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Principal Funds, Inc. – ‘N-CSRS’ for 2/28/22

On:  Wednesday, 4/20/22, at 11:44am ET   ·   Effective:  4/20/22   ·   For:  2/28/22   ·   Accession #:  898745-22-77   ·   File #:  811-07572

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  As Of               Filer                 Filing    For·On·As Docs:Size

 4/20/22  Principal Funds, Inc.             N-CSRS      2/28/22    3:28M
          → Blue Chip Fund ⇒ Class A (PBLAX) — Class C (PBLCX) — Class J (PBCJX) — Institutional Class (PBCKX) — R-3 (PGBEX) — R-4 (PGBFX) — R-5 (PGBGX) — R-6 (PGBHX)
          → Bond Market Index Fund ⇒ Class J (PBIJX) — Institutional Class (PNIIX) — R-1 (PBIMX) — R-3 (PBOIX) — R-4 (PBIPX) — R-5 (PBIQX)
          → Capital Securities Fund ⇒ Class S (PCSFX)
          → Diversified Real Asset Fund ⇒ Class A (PRDAX) — Institutional Class (PDRDX) — R-3 (PGDRX) — R-4 (PGDSX) — R-5 (PGDTX) — R-6 (PDARX)
          → EDGE MidCap Fund ⇒ Class A (PEMCX) — Institutional (PEDGX) — R-6 (PEDMX)
          → Global Multi-Strategy Fund ⇒ Class A (PMSAX) — Institutional Class (PSMIX) — R-6 (PGLSX)
          → International Equity Index Fund ⇒ Institutional Class (PIDIX) — R-1 (PILIX) — R-3 (PIIOX) — R-4 (PIIPX) — R-5 (PIIQX) — R-6 (PFIEX)
          → International Small Co. Fund ⇒ Institutional (PISMX) — R-6 (PFISX)
          → Opportunistic Municipal Fund ⇒ Class A (PMOAX) — Institutional Class (POMFX)
          → Origin Emerging Markets Fund ⇒ Class A (POEYX) — Institutional (POEIX) — R-6 (POEFX)
          → Small-MidCap Dividend Income Fund ⇒ Class A (PMDAX) — Class C (PMDDX) — Institutional Class (PMDIX) — R-6 (PMDHX)
          → Small-MidCap Growth Fund ⇒ Institutional (PSMHX)
          → Spectrum Preferred & Capital Securities Income Fund (f/k/a Preferred Securities) ⇒ 9 Classes/Contracts

Semi-Annual Certified Shareholder Report by an Investment Company   —   Form N-CSR   —   ICA’40

Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: N-CSRS      Semi-Annual Certified Shareholder Report by an      HTML  21.50M 
                Investment Company                                               
 3: EX-99.906 CERT  Certification -- §906 - SOA'02                  HTML      8K 
 2: EX-99.CERT  Certification -- §302 - SOA'02                      HTML     16K

‘N-CSRS’   —   Semi-Annual Certified Shareholder Report by an Investment Company

This is an HTML Document rendered as filed.  [ Alternative Formats ]

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
 
811-07572
 
Principal Funds, Inc.
(Exact name of registrant as specified in charter)
 
 801 Grand Avenue, Des Moines, IA 50309
(Address of principal executive offices)                                                         (Zip code)
 
Principal Global Investors, LLC, 801 Grand Avenue, Des Moines, IA 50309
(Name and address of agent for service)
                                                                                               
Registrant’s telephone number, including area code:
515-235-1719
 
Date of fiscal year end:
August 31, 2022
 
Date of reporting period:
February 28, 2022
 

ITEM 1 – REPORT TO STOCKHOLDERS

 

