's

compensation.

If

the

proposal

is

adopted,

these

amounts

are

allocated

across

all

Funds

based

on

relative

net

assets

of

each

portfolio.

Director's

expenses

and

Chief

Compliance

Officer's

compensation

paid

by

the

Funds

are

included

in

the

financial

statements.

Statement

Regarding

Basis

for

Approval

of

Investment

Advisory

Contracts

(N-CSR

Item

11)

Principal

Funds,

Inc.

August

31,

2025

During

the

most

recent

fiscal

half-year,

the

Board

of

Directors

did

not

approve

any

investment

advisory

contracts.

#### Principal

#### Funds

#### Distributor,

#### Inc.
711

High

Street

Des

Moines,

IA

50392-6370

Do

not

use

this

address

for

business

correspondence

PrincipalAM.com

Investing

involves

risk,

including

possible

loss

of

principal.

This

shareholder

report

is

published

as

general

information

for

the

shareholders

of

Principal

Funds.

This

material

is

not

authorized

for

distribution

unless

preceded

or

accompanied

by

a

current

prospectus

or

a

summary

prospectus

that

includes

more

information

regarding

the

risk

factors,

expenses,

policies,

and

objectives

of

the

funds.

Investors

should

read

the

prospectus

or

summary

prospectus

carefully

before

investing.

To

obtain

a

prospectus

or

summary

prospectus,

please

contact

your

financial

professional

or

call

800-222-5852.

Principal

Funds

are

distributed

by

Principal

Funds

Distributor,

Inc.

Principal®

,

Principal

Financial

Group®

,

and

Principal

and

the

logomark

design

are

registered

trademarks

of

Principal

Financial

Services,

Inc.,

a

Principal

Financial

Group

company,

in

the

United

States

and

are

trademarks

and

services

marks

of

Principal

Financial

Services,

Inc.,

in

various

countries

around

the

world.©

2025

Principal

Financial

Services,

Inc.

\|

FV941AR-04

\|

10/2025

\|

4741465

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 required to be disclosed under Item 2 of Form N-CSR attached hereto as [Exhibit 99.CODE ETH](code.htm).

(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> 10/16/2025 </u>

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| &nbsp;&nbsp; By | &nbsp;&nbsp; /s/ Kamal Bhatia |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kamal Bhatia, Director, President, and Chief Executive Officer (Principal Executive Officer)

Date <u> 10/16/2025 </u>

---

| | |
|:---|:---|
| &nbsp;&nbsp; By  | &nbsp;&nbsp; /s/ Michael Scholten |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Michael Scholten, Chief Financial Officer (Principal Financial Officer)

Date <u> 10/16/2025 </u>

## Ex-99.Code

**Exhibit 99.CODE ETH**

CODE OF ETHICS FOR PRINCIPAL EXECUTIVE AND

**SENIOR FINANCIAL OFFICERS OF PRINCIPAL**

**FUNDS**

Revised on September 10, 2024

I.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Covered Officers/Purpose of the Code

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Principal Funds code of ethics (this "Code") for the registered investment companies within the Principal Funds complex[\[1\]](#_ftn1) (collectively "Funds" and each, "Company") applies to each Company's Principal Executive Officer, Principal Financial Officer and Controller (the "Covered Officers" each of whom is set forth in Exhibit A) for the purpose of promoting:

· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;

· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

full, fair, accurate, timely, and understandable disclosure in reports and documents that a registrant files with, or submits to, the Securities and Exchange Commission ("SEC") and in other public communications made by the Company.

· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

compliance with applicable laws and governmental rules and regulations;

· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

the prompt internal reporting of violations of the Code to an appropriate person or persons identified in the Code; and

· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

accountability for adherence to the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Each Covered Officer should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.