Principal
Funds
Semiannual
Report
February
28,
2022
Sign
up
for
eDelivery!
Safe,
secure
and
ready
when
you
are,
sign
up
for
eDelivery
today.
Visit
PrincipalFunds.com
>
Note:
If
your
shares
are
not
held
directly
with
Principal
Funds
but
through
a
brokerage
firm,
please
contact
your
broker
for
electronic
delivery
options
available.
Rev.
01/2020
EE11865PFI-03
FACTS
WHAT
DOES
PRINCIPAL
FUNDS
DO
WITH
YOUR
PERSONAL
INFORMATION?
Why?
Financial
companies
choose
how
they
share
your
personal
information.
Federal
law
gives
consumers
the
right
to
limit
some
but
not
all
sharing.
Federal
law
also
requires
us
to
tell
you
how
we
collect,
share,
and
protect
your
personal
information.
Please
read
this
notice
carefully
to
understand
what
we
do.
What?
The
types
of
personal
information
we
collect
and
share
depend
on
the
product
or
service
you
have
with
us.
This
information
can
include:
•
Social
Security
number
and
income
•
Assets
and
transaction
history
•
Account
transactions
and
account
balances
When
you
are
no
longer
our
customer,
we
continue
to
share
your
information
as
described
in
this
notice.
How?
All
financial
companies
need
to
share
customers’
personal
information
to
run
their
everyday
business.
In
the
section
below,
we
list
the
reasons
financial
companies
can
share
their
customers’
personal
information;
the
reasons
Principal
Funds
chooses
to
share;
and
whether
you
can
limit
this
sharing.
REASONS
WE
CAN
SHARE
YOUR
PERSONAL
INFORMATION
DOES
PRINCIPAL
FUNDS
SHARE?
CAN
YOU
LIMIT
THIS
SHARING?
For
our
everyday
business
purposes
—such
as
to
process
your
transactions,
maintain
your
account(s),
respond
to
court
orders
and
legal
investigations,
or
report
to
credit
bureaus
Yes
No
For
our
marketing
purposes
—to
offer
our
products
and
services
to
you
Yes
No
For
joint
marketing
with
other
financial
companies
No
We
don’t
share
For
our
affiliates’
everyday
business
purposes
—
information
about
your
transactions
and
experiences
Yes
No
For
our
affiliates’
everyday
business
purposes
—
information
about
your
creditworthiness
No
We
don’t
share
For
nonaffiliates
to
market
to
you
No
We
don’t
share
Questions?
Call
1-800-222-5852
or
go
to
www.principalfunds.com/customer-support/contact-us
Page
2
EE11865PFI-03
|
01/2020
Who
we
are
Who
is
providing
this
notice?
Principal
Funds
includes
Principal
Funds,
Inc.,
Principal
Funds
Distributor,
Inc.,
and
Principal
Diversified
Select
Real
Asset
Fund.
What
we
do
How
does
Principal
Funds
protect
my
personal
information?
To
protect
your
personal
information
from
unauthorized
access
and
use,
we
use
security
measures
that
comply
with
federal
law.
These
measures
include
computer
safeguards
and
secured
files
and
buildings.
How
does
Principal
Funds
collect
my
personal
information?
We
collect
your
personal
information,
for
example,
when
you:
•
Open
an
account
or
seek
advice
about
your
investments
•
Direct
us
to
buy
securities
or
make
deposits,
or
withdrawals
from
your
account
•
Give
us
your
contact
information
or
show
your
government
issued
ID
We
also
collect
your
personal
information
from
others,
such
as
affiliates,
or
other
companies.
Why
can’t
I
limit
all
sharing?
Federal
law
gives
you
the
right
to
limit
only:
•
sharing
for
affiliates’
everyday
business
purposes—information
about
your
creditworthiness
•
affiliates
from
using
your
information
to
market
to
you
•
sharing
for
nonaffiliates
to
market
to
you
State
laws
and
individual
companies
may
give
you
additional
rights
to
limit
sharing.
Definitions
Affiliates
Companies
related
by
common
ownership
or
control.
They
can
be
financial
and
nonfinancial
companies.
•
Our
affiliates
include
companies
of
Principal
Financial
Group
®
Nonaffiliates
Companies
not
related
by
common
ownership
or
control.
They
can
be
financial
and
nonfinancial
companies.
•
Principal
Funds
does
not
share
with
nonaffiliates
so
they
can
market
to
you.
Joint
marketing
A
formal
agreement
between
nonaffiliated
financial
companies
that
together
market
financial
products
or
services
to
you.
•
Principal
Funds
does
not
jointly
market.
Other
important
information
This
Privacy
Notice
governs
information
that
you
provide
to
Principal
(or
that
we
otherwise
receive)
when
you
apply
for
or
receive
a
product
or
service
used
primarily
for
personal,
family
or
household
purposes.
We
may
collect
additional
information
depending
on
the
nature
of
your
relationship
with
Principal
or
if
you
interact
with
us
through
our
website
or
other
digital
technologies.
Details
about
how
we
protect
and
use
this
additional
information,
including
information
about
your
privacy
rights
under
California
law
such
as
the
California
Consumer
Privacy
Act,
are
available
online
at
www.principal.com/privacy-policies
.
If
you
do
not
have
access
to
www.principal.com/privacy-policies,
please
contact
us
at
1-800-986-3343
to
have
a
copy
mailed
to
you.
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
1
Notes
to
Financial
Statements
25
Schedules
of
Investments
51
Financial
Highlights
(includes
performance
information)
171
Shareholder
Expense
Example
199
Supplemental
Information
202
Statements
of
Assets
and
Liabilities
Principal
Funds,
Inc.
February
28,
2022
(unaudited)
1
See
accompanying
notes.
Amounts
in
thousands,
except
per
share
amounts
Blue
Chip
Fund
Bond
Market
Index
Fund
Diversified
Real
Asset
Fund
(a)
Investment
in
securities--at
cost
..........................................................
$
6,652,718‌
$
904,571‌
$
4,273,106‌
Investment
in
affiliated
Funds--at
cost
....................................................
$
51,263‌
$
69,666‌
$
162,235‌
Foreign
currency--at
cost
..................................................................
$
–‌
$
–‌
$
1,070‌
Assets
Investment
in
securities--at
value 
..........................................................
$
9,623,655‌
$
894,980‌
(b)
$
4,531,512‌
(b)
Investment
in
affiliated
Funds--at
value
.....................................................
51,263‌
69,666‌
162,235‌
Foreign
currency--at
value
..................................................................
–‌
–‌
1,071‌
Cash
.........................................................................................
–‌
–‌
2,518‌
Deposits
with
counterparty
..................................................................
–‌
17‌
3,324‌
Receivables:
Dividends
and
interest
.................................................................
4,437‌
3,878‌
8,380‌
Expense
reimbursement
from
Manager
...............................................
225‌
10‌
214‌
Expense
reimbursement
from
Distributor
.............................................
3‌
–‌
–‌
Foreign
currency
contracts
...........................................................
–‌
–‌
65‌
Fund
shares
sold
.......................................................................
23,348‌
185‌
4,101‌
Investment
securities
sold
.............................................................
–‌
20,353‌
23,361‌
Unrealized
gain
on
unfunded
commitments
..........................................
–‌
–‌
237‌
Variation
margin
on
futures
...........................................................
–‌
–‌
23,380‌
Variation
margin
on
swaps
............................................................
–‌
–‌
1,239‌
Prepaid
directors'
expenses
..................................................................
–‌
1‌
–‌
Total
Assets  
9,702,931‌
989,090‌
4,761,637‌
Liabilities
Accrued
management
and
investment
advisory
fees
........................................
4,415‌
97‌
2,749‌
Accrued
administrative
service
fees
........................................................
1‌
1‌
–‌
Accrued
distribution
fees
....................................................................
499‌
6‌
22‌
Accrued
service
fees
........................................................................
6‌
5‌
–‌
Accrued
transfer
agent
fees
.................................................................
707‌
32‌
488‌
Accrued
directors'
expenses
.................................................................
14‌
–‌
5‌
Accrued
professional
fees
...................................................................
15‌
23‌
85‌
Accrued
other
expenses
.....................................................................
142‌
11‌
211‌
Cash
overdraft
...............................................................................
–‌
2‌
–‌
Payables:
Foreign
currency
contracts
............................................................
–‌
–‌
163‌
Fund
shares
redeemed
.................................................................
11,425‌
2,421‌
2,993‌
Investment
securities
purchased
......................................................
35,144‌
65,453‌
83,034‌
Options
and
swaptions
contracts
written
 (premiums
received
$
0
,
$
0
and
$
3,272
)
...
–‌
–‌
4,746‌
Unrealized
loss
on
unfunded
commitments
...........................................
–‌
–‌
18‌
Variation
margin
on
futures
...........................................................
–‌
–‌
2,519‌
Variation
margin
on
swaps
............................................................
–‌
–‌
1,718‌
Collateral
obligation
on
securities
loaned,
at
value
.........................................
–‌
10,654‌
58,606‌
Total
Liabilities  
52,368‌
78,705‌
157,357‌
Net
Assets
Applicable
to
Outstanding
Shares
............................................
$
9,650,563‌
$
910,385‌
$
4,604,280‌
Net
Assets
Consist
of:
Capital
shares
and
additional
paid-in-capital
...............................................
$
6,569,263‌
$
920,372‌
$
4,161,490‌
Total
distributable
earnings
(accumulated
loss)
.............................................
3,081,300‌
(
9,987‌
)
442,790‌
Total
Net
Assets 
$
9,650,563‌
$
910,385‌
$
4,604,280‌
Statements
of
Assets
and
Liabilities
Principal
Funds,
Inc.
February
28,
2022
(unaudited)
2
See
accompanying
notes.
Amounts
in
thousands,
except
per
share
amounts
Blue
Chip
Fund
Bond
Market
Index
Fund
Diversified
Real
Asset
Fund
(a)
Capital
Stock
(par
value:
$.01
per
share):
Shares
authorized
............................................................................
1,300,000‌
710,000‌
1,875,000‌
Net
Asset
Value
Per
Share:
Class
A
:
Net
Assets
..........................................................................
$
1,048,634‌
N/A‌
$
121,152‌
Shares
Issued
and
Outstanding
........................................................
30,777‌
9,036‌
Net
Asset
Value
per
share
.............................................................
$
34
.07‌
(c)
$
13
.41‌
(c)
Maximum
Offering
Price
..............................................................
$
36
.05‌
$
13
.93‌
Class
C
:
Net
Assets
..........................................................................
$
346,758‌
N/A‌
N/A‌
Shares
Issued
and
Outstanding
........................................................
10,954‌
Net
Asset
Value
per
share
.............................................................
$
31
.66‌
(c)
Class
J
:
Net
Assets
..........................................................................
$
190,626‌
$
35,100‌
N/A‌
Shares
Issued
and
Outstanding
........................................................
5,502‌
3,775‌
Net
Asset
Value
per
share
.............................................................
$
34
.64‌
(c)
$
9
.30‌
(c)
Institutional
:
Net
Assets
.....................................................................
$
2,858,921‌
$
849,010‌
$
2,326,621‌
Shares
Issued
and
Outstanding
........................................................
81,906‌
89,297‌
173,639‌
Net
Asset
Value
per
share
.............................................................
$
34
.90‌
$
9
.51‌
$
13
.40‌
R-1
:
Net
Assets
..............................................................................
N/A‌
$
1,020‌
N/A‌
Shares
Issued
and
Outstanding
........................................................
109‌
Net
Asset
Value
per
share
.............................................................
$
9
.34‌
R-3
:
Net
Assets
..............................................................................
$
10,892‌
$
9,697‌
$
275‌
Shares
Issued
and
Outstanding
........................................................
321‌
1,043‌
21‌
Net
Asset
Value
per
share
.............................................................
$
33
.96‌
$
9
.30‌
$
13
.32‌
R-4
:
Net
Assets
..............................................................................
$
2,816‌
$
3,016‌
$
15‌
Shares
Issued
and
Outstanding
........................................................
82‌
321‌
1‌
Net
Asset
Value
per
share
.............................................................
$
34
.32‌
$
9
.39‌
$
13
.39‌
R-5
:
Net
Assets
..............................................................................
$
14,384‌
$
12,542‌
$
62‌
Shares
Issued
and
Outstanding
........................................................
417‌
1,341‌
5‌
Net
Asset
Value
per
share
.............................................................
$
34
.61‌
$
9
.35‌
$
13
.39‌
R-6
:
Net
Assets
..............................................................................
$
5,177,532‌
N/A‌
$
2,156,155‌
Shares
Issued
and
Outstanding
........................................................
147,780‌
161,001‌
Net
Asset
Value
per
share
.............................................................
$
35
.04‌
$
13
.39‌
(a)
Consolidated
financial
statement;
see
"Basis
for
Consolidation"
in
Notes
to
Financial
Statements.
(b)
Includes
fair
market
value
of
securities
loaned,
see
"Securities
Lending"
in
Notes
to
Financial
Statements.
(c)
Redemption
price
per
share
is
equal
to
net
asset
value
per
share
less
any
applicable
contingent
deferred
sales
charge.
Statements
of
Assets
and
Liabilities
Principal
Funds,
Inc.
February
28,
2022
(unaudited)
3
See
accompanying
notes.
Amounts
in
thousands,
except
per
share
amounts
Edge
MidCap
Fund
Global
Multi-Strategy
Fund
(a)
International
Equity
Index
Fund
Investment
in
securities--at
cost
..........................................................
$
376,383‌
$
377,071‌
$
926,649‌
Investment
in
affiliated
Funds--at
cost
....................................................
$
10,959‌
$
83,949‌
$
10,186‌
Foreign
currency--at
cost
..................................................................
$
–‌
$
1,538‌
$
–‌
Assets
Investment
in
securities--at
value 
..........................................................
$
474,067‌
$
367,453‌
$
1,124,492‌
(b)
Investment
in
affiliated
Funds--at
value
.....................................................
10,959‌
83,949‌
10,186‌
Foreign
currency--at
value
..................................................................
–‌
1,490‌
–‌
Cash
.........................................................................................
–‌
1,801‌
–‌
Deposits
with
counterparty
..................................................................
–‌
65,693‌
90‌
Receivables:
Dividends
and
interest
.................................................................
622‌
2,819‌
4,101‌
Expense
reimbursement
from
Manager
...............................................
21‌
50‌
17‌
Foreign
currency
contracts
...........................................................
–‌
3,408‌
–‌
Fund
shares
sold
.......................................................................
365‌
585‌
281‌
Investment
securities
sold
.............................................................
–‌
2,425‌
7,893‌
OTC
swap
agreements--at
value
(premiums
paid
$
0
,
$
454
and
$
0
)
..................
–‌
5,628‌
–‌
Variation
margin
on
futures
...........................................................
–‌
2,595‌
–‌
Variation
margin
on
swaps
............................................................
–‌
88‌
–‌
Total
Assets  
486,034‌
537,984‌
1,147,060‌
Liabilities
Accrued
management
and
investment
advisory
fees
........................................
263‌
602‌
222‌
Accrued
administrative
service
fees
........................................................
–‌
–‌
1‌
Accrued
distribution
fees
....................................................................
4‌
7‌
4‌
Accrued
service
fees
........................................................................
–‌
–‌
8‌
Accrued
transfer
agent
fees
.................................................................
25‌
58‌
11‌
Accrued
directors'
expenses
.................................................................
–‌
1‌
3‌
Accrued
professional
fees
...................................................................
17‌
125‌
60‌
Accrued
other
expenses
.....................................................................
11‌
155‌
250‌
Cash
overdraft
...............................................................................
–‌
–‌
2,327‌
Payables:
Dividends
and
interest
on
securities
sold
short
.......................................
–‌
66‌
–‌
Foreign
currency
contracts
............................................................
–‌
2,768‌
–‌
Fund
shares
redeemed
.................................................................
66‌
540‌
373‌
Investment
securities
purchased
......................................................
–‌
1,247‌
4,989‌
Options
and
swaptions
contracts
written
 (premiums
received
$
0
,
$
1,136
and
$
0
)
...
–‌
930‌
–‌
Short
sales
(proceeds
received
$
0
,
$
53,163
and
$
0
)
..................................
–‌
50,472‌
–‌
OTC
swap
agreements--at
value
(premiums
received
$
0
,
$
456
and
$
0
)
.............
–‌
921‌
–‌
Unrealized
loss
on
unfunded
commitments
...........................................
–‌
27‌
–‌
Variation
margin
on
futures
...........................................................
–‌
1,450‌
40‌
Variation
margin
on
swaps
............................................................
–‌
273‌
–‌
Collateral
obligation
on
securities
loaned,
at
value
.........................................
–‌
–‌
19,975‌
Total
Liabilities  
386‌
59,642‌
28,263‌
Net
Assets
Applicable
to
Outstanding
Shares
............................................
$
485,648‌
$
478,342‌
$
1,118,797‌
Net
Assets
Consist
of:
Capital
shares
and
additional
paid-in-capital
...............................................
$
350,546‌
$
466,037‌
$
933,532‌
Total
distributable
earnings
(accumulated
loss)
.............................................
135,102‌
12,305‌
185,265‌
Total
Net
Assets 
$
485,648‌
$
478,342‌
$
1,118,797‌
Statements
of
Assets
and
Liabilities
Principal
Funds,
Inc.
February
28,
2022
(unaudited)
4
See
accompanying
notes.
Amounts
in
thousands,
except
per
share
amounts
Edge
MidCap
Fund
Global
Multi-Strategy
Fund
(a)
International
Equity
Index
Fund
Capital
Stock
(par
value:
$.01
per
share):
Shares
authorized
............................................................................
300,000‌
1,750,000‌
650,000‌
Net
Asset
Value
Per
Share:
Class
A
:
Net
Assets
..........................................................................
$
19,028‌
$
37,595‌
N/A‌
Shares
Issued
and
Outstanding
........................................................
1,443‌
3,339‌
Net
Asset
Value
per
share
.............................................................
$
13
.19‌
(c)
$
11
.26‌
(c)
Maximum
Offering
Price
..............................................................
$
13
.96‌
$
11
.70‌
Institutional
:
Net
Assets
.....................................................................
$
77,835‌
$
329,855‌
$
49,942‌
Shares
Issued
and
Outstanding
........................................................
5,865‌
28,879‌
4,559‌
Net
Asset
Value
per
share
.............................................................
$
13
.27‌
$
11
.42‌
$
10
.95‌
R-1
:
Net
Assets
..............................................................................
N/A‌
N/A‌
$
438‌
Shares
Issued
and
Outstanding
........................................................
43‌
Net
Asset
Value
per
share
.............................................................
$
10
.62‌
R-3
:
Net
Assets
..............................................................................
N/A‌
N/A‌
$
14,249‌
Shares
Issued
and
Outstanding
........................................................
1,326‌
Net
Asset
Value
per
share
.............................................................
$
10
.74‌
R-4
:
Net
Assets
..............................................................................
N/A‌
N/A‌
$
9,078‌
Shares
Issued
and
Outstanding
........................................................
835‌
Net
Asset
Value
per
share
.............................................................
$
10
.86‌
R-5
:
Net
Assets
..............................................................................
N/A‌
N/A‌
$
15,711‌
Shares
Issued
and
Outstanding
........................................................
1,442‌
Net
Asset
Value
per
share
.............................................................
$
10
.90‌
R-6
:
Net
Assets
..............................................................................
$
388,785‌
$
110,892‌
$
1,029,379‌
Shares
Issued
and
Outstanding
........................................................
29,163‌
9,707‌
93,924‌
Net
Asset
Value
per
share
.............................................................
$
13
.33‌
$
11
.42‌
$
10
.96‌
(a)
Consolidated
financial
statement;
see
"Basis
for
Consolidation"
in
Notes
to
Financial
Statements.
(b)
Includes
fair
market
value
of
securities
loaned,
see
"Securities
Lending"
in
Notes
to
Financial
Statements.
(c)
Redemption
price
per
share
is
equal
to
net
asset
value
per
share
less
any
applicable
contingent
deferred
sales
charge.
Statements
of
Assets
and
Liabilities
Principal
Funds,
Inc.
February
28,
2022
(unaudited)
5
See
accompanying
notes.
Amounts
in
thousands,
except
per
share
amounts
International
Small
Company
Fund
Opportunistic
Municipal
Fund
Origin
Emerging
Markets
Fund
Investment
in
securities--at
cost
..........................................................
$
934,871‌
$
193,103‌
$
3,240,434‌
Investment
in
affiliated
Funds--at
cost
....................................................
$
26,541‌
$
–‌
$
26,531‌
Foreign
currency--at
cost
..................................................................
$
3,312‌
$
–‌
$
–‌
Assets
Investment
in
securities--at
value 
..........................................................
$
990,370‌
(a)
$
195,024‌
$
3,137,311‌
Investment
in
affiliated
Funds--at
value
.....................................................
26,541‌
–‌
26,531‌
Foreign
currency--at
value
..................................................................
3,307‌
–‌
–‌
Cash
.........................................................................................
–‌
1,868‌
–‌
Receivables:
Dividends
and
interest
.................................................................
2,498‌
1,934‌
10,398‌
Expense
reimbursement
from
Manager
...............................................
3‌
12‌
3‌
Fund
shares
sold
.......................................................................
528‌
579‌
602‌
Investment
securities
sold
.............................................................
9,529‌
–‌
513‌
Total
Assets  
1,032,776‌
199,417‌
3,175,358‌
Liabilities
Accrued
management
and
investment
advisory
fees
........................................
804‌
72‌
2,590‌
Accrued
distribution
fees
....................................................................
–‌
12‌
1‌
Accrued
transfer
agent
fees
.................................................................
13‌
29‌
27‌
Accrued
directors'
expenses
.................................................................
2‌
1‌
9‌
Accrued
foreign
tax
.........................................................................
–‌
–‌
2,255‌
Accrued
professional
fees
...................................................................
35‌
25‌
14‌
Accrued
other
expenses
.....................................................................
121‌
1‌
293‌
Cash
overdraft
...............................................................................
–‌
–‌
88‌
Payables:
Dividends
payable
.....................................................................
–‌
440‌
–‌
Fund
shares
redeemed
.................................................................
285‌
162‌
5,238‌
Interest
expense
and
fees
payable
.....................................................
–‌
10‌
–‌
Investment
securities
purchased
......................................................
15,548‌
3,994‌
–‌
Collateral
obligation
on
securities
loaned,
at
value
.........................................
26,682‌
–‌
–‌
Floating
rate
notes
issued
...................................................................
–‌
8,700‌
–‌
Total
Liabilities  
43,490‌
13,446‌
10,515‌
Net
Assets
Applicable
to
Outstanding
Shares
............................................
$
989,286‌
$
185,971‌
$
3,164,843‌
Net
Assets
Consist
of:
Capital
shares
and
additional
paid-in-capital
...............................................
$
942,618‌
$
185,180‌
$
3,268,990‌
Total
distributable
earnings
(accumulated
loss)
.............................................
46,668‌
791‌
(
104,147‌
)
Total
Net
Assets 
$
989,286‌
$
185,971‌
$
3,164,843‌
Capital
Stock
(par
value:
$.01
per
share):
Shares
authorized
............................................................................
300,000‌
300,000‌
800,000‌
Net
Asset
Value
Per
Share:
Class
A
:
Net
Assets
..........................................................................
N/A‌
$
59,678‌
$
7,401‌
Shares
Issued
and
Outstanding
........................................................
5,403‌
602‌
Net
Asset
Value
per
share
.............................................................
$
11
.04‌
(b)
$
12
.32‌
(b)
Maximum
Offering
Price
..............................................................
$
11
.47‌
$
13
.04‌
Institutional
:
Net
Assets
.....................................................................
$
72,744‌
$
126,293‌
$
112,658‌
Shares
Issued
and
Outstanding
........................................................
6,846‌
11,427‌
9,307‌
Net
Asset
Value
per
share
.............................................................
$
10
.63‌
$
11
.05‌
$
12
.11‌
R-6
:
Net
Assets
..............................................................................
$
916,542‌
N/A‌
$
3,044,784‌
Shares
Issued
and
Outstanding
........................................................
85,728‌
251,206‌
Net
Asset
Value
per
share
.............................................................
$
10
.69‌
$
12
.12‌
(a)
Includes
fair
market
value
of
securities
loaned,
see
"Securities
Lending"
in
Notes
to
Financial
Statements.
(b)
Redemption
price
per
share
is
equal
to
net
asset
value
per
share
less
any
applicable
contingent
deferred
sales
charge.
Statements
of
Assets
and
Liabilities
Principal
Funds,
Inc.
February
28,
2022
(unaudited)
6
See
accompanying
notes.
Amounts
in
thousands,
except
per
share
amounts
Small-MidCap
Dividend
Income
Fund
Small-MidCap
Growth
Fund
Spectrum
Preferred
and
Capital
Securities
Income
Fund
Investment
in
securities--at
cost
..........................................................
$
822,112‌
$
9,895‌
$
7,311,976‌
Investment
in
affiliated
Funds--at
cost
....................................................
$
11,290‌
$
379‌
$
41,593‌
Assets
Investment
in
securities--at
value 
..........................................................
$
1,187,611‌
$
10,046‌
$
7,311,545‌
(a)
Investment
in
affiliated
Funds--at
value
.....................................................
11,290‌
379‌
41,593‌
Deposits
with
counterparty
..................................................................
–‌
–‌
23,443‌
Receivables:
Dividends
and
interest
.................................................................
1,633‌
2‌
99,185‌
Expense
reimbursement
from
Manager
...............................................
25‌
2‌
–‌
Fund
shares
sold
.......................................................................
878‌
–‌
17,377‌
Investment
securities
sold
.............................................................
6,143‌
142‌
20,072‌
Total
Assets  
1,207,580‌
10,571‌
7,513,215‌
Liabilities
Accrued
management
and
investment
advisory
fees
........................................
715‌
5‌
4,048‌
Accrued
distribution
fees
....................................................................
75‌
–‌
358‌
Accrued
service
fees
........................................................................
–‌
–‌
1‌
Accrued
transfer
agent
fees
.................................................................
87‌
–‌
1,208‌
Accrued
directors'
expenses
.................................................................
–‌
2‌
6‌
Accrued
professional
fees
...................................................................
18‌
17‌
24‌
Accrued
other
expenses
.....................................................................
82‌
6‌
135‌
Payables:
Fund
shares
redeemed
.................................................................
745‌
199‌
9,050‌
Investment
securities
purchased
......................................................
4,204‌
351‌
–‌
Options
and
swaptions
contracts
written
 (premiums
received
$
0
,
$
0
and
$
185
)
.....
–‌
–‌
303‌
Variation
margin
on
futures
...........................................................
–‌
–‌
2,531‌
Collateral
obligation
on
securities
loaned,
at
value
.........................................
–‌
–‌
81,360‌
Total
Liabilities  
5,926‌
580‌
99,024‌
Net
Assets
Applicable
to
Outstanding
Shares
............................................
$
1,201,654‌
$
9,991‌
$
7,414,191‌
Net
Assets
Consist
of:
Capital
shares
and
additional
paid-in-capital
...............................................
$
819,306‌
$
9,451‌
$
7,433,981‌
Total
distributable
earnings
(accumulated
loss)
.............................................
382,348‌
540‌
(
19,790‌
)
Total
Net
Assets 
$
1,201,654‌
$
9,991‌
$
7,414,191‌
Capital
Stock
(par
value:
$.01
per
share):
Shares
authorized
............................................................................
1,700,000‌
100,000‌
2,500,000‌
Net
Asset
Value
Per
Share:
Class
A
:
Net
Assets
..........................................................................
$
155,845‌
N/A‌
$
911,433‌
Shares
Issued
and
Outstanding
........................................................
8,974‌
92,154‌
Net
Asset
Value
per
share
.............................................................
$
17
.37‌
(b)
$
9
.89‌
(b)
Maximum
Offering
Price
..............................................................
$
18
.38‌
$
10
.28‌
Class
C
:
Net
Assets
..........................................................................
$
58,523‌
N/A‌
$
221,148‌
Shares
Issued
and
Outstanding
........................................................
3,411‌
22,369‌
Net
Asset
Value
per
share
.............................................................
$
17
.16‌
(b)
$
9
.89‌
(b)
Class
J
:
Net
Assets
..........................................................................
N/A‌
N/A‌
$
40,160‌
Shares
Issued
and
Outstanding
........................................................
4,193‌
Net
Asset
Value
per
share
.............................................................
$
9
.58‌
(b)
Institutional
:
Net
Assets
.....................................................................
$
850,787‌
$
9,991‌
$
4,626,132‌
Shares
Issued
and
Outstanding
........................................................
48,710‌
810‌
471,584‌
Net
Asset
Value
per
share
.............................................................
$
17
.47‌
$
12
.34‌
$
9
.81‌
R-1
:
Net
Assets
..............................................................................
N/A‌
N/A‌
$
567‌
Shares
Issued
and
Outstanding
........................................................
58‌
Net
Asset
Value
per
share
.............................................................
$
9
.75‌
R-3
:
Net
Assets
..............................................................................
N/A‌
N/A‌
$
1,715‌
Shares
Issued
and
Outstanding
........................................................
176‌
Net
Asset
Value
per
share
.............................................................
$
9
.73‌
R-4
:
Net
Assets
..............................................................................
N/A‌
N/A‌
$
1,070‌
Shares
Issued
and
Outstanding
........................................................
110‌
Net
Asset
Value
per
share
.............................................................
$
9
.71‌
R-5
:
Net
Assets
..............................................................................
N/A‌
N/A‌
$
3,047‌
Shares
Issued
and
Outstanding
........................................................
312‌
Net
Asset
Value
per
share
.............................................................
$
9
.76‌
R-6
:
Net
Assets
..............................................................................
$
136,499‌
N/A‌
$
1,608,919‌
Shares
Issued
and
Outstanding
........................................................
7,776‌
164,089‌
Net
Asset
Value
per
share
.............................................................
$
17
.55‌
$
9
.81‌
(a)
Includes
fair
market
value
of
securities
loaned,
see
"Securities
Lending"
in
Notes
to
Financial
Statements.
(b)
Redemption
price
per
share
is
equal
to
net
asset
value
per
share
less
any
applicable
contingent
deferred
sales
charge.
Statements
of
Operations
Principal
Funds,
Inc.
Six
Months
Ended
February
28,
2022
(unaudited)
7
See
accompanying
notes.
Amounts
in
thousands
Blue
Chip
Fund
Bond
Market
Index
Fund
Diversified
Real
Asset
Fund
(a)
Net
Investment
Income
(Loss)
Income:
Dividends
.........................................................................................
$
20,001‌
$
51‌
$
35,628‌
Withholding
tax
..................................................................................
(
374‌
)
–‌
(
1,936‌
)
Interest
............................................................................................
–‌
8,311‌
24,362‌
Securities
lending
-
net
...........................................................................
–‌
12‌
121‌
Total
Income
19,627‌
8,374‌
58,175‌
Expenses:
Management
and
investment
advisory
fees
......................................................
31,409‌
628‌
17,523‌
Distribution
f
ees
-
Class
A
.......................................................................
1,388‌
N/A‌
119‌
Distribution
f
ees
-
Class
C
.......................................................................
1,964‌
N/A‌
N/A‌
Distribution
f
ees
-
Class
J
........................................................................
162‌
26‌
N/A‌
Distribution
f
ees
-
R-1
...........................................................................
N/A‌
2‌
N/A‌
Distribution
f
ees
-
R-3
...........................................................................
15‌
13‌
–‌
Distribution
f
ees
-
R-4
...........................................................................
3‌
2‌
–‌
Administrative
service
fees
-
R-1
................................................................
N/A‌
1‌
N/A‌
Administrative
service
fees
-
R-3
................................................................
4‌
4‌
–‌
Administrative
service
fees
-
R-4
................................................................
1‌
1‌
–‌
Administrative
service
fees
-
R-5
................................................................
1‌
1‌
–‌
Registration
fees
-
Class
A
.......................................................................
35‌
N/A‌
17‌
Registration
fees
-
Class
C
.......................................................................
14‌
N/A‌
N/A‌
Registration
fees
-
Class
J
........................................................................
12‌
8‌
N/A‌
Registration
fees
-
Institutional
..................................................................
41‌
9‌
24‌
Registration
fees
-
R-6
...........................................................................
29‌
N/A‌
44‌
Service
fees
-
R-1
................................................................................
N/A‌
1‌
N/A‌
Service
fees
-
R-3
................................................................................
15‌
13‌
–‌
Service
fees
-
R-4
................................................................................
6‌
4‌
–‌
Service
fees
-
R-5
................................................................................
16‌
17‌
–‌
Shareholder
reports
-
Class
A
....................................................................
24‌
N/A‌
9‌
Shareholder
reports
-
Class
C
....................................................................
14‌
N/A‌
N/A‌
Shareholder
reports
-
Class
J
.....................................................................
4‌
2‌
N/A‌
Shareholder
reports
-
Institutional
...............................................................
84‌
2‌
83‌
Shareholder
reports
-
R-6
........................................................................
4‌
N/A‌
24‌
Transfer agent
fees
-
Class
A
.....................................................................
543‌
N/A‌
67‌
Transfer agent
fees
-
Class
C
.....................................................................
154‌
N/A‌
N/A‌
Transfer agent
fees
-
Class
J
.....................................................................
59‌
29‌
N/A‌
Transfer agent
fees
-
Institutional
................................................................
1,319‌
40‌
907‌
Chief
compliance
officer
expenses
...............................................................
5‌
–‌
2‌
Custodian
fees
....................................................................................
2‌
13‌
122‌
Directors'
expenses
...............................................................................
91‌
10‌
40‌
Professional fees
.................................................................................
16‌
18‌
75‌
Other
expenses
...................................................................................
61‌
5‌
63‌
Total
Gross
Expenses
37,495‌
849‌
19,119‌
Less: Reimbursement
from
Manager
............................................................
1,969‌
67‌
1,093‌
Less:
Reimbursement
from
Manager
-
Class
A
..................................................
–‌
N/A‌
4‌
Less:
Reimbursement
from
Manager
-
Institutional
.............................................
–‌
–‌
289‌
Less:
Reimbursement
from
Distributor
-
Class
J
................................................
22‌
4‌
N/A‌
Total
Net
Expenses
35,504‌
778‌
17,733‌
Net
Investment
Income
(Loss)
(
15,877‌
)
7,596‌
40,442‌
Statements
of
Operations
Principal
Funds,
Inc.
Six
Months
Ended
February
28,
2022
(unaudited)
8
See
accompanying
notes.
Amounts
in
thousands
Blue
Chip
Fund
Bond
Market
Index
Fund
Diversified
Real
Asset
Fund
(a)
Net
Realized
and
Unrealized
Gain
(Loss)
on
investments,
foreign
currencies,
futures,
options
and
swaptions
and
swap
agreements
Net
realized
gain
(loss)
from:
Investment
transactions
..........................................................................
204,425‌
(
1,213‌
)
172,502‌
Foreign
currency
contracts
.......................................................................
–‌
–‌
919‌
Foreign
currency
transactions
....................................................................
–‌
–‌
(
756‌
)
Futures
contracts
.................................................................................
–‌
–‌
78,077‌
Options
and
swaptions
...........................................................................
–‌
–‌
494‌
Swap
agreements
.................................................................................
–‌
–‌
(
169‌
)
Net
change
in
unrealized
appreciation/(depreciation)
of:
Investments
.......................................................................................
(
1,781,091‌
)
(
44,868‌
)
(
88,974‌
)
Foreign
currency
contracts
.......................................................................
–‌
–‌
(
277‌
)
Futures
contracts
.................................................................................
–‌
–‌
44,026‌
Options
and
swaptions
...........................................................................
–‌
–‌
(
1,976‌
)
Swap
agreements
.................................................................................
–‌
–‌
916‌
Translation
of
assets
and
liabilities
in
foreign
currencies
........................................
–‌
–‌
(
26‌
)
Net
Realized
and
Unrealized
Gain
(Loss)
on
investments,
foreign
currencies,
futures,
options
and
swaptions
and
swap
agreements
(
1,576,666‌
)
(
46,081‌
)
204,756‌
Net
Increase
(Decrease)
in
Net
Assets
Resulting
from
Operations
$
(
1,592,543‌
)
$
(
38,485‌
)
$
245,198‌
(a)
Consolidated
financial
statement;
see
"Basis
for
Consolidation"
in
Notes
to
Financial
Statements.
Statements
of
Operations
Principal
Funds,
Inc.
Six
Months
Ended
February
28,
2022
(unaudited)
9
See
accompanying
notes.
Amounts
in
thousands
Edge
MidCap
Fund
Global
Multi-Strategy
Fund
(a)
International
Equity
Index
Fund
Net
Investment
Income
(Loss)
Income:
Dividends
.........................................................................................
$
3,800‌
$
2,589‌
$
14,553‌
(b)
Withholding
tax
..................................................................................
–‌
(78‌)
(323‌)
Interest
............................................................................................
–‌
4,417‌
–‌
Securities
lending
-
net
...........................................................................
–‌
–‌
206‌
Total
Income
3,800‌
6,928‌
14,436‌
Expenses:
Management
and
investment
advisory
fees
......................................................
1,907‌
4,257‌
1,500‌
Distribution
fees
-
Class
A
.......................................................................
25‌
48‌
N/A‌
Distribution
fees
-
R-1
...........................................................................
N/A‌
N/A‌
1‌
Distribution
fees
-
R-3
...........................................................................
N/A‌
N/A‌
20‌
Distribution
fees
-
R-4
...........................................................................
N/A‌
N/A‌
5‌
Administrative
service
fees
-
R-1
................................................................
N/A‌
N/A‌
1‌
Administrative
service
fees
-
R-3
................................................................
N/A‌
N/A‌
5‌
Administrative
service
fees
-
R-4
................................................................
N/A‌
N/A‌
1‌
Administrative
service
fees
-
R-5
................................................................
N/A‌
N/A‌
1‌
Registration
fees
-
Class
A
.......................................................................
9‌
9‌
N/A‌
Registration
fees
-
Institutional
..................................................................
9‌
12‌
8‌
Registration
fees
-
R-6
...........................................................................
9‌
9‌
12‌
Service
fees
-
R-1
................................................................................
N/A‌
N/A‌
1‌
Service
fees
-
R-3
................................................................................
N/A‌
N/A‌
20‌
Service
fees
-
R-4
................................................................................
N/A‌
N/A‌
12‌
Service
fees
-
R-5
................................................................................
N/A‌
N/A‌
22‌
Shareholder
reports
-
Class
A
....................................................................
1‌
5‌
N/A‌
Shareholder
reports
-
Institutional
...............................................................
4‌
73‌
3‌
Shareholder
reports
-
R-6
........................................................................
1‌
1‌
–‌
Transfer agent
fees
-
Class
A
.....................................................................
18‌
26‌
N/A‌
Transfer agent
fees
-
Institutional
................................................................
52‌
160‌
18‌
Chief
compliance
officer
expenses
...............................................................
–‌
–‌
1‌
Custodian
fees
....................................................................................
1‌
95‌
98‌
Directors'
expenses
...............................................................................
7‌
7‌
12‌
Dividends
and
interest
on
securities
sold
short
..................................................
–‌
433‌
–‌
Index
license
fees
................................................................................
–‌
–‌
184‌
Professional fees
.................................................................................
12‌
102‌
45‌
Short
sale
fees
....................................................................................
–‌
367‌
–‌
Other
expenses
...................................................................................
8‌
25‌
67‌
Total
Gross
Expenses
2,063‌
5,629‌
2,037‌
Less: Reimbursement
from
Manager
............................................................
136‌
107‌
–‌
Less:
Reimbursement
from
Manager
-
Class
A
..................................................
9‌
–‌
N/A‌
Less:
Reimbursement
from
Manager
-
Institutional
.............................................
13‌
258‌
28‌
Less:
Reimbursement
from
Manager
-
R-6
......................................................
–‌
55‌
111‌
Total
Net
Expenses
1,905‌
5,209‌
1,898‌
Net
Investment
Income
(Loss)
1,895‌
1,719‌
12,538‌
Statements
of
Operations
Principal
Funds,
Inc.
Six
Months
Ended
February
28,
2022
(unaudited)
10
See
accompanying
notes.
Amounts
in
thousands
Edge
MidCap
Fund
Global
Multi-Strategy
Fund
(a)
International
Equity
Index
Fund
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
..........................................................................
42,083‌