II.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Covered Officers Should Handle Ethically Actual and Apparent Conflicts of Interest

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Overview.** A "conflict of interest" occurs when a Covered Officer's private interest interferes with the interests of, or his service to, the Company. For example, a conflict of interest would arise if a Covered Officer, or a member of his family, receives improper personal benefits as a result of his position with the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Certain conflicts of interest arise out of the relationships between Covered Officers and the Company and already are subject to conflict of interest provisions in the Investment Company Act of 1940 ("Investment Company Act") and the Investment Advisers Act of 1940 ("Investment Advisers Act"). For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with the Company because of their status as "affiliated persons" of the Company. The Company's and

Principal Global Investors, LLC's (the "Investment Adviser") compliance programs and procedures are designed to prevent, or identify and correct, violations of these provisions. This Code does not, and is not intended to, repeat or replace these programs and procedures, and such conflicts fall outside of the parameters of this Code.

Although typically not presenting an opportunity for improper personal benefit, conflicts arise from, or as a result of, the contractual relationship between the Company and the Investment Adviser of which the Covered Officers may also be directors/trustees, officers or employees. As a result, this Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for the Company or for the Investment Adviser, or for both), be involved in establishing policies and implementing decisions that will have different effects on the Investment Adviser and the Company. The participation of the Covered Officers in such activities is inherent in the contractual relationship between the Company and the Investment Adviser and is consistent with the performance by the Covered Officers of their duties as officers of the Company. Thus, if performed in conformity with the provisions of the Investment Company Act and the Investment Advisers Act, such activities will be deemed to have been handled ethically. In addition, the Funds' Boards of Directors/Trustees ("Boards") recognize that the Covered Officers may also be officers or employees of one or more other investment companies covered by this or other codes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Code covers other conflicts of interest, even if such conflicts of interest are not subject to provisions in the Investment Company Act and the Investment Advisers Act. The following list provides examples of conflicts of interest under the Code, but Covered Officers should keep in mind that these examples are not exhaustive. The overarching principle is that the personal interest of a Covered Officer should not be placed improperly before the interest of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Each Covered Officer must:

· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

not use his personal influence or personal relationships improperly to influence investment decisions or financial reporting by the Company whereby the Covered Officer would benefit personally to the detriment of the Company;

· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

not cause the Company to take action, or fail to take action, for the individual personal benefit of the Covered Officer rather than the benefit the Company;

· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

not retaliate against any other Covered Officer or any employee of the Funds or their affiliated persons for reports of potential violations that are made in good faith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; There are some conflicts of interest it is advisable for Covered Officers to discuss in advance with Counsel for the Funds, if material. Examples of these include:

· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

service as a director on the board of any public or private company;

· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

any ownership interest in, or any consulting or employment relationship with, any of the Company's service providers, other than its principal underwriter, administrator, the Investment Adviser or any affiliated person thereof;

· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

a direct or indirect financial interest in commissions, transaction charges or spreads paid by the Company for effecting portfolio transactions or for selling or redeeming shares other than an interest arising from the Covered Officer's employment such as compensation or equity ownership.

III.&nbsp;&nbsp;&nbsp;&nbsp; Disclosure and Compliance

· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

each Covered Officer should be familiar with the disclosure requirements generally applicable to the Company;

· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

each Covered Officer should not knowingly misrepresent, or cause others to misrepresent, facts about the Company to others, whether within or outside the Company, including to the Company's directors/trustees and auditors, and to governmental regulators and self-regulatory organizations;

· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

each Covered Officer should, to the extent appropriate within his or her area of responsibility, consult with other officers and employees of the Funds and the Investment Adviser with the goal of promoting full, fair, accurate, timely and understandable disclosure in the reports and documents the Funds file with, or submit to, the SEC and in other public communications made by the Funds; and

· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

it is the responsibility of each Covered Officer to promote compliance with the standards and restrictions imposed by applicable laws, rules and regulations.

IV.&nbsp;&nbsp;&nbsp;&nbsp; Reporting and Accountability

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Each Covered Officer must:

· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

upon adoption of the Code (or thereafter as applicable, upon becoming a Covered Officer), affirm in writing to the Board that he has received, read, and understands the Code;

· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

annually thereafter affirm to the Board that he or she has complied with the requirements of the Code; and

· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

notify Counsel to the Funds promptly if he or she knows of any violation of this Code. Failure to do so is itself a violation of this Code.

· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

report at least annually possible conflicts of interest by completing the Principal Funds Director and Officer Questionnaire.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Counsel to the Funds is responsible for applying this Code to specific situations in which questions are presented under it and has the authority to interpret this Code in any particular situation. However, any approvals or waivers sought by the Covered Officers will be considered by the Audit Committee (the "Committee").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Funds will follow these procedures in investigating and enforcing this Code:

· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Counsel to the Funds will take all appropriate action to investigate any potential violations reported to Counsel;

· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

if, after such investigation, Counsel to the Funds believes that no violation has occurred, Counsel is not required to take any further action;

· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

any matter that Counsel believes is a violation will be reported to the Committee;

· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

if the Committee concurs that a violation has occurred, it will take appropriate action, which may include review of, and appropriate modifications to, applicable policies and procedures; notification to appropriate personnel of the Investment Adviser or its board; or a recommendation to dismiss the Covered Officer;

· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

the Committee will be responsible for granting waivers, as appropriate; and

· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

any changes to or waivers of this Code will, to the extent required, be disclosed as provided by SEC rules.

V.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Policies and Procedures

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; This Code shall be the sole code of ethics adopted by the Funds for purposes of Section 406 of the Sarbanes-Oxley Act and the rules and forms applicable to registered investment companies thereunder. Insofar as other policies or procedures of the Funds, the Funds' Investment Adviser, principal underwriter, or other service providers govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Code, they are superseded by this Code to the extent that they overlap or conflict with the provisions of this Code. The Funds' and their Investment Adviser's and principal underwriter's codes of ethics under Rule 17j-1 under the Investment Company Act are separate requirements applying to the Covered Officers and others, and are not part of this Code.

VI.&nbsp;&nbsp;&nbsp;&nbsp; Amendments

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Any amendments to this Code, other than amendments to Exhibit A, must be approved or ratified by a majority vote of the Committee.

VII.&nbsp;&nbsp;&nbsp;&nbsp; Confidentiality

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than the Committee, Board, Counsel to the Funds and officers of the Investment Adviser.

VIII.&nbsp;&nbsp;&nbsp;&nbsp; Internal Use

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Code is intended solely for the internal use by the Funds and does not constitute an admission, by or on behalf of any Company, as to any fact, circumstance, or legal conclusion.

**Exhibit A**

# Persons Covered by this Code of Ethics
Principal Executive Officer:...... Kamal Bhatia, President and Chief Executive Officer

Principal Financial Officer:....... Michael Scholten, Chief Financial Officer

Controller:................................. Megan Hoffmann, Vice President and Controller

------

[\[1\]](#_ftnref1)

Principal Funds, Inc., Principal Variable Contracts Funds, Inc., and Principal Exchange-Traded Funds.

## 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> 10/16/2025 </u>

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

/s/ Kamal Bhatia&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Kamal Bhatia, Director, President, and Chief Executive Officer (Principal Executive Officer)

**Exhibit 99.CERT**

**CERTIFICATIONS**

I, Michael Scholten, certify that:

1. I have reviewed this report on Form N-CSR of Principal Funds, Inc.

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and

(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: <u> 10/16/2025 </u>

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

/s/ Michael Scholten

Michael Scholten, Chief Financial Officer (Principal Financial Officer)

## Exhibit 99.906

**Exhibit 99.906CERT**

**Certification Pursuant to Section 1350 of Chapter 63 of Title 18 of the United States Code As Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002**

In connection with the Certified Shareholder Report of

Principal Funds, Inc.

(the "Registrant") on Form N-CSR (the "Report"), each of the undersigned officers of the Registrant does hereby certify that, to the best of their knowledge:

1) the Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934;

2) the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

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| | |
|:---|:---|
| &nbsp;&nbsp; By | &nbsp;&nbsp; /s/ Kamal Bhatia |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kamal Bhatia, Director, President, and Chief Executive Officer (Principal Executive Officer)

Date <u> 10/16/2025 </u>

---

| | |
|:---|:---|
| &nbsp;&nbsp; By  | &nbsp;&nbsp; /s/ Michael Scholten |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Michael Scholten, Chief Financial Officer (Principal Financial Officer)

Date <u> 10/16/2025 </u>

This certification is being furnished to the Commission solely pursuant to 18 U.S.C. Section 1350 and is not being filed as part of the Form N-CSR filed with the Commission.