18,525‌
3,729‌
Foreign
currency
contracts
.......................................................................
–‌
1,976‌
–‌
Foreign
currency
transactions
....................................................................
(4‌)
(15‌)
(232‌)
Futures
contracts
.................................................................................
–‌
4,541‌
(65‌)
Options
and
swaptions
...........................................................................
–‌
594‌
–‌
Short
sales
........................................................................................
–‌
(1,552‌)
–‌
Swap
agreements
.................................................................................
–‌
(3,180‌)
–‌
Net
change
in
unrealized
appreciation/(depreciation)
of:
Investments
.......................................................................................
(66,908‌)
(42,947‌)
(100,744‌)
Foreign
currency
contracts
.......................................................................
–‌
1,420‌
–‌
Futures
contracts
.................................................................................
–‌
2,638‌
(99‌)
Options
and
swaptions
...........................................................................
–‌
33‌
–‌
Short
sales
........................................................................................
–‌
7,334‌
–‌
Swap
agreements
.................................................................................
–‌
5,736‌
–‌
Translation
of
assets
and
liabilities
in
foreign
currencies
........................................
–‌
(73‌)
(109‌)
Net
Realized
and
Unrealized
Gain
(Loss)
on
investments,
foreign
currencies,
futures,
options
and
swaptions,
short
sales
and
swap
agreements
(24,829‌)
(4,970‌)
(97,520‌)
Net
Increase
(Decrease)
in
Net
Assets
Resulting
from
Operations
$
(22,934‌)
$
(3,251‌)
$
(84,982‌)
(a)
Consolidated
financial
statement;
see
"Basis
for
Consolidation"
in
Notes
to
Financial
Statements.
(b)
Dividends
include
foreign
tax
reclaims
of
$749.
Statements
of
Operations
Principal
Funds,
Inc.
Six
Months
Ended
February
28,
2022
(unaudited)
11
See
accompanying
notes.
Amounts
in
thousands
International
Small
Company
Fund
Opportunistic
Municipal
Fund
Origin
Emerging
Markets
Fund
Net
Investment
Income
(Loss)
Income:
Dividends
.........................................................................................
$
10,573‌
$
26‌
$
44,417‌
Withholding
tax
..................................................................................
(
970‌
)
–‌
(
5,127‌
)
Interest
............................................................................................
–‌
3,466‌
2‌
Securities
lending
-
net
...........................................................................
114‌
–‌
80‌
Total
Income
9,717‌
3,492‌
39,372‌
Expenses:
Management
and
investment
advisory
fees
......................................................
5,724‌
450‌
18,232‌
Distribution
f
ees
-
Class
A
.......................................................................
N/A‌
74‌
10‌
Registration
fees
-
Class
A
.......................................................................
N/A‌
13‌
9‌
Registration
fees
-
Institutional
..................................................................
9‌
13‌
17‌
Registration
fees
-
R-6
...........................................................................
10‌
N/A‌
11‌
Shareholder
reports
-
Class
A
....................................................................
N/A‌
1‌
2‌
Shareholder
reports
-
Institutional
...............................................................
4‌
1‌
17‌
Transfer agent
fees
-
Class
A
.....................................................................
N/A‌
25‌
12‌
Transfer agent
fees
-
Institutional
................................................................
35‌
56‌
66‌
Chief
compliance
officer
expenses
...............................................................
1‌
–‌
2‌
Custodian
fees
....................................................................................
128‌
1‌
521‌
Directors'
expenses
...............................................................................
12‌
3‌
33‌
Interest
expense
and
fees
.........................................................................
–‌
35‌
–‌
Professional fees
.................................................................................
24‌
21‌
22‌
Other
expenses
...................................................................................
11‌
1‌
38‌
Total
Gross
Expenses
5,958‌
694‌
18,992‌
Less: Reimbursement
from
Manager
............................................................
–‌
54‌
–‌
Less:
Reimbursement
from
Manager
-
Class
A
..................................................
N/A‌
3‌
10‌
Less:
Reimbursement
from
Manager
-
Institutional
.............................................
5‌
15‌
6‌
Total
Net
Expenses
5,953‌
622‌
18,976‌
Net
Investment
Income
(Loss)
3,764‌
2,870‌
20,396‌
Net
Realized
and
Unrealized
Gain
(Loss)
on
investments
and
foreign
currencies
Net
realized
gain
(loss)
from:
Investment
transactions
 (
net
of
foreign
taxes
of 
$
0
,
$
0
and
$
2,676
,
respectively)
..............
32,320‌
(
409‌
)
8,896‌
Foreign
currency
transactions
....................................................................
(
170‌
)
–‌
(
2,877‌
)
Net
change
in
unrealized
appreciation/(depreciation)
of:
Investments
 (net
of
foreign
taxes
of
$
0
,
$
0
and
$
2,255
,
respectively)
...........................
(
192,726‌
)
(
10,608‌
)
(
388,190‌
)
Translation
of
assets
and
liabilities
in
foreign
currencies
........................................
(
53‌
)
–‌
172‌
Net
Realized
and
Unrealized
Gain
(Loss)
on
investments
and
foreign
currencies
(
160,629‌
)
(
11,017‌
)
(
381,999‌
)
Net
Increase
(Decrease)
in
Net
Assets
Resulting
from
Operations
$
(
156,865‌
)
$
(
8,147‌
)
$
(
361,603‌
)
Statements
of
Operations
Principal
Funds,
Inc.
Six
Months
Ended
February
28,
2022
(unaudited)
12
See
accompanying
notes.
Amounts
in
thousands
Small-MidCap
Dividend
Income
Fund
Small-MidCap
Growth
Fund
Spectrum
Preferred
and
Capital
Securities
Income
Fund
Net
Investment
Income
(Loss)
Income:
Dividends
.........................................................................................
$
11,897‌
$
10‌
$
21,148‌
Withholding
tax
..................................................................................
(
53‌
)
–‌
–‌
Interest
............................................................................................
1‌
–‌
178,151‌
Securities
lending
-
net
...........................................................................
–‌
–‌
181‌
Total
Income
11,845‌
10‌
199,480‌
Expenses:
Management
and
investment
advisory
fees
......................................................
4,447‌
39‌
28,093‌
Distribution
f
ees
-
Class
A
.......................................................................
192‌
N/A‌
1,217‌
Distribution
f
ees
-
Class
C
.......................................................................
320‌
N/A‌
1,210‌
Distribution
f
ees
-
Class
J
........................................................................
N/A‌
N/A‌
31‌
Distribution
f
ees
-
R-1
...........................................................................
N/A‌
N/A‌
1‌
Distribution
f
ees
-
R-3
...........................................................................
N/A‌
N/A‌
2‌
Distribution
f
ees
-
R-4
...........................................................................
N/A‌
N/A‌
1‌
Administrative
service
fees
-
R-1
................................................................
N/A‌
N/A‌
1‌
Administrative
service
fees
-
R-3
................................................................
N/A‌
N/A‌
1‌
Registration
fees
-
Class
A
.......................................................................
12‌
N/A‌
19‌
Registration
fees
-
Class
C
.......................................................................
9‌
N/A‌
12‌
Registration
fees
-
Class
J
........................................................................
N/A‌
N/A‌
9‌
Registration
fees
-
Institutional
..................................................................
24‌
10‌
21‌
Registration
fees
-
R-6
...........................................................................
9‌
N/A‌
10‌
Service
fees
-
R-1
................................................................................
N/A‌
N/A‌
1‌
Service
fees
-
R-3
................................................................................
N/A‌
N/A‌
2‌
Service
fees
-
R-4
................................................................................
N/A‌
N/A‌
1‌
Service
fees
-
R-5
................................................................................
N/A‌
N/A‌
5‌
Shareholder
reports
-
Class
A
....................................................................
8‌
N/A‌
23‌
Shareholder
reports
-
Class
C
....................................................................
6‌
N/A‌
14‌
Shareholder
reports
-
Class
J
.....................................................................
N/A‌
N/A‌
2‌
Shareholder
reports
-
Institutional
...............................................................
40‌
–‌
144‌
Shareholder
reports
-
R-6
........................................................................
–‌
N/A‌
1‌
Transfer agent
fees
-
Class
A
.....................................................................
88‌
N/A‌
409‌
Transfer agent
fees
-
Class
C
.....................................................................
41‌
N/A‌
107‌
Transfer agent
fees
-
Class
J
.....................................................................
N/A‌
N/A‌
26‌
Transfer agent
fees
-
Institutional
................................................................
347‌
–‌
2,469‌
Chief
compliance
officer
expenses
...............................................................
1‌
–‌
4‌
Custodian
fees
....................................................................................
3‌
2‌
33‌
Directors'
expenses
...............................................................................
12‌
1‌
78‌
Professional fees
.................................................................................
12‌
12‌
22‌
Other
expenses
...................................................................................
10‌
–‌
49‌
Total
Gross
Expenses
5,581‌
64‌
34,018‌
Less:
Reimbursement
from
Manager
-
Class
A
..................................................
41‌
N/A‌
–‌
Less:
Reimbursement
from
Manager
-
Class
C
..................................................
28‌
N/A‌
–‌
Less:
Reimbursement
from
Manager
-
Institutional
.............................................
127‌
18‌
–‌
Less:
Reimbursement
from
Manager
-
R-6
......................................................
3‌
N/A‌
–‌
Less:
Reimbursement
from
Distributor
-
Class
J
................................................
N/A‌
N/A‌
5‌
Total
Net
Expenses
5,382‌
46‌
34,013‌
Net
Investment
Income
(Loss)
6,463‌
(
36‌
)
165,467‌
Net
Realized
and
Unrealized
Gain
(Loss)
on
investments,
futures
and
options
and
swaptions
Net
realized
gain
(loss)
from:
Investment
transactions
..........................................................................
34,631‌
648‌
55,424‌
Foreign
currency
transactions
....................................................................
1‌
–‌
–‌
Futures
contracts
.................................................................................
–‌
–‌
10,914‌
Options
and
swaptions
...........................................................................
–‌
–‌
3,543‌
Net
change
in
unrealized
appreciation/(depreciation)
of:
Investments
.......................................................................................
(
15,156‌
)
(
1,981‌
)
(
636,391‌
)
Futures
contracts
.................................................................................
–‌
–‌
(
1,965‌
)
Options
and
swaptions
...........................................................................
–‌
–‌
(
118‌
)
Translation
of
assets
and
liabilities
in
foreign
currencies
........................................
(
1‌
)
–‌
–‌
Net
Realized
and
Unrealized
Gain
(Loss)
on
investments,
futures
and
options
and
swaptions
19,475‌
(
1,333‌
)
(
568,593‌
)
Net
Increase
(Decrease)
in
Net
Assets
Resulting
from
Operations
$
25,938‌
$
(
1,369‌
)
$
(
403,126‌
)
Statement
of
Changes
in
Net
Assets
Principal
Funds,
Inc.
(unaudited)
13
See
accompanying
notes.
Amounts
in
thousands
Blue
Chip
Fund
Period
Ended
February
28,
2022
Year
Ended
August
31,
2021
Operations
Net
investment
income
(loss)
..........................................................................................................
$
(
15,877‌
)
$
(
21,998‌
)
Net
realized
gain
(loss)
on
investments
................................................................................................
204,425‌
792,123‌
Net
change
in
unrealized
appreciation/(depreciation)
of
investments
.................................................................
(
1,781,091‌
)
1,780,646‌
Net
Increase
(Decrease)
in
Net
Assets
Resulting
from
Operations
(
1,592,543‌
)
2,550,771‌
Dividends
and
Distributions
to
Shareholders
From
net
investment
income
and
net
realized
gain
on
investments
...................................................................
(
707,526‌
)
(
273,239‌
)
Total
Dividends
and
Distributions
(
707,526‌
)
(
273,239‌
)
Capital
Share
Transactions
Net
increase
(decrease)
in
capital
share
transactions
..................................................................................
888,205‌
947,341‌
Total
Increase
(Decrease)
in
Net
Assets
(
1,411,864‌
)
3,224,873‌
Net
Assets
Beginning
of
period
....................................................................................................................
11,062,427‌
7,837,554‌
End
of
period
..........................................................................................................................
$
9,650,563‌
$
11,062,427‌
Class
A
Class
C
Class
J
Institutional
R-3
R-4
R-5
R-6
Capital
Share
Transactions:
Period
Ended
February
28,
2022
Dollars:
Sold
................................
$
362,088‌
$
34,944‌
$
33,637‌
$
634,989‌
$
4,391‌
$
1,745‌
$
5,857‌
$
449,634‌
Reinvested
...........................
73,802‌
26,887‌
14,404‌
194,441‌
884‌
364‌
791‌
378,787‌
Redeemed
............................
(
270,111‌
)
(
38,071‌
)
(
31,446‌
)
(
440,190‌
)
(
2,847‌
)
(
3,680‌
)
(
1,797‌
)
(
541,298‌
)
Net
Increase
(Decrease)
$
165,779‌
$
23,760‌
$
16,595‌
$
389,240‌
$
2,428‌
$
(
1,571‌
)
$
4,851‌
$
287,123‌
Shares:
Sold
................................
9,502‌
936‌
825‌
16,052‌
108‌
43‌
156‌
11,183‌
Reinvested
...........................
1,862‌
729‌
357‌
4,790‌
22‌
9‌
20‌
9,300‌
Redeemed
............................
(
6,971‌
)
(
1,027‌
)
(
814‌
)
(
11,144‌
)
(
73‌
)
(
100‌
)
(
46‌
)
(
13,247‌
)
Net
Increase
(Decrease)
4,393‌
638‌
368‌
9,698‌
57‌
(
48‌
)
130‌
7,236‌
Year
Ended
August
31,
2021
Dollars:
Sold
................................
$
460,034‌
$
75,366‌
$
78,501‌
$
1,226,526‌
$
3,604‌
$
1,377‌
$
2,885‌
$
1,314,347‌
Reinvested
...........................
22,003‌
11,315‌
5,294‌
87,710‌
275‌
181‌
425‌
138,915‌
Redeemed
............................
(
208,606‌
)
(
79,458‌
)
(
58,408‌
)
(
1,466,536‌
)
(
3,576‌
)
(
2,411‌
)
(
6,008‌
)
(
656,414‌
)
Net
Increase
(Decrease)
$
273,431‌
$
7,223‌
$
25,387‌
$
(
152,300‌
)
$
303‌
$
(
853‌
)
$
(
2,698‌
)
$
796,848‌
Shares:
Sold
................................
12,444‌
2,265‌
2,163‌
33,988‌
100‌
39‌
79‌
37,295‌
Reinvested
...........................
666‌
363‌
158‌
2,603‌
9‌
5‌
13‌
4,112‌
Redeemed
............................
(
5,823‌
)
(
2,377‌
)
(
1,658‌
)
(
40,934‌
)
(
104‌
)
(
67‌
)
(
157‌
)
(
18,165‌
)
Net
Increase
(Decrease)
7,287‌
251‌
663‌
(
4,343‌
)
5‌
(
23‌
)
(
65‌
)
23,242‌
Dividends
and
Distributions
to
Shareholders:
Period Ended
February
28,
2022
From
net
investment
income
and
net
realized
gain
on
investments
.........................
$
(
75,167‌
)
$
(
28,072‌
)
$
(
14,420‌
)
$
(
204,611‌
)
$
(
884‌
)
$
(
364‌
)
$
(
791‌
)
$
(
383,217‌
)
Total
Dividends
and
Distributions
$
(
75,167‌
)
$
(
28,072‌
)
$
(
14,420‌
)
$
(
204,611‌
)
$
(
884‌
)
$
(
364‌
)
$
(
791‌
)
$
(
383,217‌
)
Year
Ended
August
31,
2021
From
net
investment
income
and
net
realized
gain
on
investments
.........................
$
(
22,518‌
)
$
(
11,763‌
)
$
(
5,295‌
)
$
(
91,882‌
)
$
(
275‌
)
$
(
181‌
)
$
(
425‌
)
$
(
140,900‌
)
Total
Dividends
and
Distributions
$
(
22,518‌
)
$
(
11,763‌
)
$
(
5,295‌
)
$
(
91,882‌
)
$
(
275‌
)
$
(
181‌
)
$
(
425‌
)
$
(
140,900‌
)
Statement
of
Changes
in
Net
Assets
Principal
Funds,
Inc.
(unaudited)
14
See
accompanying
notes.
Amounts
in
thousands
Bond
Market
Index
Fund
Period
Ended
February
28,
2022
Year
Ended
August
31,
2021
Operations
Net
investment
income
(loss)
..........................................................................................................
$
7,596‌
$
18,529‌
Net
realized
gain
(loss)
on
investments
................................................................................................
(
1,213‌
)
111,727‌
Net
change
in
unrealized
appreciation/(depreciation)
of
investments
.................................................................
(
44,868‌
)
(
135,202‌
)
Net
Increase
(Decrease)
in
Net
Assets
Resulting
from
Operations
(
38,485‌
)
(
4,946‌
)
Dividends
and
Distributions
to
Shareholders
From
net
investment
income
and
net
realized
gain
on
investments
...................................................................
(
17,934‌
)
(
131,463‌
)
Total
Dividends
and
Distributions
(
17,934‌
)
(
131,463‌
)
Capital
Share
Transactions
Net
increase
(decrease)
in
capital
share
transactions
..................................................................................
68,449‌
(
1,346,178‌
)
Total
Increase
(Decrease)
in
Net
Assets
12,030‌
(
1,482,587‌
)
Net
Assets
Beginning
of
period
....................................................................................................................
898,355‌
2,380,942‌
End
of
period
..........................................................................................................................
$
910,385‌
$
898,355‌
Class
J
Institutional
R-1
R-2
R-3
R-4
R-5
Capital
Share
Transactions:
Period
Ended
February
28,
2022
Dollars:
Sold
...........................................
$
5,286‌
$
152,129‌
$
60‌
$
N/A‌
$
1,726‌
$
462‌
$
2,184‌
Reinvested
......................................
609‌
16,871‌
11‌
N/A‌
146‌
58‌
239‌
Redeemed
.......................................
(
4,891‌
)
(
98,460‌
)
(
138‌
)
N/A‌
(
2,816‌
)
(
1,392‌
)
(
3,635‌
)
Net
Increase
(Decrease)
$
1,004‌
$
70,540‌
$
(
67‌
)
$
N/A‌
$
(
944‌
)
$
(
872‌
)
$
(
1,212‌
)
Shares:
Sold
...........................................
554‌
15,364‌
6‌
N/A‌
179‌
47‌
227‌
Reinvested
......................................
63‌
1,713‌
1‌
N/A‌
15‌
6‌
25‌
Redeemed
.......................................
(
509‌
)
(
9,889‌
)
(
14‌
)
N/A‌
(
293‌
)
(
143‌
)
(
377‌
)
Net
Increase
(Decrease)
108‌
7,188‌
(
7‌
)
N/A‌
(
99‌
)
(
90‌
)
(
125‌
)
Year
Ended
August
31,
2021
(a)
Dollars:
Sold
...........................................
$
10,051‌
$
289,179‌
$
347‌
$
1,364‌
$
10,337‌
$
1,747‌
$
4,011‌
Reinvested
......................................
7,097‌
116,860‌
240‌
1,145‌
2,125‌
1,081‌
2,898‌
Redeemed
.......................................
(
17,675‌
)
(
1,743,935‌
)
(
589‌
)
(
8,521‌
)
(
12,193‌
)
(
4,107‌
)
(
7,640‌
)
Net
Increase
(Decrease)
$
(
527‌
)
$
(
1,337,896‌
)
$
(
2‌
)
$
(
6,012‌
)
$
269‌
$
(
1,279‌
)
$
(
731‌
)
Shares:
Sold
...........................................
935‌
27,388‌
32‌
125‌
1,039‌
162‌
390‌
Reinvested
......................................
687‌
11,062‌
23‌
111‌
206‌
104‌
279‌
Redeemed
.......................................
(
1,703‌
)
(
146,690‌
)
(
58‌
)
(
858‌
)
(
1,224‌
)
(
404‌
)
(
745‌
)
Net
Increase
(Decrease)
(
81‌
)
(
108,240‌
)
(
3‌
)
(
622‌
)
21‌
(
138‌
)
(
76‌
)
Dividends
and
Distributions
to
Shareholders:
Period Ended
February
28,
2022
From
net
investment
income
and
net
realized
gain
on
investments
$
(
609‌
)
$
(
16,871‌
)
$
(
11‌
)
$
N/A‌
$
(
146‌
)
$
(
58‌
)
$
(
239‌
)
Total
Dividends
and
Distributions
$
(
609‌
)
$
(
16,871‌
)
$
(
11‌
)
$
N/A‌
$
(
146‌
)
$
(
58‌
)
$
(
239‌
)
Year
Ended
August
31,
2021
(a)
From
net
investment
income
and
net
realized
gain
on
investments
$
(
7,114‌
)
$
(
116,860‌
)
$
(
240‌
)
$
(
1,145‌
)
$
(
2,125‌
)
$
(
1,081‌
)
$
(
2,898‌
)
Total
Dividends
and
Distributions
$
(
7,114‌
)
$
(
116,860‌
)
$
(
240‌
)
$
(
1,145‌
)
$
(
2,125‌
)
$
(
1,081‌
)
$
(
2,898‌
)
(a)
Class
R-2
shares
discontinued
operations
and
converted
to
Class
R-3
shares
on
March
1,
2021.
Statement
of
Changes
in
Net
Assets
Principal
Funds,
Inc.
(unaudited)
15
See
accompanying
notes.
Amounts
in
thousands
Diversified
Real
Asset
Fund
(a)
Period
Ended
February
28,
2022
Year
Ended
August
31,
2021
Operations
Net
investment
income
(loss)
..........................................................................................................
$
40,442‌
$
76,537‌
Net
realized
gain
(loss)
on
investments
,
foreign
currencies
,
futures
,
options
and
swaptions
and
swap
agreements
..................
251,067‌
365,412‌
Net
change
in
unrealized
appreciation/(depreciation)
of
investments
,
foreign
currencies
,
futures
,
options
and
swaptions
and
swap
agreements
.......................................................................................................................
(
46,311‌
)
291,328‌
Net
Increase
(Decrease)
in
Net
Assets
Resulting
from
Operations
245,198‌
733,277‌
Dividends
and
Distributions
to
Shareholders
From
net
investment
income
and
net
realized
gain
on
investments
...................................................................
(
281,504‌
)
(
17,546‌
)
Total
Dividends
and
Distributions
(
281,504‌
)
(
17,546‌
)
Capital
Share
Transactions
Net
increase
(decrease)
in
capital
share
transactions
..................................................................................
256,733‌
490,194‌
Total
Increase
(Decrease)
in
Net
Assets
220,427‌
1,205,925‌
Net
Assets
Beginning
of
period
....................................................................................................................
4,383,853‌
3,177,928‌
End
of
period
..........................................................................................................................
$
4,604,280‌
$
4,383,853‌
Class
A
Class
C
Institutional
R-3
R-4
R-5
R-6
Capital
Share
Transactions:
Period
Ended
February
28,
2022
Dollars:
Sold
...........................................
$
42,120‌
$
N/A‌
$
381,623‌
$
36‌
$
–‌
$
22‌
$
431,312‌
Reinvested
......................................
5,190‌
N/A‌
129,937‌
15‌
1‌
3‌
137,077‌
Redeemed
.......................................
(
9,600‌
)
N/A‌
(
254,324‌
)
–‌
–‌
(
1‌
)
(
606,678‌
)
Net
Increase
(Decrease)
$
37,710‌
$
N/A‌
$
257,236‌
$
51‌
$
1‌
$
24‌
$
(
38,289‌
)
Shares:
Sold
...........................................
3,154‌
N/A‌
28,560‌
3‌
–‌
2‌
32,424‌
Reinvested
......................................
396‌
N/A‌
9,936‌
1‌
–‌
–‌
10,492‌
Redeemed
.......................................
(
720‌
)
N/A‌
(
19,010‌
)
–‌
–‌
–‌
(
45,457‌
)
Net
Increase
(Decrease)
2,830‌
N/A‌
19,486‌
4‌
–‌
2‌
(
2,541‌
)
Year
Ended
August
31,
2021
(b)
Dollars:
Sold
...........................................
$
42,836‌
$
126‌
$
541,536‌
$
47‌
$
–‌
$
58‌
$
1,103,343‌
Reinvested
......................................
83‌
–‌
10,673‌
–‌
–‌
–‌
6,294‌
Redeemed
.......................................
(
13,633‌
)
(
12,365‌
)
(
857,950‌
)
–‌
–‌
(
60‌
)
(
330,794‌
)
Net
Increase
(Decrease)
$
29,286‌
$
(
12,239‌
)
$
(
305,741‌
)
$
47‌
$
–‌
$
(
2‌
)
$
778,843‌
Shares:
Sold
...........................................
3,383‌
11‌
43,438‌
4‌
–‌
5‌
86,468‌
Reinvested
......................................
7‌
–‌
892‌
–‌
–‌
–‌
526‌
Redeemed
.......................................
(
1,090‌
)
(
1,021‌
)
(
66,250‌
)
–‌
–‌
(
5‌
)
(
27,849‌
)
Net
Increase
(Decrease)
2,300‌
(
1,010‌
)
(
21,920‌
)
4‌
–‌
–‌
59,145‌
Dividends
and
Distributions
to
Shareholders:
Period Ended
February
28,
2022
From
net
investment
income
and
net
realized
gain
on
investments
$
(
5,608‌
)
$
N/A‌
$
(
137,059‌
)
$
(
15‌
)
$
(
1‌
)
$
(
3‌
)
$
(
138,818‌
)
Total
Dividends
and
Distributions
$
(
5,608‌
)
$
N/A‌
$
(
137,059‌
)
$
(
15‌
)
$
(
1‌
)
$
(
3‌
)
$
(
138,818‌
)
Year
Ended
August
31,
2021
(b)
From
net
investment
income
and
net
realized
gain
on
investments
$
(
88‌
)
$
–‌
$
(
11,011‌
)
$
–‌
$
–‌
$
–‌
$
(
6,447‌
)
Total
Dividends
and
Distributions
$
(
88‌
)
$
–‌
$
(
11,011‌
)
$
–‌
$
–‌
$
–‌
$
(
6,447‌
)
(a)
Consolidated
financial
statement;
see
"Basis
for
Consolidation"
in
Notes
to
Financial
Statements.
(b)
Class
C
shares
discontinued
operations
and
converted
to
Class
A
shares
on
February
23,
2021.
Statement
of
Changes
in
Net
Assets
Principal
Funds,
Inc.
(unaudited)
16
See
accompanying
notes.
Amounts
in
thousands
Edge
MidCap
Fund
Period
Ended
February
28,
2022
Year
Ended
August
31,
2021
Operations
Net
investment
income
(loss)
..........................................................................................................
$
1,895‌
$
4,453‌
Net
realized
gain
(loss)
on
investments
and
foreign
currencies
.......................................................................
42,079‌
182,758‌
Net
change
in
unrealized
appreciation/(depreciation)
of
investments
.................................................................
(
66,908‌
)
66,615‌
Net
Increase
(Decrease)
in
Net
Assets
Resulting
from
Operations
(
22,934‌
)
253,826‌
Dividends
and
Distributions
to
Shareholders
From
net
investment
income
and
net
realized
gain
on
investments
...................................................................
(
140,225‌
)
(
47,266‌
)
Total
Dividends
and
Distributions
(
140,225‌
)
(
47,266‌
)
Capital
Share
Transactions
Net
increase
(decrease)
in
capital
share
transactions
..................................................................................
63,809‌
(
474,522‌
)
Total
Increase
(Decrease)
in
Net
Assets
(
99,350‌
)
(
267,962‌
)
Net
Assets
Beginning
of
period
....................................................................................................................
584,998‌
852,960‌
End
of
period
..........................................................................................................................
$
485,648‌
$
584,998‌
Class
A
Institutional
R-6
Capital
Share
Transactions:
Period
Ended
February
28,
2022
Dollars:
Sold
.....................................................................................
$
3,364‌
$
16,503‌
$
14,245‌
Reinvested
................................................................................
5,392‌
20,070‌
105,996‌
Redeemed
.................................................................................
(
4,536‌
)
(
47,732‌
)
(
49,493‌
)
Net
Increase
(Decrease)
$
4,220‌
$
(
11,159‌
)
$
70,748‌
Shares:
Sold
.....................................................................................
201‌
1,095‌
841‌
Reinvested
................................................................................
388‌
1,430‌
7,510‌
Redeemed
.................................................................................
(
287‌
)
(
2,685‌
)
(
3,206‌
)
Net
Increase
(Decrease)
302‌
(
160‌
)
5,145‌
Year
Ended
August
31,
2021
Dollars:
Sold
.....................................................................................
$
10,882‌
$
33,248‌
$
43,898‌
Reinvested
................................................................................
711‌
4,807‌
40,574‌
Redeemed
.................................................................................
(
6,730‌
)
(
30,514‌
)
(
571,398‌
)
Net
Increase
(Decrease)
$
4,863‌
$
7,541‌
$
(
486,926‌
)
Shares:
Sold
.....................................................................................
646‌
1,972‌
2,572‌
Reinvested
................................................................................
44‌
295‌
2,479‌
Redeemed
.................................................................................
(
399‌
)
(
1,785‌
)
(
31,985‌
)
Net
Increase
(Decrease)
291‌
482‌
(
26,934‌
)
Dividends
and
Distributions
to
Shareholders:
Period Ended
February
28,
2022
From
net
investment
income
and
net
realized
gain
on
investments
.........................................
$
(
5,394‌
)
$
(
20,450‌
)
$
(
114,381‌
)
Total
Dividends
and
Distributions
$
(
5,394‌
)
$
(
20,450‌
)
$
(
114,381‌
)
Year
Ended
August
31,
2021
From
net
investment
income
and
net
realized
gain
on
investments
.........................................
$
(
715‌
)
$
(
4,877‌
)
$
(
41,674‌
)
Total
Dividends
and
Distributions
$
(
715‌
)
$
(
4,877‌
)
$
(
41,674‌
)
Statement
of
Changes
in
Net
Assets
Principal
Funds,
Inc.
(unaudited)
17
See
accompanying
notes.
Amounts
in
thousands
Global
Multi-Strategy
Fund
(a)
Period
Ended
February
28,
2022
Year
Ended
August
31,
2021
Operations
Net
investment
income
(loss)
..........................................................................................................
$
1,719‌
$
5,465‌
Net
realized
gain
(loss)
on
investments
,
foreign
currencies
,
futures
,
options
and
swaptions
,
short
sales
and
swap
agreements
......
20,889‌
46,593‌
Net
change
in
unrealized
appreciation/(depreciation)
of
investments
,
foreign
currencies
,
futures
,
options
and
swaptions
,
short
sales
and
swap
agreements
.......................................................................................................
(
25,859‌
)
6,581‌
Net
Increase
(Decrease)
in
Net
Assets
Resulting
from
Operations
(
3,251‌
)
58,639‌
Dividends
and
Distributions
to
Shareholders
From
net
investment
income
and
net
realized
gain
on
investments
...................................................................
(
21,550‌
)
(
12,889‌
)
Total
Dividends
and
Distributions
(
21,550‌
)
(
12,889‌
)
Capital
Share
Transactions
Net
increase
(decrease)
in
capital
share
transactions
..................................................................................
(
60,559‌
)
(
283,471‌
)
Total
Increase
(Decrease)
in
Net
Assets
(
85,360‌
)
(
237,721‌
)
Net
Assets
Beginning
of
period
....................................................................................................................
563,702‌
801,423‌
End
of
period
..........................................................................................................................
$
478,342‌
$
563,702‌
Class
A
Class
C
Institutional
R-6
Capital
Share
Transactions:
Period
Ended
February
28,
2022
Dollars:
Sold
..........................................................................
$
2,631‌
$
N/A‌
$
38,822‌
$
12,633‌
Reinvested
.....................................................................
1,140‌
N/A‌
11,318‌
643‌
Redeemed
......................................................................
(
3,976‌
)
N/A‌
(
55,650‌
)
(
68,120‌
)
Net
Increase
(Decrease)
$
(
205‌
)
$
N/A‌
$
(
5,510‌
)
$
(
54,844‌
)
Shares:
Sold
..........................................................................
229‌
N/A‌
3,312‌
1,070‌
Reinvested
.....................................................................
101‌
N/A‌
987‌
56‌
Redeemed
......................................................................
(
345‌
)
N/A‌
(
4,772‌
)
(
5,883‌
)
Net
Increase
(Decrease)
(
15‌
)
N/A‌
(
473‌
)
(
4,757‌
)
Year
Ended
August
31,
2021
(b)
Dollars:
Sold
..........................................................................
$
17,733‌
$
162‌
$
83,371‌
$
27,567‌
Reinvested
.....................................................................
267‌
50‌
8,856‌
289‌
Redeemed
......................................................................
(
8,032‌
)
(
17,483‌
)
(
362,608‌
)
(
33,643‌
)
Net
Increase
(Decrease)
$
9,968‌
$
(
17,271‌
)
$
(
270,381‌
)
$
(
5,787‌
)
Shares:
Sold
..........................................................................
1,563‌
15‌
7,245‌
2,382‌
Reinvested
.....................................................................
24‌
5‌
781‌
25‌
Redeemed
......................................................................
(
705‌
)
(
1,596‌
)
(
31,841‌
)
(
2,916‌
)
Net
Increase
(Decrease)
882‌
(
1,576‌
)
(
23,815‌
)
(
509‌
)
Dividends
and
Distributions
to
Shareholders:
Period Ended
February
28,
2022
From
net
investment
income
and
net
realized
gain
on
investments
..............................
$
(
1,345‌
)
$
N/A‌
$
(
13,625‌
)
$
(
6,580‌
)
Total
Dividends
and
Distributions
$
(
1,345‌
)
$
N/A‌
$
(
13,625‌
)
$
(
6,580‌
)
Year
Ended
August
31,
2021
(b)
From
net
investment
income
and
net
realized
gain
on
investments
..............................
$
(
334‌
)
$
(
52‌
)
$
(
9,671‌
)
$
(
2,832‌
)
Total
Dividends
and
Distributions
$
(
334‌
)
$
(
52‌
)
$
(
9,671‌
)
$
(
2,832‌
)
(a)
Consolidated
financial
statement;
see
"Basis
for
Consolidation"
in
Notes
to
Financial
Statements.
(b)
Class
C
shares
discontinued
operations
and
converted
to
Class
A
shares
on
February
23,
2021.
Statement
of
Changes
in
Net
Assets
Principal
Funds,
Inc.
(unaudited)
18
See
accompanying
notes.
Amounts
in
thousands
International
Equity
Index
Fund
Period
Ended
February
28,
2022
Year
Ended
August
31,
2021
Operations
Net
investment
income
(loss)
..........................................................................................................
$
12,538‌
$
27,490‌
Net
realized
gain
(loss)
on
investments
,
foreign
currencies
and
futures
...............................................................
3,432‌
37,361‌
Net
change
in
unrealized
appreciation/(depreciation)
of
investments
,
foreign
currencies
and
futures
................................
(
100,952‌
)
206,022‌
Net
Increase
(Decrease)
in
Net
Assets
Resulting
from
Operations
(
84,982‌
)
270,873‌
Dividends
and
Distributions
to
Shareholders
From
net
investment
income
and
net
realized
gain
on
investments
...................................................................
(
61,068‌
)
(
27,015‌
)
Total
Dividends
and
Distributions
(
61,068‌
)
(
27,015‌
)
Capital
Share
Transactions
Net
increase
(decrease)
in
capital
share
transactions
..................................................................................
16,767‌
(
93,651‌
)
Total
Increase
(Decrease)
in
Net
Assets
(
129,283‌
)
150,207‌
Net
Assets
Beginning
of
period
....................................................................................................................
1,248,080‌
1,097,873‌
End
of
period
..........................................................................................................................
$
1,118,797‌
$
1,248,080‌
Institutional
R-1
R-2
R-3
R-4
R-5
R-6
Capital
Share
Transactions:
Period
Ended
February
28,
2022
Dollars:
Sold
...........................................
$
8,774‌
$
19‌
$
N/A‌
$
1,666‌
$
1,027‌
$
2,050‌
$
63,071‌
Reinvested
......................................
2,602‌
19‌
N/A‌
715‌
478‌
802‌
56,452‌
Redeemed
.......................................
(
5,413‌
)
(
37‌
)
N/A‌
(
2,990‌
)
(
1,746‌
)
(
3,934‌
)
(
106,788‌
)
Net
Increase
(Decrease)
$
5,963‌
$
1‌
$
N/A‌
$
(
609‌
)
$
(
241‌
)
$
(
1,082‌
)
$
12,735‌
Shares:
Sold
...........................................
737‌
2‌
N/A‌
144‌
87‌
174‌
5,233‌
Reinvested
......................................
221‌
2‌
N/A‌
62‌
41‌
69‌
4,808‌
Redeemed
.......................................
(
454‌
)
(
3‌
)
N/A‌
(
257‌
)
(
149‌
)
(
333‌
)
(
8,988‌
)
Net
Increase
(Decrease)
504‌
1‌
N/A‌
(
51‌
)
(
21‌
)
(
90‌
)
1,053‌
Year
Ended
August
31,
2021
(a)
Dollars:
Sold
...........................................
$
17,412‌
$
65‌
$
74‌
$
3,835‌
$
3,567‌
$
5,772‌
$
106,980‌
Reinvested
......................................
950‌
7‌
8‌
315‌
203‌
338‌
25,194‌
Redeemed
.......................................
(
12,893‌
)
(
173‌
)
(
697‌
)
(
6,479‌
)
(
4,343‌
)
(
7,123‌
)
(
226,663‌
)
Net
Increase
(Decrease)
$
5,469‌
$
(
101‌
)
$
(
615‌
)
$
(
2,329‌
)
$
(
573‌
)
$
(
1,013‌
)
$
(
94,489‌
)
Shares:
Sold
...........................................
1,536‌
6‌
7‌
343‌
314‌
506‌
9,319‌
Reinvested
......................................
85‌
1‌
–‌
29‌
18‌
31‌
2,253‌
Redeemed
.......................................
(
1,125‌
)
(
16‌
)
(
62‌
)
(
589‌
)
(
381‌
)
(
626‌
)
(
20,079‌
)
Net
Increase
(Decrease)
496‌
(
9‌
)
(
55‌
)
(
217‌
)
(
49‌
)
(
89‌
)
(
8,507‌
)
Dividends
and
Distributions
to
Shareholders:
Period Ended
February
28,
2022
From
net
investment
income
and
net
realized
gain
on
investments
$
(
2,602‌
)
$
(
19‌
)
$
N/A‌
$
(
715‌
)
$
(
478‌
)
$
(
802‌
)
$
(
56,452‌
)
Total
Dividends
and
Distributions
$
(
2,602‌
)
$
(
19‌
)
$
N/A‌
$
(
715‌
)
$
(
478‌
)
$
(
802‌
)
$
(
56,452‌
)
Year
Ended
August
31,
2021
(a)
From
net
investment
income
and
net
realized
gain
on
investments
$
(
950‌
)
$
(
7‌
)
$
(
8‌
)
$
(
315‌
)
$
(
203‌
)
$
(
338‌
)
$
(
25,194‌
)
Total
Dividends
and
Distributions
$
(
950‌
)
$
(
7‌
)
$
(
8‌
)
$
(
315‌
)
$
(
203‌
)
$
(
338‌
)
$
(
25,194‌
)
(a)
Class
R-2
shares
discontinued
operations
and
converted
to
Class
R-3
shares
on
March
1,
2021.
Statement
of
Changes
in
Net
Assets
Principal
Funds,
Inc.
(unaudited)
19
See
accompanying
notes.
Amounts
in
thousands
International
Small
Company
Fund
Period
Ended
February
28,
2022
Year
Ended
August
31,
2021
Operations
Net
investment
income
(loss)
..........................................................................................................
$
3,764‌
$
11,826‌
Net
realized
gain
(loss)
on
investments
and
foreign
currencies
.......................................................................
32,150‌
115,085‌
Net
change
in
unrealized
appreciation/(depreciation)
of
investments
and
foreign
currencies
.........................................
(
192,779‌
)
142,151‌
Net
Increase
(Decrease)
in
Net
Assets
Resulting
from
Operations
(
156,865‌
)
269,062‌
Dividends
and
Distributions
to
Shareholders
From
net
investment
income
and
net
realized
gain
on
investments
...................................................................
(
99,426‌
)
(
12,895‌
)
Total
Dividends
and
Distributions
(
99,426‌
)
(
12,895‌
)
Capital
Share
Transactions
Net
increase
(decrease)
in
capital
share
transactions
..................................................................................
64,051‌
(
118,904‌
)
Total
Increase
(Decrease)
in
Net
Assets
(
192,240‌
)
137,263‌
Net
Assets
Beginning
of
period
....................................................................................................................
1,181,526‌
1,044,263‌
End
of
period
..........................................................................................................................
$
989,286‌
$
1,181,526‌
Class
A
Institutional
R-6
Capital
Share
Transactions:
Period
Ended
February
28,
2022
Dollars:
Sold
.....................................................................................
$
N/A‌
$
14,395‌
$
108,886‌
Reinvested
................................................................................
N/A‌
8,198‌
91,228‌
Redeemed
.................................................................................
N/A‌
(
22,994‌
)
(
135,662‌
)
Net
Increase
(Decrease)
$
N/A‌
$
(
401‌
)
$
64,452‌
Shares:
Sold
.....................................................................................
N/A‌
1,200‌
8,943‌
Reinvested
................................................................................
N/A‌
719‌
7,940‌
Redeemed
.................................................................................
N/A‌
(
2,058‌
)
(
11,410‌
)
Net
Increase
(Decrease)
N/A‌
(
139‌
)
5,473‌
Year
Ended
August
31,
2021
(a)
Dollars:
Sold
.....................................................................................
$
290‌
$
33,977‌
$
169,805‌
Reinvested
................................................................................
43‌
1,046‌
11,806‌
Redeemed
.................................................................................
(
5,816‌
)
(
32,846‌
)
(
297,209‌
)
Net
Increase
(Decrease)
$
(
5,483‌
)
$
2,177‌
$
(
115,598‌
)
Shares:
Sold
.....................................................................................
26‌
2,827‌
14,059‌
Reinvested
................................................................................
4‌
88‌
990‌
Redeemed
.................................................................................
(
482‌
)
(
2,749‌
)
(
25,198‌
)
Net
Increase
(Decrease)
(
452‌
)
166‌
(
10,149‌
)
Dividends
and
Distributions
to
Shareholders:
Period Ended
February
28,
2022
From
net
investment
income
and
net
realized
gain
on
investments
.........................................
$
N/A‌
$
(
8,198‌
)
$
(
91,228‌
)
Total
Dividends
and
Distributions
$
N/A‌
$
(
8,198‌
)
$
(
91,228‌
)
Year
Ended
August
31,
2021
(a)
From
net
investment
income
and
net
realized
gain
on
investments
.........................................
$
(
43‌
)
$
(
1,046‌
)
$
(
11,806‌
)
Total
Dividends
and
Distributions
$
(
43‌
)
$
(
1,046‌
)
$
(
11,806‌
)
(a)
Class
A
shares
discontinued
operations
on
February
23,
2021.
Statement
of
Changes
in
Net
Assets
Principal
Funds,
Inc.
(unaudited)
20
See
accompanying
notes.
Amounts
in
thousands
Opportunistic
Municipal
Fund
Period
Ended
February
28,
2022
Year
Ended
August
31,
2021
Operations
Net
investment
income
(loss)
..........................................................................................................
$
2,870‌
$
5,039‌
Net
realized
gain
(loss)
on
investments
................................................................................................
(
409‌
)
1,160‌
Net
change
in
unrealized
appreciation/(depreciation)
of
investments
.................................................................
(
10,608‌
)
8,370‌
Net
Increase
(Decrease)
in
Net
Assets
Resulting
from
Operations
(
8,147‌
)
14,569‌
Dividends
and
Distributions
to
Shareholders
From
net
investment
income
and
net
realized
gain
on
investments
...................................................................
(
2,779‌
)
(
5,108‌
)
Total
Dividends
and
Distributions
(
2,779‌
)
(
5,108‌
)
Capital
Share
Transactions
Net
increase
(decrease)
in
capital
share
transactions
..................................................................................
21,421‌
33,091‌
Total
Increase
(Decrease)
in
Net
Assets
10,495‌
42,552‌
Net
Assets
Beginning
of
period
....................................................................................................................
175,476‌
132,924‌
End
of
period
..........................................................................................................................
$
185,971‌
$
175,476‌
Class
A
Institutional
Capital
Share
Transactions:
Period
Ended
February
28,
2022
Dollars:
Sold
...............................................................................................
$
14,255‌
$
23,206‌
Reinvested
..........................................................................................
832‌
1,912‌
Redeemed
...........................................................................................
(
11,110‌
)
(
7,674‌
)
Net
Increase
(Decrease)
$
3,977‌
$
17,444‌
Shares:
Sold
...............................................................................................
1,246‌
2,014‌
Reinvested
..........................................................................................
73‌
167‌
Redeemed
...........................................................................................
(
976‌
)
(
671‌
)
Net
Increase
(Decrease)
343‌
1,510‌
Year
Ended
August
31,
2021
Dollars:
Sold
...............................................................................................
$
16,220‌
$
37,888‌
Reinvested
..........................................................................................
1,725‌
3,313‌
Redeemed
...........................................................................................
(
12,651‌
)
(
13,404‌
)
Net
Increase
(Decrease)
$
5,294‌
$
27,797‌
Shares:
Sold
...............................................................................................
1,419‌
3,296‌
Reinvested
..........................................................................................
152‌
291‌
Redeemed
...........................................................................................
(
1,114‌
)
(
1,188‌
)
Net
Increase
(Decrease)
457‌
2,399‌
Dividends
and
Distributions
to
Shareholders:
Period Ended
February
28,
2022
From
net
investment
income
and
net
realized
gain
on
investments
...................................................
$
(
855‌
)
$
(
1,924‌
)
Total
Dividends
and
Distributions
$
(
855‌
)
$
(
1,924‌
)
Year
Ended
August
31,
2021
From
net
investment
income
and
net
realized
gain
on
investments
...................................................
$
(
1,769‌
)
$
(
3,339‌
)
Total
Dividends
and
Distributions
$
(
1,769‌
)
$
(
3,339‌
)
Statement
of
Changes
in
Net
Assets
Principal
Funds,
Inc.
(unaudited)
21
See
accompanying
notes.
Amounts
in
thousands
Origin
Emerging
Markets
Fund
Period
Ended
February
28,
2022
Year
Ended
August
31,
2021
Operations
Net
investment
income
(loss)
..........................................................................................................
$
20,396‌
$
47,354‌
Net
realized
gain
(loss)
on
investments
and
foreign
currencies
.......................................................................
6,019‌
142,323‌
Net
change
in
unrealized
appreciation/(depreciation)
of
investments
and
foreign
currencies
.........................................
(
388,018‌
)
33,160‌
Net
Increase
(Decrease)
in
Net
Assets
Resulting
from
Operations
(
361,603‌
)
222,837‌
Dividends
and
Distributions
to
Shareholders
From
net
investment
income
and
net
realized
gain
on
investments
...................................................................
(
142,189‌
)
(
17,592‌
)
Total
Dividends
and
Distributions
(
142,189‌
)
(
17,592‌
)
Capital
Share
Transactions
Net
increase
(decrease)
in
capital
share
transactions
..................................................................................
(
195,101‌
)
1,800,621‌
Total
Increase
(Decrease)
in
Net
Assets
(
698,893‌
)
2,005,866‌
Net
Assets
Beginning
of
period
....................................................................................................................
3,863,736‌
1,857,870‌
End
of
period
..........................................................................................................................
$
3,164,843‌
$
3,863,736‌
Class
A
Institutional
R-6
Capital
Share
Transactions:
Period
Ended
February
28,
2022
Dollars:
Sold
.....................................................................................
$
780‌
$
16,974‌
$
254,165‌
Reinvested
................................................................................
244‌
4,233‌
137,294‌
Redeemed
.................................................................................
(
2,003‌
)
(
16,557‌
)
(
590,231‌
)
Net
Increase
(Decrease)
$
(
979‌
)
$
4,650‌
$
(
198,772‌
)
Shares:
Sold
.....................................................................................
59‌
1,291‌
19,313‌
Reinvested
................................................................................
19‌
328‌
10,620‌
Redeemed
.................................................................................
(
149‌
)
(
1,251‌
)
(
45,425‌
)
Net
Increase
(Decrease)
(
71‌
)
368‌
(
15,492‌
)
Year
Ended
August
31,
2021
Dollars:
Sold
.....................................................................................
$
7,512‌
$
110,756‌
$
2,219,452‌
Reinvested
................................................................................
17‌
601‌
16,940‌
Redeemed
.................................................................................
(
2,444‌
)
(
21,423‌
)
(
530,790‌
)
Net
Increase
(Decrease)
$
5,085‌
$
89,934‌
$
1,705,602‌
Shares:
Sold
.....................................................................................
521‌
8,253‌
155,917‌
Reinvested
................................................................................
2‌
46‌
1,274‌
Redeemed
.................................................................................
(
174‌
)
(
1,536‌
)
(
40,477‌
)
Net
Increase
(Decrease)
349‌
6,763‌
116,714‌
Dividends
and
Distributions
to
Shareholders:
Period Ended
February
28,
2022
From
net
investment
income
and
net
realized
gain
on
investments
.........................................
$
(
249‌
)
$
(
4,286‌
)
$
(
137,654‌
)
Total
Dividends
and
Distributions
$
(
249‌
)
$
(
4,286‌
)
$
(
137,654‌
)
Year
Ended
August
31,
2021
From
net
investment
income
and
net
realized
gain
on
investments
.........................................
$
(
17‌
)
$
(
603‌
)
$
(
16,972‌
)
Total
Dividends
and
Distributions
$
(
17‌
)
$
(
603‌
)
$
(
16,972‌
)
Statement
of
Changes
in
Net
Assets
Principal
Funds,
Inc.
(unaudited)
22
See
accompanying
notes.
Amounts
in
thousands
Small-MidCap
Dividend
Income
Fund
Period
Ended
February
28,
2022
Year
Ended
August
31,
2021
Operations
Net
investment
income
(loss)
..........................................................................................................
$
6,463‌
$
12,891‌
Net
realized
gain
(loss)
on
investments
and
foreign
currencies
.......................................................................
34,632‌
250,778‌
Net
change
in
unrealized
appreciation/(depreciation)
of
investments
and
foreign
currencies
.........................................
(
15,157‌
)
320,555‌
Net
Increase
(Decrease)
in
Net
Assets
Resulting
from
Operations
25,938‌
584,224‌
Dividends
and
Distributions
to
Shareholders
From
net
investment
income
and
net
realized
gain
on
investments
...................................................................
(
6,096‌
)
(
18,307‌
)
Total
Dividends
and
Distributions
(
6,096‌
)
(
18,307‌
)
Capital
Share
Transactions
Net
increase
(decrease)
in
capital
share
transactions
..................................................................................
69,054‌
(
1,045,441‌
)
Total
Increase
(Decrease)
in
Net
Assets
88,896‌
(
479,524‌
)
Net
Assets
Beginning
of
period
....................................................................................................................
1,112,758‌
1,592,282‌
End
of
period
..........................................................................................................................
$
1,201,654‌
$
1,112,758‌
Class
A
Class
C
Institutional
R-6
Capital
Share
Transactions:
Period
Ended
February
28,
2022
Dollars:
Sold
..........................................................................
$
17,356‌
$
1,499‌
$
91,355‌
$
82,939‌
Reinvested
.....................................................................
613‌
57‌
4,539‌
485‌
Redeemed
......................................................................
(
13,595‌
)
(
13,471‌
)
(
95,179‌
)
(
7,544‌
)
Net
Increase
(Decrease)
$
4,374‌
$
(
11,915‌
)
$
715‌
$
75,880‌
Shares:
Sold
..........................................................................
993‌
87‌
5,181‌
4,572‌
Reinvested
.....................................................................
35‌
3‌
260‌
27‌
Redeemed
......................................................................
(
777‌
)
(
784‌
)
(
5,423‌
)
(
427‌
)
Net
Increase
(Decrease)
251‌
(
694‌
)
18‌
4,172‌
Year
Ended
August
31,
2021
Dollars:
Sold
..........................................................................
$
40,724‌
$
3,995‌
$
318,215‌
$
52,413‌
Reinvested
.....................................................................
1,181‌
373‌
15,730‌
215‌
Redeemed
......................................................................
(
38,941‌
)
(
32,965‌
)
(
1,398,642‌
)
(
7,739‌
)
Net
Increase
(Decrease)
$
2,964‌
$
(
28,597‌
)
$
(
1,064,697‌
)
$
44,889‌
Shares:
Sold
..........................................................................
2,675‌
270‌
22,826‌
3,311‌
Reinvested
.....................................................................
85‌
27‌
1,173‌
15‌
Redeemed
......................................................................
(
2,720‌
)
(
2,275‌
)
(
92,912‌
)
(
481‌
)
Net
Increase
(Decrease)
40‌
(
1,978‌
)
(
68,913‌
)
2,845‌
Dividends
and
Distributions
to
Shareholders:
Period Ended
February
28,
2022
From
net
investment
income
and
net
realized
gain
on
investments
..............................
$
(
679‌
)
$
(
58‌
)
$
(
4,873‌
)
$
(
486‌
)
Total
Dividends
and
Distributions
$
(
679‌
)
$
(
58‌
)
$
(
4,873‌
)
$
(
486‌
)
Year
Ended
August
31,
2021
From
net
investment
income
and
net
realized
gain
on
investments
..............................
$
(
1,301‌
)
$
(
382‌
)
$
(
16,409‌
)
$
(
215‌
)
Total
Dividends
and
Distributions
$
(
1,301‌
)
$
(
382‌
)
$
(
16,409‌
)
$
(
215‌
)
Statement
of
Changes
in
Net
Assets
Principal
Funds,
Inc.
(unaudited)
23
See
accompanying
notes.
Amounts
in
thousands
Small-MidCap
Growth
Fund
Period
Ended
February
28,
2022
Year
Ended
August
31,
2021
Operations
Net
investment
income
(loss)
..........................................................................................................
$
(
36‌
)
$
(
35‌
)
Net
realized
gain
(loss)
on
investments
................................................................................................
648‌
3,371‌
Net
change
in
unrealized
appreciation/(depreciation)
of
investments
.................................................................
(
1,981‌
)
183‌
Net
Increase
(Decrease)
in
Net
Assets
Resulting
from
Operations
(
1,369‌
)
3,519‌
Dividends
and
Distributions
to
Shareholders
From
net
investment
income
and
net
realized
gain
on
investments
...................................................................
(
2,998‌
)
(
788‌
)
Total
Dividends
and
Distributions
(
2,998‌
)
(
788‌
)
Capital
Share
Transactions
Net
increase
(decrease)
in
capital
share
transactions
..................................................................................
2,869‌
1,132‌
Total
Increase
(Decrease)
in
Net
Assets
(
1,498‌
)
3,863‌
Net
Assets
Beginning
of
period
....................................................................................................................
11,489‌
7,626‌
End
of
period
..........................................................................................................................
$
9,991‌
$
11,489‌
Institutional
Capital
Share
Transactions:
Period
Ended
February
28,
2022
Dollars:
Sold
..........................................................................................................
$
71‌
Reinvested
.....................................................................................................
2,998‌
Redeemed
......................................................................................................
(
200‌
)
Net
Increase
(Decrease)
$
2,869‌
Shares:
Sold
..........................................................................................................
4‌
Reinvested
.....................................................................................................
222‌
Redeemed
......................................................................................................
(
16‌
)
Net
Increase
(Decrease)
210‌
Year
Ended
August
31,
2021
Dollars:
Sold
..........................................................................................................
$
421‌
Reinvested
.....................................................................................................
788‌
Redeemed
......................................................................................................
(
77‌
)
Net
Increase
(Decrease)
$
1,132‌
Shares:
Sold
..........................................................................................................
27‌
Reinvested
.....................................................................................................
45‌
Redeemed
......................................................................................................
(
4‌
)
Net
Increase
(Decrease)
68‌
Dividends
and
Distributions
to
Shareholders:
Period Ended
February
28,
2022
From
net
investment
income
and
net
realized
gain
on
investments
..............................................................
$
(
2,998‌
)
Total
Dividends
and
Distributions
$
(
2,998‌
)
Year
Ended
August
31,
2021
From
net
investment
income
and
net
realized
gain
on
investments
..............................................................
$
(
788‌
)
Total
Dividends
and
Distributions
$
(
788‌
)
Statement
of
Changes
in
Net
Assets
Principal
Funds,
Inc.
(unaudited)
24
See
accompanying
notes.
Amounts
in
thousands
Spectrum
Preferred
and
Capital
Securities
Income
Fund
Period
Ended
February
28,
2022
Year
Ended
August
31,
2021
Operations
Net
investment
income
(loss)
..........................................................................................................
$
165,467‌
$
307,111‌
Net
realized
gain
(loss)
on
investments,
futures
and
options
and
swaptions
..........................................................
69,881‌
60,335‌
Net
change
in
unrealized
appreciation/(depreciation)
of
investments,
futures
and
options
and
swaptions
...........................
(638,474‌)
215,531‌
Net
Increase
(Decrease)
in
Net
Assets
Resulting
from
Operations
(403,126‌)
582,977‌
Dividends
and
Distributions
to
Shareholders
From
net
investment
income
and
net
realized
gain
on
investments
...................................................................
(190,025‌)
(339,747‌)
Total
Dividends
and
Distributions
(190,025‌)
(339,747‌)
Capital
Share
Transactions
Net
increase
(decrease)
in
capital
share
transactions
..................................................................................
(450,117‌)
688,899‌
Total
Increase
(Decrease)
in
Net
Assets
(1,043,268‌)
932,129‌
Net
Assets
Beginning
of
period
....................................................................................................................
8,457,459‌
7,525,330‌
End
of
period
..........................................................................................................................
$
7,414,191‌
$
8,457,459‌
Class
A
Class
C
Class
J
Institutional
R-1
R-2
R-3
R-4
R-5
R-6
Capital
Share
Transactions:
Period
Ended
February
28,
2022
Dollars:
Sold
..............................
$
115,146‌
$
14,343‌
$
4,985‌
$
745,387‌
$
9‌
$
N/A‌
$
214‌
$
404‌
$
202‌
$
141,508‌
Reinvested
.........................
17,351‌
3,828‌
950‌
92,821‌
12‌
N/A‌
34‌
25‌
88‌
21,548‌
Redeemed
..........................
(121,295‌)
(36,492‌)
(4,940‌
)
(1,307,245‌)
(30‌)
N/A‌
(926‌)
(110‌)
(1,088‌)
(136,846‌)
Net
Increase
(Decrease)
$
11,202‌
$
(18,321‌)
$
995‌
$
(469,037‌)
$
(9‌)
$
N/A‌
$
(678‌)
$
319‌
$
(798‌)
$
26,210‌
Shares:
Sold
..............................
10,941‌
1,375‌
492‌
72,042‌
1‌
N/A‌
21‌
39‌
19‌
13,671‌
Reinvested
.........................
1,672‌
369‌
95‌
9,016‌
1‌
N/A‌
3‌
2‌
9‌
2,096‌
Redeemed
..........................
(11,715‌)
(3,513‌)
(494‌)
(127,742‌)
(3‌)
N/A‌
(89‌)
(11‌)
(109‌)
(13,359‌)
Net
Increase
(Decrease)
898‌
(1,769‌)
93‌
(46,684‌)
(1‌)
N/A‌
(65‌)
30‌
(81‌)
2,408‌
Year
Ended
August
31,
2021
(a)
Dollars:
Sold
..............................
$
288,143‌
$
48,270‌
$
6,004‌
$
1,878,075‌
$
72‌
$
153‌
$
2,271‌
$
97‌
$
1,039‌
$
347,720‌
Reinvested
.........................
28,454‌
9,063‌
1,727‌
167,861‌
23‌
13‌
67‌
39‌
157‌
39,487‌
Redeemed
..........................
(217,288‌)
(176,876‌)
(9,245‌)
(1,474,750‌)
(108‌)
(1,751‌)
(1,214‌)
(362‌)
(709‌)
(247,533‌)
Net
Increase
(Decrease)
$
99,309‌
$
(119,543‌)
$
(1,514‌)
$
571,186‌
$
(13‌)
$
(1,585‌)
$
1,124‌
$
(226‌)
$
487‌
$
139,674‌
Shares:
Sold
..............................
27,396‌
4,597‌
588‌
180,259‌
7‌
15‌
220‌
9‌
100‌
33,345‌
Reinvested
.........................
2,712‌
866‌
170‌
16,125‌
2‌
1‌
6‌
4‌
15‌
3,795‌
Redeemed
..........................
(20,694‌)
(16,805‌)
(908‌)
(141,631‌)
(10‌)
(171‌)
(116‌)
(35‌)
(68‌)
(23,774‌)
Net
Increase
(Decrease)
9,414‌
(11,342‌)
(150‌)
54,753‌
(1‌)
(155‌)
110‌
(22‌)
47‌
13,366‌
Dividends
and
Distributions
to
Shareholders:
Period Ended
February
28,
2022
From
net
investment
income
and
net
realized
gain
on
investments
...................
$
(21,597‌)
$
(4,383‌)
$
(969‌)
$
(122,474‌)
$
(12‌)
$
N/A‌
$
(38‌)
$
(25‌)
$
(88‌)
$
(40,439‌)
Total
Dividends
and
Distributions
$
(21,597‌)
$
(4,383‌)
$
(969‌)
$
(122,474‌)
$
(12‌)
$
N/A‌
$
(38‌)
$
(25‌)
$
(88‌)
$
(40,439‌)
Year
Ended
August
31,
2021
(a)
From
net
investment
income
and
net
realized
gain
on
investments
...................
$
(36,063‌)
$
(10,211‌)
$
(1,762‌)
$
(220,025‌)
$
(23‌)
$
(30‌)
$
(80‌)
$
(39‌)
$
(157‌)
$
(71,357‌)
Total
Dividends
and
Distributions
$
(36,063‌)
$
(10,211‌)
$
(1,762‌)
$
(
220,025‌)
$
(23‌)
$
(30‌)
$
(80‌)
$
(39‌)
$
(157‌)
$
(71,357‌)
(a)
Class
R-2
shares
discontinued
operations
and
converted
to
Class
R-3
shares
on
March
1,
2021.
Notes
to
Financial
Statements
Principal
Funds,
Inc.
February
28,
2022
(unaudited)
25
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,
Diversified
Real
Asset
Fund,
Edge
MidCap
Fund,
Global
Multi-Strategy
Fund,
International
Equity
Index
Fund,
International
Small
Company
Fund,
Opportunistic
Municipal
Fund,
Origin
Emerging
Markets
Fund,
Small-MidCap
Dividend
Income
Fund,
Small-MidCap
Growth
Fund,
and
Spectrum
Preferred
and
Capital
Securities
Income
Fund,
series
of
the
Fund,
(known
as
the
"Funds")
are
presented
herein.
The
Funds
may
offer
up
to
nine
classes
of
shares:
Class
A,
Class
C,
Class
J,
Institutional,
R-1,
R-3,
R-4,
R-5,
and
R-6.
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
February
23,
2021,
Class
C
shares
discontinued
operations
and
converted
into
Class
A
shares
for
Diversified
Real
Asset
Fund
and
Global
Multi-Asset
Strategy
Fund.
Effective
February
23,
2021,
Class
A
shares
discontinued
operations
for
International
Small
Company
Fund.
Effective
March
1,
2021,
Class
R-2
shares
discontinued
operations
and
converted
into
Class
R-3
shares
for
all
Funds.
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
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
or,
in
the
case
of
certain
credit
default
swaps,
a
mean
price
provided
by
a
pricing
service.
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
Principal
Global
Investors,
LLC
(the
“Manager”)
under
procedures
established
and
periodically
reviewed
by
the
Fund’s
Board
of
Directors.
The
value
of
foreign
securities
used
in
computing
the
net
asset
value
per
share
is
generally
determined
as
of
the
close
of
the
foreign
exchange
where
the
security
is
principally
traded.
Events
that
occur
after
the
close
of
the
applicable
foreign
market
or
exchange,
but
prior
to
the
calculation
of
the
Funds’
net
asset
values
are
reflected
in
the
Funds’
net
asset
values
and
these
securities
are
valued
at
fair
value.
Many
factors,
provided
by
independent
pricing
services,
are
reviewed
in
the
course
of
making
a
good
faith
determination
of
a
security’s
fair
value,
including,
but
not
limited
to,
price
movements
in
American
depository
receipts
(“ADRs”),
futures
contracts,
industry
indices,
general
indices,
and
foreign
currencies.
To
the
extent
the
Funds
invest
in
foreign
securities
listed
on
foreign
exchanges
which
trade
on
days
on
which
the
Funds
do
not
determine
net
asset
values,
for
example,
weekends
and
other
customary
national
U.S.
holidays,
the
Funds’
net
asset
values
could
be
significantly
affected
on
days
when
shareholders
cannot
purchase
or
redeem
shares.
Notes
to
Financial
Statements
Principal
Funds,
Inc.
February
28,
2022
(unaudited)
26
Certain
securities
issued
by
companies
in
emerging
market
countries
may
have
more
than
one
quoted
valuation
at
any
given
point
in
time,
sometimes
referred
to
as
a
“local”
price
and
a
“premium”
price.
The
premium
price
is
often
a
negotiated
price,
which
may
not
consistently
represent
a
price
at
which
a
specific
transaction
can
be
effected.
It
is
the
policy
of
the
Fund
to
value
such
securities
at
prices
at
which
it
is
expected
those
shares
may
be
sold,
and
the
Manager
or
any
sub-advisor
is
authorized
to
make
such
determinations
subject
to
such
oversight
by
the
Fund’s
Board
of
Directors
as
may
occasionally
be
necessary.
Currency
Translation.
Foreign
holdings
are
translated
to
U.S.
dollars
using
the
exchange
rate
at
the
daily
close
of
the
New
York
Stock
Exchange.
The
identified
cost
of
the
Funds’
holdings
is
translated
at
approximate
rates
prevailing
when
acquired.
Income
and
expense
amounts
are
translated
at
approximate
rates
prevailing
when
received
or
paid,
with
daily
accruals
of
such
amounts
reported
at
approximate
rates
prevailing
at
the
date
of
valuation.
Since
the
carrying
amount
of
the
foreign
securities
is
determined
based
on
the
exchange
rate
and
market
values
at
the
close
of
the
period,
it
is
not
practicable
to
isolate
that
portion
of
the
results
of
operations
arising
as
a
result
of
changes
in
the
foreign
exchange
rates
from
the
fluctuations
arising
from
changes
in
the
market
prices
of
securities
during
the
period.
Net
realized
foreign
exchange
gains
or
losses
arise
from
sales
of
foreign
currencies,
currency
gains
or
losses
realized
between
trade
and
settlement
dates
on
security
transactions,
and
the
difference
between
the
amount
of
dividends,
interest
income,
interest
expense,
and
foreign
withholding
taxes
recorded
on
the
books
and
the
U.S.
dollar
equivalent
of
the
amounts
actually
received
or
paid.
Net
unrealized
appreciation
(depreciation)
on
translation
of
assets
and
liabilities
in
foreign
currencies
arise
from
changes
in
the
exchange
rate
relating
to
assets
and
liabilities,
other
than
investments
in
securities,
purchased
and
held
in
non-U.S.
denominated
currencies.
The
following
Funds
held
securities
denominated
in
foreign
currencies
that
exceeded
5%
of
net
assets
of
the
respective
fund
as
of
February
28,
2022:
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.
Expenses.
Expenses
directly
attributed
to
a
particular
fund
are
charged
to
that
fund.
Other
expenses
not
directly
attributed
to
a
particular
fund
are
apportioned
among
the
registered
investment
companies
managed
by
the
Manager.
Diversified
Real
Asset
Fund
Euro
8
.4%
International
Equity
Index
Fund
Euro
31
.4%
Japanese
Yen
22
.5
British
Pound
Sterling
15
.1
Swiss
Franc
10
.1
Australian
Dollar
7
.3
International
Small
Company
Fund
Japanese
Yen
22
.7%
Euro
20
.7
British
Pound
Sterling
18
.7
Canadian
Dollar
13
.7
Australian
Dollar
6
.8
Origin
Emerging
Markets
Fund
New
Taiwan
Dollar
23
.8%
Hong
Kong
Dollar
19
.8
Chinese
Renminbi
16
.0
South
Korean
Won
12
.0
Indian
Rupee
6
.6
2.
Significant
Accounting
Policies
(continued)
Notes
to
Financial
Statements
Principal
Funds,
Inc.
February
28,
2022
(unaudited)
27
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
(collectively,
“Underlying
Funds”)
in
which
they
invest.
Because
the
Underlying
Funds
have
varied
expense
levels
and
each
of
the
Funds
may
own
different
proportions
of
the
Underlying
Funds
at
different
times,
the
amount
of
expense
incurred
indirectly
by
each
Fund
will
vary.
Expenses
included
in
the
statements
of
operations
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,
inverse
floating
rate
securities
(“Inverse
Floaters”),
options
and
futures
contracts,
certain
defaulted
securities,
sales
of
passive
foreign
investment
companies,
losses
deferred
due
to
wash
sales,
tax
straddles,
mortgage-backed
securities,
certain
preferred
securities,
swap
agreements,
short
sales,
partnership
investments,
Real
Estate
Investment
Trusts
(“REITs”),
utilization
of
earnings
and
profits
distributed
to
shareholders
on
redemption
of
shares,
and
limitations
imposed
by
Sections
381-384
of
the
Internal
Revenue
Code.
Permanent
book
and
tax
basis
differences
are
reclassified
within
the
capital
accounts
based
on
federal
tax-basis
treatment;
temporary
differences
do
not
require
reclassification.
To
the
extent
dividends
and
distributions
exceed
current
and
accumulated
earnings
and
profits
for
federal
income
tax
purposes,
they
are
reported
as
return
of
capital
distributions.
Federal
Income
Taxes.
No
provision
for
federal
income
taxes
is
considered
necessary
because
each
of
the
Funds
intends
to
qualify
as
a
“regulated
investment
company”
under
the
Internal
Revenue
Code
and
intends
to
distribute
each
year
substantially
all
of
its
net
investment
income
and
realized
capital
gains
to
shareholders.
Management
evaluates
tax
positions
taken
or
expected
to
be
taken
in
the
course
of
preparing
the
Funds’
tax
returns
to
determine
whether
it
is
“more
likely
than
not”
that
each
tax
position
would
be
sustained
upon
examination
by
a
taxing
authority
based
on
the
technical
merits
of
the
position.
Tax
positions
not
deemed
to
meet
the
"more
likely
than
not"
threshold
would
be
recorded
as
a
tax
benefit
or
expense
in
the
current
year.
During
the period
ended
February
28,
2022,
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.
Certain
of
the
Funds
are
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
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
tax
reclaims
received
are
included
in
dividend
income
on
the
statements
of
operations.
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
accrued
foreign
tax
liability
is
shown
on
the
statements
of
assets
and
liabilities.
At
February
28,
2022,
Origin
Emerging
Markets
Fund
had
an
accrued
foreign
tax
liability
of
$2,255,000
relating
to
foreign
securities. 
Basis
for
Consolidation.
Diversified
Real
Asset
Fund
and
Global
Multi-Strategy
Fund
(the
“Consolidated
Funds”)
may
invest
up
to
25%
of
their
total
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
2.
Significant
Accounting
Policies
(continued)
Notes
to
Financial
Statements
Principal
Funds,
Inc.
February
28,
2022
(unaudited)
28
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
February
28,
2022,
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.
Management
expects
the
impact
of
the
ASU
will
not
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.
The
bank
loan
rate
equals
the
higher
of
(i)
the
Federal
Funds
Rate
or
(ii)
the
LIBOR
rate
(or
such
successor
if
no
longer
available)
plus
1.25%.
The
interest
income
received
is
included
in
interest
income
on
the
statements
of
operations.
The
interest
expense
associated
with
these
borrowings
is
included
in
other
expenses
on
the
statements
of
operations.
There
were
no
outstanding
loans
or
borrowings
as
of
February
28,
2022
.
During
the period
ended
February
28,
2022,
Funds
lending
to
the
Facility
were
as
follows
(amounts
in
thousands):
During
the period
ended
February
28,
2022,
Funds
borrowing
from
the
Facility
were
as
follows
(amounts
in
thousands): 
Net
Assets
Percent
of
Consolidated
Fund's
Net
Assets
DRA
Cayman
Corporation
$
713,060
15.49
%
GMS
Cayman
Corporation
9,406
1.97
Average
Daily
Amount
Loaned
Weighted
Average
Annual
Interest
Rate
Blue
Chip
Fund
$
75
0.70
%
Bond
Market
Index
Fund
84
0.70
Diversified
Real
Asset
Fund
930
0.71
Edge
MidCap
Fund
70
0.72
Global
Multi-Strategy
Fund
90
0.70
International
Equity
Index
Fund
6
0.70
International
Small
Company
Fund
39
0.70
Origin
Emerging
Markets
Fund
282
0.70
Small-
MidCap
Dividend
Income
Fund
335
0.71
Small-
MidCap
Growth
Fund
1
0.70
Spectrum
Preferred
and
Capital
Securities
Income
Fund
463
0.70
Average
Daily
Outstanding
Balance
Weighted
Average
Annual
Interest
Rate
Blue
Chip
Fund
$
2,892
0.71
%
Global
Multi-Strategy
Fund
93
0.71
International
Equity
Index
Fund
303
0.71
International
Small
Company
Fund
1,151
0.71
Origin
Emerging
Markets
Fund
5,191
0.71
Spectrum
Preferred
and
Capital
Securities
Income
Fund
1,032
0.73
2.
Significant
Accounting
Policies
(continued)
Notes
to
Financial
Statements
Principal
Funds,
Inc.
February
28,
2022
(unaudited)
29
In
addition,
the
Funds,
with
the
exception
of
Diversified
Real
Asset
Fund,
participate
with
other
registered
investment
companies
managed
by
the
Manager
in
an
unsecured
joint
line
of
credit
with
a
bank
which
allows
the
participants
to
borrow
up
to
$250
million,
collectively.
Borrowings
are
made
solely
to
facilitate
the
handling
of
unusual
and/or
unanticipated
short-term
cash
requirements.
Interest
is
charged
to
each
participant,
based
on
its
borrowings,
at
a
rate
equal
to
the
higher
of
the
Federal
Funds
Rate
or
the
LIBOR
rate
(or
such
successor
if
no
longer
available)
plus
1.25%.
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.
The
Funds
did
not
borrow
against
the
line
of
credit
during
the
period
ended
February
28,
2022
.
Commodity
Linked
Notes.
Diversified
Real
Asset
Fund
invests
in
structured
notes
whose
market
values
are
primarily
derived
from
changes
in
the
value
of
various
commodity
indices
and
other
factors.
Valuations
on
these
securities
may
be
volatile
as
the
payment
features
on
certain
notes
may
contain
attributes
that
multiply
the
effects
of
changes
in
the
values
of
the
underlying
indices.
Structured
notes
may
entail
a
greater
degree
of
market
risk
than
other
types
of
debt
securities.
Structured
notes
may
also
be
more
volatile,
less
liquid,
and
more
difficult
to
accurately
price
than
less
complex
securities
or
more
traditional
debt
securities.
Fluctuations
in
the
fair
value
of
the
structured
notes
are
recorded
as
unrealized
gains
and
losses
in
the
accompanying
financial
statements.
Interest
income
is
accrued
daily.
These
notes
are
subject
to
prepayment,
credit,
and
interest
rate
risks.
At
maturity,
or
when
a
note
is
sold,
the
fund
records
a
realized
gain
or
loss. 
Contingent
Convertible
Securities.
As
footnoted
in
the
schedules
of
investments, certain
of
the
Funds
invest 
in
contingent
convertible securities
(“
CoCos
”).
CoCos
 are
hybrid
debt
securities
that
may
convert
into
equity
or
have
their
principal
written
down
upon
the
occurrence
of
certain
“triggers.”
Although
a
contingent
convertible
security’s
equity
conversion
and
principal
write-down
features
are
tailored
to
the
particular
issuing
banking
institution
and
its
regulatory
requirements,
triggers
are
generally
linked
to
regulatory
capital
thresholds
or
regulatory
actions
calling
into
question
such
institution’s
continued
viability
as
a
going-concern.
CoCos
may
have
no
stated
maturity
and
fully
discretionary
coupons,
which
means
coupon
payments
can
be
canceled
at
the
issuing
banking
institution’s
discretion
or
at
the
request
of
the
relevant
regulatory
authority
without
causing
a
default.
To
provide
the
appropriate
regulatory
capital
treatment,
CoCos
are
usually
issued
in
the
form
of
subordinated
debt
instruments
that
rank
junior
to
the
claims
of
holders
of
more
senior
obligations
in
the
event
of
the
issuer’s
liquidation.
If
CoCos
are
converted
into
equity
securities
due
to
a
trigger
event,
holders
will
be
further
subordinated.
The
future
value
of
CoCos
is
unpredictable
and
is
influenced
by
many
factors
including,
without
limitation:
the
creditworthiness
of
the
issuer
and/or
fluctuations
in
such
issuer’s
applicable
capital
ratios;
supply
and
demand
for
CoCos
;
general
market
conditions
and
available
liquidity;
and
economic,
financial
and
political
events
that
affect
the
issuer,
its
particular
market
or
the
financial
markets
in
general.
Due
to
these
features,
CoCos
may
have
substantially
greater
risk
than
other
securities
in
times
of
financial
stress.
Because
of
the
uncertainty
regarding
whether
a
conversion
event
will
occur,
it
may
be
difficult
to
predict
when,
if
at
all,
a
contingent
convertible
security
will
be
converted
to
equity,
and
a
fund
may
suffer
losses
as
a
result.
If
the
trigger
level
is
breached,
the
issuer’s
decision
to
write
down,
write
off
or
convert
a
contingent
convertible
security
may
result
in
the
fund's
complete
loss
on
an
investment
in
CoCos
with
no
chance
of
recovery
even
if
the
issuer
remains
in
existence.
Counterparties.
The
Funds
may
be
exposed
to
counterparty
risk,
or
the
risk
that
another
party
with
which
the
Funds
have
unsettled
or
open
transactions
will
fail
to
perform
on
their
commitment.
To
the
extent
that
unpaid
amounts
owed
to
the
Funds
exceed
a
predetermined
threshold
agreed
to
with
the
counterparty,
as
stated
in
the
counterparties'
master
netting
agreements
("Master
Netting
Agreements"),
such
counterparty
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.
Diversified
Real
Asset
Fund
and
Global
Multi-Strategy
Fund
have
financial
instruments
that
are
subject
to
Master
Netting
Agreements
or
similar
agreements.
3.
Operating
Policies
(continued)
Notes
to
Financial
Statements
Principal
Funds,
Inc.
February
28,
2022
(unaudited)
30
As
of
February
28,
2022,
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
ANZ
Stockbroking
Foreign
Currency
Contracts
$
16
$
(15)
$
1
$
16
$
(15)
$
1
$
—
$
1
Bank
of
America
NA
Foreign
Currency
Contracts
5
—
5
$
5
$
—
$
5
$
—
$
5
Barclays
Bank
PLC
Foreign
Currency
Contracts
—
(30)
(30)
Purchased
Interest
Rate
Swaptions
350
—
350
Written
Interest
Rate
Swaptions
—
(691
)
(69
1
)
$
350
$
(721
)
$
(37
1
)
$
—
$
(37
1
)
BNP
Paribas
Foreign
Currency
Contracts
—
(117)
(117)
$
—
$
(117)
$
(117)
$
—
$
(117)
Citigroup
Inc
Foreign
Currency
Contracts
—
(1)
(1)
$
—
$
(1)
$
(1)
$
—
$
(1)
Deutsche
Bank
AG
Foreign
Currency
Contracts
1
—
1
Purchased
Interest
Rate
Swaptions
1,111
—
1,111
Written
Interest
Rate
Swaptions
—
(2,01
3
)
(2,01
3
)
$
1,11
2
$
(2,01
3
)
$
(901)
$
—
$
(901)
JPMorgan
Chase
Purchased
Interest
Rate
Swaptions
21
8
—
21
8
Written
Interest
Rate
Swaptions
—
(1,14
5
)
(1,14
5
)
$
21
8
$
(1,14
5
)
$
(92
7
)
$
—
$
(92
7
)
Morgan
Stanley
&
Co
Foreign
Currency
Contracts
43
—
43
Purchased
Interest
Rate
Swaptions
389
—
389
Written
Interest
Rate
Swaptions
—
(89
7
)
(
897
)
$
432
$
(89
7
)
$
(46
5
)
$
—
$
(46
5
)
Westpac
Banking
Corporation
Foreign
Currency
Contracts
—
—
—
$
—
$
—
$
—
$
—
$
—
Total
OTC
$
2,133
$
(4,909)
$
(2,77
6
)
$
(2,776)
Global
Multi-Strategy
Fund
Bank
of
America
NA
Foreign
Currency
Contracts
1,4
27
(1,46
3
)
(36)
$
1,4
27
$
(1,46
3
)
$
(36)
$
36
$
—
Barclays
Bank
PLC
Credit
Default
Swaps
237
—
237
Foreign
Currency
Contracts
1
—
1
$
238
$
—
$
238
$
—
$
238
BNP
Paribas
Foreign
Currency
Contracts
—
(
49
)
(
49
)
$
—
$
(
49
)
$
(
49
)
$
—
$
(
49
)
Deutsche
Bank
AG
Foreign
Currency
Contracts
53
(2)
51
$
53
$
(2)
$
51
$
—
$
51
Goldman
Sachs
&
Co
Credit
Default
Swaps
49
(102)
(53)
Equity
Basket
Swaps
3
1
—
31
Foreign
Currency
Contracts
1
2
(19)
(7
)
$
9
2
$
(12
1
)
$
(2
9
)
$
29
$
—
HSBC
Securities
Inc
Credit
Default
Swaps
—
(70)
(70)
Foreign
Currency
Contracts
1,595
(77
7
)
81
8
$
1,595
$
(847)
$
74
8
$
—
$
74
8
3.
Operating
Policies
(continued)
Notes
to
Financial
Statements
Principal
Funds,
Inc.
February
28,
2022
(unaudited)
31
Cross
Trades. 
The
Funds
may
engage
in
cross
trades.
A
cross
trade
is
a
purchase
or
sale
transaction
between
affiliated
portfolios
executed
directly
or
through
an
intermediary.
Mutual
funds
and
other
managed
portfolios
may
be
considered
affiliated
if
they
have
a
common
investment
advisor,
so
a
fund
may
be
considered
affiliated
with
any
portfolio
for
which
the
fund's
sub-advisor
acts
as
an
investment
advisor.
Such
transactions
are
permissible
provided
that
the
conditions
of
Rule
17a-7
under
the
1940
Act
are
satisfied.
For
the
period ended
February
28,
2022,
none
of
the
Funds
had
material
cross
trades.
Deposits
with
Counterparty.
Cash
pledged
as
collateral
is
reflected
as
an
asset
on
the
statements
of
assets
and
liabilities
as
deposits
with
counterparty.
There
are
a
variety
of
security
types
which
require
varying
levels
of
pledged
collateral.
Customer
account
agreements
govern
cleared
derivatives
transactions
such
as
futures
contracts
and
certain
swap
agreements.
Such
transactions
require
posting
of
initial
margin
as
determined
by
each
relevant
clearing
agency
which
is
segregated
in
an
account
at
a
futures
commission
merchant
(“FCM”)
registered
with
the
Commodity
Futures
Trading
Commission.
International
Swaps
and
Derivatives
Association
(“ISDA”)
accounts
are
maintained
in
a
segregated
account
at
the
custodian
for
over-the-counter
("OTC")
derivatives.
Master
Securities
Forward
Transaction
Agreements
("MSFTA")
accounts
are
also
maintained
in
a
segregated
account
at
the
custodian
for
collateral
related
to
forward
currency
contracts
and
"to-be-announced"
("TBA")
securities.
Certain
of
the Funds may
pledge
cash
to
a
broker
for
securities
sold
short
and
repurchase
agreements.
As
of
February
28,
2022,
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
February
28,
2022,
none
of
the
Funds
had
deposits
from
counterparty.
Floating
Rate
Notes
Issued
in
Conjunction
with
Securities
Held.
Opportunistic
Municipal
Fund
has
entered
into
transactions
in
which
the
fund
transfers
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
fund
enters
into
shortfall
and
forbearance
agreements
with
the
trusts,
which
commit
the
fund
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
fund
(1)
to
Assets
*
Liabilities
*
Net
Market
Value
of
OTC
Derivatives
Collateral
(Received)/
Pledged
†
Net
Exposure
Global
Multi-Strategy
Fund
(continued)
JPMorgan
Chase
Credit
Default
Swaps
$
50
6
$
(62
0
)
$
(11
4
)
Equity
Basket
Swaps
—
(129)
(129)
Foreign
Currency
Contracts
299
(43
3
)
(13
4
)
$
80
5
$
(1,18
2
)
$
(377)
$
377
$
—
Merrill
Lynch
Foreign
Currency
Contracts
2
1
(24)
(
3
)
$
2
1
$
(24)
$
(
3
)
$
—
$
(
3
)
Morgan
Stanley
&
Co
Credit
Default
Swaps
14
—
14
Equity
Basket
Swaps
4,79
1
—
4,791
Foreign
Currency
Contracts
—
(1)
(1)
$
4,8
05
$
(
1
)
$
4,80
4
$
—
$
4,80
4
Total
OTC
$
9,0
36
$
(3,6
89
)
$
5,347
$
5,789
*
Represents
amount
of
offsetting
derivative
assets
or
liabilities
that
are
subject
to
an
enforceable
master
netting
agreement
or
similar
agreement
that
are
not
netted
against
the
gross
derivative
assets
or
liabilities
for
presentation
on
the
statements
of
assets
and
liabilities.
†
Collateral
pledged
or
received
may
be
in
excess
of
recognized
assets
or
liabilities,
see
the
schedules
of
investments.
FCM
(Futures
and
Cleared
Swaps)
ISDA
(OTC
Derivatives)
MSFTA
(Forward
Currency
Contracts
and
TBA
Securities)
Shorts
Total
Deposits
with
Counterparty
Bond
Market
Index
Fund
$
—
$
—
$
17
$
—
$
17
Diversified
Real
Asset
Fund
3,324
—
—
—
3,324
Global
Multi-Strategy
Fund
9,677
5,589
—
50,427
65,693
International
Equity
Index
Fund
90
—
—
—
90
Spectrum
Preferred
and
Capital
Securities
Income
Fund
23,443
—
—
—
23,443
3.
Operating
Policies
(continued)
Notes
to
Financial
Statements
Principal
Funds,
Inc.
February
28,
2022
(unaudited)
32
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
fund,
thereby
collapsing
the
trusts.
The
fund
accounts
for
the
transfer
of
bonds
to
the
trusts
as
secured
borrowings,
with
the
securities
transferred
remaining
in
the
fund’s
investment
assets,
and
the
related
floating
rate
notes
reflected
as
fund
liabilities
under
the
caption
“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
February
28,
2022
,
the
“floating
rate
notes
issued”
payable
is
categorized
as
Level
2
within
the
disclosure
hierarchy.
The
balance
of
the
"floating
rate
notes
issued"
as
of 
February
28,
2022 was
$8,700,000.
The
average
outstanding
balance
for
the
liability
during
the
period
ended February
28,
2022
was
$8,317,000
at
a weighted
average
annual
interest
rate
of
0.72%.
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. 
Foreign
Currency
Contracts.
Certain
of
the
Funds
may
be
subject
to
foreign
currency
exchange
rate
risk
in
the
normal
course
of
pursuing
such
Funds’
investment
objectives.
The
Funds
may
use
foreign
currency
contracts
to
gain
exposure
to,
or
hedge
against
changes
in
the
value
of
foreign
currencies.
Certain
of
the
Funds
enter
into
forward
contracts
to
purchase
and
sell
foreign
currencies
at
a
specified
future
date
at
a
fixed
exchange
rate.
Forward
foreign
currency
contracts
are
valued
at
the
forward
rate,
and
are
marked-to-market
daily.
The
change
in
fair
value
is
recorded
by
the
Funds
as
an
unrealized
gain
or
loss.
When
the
contract
is
closed,
the
Funds
record
a
realized
gain
or
loss
equal
to
the
difference
between
the
value
of
the
contract
at
the
time
it
was
opened
and
the
value
at
the
time
it
was
closed.
The
use
of
forward
foreign
currency
contracts
does
not
eliminate
the
fluctuations
in
underlying
prices
of
the
Funds’
portfolio
securities,
but
it
does
establish
a
rate
of
exchange
that
can
be
achieved
in
the
future.
Although
forward
foreign
currency
contracts
limit
the
risk
of
loss
due
to
a
decline
in
the
value
of
the
hedged
currency,
they
also
limit
any
potential
gain
that
might
result
should
the
value
of
the
currency
increase.
In
addition,
the
Funds
could
be
exposed
to
risks
if
the
counterparties
to
the
contracts
are
unable
to
meet
the
terms
of
their
contracts
or
if
the
value
of
the
currency
changes
unfavorably
to
the
U.S.
dollar
or
other
respective
currency. 
Futures
Contracts.
The
Funds
are
subject
to
equity
price
risk,
interest
rate
risk,
and
foreign
currency
exchange
rate
risk
in
the
normal
course
of
pursuing
their
investment
objectives.
The
Funds
may
enter
into
futures
contracts
to
hedge
against
changes
in
or
to
gain
exposure
to,
change
in
the
value
of
equities,
interest
rates
and
foreign
currencies.
Initial
margin
deposits
are
made
by
cash
deposits
or
segregation
of
specific
securities
as
may
be
required
by
the
exchange
on
which
the
transaction
was
conducted.
Pursuant
to
the
contracts,
typically
a
fund
agrees
to
receive
from
or
pay
to
the
broker,
an
amount
of
cash
equal
to
the
daily
fluctuation
in
the
value
of
the
contract.
Such
receipts
or
payments
are
known
as
“variation
margin”
and
are
recorded
by
the
fund
as
a
variation
margin
receivable
or
payable
on
financial
derivative
instruments.
For
those
contracts
where
daily
variation
margin
payments
are
not
received
from
or
paid
to
the
broker,
the
cumulative
unrealized
gains
or
losses
are
included
in
variation
margin
receivable
or
payable
on
financial
derivative
instruments.
Futures
contracts
are
marked
to
market
daily
at
the
closing
settlement
price
or
in
the
absence
of
such
a
price,
the
most
recent
quoted
bid
price.
If
there
are
no
quotations
available,
the
security
is
valued
at
the
last
available
closing
settlement
price.
During
the
period
the
futures
contracts
are
open,
daily
changes
in
the
fair
value
of
the
contracts
are
recognized
as
unrealized
gains
or
losses.
These
unrealized
gains
or
losses
are
included
as
a
component
of
total
distributable
earnings
(accumulated
loss)
on
the
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.
Spectrum
Preferred
and
Capital
Securities
Income
Fund
uses
long
and
short
U.S.
Treasury
futures
and
options
on
those
listed
U.S.
Treasury
future
contracts
to
mitigate
interest
rate
volatility
and
for
income
generation.
The
notional
values
of
the
futures
contracts
will
vary
in
accordance
with
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. 
3.
Operating
Policies
(continued)
Notes
to
Financial
Statements
Principal
Funds,
Inc.
February
28,
2022
(unaudited)
33
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.
Options
Contracts.
During
the
period, Diversified
Real
Asset
Fund,
Global
Multi-Strategy
Fund,
and
Spectrum
Preferred
and
Capital
Securities
Income
Fund
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 period
end
are
included
in
the
Funds'
schedules
of
investments. 
Private
Investments
in
Public
Equity.
The
Funds
may
invest
in
private
investments
in
public
equity
(“PIPEs”)
which
are
issued
by
a
company
in
the
secondary
market
as
a
means
of
raising
capital.
In
connection
with
PIPEs,
the
Funds
may
enter
into
unfunded
commitments.
Commitments
may
be
subject
to
various
contingencies
and
are
recognized
when
the
commitment
is
legally
binding.
These
contingencies
are
considered
in
the
valuation
of
the
commitments.
The
Funds
are
obligated
to
fund
these
commitments
when
the
contingencies
are
met
and
therefore,
the
Funds
must
have
funds
sufficient
to
cover
their
obligation.
Commitments
are
marked
to
market
daily
and
the
unrealized
gain
or
loss
is
shown
as
a
separate
line
item
called
unrealized
gain
or
loss
on
unfunded
commitments
on
the
statements
of
assets
and
liabilities
and
included
in
the
net
change
in
unrealized
appreciation/(depreciation)
of
investments
on
the
statements
of
operations,
as
applicable.
As
of
period
end,
the
commitments
typically
are
categorized
as
Level
2
within
the
disclosure
hierarchy.
As of
February
28,
2022,
the
Funds
had
no
unfunded
commitments
in
connection
with
PIPEs. 
Rebates.
Subject
to
best
execution,
the
Funds
may
direct
certain
portfolio
transactions
to
brokerage
firms
that,
in
turn,
have
agreed
to
rebate
a
portion
of
the
related
brokerage
commission
to
the
Funds
in
cash.
Commission
rebates
are
included
as
a
component
of
realized
gain
from
investment
transactions
in
the
statements
of
operations. 
Repurchase
Agreements.
The
Funds
may
invest
in
repurchase
agreements
that
are
fully
collateralized,
typically
by
U.S.
government
or
U.S.
government
agency
securities.
It
is
the
Fund's
policy
that
the
counterparties’
custodian
takes
possession
of
the
underlying
collateral
securities.
The
fair
value
of
the
collateral
is
at
all
times
at
least
equal
to
the
total
amount
of
the
repurchase
obligation.
In
the
event
of
default
on
the
obligation
to
repurchase,
the
Funds
have
the
right
to
liquidate
the
collateral
and
apply
the
proceeds
in
satisfaction
of
the
obligation.
In
the
event
the
seller
of
a
repurchase
agreement
defaults,
the
Funds
could
experience
delays
in
the
realization
of
the
collateral. 
In
addition,
Global
Multi-Strategy
Fund
may
enter
into
repurchase
agreements
with
certain
counterparties
that
are
collateralized
by
assets
other
than
U.S.
government
or
U.S.
government
agency
securities.
The
collateral
pledged
by
the
counterparty
under
these
repurchase
agreements
is
maintained
in
a
segregated
account
at
the
counterparty’s
custodian.
After
entering
into
the
repurchase
agreement,
the
fund
may
sell
short
the
security
pledged
by
the
counterparty
as
collateral
in
anticipation
of
a
decline
in
market
value.
Upon
the
settlement
of
the
short
sale,
the
fund
will
unwind
the
repurchase
agreement.
Although
the
repurchase
agreements
are
typically
open-ended
through
the
maturity
date
of
the
collateral,
the
fund
has
a
right
to
terminate
the
repurchase
agreement
at
any
time
with
two
days’
notice.
During
periods
of
high
demand
for
the
collateral
security,
the
fund
may
also
pay
the
counterparty
a
fee
and
the
amount
is
recorded
as
interest
expense
on
the
statements
of
operations.
3.
Operating
Policies
(continued)
Notes
to
Financial
Statements
Principal
Funds,
Inc.
February
28,
2022
(unaudited)
34
Global
master
repurchase
agreements
govern
the
repurchase
and
reverse
repurchase
transactions
between
the
fund
and
the
counterparty.
Collateral
requirements
for
certain
counterparties
may
be
determined
on
a
total
exposure
basis,
rather
than
on
an
individual
repurchase
agreement
or
reverse
repurchase
agreement
basis
in
order
to
determine
the
collateral
to
be
received
or
pledged.
Restricted
Securities.
Certain
of
the
Funds
may
invest
in
securities
that
are
subject
to
legal
or
contractual
restrictions
on
resale.
These
securities
generally
may
be
resold
in
transactions
exempt
from
registration
or
to
the
public
if
the
securities
are
registered.
Disposal
of
these
securities
may
involve
time-consuming
negotiations
and
expense,
and
prompt
sale
at
an
acceptable
price
may
be
difficult. 
Reverse
Repurchase
Agreements.
Global
Multi-Strategy
Fund
may
enter
into
reverse
repurchase
agreements.
Under
a
reverse
repurchase
agreement,
a
fund
sells
securities
and
agrees
to
repurchase
them
at
a
specified
date
and
price.
Reverse
repurchase
agreements
are
considered
to
be
borrowings
by
the
fund,
and
are
subject
to
the
fund’s
restrictions
on
borrowing.
Reverse
repurchase
agreements
may
increase
the
volatility
of
a
fund
and
involve
the
risk
that
interest
costs
on
money
borrowed
may
exceed
the
return
on
securities
purchased
with
the
borrowed
money.
While
a
reverse
repurchase
agreement
is
outstanding,
the
fund
will
maintain
cash
or
appropriate
liquid
assets
to
cover
its
obligation
under
the
agreement.
The
fund
will
enter
into
reverse
repurchase
agreements
only
with
parties
that
the
sub-advisor
deems
creditworthy.
The
fund
must
segregate
assets
in
an
amount
equal
to
the
amount
the
fund
owes
pursuant
to
the
terms
of
the
reverse
repurchase
agreements.
Reverse
repurchase
agreements
are
shown
as
a
separate
line
item
on
the
statements
of
assets
and
liabilities.
Interest
payments
made
are
shown
as
reverse
repurchase
agreement
interest
expense
on
the
statements
of
operations.
The
fund
may
hold
reverse
repurchase
agreements
in
which
the
carrying
value,
including
accrued
interest,
approximates
fair
value
for
financial
statement
purposes.
Global
Multi-Strategy
Fund
did
not
enter
into
any
reverse
repurchase
agreements
during
the
period
ended
February
28,
2022
.
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
cash
collateral
received
is
usually
invested
in
an
SEC-registered
money
market
mutual
fund
and
the
Funds
could
realize
a
loss
on
such
investments.
Further,
the
Funds
could
experience
a
delay
in
recovering
their
securities
and
possible
loss
of
income
or
value
if
the
borrower
fails
to
return
them.
Securities
lending
income,
net
of
related
fees,
is
shown
on
the
statements
of
operations.
Senior
Floating
Rate
Interests.
The
Funds
may
invest
in
senior
floating
rate
interests
(bank
loans).
Senior
floating
rate
interests
typically hold
the
most
senior
position
in
the
capital
structure
of
a
business
entity
(the
“Borrower”),
and
are
secured
by
specific
collateral
and
have
a
claim
on
the
assets
and/or
stock
of
the
Borrower
that
is
senior
to
that
held
by
subordinated
debtholders
and
stockholders
of
the
Borrower.
Senior
floating
rate
interests
are
typically
structured
and
administered
by
a
financial
institution
that
acts
as
the
agent
of
the
lenders
participating
in
the
senior
floating
rate
interest.
Borrowers
of
senior
floating
rate
interests
are
typically
rated
below-investment-grade,
which
means
they
are
more
likely
to
default
than
investment-grade
loans.
A
default
could
lead
to
non-payment
of
income
which
would
result
in
a
reduction
of
income
to
the
fund
and
there
can
be
no
assurance
that
the
liquidation
of
any
collateral
would
satisfy
the
Borrower’s
obligation
in
the
event
of
non-payment
of
scheduled
interest
or
principal
payments,
or
that
such
collateral
could
be
readily
liquidated.
Senior
floating
rate
interests
pay
interest
at
rates
which
are
periodically
reset
by
reference
to
a
base
lending
rate
plus
a
spread.
These
base
lending
rates
are
generally
the
prime
rate
offered
by
a
designated
U.S.
bank
or
the
LIBOR
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
3.
Operating
Policies
(continued)
Notes
to
Financial
Statements
Principal
Funds,
Inc.
February
28,
2022
(unaudited)
35
period
end,
the
unfunded
loan
commitments
are
categorized
as
Level
2
within
the
disclosure
hierarchy.
As
of
February
28,
2022,
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.
Equity
basket
swaps
are
valued
using
the
closing
price
of
each
of
the
underlying
securities
multiplied
by
the
holdings
of
each
equity
security.
Upon
termination
of
swap
agreements,
the
Funds
recognize
a
realized
gain
or
loss.
Net
periodic
payments
to
be
received
or
paid
are
accrued
daily
and
are
recorded
in
the
statements
of
operations
as
realized
gains
or
losses.
Payments
received
or
made
at
the
beginning
of
the
measurement
period
are
reflected
as
such
on
the
statements
of
assets
and
liabilities
and
represent
payments
made
or
received
upon
entering
into
the
swap
agreement
to
compensate
for
differences
between
the
stated
terms
of
the
swap
agreement
and
prevailing
market
conditions
(credit
spreads,
interest
rates,
and
other
relevant
factors).
These
upfront
payments
are
amortized
daily
over
the
term
of
the
swap
agreement
as
realized
gains
or
losses
on
the
statements
of
operations.
Notional
principal
amounts
are
used
to
express
the
extent
of
involvement
in
these
agreements.
Risks
may
exceed
amounts
shown
on
the
statements
of
assets
and
liabilities.
These
risks
include
changes
in
the
returns
of
the
underlying
instruments,
unfavorable
interest
rate
fluctuation,
that
the
counterparty
to
the
agreements
may
default
on
its
obligation
to
perform
or
disagree
as
to
the
meaning
of
contractual
terms
in
the
agreements,
and
the
possible
lack
of
liquidity
with
respect
to
the
swap
agreements.
The
Funds
and
any
counterparty
are
required
to
maintain
an
agreement
that
requires
the
Funds
and
that
counterparty
to
monitor
the
net
fair
value
of
all
derivative
transactions
entered
into
pursuant
to
the
contract
between
the
Funds
and
such
counterparty.
If
the
net
fair
value
of
such
derivatives
transactions
between
the
Funds
and
that
counterparty
exceeds
a
certain
threshold
(as
defined
in
the
agreement),
the
Funds
or
the
counterparty
are
required
to
post
cash
and/or
securities
as
collateral.
Fair
values
of
derivatives
transactions
presented
in
the
financial
statements
are
not
netted
with
the
fair
values
of
other
derivatives
transactions
or
with
any
collateral
amounts
posted
by
the
Funds
or
any
counterparty.
Credit
default
swaps
involve
commitments
to
pay
a
fixed
rate
at
a
predetermined
frequency
in
exchange
for
a
lump
sum
payment
if
a
“credit
event”,
as
defined
in
the
agreement,
affecting
a
third
party
occurs.
Credit
events
may
include
a
failure
to
pay
interest,
bankruptcy,
Unfunded
Loan
Commitment
Net
Unrealized
Gain/(Loss)
Diversified
Real
Asset
Fund
$
5,394
$
21
9
Global
Multi-Strategy
Fund
663
(27)
3.
Operating
Policies
(continued)
Notes
to
Financial
Statements
Principal
Funds,
Inc.
February
28,
2022
(unaudited)
36
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
February
28,
2022
for
which
a
fund
is
the
seller
of
protection
are
disclosed
in
the
footnotes
to
the
schedules
of
investments.
These
potential
amounts
would
be
partially
offset
by
any
recovery
values
of
the
respective
referenced
obligations,
upfront
payments
received
upon
entering
into
the
agreement,
or
net
amounts
received
from
the
settlement
of
buy
protection
credit
default
swap
agreements
entered
into
by
a
fund
for
the
same
referenced
entity
or
entities.
Synthetic
futures,
which
are
total
return
swaps
on
futures
contracts,
along
with
equity
basket
swaps
generally
involve
the
commitment
to
receive
positive
returns
or
pay
negative
returns
on
a
specified
reference
security,
basket
of
securities,
security
index
or
index
component,
without
actually
owning
the
underlying
position.
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.
3.
Operating
Policies
(continued)
Notes
to
Financial
Statements
Principal
Funds,
Inc.
February
28,
2022
(unaudited)
37
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
15
to
30
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
fund
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.principalfunds.com.
As
of February
28,
2022,
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. 
Percentage
of
Outstanding
Shares
Owned
Blue
Chip
Fund
35.39
%
Bond
Market
Index
Fund
73.16
Diversified
Real
Asset
Fund
20.35
Edge
MidCap
Fund
71.57
International
Equity
Index
Fund
54.89
International
Small
Company
Fund
91.10
Origin
Emerging
Markets
Fund
44.23
Small-
MidCap
Dividend
Income
Fund
8.42
Spectrum
Preferred
and
Capital
Securities
Income
Fund
9.87
3.
Operating
Policies
(continued)
Notes
to
Financial
Statements
Principal
Funds,
Inc.
February
28,
2022
(unaudited)
38
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
February
28,
2022
Liability
Derivatives
February
28,
2022
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)
$
53,014
*
Payables,
Total
distributable
earnings
(accumulated
loss)
$
1,497
*
Foreign
exchange
contracts
Receivables
$
65
Payables
$
163
Interest
rate
contracts
Receivables,
Total
distributable
earnings
(accumulated
loss)
$
12,717
Payables,
Total
distributable
earnings
(accumulated
loss)
$
13,930
Total
$
65,796
$
15,590
Global
Multi-Strategy
Fund
Commodity
contracts
Receivables,
Total
distributable
earnings
(accumulated
loss)
$
2,853
*
Payables,
Total
distributable
earnings
(accumulated
loss)
$
224
*
Credit
contracts
Receivables,
Total
distributable
earnings
(accumulated
loss)
$
806
Payables,
Total
distributable
earnings
(accumulated
loss)
$
792
Equity
contracts
Receivables,
Total
distributable
earnings
(accumulated
loss)
$
7,839
*
Payables,
Total
distributable
earnings
(accumulated
loss)
$
1,229
*
Foreign
exchange
contracts
Receivables
$
3,428
*
Payables
$
2,768
Interest
rate
contracts
Receivables,
Total
distributable
earnings
(accumulated
loss)
$
2,315
*
Payables,
Total
distributable
earnings
(accumulated
loss)
$
1,774
*
Total
$
17,241
$
6,787
International
Equity
Index
Fund
Equity
contracts
Receivables,
Total
distributable
earnings
(accumulated
loss)
$
—
Payables,
Total
distributable
earnings
(accumulated
loss)
$
106
*
Spectrum
Preferred
and
Capital
Securities
Income
Fund
Interest
rate
contracts
Receivables,
Total
distributable
earnings
(accumulated
loss)
$
117
Payables,
Total
distributable
earnings
(accumulated
loss)
$
2,730
*
*
Includes
cumulative
unrealized
appreciation/depreciation
of
exchange
traded
swaps
and
futures
contracts
as
shown
in
the
schedules
of
investments.
Only
the
portion
of
the
unrealized
appreciation/depreciation
not
yet
cash
settled
is
shown
in
the
statements
of
assets
and
liabilities
as
variation
margin.
Derivatives
not
accounted
for
as
hedging
instruments
Location
of
Gain
or
(Loss)
on
Derivatives
Recognized
in
Statement
of
Operations
Net
Realized
Gain
or
(Loss)
on
Derivatives
Recognized
in
Statement
of
Operations
Net
Change
in
Unrealized
Appreciation/
(Depreciation)
of
Derivatives
Recognized
in
Statement
of
Operations
Diversified
Real
Asset
Fund
Commodity
contracts
Futures
contracts
$
76,553
$
44,157
Foreign
exchange
contracts
Foreign
currency
contracts
$
919
$
(277
)
Interest
rate
contracts
Investment
transactions
*
$
180
$
(13
)
Futures
contracts
$
1,524
$
(131
)
Options
and
swaptions
$
494
$
(1,976
)
Swap
agreements
$
(169
)
$
916
Total
$
79,501
$
42,676
Global
Multi-Strategy
Fund
Commodity
contracts
Futures
contracts
$
5,676
$
1,982
Credit
contracts
Swap
agreements
$
3
$
36
Equity
contracts
Investment
transactions
*
$
(806
)
$
202
Futures
contracts
$
(99
)
$
623
Options
and
swaptions
$
594
$
33
Swap
agreements
$
(3,585
)
$
5,311
Foreign
exchange
contracts
Foreign
currency
contracts
$
1,976
$
1,420
Futures
contracts
$
64
$
26
3.
Operating
Policies
(continued)
Notes
to
Financial
Statements
Principal
Funds,
Inc.
February
28,
2022
(unaudited)
39
*Investment
transactions
includes
purchased
options
and/or
purchased
swaptions
.
The
following
table
includes
a
summary
of
the
average
quarterly
outstanding
notional
by
derivative
instrument
type
for
the period
ended February
28,
2022
(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
Interest
rate
contracts
Futures
contracts
$
(1,100
)
$
7
Swap
agreements
$
402
$
389
Total
$
3,125
$
10,029
International
Equity
Index
Fund
Equity
contracts
Futures
contracts
$
(65
)
$
(99
)
Spectrum
Preferred
and
Capital
Securities
Income
Fund
Interest
rate
contracts
Investment
transactions
*
$
(637)
$
87
Futures
contracts
$
10,914
$
(1,965
)
Options
and
swaptions
$
3,543
$
(118
)
Total
$
13,820
$
(1,996
)
Contract
Type
Derivative
Type
Average
Notional
Diversified
Real
Asset
Fund
Commodity
Contracts
Futures
-
Long
$
748,440
Futures
-
Short
202,975
Total
Return
Swaps
-
Receive
Positive
Return
453,944
Foreign
Exchange
Contracts
Foreign
Currency
Contracts
-
Contracts
to
Accept
29,698
Foreign
Currency
Contracts
-
Contracts
to
Deliver
44,571
Purchased
Options
1,518
Interest
Rate
Contracts
Exchange
Cleared
Interest
Rate
Swaps
-
Pay
Floating
Rate
151,590
Exchange
Cleared
Interest
Rate
Swaps
-
Receive
Floating
Rate
244,043
Futures
-
Long
91,427
Futures
-
Short
81,686
Purchased
Interest
Rate
Swaptions
120,144
Purchased
Options
408
Written
Interest
Rate
Swaptions
360,908
Written
Options
246
Global
Multi-Strategy
Fund
Commodity
Contracts
Futures
-
Long
44,469
Futures
-
Short
15,212
Credit
Contracts
Credit
Default
Swaps
–
Buy
Protection
7,948
Credit
Default
Swaps
–
Sell
Protection
9,700
Exchange
Cleared
Credit
Default
Swaps
–
Buy
Protection
7,743
Exchange
Cleared
Credit
Default
Swaps
–
Sell
Protection
870
Equity
Contracts
Futures
-
Long
45,566
Futures
-
Short
32,786
Purchased
Options
229
Total
Return
Equity
Basket
Swaps
82,954
Written
Options
237
Foreign
Exchange
Contracts
Foreign
Currency
Contracts
-
Contracts
to
Accept
128,540
Foreign
Currency
Contracts
-
Contracts
to
Deliver
200,134
Futures
-
Long
1,680
Futures
-
Short
1,
980
Interest
Rate
Contracts
Exchange
Cleared
Interest
Rate
Swaps
-
Pay
Floating
Rate
26,219
Exchange
Cleared
Interest
Rate
Swaps
-
Receive
Floating
Rate
40,362
Futures
-
Long
172,222
Futures
-
Short
207,360
Total
Return
Swaps
-
Receive
Positive
Return
3,101
International
Equity
Index
Fund
Equity
Contracts
Futures
-
Long
2,157
Spectrum
Preferred
and
Capital
Securities
Income
Fund
Interest
Rate
Contracts
Futures
-
Short
237,296
Purchased
Options
1,681
Written
Options
125
3.
Operating
Policies
(continued)
Notes
to
Financial
Statements
Principal
Funds,
Inc.
February
28,
2022
(unaudited)
40
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
1
–
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
listed
derivatives.
●
Level
2
–
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,
senior
floating
rate
interests, repurchase
agreements,
and
U.S.
Government
and
Government
Agency
Obligations.
●
Level
3
–
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
3
category
may
be
valued
using
quoted
prices
from
brokers
and
dealers
participating
in
the
market
for
these
investments.
These
investments
are
classified
as
Level
3
investments
due
to
the
lack
of
market
transparency
and
market
corroboration
to
support
these
quoted
prices.
Valuation
models
may
be
used
as
the
pricing
source
for
other
investments
classified
as
Level
3.
Valuation
models
rely
on
one
or
more
significant
unobservable
inputs
such
as:
yield
to
maturity,
EBITDA
multiples,
discount
rates,
available
cash,
or
direct
offering
price.
Significant
increases
in
yield
to
maturity,
EBITDA
multiples,
available
cash,
or
direct
offering
price would
have
resulted
in
significantly
higher
fair
value
measurements.
A
significant
increase
in
discount
rates
would
have
resulted
in
a
significantly
lower
fair
value
measurement.
Benchmark
pricing
procedures
set
the
base
price
of
a
security
based
on
current
market
data.
The
base
price
may
be
a
broker-dealer
quote,
transaction
price,
or
internal
value
based
on
relevant
market
data.
The
fair
values
of
these
securities
are
dependent
on
economic,
political,
and
other
considerations.
The
values
of
such
securities
may
be
affected
by
significant
changes
in
the
economic
conditions,
changes
in
government
policies,
and
other
factors
(e.g.,
natural
disasters,
pandemics,
accidents,
conflicts,
etc.).
The
inputs
or
methodology
used
for
valuing
securities
are
not
necessarily
an
indication
of
the
risk
associated
with
investing
in
those
instruments.
Notes
to
Financial
Statements
Principal
Funds,
Inc.
February
28,
2022
(unaudited)
41
The
following
is
a
summary
of
the
inputs
used
as
of February
28,
2022
in
valuing
the
Funds'
securities
carried
at
fair
value
(amounts
in
thousands):
Fund
Level
1
-
Quoted
Prices
Level
2
-
Other
Significant
Observable
Inputs
Level
3
-
Significant
Unobservable
Inputs
Totals
(Level
1,2,3)
Blue
Chip
Fund
Common
Stocks*
$
9,623,655
$
—
$
—
$
9,623,655
Investment
Companies
51,263
—
—
51,263
Total
investments
in
securities
$
9,674,918
$
—
$
—
$
9,674,918
Bond
Market
Index
Fund
Bonds*
—
272,164
—
272,164
Investment
Companies
83,952
—
—
83,952
Municipal
Bonds*
—
4,128
—
4,128
U.S.
Government
&
Government
Agency
Obligations*
—
604,402
—
604,402
Total
investments
in
securities
$
83,952
$
880,694
$
—
$
964,646
Diversified
Real
Asset
Fund
Bonds*
—
258,720
—
258,720
Commodity
Indexed
Structured
Notes*
—
43,523
—
43,523
Common
Stocks
Basic
Materials
186,178
155,626
—
341,804
Communications
—
4,089
282
4,371
Consumer,
Cyclical
26,753
4,399
—
31,152
Consumer,
Non-cyclical
82,665
113,143
19
195,827
Energy
401,181
99,323
508
501,012
Financial
364,881
165,728
—
530,609
Industrial
162,684
221,818
—
384,502
Technology
21,329
2,956
—
24,285
Utilities
313,663
257,562
—
571,225
Convertible
Preferred
Stocks
Technology
—
139
—
139
Investment
Companies
210,938
—
—
210,938
Preferred
Stocks
Industrial
—
104
111
215
Senior
Floating
Rate
Interests*
—
416,929
—
416,929
U.S.
Government
&
Government
Agency
Obligations*
—
1,176,428
—
1,176,428
Purchased
Interest
Rate
Swaptions
—
2,068
—
2,068
Total
investments
in
securities
$
1,770,272
$
2,922,555
$
920
$
4,693,747
Derivative
Assets
Commodity
Contracts
Futures**
53,014
—
—
53,014
Foreign
Exchange
Contracts
Foreign
Currency
Contracts
—
65
—
65
Interest
Rate
Contracts
Exchange
Cleared
Interest
Rate
Swaps**
—
10,467
—
10,467
Futures**
182
—
—
182
Derivative
Liabilities
Commodity
Contracts
Futures**
(1,497)
—
—
(1,497)
Foreign
Exchange
Contracts
Foreign
Currency
Contracts
—
(163)
—
(163)
Interest
Rate
Contracts
Exchange
Cleared
Interest
Rate
Swaps**
—
(8,802)
—
(8,802)
Futures**
(382)
—
—
(382)
Interest
Rate
Swaptions
—
(4,746)
—
(4,746)
4.
Fair
Valuation
(continued)
Notes
to
Financial
Statements
Principal
Funds,
Inc.
February
28,
2022
(unaudited)
42
Fund
Level
1
-
Quoted
Prices
Level
2
-
Other
Significant
Observable
Inputs
Level
3
-
Significant
Unobservable
Inputs
Totals
(Level
1,2,3)
Edge
MidCap
Fund
Common
Stocks
Basic
Materials
14,135
—
—
14,135
Communications
13,835
8,205
—
22,040
Consumer,
Cyclical
51,135
—
—
51,135
Consumer,
Non-cyclical
91,597
—
—
91,597
Energy
24,218
—
—
24,218
Financial
75,005
—
—
75,005
Industrial
99,720
—
—
99,720
Technology
72,859
—
—
72,859
Utilities
23,358
—
—
23,358
Investment
Companies
10,959
—
—
10,959
Total
investments
in
securities
$
476,821
$
8,205
$
—
$
485,026
Global
Multi-Strategy
Fund
Bonds*
—
135,492
146
135,638
Common
Stocks
Basic
Materials
8,977
3,571
—
12,548
Communications
20,225
2,097
—
22,322
Consumer,
Cyclical
18,469
7,245
—
25,714
Consumer,
Non-cyclical
29,070
12,468
—
41,538
Diversified
7,788
1,764
—
9,552
Energy
7,157
615
31
7,803
Financial
26,140
5,908
177
32,225
Industrial
17,436
8,080
—
25,516
Technology
27,413
1,930
337
29,680
Utilities
3,639
1,813
—
5,452
Convertible
Bonds*
—
3,586
—
3,586
Convertible
Preferred
Stocks
Communications
—
554
—
554
Energy
22
—
2,775
2,797
Financial
403
—
—
403
Technology
119
—
—
119
Credit
Linked
Structured
Notes*
—
589
—
589
Investment
Companies
91,988
—
—
91,988
Preferred
Stocks
Basic
Materials
—
352
—
352
Consumer,
Cyclical
67
—
—
67
Industrial
37
—
—
37
Senior
Floating
Rate
Interests*
—
677
30
707
U.S.
Government
&
Government
Agency
Obligations*
—
1,177
—
1,177
Purchased
Options
1,038
—
—
1,038
Total
investments
in
securities
$
259,988
$
187,918
$
3,496
$
451,402
Short
Sales
Common
Stocks
Basic
Materials
(2,417)
(1,646)
—
(4,063)
Communications
(2,442)
(1,488)
—
(3,930)
Consumer,
Cyclical
(3,175)
(3,348)
—
(6,523)
Consumer,
Non-cyclical
(5,308)
(5,096)
—
(10,404)
Energy
(376)
(471)
—
(847)
Financial
(3,284)
(3,167)
—
(6,451)
Industrial
(4,259)
(5,954)
—
(10,213)
Technology
(3,528)
(1,771)
—
(5,299)
Utilities
(1,437)
(714)
—
(2,151)
Preferred
Stocks
Consumer,
Cyclical
—
(202)
—
(202)
Consumer,
Non-cyclical
—
(389)
—
(389)
Total
Short
Sales
$
(26,226)
$
(24,246)
$
—
$
(50,472)
4.
Fair
Valuation
(continued)
Notes
to
Financial
Statements
Principal
Funds,
Inc.
February
28,
2022
(unaudited)
43
Fund
Level
1
-
Quoted
Prices
Level
2
-
Other
Significant
Observable
Inputs
Level
3
-
Significant
Unobservable
Inputs
Totals
(Level
1,2,3)
Global
Multi-Strategy
Fund
(continued)
Credit
Contracts
Credit
Default
Swaps
—
806
—
806
Commodity
Contracts
Futures**
2,853
—
—
2,853
Equity
Contracts
Futures**
1,979
—
—
1,979
Total
Return
Equity
Basket
Swaps
—
4,822
—
4,822
Foreign
Exchange
Contracts
Foreign
Currency
Contracts
—
3,408
—
3,408
Futures**
20
—
—
20
Interest
Rate
Contracts
Exchange
Cleared
Interest
Rate
Swaps**
—
1,641
—
1,641
Futures**
674
—
—
674
Derivative
Liabilities
Credit
Contracts
Credit
Default
Swaps
—
(792)
—
(792)
Commodity
Contracts
Futures**
(224)
—
—
(224)
Equity
Contracts
Futures**
(170)
—
—
(170)
Written
Options
(930)
—
—
(930)
Total
Return
Equity
Basket
Swaps
—
(129)
—
(129)
Foreign
Exchange
Contracts
Foreign
Currency
Contracts
—
(2,768)
—
(2,768)
Interest
Rate
Contracts
Exchange
Cleared
Interest
Rate
Swaps**
—
(1,065)
—
(1,065)
Futures**
(709)
—
—
(709)
International
Equity
Index
Fund
Common
Stocks
Basic
Materials
—
79,646
—
79,646
Communications
4,133
55,476
—
59,609
Consumer,
Cyclical
147
147,905
—
148,052
Consumer,
Non-cyclical
1,478
281,978
—
283,456
Diversified
—
2,360
—
2,360
Energy
—
46,668
—
46,668
Financial
651
222,149
—
222,800
Industrial
302
148,017
—
148,319
Technology
1,518
65,839
—
67,357
Utilities
—
37,781
—
37,781
Investment
Companies
32,817
—
—
32,817
Preferred
Stocks
Basic
Materials
—
188
—
188
Consumer,
Cyclical
—
3,864
—
3,864
Consumer,
Non-cyclical
—
968
—
968
Industrial
—
793
—
793
Total
investments
in
securities
$
41,046
$
1,093,632
$
—
$
1,134,678
Derivative
Liabilities
Equity
Contracts
Futures**
(106)
—
—
(106)
4.
Fair
Valuation
(continued)
Notes
to
Financial
Statements
Principal
Funds,
Inc.
February
28,
2022
(unaudited)
44
Fund
Level
1
-
Quoted
Prices
Level
2
-
Other
Significant
Observable
Inputs
Level
3
-
Significant
Unobservable
Inputs
Totals
(Level
1,2,3)
International
Equity
Index
Fund
Common
Stocks
Basic
Materials
—
79,646
—
79,646
Communications
4,133
55,476
—
59,609
Consumer,
Cyclical
147
147,905
—
148,052
Consumer,
Non-cyclical
1,478
281,978
—
283,456
Diversified
—
2,360
—
2,360
Energy
—
46,668
—
46,668
Financial
651
222,149
—
222,800
Industrial
302
148,017
—
148,319
Technology
1,518
65,839
—
67,357
Utilities
—
37,781
—
37,781
Investment
Companies
32,817
—
—
32,817
Preferred
Stocks
Basic
Materials
—
188
—
188
Consumer,
Cyclical
—
3,864
—
3,864
Consumer,
Non-cyclical
—
968
—
968
Industrial
—
793
—
793
Total
investments
in
securities
$
41,046
$
1,093,632
$
—
$
1,134,678
Derivative
Liabilities
Equity
Contracts
Futures**
(106)
—
—
(106)
International
Small
Company
Fund
Common
Stocks
Basic
Materials
27,465
49,431
—
76,896
Communications
5,751
53,677
—
59,428
Consumer,
Cyclical
11,579
107,290
—
118,869
Consumer,
Non-cyclical
9,917
107,352
—
117,269
Diversified
—
3,623
—
3,623
Energy
28,553
8,402
—
36,955
Financial
12,259
198,361
—
210,620
Industrial
28,356
190,110
—
218,466
Technology
33,420
68,399
—
101,819
Utilities
18,669
9,521
—
28,190
Investment
Companies
42,013
—
—
42,013
Preferred
Stocks
Industrial
—
2,763
—
2,763
Total
investments
in
securities
$
217,982
$
798,929
$
—
$
1,016,911
Opportunistic
Municipal
Fund
Investment
Companies
1,944
—
—
1,944
Municipal
Bonds*
—
192,813
267
193,080
Total
investments
in
securities
$
1,944
$
192,813
$
267
$
195,024
Origin
Emerging
Markets
Fund
Common
Stocks
Basic
Materials
55,544
308,429
—
363,973
Communications
57,939
173,939
—
231,878
Consumer,
Cyclical
—
182,775
—
182,775
Consumer,
Non-cyclical
80,925
93,941
—
174,866
Energy
—
118,101
—
118,101
Financial
44,107
678,368
—
722,475
Industrial
—
399,904
—
399,904
Technology
113,138
704,654
—
817,792
Utilities
—
75,393
—
75,393
Investment
Companies
26,531
—
—
26,531
Preferred
Stocks
50,154
—
—
50,154
Total
investments
in
securities
$
428,338
$
2,735,504
$
—
$
3,163,842
4.
Fair
Valuation
(continued)
Notes
to
Financial
Statements
Principal
Funds,
Inc.
February
28,
2022
(unaudited)
45
*For
additional
detail
regarding
sector
classifications,
please
see
the
schedules
of
investments.
**Exchange
cleared
swaps
and
futures
are
presented
at
the
unrealized
appreciation/(depreciation)
of
the
instrument.
At
the
end
of
the
period
,
there
were
no
other
Funds
which
had
a
significant
Level
3
balance.
During
the
period
,
there
were
no
significant
purchases,
sales,
or
transfers
into
or
out
of
Level
3.
5.
Management
Agreement
and
Transactions
with
Affiliates
Management
Services.
The
Funds
have
agreed
to
pay
management
and
investment
advisory fees
to
the
Manager
computed
at
an
annual
percentage
rate
of
each
of
the Funds'
average
daily
net
assets.
A
portion
of
the
management
fee
is
paid
by
the
Manager
to
the
sub-advisor
of
each
of
the
Funds,
some
of
which
are
affiliates
of
the
Manager.
The
annual
rates
used
in
this
calculation
for
each
of
the
Funds
are
as
follows:
Fund
Level
1
-
Quoted
Prices
Level
2
-
Other
Significant
Observable
Inputs
Level
3
-
Significant
Unobservable
Inputs
Totals
(Level
1,2,3)
Small-
MidCap
Dividend
Income
Fund
Common
Stocks*
1,187,611
—
—
1,187,611
Investment
Companies
11,290
—
—
11,290
Total
investments
in
securities
$
1,198,901
$
—
$
—
$
1,198,901
Small-
MidCap
Growth
Fund
Common
Stocks*
10,046
—
—
10,046
Investment
Companies
379
—
—
379
Total
investments
in
securities
$
10,425
$
—
$
—
$
10,425
Spectrum
Preferred
and
Capital
Securities
Income
Fund
Bonds*
—
6,544,701
—
6,544,701
Convertible
Preferred
Stocks
Financial
53,956
—
—
53,956
Investment
Companies
105,308
—
—
105,308
Preferred
Stocks
Communications
50,138
—
—
50,138
Consumer,
Non-cyclical
—
23,748
—
23,748
Financial
428,380
6,479
—
434,859
Government
30,317
34,843
—
65,160
Utilities
75,151
—
—
75,151
Purchased
Options
117
—
—
117
Total
investments
in
securities
$
743,367
$
6,609,771
$
—
$
7,353,138
Derivative
Liabilities
Interest
Rate
Contracts
Futures**
(2,427)
—
—
(2,427)
Written
Options
(303)
—
—
(303)
Net
Assets
of
Fund
First
$500
million
Next
$500
million
Next
$500
million
Over
$1.5
billion
Edge
MidCap
Fund
.70%
.68%
.66%
.65%
International
Small
Company
Fund
1.05
1.03
1.01
1.00
Opportunistic
Municipal
Fund
.50
.48
.46
.45
Small-
MidCap
Growth
Fund
.70
.68
.66
.65
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
.85%
.83%
.81%
.80%
.79%
.78%
Global
Multi-Strategy
Fund
1.60
1.58
1.56
1.55
1.54
1.53
Origin
Emerging
Markets
Fund
1.05
1.03
1.01
1.00
0.99
0.98
Small-
MidCap
Dividend
Income
Fund
.79
.77
.75
.74
.73
.72
4.
Fair
Valuation
(continued)
Notes
to
Financial
Statements
Principal
Funds,
Inc.
February
28,
2022
(unaudited)
46
In
addition
to
the
management
fee,
R-1, R-3,
R-4,
and
R-5
classes
of
shares
of
the
Funds
pay
the
Manager
a
service
fee
and
an
administrative
service
fee
computed
at
an
annual
percentage
rate
of
each
class’s
average
daily
net
assets.
The
annual
rates
for
the
service
fee
are
.25%, .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
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 period 
are
shown
as
an
expense
reimbursement
from
Manager or
expense
reimbursement
to
Manager
on
the
statements
of
assets
and
liabilities.
The
operating
expense
limits are
as
follows:
#
Prior
to
December
31,
2021,
there
was
no
contractual
limit.
^
Prior
to
December
31,
2021,
the
contractual
expense
limit
was
1.20%.
*
Prior
to
December
31,
2021,
the
contractual
expense
limit
was
1.60%.
In
addition,
the
Manager
has
contractually
agreed
to limit
R-6
expenses
other
than
management
and
investment
advisory
fees
and
distribution
fees
and,
if
necessary,
pay
expenses
normally
payable
by
the
Funds,
excluding
interest
expense,
expenses
related
to
fund
investments,
acquired
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
(Prior
to
December
31,
2021)
.65%
.63%
.61%
.60%
.59%
.58%
.58%
Blue
Chip
Fund
(Effective
December
31,
2021)
.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
(Prior
to
December
31,
2021)
.75%
.73%
.71%
.70%
.69%
.68%
.67%
.67%
.67%
Spectrum
Preferred
and
Capital
Securities
Income
Fund
(Effective
December
31,
2021)
.75
.73
.71
.70
.69
.68
.67
.66
.65
All
Net
Assets
Bond
Market
Index
Fund
.14%
International
Equity
Index
Fund
.25
Period
from
September
1,
2021
through
February
28,
2022
Class
A
Class
C
Class
J
Institutional
Expiration
Blue
Chip
Fund
N/A
N/A
N/A
.66%
December
30,
2022
Bond
Market
Index
Fund
N/A
N/A
.54%#
N/A
December
30,
2022
Diversified
Real
Asset
Fund
1.20%
N/A
N/A
.83
December
30,
2022
Edge
MidCap
Fund
1.10
N/A
N/A
.77
December
30,
2022
Global
Multi-Strategy
Fund
N/A
N/A
N/A
1.63
December
30,
2022
International
Equity
Index
Fund
N/A
N/A
N/A
.31
December
30,
2022
International
Small
Company
Fund
N/A
N/A
N/A
1.15^
December
30,
2022
Opportunistic
Municipal
Fund
.84
N/A
N/A
.56
December
30,
2022
Origin
Emerging
Markets
Fund
1.55*
N/A
N/A
1.20
December
30,
2022
Small-MidCap
Dividend
Income
Fund
1.12
1.87%
N/A
.85
December
30,
2022
Small-MidCap
Growth
Fund
N/A
N/A
N/A
.83
December
30,
2022
Spectrum
Preferred
and
Capital
Securities
Income
Fund
N/A
N/A
N/A
.81
December
30,
2022
5.
Management
Agreement
and
Transactions
with
Affiliates
(continued)
Notes
to
Financial
Statements
Principal
Funds,
Inc.
February
28,
2022
(unaudited)
47
fund
fees
and
expenses,
and
tax
reclaim
recovery
expenses
and
other
extraordinary
expenses.
The
limits
are
expressed
as
a
percentage
of
average
daily
net
assets
attributable
to
R-6
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
December
31,
2021,
the
contractual
limit
was
.04%.
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
R-4
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
R-4
classes
of
shares,
respectively.
The
Distributor
has
voluntarily
agreed
to
limit
the
distribution
fees
(expressed
as
a
percent
of
average
net
assets
on
an
annualized
basis)
attributable
to
Class
J
shares.
The
limit
will
maintain
the
level
of
distribution
fees
not
to
exceed
.13%
for
Class
J
shares.
The
voluntary
expense
limit
may
be
terminated
at
any
time.
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
12
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
12
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
18
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,
Origin
Emerging
Markets
Fund,
and
Small-MidCap
Dividend
Income
Fund.
The
aggregate
amounts
of
these
charges
retained
by
the
Distributor
for
the
period
ended
February
28,
2022,
were
as
follows
(amounts
in
thousands):
Period
from
September
1,
2021
through
February
28,
2022
R-6
Expiration
Blue
Chip
Fund
.01%
December
30,
2021
Diversified
Real
Asset
Fund
.02
December
30,
2022
Global
Multi-Strategy
Fund
.02
December
30,
2022
International
Equity
Index
Fund
.04
December
30,
2022
International
Small
Company
Fund
.04
December
30,
2022
Origin
Emerging
Markets
Fund
.04
December
30,
2021
Small-
MidCap
Dividend
Income
Fund
.02
December
30,
2022
Period
from
September
1,
2021
through
February
28,
2022
Expiration
Blue
Chip
Fund
.030%#
December
30,
2022
Bond
Market
Index
Fund
.015
December
30,
2022
Diversified
Real
Asset
Fund
.050
December
30,
2022
Edge
MidCap
Fund
.050
December
30,
2022
Global
Multi-Strategy
Fund
.040
December
30,
2022
Opportunistic
Municipal
Fund
.060
December
30,
2022
Class
A
Class
C
Class
J
Blue
Chip
Fund
$
424
$
13
$
9
Diversified
Real
Asset
Fund
10
N/A
N/A
5.
Management
Agreement
and
Transactions
with
Affiliates
(continued)
Notes
to
Financial
Statements
Principal
Funds,
Inc.
February
28,
2022
(unaudited)
48
109
Class
C
shares
automatically
convert
into
Class
A
shares,
based
on
relative
net
asset
value
(without
a
sales
charge),
8
years
after
purchase.
Affiliated
Ownership.
At
February
28,
2022,
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,
$41,000
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
period
ended
February
28,
2022
.
6.
Investment
Transactions
For
the period ended
February
28,
2022,
the
cost
of
investment
securities
purchased
and
proceeds
from
investment
securities
sold
(not
including
short-term
investments,
return
of
capital,
and
U.S.
government
securities)
by
the
Funds
were
as
follows
(amounts
in
thousands):
For
the period
ended
February
28,
2022,
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):
Class
A
Class
C
Class
J
Edge
MidCap
Fund
19
N/A
N/A
Global
Multi-Strategy
Fund
1
N/A
N/A
Opportunistic
Municipal
Fund
2
N/A
N/A
Origin
Emerging
Markets
Fund
4
N/A
N/A
Small-
MidCap
Dividend
Income
Fund
20
1
N/A
Spectrum
Preferred
and
Capital
Securities
Income
Fund
63
18
—
Institutional
R-4
R-5
R-6
Blue
Chip
Fund
486
–
–
35,644
Bond
Market
Index
Fund
6,663
–
–
N/A
Diversified
Real
Asset
Fund
696
1
1
8,815
Edge
MidCap
Fund
142
N/A
N/A
–
Global
Multi-Strategy
Fund
30
N/A
N/A
1,172
International
Equity
Index
Fund
–
–
–
36,087
International
Small
Company
Fund
158
N/A
N/A
354
Opportunistic
Municipal
Fund
66
N/A
N/A
N/A
Origin
Emerging
Markets
Fund
60
N/A
N/A
131,944
Small-
MidCap
Dividend
Income
Fund
52
N/A
N/A
527
Small-
MidCap
Growth
Fund
764
N/A
N/A
N/A
Spectrum
Preferred
and
Capital
Securities
Income
Fund
–
–
–
4,188
Purchases
Sales
Covers
on
Securities
Sold
Short
Securities
Sold
Short
Blue
Chip
Fund
$
1,149,416
$
1,019,573
$
—
$
—
Bond
Market
Index
Fund
274,840
253,681
—
—
Diversified
Real
Asset
Fund
1,227,188
1,206,985
—
—
Edge
MidCap
Fund
33,665
106,579
—
—
Global
Multi-Strategy
Fund
230,870
278,925
64,572
48,892
International
Equity
Index
Fund
104,077
137,394
—
—
International
Small
Company
Fund
353,532
383,739
—
—
Opportunistic
Municipal
Fund
45,257
21,751
—
—
Origin
Emerging
Markets
Fund
775,867
1,055,165
—
—
Small-
MidCap
Dividend
Income
Fund
194,808
126,909
—
—
Small-
MidCap
Growth
Fund
6,516
6,409
—
—
Spectrum
Preferred
and
Capital
Securities
Income
Fund
652,270
939,561
—
—
Purchases
Sales
Bond
Market
Index
Fund
$
245,324
$
209,234
Diversified
Real
Asset
Fund
297,941
241,169
Global
Multi-Strategy
Fund
227
5.
Management
Agreement
and
Transactions
with
Affiliates
(continued)
Notes
to
Financial
Statements
Principal
Funds,
Inc.
February
28,
2022
(unaudited)
49
7.
Federal
Tax
Information
Distributions
to
Shareholders.
The
federal
income
tax
character
of
distributions
paid
for
the periods
ended February
28,
2022 and
August
31,
2021 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,
2021,
the
components
of
total
distributable
earnings
(accumulated
loss)
on
a
federal
tax
basis
were
as
follows
(amounts
in
thousands):
*Represents
book-to-tax
accounting
differences
related
to
straddle
loss
deferrals,
constructive
sale
gain
recognition,
defaulted
securities,
inverse
floating
rate
securities,
contingent
convertible
bonds,
foreign
capital
gain
taxes,
short
sales,
and
perpetual
bonds.
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,
2021,
the
Funds
had
approximate
net
capital
loss
carryforwards
as
follows
(amounts
in
thousands):
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.
Ordinary
Income
Tax-Exempt
Income
Long-Term
Capital
Gain
2022
2021
2022
2021^
2022
2021*
Blue
Chip
Fund
$
87,519
$
44,704
$
—
$
—
$
620,007
$
228,535
Bond
Market
Index
Fund
17,934
63,068
—
—
—
68,395
Diversified
Real
Asset
Fund
229,806
17,546
—
—
51,698
—
Edge
MidCap
Fund
19,208
12,421
—
—
121,017
34,845
Global
Multi-Strategy
Fund
13,506
12,889
—
—
8,044
—
International
Equity
Index
Fund
38,583
24,413
—
—
22,485
2,602
International
Small
Company
Fund
16,651
12,895
—
—
82,775
—
Opportunistic
Municipal
Fund
—
10
2,779
5,098
—
—
Origin
Emerging
Markets
Fund
74,003
17,592
—
—
68,186
—
Small-
MidCap
Dividend
Income
Fund
6,096
18,307
—
—
—
—
Small-
MidCap
Growth
Fund
1,503
600
—
—
1,495
188
Spectrum
Preferred
and
Capital
Securities
Income
Fund
190,025
339,747
—
—
—
—
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
$
81,670
$
—
$
558,321
$
—
$
4,741,378
$
—
$
5,381,369
Bond
Market
Index
Fund
12,325
—
—
—
34,107
—
46,432
Diversified
Real
Asset
Fund
195,383
—
—
(14,609
)
298,339
(17
)
479,096
Edge
MidCap
Fund
17,829
—
118,099
—
162,333
—
298,261
Global
Multi-Strategy
Fund
10,645
—
5,968
—
24,327
(3,834
)
37,106
International
Equity
Index
Fund
25,537
—
23,122
—
282,656
—
331,315
International
Small
Company
Fund
16,645
—
60,530
—
225,784
—
302,959
Opportunistic
Municipal
Fund
—
98
—
(992
)
12,736
(125
)
11,717
Origin
Emerging
Markets
Fund
58,122
—
68,160
—
273,363
—
399,645
Small-
MidCap
Dividend
Income
Fund
485
—
—
(10,245
)
372,266
—
362,506
Small-
MidCap
Growth
Fund
1,454
—
1,326
—
2,127
—
4,907
Spectrum
Preferred
and
Capital
Securities
Income
Fund
4,676
—
—
(46,677
)
552,169
63,193
573,361
Short-Term
Long-Term
Total
Diversified
Real
Asset
Fund
$
14,609
$
—
$
14,609
Opportunistic
Municipal
Fund
950
42
992
Small-
MidCap
Dividend
Income
Fund
—
10,245
10,245
Spectrum
Preferred
and
Capital
Securities
Income
Fund
2,508
44,169
46,677
Notes
to
Financial
Statements
Principal
Funds,
Inc.
February
28,
2022
(unaudited)
50
For
the
year
ended
August
31,
2021
,
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
31
and
December
31,
respectively. As
of
August
31,
2021
,
the
Funds
do
not
plan
to
defer
any
late
year
losses.
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,
2021,
the
Funds
recorded
reclassifications
as
follows
(amounts
in
thousands):
Federal
Income
Tax
Basis.
As
of February
28,
2022,
the
net
federal
income
tax
unrealized
appreciation
(depreciation)
and
federal
tax
cost
of
investments
held
by
the
Funds
were
as
follows
(amounts
in
thousands):
8.
Subsequent
Events
Management
has
evaluated
events
and
transactions
that
have
occurred
through
the
date
the
financial
statements
were issued
that
would
merit
recognition
or
disclosure
in
the
financial
statements. 
There
were
no
items
requiring
adjustment
of
the
financial
statements
or
additional
disclosure.
Utilized
Diversified
Real
Asset
Fund
$
193,663
Global
Multi-Strategy
Fund
19,251
International
Small
Company
Fund
48,656
Opportunistic
Municipal
Fund
1,129
Origin
Emerging
Markets
Fund
63,076
Spectrum
Preferred
and
Capital
Securities
Income
Fund
34,305
Total
Distributable
Earnings
(Accumulated
Loss)
Capital
Shares
and
Additional
Paid-in-Capital
Blue
Chip
Fund
$
(54,151)
$
54,151
Bond
Market
Index
Fund
(27,054)
27,054
Diversified
Real
Asset
Fund
(7,777)
7,777
Edge
MidCap
Fund
(50,513)
50,513
Global
Multi-Strategy
Fund
523
(523)
International
Equity
Index
Fund
(4,342)
4,342
International
Small
Company
Fund
(1,542)
1,542
Origin
Emerging
Markets
Fund
(1,685)
1,685
Small-
MidCap
Dividend
Income
Fund
(1,219)
1,219
Spectrum
Preferred
and
Capital
Securities
Income
Fund
(404)
404
Unrealized
Appreciation
Unrealized
(Depreciation)
Net
Unrealized
Appreciation/
(Depreciation)
Cost
for
Federal
Income
Tax
Purposes
Blue
Chip
Fund
$
3,269,596
$
(309,310)
$
2,960,286
$
6,714,632
Bond
Market
Index
Fund
14,336
(25,097)
(10,761)
975,407
Diversified
Real
Asset
Fund
610,529
(206,092)
404,437
4,309,534
Edge
MidCap
Fund
112,618
(17,192)
95,426
389,600
Global
Multi-Strategy
Fund
52,451
(49,205)
3,246
409,012
International
Equity
Index
Fund
297,835
(116,101)
181,734
952,838
International
Small
Company
Fund
109,786
(76,757)
33,029
983,882
Opportunistic
Municipal
Fund
*
7,815
(5,680)
2,135
184,174
Origin
Emerging
Markets
Fund
358,250
(473,037)
(114,787)
3,278,629
Small-
MidCap
Dividend
Income
Fund
386,871
(29,763)
357,108
841,793
Small-
MidCap
Growth
Fund
930
(784)
146
10,279
Spectrum
Preferred
and
Capital
Securities
Income
Fund
175,521
(255,201)
(79,680)
7,430,088
*
The
Fund
holds
floating
rate
securities
which
are
accounted
for
differently
for
U.S.
GAAP
vs.
federal
income
tax
purposes.
This
may
cause
a
difference
in
cost
basis
and
fair
market
value
of
investments
for
tax
and
U.S.
GAAP
purposes.
7.
Federal
Tax
Information
(continued)
Schedule
of
Investments
Blue
Chip
Fund
February
28,
2022
(unaudited)
See
accompanying
notes.
51
INVESTMENT
COMPANIES
-
0
.53
%
Shares
Held
Value
(000's)
Money
Market
Funds
-
0
.53
%
Principal
Government
Money
Market
Fund
-
Institutional
Class
0.00%
(a),(b),(c)
51,262,782‌
$
51,263‌
TOTAL
INVESTMENT
COMPANIES
$
51,263‌
COMMON
STOCKS
-
99
.72
%
Shares
Held
Value
(000's)
Aerospace
&
Defense
-
5
.31
%
TransDigm
Group
Inc
(b)
769,191‌
$
512,735‌
Chemicals
-
1
.36
%
Linde
PLC
330,531‌
96,925‌
Sherwin-Williams
Co/The
130,716‌
34,395‌
$
131,320‌
Commercial
Services
-
4
.55
%
CoStar
Group
Inc
(b)
2,303,892‌
140,560‌
PayPal
Holdings
Inc
(b)
1,785,338‌
199,833‌
S&P
Global
Inc
264,227‌
99,270‌
$
439,663‌
Distribution
&
Wholesale
-
0
.51
%
Copart
Inc
(b)
400,226‌
49,180‌
Diversified
Financial
Services
-
9
.62
%
Brookfield
Asset
Management
Reinsurance
Partners
Ltd
(b)
61,089‌
3,378‌
Charles
Schwab
Corp/The
1,378,558‌
116,433‌
Mastercard
Inc
1,296,606‌
467,841‌
Visa
Inc
1,574,937‌
340,376‌
$
928,028‌
Healthcare
-
Products
-
5
.68
%
Danaher
Corp
1,194,250‌
327,714‌
IDEXX
Laboratories
Inc
(b)
116,126‌
61,820‌
Intuitive
Surgical
Inc
(b)
546,913‌
158,785‌
$
548,319‌
Insurance
-
0
.83
%
Progressive
Corp/The
753,742‌
79,844‌
Internet
-
22
.31
%
Alphabet
Inc
-
A
Shares
(b)
46,214‌
124,831‌
Alphabet
Inc
-
C
Shares
(b)
214,686‌
579,184‌
Amazon.com
Inc
(b)
284,612‌
874,118‌
Etsy
Inc
(b)
291,033‌
45,078‌
Meta
Platforms
Inc
(b)
1,271,292‌
268,281‌
Netflix
Inc
(b)
604,581‌
238,519‌
Spotify
Technology
SA
(b)
149,198‌
23,303‌
$
2,153,314‌
Lodging
-
1
.50
%
Hilton
Worldwide
Holdings
Inc
(b)
970,994‌
144,542‌
Media
-
3
.85
%
Charter
Communications
Inc
(b)
489,819‌
294,763‌
Liberty
Broadband
Corp
-
C
Shares
(b)
522,260‌
76,616‌
$
371,379‌
Pharmaceuticals
-
1
.54
%
Zoetis
Inc
766,277‌
148,390‌
Private
Equity
-
6
.33
%
Brookfield
Asset
Management
Inc
9,113,912‌
497,984‌
KKR
&
Co
Inc
1,884,868‌
113,318‌
$
611,302‌
REITs
-
4
.09
%
American
Tower
Corp
1,686,898‌
382,706‌
SBA
Communications
Corp
41,213‌
12,504‌
$
395,210‌
Retail
-
3
.18
%
CarMax
Inc
(b)
734,437‌
80,296‌
Costco
Wholesale
Corp
179,245‌
93,073‌
O'Reilly
Automotive
Inc
(b)
82,760‌
53,731‌
Starbucks
Corp
865,297‌
79,426‌
$
306,526‌
Semiconductors
-
2
.74
%
NVIDIA
Corp
1,082,751‌
264,029‌
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Software
-
26
.32
%
Adobe
Inc
(b)
987,368‌
$
461,772‌
Autodesk
Inc
(b)
503,192‌
110,818‌
Intuit
Inc
759,438‌
360,255‌
Microsoft
Corp
3,321,905‌
992,552‌
Roper
Technologies
Inc
392,916‌
176,113‌
salesforce.com
Inc
(b)
1,985,316‌
417,968‌
Snowflake
Inc
-
Class
A
(b)
76,775‌
20,396‌
$
2,539,874‌
TOTAL
COMMON
STOCKS
$
9,623,655‌
Total
Investments
$
9,674,918‌
Other
Assets
and
Liabilities
-  (0.25)%
(
24,355‌
)
TOTAL
NET
ASSETS
-
100.00%
$
9,650,563‌
(a)
Affiliated
Security.
Security
is
either
an
affiliate
(and
registered
under
the
Investment
Company
Act
of
1940,
as
amended,
(the
"1940
Act"))
or
an
affiliate
as
defined
by
the
1940
act
(controls
5.00%
or
more
of
the
outstanding
voting
shares
of
the
security).
Please
see
Affiliated
Securities
sub-schedule
for
transactional
information.
(b)
Non-income
producing
security
(c)
Current
yield
shown
is
as
of
period
end.
Portfolio
Summary  (unaudited)
Sector
Percent
Technology
29
.06‌
%
Communications
26
.16‌
%
Financial
20
.87‌
%
Consumer,
Non-cyclical
11
.77‌
%
Industrial
5
.31‌
%
Consumer,
Cyclical
5
.19‌
%
Basic
Materials
1
.36‌
%
Money
Market
Funds
0
.53‌
%
Other
Assets
and
Liabilities
(
0
.25‌
)
%
TOTAL
NET
ASSETS
100.00%
Schedule
of
Investments
Blue
Chip
Fund
February
28,
2022
(unaudited)
See
accompanying
notes.
52
Affiliated
Securities
August
31,
2021
Purchases
Sales
February
28,
2022
Value
Cost
Proceeds
Value
Principal
Government
Money
Market
Fund
-
Institutional
Class
0.00%
$
18,611‌
$
455,759‌
$
423,107‌
$
51,263‌
$
18,611‌
$
455,759‌
$
423,107‌
$
51,263‌
Income
(a)
Realized
Gain/(Loss)
on
Investments
Realized
Gain
from
Capital
Gain
Distributions
Change
in
Unrealized
Gain/
(Loss)
Principal
Government
Money
Market
Fund
-
Institutional
Class
0.00%
$
—‌
$
—‌
$
—‌
$
—‌
$
—‌
$
—‌
$
—‌
$
—‌
Amounts
in
thousands.
(a)
Amount
excludes
earnings
from
securities
lending
collateral.
Schedule
of
Investments
Bond
Market
Index
Fund
February
28,
2022
(unaudited)
See
accompanying
notes.
53
INVESTMENT
COMPANIES
-
9.22%
Shares
Held
Value
(000's)
Exchange-Traded
Funds
-
0.89%
iShares
iBoxx
$
Investment
Grade
Corporate
Bond
ETF
(a)
65,000‌
$
8,112‌
Money
Market
Funds
-
8.33%
BlackRock
Liquidity
FedFund
-
Institutional
Class
0.03%
(b),(c)
6,174,132‌
6,174‌
Principal
Government
Money
Market
Fund
-
Institutional
Class
0.00%
(b),(c),(d),(e)
69,665,871‌
69,666‌
$
75,840‌
TOTAL
INVESTMENT
COMPANIES
$
83,952‌
BONDS
-
29.90%
Principal
Amount
(000's)
Value
(000's)
Advertising
-
0.04%
Interpublic
Group
of
Cos
Inc/The
2.40%,
03/01/2031
$
60‌
$
57‌
Omnicom
Group
Inc
2.45%,
04/30/2030
155‌
148‌
2.60%,
08/01/2031
35‌
34‌
WPP
Finance
2010
3.75%,
09/19/2024
75‌
78‌
$
317‌
Aerospace
&
Defense
-
0.55%
Boeing
Co/The
2.70%,
02/01/2027
110‌
109‌
2.75%,
02/01/2026
85‌
85‌
2.80%,
03/01/2024
200‌
203‌
2.95%,
02/01/2030
140‌
134‌
3.25%,
02/01/2028
85‌
85‌
3.50%,
03/01/2039
200‌
181‌
3.63%,
02/01/2031
85‌
86‌
3.95%,
08/01/2059
290‌
263‌
4.51%,
05/01/2023
630‌
647‌
5.04%,
05/01/2027
315‌
342‌
5.71%,
05/01/2040
120‌
140‌
5.81%,
05/01/2050
155‌
184‌
5.88%,
02/15/2040
100‌
116‌
General
Dynamics
Corp
1.15%,
06/01/2026
60‌
57‌
2.25%,
06/01/2031
60‌
58‌
3.25%,
04/01/2025
80‌
83‌
3.50%,
05/15/2025
235‌
243‌
4.25%,
04/01/2040
155‌
173‌
L3Harris
Technologies
Inc
1.80%,
01/15/2031
35‌
32‌
Lockheed
Martin
Corp
4.07%,
12/15/2042
105‌
114‌
4.09%,
09/15/2052
162‌
177‌
4.70%,
05/15/2046
75‌
89‌
Northrop
Grumman
Corp
3.20%,
02/01/2027
130‌
133‌
Raytheon
Technologies
Corp
1.90%,
09/01/2031
155‌
141‌
2.38%,
03/15/2032
60‌
57‌
2.82%,
09/01/2051
150‌
131‌
3.03%,
03/15/2052
60‌
54‌
3.20%,
03/15/2024
75‌
77‌
4.13%,
11/16/2028
270‌
292‌
4.70%,
12/15/2041
350‌
387‌
Teledyne
Technologies
Inc
0.95%,
04/01/2024
60‌
58‌
2.25%,
04/01/2028
60‌
58‌
$
4,989‌
Agriculture
-
0.30%
Altria
Group
Inc
2.35%,
05/06/2025
65‌
65‌
2.45%,
02/04/2032
60‌
54‌
3.40%,
05/06/2030
125‌
123‌
3.70%,
02/04/2051
60‌
49‌
4.00%,
02/04/2061
60‌
50‌
5.38%,
01/31/2044
25‌
26‌
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Agriculture
(continued)
Altria
Group
Inc  
(continued)
5.80%,
02/14/2039
$
350‌
$
384‌
Archer-Daniels-Midland
Co
2.70%,
09/15/2051
60‌
54‌
2.90%,
03/01/2032
130‌
132‌
BAT
Capital
Corp
2.26%,
03/25/2028
150‌
140‌
2.73%,
03/25/2031
150‌
137‌
2.79%,
09/06/2024
210‌
211‌
3.46%,
09/06/2029
210‌
206‌
3.98%,
09/25/2050
150‌
129‌
BAT
International
Finance
PLC
1.67%,
03/25/2026
150‌
142‌
Bunge
Ltd
Finance
Corp
2.75%,
05/14/2031
60‌
57‌
Philip
Morris
International
Inc
0.88%,
05/01/2026
85‌
80‌
1.75%,
11/01/2030
85‌
77‌
4.13%,
03/04/2043
300‌
301‌
Reynolds
American
Inc
4.45%,
06/12/2025
220‌
230‌
5.70%,
08/15/2035
50‌
55‌
5.85%,
08/15/2045
50‌
54‌
$
2,756‌
Airlines
-
0.07%
American
Airlines
2019-1
Class
AA
Pass
Through
Trust
3.15%,
08/15/2033
125‌
123‌
Delta
Air
Lines
2020-1
Class
AA
Pass
Through
Trust
2.00%,
06/10/2028
282‌
269‌
Southwest
Airlines
Co
3.00%,
11/15/2026
80‌
81‌
5.25%,
05/04/2025
130‌
141‌
United
Airlines
2019-2
Class
AA
Pass
Through
Trust
2.70%,
11/01/2033
65‌
63‌
$
677‌
Apparel
-
0.03%
NIKE
Inc
2.40%,
03/27/2025
155‌
157‌
3.25%,
03/27/2040
155‌
155‌
$
312‌
Automobile
Manufacturers
-
0.42%
American
Honda
Finance
Corp
0.55%,
07/12/2024
55‌
53‌
0.65%,
09/08/2023
150‌
148‌
1.20%,
07/08/2025
160‌
155‌
1.30%,
09/09/2026
60‌
57‌
1.95%,
05/10/2023
155‌
156‌
2.25%,
01/12/2029
65‌
63‌
Cummins
Inc
4.88%,
10/01/2043
25‌
30‌
General
Motors
Co
4.88%,
10/02/2023
80‌
83‌
5.15%,
04/01/2038
160‌
173‌
5.20%,
04/01/2045
85‌
92‌
5.40%,
04/01/2048
65‌
72‌
6.25%,
10/02/2043
75‌
91‌
General
Motors
Financial
Co
Inc
1.05%,
03/08/2024
60‌
58‌
1.20%,
10/15/2024
155‌
151‌
1.25%,
01/08/2026
55‌
52‌
1.50%,
06/10/2026
60‌
57‌
1.70%,
08/18/2023
320‌
319‌
2.35%,
02/26/2027
240‌
233‌
2.35%,
01/08/2031
55‌
50‌
2.40%,
04/10/2028
60‌
57‌
Schedule
of
Investments
Bond
Market
Index
Fund
February
28,
2022
(unaudited)
See
accompanying
notes.
54
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Automobile
Manufacturers
(continued)
General
Motors
Financial
Co
Inc  
(continued)
2.40%,
10/15/2028
$
155‌
$
147‌
2.70%,
06/10/2031
60‌
56‌
4.00%,
10/06/2026
75‌
78‌
PACCAR
Financial
Corp
0.35%,
08/11/2023
160‌
158‌
0.35%,
02/02/2024
60‌
58‌
1.80%,
02/06/2025
100‌
99‌
Toyota
Motor
Corp
1.34%,
03/25/2026
115‌
111‌
Toyota
Motor
Credit
Corp
0.45%,
01/11/2024
55‌
54‌
0.50%,
08/14/2023
160‌
158‌
0.50%,
06/18/2024
60‌
58‌
0.80%,
10/16/2025
55‌
52‌
1.15%,
08/13/2027
160‌
150‌
1.65%,
01/10/2031
55‌
50‌
1.80%,
02/13/2025
155‌
154‌
1.90%,
01/13/2027
65‌
64‌
1.90%,
09/12/2031
(a)
60‌
55‌
2.00%,
10/07/2024
145‌
145‌
$
3,797‌
Automobile
Parts
&
Equipment
-
0.05%
Aptiv
PLC
/
Aptiv
Corp
3.25%,
03/01/2032
160‌
161‌
BorgWarner
Inc
4.38%,
03/15/2045
300‌
310‌
$
471‌
Banks
-
5.55%
Banco
Santander
SA
1.85%,
03/25/2026
200‌
192‌
2.75%,
05/28/2025
200‌
200‌
3.49%,
05/28/2030
200‌
200‌
Bank
of
America
Corp
0.52%,
06/14/2024
(f)
210‌
206‌
Secured
Overnight
Financing
Rate
+
0.41%
0.81%,
10/24/2024
(f)
205‌
200‌
Secured
Overnight
Financing
Rate
+
0.74%
0.98%,
04/22/2025
(f)
115‌
111‌
Secured
Overnight
Financing
Rate
+
0.69%
0.98%,
09/25/2025
(f)
150‌
144‌
Secured
Overnight
Financing
Rate
+
0.91%
1.32%,
06/19/2026
(f)
310‌
296‌
Secured
Overnight
Financing
Rate
+
1.15%
1.66%,
03/11/2027
(f)
210‌
201‌
Secured
Overnight
Financing
Rate
+
0.91%
1.73%,
07/22/2027
(f)
115‌
110‌
Secured
Overnight
Financing
Rate
+
0.96%
1.90%,
07/23/2031
(f)
250‌
226‌
Secured
Overnight
Financing
Rate
+
1.53%
1.92%,
10/24/2031
(f)
205‌
186‌
Secured
Overnight
Financing
Rate
+
1.37%
2.02%,
02/13/2026
(f)
365‌
359‌
3
Month
USD
LIBOR
+
0.64%
2.09%,
06/14/2029
(f)
60‌
57‌
Secured
Overnight
Financing
Rate
+
1.06%
2.30%,
07/21/2032
(f)
115‌
107‌
Secured
Overnight
Financing
Rate
+
1.22%
2.46%,
10/22/2025
(f)
300‌
299‌
3
Month
USD
LIBOR
+
0.87%
2.48%,
09/21/2036
(f)
120‌
109‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
1.20%
2.55%,
02/04/2028
(f)
130‌
128‌
Secured
Overnight
Financing
Rate
+
1.05%
2.57%,
10/20/2032
(f)
260‌
246‌
Secured
Overnight
Financing
Rate
+
1.21%
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Banks
(continued)
Bank
of
America
Corp  
(continued)
2.65%,
03/11/2032
(f)
$
175‌
$
167‌
Secured
Overnight
Financing
Rate
+
1.22%
2.68%,
06/19/2041
(f)
465‌
408‌
Secured
Overnight
Financing
Rate
+
1.93%
2.83%,
10/24/2051
(f)
75‌
66‌
Secured
Overnight
Financing
Rate
+
1.88%
2.97%,
02/04/2033
(f)
130‌
127‌
Secured
Overnight
Financing
Rate
+
1.33%
2.97%,
07/21/2052
(f)
115‌
102‌
Secured
Overnight
Financing
Rate
+
1.56%
3.25%,
10/21/2027
350‌
358‌
3.31%,
04/22/2042
(f)
115‌
110‌
Secured
Overnight
Financing
Rate
+
1.58%
3.46%,
03/15/2025
(f)
500‌
510‌
3
Month
USD
LIBOR
+
0.97%
3.48%,
03/13/2052
(f)
60‌
58‌
Secured
Overnight
Financing
Rate
+
1.65%
3.86%,
07/23/2024
(f)
200‌
205‌
3
Month
USD
LIBOR
+
0.94%
3.95%,
01/23/2049
(f)
110‌
115‌
3
Month
USD
LIBOR
+
1.19%
3.97%,
03/05/2029
(f)
75‌
78‌
3
Month
USD
LIBOR
+
1.07%
4.00%,
01/22/2025
90‌
93‌
4.10%,
07/24/2023
75‌
77‌
4.33%,
03/15/2050
(f)
255‌
283‌
3
Month
USD
LIBOR
+
1.52%
5.00%,
01/21/2044
75‌
88‌
5.88%,
02/07/2042
60‌
78‌
6.11%,
01/29/2037
250‌
311‌
Bank
of
Montreal
0.95%,
01/22/2027
(f)
55‌
52‌
Secured
Overnight
Financing
Rate
+
0.60%
1.85%,
05/01/2025
160‌
158‌
3.09%,
01/10/2037
(f)
125‌
119‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
1.40%
3.30%,
02/05/2024
350‌
358‌
Bank
of
New
York
Mellon
Corp/The
0.35%,
12/07/2023
245‌
240‌
0.50%,
04/26/2024
150‌
146‌
0.75%,
01/28/2026
60‌
57‌
1.65%,
07/14/2028
(a)
245‌
232‌
2.05%,
01/26/2027
65‌
64‌
2.50%,
01/26/2032
65‌
63‌
Bank
of
Nova
Scotia/The
0.55%,
09/15/2023
150‌
147‌
1.05%,
03/02/2026
60‌
57‌
1.30%,
06/11/2025
155‌
150‌
1.30%,
09/15/2026
60‌
57‌
1.45%,
01/10/2025
175‌
171‌
2.15%,
08/01/2031
60‌
56‌
4.50%,
12/16/2025
60‌
64‌
Barclays
PLC
2.65%,
06/24/2031
(f)
310‌
292‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
1.90%
3.56%,
09/23/2035
(f)
200‌
191‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.90%
3.81%,
03/10/2042
(f)
200‌
186‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
1.70%
4.38%,
01/12/2026
380‌
400‌
4.97%,
05/16/2029
(f)
200‌
217‌
3
Month
USD
LIBOR
+
1.90%
Schedule
of
Investments
Bond
Market
Index
Fund
February
28,
2022
(unaudited)
See
accompanying
notes.
55
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Banks
(continued)
Canadian
Imperial
Bank
of
Commerce
0.50%,
12/14/2023
$
55‌
$
54‌
1.25%,
06/22/2026
60‌
57‌
Citigroup
Inc
0.78%,
10/30/2024
(f)
130‌
127‌
Secured
Overnight
Financing
Rate
+
0.69%
0.98%,
05/01/2025
(f)
385‌
374‌
Secured
Overnight
Financing
Rate
+
0.67%
1.12%,
01/28/2027
(f)
60‌
57‌
Secured
Overnight
Financing
Rate
+
0.77%
1.28%,
11/03/2025
(f)
295‌
286‌
Secured
Overnight
Financing
Rate
+
0.53%
1.46%,
06/09/2027
(f)
185‌
175‌
Secured
Overnight
Financing
Rate
+
0.77%
1.68%,
05/15/2024
(f)
155‌
155‌
Secured
Overnight
Financing
Rate
+
1.67%
2.01%,
01/25/2026
(f)
130‌
128‌
Secured
Overnight
Financing
Rate
+
0.69%
2.52%,
11/03/2032
(f)
155‌
146‌
Secured
Overnight
Financing
Rate
+
1.18%
2.56%,
05/01/2032
(f)
200‌
190‌
Secured
Overnight
Financing
Rate
+
1.17%
2.57%,
06/03/2031
(f)
310‌
296‌
Secured
Overnight
Financing
Rate
+
2.11%
2.90%,
11/03/2042
(f)
60‌
54‌
Secured
Overnight
Financing
Rate
+
1.38%
2.98%,
11/05/2030
(f)
150‌
148‌
Secured
Overnight
Financing
Rate
+
1.42%
3.06%,
01/25/2033
(f)
130‌
128‌
Secured
Overnight
Financing
Rate
+
1.35%
3.52%,
10/27/2028
(f)
125‌
128‌
3
Month
USD
LIBOR
+
1.15%
3.70%,
01/12/2026
110‌
115‌
3.88%,
01/24/2039
(f)
220‌
229‌
3
Month
USD
LIBOR
+
1.17%
4.13%,
07/25/2028
110‌
116‌
4.30%,
11/20/2026
75‌
80‌
4.45%,
09/29/2027
75‌
80‌
4.65%,
07/30/2045
115‌
131‌
6.68%,
09/13/2043
360‌
495‌
Cooperatieve
Rabobank
UA
5.25%,
05/24/2041
185‌
239‌
Cooperatieve
Rabobank
UA/NY
0.38%,
01/12/2024
250‌
244‌
Credit
Suisse
AG/New
York
NY
0.50%,
02/02/2024
500‌
484‌
0.52%,
08/09/2023
250‌
245‌
Deutsche
Bank
AG/New
York
NY
2.22%,
09/18/2024
(f)
150‌
150‌
Secured
Overnight
Financing
Rate
+
2.16%
2.55%,
01/07/2028
(f)
150‌
144‌
Secured
Overnight
Financing
Rate
+
1.32%
3.04%,
05/28/2032
(f)
150‌
141‌
Secured
Overnight
Financing
Rate
+
1.72%
4.10%,
01/13/2026
250‌
259‌
Goldman
Sachs
Group
Inc/The
0.66%,
09/10/2024
(f)
115‌
112‌
Secured
Overnight
Financing
Rate
+
0.51%
0.67%,
03/08/2024
(f)
115‌
114‌
Secured
Overnight
Financing
Rate
+
0.57%
0.86%,
02/12/2026
(f)
245‌
234‌
Secured
Overnight
Financing
Rate
+
0.61%
0.93%,
10/21/2024
(f)
120‌
117‌
Secured
Overnight
Financing
Rate
+
0.49%
1.09%,
12/09/2026
(f)
395‌
372‌
Secured
Overnight
Financing
Rate
+
0.79%
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Banks
(continued)
Goldman
Sachs
Group
Inc/The  
(continued)
1.43%,
03/09/2027
(f)
$
115‌
$
109‌
Secured
Overnight
Financing
Rate
+
0.80%
1.54%,
09/10/2027
(f)
60‌
56‌
Secured
Overnight
Financing
Rate
+
0.82%
1.95%,
10/21/2027
(f)
235‌
225‌
Secured
Overnight
Financing
Rate
+
0.91%
1.99%,
01/27/2032
(f)
640‌
577‌
Secured
Overnight
Financing
Rate
+
1.09%
2.38%,
07/21/2032
(f)
85‌
79‌
Secured
Overnight
Financing
Rate
+
1.25%
2.62%,
04/22/2032
(f)
115‌
109‌
Secured
Overnight
Financing
Rate
+
1.28%
2.64%,
02/24/2028
(f)
185‌
182‌
Secured
Overnight
Financing
Rate
+
1.11%
2.65%,
10/21/2032
(f)
60‌
57‌
Secured
Overnight
Financing
Rate
+
1.26%
2.91%,
07/21/2042
(f)
115‌
102‌
Secured
Overnight
Financing
Rate
+
1.47%
3.10%,
02/24/2033
(f)
210‌
207‌
Secured
Overnight
Financing
Rate
+
1.41%
3.21%,
04/22/2042
(f)
60‌
56‌
Secured
Overnight
Financing
Rate
+
1.51%
3.27%,
09/29/2025
(f)
75‌
76‌
3
Month
USD
LIBOR
+
1.20%
3.44%,
02/24/2043
(f)
200‌
193‌
Secured
Overnight
Financing
Rate
+
1.63%
3.75%,
02/25/2026
75‌
78‌
3.81%,
04/23/2029
(f)
75‌
78‌
3
Month
USD
LIBOR
+
1.16%
3.85%,
01/26/2027
110‌
115‌
4.41%,
04/23/2039
(f)
175‌
188‌
3
Month
USD
LIBOR
+
1.43%
4.75%,
10/21/2045
150‌
171‌
6.25%,
02/01/2041
220‌
289‌
6.75%,
10/01/2037
210‌
276‌
HSBC
Holdings
PLC
1.65%,
04/18/2026
(f)
240‌
231‌
Secured
Overnight
Financing
Rate
+
1.54%
2.01%,
09/22/2028
(f)
300‌
281‌
Secured
Overnight
Financing
Rate
+
1.73%
2.10%,
06/04/2026
(f)
310‌
302‌
Secured
Overnight
Financing
Rate
+
1.93%
2.36%,
08/18/2031
(f)
200‌
184‌
Secured
Overnight
Financing
Rate
+
1.95%
2.63%,
11/07/2025
(f)
225‌
225‌
Secured
Overnight
Financing
Rate
+
1.40%
2.85%,
06/04/2031
(f)
200‌
191‌
Secured
Overnight
Financing
Rate
+
2.39%
3.90%,
05/25/2026
500‌
519‌
3.97%,
05/22/2030
(f)
300‌
309‌
3
Month
USD
LIBOR
+
1.61%
4.58%,
06/19/2029
(f)
240‌
255‌
3
Month
USD
LIBOR
+
1.53%
6.50%,
09/15/2037
100‌
127‌
HSBC
USA
Inc
3.50%,
06/23/2024
500‌
515‌
ING
Groep
NV
3.55%,
04/09/2024
300‌
308‌
4.55%,
10/02/2028
300‌
326‌
JPMorgan
Chase
&
Co
0.56%,
02/16/2025
(f)
60‌
58‌
Secured
Overnight
Financing
Rate
+
0.42%
0.65%,
09/16/2024
(f)
195‌
191‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
0.60%
Schedule
of
Investments
Bond
Market
Index
Fund
February
28,
2022
(unaudited)
See
accompanying
notes.
56
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Banks
(continued)
JPMorgan
Chase
&
Co  
(continued)
0.77%,
08/09/2025
(f)
$
115‌
$
111‌
Secured
Overnight
Financing
Rate
+
0.49%
0.82%,
06/01/2025
(f)
370‌
358‌
Secured
Overnight
Financing
Rate
+
0.54%
0.97%,
06/23/2025
(f)
115‌
111‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
0.58%
1.04%,
02/04/2027
(f)
115‌
108‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
0.70%
1.05%,
11/19/2026
(f)
135‌
127‌
Secured
Overnight
Financing
Rate
+
0.80%
1.47%,
09/22/2027
(f)
245‌
231‌
Secured
Overnight
Financing
Rate
+
0.77%
1.51%,
06/01/2024
(f)
220‌
219‌
Secured
Overnight
Financing
Rate
+
1.46%
1.58%,
04/22/2027
(f)
115‌
110‌
Secured
Overnight
Financing
Rate
+
0.89%
1.76%,
11/19/2031
(f)
135‌
121‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
1.11%
1.95%,
02/04/2032
(f)
115‌
105‌
Secured
Overnight
Financing
Rate
+
1.07%
2.01%,
03/13/2026
(f)
155‌
152‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
1.59%
2.07%,
06/01/2029
(f)
255‌
241‌
Secured
Overnight
Financing
Rate
+
1.02%
2.08%,
04/22/2026
(f)
145‌
143‌
Secured
Overnight
Financing
Rate
+
1.85%
2.18%,
06/01/2028
(f)
220‌
212‌
Secured
Overnight
Financing
Rate
+
1.89%
2.30%,
10/15/2025
(f)
320‌
318‌
Secured
Overnight
Financing
Rate
+
1.16%
2.53%,
11/19/2041
(f)
65‌
56‌
Secured
Overnight
Financing
Rate
+
1.51%
2.55%,
11/08/2032
(f)
120‌
115‌
Secured
Overnight
Financing
Rate
+
1.18%
2.58%,
04/22/2032
(f)
115‌
110‌
Secured
Overnight
Financing
Rate
+
1.25%
2.96%,
05/13/2031
(f)
95‌
92‌
Secured
Overnight
Financing
Rate
+
2.52%
3.11%,
04/22/2041
(f)
235‌
221‌
Secured
Overnight
Financing
Rate
+
2.46%
3.11%,
04/22/2051
(f)
235‌
217‌
Secured
Overnight
Financing
Rate
+
2.44%
3.33%,
04/22/2052
(f)
115‌
110‌
Secured
Overnight
Financing
Rate
+
1.58%
3.51%,
01/23/2029
(f)
200‌
205‌
3
Month
USD
LIBOR
+
0.95%
3.56%,
04/23/2024
(f)
75‌
76‌
3
Month
USD
LIBOR
+
0.73%
3.80%,
07/23/2024
(f)
180‌
184‌
3
Month
USD
LIBOR
+
0.89%
3.88%,
02/01/2024
85‌
88‌
3.88%,
09/10/2024
75‌
78‌
4.01%,
04/23/2029
(f)
350‌
369‌
3
Month
USD
LIBOR
+
1.12%
4.20%,
07/23/2029
(f)
230‌
245‌
3
Month
USD
LIBOR
+
1.26%
5.60%,
07/15/2041
370‌
468‌
KeyCorp
2.25%,
04/06/2027
110‌
108‌
Korea
Development
Bank/The
0.40%,
06/19/2024
200‌
194‌
0.80%,
04/27/2026
200‌
190‌
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Banks
(continued)
Kreditanstalt
fuer
Wiederaufbau
0.00%,
06/29/2037
(e)
$
250‌
$
179‌
0.25%,
10/19/2023
305‌
299‌
0.25%,
03/08/2024
175‌
171‌
0.38%,
07/18/2025
315‌
301‌
0.50%,
09/20/2024
175‌
170‌
0.63%,
01/22/2026
155‌
148‌
1.00%,
10/01/2026
90‌
87‌
1.25%,
01/31/2025
125‌
123‌
2.50%,
11/20/2024
500‌
511‌
2.88%,
04/03/2028
450‌
474‌
Landwirtschaftliche
Rentenbank
0.88%,
03/30/2026
175‌
168‌
2.38%,
06/10/2025
230‌
234‌
Lloyds
Banking
Group
PLC
4.58%,
12/10/2025
575‌
604‌
4.65%,
03/24/2026
475‌
501‌
Mitsubishi
UFJ
Financial
Group
Inc
0.95%,
07/19/2025
(f)
200‌
193‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
0.55%
1.41%,
07/17/2025
200‌
193‌
1.54%,
07/20/2027
(f)
200‌
190‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
0.75%
1.64%,
10/13/2027
(f)
200‌
190‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
0.67%
2.19%,
02/25/2025
200‌
198‌
2.80%,
07/18/2024
200‌
203‌
3.20%,
07/18/2029
200‌
202‌
3.75%,
07/18/2039
200‌
210‌
Mizuho
Financial
Group
Inc
1.24%,
07/10/2024
(f)
200‌
198‌
Secured
Overnight
Financing
Rate
+
1.25%
2.20%,
07/10/2031
(f)
200‌
185‌
Secured
Overnight
Financing
Rate
+
1.77%
2.23%,
05/25/2026
(f)
200‌
197‌
3
Month
USD
LIBOR
+
0.83%
2.84%,
07/16/2025
(f)
200‌
202‌
Secured
Overnight
Financing
Rate
+
1.24%
Morgan
Stanley
0.73%,
04/05/2024
(f)
210‌
207‌
Secured
Overnight
Financing
Rate
+
0.62%
0.79%,
01/22/2025
(f)
115‌
112‌
Secured
Overnight
Financing
Rate
+
0.51%
0.79%,
05/30/2025
(f)
115‌
111‌
Secured
Overnight
Financing
Rate
+
0.53%
0.99%,
12/10/2026
(f)
80‌
75‌
Secured
Overnight
Financing
Rate
+
0.72%
1.16%,
10/21/2025
(f)
200‌
193‌
Secured
Overnight
Financing
Rate
+
0.56%
1.51%,
07/20/2027
(f)
115‌
109‌
Secured
Overnight
Financing
Rate
+
0.86%
1.59%,
05/04/2027
(f)
155‌
147‌
Secured
Overnight
Financing
Rate
+
0.88%
1.79%,
02/13/2032
(f)
135‌
121‌
Secured
Overnight
Financing
Rate
+
1.03%
1.93%,
04/28/2032
(f)
95‌
86‌
Secured
Overnight
Financing
Rate
+
1.02%
2.24%,
07/21/2032
(f)
115‌
106‌
Secured
Overnight
Financing
Rate
+
1.18%
2.48%,
01/21/2028
(f)
40‌
39‌
Secured
Overnight
Financing
Rate
+
1.00%
2.48%,
09/16/2036
(f)
210‌
191‌
Secured
Overnight
Financing
Rate
+
1.36%
Schedule
of
Investments
Bond
Market
Index
Fund
February
28,
2022
(unaudited)
See
accompanying
notes.
57
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Banks
(continued)
Morgan
Stanley  
(continued)
2.51%,
10/20/2032
(f)
$
130‌
$
123‌
Secured
Overnight
Financing
Rate
+
1.20%
2.72%,
07/22/2025
(f)
255‌
256‌
Secured
Overnight
Financing
Rate
+
1.15%
2.80%,
01/25/2052
(f)
210‌
183‌
Secured
Overnight
Financing
Rate
+
1.43%
2.94%,
01/21/2033
(f)
90‌
88‌
Secured
Overnight
Financing
Rate
+
1.29%
3.22%,
04/22/2042
(f)
60‌
57‌
Secured
Overnight
Financing
Rate
+
1.49%
3.59%,
07/22/2028
(f)
90‌
93‌
3
Month
USD
LIBOR
+
1.34%
3.63%,
01/20/2027
95‌
99‌
3.88%,
04/29/2024
75‌
78‌
3.95%,
04/23/2027
60‌
63‌
4.00%,
07/23/2025
25‌
26‌
4.30%,
01/27/2045
320‌
348‌
5.00%,
11/24/2025
75‌
81‌
6.38%,
07/24/2042
315‌
430‌
NatWest
Group
PLC
1.64%,
06/14/2027
(f)
200‌
190‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
0.90%
5.08%,
01/27/2030
(f)
400‌
441‌
3
Month
USD
LIBOR
+
1.91%
Oesterreichische
Kontrollbank
AG
0.38%,
09/17/2025
305‌
290‌
PNC
Financial
Services
Group
Inc/The
2.20%,
11/01/2024
120‌
120‌
2.31%,
04/23/2032
(f)
245‌
234‌
Secured
Overnight
Financing
Rate
+
0.98%
2.60%,
07/23/2026
110‌
112‌
Royal
Bank
of
Canada
0.43%,
01/19/2024
115‌
112‌
0.50%,
10/26/2023
100‌
98‌
1.15%,
07/14/2026
60‌
57‌
1.20%,
04/27/2026
115‌
109‌
1.60%,
01/21/2025
295‌
290‌
Santander
Holdings
USA
Inc
2.49%,
01/06/2028
(f)
290‌
282‌
Secured
Overnight
Financing
Rate
+
1.25%
Santander
UK
Group
Holdings
PLC
1.53%,
08/21/2026
(f)
200‌
191‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
1.25%
2.47%,
01/11/2028
(f)
200‌
193‌
Secured
Overnight
Financing
Rate
+
1.22%
State
Street
Corp
2.20%,
02/07/2028
(f)
65‌
64‌
Secured
Overnight
Financing
Rate
+
0.73%
2.20%,
03/03/2031
60‌
57‌
2.35%,
11/01/2025
(f)
110‌
111‌
Secured
Overnight
Financing
Rate
+
0.94%
3.10%,
05/15/2023
50‌
51‌
3.30%,
12/16/2024
75‌
78‌
3.70%,
11/20/2023
75‌
77‌
Sumitomo
Mitsui
Financial
Group
Inc
1.47%,
07/08/2025
200‌
193‌
1.90%,
09/17/2028
200‌
187‌
2.13%,
07/08/2030
200‌
187‌
2.14%,
09/23/2030
150‌
137‌
2.35%,
01/15/2025
200‌
199‌
2.93%,
09/17/2041
60‌
54‌
3.01%,
10/19/2026
75‌
76‌
3.04%,
07/16/2029
200‌
199‌
3.45%,
01/11/2027
165‌
170‌
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Banks
(continued)
Toronto-Dominion
Bank/The
0.45%,
09/11/2023
$
240‌
$
236‌
0.70%,
09/10/2024
60‌
58‌
0.75%,
06/12/2023
125‌
124‌
1.15%,
06/12/2025
125‌
120‌
1.20%,
06/03/2026
60‌
57‌
1.95%,
01/12/2027
(a)
125‌
122‌
2.00%,
09/10/2031
60‌
56‌
Truist
Bank
1.25%,
03/09/2023
250‌
250‌
Truist
Financial
Corp
1.20%,
08/05/2025
60‌
58‌
1.27%,
03/02/2027
(f)
195‌
187‌
Secured
Overnight
Financing
Rate
+
0.61%
1.89%,
06/07/2029
(f)
130‌
123‌
Secured
Overnight
Financing
Rate
+
0.86%
1.95%,
06/05/2030
60‌
56‌
4.00%,
05/01/2025
75‌
79‌
US
Bancorp
1.38%,
07/22/2030
110‌
98‌
2.22%,
01/27/2028
(f)
275‌
272‌
Secured
Overnight
Financing
Rate
+
0.73%
2.40%,
07/30/2024
190‌
192‌
2.49%,
11/03/2036
(f)
170‌
159‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
0.95%
Wells
Fargo
&
Co
0.81%,
05/19/2025
(f)
175‌
169‌
Secured
Overnight
Financing
Rate
+
0.51%
1.65%,
06/02/2024
(f)
220‌
219‌
Secured
Overnight
Financing
Rate
+
1.60%
2.19%,
04/30/2026
(f)
485‌
479‌
Secured
Overnight
Financing
Rate
+
2.00%
2.39%,
06/02/2028
(f)
220‌
215‌
Secured
Overnight
Financing
Rate
+
2.10%
3.07%,
04/30/2041
(f)
485‌
451‌
Secured
Overnight
Financing
Rate
+
2.53%
3.35%,
03/02/2033
(f),(g)
755‌
765‌
Secured
Overnight
Financing
Rate
+
1.50%
3.55%,
09/29/2025
75‌
78‌
3.58%,
05/22/2028
(f)
375‌
387‌
3
Month
USD
LIBOR
+
1.31%
4.75%,
12/07/2046
250‌
281‌
4.90%,
11/17/2045
75‌
85‌
5.38%,
11/02/2043
185‌
222‌
Westpac
Banking
Corp
1.15%,
06/03/2026
60‌
57‌
1.95%,
11/20/2028
60‌
57‌
2.15%,
06/03/2031
60‌
57‌
2.35%,
02/19/2025
150‌
151‌
2.89%,
02/04/2030
(f)
155‌
153‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
1.35%
3.02%,
11/18/2036
(f)
45‌
42‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
1.53%
3.13%,
11/18/2041
60‌
54‌
4.11%,
07/24/2034
(f)
145‌
150‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.00%
$
50,561‌
Beverages
-
0.60%
Anheuser-Busch
Cos
LLC
/
Anheuser-Busch
InBev
Worldwide
Inc
4.70%,
02/01/2036
250‌
279‌
4.90%,
02/01/2046
250‌
282‌
Schedule
of
Investments
Bond
Market
Index
Fund
February
28,
2022
(unaudited)
See
accompanying
notes.
58
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Beverages
(continued)
Anheuser-Busch
InBev
Finance
Inc
4.63%,
02/01/2044
$
75‌
$
82‌
Anheuser-Busch
InBev
Worldwide
Inc
3.50%,
06/01/2030
130‌
136‌
4.35%,
06/01/2040
130‌
139‌
4.50%,
06/01/2050
130‌
143‌
4.60%,
04/15/2048
35‌
38‌
4.75%,
04/15/2058
75‌
83‌
4.95%,
01/15/2042
25‌
29‌
5.45%,
01/23/2039
200‌
238‌
5.80%,
01/23/2059
210‌
269‌
8.20%,
01/15/2039
60‌
92‌
Coca-Cola
Co/The
1.00%,
03/15/2028
265‌
245‌
1.50%,
03/05/2028
60‌
57‌
1.75%,
09/06/2024
140‌
140‌
2.25%,
01/05/2032
60‌
58‌
2.50%,
06/01/2040
140‌
127‌
2.50%,
03/15/2051
115‌
98‌
2.60%,
06/01/2050
140‌
123‌
2.88%,
05/05/2041
60‌
57‌
3.00%,
03/05/2051
90‌
86‌
Constellation
Brands
Inc
2.25%,
08/01/2031
150‌
137‌
3.15%,
08/01/2029
90‌
90‌
Diageo
Capital
PLC
2.13%,
10/24/2024
200‌
200‌
Fomento
Economico
Mexicano
SAB
de
CV
3.50%,
01/16/2050
160‌
150‌
Keurig
Dr
Pepper
Inc
2.25%,
03/15/2031
60‌
56‌
3.35%,
03/15/2051
60‌
54‌
4.42%,
05/25/2025
75‌
79‌
4.99%,
05/25/2038
250‌
284‌
Molson
Coors
Beverage
Co
3.00%,
07/15/2026
105‌
107‌
4.20%,
07/15/2046
250‌
249‌
PepsiCo
Inc
0.40%,
10/07/2023
100‌
98‌
0.75%,
05/01/2023
95‌
94‌
1.40%,
02/25/2031
130‌
117‌
1.95%,
10/21/2031
200‌
190‌
2.63%,
10/21/2041
225‌
209‌
2.75%,
03/01/2023
75‌
76‌
2.75%,
10/21/2051
225‌
207‌
2.85%,
02/24/2026
90‌
92‌
2.88%,
10/15/2049
145‌
137‌
$
5,427‌
Biotechnology
-
0.33%
Amgen
Inc
1.65%,
08/15/2028
125‌
117‌
2.00%,
01/15/2032
120‌
111‌
2.25%,
08/19/2023
60‌
61‌
2.45%,
02/21/2030
155‌
149‌
3.00%,
02/22/2029
200‌
202‌
3.00%,
01/15/2052
120‌
103‌
3.15%,
02/21/2040
155‌
145‌
3.38%,
02/21/2050
155‌
142‌
4.20%,
02/22/2052
200‌
210‌
5.15%,
11/15/2041
113‌
130‌
Biogen
Inc
4.05%,
09/15/2025
160‌
167‌
5.20%,
09/15/2045
30‌
34‌
Gilead
Sciences
Inc
1.65%,
10/01/2030
150‌
136‌
2.60%,
10/01/2040
75‌
65‌
2.80%,
10/01/2050
150‌
127‌
2.95%,
03/01/2027
240‌
245‌
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Biotechnology
(continued)
Gilead
Sciences
Inc  
(continued)
3.50%,
02/01/2025
$
75‌
$
78‌
3.65%,
03/01/2026
75‌
78‌
4.15%,
03/01/2047
25‌
26‌
Regeneron
Pharmaceuticals
Inc
1.75%,
09/15/2030
160‌
143‌
Royalty
Pharma
PLC
0.75%,
09/02/2023
155‌
152‌
1.75%,
09/02/2027
155‌
145‌
2.20%,
09/02/2030
155‌
141‌
3.30%,
09/02/2040
155‌
137‌
$
3,044‌
Building
Materials
-
0.17%
Carrier
Global
Corp
2.24%,
02/15/2025
155‌
155‌
2.49%,
02/15/2027
155‌
154‌
3.38%,
04/05/2040
155‌
146‌
3.58%,
04/05/2050
155‌
147‌
Johnson
Controls
International
plc
5.13%,
09/14/2045
47‌
57‌
Johnson
Controls
International
plc
/
Tyco
Fire
&
Security
Finance
SCA
2.00%,
09/16/2031
120‌
109‌
Martin
Marietta
Materials
Inc
0.65%,
07/15/2023
60‌
59‌
2.50%,
03/15/2030
155‌
149‌
3.20%,
07/15/2051
60‌
53‌
Masco
Corp
1.50%,
02/15/2028
60‌
55‌
Owens
Corning
4.30%,
07/15/2047
150‌
158‌
Vulcan
Materials
Co
3.50%,
06/01/2030
295‌
305‌
$
1,547‌
Chemicals
-
0.31%
Dow
Chemical
Co/The
2.10%,
11/15/2030
160‌
149‌
3.60%,
11/15/2050
160‌
153‌
DuPont
de
Nemours
Inc
4.21%,
11/15/2023
50‌
52‌
5.32%,
11/15/2038
145‌
172‌
5.42%,
11/15/2048
185‌
232‌
Eastman
Chemical
Co
4.65%,
10/15/2044
75‌
82‌
Ecolab
Inc
1.30%,
01/30/2031
150‌
134‌
1.65%,
02/01/2027
105‌
102‌
2.13%,
08/15/2050
150‌
114‌
EI
du
Pont
de
Nemours
and
Co
1.70%,
07/15/2025
60‌
59‌
Linde
Inc/CT
1.10%,
08/10/2030
160‌
143‌
LYB
International
Finance
III
LLC
1.25%,
10/01/2025
64‌
61‌
2.25%,
10/01/2030
130‌
122‌
3.63%,
04/01/2051
130‌
123‌
4.20%,
10/15/2049
160‌
162‌
Mosaic
Co/The
4.25%,
11/15/2023
300‌
310‌
5.63%,
11/15/2043
25‌
31‌
Nutrien
Ltd
1.90%,
05/13/2023
95‌
95‌
3.00%,
04/01/2025
150‌
152‌
PPG
Industries
Inc
1.20%,
03/15/2026
60‌
57‌
Sherwin-Williams
Co/The
2.20%,
03/15/2032
250‌
233‌
Schedule
of
Investments
Bond
Market
Index
Fund
February
28,
2022
(unaudited)
See
accompanying
notes.
59
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Chemicals
(continued)
Westlake
Corp
3.13%,
08/15/2051
$
60‌
$
52‌
$
2,790‌
Commercial
Mortgage
Backed
Securities
-
0.67%
Citigroup
Commercial
Mortgage
Trust
2013-GC15
4.37%,
09/10/2046
(h)
500‌
512‌
COMM
2012-CCRE4
Mortgage
Trust
3.25%,
10/15/2045
500‌
499‌
COMM
2015-PC1
Mortgage
Trust
3.90%,
07/10/2050
885‌
917‌
Fannie
Mae-Aces
2.51%,
11/25/2022
(h)
483‌
484‌
2.99%,
12/25/2027
(h)
904‌
938‌
Freddie
Mac
Multifamily
Structured
Pass
Through
Certificates
3.17%,
10/25/2024
1,000‌
1,031‌
3.21%,
03/25/2025
1,248‌
1,292‌
JPMBB
Commercial
Mortgage
Securities
Trust
2014-C19
3.67%,
04/15/2047
138‌
137‌
Morgan
Stanley
Bank
of
America
Merrill
Lynch
Trust
2015-C21
3.15%,
03/15/2048
302‌
307‌
$
6,117‌
Commercial
Services
-
0.21%
American
University/The
3.67%,
04/01/2049
35‌
38‌
Automatic
Data
Processing
Inc
1.70%,
05/15/2028
60‌
58‌
California
Institute
of
Technology
4.32%,
08/01/2045
50‌
60‌
Global
Payments
Inc
1.20%,
03/01/2026
45‌
43‌
1.50%,
11/15/2024
65‌
63‌
2.65%,
02/15/2025
140‌
141‌
3.20%,
08/15/2029
140‌
138‌
4.15%,
08/15/2049
70‌
69‌
Massachusetts
Institute
of
Technology
3.96%,
07/01/2038
185‌
208‌
4.68%,
07/01/2114
100‌
130‌
Moody's
Corp
2.55%,
08/18/2060
160‌
120‌
5.25%,
07/15/2044
90‌
109‌
PayPal
Holdings
Inc
1.35%,
06/01/2023
155‌
155‌
2.40%,
10/01/2024
145‌
146‌
2.85%,
10/01/2029
145‌
144‌
S&P
Global
Inc
1.25%,
08/15/2030
160‌
142‌
2.50%,
12/01/2029
55‌
54‌
3.25%,
12/01/2049
55‌
53‌
University
of
Southern
California
5.25%,
10/01/2111
20‌
27‌
$
1,898‌
Computers
-
0.72%
Apple
Inc
0.70%,
02/08/2026
275‌
263‌
1.20%,
02/08/2028
285‌
268‌
1.40%,
08/05/2028
60‌
57‌
1.65%,
02/08/2031
140‌
130‌
1.70%,
08/05/2031
(a)
115‌
107‌
2.38%,
02/08/2041
140‌
125‌
2.40%,
05/03/2023
75‌
76‌
2.40%,
08/20/2050
210‌
176‌
2.55%,
08/20/2060
105‌
87‌
2.65%,
02/08/2051
140‌
124‌
2.70%,
08/05/2051
85‌
76‌
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Computers
(continued)
Apple
Inc  
(continued)
2.80%,
02/08/2061
$
140‌
$
122‌
2.95%,
09/11/2049
140‌
130‌
3.20%,
05/11/2027
110‌
115‌
3.75%,
11/13/2047
195‌
208‌
4.38%,
05/13/2045
80‌
91‌
4.65%,
02/23/2046
170‌
206‌
Dell
International
LLC
/
EMC
Corp
3.38%,
12/15/2041
(i)
60‌
53‌
3.45%,
12/15/2051
(i)
120‌
102‌
4.00%,
07/15/2024
300‌
311‌
5.30%,
10/01/2029
300‌
335‌
5.45%,
06/15/2023
29‌
30‌
6.02%,
06/15/2026
300‌
335‌
8.35%,
07/15/2046
26‌
39‌
Hewlett
Packard
Enterprise
Co
1.45%,
04/01/2024
455‌
448‌
2.25%,
04/01/2023
140‌
141‌
4.45%,
10/02/2023
160‌
166‌
4.90%,
10/15/2025
200‌
215‌
6.20%,
10/15/2035
75‌
90‌
HP
Inc
1.45%,
06/17/2026
60‌
57‌
3.00%,
06/17/2027
140‌
141‌
6.00%,
09/15/2041
355‌
424‌
International
Business
Machines
Corp
2.20%,
02/09/2027
(a)
575‌
571‌
3.50%,
05/15/2029
160‌
168‌
4.15%,
05/15/2039
195‌
208‌
4.70%,
02/19/2046
145‌
169‌
NetApp
Inc
2.38%,
06/22/2027
155‌
153‌
$
6,517‌
Consumer
Products
-
0.02%
Church
&
Dwight
Co
Inc
3.95%,
08/01/2047
200‌
216‌
Cosmetics
&
Personal
Care
-
0.13%
Estee
Lauder
Cos
Inc/The
1.95%,
03/15/2031
160‌
151‌
Procter
&
Gamble
Co/The
0.55%,
10/29/2025
180‌
171‌
1.20%,
10/29/2030
280‌
253‌
1.90%,
02/01/2027
(a)
40‌
40‌
2.30%,
02/01/2032
40‌
40‌
3.55%,
03/25/2040
155‌
166‌
Unilever
Capital
Corp
1.38%,
09/14/2030
150‌
134‌
2.60%,
05/05/2024
200‌
202‌
$
1,157‌
Diversified
Financial
Services
-
0.93%
AerCap
Ireland
Capital
DAC
/
AerCap
Global
Aviation
Trust
1.15%,
10/29/2023
150‌
146‌
1.65%,
10/29/2024
455‌
441‌
1.75%,
10/29/2024
150‌
146‌
1.75%,
01/30/2026
150‌
142‌
2.45%,
10/29/2026
150‌
145‌
2.88%,
08/14/2024
225‌
225‌
3.30%,
01/30/2032
150‌
142‌
3.40%,
10/29/2033
150‌
142‌
Air
Lease
Corp
2.10%,
09/01/2028
115‌
105‌
2.30%,
02/01/2025
585‌
578‌
2.88%,
01/15/2032
65‌
61‌
Ally
Financial
Inc
1.45%,
10/02/2023
55‌
54‌
2.20%,
11/02/2028
60‌
56‌
8.00%,
11/01/2031
170‌
224‌
Schedule
of
Investments
Bond
Market
Index
Fund
February
28,
2022
(unaudited)
See
accompanying
notes.
60
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Diversified
Financial
Services
(continued)
American
Express
Co
1.65%,
11/04/2026
$
310‌
$
300‌
2.50%,
07/30/2024
220‌
223‌
BlackRock
Inc
2.10%,
02/25/2032
295‌
276‌
Brookfield
Finance
Inc
2.72%,
04/15/2031
60‌
57‌
3.50%,
03/30/2051
150‌
138‌
Capital
One
Financial
Corp
1.34%,
12/06/2024
(f)
200‌
197‌
Secured
Overnight
Financing
Rate
+
0.69%
1.88%,
11/02/2027
(f)
390‌
374‌
Secured
Overnight
Financing
Rate
+
0.86%
2.36%,
07/29/2032
(f)
60‌
53‌
Secured
Overnight
Financing
Rate
+
1.34%
3.20%,
02/05/2025
60‌
61‌
3.30%,
10/30/2024
75‌
77‌
Charles
Schwab
Corp/The
0.90%,
03/11/2026
140‌
133‌
1.15%,
05/13/2026
60‌
58‌
1.65%,
03/11/2031
140‌
127‌
1.95%,
12/01/2031
60‌
55‌
2.00%,
03/20/2028
115‌
112‌
Discover
Financial
Services
4.10%,
02/09/2027
75‌
79‌
Intercontinental
Exchange
Inc
0.70%,
06/15/2023
160‌
158‌
1.85%,
09/15/2032
120‌
107‌
2.65%,
09/15/2040
160‌
141‌
3.00%,
09/15/2060
160‌
136‌
3.75%,
12/01/2025
75‌
78‌
Jefferies
Group
LLC
/
Jefferies
Group
Capital
Finance
Inc
2.63%,
10/15/2031
200‌
186‌
Legg
Mason
Inc
5.63%,
01/15/2044
25‌
31‌
Mastercard
Inc
2.00%,
11/18/2031
190‌
180‌
2.95%,
03/15/2051
60‌
56‌
3.35%,
03/26/2030
75‌
78‌
3.38%,
04/01/2024
150‌
155‌
Nasdaq
Inc
2.50%,
12/21/2040
55‌
46‌
Nomura
Holdings
Inc
1.85%,
07/16/2025
315‌
307‌
2.33%,
01/22/2027
200‌
193‌
2.68%,
07/16/2030
315‌
299‌
Synchrony
Financial
4.25%,
08/15/2024
290‌
300‌
4.50%,
07/23/2025
575‌
604‌
Visa
Inc
1.10%,
02/15/2031
160‌
142‌
1.90%,
04/15/2027
80‌
79‌
2.00%,
08/15/2050
160‌
127‌
2.70%,
04/15/2040
155‌
146‌
$
8,476‌
Electric
-
1.85%
AEP
Texas
Inc
2.10%,
07/01/2030
160‌
147‌
3.45%,
01/15/2050
50‌
46‌
3.45%,
05/15/2051
60‌
54‌
AEP
Transmission
Co
LLC
2.75%,
08/15/2051
60‌
51‌
AES
Corp/The
2.45%,
01/15/2031
60‌
56‌
Alabama
Power
Co
1.45%,
09/15/2030
155‌
139‌
3.13%,
07/15/2051
60‌
54‌
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Electric
(continued)
Ameren
Corp
1.75%,
03/15/2028
$
60‌
$
56‌
Ameren
Illinois
Co
1.55%,
11/15/2030
65‌
59‌
3.25%,
03/15/2050
75‌
71‌
American
Electric
Power
Co
Inc
1.00%,
11/01/2025
15‌
14‌
2.30%,
03/01/2030
155‌
145‌
Arizona
Public
Service
Co
2.60%,
08/15/2029
90‌
88‌
2.65%,
09/15/2050
150‌
120‌
Baltimore
Gas
and
Electric
Co
2.25%,
06/15/2031
60‌
57‌
Berkshire
Hathaway
Energy
Co
1.65%,
05/15/2031
65‌
58‌
2.85%,
05/15/2051
85‌
72‌
3.80%,
07/15/2048
125‌
126‌
CenterPoint
Energy
Houston
Electric
LLC
3.35%,
04/01/2051
60‌
58‌
CenterPoint
Energy
Inc
1.45%,
06/01/2026
60‌
57‌
2.95%,
03/01/2030
100‌
98‌
3.70%,
09/01/2049
60‌
58‌
CMS
Energy
Corp
3.75%,
12/01/2050
(f)
60‌
54‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.90%
Commonwealth
Edison
Co
3.00%,
03/01/2050
155‌
141‌
3.13%,
03/15/2051
60‌
56‌
4.70%,
01/15/2044
150‌
172‌
Connecticut
Light
and
Power
Co/The
0.75%,
12/01/2025
60‌
57‌
2.05%,
07/01/2031
60‌
56‌
3.20%,
03/15/2027
140‌
144‌
Consolidated
Edison
Co
of
New
York
Inc
2.40%,
06/15/2031
55‌
52‌
3.00%,
12/01/2060
65‌
54‌
3.70%,
11/15/2059
80‌
75‌
3.88%,
06/15/2047
300‌
300‌
Consumers
Energy
Co
2.50%,
05/01/2060
155‌
120‌
Dominion
Energy
Inc
1.45%,
04/15/2026
60‌
58‌
3.30%,
04/15/2041
60‌
56‌
3.38%,
04/01/2030
155‌
158‌
DTE
Electric
Co
1.90%,
04/01/2028
40‌
38‌
3.70%,
03/15/2045
200‌
204‌
DTE
Energy
Co
1.05%,
06/01/2025
80‌
76‌
Duke
Energy
Carolinas
LLC
4.00%,
09/30/2042
145‌
151‌
5.30%,
02/15/2040
125‌
151‌
Duke
Energy
Corp
0.90%,
09/15/2025
150‌
142‌
2.65%,
09/01/2026
90‌
90‌
3.15%,
08/15/2027
90‌
92‌
3.30%,
06/15/2041
60‌
55‌
3.50%,
06/15/2051
60‌
55‌
Duke
Energy
Florida
LLC
1.75%,
06/15/2030
155‌
143‌
2.50%,
12/01/2029
125‌
123‌
3.40%,
10/01/2046
200‌
192‌
Duke
Energy
Indiana
LLC
2.75%,
04/01/2050
155‌
132‌
Duke
Energy
Ohio
Inc
2.13%,
06/01/2030
155‌
146‌
Schedule
of
Investments
Bond
Market
Index
Fund
February
28,
2022
(unaudited)
See
accompanying
notes.
61
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Electric
(continued)
Duke
Energy
Progress
LLC
2.50%,
08/15/2050
$
160‌
$
132‌
Emera
US
Finance
LP
4.75%,
06/15/2046
75‌
79‌
Entergy
Arkansas
LLC
2.65%,
06/15/2051
45‌
37‌
Entergy
Corp
1.90%,
06/15/2028
35‌
33‌
2.40%,
06/15/2031
60‌
56‌
Entergy
Louisiana
LLC
2.90%,
03/15/2051
35‌
31‌
3.10%,
06/15/2041
60‌
57‌
3.12%,
09/01/2027
200‌
204‌
Entergy
Texas
Inc
1.75%,
03/15/2031
150‌
135‌
4.00%,
03/30/2029
170‌
181‌
Evergy
Inc
2.45%,
09/15/2024
140‌
140‌
Evergy
Metro
Inc
2.25%,
06/01/2030
155‌
148‌
Eversource
Energy
0.80%,
08/15/2025
160‌
151‌
1.65%,
08/15/2030
160‌
142‌
Exelon
Corp
4.95%,
06/15/2035
320‌
358‌
Florida
Power
&
Light
Co
2.45%,
02/03/2032
65‌
63‌
2.88%,
12/04/2051
65‌
59‌
3.70%,
12/01/2047
70‌
72‌
4.05%,
10/01/2044
145‌
156‌
5.65%,
02/01/2037
250‌
314‌
Georgia
Power
Co
2.20%,
09/15/2024
140‌
140‌
3.25%,
03/30/2027
750‌
766‌
Interstate
Power
and
Light
Co
2.30%,
06/01/2030
40‌
38‌
Kentucky
Utilities
Co
3.30%,
06/01/2050
155‌
146‌
MidAmerican
Energy
Co
3.15%,
04/15/2050
145‌
137‌
Mississippi
Power
Co
4.25%,
03/15/2042
30‌
31‌
National
Rural
Utilities
Cooperative
Finance
Corp
0.35%,
02/08/2024
245‌
238‌
1.00%,
06/15/2026
60‌
57‌
2.85%,
01/27/2025
100‌
101‌
NextEra
Energy
Capital
Holdings
Inc
0.65%,
03/01/2023
60‌
59‌
1.90%,
06/15/2028
45‌
43‌
2.25%,
06/01/2030
250‌
233‌
2.75%,
11/01/2029
105‌
103‌
Northern
States
Power
Co/MN
2.25%,
04/01/2031
60‌
57‌
2.60%,
06/01/2051
155‌
133‌
2.90%,
03/01/2050
70‌
63‌
5.35%,
11/01/2039
30‌
38‌
Ohio
Power
Co
1.63%,
01/15/2031
265‌
236‌
Oncor
Electric
Delivery
Co
LLC
0.55%,
10/01/2025
150‌
141‌
3.10%,
09/15/2049
195‌
180‌
Pacific
Gas
and
Electric
Co
1.37%,
03/10/2023
60‌
59‌
2.10%,
08/01/2027
605‌
562‌
2.50%,
02/01/2031
130‌
116‌
3.30%,
08/01/2040
155‌
131‌
3.50%,
08/01/2050
200‌
166‌
4.20%,
06/01/2041
60‌
54‌
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Electric
(continued)
PacifiCorp
2.90%,
06/15/2052
$
60‌
$
53‌
PECO
Energy
Co
2.80%,
06/15/2050
110‌
98‌
2.85%,
09/15/2051
150‌
134‌
PPL
Electric
Utilities
Corp
3.00%,
10/01/2049
70‌
65‌
Public
Service
Co
of
Colorado
1.88%,
06/15/2031
45‌
42‌
2.70%,
01/15/2051
95‌
82‌
Public
Service
Electric
and
Gas
Co
2.05%,
08/01/2050
160‌
122‌
3.15%,
01/01/2050
155‌
146‌
3.65%,
09/01/2028
200‌
210‌
Public
Service
Enterprise
Group
Inc
0.80%,
08/15/2025
320‌
304‌
Puget
Sound
Energy
Inc
2.89%,
09/15/2051
170‌
150‌
San
Diego
Gas
&
Electric
Co
1.70%,
10/01/2030
150‌
136‌
3.32%,
04/15/2050
155‌
146‌
4.50%,
08/15/2040
175‌
197‌
Sempra
Energy
4.00%,
02/01/2048
70‌
70‌
Southern
California
Edison
Co
0.70%,
04/03/2023
115‌
114‌
2.25%,
06/01/2030
155‌
146‌
2.85%,
08/01/2029
100‌
98‌
3.45%,
02/01/2052
65‌
60‌
4.00%,
04/01/2047
70‌
69‌
5.50%,
03/15/2040
350‌
405‌
5.95%,
02/01/2038
30‌
36‌
Southern
Co/The
1.75%,
03/15/2028
60‌
56‌
2.95%,
07/01/2023
105‌
106‌
3.75%,
09/15/2051
(f)
40‌
37‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.92%
4.00%,
01/15/2051
(f)
150‌
144‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.73%
Southern
Power
Co
0.90%,
01/15/2026
10‌
9‌
4.95%,
12/15/2046
35‌
38‌
Southwestern
Public
Service
Co
4.50%,
08/15/2041
300‌
333‌
Tampa
Electric
Co
3.45%,
03/15/2051
100‌
96‌
Tucson
Electric
Power
Co
1.50%,
08/01/2030
105‌
93‌
3.25%,
05/01/2051
60‌
54‌
Union
Electric
Co
2.15%,
03/15/2032
60‌
57‌
2.63%,
03/15/2051
130‌
113‌
Virginia
Electric
and
Power
Co
2.30%,
11/15/2031
65‌
61‌
2.45%,
12/15/2050
145‌
118‌
2.95%,
11/15/2051
120‌
108‌
8.88%,
11/15/2038
225‌
365‌
WEC
Energy
Group
Inc
0.55%,
09/15/2023
150‌
147‌
1.38%,
10/15/2027
130‌
121‌
2.20%,
12/15/2028
60‌
58‌
Wisconsin
Public
Service
Corp
2.85%,
12/01/2051
65‌
57‌
Schedule
of
Investments
Bond
Market
Index
Fund
February
28,
2022
(unaudited)
See
accompanying
notes.
62
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Electric
(continued)
Xcel
Energy
Inc
0.50%,
10/15/2023
$
75‌
$
73‌
1.75%,
03/15/2027
15‌
14‌
2.60%,
12/01/2029
140‌
136‌
$
16,880‌
Electrical
Components
&
Equipment
-
0.04%
Emerson
Electric
Co
0.88%,
10/15/2026
225‌
212‌
2.20%,
12/21/2031
120‌
114‌
$
326‌
Electronics
-
0.09%
Agilent
Technologies
Inc
2.10%,
06/04/2030
155‌
143‌
2.30%,
03/12/2031
60‌
56‌
Arrow
Electronics
Inc
4.50%,
03/01/2023
30‌
31‌
Honeywell
International
Inc
1.10%,
03/01/2027
60‌
57‌
1.35%,
06/01/2025
80‌
78‌
1.75%,
09/01/2031
60‌
55‌
2.80%,
06/01/2050
(a)
155‌
147‌
3.81%,
11/21/2047
100‌
110‌
Jabil
Inc
1.70%,
04/15/2026
60‌
58‌
Tyco
Electronics
Group
SA
7.13%,
10/01/2037
37‌
53‌
$
788‌
Environmental
Control
-
0.08%
Republic
Services
Inc
1.75%,
02/15/2032
35‌
31‌
2.30%,
03/01/2030
85‌
81‌
3.38%,
11/15/2027
175‌
181‌
Waste
Connections
Inc
2.20%,
01/15/2032
120‌
111‌
Waste
Management
Inc
0.75%,
11/15/2025
210‌
199‌
2.00%,
06/01/2029
60‌
57‌
2.50%,
11/15/2050
75‌
63‌
$
723‌
Federal
&
Federally
Sponsored
Credit
-
0.01%
Federal
Farm
Credit
Banks
Funding
Corp
0.25%,
02/26/2024
115‌
112‌
Finance
-
Mortgage
Loan/Banker
-
1.10%
Fannie
Mae
0.50%,
06/17/2025
1,060‌
1,018‌
0.50%,
11/07/2025
135‌
129‌
0.75%,
10/08/2027
400‌
376‌
0.88%,
08/05/2030
310‌
281‌
2.50%,
02/05/2024
1,000‌
1,019‌
5.63%,
07/15/2037
65‌
91‌
6.63%,
11/15/2030
230‌
312‌
7.13%,
01/15/2030
250‌
343‌
7.25%,
05/15/2030
249‌
349‌
Federal
Home
Loan
Banks
0.13%,
03/17/2023
280‌
278‌
0.13%,
06/02/2023
115‌
113‌
0.13%,
08/28/2023
70‌
69‌
0.38%,
09/04/2025
150‌
143‌
2.50%,
02/13/2024
500‌
510‌
3.25%,
11/16/2028
150‌
162‌
5.50%,
07/15/2036
370‌
511‌
Freddie
Mac
0.13%,
10/16/2023
205‌
201‌
0.25%,
06/26/2023
1,315‌
1,298‌
0.25%,
08/24/2023
310‌
305‌
0.25%,
09/08/2023
460‌
452‌
0.25%,
11/06/2023
150‌
147‌
0.25%,
12/04/2023
110‌
108‌
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Finance
-
Mortgage
Loan/Banker
(continued)
Freddie
Mac  
(continued)
0.38%,
09/23/2025
$
1,455‌
$
1,385‌
6.25%,
07/15/2032
280‌
387‌
6.75%,
03/15/2031
43‌
59‌
$
10,046‌
Food
-
0.30%
Campbell
Soup
Co
4.15%,
03/15/2028
185‌
198‌
Conagra
Brands
Inc
1.38%,
11/01/2027
100‌
92‌
4.85%,
11/01/2028
140‌
154‌
5.30%,
11/01/2038
85‌
97‌
5.40%,
11/01/2048
85‌
103‌
General
Mills
Inc
2.25%,
10/14/2031
175‌
164‌
4.00%,
04/17/2025
75‌
78‌
Hershey
Co/The
1.70%,
06/01/2030
155‌
145‌
2.65%,
06/01/2050
185‌
166‌
J
M
Smucker
Co/The
2.13%,
03/15/2032
60‌
55‌
Kellogg
Co
2.10%,
06/01/2030
155‌
146‌
Koninklijke
Ahold
Delhaize
NV
5.70%,
10/01/2040
9‌
11‌
Kroger
Co/The
1.70%,
01/15/2031
(a)
60‌
54‌
4.45%,
02/01/2047
25‌
27‌
5.15%,
08/01/2043
300‌
350‌
5.40%,
07/15/2040
30‌
36‌
McCormick
&
Co
Inc/MD
0.90%,
02/15/2026
60‌
57‌
1.85%,
02/15/2031
60‌
55‌
Mondelez
International
Inc
1.50%,
02/04/2031
165‌
147‌
2.63%,
09/04/2050
165‌
139‌
Sysco
Corp
2.45%,
12/14/2031
115‌
110‌
4.85%,
10/01/2045
250‌
273‌
Tyson
Foods
Inc
3.55%,
06/02/2027
75‌
78‌
$
2,735‌
Forest
Products
&
Paper
-
0.10%
Fibria
Overseas
Finance
Ltd
5.50%,
01/17/2027
300‌
323‌
Georgia-Pacific
LLC
7.75%,
11/15/2029
20‌
27‌
8.00%,
01/15/2024
400‌
444‌
Suzano
Austria
GmbH
2.50%,
09/15/2028
75‌
68‌
$
862‌
Gas
-
0.16%
Atmos
Energy
Corp
1.50%,
01/15/2031
150‌
132‌
3.38%,
09/15/2049
145‌
138‌
4.13%,
10/15/2044
140‌
146‌
CenterPoint
Energy
Resources
Corp
1.75%,
10/01/2030
150‌
135‌
NiSource
Inc
0.95%,
08/15/2025
320‌
302‌
3.60%,
05/01/2030
160‌
164‌
ONE
Gas
Inc
0.85%,
03/11/2023
60‌
60‌
Southern
California
Gas
Co
2.55%,
02/01/2030
155‌
151‌
Southern
Co
Gas
Capital
Corp
1.75%,
01/15/2031
160‌
142‌
3.15%,
09/30/2051
60‌
53‌
Schedule
of
Investments
Bond
Market
Index
Fund
February
28,
2022
(unaudited)
See
accompanying
notes.
63
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Gas
(continued)
Washington
Gas
Light
Co
3.65%,
09/15/2049
$
25‌
$
25‌
$
1,448‌
Hand
&
Machine
Tools
-
0.03%
Stanley
Black
&
Decker
Inc
2.30%,
02/24/2025
150‌
150‌
2.75%,
11/15/2050
85‌
72‌
$
222‌
Healthcare
-
Products
-
0.27%
Abbott
Laboratories
1.15%,
01/30/2028
250‌
235‌
4.75%,
04/15/2043
300‌
356‌
Baxter
International
Inc
0.87%,
12/01/2023
(i)
120‌
118‌
1.73%,
04/01/2031
85‌
77‌
1.92%,
02/01/2027
(i)
120‌
116‌
2.27%,
12/01/2028
(i)
65‌
63‌
Boston
Scientific
Corp
1.90%,
06/01/2025
155‌
152‌
Danaher
Corp
2.60%,
10/01/2050
150‌
129‌
DH
Europe
Finance
II
Sarl
2.60%,
11/15/2029
150‌
146‌
3.25%,
11/15/2039
150‌
146‌
Koninklijke
Philips
NV
5.00%,
03/15/2042
30‌
35‌
Medtronic
Inc
4.63%,
03/15/2045
86‌
101‌
PerkinElmer
Inc
0.85%,
09/15/2024
40‌
39‌
1.90%,
09/15/2028
45‌
42‌
Stryker
Corp
3.38%,
11/01/2025
75‌
77‌
4.38%,
05/15/2044
25‌
28‌
Thermo
Fisher
Scientific
Inc
1.22%,
10/18/2024
120‌
117‌
2.00%,
10/15/2031
65‌
60‌
2.60%,
10/01/2029
145‌
143‌
2.80%,
10/15/2041
50‌
46‌
Zimmer
Biomet
Holdings
Inc
2.60%,
11/24/2031
210‌
198‌
$
2,424‌
Healthcare
-
Services
-
0.62%
Advocate
Health
&
Hospitals
Corp
3.83%,
08/15/2028
300‌
321‌
Aetna
Inc
2.80%,
06/15/2023
50‌
51‌
3.88%,
08/15/2047
60‌
60‌
6.75%,
12/15/2037
205‌
277‌
Anthem
Inc
0.45%,
03/15/2023
60‌
59‌
1.50%,
03/15/2026
60‌
58‌
2.88%,
09/15/2029
220‌
220‌
3.13%,
05/15/2050
75‌
68‌
3.60%,
03/15/2051
60‌
59‌
4.10%,
03/01/2028
255‌
273‌
4.65%,
01/15/2043
30‌
34‌
Baylor
Scott
&
White
Holdings
4.19%,
11/15/2045
125‌
140‌
HCA
Inc
2.38%,
07/15/2031
60‌
55‌
3.50%,
07/15/2051
60‌
53‌
4.75%,
05/01/2023
500‌
515‌
5.25%,
06/15/2026
970‌
1,050‌
Humana
Inc
1.35%,
02/03/2027
60‌
57‌
2.15%,
02/03/2032
60‌
55‌
3.13%,
08/15/2029
70‌
70‌
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Healthcare
-
Services
(continued)
Humana
Inc  
(continued)
4.50%,
04/01/2025
$
155‌
$
165‌
Providence
St
Joseph
Health
Obligated
Group
3.74%,
10/01/2047
250‌
269‌
Quest
Diagnostics
Inc
2.95%,
06/30/2030
155‌
153‌
UnitedHealth
Group
Inc
0.55%,
05/15/2024
60‌
58‌
1.25%,
01/15/2026
155‌
150‌
2.30%,
05/15/2031
60‌
58‌
2.38%,
08/15/2024
250‌
253‌
2.75%,
05/15/2040
155‌
143‌
2.88%,
03/15/2023
250‌
254‌
2.88%,
08/15/2029
150‌
152‌
2.90%,
05/15/2050
155‌
142‌
3.05%,
05/15/2041
60‌
58‌
3.25%,
05/15/2051
35‌
34‌
4.25%,
06/15/2048
110‌
123‌
4.45%,
12/15/2048
95‌
109‌
$
5,596‌
Home
Builders
-
0.02%
DR
Horton
Inc
1.30%,
10/15/2026
60‌
56‌
1.40%,
10/15/2027
150‌
139‌
$
195‌
Home
Furnishings
-
0.03%
Leggett
&
Platt
Inc
4.40%,
03/15/2029
250‌
270‌
Insurance
-
0.73%
Aflac
Inc
1.13%,
03/15/2026
60‌
57‌
Allstate
Corp/The
0.75%,
12/15/2025
170‌
160‌
1.45%,
12/15/2030
170‌
153‌
American
International
Group
Inc
3.75%,
07/10/2025
75‌
78‌
4.20%,
04/01/2028
75‌
81‌
4.50%,
07/16/2044
75‌
83‌
5.75%,
04/01/2048
(f)
400‌
411‌
3
Month
USD
LIBOR
+
2.87%
Aon
Corp
2.80%,
05/15/2030
155‌
153‌
Aon
Corp
/
Aon
Global
Holdings
PLC
2.60%,
12/02/2031
50‌
47‌
2.85%,
05/28/2027
65‌
65‌
2.90%,
08/23/2051
60‌
52‌
Arch
Capital
Finance
LLC
5.03%,
12/15/2046
45‌
52‌
Athene
Holding
Ltd
4.13%,
01/12/2028
575‌
604‌
AXA
SA
8.60%,
12/15/2030
30‌
40‌
Berkshire
Hathaway
Finance
Corp
1.45%,
10/15/2030
130‌
119‌
2.50%,
01/15/2051
90‌
75‌
2.85%,
10/15/2050
100‌
88‌
4.20%,
08/15/2048
180‌
199‌
5.75%,
01/15/2040
25‌
33‌
Berkshire
Hathaway
Inc
2.75%,
03/15/2023
60‌
61‌
Brown
&
Brown
Inc
4.50%,
03/15/2029
300‌
323‌
Chubb
INA
Holdings
Inc
1.38%,
09/15/2030
300‌
269‌
2.70%,
03/13/2023
300‌
303‌
2.85%,
12/15/2051
30‌
27‌
CNA
Financial
Corp
2.05%,
08/15/2030
160‌
148‌
Schedule
of
Investments
Bond
Market
Index
Fund
February
28,
2022
(unaudited)
See
accompanying
notes.
64
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Insurance
(continued)
Equitable
Holdings
Inc
4.35%,
04/20/2028
$
140‌
$
150‌
5.00%,
04/20/2048
90‌
100‌
First
American
Financial
Corp
4.60%,
11/15/2024
300‌
317‌
Hartford
Financial
Services
Group
Inc/The
2.90%,
09/15/2051
195‌
166‌
Markel
Corp
3.45%,
05/07/2052
75‌
69‌
Marsh
&
McLennan
Cos
Inc
2.38%,
12/15/2031
295‌
279‌
4.90%,
03/15/2049
110‌
132‌
MetLife
Inc
4.13%,
08/13/2042
250‌
267‌
4.60%,
05/13/2046
195‌
229‌
4.88%,
11/13/2043
50‌
59‌
Progressive
Corp/The
4.35%,
04/25/2044
30‌
34‌
Prudential
Financial
Inc
3.70%,
10/01/2050
(f)
160‌
147‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.04%
3.70%,
03/13/2051
185‌
187‌
5.20%,
03/15/2044
(f)
400‌
402‌
3
Month
USD
LIBOR
+
3.04%
5.70%,
09/15/2048
(f)
100‌
105‌
3
Month
USD
LIBOR
+
2.67%
Travelers
Cos
Inc/The
3.05%,
06/08/2051
90‌
84‌
W
R
Berkley
Corp
4.00%,
05/12/2050
75‌
76‌
Willis
North
America
Inc
2.95%,
09/15/2029
50‌
49‌
3.88%,
09/15/2049
140‌
137‌
$
6,670‌
Internet
-
0.33%
Alibaba
Group
Holding
Ltd
3.15%,
02/09/2051
200‌
161‌
3.40%,
12/06/2027
260‌
264‌
Alphabet
Inc
1.10%,
08/15/2030
160‌
144‌
1.90%,
08/15/2040
160‌
134‌
2.25%,
08/15/2060
160‌
128‌
Amazon.com
Inc
0.45%,
05/12/2024
210‌
205‌
1.65%,
05/12/2028
265‌
255‌
2.10%,
05/12/2031
210‌
202‌
2.50%,
06/03/2050
285‌
246‌
2.80%,
08/22/2024
75‌
77‌
2.88%,
05/12/2041
210‌
200‌
3.10%,
05/12/2051
210‌
203‌
3.25%,
05/12/2061
115‌
109‌
3.80%,
12/05/2024
75‌
78‌
4.25%,
08/22/2057
75‌
87‌
Baidu
Inc
3.08%,
04/07/2025
200‌
202‌
eBay
Inc
1.90%,
03/11/2025
155‌
153‌
2.60%,
05/10/2031
(a)
60‌
57‌
3.45%,
08/01/2024
60‌
62‌
4.00%,
07/15/2042
20‌
20‌
Expedia
Group
Inc
2.95%,
03/15/2031
45‌
43‌
$
3,030‌
Iron
&
Steel
-
0.09%
Nucor
Corp
2.00%,
06/01/2025
155‌
153‌
4.00%,
08/01/2023
250‌
257‌
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Iron
&
Steel
(continued)
Steel
Dynamics
Inc
1.65%,
10/15/2027
$
65‌
$
61‌
2.40%,
06/15/2025
40‌
40‌
2.80%,
12/15/2024
75‌
76‌
Vale
Overseas
Ltd
6.25%,
08/10/2026
200‌
227‌
$
814‌
Leisure
Products
&
Services
-
0.03%
Harley-Davidson
Inc
3.50%,
07/28/2025
300‌
306‌
Lodging
-
0
.06%
Las
Vegas
Sands
Corp
3.20%,
08/08/2024
140‌
138‌
3.50%,
08/18/2026
70‌
68‌
3.90%,
08/08/2029
140‌
135‌
Marriott
International
Inc/MD
2.85%,
04/15/2031
60‌
57‌
Sands
China
Ltd
2.30%,
03/08/2027
(i)
200‌
173‌
$
571‌
Machinery
-
Construction
&
Mining
-
0.10%
Caterpillar
Financial
Services
Corp
0.25%,
03/01/2023
60‌
59‌
0.45%,
09/14/2023
120‌
118‌
0.45%,
05/17/2024
(a)
60‌
58‌
0.65%,
07/07/2023
160‌
158‌
0.80%,
11/13/2025
(a)
65‌
62‌
0.95%,
01/10/2024
65‌
64‌
1.10%,
09/14/2027
(a)
120‌
113‌
1.15%,
09/14/2026
(a)
60‌
57‌
Caterpillar
Inc
3.25%,
09/19/2049
145‌
143‌
3.80%,
08/15/2042
50‌
53‌
$
885‌
Machinery
-
Diversified
-
0.22%
CNH
Industrial
Capital
LLC
1.88%,
01/15/2026
150‌
146‌
Dover
Corp
5.38%,
03/01/2041
30‌
36‌
John
Deere
Capital
Corp
0.40%,
10/10/2023
130‌
128‌
0.70%,
07/05/2023
155‌
153‌
0.70%,
01/15/2026
225‌
213‌
1.05%,
06/17/2026
60‌
58‌
1.20%,
04/06/2023
115‌
115‌
1.50%,
03/06/2028
(a)
60‌
57‌
2.00%,
06/17/2031
55‌
52‌
2.05%,
01/09/2025
155‌
155‌
Otis
Worldwide
Corp
2.06%,
04/05/2025
155‌
154‌
2.57%,
02/15/2030
155‌
150‌
3.36%,
02/15/2050
155‌
144‌
Rockwell
Automation
Inc
1.75%,
08/15/2031
40‌
37‌
2.80%,
08/15/2061
60‌
52‌
Westinghouse
Air
Brake
Technologies
Corp
4.95%,
09/15/2028
300‌
326‌
$
1,976‌
Media
-
0.73%
Charter
Communications
Operating
LLC
/
Charter
Communications
Operating
Capital
2.25%,
01/15/2029
120‌
111‌
2.30%,
02/01/2032
250‌
222‌
2.80%,
04/01/2031
110‌
102‌
3.50%,
06/01/2041
115‌
99‌
3.70%,
04/01/2051
110‌
92‌
3.85%,
04/01/2061
250‌
208‌
Schedule
of
Investments
Bond
Market
Index
Fund
February
28,
2022
(unaudited)
See
accompanying
notes.
65
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Media
(continued)
Charter
Communications
Operating
LLC
/
Charter
Communications
Operating
Capital  
(continued)
3.90%,
06/01/2052
$
60‌
$
52‌
4.40%,
12/01/2061
30‌
27‌
4.91%,
07/23/2025
70‌
74‌
5.38%,
04/01/2038
50‌
52‌
5.75%,
04/01/2048
280‌
310‌
Comcast
Corp
1.50%,
02/15/2031
160‌
142‌
2.35%,
01/15/2027
155‌
154‌
2.45%,
08/15/2052
160‌
129‌
2.65%,
02/01/2030
115‌
113‌
2.65%,
08/15/2062
160‌
124‌
2.94%,
11/01/2056
(i)
130‌
109‌
2.99%,
11/01/2063
(i)
409‌
341‌
3.15%,
03/01/2026
75‌
77‌
3.25%,
11/01/2039
230‌
218‌
3.55%,
05/01/2028
225‌
234‌
3.97%,
11/01/2047
105‌
107‌
4.05%,
11/01/2052
47‌
49‌
Discovery
Communications
LLC
2.95%,
03/20/2023
40‌
40‌
3.63%,
05/15/2030
60‌
60‌
3.95%,
06/15/2025
350‌
362‌
3.95%,
03/20/2028
500‌
516‌
4.00%,
09/15/2055
91‌
83‌
Fox
Corp
5.48%,
01/25/2039
110‌
128‌
5.58%,
01/25/2049
140‌
168‌
Paramount
Global
4.38%,
03/15/2043
400‌
399‌
4.85%,
07/01/2042
300‌
317‌
7.88%,
07/30/2030
30‌
39‌
Thomson
Reuters
Corp
5.85%,
04/15/2040
30‌
39‌
Time
Warner
Cable
LLC
5.88%,
11/15/2040
260‌
291‌
6.55%,
05/01/2037
50‌
60‌
7.30%,
07/01/2038
60‌
75‌
Time
Warner
Entertainment
Co
LP
8.38%,
07/15/2033
20‌
27‌
TWDC
Enterprises
18
Corp
7.00%,
03/01/2032
30‌
40‌
Walt
Disney
Co/The
2.20%,
01/13/2028
155‌
152‌
3.38%,
11/15/2026
170‌
178‌
3.50%,
05/13/2040
155‌
154‌
3.60%,
01/13/2051
155‌
157‌
6.40%,
12/15/2035
179‌
238‌
$
6,669‌
Metal
Fabrication
&
Hardware
-
0.02%
Precision
Castparts
Corp
3.90%,
01/15/2043
193‌
208‌
Mining
-
0.10%
BHP
Billiton
Finance
USA
Ltd
4.13%,
02/24/2042
170‌
185‌
Newmont
Corp
2.60%,
07/15/2032
170‌
161‌
6.25%,
10/01/2039
100‌
129‌
Rio
Tinto
Alcan
Inc
6.13%,
12/15/2033
30‌
39‌
Rio
Tinto
Finance
USA
Ltd
2.75%,
11/02/2051
155‌
136‌
Southern
Copper
Corp
5.88%,
04/23/2045
110‌
137‌
Teck
Resources
Ltd
3.90%,
07/15/2030
115‌
118‌
$
905‌
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Miscellaneous
Manufacturers
-
0.14%
3M
Co
2.38%,
08/26/2029
$
250‌
$
244‌
3.25%,
08/26/2049
100‌
95‌
Eaton
Corp
4.15%,
11/02/2042
95‌
102‌
GE
Capital
International
Funding
Co
Unlimited
Co
4.42%,
11/15/2035
200‌
225‌
Illinois
Tool
Works
Inc
2.65%,
11/15/2026
90‌
92‌
Textron
Inc
4.00%,
03/15/2026
500‌
526‌
$
1,284‌
Oil
&
Gas
-
1.10%
BP
Capital
Markets
America
Inc
1.75%,
08/10/2030
205‌
186‌
2.72%,
01/12/2032
30‌
29‌
2.94%,
06/04/2051
60‌
50‌
3.00%,
02/24/2050
155‌
132‌
3.00%,
03/17/2052
60‌
51‌
3.06%,
06/17/2041
115‌
103‌
3.12%,
05/04/2026
110‌
113‌
3.19%,
04/06/2025
215‌
220‌
3.54%,
04/06/2027
215‌
223‌
3.59%,
04/14/2027
200‌
208‌
BP
Capital
Markets
PLC
3.28%,
09/19/2027
115‌
118‌
3.51%,
03/17/2025
75‌
78‌
Canadian
Natural
Resources
Ltd
3.80%,
04/15/2024
470‌
481‌
Chevron
Corp
2.00%,
05/11/2027
155‌
153‌
Chevron
USA
Inc
0.43%,
08/11/2023
240‌
236‌
1.02%,
08/12/2027
160‌
150‌
2.34%,
08/12/2050
160‌
133‌
3.25%,
10/15/2029
290‌
305‌
ConocoPhillips
Co
2.40%,
03/07/2025
(g)
470‌
470‌
3.80%,
03/15/2052
(g)
345‌
350‌
Devon
Energy
Corp
5.00%,
06/15/2045
75‌
84‌
Diamondback
Energy
Inc
2.88%,
12/01/2024
150‌
152‌
3.25%,
12/01/2026
150‌
153‌
Equinor
ASA
2.88%,
04/06/2025
400‌
407‌
3.00%,
04/06/2027
155‌
159‌
3.25%,
11/18/2049
145‌
139‌
3.63%,
04/06/2040
155‌
159‌
Exxon
Mobil
Corp
1.57%,
04/15/2023
235‌
236‌
2.02%,
08/16/2024
200‌
201‌
3.00%,
08/16/2039
150‌
144‌
4.23%,
03/19/2040
315‌
347‌
Hess
Corp
4.30%,
04/01/2027
300‌
317‌
7.13%,
03/15/2033
21‌
27‌
7.30%,
08/15/2031
109‌
138‌
Marathon
Oil
Corp
4.40%,
07/15/2027
300‌
318‌
Marathon
Petroleum
Corp
3.63%,
09/15/2024
145‌
149‌
5.00%,
09/15/2054
200‌
213‌
Phillips
66
1.30%,
02/15/2026
30‌
29‌
2.15%,
12/15/2030
110‌
102‌
3.85%,
04/09/2025
95‌
99‌
Schedule
of
Investments
Bond
Market
Index
Fund
February
28,
2022
(unaudited)
See
accompanying
notes.
66
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Oil
&
Gas
(continued)
Phillips
66  
(continued)
5.88%,
05/01/2042
$
30‌
$
38‌
Pioneer
Natural
Resources
Co
1.13%,
01/15/2026
55‌
52‌
1.90%,
08/15/2030
160‌
145‌
2.15%,
01/15/2031
55‌
51‌
Shell
International
Finance
BV
0.38%,
09/15/2023
150‌
147‌
2.00%,
11/07/2024
150‌
150‌
2.38%,
11/07/2029
150‌
146‌
2.88%,
05/10/2026
155‌
159‌
2.88%,
11/26/2041
120‌
110‌
3.13%,
11/07/2049
150‌
138‌
4.38%,
05/11/2045
325‌
360‌
Suncor
Energy
Inc
2.80%,
05/15/2023
155‌
157‌
3.75%,
03/04/2051
60‌
57‌
4.00%,
11/15/2047
100‌
101‌
6.85%,
06/01/2039
73‌
97‌
TotalEnergies
Capital
International
SA
2.99%,
06/29/2041
115‌
105‌
3.13%,
05/29/2050
155‌
143‌
3.39%,
06/29/2060
115‌
107‌
Valero
Energy
Corp
2.80%,
12/01/2031
120‌
113‌
2.85%,
04/15/2025
37‌
37‌
4.00%,
06/01/2052
65‌
62‌
6.63%,
06/15/2037
60‌
77‌
7.50%,
04/15/2032
60‌
79‌
$
9,993‌
Oil
&
Gas
Services
-
0.11%
Baker
Hughes
Holdings
LLC
/
Baker
Hughes
Co-Obligor
Inc
2.06%,
12/15/2026
60‌
59‌
3.14%,
11/07/2029
150‌
151‌
3.34%,
12/15/2027
135‌
139‌
Halliburton
Co
3.80%,
11/15/2025
6‌
6‌
5.00%,
11/15/2045
230‌
256‌
7.45%,
09/15/2039
26‌
36‌
NOV
Inc
3.60%,
12/01/2029
150‌
150‌
Schlumberger
Investment
SA
2.65%,
06/26/2030
160‌
155‌
3.65%,
12/01/2023
75‌
77‌
$
1,029‌
Packaging
&
Containers
-
0.03%
Packaging
Corp
of
America
3.05%,
10/01/2051
200‌
174‌
WRKCo
Inc
3.00%,
06/15/2033
80‌
77‌
$
251‌
Pharmaceuticals
-
1.48%
AbbVie
Inc
2.85%,
05/14/2023
40‌
40‌
2.95%,
11/21/2026
300‌
305‌
3.60%,
05/14/2025
170‌
176‌
3.85%,
06/15/2024
90‌
93‌
4.05%,
11/21/2039
375‌
394‌
4.25%,
11/14/2028
140‌
151‌
4.40%,
11/06/2042
25‌
27‌
4.45%,
05/14/2046
270‌
291‌
4.55%,
03/15/2035
170‌
187‌
4.85%,
06/15/2044
30‌
34‌
4.88%,
11/14/2048
170‌
195‌
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Pharmaceuticals
(continued)
Astrazeneca
Finance
LLC
0.70%,
05/28/2024
$
90‌
$
88‌
1.75%,
05/28/2028
105‌
100‌
2.25%,
05/28/2031
60‌
58‌
AstraZeneca
PLC
0.30%,
05/26/2023
105‌
103‌
0.70%,
04/08/2026
120‌
113‌
1.38%,
08/06/2030
160‌
144‌
2.13%,
08/06/2050
80‌
63‌
3.00%,
05/28/2051
(a)
45‌
42‌
4.38%,
08/17/2048
60‌
69‌
6.45%,
09/15/2037
30‌
41‌
Becton
Dickinson
and
Co
1.96%,
02/11/2031
60‌
54‌
4.67%,
06/06/2047
155‌
174‌
4.69%,
12/15/2044
59‌
66‌
Bristol-Myers
Squibb
Co
0.75%,
11/13/2025
65‌
62‌
1.13%,
11/13/2027
120‌
113‌
1.45%,
11/13/2030
65‌
59‌
2.55%,
11/13/2050
65‌
55‌
2.95%,
03/15/2032
(g)
200‌
203‌
3.45%,
11/15/2027
90‌
95‌
3.90%,
02/20/2028
130‌
140‌
4.13%,
06/15/2039
195‌
214‌
4.25%,
10/26/2049
360‌
403‌
4.35%,
11/15/2047
210‌
239‌
4.55%,
02/20/2048
220‌
255‌
5.00%,
08/15/2045
232‌
284‌
Cardinal
Health
Inc
3.41%,
06/15/2027
400‌
414‌
Cigna
Corp
0.61%,
03/15/2024
50‌
49‌
1.25%,
03/15/2026
180‌
172‌
3.20%,
03/15/2040
155‌
143‌
3.40%,
03/15/2051
90‌
82‌
3.88%,
10/15/2047
185‌
181‌
4.13%,
11/15/2025
170‌
179‌
4.80%,
08/15/2038
170‌
189‌
CVS
Health
Corp
1.30%,
08/21/2027
160‌
149‌
1.75%,
08/21/2030
160‌
144‌
1.88%,
02/28/2031
55‌
50‌
2.63%,
08/15/2024
140‌
142‌
2.70%,
08/21/2040
160‌
140‌
3.00%,
08/15/2026
105‌
107‌
3.25%,
08/15/2029
140‌
142‌
3.88%,
07/20/2025
60‌
63‌
5.13%,
07/20/2045
430‌
498‌
Eli
Lilly
&
Co
2.50%,
09/15/2060
155‌
127‌
GlaxoSmithKline
Capital
Inc
3.38%,
05/15/2023
190‌
194‌
3.63%,
05/15/2025
85‌
89‌
3.88%,
05/15/2028
165‌
177‌
GlaxoSmithKline
Capital
PLC
0.53%,
10/01/2023
150‌
147‌
Johnson
&
Johnson
0.55%,
09/01/2025
115‌
110‌
0.95%,
09/01/2027
115‌
109‌
2.10%,
09/01/2040
115‌
98‌
2.25%,
09/01/2050
115‌
97‌
2.45%,
09/01/2060
115‌
96‌
2.95%,
03/03/2027
110‌
114‌
3.70%,
03/01/2046
90‌
97‌
5.95%,
08/15/2037
75‌
101‌
McKesson
Corp
0.90%,
12/03/2025
60‌
57‌
Schedule
of
Investments
Bond
Market
Index
Fund
February
28,
2022
(unaudited)
See
accompanying
notes.
67
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Pharmaceuticals
(continued)
Mead
Johnson
Nutrition
Co
4.60%,
06/01/2044
$
30‌
$
36‌
Merck
&
Co
Inc
0.75%,
02/24/2026
(a)
80‌
76‌
1.45%,
06/24/2030
210‌
192‌
1.70%,
06/10/2027
155‌
151‌
1.90%,
12/10/2028
110‌
106‌
2.15%,
12/10/2031
215‌
205‌
2.35%,
06/24/2040
135‌
119‌
2.75%,
12/10/2051
140‌
125‌
2.80%,
05/18/2023
75‌
76‌
Novartis
Capital
Corp
2.75%,
08/14/2050
155‌
141‌
Pfizer
Inc
0.80%,
05/28/2025
100‌
97‌
1.75%,
08/18/2031
245‌
227‌
2.55%,
05/28/2040
100‌
91‌
3.40%,
05/15/2024
100‌
103‌
4.00%,
12/15/2036
45‌
49‌
4.20%,
09/15/2048
80‌
91‌
4.30%,
06/15/2043
225‌
253‌
4.40%,
05/15/2044
75‌
86‌
7.20%,
03/15/2039
60‌
89‌
Takeda
Pharmaceutical
Co
Ltd
3.18%,
07/09/2050
645‌
578‌
Utah
Acquisition
Sub
Inc
5.25%,
06/15/2046
305‌
323‌
Viatris
Inc
2.30%,
06/22/2027
115‌
110‌
2.70%,
06/22/2030
155‌
145‌
3.85%,
06/22/2040
115‌
108‌
4.00%,
06/22/2050
155‌
137‌
Wyeth
LLC
5.95%,
04/01/2037
60‌
79‌
Zoetis
Inc
2.00%,
05/15/2030
85‌
79‌
3.00%,
05/15/2050
40‌
37‌
$
13,496‌
Pipelines
-
0.88%
Cheniere
Corpus
Christi
Holdings
LLC
3.70%,
11/15/2029
300‌
306‌
Eastern
Gas
Transmission
&
Storage
Inc
4.60%,
12/15/2044
(i)
200‌
216‌
Enbridge
Energy
Partners
LP
7.38%,
10/15/2045
70‌
99‌
Enbridge
Inc
1.60%,
10/04/2026
20‌
19‌
2.50%,
01/15/2025
150‌
150‌
2.50%,
08/01/2033
45‌
41‌
3.13%,
11/15/2029
150‌
150‌
3.40%,
08/01/2051
45‌
41‌
4.25%,
12/01/2026
75‌
80‌
Energy
Transfer
LP
2.90%,
05/15/2025
310‌
311‌
3.75%,
05/15/2030
155‌
158‌
4.05%,
03/15/2025
300‌
311‌
4.20%,
04/15/2027
300‌
311‌
5.30%,
04/15/2047
350‌
366‌
6.25%,
04/15/2049
155‌
179‌
Enterprise
Products
Operating
LLC
3.30%,
02/15/2053
80‌
70‌
4.25%,
02/15/2048
250‌
254‌
4.45%,
02/15/2043
350‌
362‌
6.88%,
03/01/2033
39‌
50‌
Kinder
Morgan
Energy
Partners
LP
4.70%,
11/01/2042
20‌
21‌
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Pipelines
(continued)
Kinder
Morgan
Inc
1.75%,
11/15/2026
$
60‌
$
57‌
2.00%,
02/15/2031
130‌
117‌
3.25%,
08/01/2050
130‌
109‌
3.60%,
02/15/2051
245‌
220‌
5.05%,
02/15/2046
30‌
32‌
MPLX
LP
1.75%,
03/01/2026
160‌
153‌
4.13%,
03/01/2027
140‌
147‌
4.25%,
12/01/2027
300‌
316‌
4.50%,
04/15/2038
200‌
206‌
5.50%,
02/15/2049
130‌
148‌
ONEOK
Inc
2.20%,
09/15/2025
155‌
154‌
2.75%,
09/01/2024
375‌
377‌
3.40%,
09/01/2029
350‌
345‌
Plains
All
American
Pipeline
LP
/
PAA
Finance
Corp
4.70%,
06/15/2044
30‌
29‌
Sabine
Pass
Liquefaction
LLC
4.20%,
03/15/2028
75‌
79‌
5.00%,
03/15/2027
375‌
407‌
5.63%,
03/01/2025
75‌
81‌
Spectra
Energy
Partners
LP
4.75%,
03/15/2024
105‌
110‌
TransCanada
PipeLines
Ltd
2.50%,
10/12/2031
60‌
56‌
4.25%,
05/15/2028
300‌
319‌
4.88%,
05/15/2048
190‌
216‌
Williams
Cos
Inc/The
2.60%,
03/15/2031
160‌
151‌
3.50%,
10/15/2051
60‌
53‌
3.75%,
06/15/2027
45‌
47‌
3.90%,
01/15/2025
500‌
519‌
4.00%,
09/15/2025
50‌
52‌
6.30%,
04/15/2040
30‌
37‌
$
8,032‌
Private
Equity
-
0.04%
Brookfield
Asset
Management
Inc
4.00%,
01/15/2025
300‌
313‌
Regional
Authority
-
0.24%
Province
of
Alberta
Canada
1.00%,
05/20/2025
310‌
302‌
3.30%,
03/15/2028
150‌
159‌
Province
of
British
Columbia
Canada
0.90%,
07/20/2026
115‌
110‌
1.30%,
01/29/2031
60‌
56‌
6.50%,
01/15/2026
45‌
52‌
Province
of
Manitoba
Canada
1.50%,
10/25/2028
85‌
81‌
3.05%,
05/14/2024
30‌
31‌
Province
of
Ontario
Canada
0.63%,
01/21/2026
30‌
28‌
1.05%,
04/14/2026
115‌
111‌
1.13%,
10/07/2030
300‌
276‌
2.13%,
01/21/2032
25‌
25‌
3.20%,
05/16/2024
165‌
170‌
3.40%,
10/17/2023
210‌
216‌
Province
of
Quebec
Canada
0.60%,
07/23/2025
200‌
192‌
1.35%,
05/28/2030
315‌
297‌
7.50%,
09/15/2029
36‌
49‌
$
2,155‌
REITs
-
1.06%
Alexandria
Real
Estate
Equities
Inc
1.88%,
02/01/2033
240‌
212‌
2.75%,
12/15/2029
70‌
69‌
2.95%,
03/15/2034
65‌
64‌
Schedule
of
Investments
Bond
Market
Index
Fund
February
28,
2022
(unaudited)
See
accompanying
notes.
68
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
REITs
(continued)
Alexandria
Real
Estate
Equities
Inc  
(continued)
3.00%,
05/18/2051
$
60‌
$
53‌
4.00%,
02/01/2050
70‌
72‌
4.90%,
12/15/2030
80‌
92‌
American
Campus
Communities
Operating
Partnership
LP
2.25%,
01/15/2029
40‌
38‌
2.85%,
02/01/2030
160‌
157‌
American
Tower
Corp
0.60%,
01/15/2024
120‌
117‌
1.30%,
09/15/2025
80‌
77‌
1.60%,
04/15/2026
60‌
58‌
1.88%,
10/15/2030
150‌
133‌
2.90%,
01/15/2030
155‌
150‌
2.95%,
01/15/2051
60‌
49‌
AvalonBay
Communities
Inc
1.90%,
12/01/2028
60‌
57‌
2.05%,
01/15/2032
60‌
56‌
2.30%,
03/01/2030
155‌
150‌
Boston
Properties
LP
2.55%,
04/01/2032
245‌
229‌
Brixmor
Operating
Partnership
LP
3.65%,
06/15/2024
400‌
412‌
Corporate
Office
Properties
LP
2.75%,
04/15/2031
60‌
56‌
Crown
Castle
International
Corp
1.05%,
07/15/2026
115‌
107‌
1.35%,
07/15/2025
115‌
110‌
2.50%,
07/15/2031
60‌
56‌
2.90%,
04/01/2041
60‌
52‌
3.10%,
11/15/2029
125‌
121‌
3.20%,
09/01/2024
75‌
76‌
3.25%,
01/15/2051
115‌
99‌
4.00%,
11/15/2049
95‌
93‌
CubeSmart
LP
2.00%,
02/15/2031
110‌
100‌
2.25%,
12/15/2028
60‌
57‌
Duke
Realty
LP
1.75%,
07/01/2030
155‌
141‌
2.25%,
01/15/2032
60‌
56‌
2.88%,
11/15/2029
75‌
75‌
Equinix
Inc
1.00%,
09/15/2025
150‌
142‌
1.25%,
07/15/2025
155‌
148‌
1.80%,
07/15/2027
155‌
147‌
2.50%,
05/15/2031
60‌
55‌
2.63%,
11/18/2024
150‌
151‌
3.20%,
11/18/2029
130‌
128‌
3.40%,
02/15/2052
60‌
54‌
ERP
Operating
LP
1.85%,
08/01/2031
115‌
107‌
Essex
Portfolio
LP
1.70%,
03/01/2028
60‌
56‌
3.00%,
01/15/2030
140‌
140‌
Federal
Realty
Investment
Trust
1.25%,
02/15/2026
115‌
110‌
GLP
Capital
LP
/
GLP
Financing
II
Inc
4.00%,
01/15/2030
140‌
140‌
5.25%,
06/01/2025
400‌
421‌
Healthcare
Trust
of
America
Holdings
LP
2.00%,
03/15/2031
150‌
136‌
Healthpeak
Properties
Inc
2.13%,
12/01/2028
210‌
202‌
Kilroy
Realty
LP
2.50%,
11/15/2032
160‌
146‌
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
REITs
(continued)
Kimco
Realty
Corp
2.25%,
12/01/2031
$
60‌
$
55‌
2.70%,
03/01/2024
300‌
302‌
2.70%,
10/01/2030
160‌
156‌
3.70%,
10/01/2049
30‌
29‌
Life
Storage
LP
2.20%,
10/15/2030
75‌
70‌
2.40%,
10/15/2031
60‌
56‌
Mid-America
Apartments
LP
1.70%,
02/15/2031
120‌
108‌
National
Retail
Properties
Inc
3.60%,
12/15/2026
300‌
312‌
Omega
Healthcare
Investors
Inc
4.75%,
01/15/2028
30‌
31‌
4.95%,
04/01/2024
30‌
31‌
Prologis
LP
1.25%,
10/15/2030
160‌
141‌
3.00%,
04/15/2050
180‌
166‌
Public
Storage
0.88%,
02/15/2026
40‌
38‌
1.85%,
05/01/2028
115‌
110‌
2.25%,
11/09/2031
60‌
57‌
Realty
Income
Corp
0.75%,
03/15/2026
40‌
37‌
2.20%,
06/15/2028
65‌
63‌
3.25%,
01/15/2031
160‌
162‌
4.13%,
10/15/2026
20‌
21‌
Simon
Property
Group
LP
1.75%,
02/01/2028
55‌
52‌
2.00%,
09/13/2024
150‌
150‌
2.65%,
02/01/2032
65‌
63‌
3.50%,
09/01/2025
160‌
165‌
4.75%,
03/15/2042
164‌
186‌
Spirit
Realty
LP
2.10%,
03/15/2028
60‌
56‌
UDR
Inc
2.10%,
08/01/2032
100‌
90‌
3.20%,
01/15/2030
145‌
145‌
Ventas
Realty
LP
3.75%,
05/01/2024
500‌
515‌
Welltower
Inc
2.75%,
01/15/2032
65‌
62‌
3.63%,
03/15/2024
120‌
123‌
4.13%,
03/15/2029
300‌
321‌
WP
Carey
Inc
2.40%,
02/01/2031
65‌
61‌
$
9,661‌
Retail
-
0.58%
AutoZone
Inc
1.65%,
01/15/2031
160‌
142‌
Dollar
Tree
Inc
4.20%,
05/15/2028
130‌
139‌
Home
Depot
Inc/The
0.90%,
03/15/2028
55‌
51‌
1.88%,
09/15/2031
60‌
56‌
2.13%,
09/15/2026
350‌
350‌
2.38%,
03/15/2051
55‌
45‌
2.70%,
04/01/2023
50‌
51‌
2.75%,
09/15/2051
60‌
53‌
3.13%,
12/15/2049
235‌
221‌
4.25%,
04/01/2046
180‌
198‌
4.40%,
03/15/2045
300‌
338‌
Lowe's
Cos
Inc
1.30%,
04/15/2028
130‌
120‌
1.70%,
10/15/2030
130‌
117‌
2.50%,
04/15/2026
90‌
91‌
3.38%,
09/15/2025
50‌
52‌
3.65%,
04/05/2029
135‌
141‌
Schedule
of
Investments
Bond
Market
Index
Fund
February
28,
2022
(unaudited)
See
accompanying
notes.
69
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Retail
(continued)
Lowe’s
Cos
Inc  
(continued)
3.70%,
04/15/2046
$
20‌
$
19‌
4.55%,
04/05/2049
135‌
151‌
5.00%,
04/15/2040
155‌
178‌
McDonald's
Corp
2.63%,
09/01/2029
140‌
138‌
3.25%,
06/10/2024
175‌
180‌
3.70%,
01/30/2026
150‌
158‌
3.70%,
02/15/2042
300‌
296‌
O'Reilly
Automotive
Inc
1.75%,
03/15/2031
75‌
67‌
Starbucks
Corp
2.00%,
03/12/2027
150‌
147‌
3.00%,
02/14/2032
345‌
343‌
Target
Corp
1.95%,
01/15/2027
(a)
280‌
278‌
2.95%,
01/15/2052
175‌
166‌
TJX
Cos
Inc/The
1.15%,
05/15/2028
65‌
60‌
1.60%,
05/15/2031
65‌
59‌
Walmart
Inc
1.05%,
09/17/2026
105‌
101‌
1.50%,
09/22/2028
105‌
100‌
1.80%,
09/22/2031
60‌
56‌
2.50%,
09/22/2041
60‌
55‌
2.65%,
09/22/2051
105‌
96‌
3.95%,
06/28/2038
195‌
217‌
4.00%,
04/11/2043
250‌
278‌
$
5,308‌
Semiconductors
-
0.68%
Analog
Devices
Inc
2.10%,
10/01/2031
40‌
38‌
2.80%,
10/01/2041
60‌
55‌
Applied
Materials
Inc
4.35%,
04/01/2047
45‌
52‌
Broadcom
Corp
/
Broadcom
Cayman
Finance
Ltd
3.88%,
01/15/2027
650‌
677‌
Broadcom
Inc
3.14%,
11/15/2035
(i)
138‌
128‌
3.19%,
11/15/2036
(i)
30‌
28‌
3.42%,
04/15/2033
(i)
452‌
441‌
3.47%,
04/15/2034
(i)
415‌
400‌
4.15%,
11/15/2030
560‌
588‌
4.75%,
04/15/2029
355‌
386‌
Intel
Corp
2.00%,
08/12/2031
60‌
56‌
2.88%,
05/11/2024
105‌
107‌
3.05%,
08/12/2051
60‌
54‌
3.15%,
05/11/2027
150‌
155‌
3.20%,
08/12/2061
60‌
53‌
3.40%,
03/25/2025
155‌
160‌
3.73%,
12/08/2047
105‌
106‌
3.75%,
03/25/2027
155‌
164‌
4.60%,
03/25/2040
155‌
175‌
Marvell
Technology
Inc
2.45%,
04/15/2028
115‌
111‌
Micron
Technology
Inc
2.70%,
04/15/2032
90‌
84‌
4.19%,
02/15/2027
405‌
428‌
NVIDIA
Corp
0.31%,
06/15/2023
115‌
113‌
0.58%,
06/14/2024
115‌
112‌
1.55%,
06/15/2028
60‌
57‌
2.00%,
06/15/2031
115‌
108‌
NXP
BV
/
NXP
Funding
LLC
/
NXP
USA
Inc
2.50%,
05/11/2031
(i)
115‌
108‌
3.13%,
02/15/2042
(i)
65‌
59‌
3.15%,
05/01/2027
(i)
80‌
81‌
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Semiconductors
(continued)
NXP
BV
/
NXP
Funding
LLC
/
NXP
USA
Inc  
(continued)
3.25%,
05/11/2041
(i)
$
60‌
$
55‌
QUALCOMM
Inc
1.30%,
05/20/2028
327‌
303‌
1.65%,
05/20/2032
243‌
219‌
4.80%,
05/20/2045
110‌
131‌
Texas
Instruments
Inc
1.13%,
09/15/2026
60‌
58‌
1.75%,
05/04/2030
50‌
47‌
1.90%,
09/15/2031
60‌
57‌
4.15%,
05/15/2048
165‌
187‌
$
6,141‌
Software
-
0.55%
Activision
Blizzard
Inc
1.35%,
09/15/2030
80‌
71‌
2.50%,
09/15/2050
160‌
135‌
Electronic
Arts
Inc
1.85%,
02/15/2031
60‌
55‌
Fidelity
National
Information
Services
Inc
0.38%,
03/01/2023
155‌
153‌
0.60%,
03/01/2024
55‌
53‌
1.65%,
03/01/2028
105‌
97‌
3.10%,
03/01/2041
55‌
50‌
Fiserv
Inc
3.50%,
07/01/2029
300‌
304‌
Intuit
Inc
1.35%,
07/15/2027
160‌
151‌
Microsoft
Corp
2.53%,
06/01/2050
311‌
276‌
2.68%,
06/01/2060
149‌
131‌
2.92%,
03/17/2052
176‌
168‌
3.04%,
03/17/2062
141‌
135‌
3.30%,
02/06/2027
140‌
150‌
3.45%,
08/08/2036
75‌
80‌
Oracle
Corp
2.30%,
03/25/2028
115‌
110‌
2.40%,
09/15/2023
75‌
76‌
2.50%,
04/01/2025
155‌
155‌
2.80%,
04/01/2027
155‌
154‌
2.88%,
03/25/2031
115‌
110‌
2.95%,
11/15/2024
85‌
86‌
2.95%,
05/15/2025
105‌
106‌
2.95%,
04/01/2030
155‌
150‌
3.40%,
07/08/2024
145‌
148‌
3.60%,
04/01/2040
155‌
140‌
3.65%,
03/25/2041
115‌
104‌
3.90%,
05/15/2035
130‌
127‌
3.95%,
03/25/2051
115‌
105‌
4.00%,
11/15/2047
75‌
68‌
4.10%,
03/25/2061
60‌
54‌
4.30%,
07/08/2034
75‌
77‌
4.38%,
05/15/2055
150‌
142‌
4.50%,
07/08/2044
50‌
50‌
6.13%,
07/08/2039
60‌
72‌
Roper
Technologies
Inc
1.40%,
09/15/2027
160‌
149‌
2.35%,
09/15/2024
90‌
90‌
salesforce.com
Inc
1.95%,
07/15/2031
60‌
57‌
2.70%,
07/15/2041
115‌
105‌
2.90%,
07/15/2051
115‌
104‌
ServiceNow
Inc
1.40%,
09/01/2030
160‌
142‌
Schedule
of
Investments
Bond
Market
Index
Fund
February
28,
2022
(unaudited)
See
accompanying
notes.
70
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Software
(continued)
VMware
Inc
1.40%,
08/15/2026
$
180‌
$
171‌
1.80%,
08/15/2028
85‌
79‌
2.20%,
08/15/2031
115‌
105‌
$
5,045‌
Sovereign
-
1.67%
Canada
Government
International
Bond
0.75%,
05/19/2026
115‌
110‌
1.63%,
01/22/2025
200‌
200‌
Chile
Government
International
Bond
2.55%,
01/27/2032
200‌
189‌
2.75%,
01/31/2027
200‌
200‌
3.10%,
05/07/2041
200‌
175‌
3.24%,
02/06/2028
200‌
203‌
3.50%,
04/15/2053
200‌
179‌
Export-Import
Bank
of
Korea
0.38%,
02/09/2024
200‌
195‌
1.25%,
01/18/2025
200‌
195‌
1.38%,
02/09/2031
200‌
183‌
Hungary
Government
International
Bond
5.38%,
03/25/2024
450‌
477‌
Indonesia
Government
International
Bond
2.15%,
07/28/2031
200‌
186‌
3.05%,
03/12/2051
(a)
200‌
179‌
3.70%,
10/30/2049
200‌
189‌
4.75%,
02/11/2029
300‌
333‌
Israel
Government
International
Bond
3.88%,
07/03/2050
200‌
212‌
4.50%,
01/30/2043
200‌
234‌
Japan
Bank
for
International
Cooperation
0.38%,
09/15/2023
460‌
452‌
0.50%,
04/15/2024
200‌
195‌
0.63%,
05/22/2023
200‌
198‌
1.25%,
01/21/2031
200‌
186‌
1.88%,
07/21/2026
264‌
264‌
2.13%,
02/16/2029
200‌
200‌
3.00%,
05/29/2024
(a)
300‌
309‌
Korea
International
Bond
1.00%,
09/16/2030
200‌
181‌
3.88%,
09/20/2048
250‌
303‌
Mexico
Government
International
Bond
3.25%,
04/16/2030
200‌
194‌
3.50%,
02/12/2034
200‌
188‌
3.75%,
01/11/2028
225‌
232‌
3.75%,
04/19/2071
200‌
158‌
3.90%,
04/27/2025
600‌
629‌
4.50%,
04/22/2029
300‌
319‌
4.60%,
01/23/2046
200‌
192‌
4.60%,
02/10/2048
300‌
287‌
4.75%,
03/08/2044
150‌
148‌
5.75%,
10/12/2110
100‌
102‌
Panama
Government
International
Bond
2.25%,
09/29/2032
200‌
177‌
3.16%,
01/23/2030
200‌
196‌
3.30%,
01/19/2033
200‌
192‌
3.75%,
03/16/2025
200‌
205‌
4.50%,
04/16/2050
200‌
195‌
6.70%,
01/26/2036
200‌
245‌
Peruvian
Government
International
Bond
1.86%,
12/01/2032
60‌
51‌
2.78%,
01/23/2031
45‌
42‌
2.78%,
12/01/2060
60‌
45‌
3.30%,
03/11/2041
200‌
178‌
3.55%,
03/10/2051
60‌
54‌
5.63%,
11/18/2050
150‌
187‌
8.75%,
11/21/2033
180‌
262‌
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Sovereign
(continued)
Philippine
Government
International
Bond
3.00%,
02/01/2028
$
300‌
$
303‌
3.20%,
07/06/2046
200‌
178‌
3.70%,
03/01/2041
400‌
381‌
7.75%,
01/14/2031
190‌
255‌
10.63%,
03/16/2025
100‌
125‌
Republic
of
Italy
Government
International
Bond
2.38%,
10/17/2024
200‌
201‌
3.88%,
05/06/2051
200‌
194‌
5.38%,
06/15/2033
205‌
243‌
6.88%,
09/27/2023
260‌
280‌
Svensk
Exportkredit
AB
0.38%,
03/11/2024
200‌
195‌
0.50%,
08/26/2025
320‌
306‌
2.88%,
03/14/2023
210‌
214‌
Tennessee
Valley
Authority
3.50%,
12/15/2042
(a)
100‌
112‌
4.25%,
09/15/2065
115‌
152‌
5.25%,
09/15/2039
250‌
335‌
5.38%,
04/01/2056
61‌
96‌
5.88%,
04/01/2036
325‌
458‌
6.75%,
11/01/2025
57‌
67‌
Uruguay
Government
International
Bond
4.13%,
11/20/2045
136‌
149‌
4.38%,
10/27/2027
80‌
86‌
5.10%,
06/18/2050
200‌
239‌
7.63%,
03/21/2036
150‌
213‌
$
15,187‌
Supranational
Bank
-
1.35%
African
Development
Bank
0.88%,
03/23/2026
305‌
293‌
0.88%,
07/22/2026
115‌
110‌
Asian
Development
Bank
0.25%,
10/06/2023
450‌
442‌
0.38%,
06/11/2024
115‌
112‌
0.38%,
09/03/2025
310‌
295‌
1.00%,
04/14/2026
115‌
111‌
1.50%,
01/20/2027
125‌
123‌
1.50%,
03/04/2031
115‌
111‌
2.13%,
03/19/2025
(a)
300‌
304‌
2.38%,
08/10/2027
500‌
512‌
2.75%,
03/17/2023
670‌
681‌
2.75%,
01/19/2028
130‌
136‌
5.82%,
06/16/2028
39‌
48‌
Asian
Infrastructure
Investment
Bank/The
0.25%,
09/29/2023
305‌
300‌
Council
Of
Europe
Development
Bank
0.38%,
06/10/2024
115‌
112‌
1.38%,
02/27/2025
310‌
307‌
European
Bank
for
Reconstruction
&
Development
0.25%,
07/10/2023
315‌
310‌
0.50%,
01/28/2026
115‌
109‌
European
Investment
Bank
0.38%,
07/24/2024
(a)
345‌
335‌
0.38%,
12/15/2025
305‌
289‌
0.38%,
03/26/2026
630‌
597‌
0.63%,
10/21/2027
60‌
56‌
0.75%,
10/26/2026
60‌
57‌
1.25%,
02/14/2031
255‌
241‌
1.38%,
03/15/2027
125‌
123‌
1.63%,
03/14/2025
80‌
80‌
1.63%,
05/13/2031
60‌
59‌
1.88%,
02/10/2025
250‌
252‌
2.38%,
05/24/2027
120‌
123‌
2.50%,
03/15/2023
440‌
446‌
Schedule
of
Investments
Bond
Market
Index
Fund
February
28,
2022
(unaudited)
See
accompanying
notes.
71
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Supranational
Bank
(continued)
Inter-American
Development
Bank
0.25%,
11/15/2023
$
310‌
$
304‌
0.50%,
09/23/2024
195‌
190‌
0.63%,
09/16/2027
305‌
284‌
0.88%,
04/20/2026
75‌
72‌
1.13%,
07/20/2028
115‌
110‌
1.13%,
01/13/2031
110‌
102‌
1.50%,
01/13/2027
125‌
123‌
1.75%,
03/14/2025
230‌
230‌
2.13%,
01/15/2025
500‌
506‌
2.38%,
07/07/2027
250‌
256‌
4.38%,
01/24/2044
50‌
66‌
International
Bank
for
Reconstruction
&
Development
0.13%,
04/20/2023
55‌
54‌
0.25%,
11/24/2023
60‌
59‌
0.50%,
10/28/2025
200‌
191‌
0.75%,
11/24/2027
120‌
112‌
0.75%,
08/26/2030
310‌
282‌
0.88%,
07/15/2026
175‌
169‌
1.25%,
02/10/2031
115‌
109‌
1.38%,
04/20/2028
115‌
111‌
1.63%,
01/15/2025
470‌
469‌
1.63%,
11/03/2031
120‌
117‌
1.75%,
10/23/2029
200‌
197‌
2.50%,
03/19/2024
115‌
117‌
2.50%,
07/29/2025
170‌
174‌
3.00%,
09/27/2023
300‌
307‌
International
Finance
Corp
0.38%,
07/16/2025
315‌
301‌
Nordic
Investment
Bank
0.38%,
09/11/2025
230‌
218‌
$
12,304‌
Telecommunications
-
1.21%
America
Movil
SAB
de
CV
6.13%,
03/30/2040
180‌
230‌
AT&T
Inc
0.90%,
03/25/2024
115‌
113‌
1.65%,
02/01/2028
200‌
189‌
1.70%,
03/25/2026
340‌
331‌
2.25%,
02/01/2032
145‌
134‌
3.10%,
02/01/2043
145‌
129‌
3.50%,
09/15/2053
1,227‌
1,122‌
3.55%,
09/15/2055
815‌
739‌
3.65%,
09/15/2059
699‌
634‌
Bell
Telephone
Co
of
Canada
or
Bell
Canada/The
3.65%,
03/17/2051
60‌
57‌
Cisco
Systems
Inc/Delaware
5.50%,
01/15/2040
60‌
77‌
Juniper
Networks
Inc
2.00%,
12/10/2030
55‌
49‌
Orange
SA
5.38%,
01/13/2042
30‌
36‌
Rogers
Communications
Inc
3.70%,
11/15/2049
190‌
170‌
5.00%,
03/15/2044
200‌
217‌
7.50%,
08/15/2038
250‌
354‌
T-Mobile
USA
Inc
1.50%,
02/15/2026
310‌
298‌
2.05%,
02/15/2028
310‌
295‌
2.25%,
11/15/2031
150‌
136‌
2.40%,
03/15/2029
(i)
25‌
24‌
3.00%,
02/15/2041
150‌
130‌
3.30%,
02/15/2051
150‌
131‌
3.40%,
10/15/2052
(i)
35‌
31‌
3.50%,
04/15/2025
155‌
159‌
3.75%,
04/15/2027
315‌
327‌
4.38%,
04/15/2040
155‌
160‌
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Telecommunications
(continued)
Verizon
Communications
Inc
0.75%,
03/22/2024
$
145‌
$
142‌
1.45%,
03/20/2026
115‌
111‌
1.50%,
09/18/2030
180‌
159‌
1.68%,
10/30/2030
2,626‌
2,359‌
1.75%,
01/20/2031
135‌
122‌
2.10%,
03/22/2028
175‌
169‌
2.36%,
03/15/2032
(i)
65‌
61‌
2.55%,
03/21/2031
115‌
110‌
2.65%,
11/20/2040
50‌
43‌
2.88%,
11/20/2050
135‌
115‌
2.99%,
10/30/2056
89‌
76‌
3.00%,
11/20/2060
65‌
54‌
3.40%,
03/22/2041
115‌
111‌
3.55%,
03/22/2051
115‌
111‌
3.70%,
03/22/2061
60‌
57‌
3.85%,
11/01/2042
90‌
90‌
4.33%,
09/21/2028
60‌
65‌
4.81%,
03/15/2039
75‌
87‌
Vodafone
Group
PLC
4.13%,
05/30/2025
75‌
79‌
4.25%,
09/17/2050
250‌
256‌
5.00%,
05/30/2038
80‌
91‌
6.15%,
02/27/2037
240‌
295‌
$
11,035‌
Transportation
-
0.52%
Burlington
Northern
Santa
Fe
LLC
3.40%,
09/01/2024
70‌
72‌
3.55%,
02/15/2050
155‌
156‌
4.15%,
04/01/2045
200‌
217‌
4.40%,
03/15/2042
30‌
34‌
5.40%,
06/01/2041
400‌
500‌
Canadian
Pacific
Railway
Co
1.75%,
12/02/2026
145‌
141‌
2.45%,
12/02/2031
85‌
82‌
3.00%,
12/02/2041
85‌
79‌
3.10%,
12/02/2051
85‌
77‌
6.13%,
09/15/2115
75‌
98‌
CSX
Corp
2.40%,
02/15/2030
60‌
58‌
3.35%,
09/15/2049
60‌
58‌
3.80%,
03/01/2028
75‌
79‌
4.30%,
03/01/2048
200‌
219‌
FedEx
Corp
3.88%,
08/01/2042
30‌
30‌
4.55%,
04/01/2046
500‌
544‌
Norfolk
Southern
Corp
2.30%,
05/15/2031
60‌
58‌
2.55%,
11/01/2029
150‌
148‌
2.90%,
08/25/2051
60‌
53‌
3.94%,
11/01/2047
192‌
201‌
4.84%,
10/01/2041
30‌
35‌
Ryder
System
Inc
2.90%,
12/01/2026
150‌
151‌
Union
Pacific
Corp
2.38%,
05/20/2031
60‌
58‌
2.80%,
02/14/2032
110‌
110‌
2.89%,
04/06/2036
140‌
135‌
2.97%,
09/16/2062
90‌
77‌
3.20%,
05/20/2041
60‌
58‌
3.38%,
02/14/2042
65‌
65‌
3.55%,
08/15/2039
435‌
442‌
3.84%,
03/20/2060
220‌
226‌
United
Parcel
Service
Inc
2.50%,
09/01/2029
125‌
125‌
3.40%,
09/01/2049
(a)
180‌
186‌
3.90%,
04/01/2025
155‌
163‌
Schedule
of
Investments
Bond
Market
Index
Fund
February
28,
2022
(unaudited)
See
accompanying
notes.
72
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Transportation
(continued)
United
Parcel
Service
Inc  
(continued)
4.88%,
11/15/2040
$
30‌
$
36‌
$
4,771‌
Trucking
&
Leasing
-
0.01%
GATX
Corp
1.90%,
06/01/2031
115‌
103‌
Water
-
0.04%
American
Water
Capital
Corp
2.30%,
06/01/2031
60‌
57‌
3.25%,
06/01/2051
60‌
55‌
3.75%,
09/01/2047
140‌
140‌
6.59%,
10/15/2037
13‌
18‌
Essential
Utilities
Inc
2.40%,
05/01/2031
60‌
56‌
$
326‌
TOTAL
BONDS
$
272,164‌
MUNICIPAL
BONDS
-
0.45%
Principal
Amount
(000's)
Value
(000's)
California
-
0.14%
Bay
Area
Toll
Authority
6.26%,
04/01/2049
$
175‌
$
266‌
6.91%,
10/01/2050
125‌
205‌
California
State
University
2.98%,
11/01/2051
155‌
151‌
East
Bay
Municipal
Utility
District
Water
System
Revenue
5.87%,
06/01/2040
20‌
28‌
Regents
of
the
University
of
California
Medical
Center
Pooled
Revenue
6.55%,
05/15/2048
20‌
29‌
State
of
California
3.50%,
04/01/2028
115‌
122‌
7.30%,
10/01/2039
300‌
445‌
$
1,246‌
Georgia
-
0.02%
Municipal
Electric
Authority
of
Georgia
6.64%,
04/01/2057
153‌
220‌
Illinois
-
0.14%
Chicago
Transit
Authority
Sales
&
Transfer
Tax
Receipts
Revenue
6.90%,
12/01/2040
300‌
403‌
Chicago
Transit
Authority
Sales
Tax
Receipts
Fund
6.20%,
12/01/2040
30‌
39‌
State
of
Illinois
4.95%,
06/01/2023
43‌
44‌
5.10%,
06/01/2033
700‌
772‌
$
1,258‌
New
Jersey
-
0.05%
New
Jersey
Economic
Development
Authority
(credit
support
from
National
Public
Finance
Guarantee
Corp
)
7.43%,
02/15/2029
(j)
250‌
305‌
New
Jersey
Transportation
Trust
Fund
Authority
6.56%,
12/15/2040
146‌
200‌
$
505‌
New
York
-
0.03%
Port
Authority
of
New
York
&
New
Jersey
4.46%,
10/01/2062
250‌
300‌
Ohio
-
0.01%
Ohio
State
University/The
4.91%,
06/01/2040
50‌
64‌
Texas
-
0.03%
Dallas
Area
Rapid
Transit
5.02%,
12/01/2048
30‌
39‌
MUNICIPAL
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Texas
(continued)
State
of
Texas
4.68%,
04/01/2040
$
160‌
$
198‌
$
237‌
Wisconsin
-
0.03%
State
of
Wisconsin
(credit
support
from
Assured
Guaranty
Municipal
Corp
)
5.70%,
05/01/2026
(j)
270‌
298‌
TOTAL
MUNICIPAL
BONDS
$
4,128‌
U.S.
GOVERNMENT
&
GOVERNMENT
AGENCY
OBLIGATIONS
-
66.39%
Principal
Amount
(000's)
Value
(000's)
Federal
Home
Loan
Mortgage
Corporation
(FHLMC)
-
1.88%
2.00%,
09/01/2031
$
89‌
$
89‌
2.00%,
12/01/2031
108‌
108‌
2.50%,
08/01/2028
82‌
83‌
2.50%,
01/01/2030
230‌
233‌
2.50%,
01/01/2031
206‌
209‌
2.50%,
02/01/2031
205‌
208‌
2.50%,
12/01/2031
331‌
336‌
2.50%,
01/01/2032
358‌
364‌
2.50%,
03/01/2032
111‌
112‌
2.50%,
11/01/2036
63‌
64‌
3.00%,
11/01/2028
165‌
170‌
3.00%,
04/01/2029
136‌
140‌
3.00%,
09/01/2029
127‌
131‌
3.00%,
10/01/2029
187‌
193‌
3.00%,
11/01/2029
86‌
88‌
3.00%,
01/01/2030
76‌
79‌
3.00%,
11/01/2030
79‌
82‌
3.00%,
03/01/2031
47‌
49‌
3.00%,
05/01/2032
223‌
225‌
3.00%,
03/01/2033
121‌
125‌
3.00%,
04/01/2033
33‌
34‌
3.00%,
09/01/2036
55‌
57‌
3.00%,
09/01/2036
95‌
98‌
3.00%,
02/01/2037
93‌
95‌
3.00%,
10/01/2042
207‌
213‌
3.00%,
11/01/2042
325‌
336‌
3.00%,
02/01/2043
314‌
324‌
3.00%,
08/01/2043
472‌
486‌
3.00%,
08/01/2043
405‌
418‌
3.00%,
09/01/2043
86‌
88‌
3.00%,
10/01/2043
67‌
69‌
3.00%,
01/01/2045
71‌
73‌
3.00%,
06/01/2046
208‌
211‌
3.00%,
10/01/2046
115‌
118‌
3.00%,
02/01/2047
165‌
169‌
3.50%,
12/01/2031
144‌
149‌
3.50%,
05/01/2034
47‌
49‌
3.50%,
11/01/2034
55‌
58‌
3.50%,
01/01/2035
115‌
120‌
3.50%,
04/01/2037
43‌
45‌
3.50%,
06/01/2042
75‌
79‌
3.50%,
06/01/2042
331‌
348‌
3.50%,
06/01/2042
274‌
288‌
3.50%,
07/01/2042
720‌
758‌
3.50%,
10/01/2042
442‌
465‌
3.50%,
02/01/2045
56‌
59‌
3.50%,
03/01/2045
142‌
149‌
3.50%,
06/01/2045
153‌
160‌
3.50%,
07/01/2045
143‌
150‌
3.50%,
06/01/2046
187‌
194‌
3.50%,
08/01/2046
154‌
161‌
3.50%,
09/01/2046
350‌
362‌
4.00%,
12/01/2024
45‌
47‌
4.00%,
12/01/2030
13‌
14‌
4.00%,
11/01/2033
88‌
94‌
4.00%,
07/01/2034
60‌
64‌
4.00%,
04/01/2038
113‌
120‌
Schedule
of
Investments
Bond
Market
Index
Fund
February
28,
2022
(unaudited)
See
accompanying
notes.
73
U.S.
GOVERNMENT
&
GOVERNMENT
AGENCY
OBLIGATIONS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Federal
Home
Loan
Mortgage
Corporation
(FHLMC)
(continued)
4.00%,
12/01/2040
$
116‌
$
125‌
4.00%,
02/01/2044
108‌
115‌
4.00%,
04/01/2044
114‌
122‌
4.00%,
07/01/2044
125‌
133‌
4.00%,
09/01/2044
50‌
53‌
4.00%,
11/01/2044
171‌
183‌
4.00%,
01/01/2045
151‌
161‌
4.00%,
08/01/2045
214‌
228‌
4.00%,
11/01/2045
19‌
20‌
4.00%,
12/01/2045
42‌
45‌
4.00%,
02/01/2046
59‌
63‌
4.00%,
05/01/2046
120‌
128‌
4.50%,
10/01/2030
55‌
59‌
4.50%,
05/01/2031
7‌
7‌
4.50%,
02/01/2041
87‌
94‌
4.50%,
09/01/2043
23‌
25‌
4.50%,
12/01/2043
129‌
139‌
4.50%,
03/01/2044
217‌
235‌
4.50%,
04/01/2044
79‌
85‌
4.50%,
09/01/2044
137‌
149‌
4.50%,
10/01/2044
64‌
69‌
4.50%,
03/01/2047
61‌
65‌
4.50%,
07/01/2047
52‌
55‌
4.50%,
11/01/2047
13‌
14‌
4.50%,
05/01/2049
2,797‌
2,969‌
5.00%,
11/01/2035
47‌
52‌
5.00%,
12/01/2036
146‌
162‌
5.00%,
08/01/2039
57‌
63‌
5.00%,
12/01/2041
60‌
67‌
5.00%,
02/01/2042
303‌
337‌
5.00%,
04/01/2044
58‌
63‌
5.00%,
02/01/2048
80‌
87‌
5.00%,
07/01/2048
43‌
46‌
5.50%,
06/01/2034
78‌
86‌
5.50%,
07/01/2038
61‌
68‌
5.50%,
07/01/2038
76‌
85‌
5.50%,
12/01/2038
120‌
134‌
5.50%,
10/01/2039
187‌
205‌
5.50%,
06/01/2041
83‌
93‌
6.00%,
04/01/2038
304‌
348‌
6.00%,
11/01/2038
83‌
92‌
$
17,139‌
Federal
National
Mortgage
Association
(FNMA)/Federal
Home
Loan
Mortgage
Corporation
(FHLMC)
Uniform
Mortgage-Backed
Security
-
18.64%
1.50%,
03/01/2036
1,573‌
1,533‌
1.50%,
11/01/2036
1,256‌
1,223‌
1.50%,
03/01/2037
(k)
2,500‌
2,433‌
1.50%,
11/01/2050
973‌
906‌
1.50%,
01/01/2051
4,210‌
3,915‌
1.50%,
06/01/2051
1,988‌
1,848‌
2.00%,
09/01/2029
190‌
190‌
2.00%,
05/01/2030
76‌
76‌
2.00%,
12/01/2031
146‌
145‌
2.00%,
02/01/2032
90‌
90‌
2.00%,
05/01/2036
1,264‌
1,257‌
2.00%,
03/01/2037
(k)
6,000‌
5,955‌
2.00%,
04/01/2051
2,779‌
2,676‌
2.00%,
04/01/2051
9,539‌
9,174‌
2.00%,
04/01/2051
14,027‌
13,486‌
2.00%,
04/01/2051
6,113‌
5,878‌
2.00%,
06/01/2051
2,297‌
2,208‌
2.00%,
07/01/2051
2,571‌
2,471‌
2.00%,
09/01/2051
3,377‌
3,244‌
2.00%,
10/01/2051
2,448‌
2,352‌
2.00%,
11/01/2051
1,976‌
1,900‌
2.00%,
12/01/2051
3,094‌
2,973‌
2.00%,
12/01/2051
3,468‌
3,333‌
2.00%,
01/01/2052
2,488‌
2,391‌
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%,
03/01/2052
(k)
$
2,500‌
$
2,398‌
2.50%,
01/01/2028
73‌
74‌
2.50%,
07/01/2028
75‌
76‌
2.50%,
07/01/2028
203‌
206‌
2.50%,
11/01/2028
232‌
235‌
2.50%,
09/01/2029
140‌
142‌
2.50%,
02/01/2030
80‌
81‌
2.50%,
03/01/2030
183‌
186‌
2.50%,
05/01/2030
163‌
165‌
2.50%,
07/01/2030
112‌
114‌
2.50%,
08/01/2030
220‌
223‌
2.50%,
08/01/2030
196‌
198‌
2.50%,
12/01/2030
286‌
291‌
2.50%,
03/01/2031
211‌
214‌
2.50%,
07/01/2031
235‌
239‌
2.50%,
11/01/2031
359‌
364‌
2.50%,
12/01/2031
67‌
68‌
2.50%,
01/01/2032
101‌
102‌
2.50%,
03/01/2032
119‌
121‌
2.50%,
07/01/2033
10‌
10‌
2.50%,
02/01/2035
1,534‌
1,554‌
2.50%,
10/01/2036
68‌
68‌
2.50%,
10/01/2036
28‌
29‌
2.50%,
12/01/2036
80‌
80‌
2.50%,
01/01/2043
61‌
60‌
2.50%,
05/01/2043
101‌
100‌
2.50%,
10/01/2043
79‌
79‌
2.50%,
08/01/2046
54‌
54‌
2.50%,
12/01/2046
91‌
90‌
2.50%,
12/01/2046
128‌
127‌
2.50%,
07/01/2050
1,450‌
1,439‌
2.50%,
08/01/2050
5,653‌
5,604‌
2.50%,
09/01/2050
1,705‌
1,689‌
2.50%,
02/01/2051
2,625‌
2,609‌
2.50%,
07/01/2051
1,146‌
1,133‌
2.50%,
07/01/2051
731‌
722‌
2.50%,
08/01/2051
1,297‌
1,283‌
2.50%,
09/01/2051
1,214‌
1,201‌
2.50%,
09/01/2051
2,203‌
2,178‌
2.50%,
10/01/2051
2,456‌
2,429‌
2.50%,
03/01/2052
(k)
17,000‌
16,772‌
3.00%,
04/01/2027
57‌
59‌
3.00%,
01/01/2029
50‌
51‌
3.00%,
02/01/2029
51‌
52‌
3.00%,
12/01/2029
50‌
51‌
3.00%,
12/01/2029
112‌
115‌
3.00%,
01/01/2030
238‌
245‌
3.00%,
01/01/2030
274‌
283‌
3.00%,
06/01/2030
149‌
153‌
3.00%,
09/01/2030
53‌
55‌
3.00%,
10/01/2030
254‌
262‌
3.00%,
11/01/2030
248‌
256‌
3.00%,
12/01/2030
58‌
60‌
3.00%,
03/01/2031
168‌
173‌
3.00%,
04/01/2031
53‌
55‌
3.00%,
09/01/2031
263‌
271‌
3.00%,
12/01/2031
103‌
106‌
3.00%,
01/01/2033
29‌
30‌
3.00%,
04/01/2033
30‌
31‌
3.00%,
08/01/2034
306‌
316‌
3.00%,
05/01/2035
290‌
297‌
3.00%,
06/01/2040
515‌
523‌
3.00%,
04/01/2043
273‌
282‌
3.00%,
04/01/2043
78‌
80‌
3.00%,
04/01/2043
171‌
176‌
3.00%,
05/01/2043
366‌
376‌
3.00%,
05/01/2043
70‌
72‌
Schedule
of
Investments
Bond
Market
Index
Fund
February
28,
2022
(unaudited)
See
accompanying
notes.
74
U.S.
GOVERNMENT
&
GOVERNMENT
AGENCY
OBLIGATIONS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Federal
National
Mortgage
Association
(FNMA)/Federal
Home
Loan
Mortgage
Corporation
(FHLMC)
Uniform
Mortgage-Backed
Security
(continued)
3.00%,
05/01/2043
$
127‌
$
130‌
3.00%,
07/01/2043
75‌
77‌
3.00%,
07/01/2043
356‌
366‌
3.00%,
08/01/2043
385‌
397‌
3.00%,
08/01/2043
52‌
54‌
3.00%,
10/01/2043
225‌
232‌
3.00%,
10/01/2043
355‌
365‌
3.00%,
11/01/2043
99‌
102‌
3.00%,
01/01/2045
489‌
504‌
3.00%,
05/01/2046
70‌
72‌
3.00%,
05/01/2046
73‌
74‌
3.00%,
10/01/2046
416‌
426‌
3.00%,
09/01/2049
1,247‌
1,265‌
3.00%,
10/01/2049
2,250‌
2,289‌
3.00%,
11/01/2049
1,840‌
1,870‌
3.00%,
11/01/2049
2,283‌
2,315‌
3.00%,
11/01/2049
843‌
856‌
3.00%,
12/01/2049
2,304‌
2,341‌
3.00%,
03/01/2050
3,683‌
3,737‌
3.00%,
03/01/2052
(k)
1,300‌
1,313‌
3.50%,
12/01/2026
82‌
85‌
3.50%,
03/01/2029
105‌
109‌
3.50%,
09/01/2029
100‌
104‌
3.50%,
11/01/2030
79‌
82‌
3.50%,
04/01/2032
13‌
14‌
3.50%,
07/01/2032
11‌
12‌
3.50%,
09/01/2032
12‌
12‌
3.50%,
12/01/2032
1,626‌
1,691‌
3.50%,
10/01/2033
7‌
8‌
3.50%,
05/01/2034
38‌
40‌
3.50%,
06/01/2034
26‌
27‌
3.50%,
07/01/2034
164‌
171‌
3.50%,
10/01/2034
42‌
44‌
3.50%,
02/01/2036
45‌
47‌
3.50%,
02/01/2037
35‌
37‌
3.50%,
05/01/2037
49‌
51‌
3.50%,
03/01/2041
17‌
18‌
3.50%,
02/01/2042
175‌
185‌
3.50%,
03/01/2042
39‌
41‌
3.50%,
05/01/2042
267‌
281‌
3.50%,
06/01/2042
245‌
257‌
3.50%,
07/01/2042
41‌
43‌
3.50%,
10/01/2042
351‌
369‌
3.50%,
04/01/2043
298‌
313‌
3.50%,
05/01/2043
313‌
330‌
3.50%,
05/01/2043
227‌
238‌
3.50%,
06/01/2043
59‌
62‌
3.50%,
08/01/2043
235‌
247‌
3.50%,
09/01/2043
839‌
883‌
3.50%,
01/01/2044
75‌
79‌
3.50%,
01/01/2044
945‌
991‌
3.50%,
07/01/2044
355‌
373‌
3.50%,
10/01/2044
119‌
124‌
3.50%,
11/01/2044
129‌
135‌
3.50%,
12/01/2044
198‌
207‌
3.50%,
02/01/2045
199‌
207‌
3.50%,
02/01/2045
131‌
136‌
3.50%,
04/01/2045
123‌
128‌
3.50%,
04/01/2045
225‌
236‌
3.50%,
10/01/2045
70‌
73‌
3.50%,
10/01/2045
69‌
72‌
3.50%,
11/01/2045
144‌
150‌
3.50%,
11/01/2045
125‌
131‌
3.50%,
12/01/2045
15‌
15‌
3.50%,
12/01/2045
181‌
189‌
3.50%,
12/01/2045
90‌
94‌
3.50%,
01/01/2046
229‌
239‌
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%,
03/01/2046
$
208‌
$
217‌
3.50%,
03/01/2046
58‌
61‌
3.50%,
05/01/2046
38‌
40‌
3.50%,
06/01/2046
88‌
93‌
3.50%,
07/01/2046
216‌
225‌
3.50%,
12/01/2046
165‌
173‌
3.50%,
03/01/2047
150‌
157‌
3.50%,
07/01/2049
1,510‌
1,565‌
3.50%,
08/01/2049
493‌
509‌
3.50%,
11/01/2049
2,292‌
2,389‌
4.00%,
12/01/2024
64‌
66‌
4.00%,
04/01/2029
5‌
6‌
4.00%,
12/01/2030
7‌
7‌
4.00%,
03/01/2031
38‌
39‌
4.00%,
03/01/2031
310‌
322‌
4.00%,
11/01/2031
9‌
10‌
4.00%,
11/01/2033
156‌
166‌
4.00%,
11/01/2033
29‌
30‌
4.00%,
10/01/2034
92‌
98‌
4.00%,
02/01/2036
138‌
147‌
4.00%,
01/01/2037
46‌
49‌
4.00%,
10/01/2037
66‌
70‌
4.00%,
03/01/2038
25‌
26‌
4.00%,
07/01/2038
93‌
98‌
4.00%,
12/01/2038
61‌
64‌
4.00%,
01/01/2039
82‌
87‌
4.00%,
09/01/2040
45‌
48‌
4.00%,
01/01/2041
54‌
58‌
4.00%,
02/01/2041
18‌
19‌
4.00%,
12/01/2041
79‌
84‌
4.00%,
06/01/2042
81‌
87‌
4.00%,
06/01/2042
130‌
139‌
4.00%,
07/01/2042
458‌
491‌
4.00%,
12/01/2042
133‌
143‌
4.00%,
11/01/2043
170‌
182‌
4.00%,
09/01/2044
65‌
69‌
4.00%,
11/01/2044
63‌
67‌
4.00%,
01/01/2045
57‌
61‌
4.00%,
04/01/2045
77‌
80‌
4.00%,
08/01/2045
80‌
84‌
4.00%,
11/01/2045
249‌
266‌
4.00%,
07/01/2046
50‌
53‌
4.00%,
05/01/2048
126‌
134‌
4.00%,
04/01/2049
234‌
246‌
4.00%,
07/01/2049
1,198‌
1,252‌
4.00%,
10/01/2049
2,239‌
2,355‌
4.00%,
11/01/2049
1,020‌
1,068‌
4.00%,
04/01/2050
1,879‌
1,967‌
4.50%,
08/01/2023
22‌
24‌
4.50%,
06/01/2029
11‌
12‌
4.50%,
07/01/2029
3‌
3‌
4.50%,
08/01/2030
6‌
7‌
4.50%,
01/01/2034
19‌
20‌
4.50%,
04/01/2039
73‌
79‌
4.50%,
09/01/2040
138‌
150‌
4.50%,
05/01/2041
181‌
196‌
4.50%,
09/01/2041
197‌
212‌
4.50%,
11/01/2043
102‌
111‌
4.50%,
11/01/2043
110‌
119‌
4.50%,
01/01/2044
105‌
113‌
4.50%,
02/01/2044
40‌
44‌
4.50%,
04/01/2044
162‌
175‌
4.50%,
04/01/2044
122‌
132‌
4.50%,
05/01/2044
36‌
39‌
4.50%,
08/01/2044
158‌
170‌
4.50%,
10/01/2044
89‌
95‌
4.50%,
04/01/2045
40‌
42‌
Schedule
of
Investments
Bond
Market
Index
Fund
February
28,
2022
(unaudited)
See
accompanying
notes.
75
U.S.
GOVERNMENT
&
GOVERNMENT
AGENCY
OBLIGATIONS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Federal
National
Mortgage
Association
(FNMA)/Federal
Home
Loan
Mortgage
Corporation
(FHLMC)
Uniform
Mortgage-Backed
Security
(continued)
4.50%,
04/01/2046
$
42‌
$
46‌
4.50%,
05/01/2046
90‌
97‌
4.50%,
01/01/2047
66‌
71‌
4.50%,
01/01/2047
233‌
251‌
5.00%,
12/01/2025
11‌
11‌
5.00%,
01/01/2039
330‌
362‌
5.00%,
07/01/2039
136‌
152‌
5.00%,
02/01/2041
61‌
68‌
5.00%,
02/01/2041
92‌
102‌
5.00%,
04/01/2041
232‌
258‌
5.00%,
05/01/2042
118‌
132‌
5.00%,
07/01/2042
57‌
64‌
5.00%,
03/01/2044
50‌
55‌
5.00%,
05/01/2044
71‌
79‌
5.00%,
02/01/2045
111‌
123‌
5.00%,
06/01/2045
329‌
366‌
5.00%,
06/01/2048
79‌
86‌
5.00%,
08/01/2048
30‌
32‌
5.50%,
12/01/2027
18‌
19‌
5.50%,
03/01/2038
77‌
86‌
5.50%,
05/01/2038
82‌
92‌
5.50%,
06/01/2038
114‌
129‌
5.50%,
09/01/2038
182‌
202‌
5.50%,
11/01/2038
89‌
100‌
5.50%,
04/01/2039
94‌
105‌
5.50%,
04/01/2040
80‌
89‌
6.00%,
04/01/2026
11‌
12‌
6.00%,
10/01/2036
69‌
79‌
$
169,737‌
Government
National
Mortgage
Association
(GNMA)
-
5.58%
2.00%,
08/20/2050
2,744‌
2,695‌
2.00%,
01/20/2051
2,940‌
2,885‌
2.00%,
03/01/2052
5,300‌
5,182‌
2.50%,
06/20/2027
68‌
68‌
2.50%,
12/20/2030
63‌
64‌
2.50%,
03/20/2031
106‌
108‌
2.50%,
07/20/2043
93‌
94‌
2.50%,
12/20/2046
224‌
226‌
2.50%,
01/20/2047
71‌
71‌
2.50%,
06/20/2050
5,213‌
5,224‌
2.50%,
05/20/2051
5,020‌
5,023‌
2.50%,
03/01/2052
1,800‌
1,798‌
3.00%,
02/15/2027
40‌
41‌
3.00%,
08/20/2029
47‌
48‌
3.00%,
09/20/2029
55‌
57‌
3.00%,
07/20/2030
44‌
45‌
3.00%,
01/20/2031
49‌
50‌
3.00%,
07/20/2032
57‌
58‌
3.00%,
09/20/2042
47‌
48‌
3.00%,
11/20/2042
349‌
360‌
3.00%,
12/20/2042
257‌
266‌
3.00%,
01/20/2043
249‌
257‌
3.00%,
03/20/2043
301‌
312‌
3.00%,
03/20/2043
64‌
66‌
3.00%,
03/20/2043
315‌
325‌
3.00%,
04/20/2043
392‌
404‌
3.00%,
06/20/2043
349‌
360‌
3.00%,
08/20/2043
381‌
393‌
3.00%,
05/20/2044
167‌
173‌
3.00%,
12/15/2044
38‌
38‌
3.00%,
12/20/2044
335‌
345‌
3.00%,
01/15/2045
38‌
39‌
3.00%,
01/15/2045
41‌
42‌
3.00%,
02/20/2045
35‌
36‌
3.00%,
05/20/2045
225‌
232‌
3.00%,
06/20/2045
91‌
94‌
3.00%,
07/20/2045
666‌
684‌
U.S.
GOVERNMENT
&
GOVERNMENT
AGENCY
OBLIGATIONS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Government
National
Mortgage
Association
(GNMA)
(continued)
3.00%,
08/20/2045
$
323‌
$
332‌
3.00%,
09/20/2045
136‌
140‌
3.00%,
10/20/2045
281‌
288‌
3.00%,
12/20/2045
154‌
158‌
3.00%,
01/20/2046
69‌
71‌
3.00%,
03/20/2046
280‌
288‌
3.00%,
04/20/2046
612‌
628‌
3.00%,
05/20/2046
456‌
468‌
3.00%,
06/20/2046
442‌
454‌
3.00%,
07/20/2046
1,009‌
1,035‌
3.00%,
08/20/2046
415‌
426‌
3.00%,
09/20/2046
315‌
323‌
3.00%,
10/20/2046
237‌
243‌
3.00%,
11/20/2046
509‌
526‌
3.00%,
12/15/2046
115‌
118‌
3.00%,
03/01/2052
2,000‌
2,033‌
3.50%,
05/20/2042
94‌
99‌
3.50%,
06/20/2042
96‌
102‌
3.50%,
07/20/2042
376‌
396‌
3.50%,
09/20/2042
290‌
308‌
3.50%,
10/20/2042
208‌
220‌
3.50%,
11/20/2042
184‌
195‌
3.50%,
12/20/2042
193‌
205‌
3.50%,
01/20/2043
319‌
335‌
3.50%,
02/20/2043
501‌
532‌
3.50%,
03/20/2043
338‌
359‌
3.50%,
04/15/2043
107‌
112‌
3.50%,
04/20/2043
225‌
236‌
3.50%,
05/20/2043
148‌
158‌
3.50%,
07/20/2043
192‌
204‌
3.50%,
08/20/2043
466‌
496‌
3.50%,
09/20/2043
333‌
353‌
3.50%,
10/20/2043
157‌
167‌
3.50%,
09/20/2044
130‌
137‌
3.50%,
10/20/2044
148‌
156‌
3.50%,
11/20/2044
143‌
150‌
3.50%,
12/20/2044
148‌
155‌
3.50%,
01/20/2045
144‌
152‌
3.50%,
02/20/2045
193‌
203‌
3.50%,
03/15/2045
26‌
27‌
3.50%,
03/20/2045
242‌
254‌
3.50%,
04/15/2045
9‌
10‌
3.50%,
04/20/2045
236‌
249‌
3.50%,
04/20/2045
145‌
152‌
3.50%,
05/20/2045
238‌
250‌
3.50%,
06/20/2045
37‌
39‌
3.50%,
07/20/2045
204‌
215‌
3.50%,
08/20/2045
220‌
231‌
3.50%,
09/20/2045
210‌
220‌
3.50%,
10/20/2045
189‌
198‌
3.50%,
11/20/2045
335‌
352‌
3.50%,
12/20/2045
247‌
259‌
3.50%,
02/20/2046
203‌
213‌
3.50%,
08/15/2046
61‌
63‌
3.50%,
09/15/2046
71‌
74‌
3.50%,
01/15/2048
52‌
54‌
3.50%,
09/15/2048
93‌
100‌
4.00%,
11/20/2043
272‌
291‌
4.00%,
02/20/2044
112‌
120‌
4.00%,
05/15/2044
93‌
99‌
4.00%,
05/20/2044
63‌
68‌
4.00%,
07/20/2044
19‌
20‌
4.00%,
08/20/2044
142‌
152‌
4.00%,
09/20/2044
125‌
134‌
4.00%,
10/20/2044
463‌
495‌
4.00%,
11/15/2044
63‌
67‌
4.00%,
11/20/2044
90‌
96‌
4.00%,
12/20/2044
168‌
180‌
Schedule
of
Investments
Bond
Market
Index
Fund
February
28,
2022
(unaudited)
See
accompanying
notes.
76
U.S.
GOVERNMENT
&
GOVERNMENT
AGENCY
OBLIGATIONS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Government
National
Mortgage
Association
(GNMA)
(continued)
4.00%,
01/20/2045
$
72‌
$
77‌
4.00%,
03/20/2045
111‌
119‌
4.00%,
08/20/2045
126‌
135‌
4.00%,
09/15/2045
21‌
22‌
4.00%,
09/20/2045
145‌
155‌
4.00%,
10/20/2045
184‌
193‌
4.00%,
11/20/2045
256‌
274‌
4.00%,
12/15/2045
45‌
48‌
4.00%,
01/20/2046
300‌
319‌
4.00%,
02/20/2046
47‌
51‌
4.00%,
04/20/2046
180‌
189‌
4.00%,
10/20/2046
51‌
54‌
4.00%,
11/20/2046
236‌
249‌
4.00%,
01/20/2047
14‌
14‌
4.00%,
02/20/2047
217‌
229‌
4.00%,
03/20/2047
151‌
159‌
4.00%,
05/20/2047
51‌
53‌
4.00%,
11/20/2047
336‌
354‌
4.50%,
03/15/2039
103‌
114‌
4.50%,
03/15/2040
120‌
133‌
4.50%,
07/15/2040
133‌
147‌
4.50%,
02/20/2041
24‌
26‌
4.50%,
03/20/2041
17‌
19‌
4.50%,
05/15/2045
49‌
54‌
4.50%,
12/20/2046
171‌
188‌
4.50%,
10/15/2047
97‌
106‌
5.00%,
05/15/2033
102‌
116‌
5.00%,
07/20/2038
86‌
95‌
5.00%,
10/15/2038
142‌
161‌
5.00%,
04/20/2039
59‌
66‌
5.00%,
10/15/2041
125‌
140‌
5.00%,
01/20/2045
96‌
107‌
5.00%,
02/20/2046
33‌
37‌
5.00%,
12/20/2046
74‌
83‌
5.00%,
08/20/2048
27‌
28‌
5.00%,
10/20/2048
95‌
101‌
5.50%,
03/15/2038
53‌
58‌
5.50%,
02/15/2039
46‌
50‌
5.50%,
06/15/2040
130‌
143‌
5.50%,
07/20/2044
72‌
82‌
5.50%,
09/20/2044
117‌
133‌
5.50%,
12/20/2048
16‌
17‌
$
50,752‌
U.S.
Treasury
-
40.29%
0.13%,
06/30/2023
1,325‌
1,305‌
0.13%,
07/15/2023
855‌
842‌
0.13%,
07/31/2023
1,920‌
1,888‌
0.13%,
08/15/2023
495‌
487‌
0.13%,
10/15/2023
800‌
784‌
0.25%,
09/30/2023
6,035‌
5,931‌
0.25%,
03/15/2024
2,255‌
2,199‌
0.25%,
06/15/2024
3,035‌
2,946‌
0.25%,
05/31/2025
1,430‌
1,365‌
0.25%,
06/30/2025
2,945‌
2,808‌
0.25%,
07/31/2025
310‌
295‌
0.25%,
08/31/2025
1,680‌
1,597‌
0.25%,
09/30/2025
1,600‌
1,519‌
0.38%,
04/15/2024
4,865‌
4,749‌
0.38%,
12/31/2025
3,835‌
3,644‌
0.38%,
01/31/2026
1,605‌
1,522‌
0.38%,
07/31/2027
3,605‌
3,347‌
0.38%,
09/30/2027
1,710‌
1,583‌
0.50%,
03/31/2025
950‌
917‌
0.50%,
04/30/2027
450‌
422‌
0.50%,
05/31/2027
555‌
520‌
0.50%,
06/30/2027
745‌
697‌
0.50%,
08/31/2027
1,520‌
1,418‌
0.50%,
10/31/2027
1,315‌
1,224‌
U.S.
GOVERNMENT
&
GOVERNMENT
AGENCY
OBLIGATIONS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
U.S.
Treasury
(continued)
0.63%,
07/31/2026
$
985‌
$
938‌
0.63%,
03/31/2027
885‌
837‌
0.63%,
11/30/2027
1,270‌
1,189‌
0.63%,
12/31/2027
1,205‌
1,127‌
0.63%,
05/15/2030
4,830‌
4,389‌
0.63%,
08/15/2030
5,675‌
5,143‌
0.75%,
05/31/2026
1,410‌
1,353‌
0.75%,
08/31/2026
600‌
574‌
0.75%,
01/31/2028
1,475‌
1,388‌
0.88%,
01/31/2024
(a)
450‌
445‌
0.88%,
09/30/2026
725‌
697‌
0.88%,
11/15/2030
3,225‌
2,979‌
1.00%,
12/15/2024
1,285‌
1,263‌
1.00%,
07/31/2028
2,550‌
2,423‌
1.13%,
02/28/2025
1,160‌
1,143‌
1.13%,
02/28/2027
4,125‌
4,002‌
1.13%,
02/29/2028
1,995‌
1,919‌
1.13%,
08/31/2028
410‌
392‌
1.13%,
02/15/2031
3,210‌
3,024‌
1.13%,
05/15/2040
1,950‌
1,622‌
1.13%,
08/15/2040
1,085‌
899‌
1.25%,
08/31/2024
3,140‌
3,115‌
1.25%,
11/30/2026
500‌
489‌
1.25%,
03/31/2028
1,550‌
1,500‌
1.25%,
04/30/2028
1,980‌
1,916‌
1.25%,
05/31/2028
2,420‌
2,340‌
1.25%,
06/30/2028
2,990‌
2,888‌
1.25%,
09/30/2028
2,255‌
2,174‌
1.25%,
08/15/2031
2,610‌
2,478‌
1.25%,
05/15/2050
1,580‌
1,260‌
1.38%,
08/31/2023
1,510‌
1,511‌
1.38%,
01/31/2025
1,820‌
1,807‌
1.38%,
10/31/2028
1,710‌
1,661‌
1.38%,
12/31/2028
(a)
2,000‌
1,942‌
1.38%,
11/15/2031
3,545‌
3,398‌
1.38%,
11/15/2040
2,500‌
2,162‌
1.38%,
08/15/2050
2,955‌
2,433‌
1.50%,
03/31/2023
3,520‌
3,533‌
1.50%,
09/30/2024
1,485‌
1,481‌
1.50%,
10/31/2024
930‌
927‌
1.50%,
08/15/2026
5,875‌
5,813‌
1.50%,
01/31/2027
910‌
899‌
1.50%,
02/15/2030
1,510‌
1,475‌
1.63%,
04/30/2023
1,875‌
1,884‌
1.63%,
05/31/2023
3,000‌
3,015‌
1.63%,
10/31/2023
2,195‌
2,203‌
1.63%,
02/15/2026
2,808‌
2,796‌
1.63%,
05/15/2026
4,806‌
4,782‌
1.63%,
09/30/2026
495‌
492‌
1.63%,
08/15/2029
1,600‌
1,580‌
1.63%,
05/15/2031
2,920‌
2,869‌
1.63%,
11/15/2050
2,880‌
2,523‌
1.75%,
05/15/2023
4,000‌
4,026‌
1.75%,
12/31/2026
2,155‌
2,155‌
1.75%,
11/15/2029
2,315‌
2,308‌
1.75%,
08/15/2041
1,240‌
1,137‌
1.88%,
08/31/2024
2,065‌
2,080‌
1.88%,
07/31/2026
1,340‌
1,347‌
1.88%,
02/15/2041
1,345‌
1,264‌
1.88%,
02/15/2051
1,845‌
1,718‌
1.88%,
11/15/2051
1,830‌
1,707‌
2.00%,
04/30/2024
2,110‌
2,132‌
2.00%,
05/31/2024
5,715‌
5,774‌
2.00%,
06/30/2024
1,500‌
1,516‌
2.00%,
02/15/2025
4,825‌
4,875‌
2.00%,
08/15/2025
1,750‌
1,767‌
2.00%,
11/15/2026
2,840‌
2,872‌
2.00%,
11/15/2041
620‌
594‌
Schedule
of
Investments
Bond
Market
Index
Fund
February
28,
2022
(unaudited)
See
accompanying
notes.
77
U.S.
GOVERNMENT
&
GOVERNMENT
AGENCY
OBLIGATIONS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
U.S.
Treasury
(continued)
2.00%,
02/15/2050
$
1,760‌
$
1,685‌
2.00%,
08/15/2051
2,985‌
2,863‌
2.13%,
02/29/2024
3,230‌
3,271‌
2.13%,
03/31/2024
810‌
820‌
2.13%,
09/30/2024
600‌
608‌
2.13%,
11/30/2024
2,465‌
2,498‌
2.13%,
05/15/2025
3,870‌
3,924‌
2.25%,
12/31/2023
1,740‌
1,765‌
2.25%,
04/30/2024
3,710‌
3,768‌
2.25%,
10/31/2024
1,950‌
1,983‌
2.25%,
11/15/2024
1,705‌
1,734‌
2.25%,
12/31/2024
4,000‌
4,070‌
2.25%,
11/15/2025
3,405‌
3,470‌
2.25%,
03/31/2026
1,425‌
1,453‌
2.25%,
02/15/2027
2,670‌
2,733‌
2.25%,
08/15/2027
2,755‌
2,823‌
2.25%,
11/15/2027
2,610‌
2,674‌
2.25%,
05/15/2041
705‌
703‌
2.25%,
08/15/2046
860‌
851‌
2.25%,
08/15/2049
1,570‌
1,583‌
2.25%,
02/15/2052
425‌
433‌
2.38%,
04/30/2026
2,895‌
2,968‌
2.38%,
05/15/2027
1,595‌
1,643‌
2.38%,
05/15/2029
2,215‌
2,298‌
2.38%,
11/15/2049
1,500‌
1,555‌
2.38%,
05/15/2051
2,505‌
2,612‌
2.50%,
03/31/2023
230‌
233‌
2.50%,
01/31/2024
3,600‌
3,671‌
2.50%,
05/15/2024
1,825‌
1,863‌
2.50%,
02/28/2026
4,840‌
4,981‌
2.50%,
02/15/2045
1,460‌
1,507‌
2.50%,
02/15/2046
1,520‌
1,574‌
2.50%,
05/15/2046
1,395‌
1,445‌
2.63%,
06/30/2023
2,000‌
2,036‌
2.63%,
12/31/2023
3,435‌
3,509‌
2.63%,
12/31/2025
2,160‌
2,232‌
2.63%,
01/31/2026
805‌
832‌
2.63%,
02/15/2029
1,025‌
1,079‌
2.75%,
04/30/2023
2,280‌
2,321‌
2.75%,
05/31/2023
2,900‌
2,955‌
2.75%,
07/31/2023
2,818‌
2,876‌
2.75%,
11/15/2023
1,505‌
1,539‌
2.75%,
02/15/2024
4,600‌
4,715‌
2.75%,
06/30/2025
3,290‌
3,403‌
2.75%,
02/15/2028
3,760‌
3,963‌
2.75%,
08/15/2042
739‌
796‌
2.75%,
11/15/2042
125‌
135‌
2.75%,
08/15/2047
1,070‌
1,171‌
2.75%,
11/15/2047
1,435‌
1,573‌
2.88%,
09/30/2023
3,125‌
3,199‌
2.88%,
11/30/2023
1,050‌
1,076‌
2.88%,
04/30/2025
3,325‌
3,448‌
2.88%,
05/31/2025
1,325‌
1,374‌
2.88%,
11/30/2025
1,470‌
1,531‌
2.88%,
05/15/2028
2,600‌
2,761‌
2.88%,
08/15/2028
4,470‌
4,756‌
2.88%,
05/15/2043
605‌
663‌
2.88%,
08/15/2045
765‌
844‌
2.88%,
11/15/2046
600‌
666‌
2.88%,
05/15/2049
1,585‌
1,801‌
3.00%,
09/30/2025
540‌
564‌
3.00%,
05/15/2042
1,045‌
1,170‌
3.00%,
11/15/2044
660‌
741‌
3.00%,
05/15/2045
825‌
927‌
3.00%,
11/15/2045
200‌
226‌
3.00%,
02/15/2047
1,125‌
1,278‌
3.00%,
05/15/2047
1,190‌
1,355‌
3.00%,
02/15/2048
1,215‌
1,398‌
U.S.
GOVERNMENT
&
GOVERNMENT
AGENCY
OBLIGATIONS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
U.S.
Treasury
(continued)
3.00%,
08/15/2048
$
1,475‌
$
1,702‌
3.00%,
02/15/2049
1,445‌
1,677‌
3.13%,
11/15/2028
1,645‌
1,779‌
3.13%,
11/15/2041
435‌
495‌
3.13%,
02/15/2042
1,140‌
1,300‌
3.13%,
02/15/2043
815‌
928‌
3.13%,
08/15/2044
165‌
189‌
3.13%,
05/15/2048
2,810‌
3,312‌
3.38%,
05/15/2044
1,595‌
1,893‌
3.38%,
11/15/2048
1,200‌
1,482‌
3.50%,
02/15/2039
375‌
451‌
3.63%,
08/15/2043
655‌
803‌
3.63%,
02/15/2044
1,245‌
1,530‌
3.75%,
08/15/2041
400‌
496‌
3.75%,
11/15/2043
2,080‌
2,599‌
3.88%,
08/15/2040
1,350‌
1,695‌
4.25%,
05/15/2039
375‌
493‌
4.25%,
11/15/2040
1,038‌
1,364‌
4.38%,
02/15/2038
495‌
656‌
4.38%,
05/15/2040
440‌
588‌
4.38%,
05/15/2041
1,090‌
1,459‌
4.50%,
02/15/2036
440‌
582‌
4.50%,
05/15/2038
305‌
410‌
4.50%,
08/15/2039
730‌
989‌
4.63%,
02/15/2040
1,345‌
1,847‌
4.75%,
02/15/2037
285‌
389‌
4.75%,
02/15/2041
99‌
139‌
5.00%,
05/15/2037
385‌
539‌
5.25%,
11/15/2028
409‌
497‌
5.25%,
02/15/2029
795‌
974‌
5.38%,
02/15/2031
1,100‌
1,426‌
6.00%,
02/15/2026
1,170‌
1,364‌
6.25%,
05/15/2030
1,270‌
1,701‌
6.38%,
08/15/2027
1,540‌
1,909‌
6.50%,
11/15/2026
1,000‌
1,215‌
6.63%,
02/15/2027
450‌
554‌
$
366,774‌
TOTAL
U.S.
GOVERNMENT
&
GOVERNMENT
AGENCY
OBLIGATIONS
$
604,402‌
Total
Investments
$
964,646‌
Other
Assets
and
Liabilities
-  (5.96)%
(54,261‌)
TOTAL
NET
ASSETS
-
100.00%
$
910,385‌
(a)
Security
or
a
portion
of
the
security
was
on
loan.  At
the
end
of
the
period,
the
value
of
these
securities
totaled
$10,506
or
1.15%
of
net
assets.
(b)
Current
yield
shown
is
as
of
period
end.
(c)
Security
or
a
portion
of
the
security
was
received
as
collateral
for
securities
lending.
At
the
end
of
the
period,
the
value
of
these
securities
totaled
$10,654
or
1.17%
of
net
assets.
(d)
Affiliated
Security.
Security
is
either
an
affiliate
(and
registered
under
the
Investment
Company
Act
of
1940,
as
amended,
(the
"1940
Act"))
or
an
affiliate
as
defined
by
the
1940
act
(controls
5.00%
or
more
of
the
outstanding
voting
shares
of
the
security).
Please
see
Affiliated
Securities
sub-schedule
for
transactional
information.
(e)
Non-income
producing
security
(f)
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
purchased
on
a
when-issued
basis.
(h)
Certain
variable
rate
securities
are
not
based
on
a
published
reference
rate
and
spread
but
are
determined
by
the
issuer
or
agent
and
are
based
on
current
market
conditions.  These
securities
do
not
indicate
a
reference
rate
and
spread
in
their
description.
Rate
shown
is
the
rate
in
effect
as
of
period
end.
(i)
Security
exempt
from
registration
under
Rule
144A
of
the
Securities
Act
of
1933.
These
securities
may
be
resold
in
transactions
exempt
from
registration,
normally
to
qualified
institutional
buyers.
At
the
end
of
the
period,
the
value
of
these
securities
totaled
$2,707
or
0.30%
of
net
assets.
Schedule
of
Investments
Bond
Market
Index
Fund
February
28,
2022
(unaudited)
See
accompanying
notes.
78
(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.
Portfolio
Summary  (unaudited)
Sector
Percent
Government
44.66‌%
Mortgage
Securities
26.77‌%
Money
Market
Funds
8.33‌%
Financial
8.31‌%
Consumer,
Non-cyclical
4.26‌%
Communications
2.31‌%
Energy
2.09‌%
Utilities
2.05‌%
Industrial
2.00‌%
Technology
1.95‌%
Consumer,
Cyclical
1.29‌%
Investment
Companies
0.89‌%
Basic
Materials
0.60‌%
Revenue
Bonds
0.20‌%
General
Obligation
Unlimited
0.19‌%
Insured
0.06‌%
Other
Assets
and
Liabilities
(5.96‌)%
TOTAL
NET
ASSETS
100.00%
Affiliated
Securities
August
31,
2021
Purchases
Sales
February
28,
2022
Value
Cost
Proceeds
Value
Principal
Government
Money
Market
Fund
-
Institutional
Class
0.00%
$
77,789‌
$
179,021‌
$
187,144‌
$
69,666‌
$
77,789‌
$
179,021‌
$
187,144‌
$
69,666‌
Income
(a)
Realized
Gain/(Loss)
on
Investments
Realized
Gain
from
Capital
Gain
Distributions
Change
in
Unrealized
Gain/
(Loss)
Principal
Government
Money
Market
Fund
-
Institutional
Class
0.00%
$
—‌
$
—‌
$
—‌
$
—‌
$
—‌
$
—‌
$
—‌
$
—‌
Amounts
in
thousands.
(a)
Amount
excludes
earnings
from
securities
lending
collateral.
Consolidated
Schedule
of
Investments
Diversified
Real
Asset
Fund
February
28,
2022
(unaudited)
See
accompanying
notes.
79
INVESTMENT
COMPANIES
-
4.58%
Shares
Held
Value
(000's)
Exchange-Traded
Funds
-
0.32%
Invesco
S&P
Global
Water
Index
ETF
(a)
68,674‌
$
3,547‌
SPDR
S&P
Global
Natural
Resources
ETF
191,144‌
11,180‌
$
14,727‌
Money
Market
Funds
-
4.26%
BlackRock
Liquidity
FedFund
-
Institutional
Class
0.03%
(b),(c)
33,976,042‌
33,976‌
Principal
Government
Money
Market
Fund
-
Institutional
Class
0.00%
(b),(c),(d),(e)
162,234,522‌
162,235‌
$
196,211‌
TOTAL
INVESTMENT
COMPANIES
$
210,938‌
COMMON
STOCKS
-
56.14%
Shares
Held
Value
(000's)
Agriculture
-
0.70%
Archer-Daniels-Midland
Co
57,045‌
$
4,475‌
Bunge
Ltd
155,581‌
16,266‌
Darling
Ingredients
Inc
(e)
155,757‌
11,289‌
$
32,030‌
Automobile
Parts
&
Equipment
-
0.09%
Aptiv
PLC
(e)
31,970‌
4,138‌
Beverages
-
0.04%
Vitasoy
International
Holdings
Ltd
1,098,000‌
2,036‌
Biotechnology
-
0.35%
Corteva
Inc
305,013‌
15,870‌
Building
Materials
-
0.63%
AZEK
Co
Inc/The
(e)
70,189‌
2,070‌
Builders
FirstSource
Inc
(e)
25,055‌
1,865‌
Dexco
SA
150,800‌
403‌
Forterra
Inc
(e)
16,181‌
381‌
Fortune
Brands
Home
&
Security
Inc
12,085‌
1,050‌
Geberit
AG
9,910‌
6,483‌
Interfor
Corp
153,157‌
4,666‌
Lennox
International
Inc
14,281‌
3,812‌
Louisiana-Pacific
Corp
42,743‌
3,075‌
Nibe
Industrier
AB
400,902‌
3,569‌
UFP
Industries
Inc
18,475‌
1,584‌
$
28,958‌
Chemicals
-
1.87%
CF
Industries
Holdings
Inc
199,776‌
16,219‌
Chr
Hansen
Holding
A/S
71,507‌
5,213‌
FMC
Corp
35,421‌
4,153‌
ICL
Group
Ltd
404,799‌
4,597‌
Ingevity
Corp
(e)
17,808‌
1,215‌
Koninklijke
DSM
NV
26,387‌
4,955‌
Lenzing
AG
(e)
6,347‌
700‌
Mosaic
Co/The
390,908‌
20,495‌
Novozymes
A/S
55,758‌
3,660‌
Nutrien
Ltd
53,700‌
4,618‌
Nutrien
Ltd
47,586‌
4,092‌
Olin
Corp
78,383‌
4,038‌
Rayonier
Advanced
Materials
Inc
(e)
57,082‌
335‌
Sociedad
Quimica
y
Minera
de
Chile
SA
ADR
57,001‌
3,772‌
Tronox
Holdings
PLC
208,682‌
4,236‌
Yara
International
ASA
72,562‌
3,696‌
$
85,994‌
Commercial
Services
-
2.37%
ALEATICA
SAB
de
CV
(e)
6,474,574‌
6,007‌
Atlantia
SpA
(e)
711,543‌
13,089‌
Atlas
Arteria
Ltd
6,360,262‌
30,244‌
Brambles
Ltd
759,486‌
5,470‌
CCR
SA
3,754,230‌
8,570‌
Cengage
Learning
Holdings
II
Inc
(e)
2,772‌
44‌
Herc
Holdings
Inc
24,274‌
3,863‌
Transurban
Group
4,165,910‌
38,478‌
Verisk
Analytics
Inc
20,082‌
3,561‌
$
109,326‌
Computers
-
0.00%
IQOR
US
Inc
(e)
14,193‌
114‌
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Consumer
Products
-
0.14%
Avery
Dennison
Corp
17,303‌
$
3,049‌
Kimberly-Clark
Corp
23,491‌
3,057‌
Ontex
Group
NV
(e)
67,508‌
482‌
$
6,588‌
Cosmetics
&
Personal
Care
-
0.11%
Essity
AB
98,082‌
2,524‌
Unicharm
Corp
71,800‌
2,707‌
$
5,231‌
Distribution
&
Wholesale
-
0.01%
Veritiv
Corp
(e)
6,082‌
652‌
Diversified
Financial
Services
-
0.10%
Hannon
Armstrong
Sustainable
Infrastructure
Capital
Inc
99,944‌
4,731‌
Electric
-
9.08%
ACEA
SpA
29,901‌
568‌
American
Electric
Power
Co
Inc
273,723‌
24,813‌
Brookfield
Renewable
Corp
(a)
350,121‌
13,084‌
Clearway
Energy
Inc
-
Class
C
564,877‌
18,867‌
CLP
Holdings
Ltd
849,000‌
8,649‌
CMS
Energy
Corp
94,852‌
6,071‌
Constellation
Energy
Corp
213,197‌
9,803‌
CPFL
Energia
SA
1,803,341‌
10,592‌
EDP
-
Energias
de
Portugal
SA
2,705,151‌
13,208‌
EDP
Renovaveis
SA
246,623‌
5,995‌
Emera
Inc
205,344‌
9,607‌
Entergy
Corp
134,013‌
14,099‌
Eversource
Energy
116,637‌
9,541‌
FirstEnergy
Corp
367,175‌
15,366‌
Hydro
One
Ltd
(f)
301,778‌
7,452‌
Iberdrola
SA
2,999,938‌
34,036‌
National
Grid
PLC
3,301,817‌
49,922‌
NextEra
Energy
Inc
238,672‌
18,681‌
Ormat
Technologies
Inc
70,563‌
5,035‌
PPL
Corp
370,957‌
9,708‌
Public
Service
Enterprise
Group
Inc
330,965‌
21,456‌
Red
Electrica
Corp
SA
498,743‌
9,880‌
Sempra
Energy
231,105‌
33,330‌
Southern
Co/The
187,063‌
12,116‌
SSE
PLC
1,425,570‌
32,354‌
Terna
-
Rete
Elettrica
Nazionale
1,679,480‌
13,760‌
Xcel
Energy
Inc
148,034‌
9,967‌
$
417,960‌
Electrical
Components
&
Equipment
-
0.56%
Delta
Electronics
Inc
626,000‌
5,579‌
Generac
Holdings
Inc
(e)
16,721‌
5,275‌
Legrand
SA
52,315‌
4,936‌
Littelfuse
Inc
19,891‌
5,136‌
Nihon
Trim
Co
Ltd
2,600‌
62‌
Signify
NV
(f)
96,715‌
4,947‌
$
25,935‌
Electronics
-
0.68%
Azbil
Corp
118,600‌
4,502‌
Badger
Meter
Inc
45,338‌
4,507‌
Halma
PLC
319,780‌
10,314‌
Hubbell
Inc
30,562‌
5,448‌
Itron
Inc
(e)
41,295‌
1,969‌
Trimble
Inc
(e)
66,726‌
4,654‌
$
31,394‌
Energy
-
Alternate
Sources
-
0.84%
Archaea
Energy
Inc
(e)
239,907‌
4,400‌
NextEra
Energy
Partners
LP
222,225‌
17,336‌
SolarEdge
Technologies
Inc
(e)
18,546‌
5,924‌
Stem
Inc
(e)
45,289‌
431‌
Vestas
Wind
Systems
A/S
190,656‌
6,148‌
Xinyi
Solar
Holdings
Ltd
2,496,000‌
4,533‌
$
38,772‌
Consolidated
Schedule
of
Investments
Diversified
Real
Asset
Fund
February
28,
2022
(unaudited)
See
accompanying
notes.
80
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Engineering
&
Construction
-
3.11%
Aena
SME
SA
(e),(f)
263,194‌
$
42,955‌
Auckland
International
Airport
Ltd
(e)
1,057,311‌
5,120‌
Enav
SpA
(e),(f)
3,639,993‌
16,732‌
Ferrovial
SA
334,531‌
9,114‌
Flughafen
Zurich
AG
(e)
28,925‌
5,204‌
Fluor
Corp
(e)
402,785‌
8,724‌
Fomento
de
Construcciones
y
Contratas
SA
38,013‌
432‌
Grupo
Aeroportuario
del
Centro
Norte
SAB
de
CV
653,183‌
4,704‌
Grupo
Aeroportuario
del
Pacifico
SAB
de
CV
(e)
814,429‌
11,928‌
Grupo
Aeroportuario
del
Sureste
SAB
de
CV
291,064‌
6,266‌
Sacyr
SA
825,152‌
1,931‌
Stantec
Inc
73,800‌
3,668‌
Vantage
Towers
AG
145,163‌
4,732‌
Vinci
SA
205,629‌
21,561‌
$
143,071‌
Entertainment
-
0.00%
Cineworld
Group
PLC
-
Warrants
(e)
29,862‌
5‌
Environmental
Control
-
0.62%
Befesa
SA
(f)
33,930‌
2,363‌
China
Water
Affairs
Group
Ltd
468,000‌
517‌
Energy
Recovery
Inc
(e)
20,804‌
395‌
Evoqua
Water
Technologies
Corp
(e)
65,699‌
2,803‌
Kurita
Water
Industries
Ltd
68,400‌
2,827‌
Li-Cycle
Holdings
Corp
(a),(e)
77,705‌
604‌
METAWATER
Co
Ltd
13,300‌
246‌
Montrose
Environmental
Group
Inc
(e)
14,521‌
641‌
Nomura
Micro
Science
Co
Ltd
(a)
5,300‌
170‌
Pentair
PLC
181,401‌
10,504‌
Pure
Cycle
Corp
(e)
11,684‌
138‌
Tetra
Tech
Inc
32,380‌
5,141‌
TOMRA
Systems
ASA
49,088‌
2,310‌
$
28,659‌
Food
-
0.25%
Ingredion
Inc
38,105‌
3,381‌
Salmar
ASA
60,438‌
4,441‌
Wilmar
International
Ltd
1,184,100‌
3,848‌
$
11,670‌
Forest
Products
&
Paper
-
1.91%
Acadian
Timber
Corp
(a)
89,693‌
1,345‌
Canfor
Corp
(e)
155,608‌
3,522‌
Clearwater
Paper
Corp
(e)
17,091‌
493‌
Empresas
CMPC
SA
578,772‌
957‌
Holmen
AB
50,998‌
2,497‌
International
Paper
Co
148,203‌
6,452‌
Mercer
International
Inc
70,804‌
947‌
Mondi
PLC
315,091‌
6,611‌
Nine
Dragons
Paper
Holdings
Ltd
3,833,000‌
3,672‌
Oji
Holdings
Corp
517,200‌
2,643‌
Sappi
Ltd
(e)
446,334‌
1,481‌
Smurfit
Kappa
Group
PLC
134,510‌
6,717‌
Stora
Enso
Oyj
500,001‌
9,522‌
Sumitomo
Forestry
Co
Ltd
90,900‌
1,753‌
Suzano
SA
ADR
(a)
356,288‌
3,809‌
Suzano
SA
470,100‌
5,025‌
Svenska
Cellulosa
AB
SCA
519,300‌
8,472‌
Sylvamo
Corp
(e)
161,552‌
5,638‌
UPM-Kymmene
Oyj
206,775‌
7,145‌
West
Fraser
Timber
Co
Ltd
80,236‌
8,009‌
Western
Forest
Products
Inc
655,185‌
1,101‌
$
87,811‌
Gas
-
1.27%
Atmos
Energy
Corp
69,751‌
7,659‌
Brookfield
Infrastructure
Corp
96,689‌
6,811‌
Enagas
SA
525,192‌
11,099‌
NiSource
Inc
260,075‌
7,524‌
Snam
SpA
4,590,783‌
25,508‌
$
58,601‌
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Hand
&
Machine
Tools
-
0.04%
Franklin
Electric
Co
Inc
20,917‌
$
1,769‌
Healthcare
-
Products
-
0.28%
DiaSorin
SpA
20,564‌
3,078‌
Hengan
International
Group
Co
Ltd
131,095‌
695‌
PerkinElmer
Inc
24,784‌
4,451‌
Repligen
Corp
(e)
24,570‌
4,833‌
$
13,057‌
Healthcare
-
Services
-
0.00%
Millennium
Health
LLC
(e),(g),(h)
20,580‌
11‌
Millennium
Health
LLC
(e),(g),(h)
19,318‌
8‌
$
19‌
Home
Builders
-
0.34%
DR
Horton
Inc
75,724‌
6,467‌
Lennar
Corp
-
A
Shares
13,745‌
1,236‌
PulteGroup
Inc
28,508‌
1,416‌
Sekisui
Chemical
Co
Ltd
268,200‌
4,392‌
Toll
Brothers
Inc
23,283‌
1,263‌
Tri
Pointe
Homes
Inc
(e)
28,980‌
648‌
$
15,422‌
Housewares
-
0.07%
Scotts
Miracle-Gro
Co/The
24,490‌
3,430‌
Insurance
-
0.17%
Hannover
Rueck
SE
21,344‌
3,929‌
Hiscox
Ltd
300,407‌
3,697‌
$
7,626‌
Internet
-
0.00%
Catalina
Marketing
Corp
(e)
3,965‌
1‌
Iron
&
Steel
-
0.60%
ArcelorMittal
SA
131,751‌
4,088‌
Fortescue
Metals
Group
Ltd
294,225‌
3,920‌
Nippon
Steel
Corp
237,200‌
4,343‌
Novolipetsk
Steel
PJSC
122,620‌
940‌
Nucor
Corp
33,395‌
4,395‌
POSCO
Holdings
Inc
16,151‌
3,843‌
Severstal
PAO
168,982‌
858‌
Vale
SA
ADR
286,874‌
5,304‌
$
27,691‌
Lodging
-
0.14%
Choice
Hotels
International
Inc
22,301‌
3,219‌
Travel
+
Leisure
Co
59,300‌
3,324‌
$
6,543‌
Machinery
-
Construction
&
Mining
-
0.05%
Vertiv
Holdings
Co
186,299‌
2,426‌
Machinery
-
Diversified
-
0.80%
ANDRITZ
AG
26,960‌
1,209‌
Duerr
AG
24,332‌
876‌
Georg
Fischer
AG
2,474‌
3,044‌
Gorman-Rupp
Co/The
12,277‌
457‌
Husqvarna
AB
7,962‌
96‌
Interpump
Group
SpA
49,412‌
2,668‌
Lindsay
Corp
5,800‌
761‌
Mueller
Water
Products
Inc
-
Class
A
86,350‌
1,096‌
Organo
Corp
4,000‌
285‌
Spirax-Sarco
Engineering
PLC
31,219‌
4,975‌
Valmet
Oyj
41,003‌
1,422‌
Watts
Water
Technologies
Inc
33,659‌
4,845‌
Xylem
Inc/NY
124,185‌
11,046‌
Zurn
Water
Solutions
Corp
119,555‌
3,888‌
$
36,668‌
Media
-
0.00%
Cumulus
Media
Inc
(e)
6‌
—‌
Metal
Fabrication
&
Hardware
-
0.20%
Advanced
Drainage
Systems
Inc
63,541‌
7,416‌
Reliance
Worldwide
Corp
Ltd
489,716‌
1,647‌
$
9,063‌
Consolidated
Schedule
of
Investments
Diversified
Real
Asset
Fund
February
28,
2022
(unaudited)
See
accompanying
notes.
81
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Mining
-
3.05%
Agnico
Eagle
Mines
Ltd
71,528‌
$
3,613‌
Alcoa
Corp
166,916‌
12,575‌
Anglo
American
PLC
335,914‌
17,052‌
Antofagasta
PLC
194,367‌
3,936‌
Barrick
Gold
Corp
187,600‌
4,240‌
BHP
Group
Ltd
127,123‌
4,341‌
Energy
Fuels
Inc/Canada
(e)
150,195‌
1,227‌
First
Quantum
Minerals
Ltd
459,445‌
13,473‌
Franco-Nevada
Corp
26,029‌
3,833‌
Freeport-McMoRan
Inc
414,502‌
19,461‌
Glencore
PLC
(e)
751,124‌
4,417‌
MMC
Norilsk
Nickel
PJSC
ADR
123,517‌
1,590‌
MP
Materials
Corp
(e)
45,247‌
2,064‌
Newcrest
Mining
Ltd
211,888‌
3,931‌
Newmont
Corp
64,617‌
4,278‌
NexGen
Energy
Ltd
(e)
501,822‌
2,664‌
Norsk
Hydro
ASA
952,139‌
9,042‌
OZ
Minerals
Ltd
91,351‌
1,708‌
Polymetal
International
PLC
195,499‌
914‌
Polyus
PJSC
37,081‌
1,979‌
Rio
Tinto
Ltd
53,526‌
4,616‌
Sibanye
Stillwater
Ltd
355,557‌
1,677‌
South32
Ltd
1,417,784‌
4,976‌
Southern
Copper
Corp
60,661‌
4,209‌
Sumitomo
Metal
Mining
Co
Ltd
95,300‌
4,754‌
Wheaton
Precious
Metals
Corp
85,300‌
3,738‌
$
140,308‌
Miscellaneous
Manufacturers
-
0.07%
Aalberts
NV
56,927‌
3,176‌
Oil
&
Gas
-
5.69%
BP
PLC
824,171‌
4,017‌
California
Resources
Corp
35,788‌
1,476‌
California
Resources
Corp
-
Warrants
(e)
439‌
5‌
Canadian
Natural
Resources
Ltd
87,200‌
4,872‌
Chesapeake
Energy
Corp
100,800‌
7,787‌
Chevron
Corp
31,441‌
4,528‌
Comstock
Resources
Inc
(e)
281,638‌
2,338‌
ConocoPhillips
50,601‌
4,800‌
Devon
Energy
Corp
249,585‌
14,863‌
Diamondback
Energy
Inc
39,425‌
5,445‌
Ecopetrol
SA
ADR
(a)
276,159‌
4,466‌
Empresas
COPEC
SA
175,093‌
1,358‌
Eni
SpA
270,803‌
4,212‌
EOG
Resources
Inc
40,789‌
4,687‌
EQT
Corp
463,709‌
10,730‌
Equinor
ASA
498,843‌
15,681‌
Exxon
Mobil
Corp
59,304‌
4,651‌
Gazprom
PJSC
ADR
397,831‌
1,052‌
Hess
Corp
190,506‌
19,253‌
HollyFrontier
Corp
(e)
96,062‌
2,925‌
LUKOIL
PJSC
ADR
40,677‌
763‌
Marathon
Petroleum
Corp
234,303‌
18,245‌
Neste
Oyj
75,477‌
2,943‌
Novatek
PJSC
16,195‌
624‌
Occidental
Petroleum
Corp
452,476‌
19,787‌
Patterson-UTI
Energy
Inc
309,575‌
4,467‌
Petroleo
Brasileiro
SA
ADR
332,582‌
4,753‌
Phillips
66
204,005‌
17,186‌
Pioneer
Natural
Resources
Co
69,368‌
16,620‌
Quarternorth
Energy
Holding
Inc
(e),(h)
47,962‌
5,676‌
Quarternorth
Energy
Holding
Inc
-
Warrants
(e),(h)
27,298‌
3,230‌
Quarternorth
Energy
Holding
Inc
-
Warrants
(e),(g)
37,753‌
279‌
Quarternorth
Energy
Holding
Inc
-
Warrants
(e),(g)
19,603‌
196‌
Range
Resources
Corp
(e)
54,628‌
1,254‌
Reliance
Industries
Ltd
(f)
55,536‌
3,486‌
Repsol
SA
321,996‌
4,178‌
Rosneft
Oil
Co
PJSC
468,530‌
1,274‌
Shell
PLC
170,088‌
4,485‌
Suncor
Energy
Inc
(a)
146,400‌
4,477‌
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Oil
&
Gas
(continued)
Tatneft
PJSC
ADR
93,215‌
$
1,270‌
TotalEnergies
SE
77,635‌
3,955‌
Tourmaline
Oil
Corp
36,896‌
1,455‌
Transocean
Ltd
(e)
54,446‌
193‌
Valero
Energy
Corp
205,125‌
17,130‌
Vantage
Drilling
International
(e),(g)
4,456‌
33‌
Woodside
Petroleum
Ltd
(a)
233,543‌
4,880‌
$
261,985‌
Oil
&
Gas
Services
-
0.59%
Halliburton
Co
251,523‌
8,433‌
Liberty
Oilfield
Services
Inc
(e)
190,065‌
2,372‌
NexTier
Oilfield
Solutions
Inc
(e)
170,734‌
1,359‌
Schlumberger
NV
368,592‌
14,464‌
Select
Energy
Services
Inc
(e)
39,203‌
325‌
TETRA
Technologies
Inc
(e)
79,148‌
253‌
$
27,206‌
Packaging
&
Containers
-
0.81%
Amcor
PLC
313,483‌
3,646‌
DS
Smith
PLC
1,191,997‌
5,493‌
Graphic
Packaging
Holding
Co
83,885‌
1,726‌
Klabin
SA
459,500‌
2,069‌
Packaging
Corp
of
America
49,238‌
7,248‌
Sealed
Air
Corp
57,128‌
3,835‌
SIG
Combibloc
Group
AG
(e)
189,587‌
4,254‌
Sonoco
Products
Co
24,297‌
1,427‌
Westrock
Co
168,282‌
7,618‌
$
37,316‌
Pipelines
-
3.76%
APA
Group
2,662,745‌
19,466‌
Cheniere
Energy
Inc
86,094‌
11,442‌
Enbridge
Inc
(a)
964,152‌
41,655‌
Gibson
Energy
Inc
1,036,419‌
20,230‌
Kinder
Morgan
Inc
703,350‌
12,238‌
Koninklijke
Vopak
NV
164,255‌
6,087‌
Magellan
Midstream
Partners
LP
69,019‌
3,349‌
Pembina
Pipeline
Corp
(a)
555,864‌
18,901‌
TC
Energy
Corp
589,889‌
31,693‌
Williams
Cos
Inc/The
255,388‌
7,988‌
$
173,049‌
Private
Equity
-
0.11%
Capitaland
Investment
Ltd/Singapore
(e)
1,762,400‌
4,829‌
Real
Estate
-
1.11%
Fabege
AB
189,975‌
2,830‌
Hongkong
Land
Holdings
Ltd
720,200‌
3,900‌
Mitsui
Fudosan
Co
Ltd
666,700‌
14,838‌
New
World
Development
Co
Ltd
1,461,560‌
5,846‌
Qualitas
Ltd
(e)
1,623,669‌
2,653‌
Sunac
Services
Holdings
Ltd
(f)
2,262,500‌
1,934‌
Vonovia
SE
323,468‌
17,171‌
Wihlborgs
Fastigheter
AB
92,399‌
1,825‌
$
50,997‌
REITs
-
10.04%
Agree
Realty
Corp
41,761‌
2,679‌
Alexandria
Real
Estate
Equities
Inc
50,788‌
9,619‌
Allied
Properties
Real
Estate
Investment
Trust
119,100‌
4,142‌
American
Homes
4
Rent
247,980‌
9,426‌
American
Tower
Corp
33,444‌
7,587‌
Ascendas
Real
Estate
Investment
Trust
1,452,800‌
2,979‌
AvalonBay
Communities
Inc
75,366‌
17,982‌
Camden
Property
Trust
75,949‌
12,540‌
CapitaLand
Integrated
Commercial
Trust
2,287,206‌
3,580‌
CatchMark
Timber
Trust
Inc
134,612‌
1,031‌
Centuria
Industrial
REIT
1,233,526‌
3,367‌
CFE
Capital
S
de
RL
de
CV
4,114,857‌
5,063‌
Cousins
Properties
Inc
169,353‌
6,542‌
Crown
Castle
International
Corp
85,404‌
14,227‌
CubeSmart
153,666‌
7,408‌
CyrusOne
Inc
25,800‌
2,331‌
Consolidated
Schedule
of
Investments
Diversified
Real
Asset
Fund
February
28,
2022
(unaudited)
See
accompanying
notes.
82
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
REITs
(continued)
Daiwa
Office
Investment
Corp
716‌
$
4,427‌
Dexus
874,089‌
6,919‌
Digital
Core
REIT
Management
Pte
Ltd
(e)
4,598,426‌
5,150‌
Equinix
Inc
9,352‌
6,637‌
Essex
Property
Trust
Inc
46,713‌
14,816‌
Extra
Space
Storage
Inc
89,735‌
16,884‌
Federal
Realty
Investment
Trust
37,185‌
4,372‌
First
Industrial
Realty
Trust
Inc
99,600‌
5,735‌
Frasers
Logistics
&
Commercial
Trust
705,551‌
731‌
Gecina
SA
23,913‌
3,039‌
Goodman
Group
485,334‌
7,853‌
Healthcare
Trust
of
America
Inc
209,400‌
6,154‌
Industrial
&
Infrastructure
Fund
Investment
Corp
1,500‌
2,257‌
Inmobiliaria
Colonial
Socimi
SA
670,653‌
5,674‌
InterRent
Real
Estate
Investment
Trust
271,060‌
3,293‌
InvenTrust
Properties
Corp
96,600‌
2,507‌
Invitation
Homes
Inc
407,550‌
15,405‌
Japan
Metropolitan
Fund
Invest
4,692‌
3,797‌
Kilroy
Realty
Corp
155,096‌
11,108‌
Klepierre
SA
231,924‌
6,629‌
Link
REIT
650,970‌
5,260‌
Merlin
Properties
Socimi
SA
515,200‌
5,749‌
Minto
Apartment
Real
Estate
Investment
Trust
(f)
277,342‌
4,768‌
Nippon
Prologis
REIT
Inc
(e)
1,867‌
5,489‌
Park
Hotels
&
Resorts
Inc
183,783‌
3,463‌
PotlatchDeltic
Corp
136,706‌
7,505‌
Prologis
Inc
196,664‌
28,683‌
Public
Storage
27,100‌
9,621‌
Rayonier
Inc
358,668‌
14,240‌
Regency
Centers
Corp
94,377‌
6,219‌
Rexford
Industrial
Realty
Inc
208,115‌
14,595‌
Safestore
Holdings
PLC
484,051‌
8,241‌
Segro
PLC
712,971‌
12,399‌
STORE
Capital
Corp
223,111‌
6,854‌
Summit
Industrial
Income
REIT
306,747‌
5,211‌
Sun
Communities
Inc
73,403‌
13,286‌
Sunstone
Hotel
Investors
Inc
(e)
213,135‌
2,255‌
UNITE
Group
PLC/The
367,480‌
5,257‌
United
Urban
Investment
Corp
2,314‌
2,653‌
Ventas
Inc
240,491‌
12,987‌
VICI
Properties
Inc
324,911‌
9,085‌
Warehouses
De
Pauw
CVA
152,000‌
5,976‌
Welltower
Inc
198,444‌
16,528‌
Weyerhaeuser
Co
314,091‌
12,212‌
$
462,426‌
Retail
-
0.02%
Belk
Inc
(e)
139‌
2‌
Gymboree
Corp/The
(e),(g)
17,842‌
—‌
Gymboree
Holding
Corp
(e),(g)
48,577‌
—‌
Home
Depot
Inc/The
3,041‌
960‌
$
962‌
Semiconductors
-
0.16%
IPG
Photonics
Corp
(e)
17,783‌
2,318‌
Monolithic
Power
Systems
Inc
10,771‌
4,941‌
$
7,259‌
Software
-
0.37%
Altair
Engineering
Inc
(e)
52,800‌
3,507‌
Cadence
Design
Systems
Inc
(e)
24,917‌
3,773‌
Nemetschek
SE
32,029‌
2,842‌
PTC
Inc
(e)
55,584‌
6,185‌
Skillsoft
Corp
(e)
93,356‌
605‌
$
16,912‌
Telecommunications
-
0.10%
Eutelsat
Communications
SA
122,391‌
1,340‌
NEXTDC
Ltd
(e)
329,000‌
2,574‌
Windstream
(e)
9,809‌
174‌
Windstream
-
Warrants
(e),(g)
17,064‌
282‌
$
4,370‌
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Transportation
-
0.78%
American
Commercial
Lines
Inc
(e)
573‌
$
13‌
American
Commercial
Lines
Inc
-
Warrants
(e)
603‌
14‌
East
Japan
Railway
Co
203,700‌
12,102‌
Getlink
SE
860,363‌
14,032‌
West
Japan
Railway
Co
229,600‌
9,906‌
$
36,067‌
Water
-
2.06%
American
States
Water
Co
22,817‌
1,920‌
American
Water
Works
Co
Inc
119,695‌
18,084‌
Artesian
Resources
Corp
5,323‌
247‌
Beijing
Enterprises
Water
Group
Ltd
2,628,000‌
1,038‌
California
Water
Service
Group
31,652‌
1,802‌
Cia
de
Saneamento
Basico
do
Estado
de
Sao
Paulo
ADR
741,042‌
5,936‌
Essential
Utilities
Inc
244,936‌
11,539‌
Guangdong
Investment
Ltd
1,886,000‌
2,538‌
Middlesex
Water
Co
11,017‌
1,102‌
Pennon
Group
PLC
192,872‌
2,681‌
Severn
Trent
PLC
432,291‌
16,632‌
SJW
Group
16,637‌
1,085‌
United
Utilities
Group
PLC
1,491,842‌
21,412‌
Veolia
Environnement
SA
237,534‌
8,282‌
York
Water
Co/The
8,158‌
366‌
$
94,664‌
TOTAL
COMMON
STOCKS
$
2,584,787‌
CONVERTIBLE
PREFERRED
STOCKS
-
0.00%
Shares
Held
Value
(000's)
Software
-
0.00%
Riverbed
Technology
Inc
0.03%
12,193‌
$
139‌
TOTAL
CONVERTIBLE
PREFERRED
STOCKS
$
139‌
PREFERRED
STOCKS
-
0.00%
Shares
Held
Value
(000's)
Transportation
-
0.00%
American
Commercial
Lines
Inc
Preferred
A
1.87%
2,133‌
$
51‌
American
Commercial
Lines
Inc
Preferred
A
-
Anti-Dilution
Warrants
0.00%,
04/30/2045
(e),(g)
15,701‌
4‌
American
Commercial
Lines
Inc
Preferred
A
-
Warrants
0.00%,
04/30/2045
(e)
2,243‌
53‌
American
Commercial
Lines
Inc
Preferred
B
2.50%
(g)
2,428‌
61‌
American
Commercial
Lines
Inc
Preferred
B
-
Anti-Dilution
Warrants
0.00%,
04/30/2045
(e),(g)
11,942‌
4‌
American
Commercial
Lines
Inc
Preferred
B
-
Warrants
0.00%,
04/30/2045
(e),(g)
1,706‌
42‌
$
215‌
TOTAL
PREFERRED
STOCKS
$
215‌
BONDS
-
5.62%
Principal
Amount
(000's)
Value
(000's)
Commercial
Mortgage
Backed
Securities
-
0.96%
BCP
Trust
2021-330N
1.39%,
06/15/2038
(f)
$
5,000‌
$
4,884‌
1.00
x
1
Month
USD
LIBOR
+
1.20%
Benchmark
2019-B12
Mortgage
Trust
1.06%,
08/15/2052
(i),(j)
94,274‌
5,190‌
2.26%,
08/15/2052
1,670‌
1,671‌
Benchmark
2019-B15
Mortgage
Trust
0.82%,
12/15/2072
(i),(j)
15,977‌
801‌
BF
2019-NYT
Mortgage
Trust
1.39%,
12/15/2035
(f)
5,950‌
5,882‌
1.00
x
1
Month
USD
LIBOR
+
1.20%
BX
Trust
2021-SDMF
1.58%,
09/15/2034
(f)
3,500‌
3,353‌
1.00
x
1
Month
USD
LIBOR
+
1.39%
CIM
Retail
Portfolio
Trust
2021-RETL
2.09%,
08/15/2036
(f)
3,119‌
3,041‌
1.00
x
1
Month
USD
LIBOR
+
1.90%
Consolidated
Schedule
of
Investments
Diversified
Real
Asset
Fund
February
28,
2022
(unaudited)
See
accompanying
notes.
83
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Commercial
Mortgage
Backed
Securities
(continued)
Citigroup
Commercial
Mortgage
Trust
2019-GC41
1.06%,
08/10/2056
(i),(j)
$
80,297‌
$
4,816‌
1.95%,
08/10/2056
884‌
882‌
COMM
2018-HCLV
Mortgage
Trust
1.19%,
09/15/2033
(f)
5,120‌
5,017‌
1.00
x
1
Month
USD
LIBOR
+
1.00%
Freddie
Mac
Multifamily
Structured
Pass
Through
Certificates
0.96%,
05/25/2026
(i),(j)
69,586‌
2,441‌
1.31%,
07/25/2026
(i),(j)
11,923‌
548‌
UBS-Barclays
Commercial
Mortgage
Trust
2012-C3
3.09%,
08/10/2049
790‌
792‌
VASA
Trust
2021-VASA
1.09%,
07/15/2039
(f)
5,000‌
4,925‌
1.00
x
1
Month
USD
LIBOR
+
0.90%
$
44,243‌
Federal
&
Federally
Sponsored
Credit
-
1.41%
Federal
Farm
Credit
Banks
Funding
Corp
0.08%,
10/27/2023
(k)
6,200‌
6,198‌
Secured
Overnight
Financing
Rate
+
0.03%
0.10%,
11/09/2023
(k)
8,300‌
8,300‌
Secured
Overnight
Financing
Rate
+
0.05%
0.12%,
01/12/2023
(k)
15,300‌
15,192‌
0.13%,
11/23/2022
(k)
2,500‌
2,487‌
0.13%,
03/09/2023
(k)
8,000‌
7,936‌
0.13%,
04/13/2023
(k)
4,400‌
4,346‌
0.13%,
04/27/2023
(k)
5,100‌
5,036‌
0.14%,
09/23/2022
2,400‌
2,401‌
Secured
Overnight
Financing
Rate
+
0.09%
0.17%,
11/30/2022
(k)
1,000‌
994‌
0.28%,
05/27/2022
(k)
12,000‌
12,006‌
Federal
Reserve
Bank
Prime
Loan
Rate
US
+
(2.97)%
$
64,896‌
Finance
-
Mortgage
Loan/Banker
-
2.99%
Fannie
Mae
0.16%,
03/04/2022
(k)
17,000‌
17,000‌
Secured
Overnight
Financing
Rate
+
0.22%
0.23%,
05/13/2022
(k)
7,000‌
7,003‌
Secured
Overnight
Financing
Rate
+
0.18%
0.28%,
05/06/2022
(k)
14,000‌
14,005‌
Secured
Overnight
Financing
Rate
+
0.23%
0.40%,
04/07/2022
(k),(l)
40,000‌
40,014‌
Secured
Overnight
Financing
Rate
+
0.35%
0.44%,
04/15/2022
(k)
10,000‌
10,005‌
Secured
Overnight
Financing
Rate
+
0.39%
Federal
Home
Loan
Bank
Discount
Notes
0.05%,
03/18/2022
(m)
4,000‌
4,000‌
Federal
Home
Loan
Banks
0.11%,
11/10/2022
(k)
14,000‌
14,003‌
Secured
Overnight
Financing
Rate
+
0.07%
2.00%,
09/09/2022
(k)
9,700‌
9,762‌
2.13%,
06/10/2022
(k)
5,000‌
5,023‌
Freddie
Mac
0.20%,
03/04/2022
2,000‌
2,000‌
Secured
Overnight
Financing
Rate
+
0.15%
0.24%,
06/02/2022
(k)
15,000‌
15,007‌
Secured
Overnight
Financing
Rate
+
0.19%
$
137,822‌
Media
-
0.00%
iHeartCommunications
Inc
8.38%,
05/01/2027
1‌
1‌
Sovereign
-
0.26%
Chile
Government
International
Bond
3.50%,
01/31/2034
315‌
312‌
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Sovereign
(continued)
Colombia
Government
International
Bond
3.00%,
01/30/2030
(a)
$
1,060‌
$
913‌
3.25%,
04/22/2032
325‌
272‌
European
Union
0.00%,
07/04/2031
(e)
EUR
3,165‌
3,352‌
Japanese
Government
CPI
Linked
Bond
0.10%,
03/10/2028
JPY
497‌
4‌
Mexico
Government
International
Bond
1.45%,
10/25/2033
EUR
1,604‌
1,492‌
2.13%,
10/25/2051
193‌
153‌
New
Zealand
Government
Bond
1.75%,
05/15/2041
NZD
793‌
437‌
New
Zealand
Government
Inflation
Linked
Bond
2.00%,
09/20/2025
3,367‌
2,445‌
2.50%,
09/20/2040
645‌
554‌
Panama
Government
International
Bond
4.50%,
04/01/2056
$
400‌
386‌
Peruvian
Government
International
Bond
1.25%,
03/11/2033
EUR
325‌
311‌
Romanian
Government
International
Bond
3.62%,
05/26/2030
595‌
642‌
3.75%,
02/07/2034
(f)
475‌
485‌
$
11,758‌
TOTAL
BONDS
$
258,720‌
COMMODITY
INDEXED
STRUCTURED
NOTES
-
0.95%
Principal
Amount
(000's)
Value
(000's)
Banks
-
0.95%
Royal
Bank
of
Canada;
Bloomberg
Commodity
Index
2
Month
Forward
Total
ReturnSM
Index
Linked
Note
0.08%,
05/26/2022
(f),(j)
$
21,900‌
$
43,523‌
TOTAL
COMMODITY
INDEXED
STRUCTURED
NOTES
$
43,523‌
SENIOR
FLOATING
RATE
INTERESTS
-
9.06%
Principal
Amount
(000's)
Value
(000's)
Advertising
-
0.14%
ABG
Intermediate
Holdings
2
LLC
0.00%,
12/08/2028
(n),(o)
$
139‌
$
138‌
Secured
Overnight
Financing
Rate
+
3.50%
6.48%,
12/10/2029
(o)
240‌
240‌
Secured
Overnight
Financing
Rate
+
6.00%
Checkout
Holding
Corp
2.00%,
PIK
9.50%,
08/15/2023
(o),(p)
295‌
119‌
3
Month
USD
LIBOR
+
1.00%
8.50%,
02/15/2023
(o)
162‌
147‌
3
Month
USD
LIBOR
+
7.50%
Clear
Channel
Outdoor
Holdings
Inc
3.80%,
08/07/2026
(o)
5,746‌
5,632‌
1
Month
USD
LIBOR
+
3.50%
Red
Ventures
LLC
2.60%,
11/08/2024
(o)
372‌
366‌
1
Month
USD
LIBOR
+
2.50%
$
6,642‌
Aerospace
&
Defense
-
0.07%
Sequa
Mezzanine
Holdings
LLC
7.75%,
11/28/2023
(o)
1,516‌
1,519‌
1
Month
USD
LIBOR
+
6.75%
11.75%,
04/28/2024
(o)
535‌
533‌
1
Month
USD
LIBOR
+
10.75%
TransDigm
Inc
2.35%,
12/09/2025
(o)
506‌
497‌
1
Month
USD
LIBOR
+
2.25%
2.36%,
05/30/2025
(o)
469‌
461‌
1
Month
USD
LIBOR
+
2.25%
$
3,010‌
Agriculture
-
0.01%
Sycamore
Buyer
LLC
0.00%,
09/24/2028
(n),(o)
700‌
691‌
Consolidated
Schedule
of
Investments
Diversified
Real
Asset
Fund
February
28,
2022
(unaudited)
See
accompanying
notes.
84
SENIOR
FLOATING
RATE
INTERESTS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Airlines
-
0.16%
AAdvantage
Loyalty
IP
Ltd
5.50%,
03/10/2028
(o)
$
2,511‌
$
2,553‌
1
Month
USD
LIBOR
+
4.75%
Allegiant
Travel
Co
3.47%,
02/05/2024
(o)
336‌
332‌
1
Month
USD
LIBOR
+
3.00%
American
Airlines
Inc
2.84%,
12/14/2023
(o)
102‌
100‌
3
Month
USD
LIBOR
+
2.00%
SkyMiles
IP
Ltd
4.75%,
09/16/2027
(o)
1,100‌
1,149‌
3
Month
USD
LIBOR
+
3.75%
United
Airlines
Inc
4.50%,
04/21/2028
(o)
1,241‌
1,233‌
1
Month
USD
LIBOR
+
3.75%
WestJet
Airlines
Ltd
4.00%,
12/11/2026
(o)
1,907‌
1,853‌
3
Month
USD
LIBOR
+
3.00%
$
7,220‌
Apparel
-
0.04%
Birkenstock
US
BidCo
Inc
3.75%,
04/27/2028
(o)
1,526‌
1,510‌
1
Month
USD
LIBOR
+
3.75%
Champ
Acquisition
Corp
5.69%,
12/19/2025
(o)
427‌
423‌
3
Month
USD
LIBOR
+
5.50%
New
Trojan
Parent
Inc
3.75%,
01/06/2028
(o)
123‌
119‌
1
Month
USD
LIBOR
+
3.25%
$
2,052‌
Automobile
Parts
&
Equipment
-
0.04%
Clarios
Global
LP
3.35%,
04/30/2026
(o)
1,382‌
1,367‌
1
Month
USD
LIBOR
+
3.25%
Dexko
Global
Inc
4.25%,
09/22/2028
(o)
504‌
497‌
1
Month
USD
LIBOR
+
3.75%
4.25%,
09/22/2028
(o)
81‌
80‌
1
Month
USD
LIBOR
+
3.75%
$
1,944‌
Beverages
-
0.10%
Naked
Juice
LLC
0.00%,
01/19/2029
(n),(o)
945‌
937‌
Secured
Overnight
Financing
Rate
+
3.25%
6.50%,
01/18/2030
(o)
135‌
135‌
Secured
Overnight
Financing
Rate
+
6.00%
Triton
Water
Holdings
Inc
4.00%,
03/31/2028
(o)
3,490‌
3,401‌
1
Month
USD
LIBOR
+
3.50%
$
4,473‌
Building
Materials
-
0.12%
Chariot
Buyer
LLC
4.00%,
10/22/2028
(o)
1,976‌
1,956‌
1
Month
USD
LIBOR
+
3.50%
Cornerstone
Building
Brands
Inc
3.75%,
04/12/2028
(o)
650‌
634‌
1
Month
USD
LIBOR
+
3.25%
Quikrete
Holdings
Inc
2.61%,
01/31/2027
(o)
395‌
388‌
1
Month
USD
LIBOR
+
2.50%
Standard
Industries
Inc/NJ
3.00%,
08/06/2028
(o)
1,160‌
1,155‌
1
Month
USD
LIBOR
+
2.50%
Zurn
LLC
2.75%,
09/15/2028
(o)
1,490‌
1,483‌
1
Month
USD
LIBOR
+
2.25%
$
5,616‌
SENIOR
FLOATING
RATE
INTERESTS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Chemicals
-
0.26%
Alpha
3
BV
3.00%,
03/20/2028
(o)
$
4,855‌
$
4,831‌
1
Month
USD
LIBOR
+
2.50%
ASP
Unifrax
Holdings
Inc
3.97%,
12/12/2025
(o)
1,307‌
1,286‌
3
Month
USD
LIBOR
+
3.75%
Diamond
BC
BV
3.50%,
09/15/2028
(o)
1,523‌
1,501‌
1
Month
USD
LIBOR
+
3.00%
Ineos
Petro
3.25%,
01/29/2026
(o)
423‌
418‌
1
Month
USD
LIBOR
+
2.75%
INEOS
US
Finance
LLC
2.10%,
03/31/2024
(o)
231‌
228‌
3
Month
USD
LIBOR
+
2.00%
Innophos
Holdings
Inc
3.85%,
02/07/2027
(o)
703‌
698‌
1
Month
USD
LIBOR
+
3.75%
Kraton
Corp
0.00%,
11/18/2028
(n),(o)
165‌
163‌
PMHC
II
Inc
0.00%,
02/02/2029
(n),(o)
955‌
940‌
WR
Grace
Holdings
LLC
4.25%,
08/11/2028
(o)
1,790‌
1,780‌
1
Month
USD
LIBOR
+
3.75%
$
11,845‌
Commercial
Services
-
0.61%
All-Star
Bidco
AB
4.00%,
07/21/2028
(o)
250‌
247‌
3
Month
USD
LIBOR
+
3.50%
Amentum
Government
Services
Holdings
LLC
4.50%,
02/10/2029
(o)
860‌
853‌
Secured
Overnight
Financing
Rate
+
4.00%
Belron
Finance
2.56%,
10/30/2026
(o)
735‌
725‌
1
Month
USD
LIBOR
+
2.50%
CHG
Healthcare
Services
Inc
4.00%,
09/22/2028
(o)
474‌
470‌
1
Month
USD
LIBOR
+
3.50%
Driven
Brands
Holdings
Inc
3.50%,
11/17/2028
(o)
340‌
337‌
12
Month
USD
LIBOR
+
3.00%
Fly
Funding
2.15%,
08/09/2025
(o)
823‌
802‌
3
Month
USD
LIBOR
+
1.75%
Garda
World
Security
Corp
4.43%,
10/30/2026
(o)
356‌
352‌
1
Month
USD
LIBOR
+
4.75%
Hertz
Corp/The
3.75%,
06/14/2028
(o)
2,111‌
2,101‌
1
Month
USD
LIBOR
+
3.50%
3.75%,
06/14/2028
(o)
400‌
398‌
1
Month
USD
LIBOR
+
3.50%
HGIM
Corp
7.00%,
07/02/2023
(o)
1,297‌
1,232‌
3
Month
USD
LIBOR
+
6.00%
Ingenovis
Health
Inc
4.50%,
03/05/2028
(o)
442‌
439‌
3
Month
USD
LIBOR
+
3.75%
Prime
Security
Services
Borrower
LLC
3.50%,
09/23/2026
(o)
5,441‌
5,376‌
1
Month
USD
LIBOR
+
2.75%
Sabre
GLBL
Inc
2.10%,
02/22/2024
(o)
750‌
738‌
3
Month
USD
LIBOR
+
2.00%
Consolidated
Schedule
of
Investments
Diversified
Real
Asset
Fund
February
28,
2022
(unaudited)
See
accompanying
notes.
85
SENIOR
FLOATING
RATE
INTERESTS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Commercial
Services
(continued)
Syniverse
Holdings
Inc
6.00%,
02/09/2023
(o)
$
4,647‌
$
4,556‌
3
Month
USD
LIBOR
+
5.00%
10.00%,
02/09/2024
(o)
132‌
127‌
3
Month
USD
LIBOR
+
9.00%
Team
Health
Holdings
Inc
3.75%,
02/06/2024
(o)
1,925‌
1,833‌
3
Month
USD
LIBOR
+
2.75%
Trans
Union
LLC
1.86%,
11/13/2026
(o)
933‌
918‌
3
Month
USD
LIBOR
+
1.75%
2.75%,
11/17/2028
(o)
980‌
968‌
1
Month
USD
LIBOR
+
2.25%
Travelport
Finance
Luxembourg
Sarl
9.75%,
02/28/2025
(o)
1,958‌
2,009‌
1
Month
USD
LIBOR
+
7.00%
Verscend
Holding
Corp
4.10%,
08/27/2025
(o)
1,531‌
1,525‌
1
Month
USD
LIBOR
+
4.00%
Wand
NewCo
3
Inc
3.18%,
02/05/2026
(o)
1,469‌
1,434‌
1
Month
USD
LIBOR
+
3.00%
WEX
Inc
2.36%,
03/19/2028
(o)
461‌
454‌
1
Month
USD
LIBOR
+
2.25%
$
27,894‌
Computers
-
0.25%
Ahead
DB
Holdings
LLC
4.50%,
10/16/2027
(o)
768‌
762‌
1
Month
USD
LIBOR
+
3.75%
Condor
Merger
Sub
Inc
0.00%,
02/02/2029
(n),(o)
2,489‌
2,451‌
iQor
US
Inc
8.50%,
11/20/2024
(o)
153‌
153‌
1
Month
USD
LIBOR
+
7.50%
8.50%,
11/20/2025
(o)
422‌
358‌
1
Month
USD
LIBOR
+
7.50%
Magenta
Buyer
LLC
5.75%,
07/27/2028
(o)
1,746‌
1,728‌
1
Month
USD
LIBOR
+
5.00%
McAfee
LLC
3.86%,
09/30/2024
(o)
1,567‌
1,562‌
3
Month
USD
LIBOR
+
3.75%
NCR
Corp
2.80%,
08/28/2026
(o)
734‌
721‌
1
Month
USD
LIBOR
+
2.50%
Peraton
Corp
4.50%,
02/01/2028
(o)
496‌
493‌
1
Month
USD
LIBOR
+
3.75%
Perforce
Software
Inc
3.86%,
07/01/2026
(o)
409‌
403‌
1
Month
USD
LIBOR
+
3.75%
Tempo
Acquisition
LLC
3.45%,
09/21/2028
(o)
2,908‌
2,876‌
Secured
Overnight
Financing
Rate
+
3.00%
$
11,507‌
Cosmetics
&
Personal
Care
-
0.07%
Conair
Holdings
LLC
4.25%,
05/12/2028
(o)
1,247‌
1,232‌
1
Month
USD
LIBOR
+
3.75%
Revlon
Consumer
Products
Corp
4.25%,
07/21/2023
(o)
3,706‌
2,053‌
1
Month
USD
LIBOR
+
3.50%
$
3,285‌
Distribution
&
Wholesale
-
0.04%
Core
&
Main
LP
2.61%,
07/27/2028
(o)
1,694‌
1,672‌
1
Month
USD
LIBOR
+
2.50%
SENIOR
FLOATING
RATE
INTERESTS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Distribution
&
Wholesale
(continued)
KAR
Auction
Services
Inc
2.37%,
09/19/2026
(o)
$
274‌
$
271‌
1
Month
USD
LIBOR
+
2.25%
$
1,943‌
Diversified
Financial
Services
-
0.09%
Astra
Acquisition
Corp
5.75%,
10/25/2028
(o)
2,055‌
2,004‌
1
Month
USD
LIBOR
+
5.25%
Avolon
TLB
Borrower
1
US
LLC
2.25%,
02/12/2027
(o)
401‌
396‌
1
Month
USD
LIBOR
+
1.50%
Ditech
Holding
Corp
0.00%,
06/30/2022
(e),(o)
1,011‌
198‌
3
Month
USD
LIBOR
+
6.00%
FleetCor
Technologies
Operating
Co
LLC
1.86%,
04/21/2028
(o)
1,593‌
1,563‌
1
Month
USD
LIBOR
+
1.75%
$
4,161‌
Electric
-
0.02%
Calpine
Corp
2.10%,
08/12/2026
(o)
423‌
414‌
1
Month
USD
LIBOR
+
2.00%
Exgen
Renewables
IV
LLC
3.50%,
12/11/2027
(o)
318‌
316‌
1
Month
USD
LIBOR
+
2.50%
$
730‌
Electronics
-
0.07%
II-VI
Inc
0.00%,
12/08/2028
(n),(o)
1,250‌
1,237‌
Ingram
Micro
Inc
4.00%,
06/30/2028
(o)
1,423‌
1,414‌
1
Month
USD
LIBOR
+
3.50%
TTM
Technologies
Inc
2.61%,
09/13/2024
(o)
408‌
407‌
3
Month
USD
LIBOR
+
2.50%
$
3,058‌
Engineering
&
Construction
-
0.10%
AECOM
1.86%,
04/13/2028
(o)
1,244‌
1,241‌
1
Month
USD
LIBOR
+
1.75%
Brown
Group
Holding
LLC
3.00%,
06/07/2028
(o)
1,879‌
1,857‌
1
Month
USD
LIBOR
+
2.75%
Centuri
Group
Inc
3.14%,
08/18/2028
(o)
746‌
739‌
3
Month
USD
LIBOR
+
2.50%
KKR
Apple
Bidco
LLC
3.50%,
07/14/2028
(o)
500‌
495‌
1
Month
USD
LIBOR
+
3.00%
Osmose
Utilities
Services
Inc
3.75%,
06/16/2028
(o)
399‌
393‌
1
Month
USD
LIBOR
+
3.25%
$
4,725‌
Entertainment
-
0.78%
AMC
Entertainment
Holdings
Inc
3.12%,
03/20/2026
(o)
2,377‌
2,151‌
3
Month
USD
LIBOR
+
3.00%
Bally's
Corp
3.75%,
08/06/2028
(o)
4,250‌
4,218‌
1
Month
USD
LIBOR
+
3.25%
Churchill
Downs
Inc
2.11%,
03/17/2028
(o)
601‌
593‌
1
Month
USD
LIBOR
+
2.00%
Crown
Finance
US
Inc
3.50%,
02/07/2025
(o)
1,703‌
1,315‌
1
Month
USD
LIBOR
+
2.50%
3.75%,
09/30/2026
(o)
852‌
638‌
1
Month
USD
LIBOR
+
2.75%
Consolidated
Schedule
of
Investments
Diversified
Real
Asset
Fund
February
28,
2022
(unaudited)
See
accompanying
notes.
86
SENIOR
FLOATING
RATE
INTERESTS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Entertainment
(continued)
Crown
Finance
US
Inc  
(continued)
7.00%,
05/23/2024
(o)
$
129‌
$
152‌
9.25%,
05/23/2024
(o)
51‌
54‌
1
Month
USD
LIBOR
+
8.25%
Delta
2
Lux
Sarl
3.50%,
02/01/2024
(o)
4,862‌
4,813‌
3
Month
USD
LIBOR
+
2.50%
Everi
Holdings
Inc
3.00%,
06/30/2028
(o)
2,843‌
2,817‌
1
Month
USD
LIBOR
+
2.50%
Lions
Gate
Capital
Holdings
LLC
2.36%,
03/24/2025
(o)
464‌
455‌
3
Month
USD
LIBOR
+
2.25%
Metro-Goldwyn-Mayer
Inc
2.61%,
07/03/2025
(o)
1,533‌
1,519‌
3
Month
USD
LIBOR
+
2.50%
5.50%,
07/03/2026
(o)
500‌
498‌
3
Month
USD
LIBOR
+
4.50%
Nascar
Holdings
LLC
2.60%,
10/19/2026
(o)
1,758‌
1,743‌
3
Month
USD
LIBOR
+
2.75%
PCI
Gaming
Authority
2.61%,
05/29/2026
(o)
868‌
858‌
1
Month
USD
LIBOR
+
2.50%
Penn
National
Gaming
Inc
3.00%,
10/15/2025
(o)
638‌
633‌
3
Month
USD
LIBOR
+
2.25%
Scientific
Games
International
Inc
0.00%,
02/04/2029
(n),(o)
875‌
869‌
2.86%,
08/14/2024
(o)
5,229‌
5,191‌
1
Month
USD
LIBOR
+
2.75%
SeaWorld
Parks
&
Entertainment
Inc
3.50%,
08/13/2028
(o)
998‌
982‌
1
Month
USD
LIBOR
+
3.00%
Stars
Group
Holdings
BV
2.47%,
07/21/2026
(o)
5,427‌
5,366‌
1
Month
USD
LIBOR
+
2.25%
William
Morris
Endeavor
Entertainment
LLC
2.86%,
05/16/2025
(o)
1,278‌
1,244‌
3
Month
USD
LIBOR
+
2.75%
$
36,109‌
Environmental
Control
-
0.10%
Clean
Harbors
Inc
2.11%,
09/21/2028
(o)
625‌
623‌
1
Month
USD
LIBOR
+
2.00%
Covanta
Holding
Corp
0.00%,
11/17/2028
(n),(o)
665‌
659‌
0.00%,
11/17/2028
(n),(o)
50‌
49‌
GFL
Environmental
Inc
3.50%,
05/30/2025
(o)
2,182‌
2,173‌
1
Month
USD
LIBOR
+
3.00%
Madison
IAQ
LLC
3.75%,
06/21/2028
(o)
1,244‌
1,222‌
1
Month
USD
LIBOR
+
3.25%
$
4,726‌
Food
-
0.15%
8th
Avenue
Food
&
Provisions
Inc
3.85%,
09/19/2025
(o)
626‌
545‌
3
Month
USD
LIBOR
+
3.50%
5.50%,
10/01/2025
(o)
299‌
266‌
1
Month
USD
LIBOR
+
4.75%
Atkins
Nutritionals
Holdings
Inc
3.75%,
07/07/2024
(o)
562‌
561‌
1
Month
USD
LIBOR
+
3.75%
Bellring
Brands
LLC
4.75%,
10/21/2024
(o)
1,254‌
1,250‌
1
Month
USD
LIBOR
+
4.00%
SENIOR
FLOATING
RATE
INTERESTS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Food
(continued)
CHG
PPC
Parent
LLC
3.50%,
11/17/2028
(o)
$
585‌
$
568‌
1
Month
USD
LIBOR
+
3.00%
Froneri
US
Inc
2.36%,
01/31/2027
(o)
670‌
655‌
1
Month
USD
LIBOR
+
2.25%
H-Food
Holdings
LLC
3.79%,
05/23/2025
(o)
772‌
749‌
3
Month
USD
LIBOR
+
3.69%
Total
Produce
USA
Holdings
Inc
2.11%,
06/09/2028
(o)
763‌
759‌
1
Month
USD
LIBOR
+
2.00%
US
Foods
Inc
2.85%,
11/17/2028
(o)
1,220‌
1,205‌
1
Month
USD
LIBOR
+
2.75%
Utz
Quality
Foods
LLC
3.11%,
01/20/2028
(o)
349‌
345‌
1
Month
USD
LIBOR
+
3.00%
$
6,903‌
Forest
Products
&
Paper
-
0.03%
Asplundh
Tree
Expert
LLC
1.86%,
09/06/2027
(o)
1,370‌
1,350‌
1
Month
USD
LIBOR
+
1.75%
Hand
&
Machine
Tools
-
0.02%
Alliance
Laundry
Systems
LLC
4.25%,
09/30/2027
(o)
734‌
727‌
1
Month
USD
LIBOR
+
3.50%
Healthcare
-
Products
-
0.24%
Avantor
Funding
Inc
2.75%,
11/08/2027
(o)
424‌
419‌
1
Month
USD
LIBOR
+
2.25%
Carestream
Health
Inc
5.50%,
PIK
8.00%,
08/08/2023
(o),(p)
667‌
600‌
1
Month
USD
LIBOR
+
4.50%
7.75%,
05/08/2023
(o)
1,213‌
1,214‌
1
Month
USD
LIBOR
+
6.75%
ICU
Medical
Inc
3.00%,
12/15/2028
(o)
520‌
517‌
1
Month
USD
LIBOR
+
2.50%
Insulet
Corp
3.75%,
05/04/2028
(o)
1,244‌
1,235‌
1
Month
USD
LIBOR
+
3.25%
Mozart
Borrower
LP
3.75%,
09/30/2028
(o)
5,140‌
5,086‌
1
Month
USD
LIBOR
+
3.25%
Viant
Medical
Holdings
Inc
3.85%,
07/02/2025
(o)
1,171‌
1,102‌
3
Month
USD
LIBOR
+
3.75%
Vyaire
Medical
Inc
5.75%,
04/11/2025
(o)
904‌
695‌
3
Month
USD
LIBOR
+
4.75%
$
10,868‌
Healthcare
-
Services
-
0.59%
ADMI
Corp
3.87%,
12/23/2027
(o)
254‌
250‌
1
Month
USD
LIBOR
+
3.25%
AHP
Health
Partners
Inc
4.00%,
08/04/2028
(o)
1,496‌
1,487‌
1
Month
USD
LIBOR
+
3.50%
BW
NHHC
Holdco
Inc
5.49%,
05/15/2025
(o)
384‌
321‌
3
Month
USD
LIBOR
+
5.00%
Catalent
Pharma
Solutions
Inc
2.50%,
02/22/2028
(o)
480‌
478‌
1
Month
USD
LIBOR
+
2.00%
Eyecare
Partners
LLC
3.97%,
02/18/2027
(o)
92‌
91‌
1
Month
USD
LIBOR
+
3.75%
Consolidated
Schedule
of
Investments
Diversified
Real
Asset
Fund
February
28,
2022
(unaudited)
See
accompanying
notes.
87
SENIOR
FLOATING
RATE
INTERESTS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Healthcare
-
Services
(continued)
Global
Medical
Response
Inc
5.25%,
03/14/2025
(o)
$
199‌
$
198‌
3
Month
USD
LIBOR
+
4.25%
5.25%,
09/24/2025
(o)
1,733‌
1,722‌
1
Month
USD
LIBOR
+
4.25%
ICON
Luxembourg
Sarl
2.75%,
06/16/2028
(o)
1,815‌
1,793‌
1
Month
USD
LIBOR
+
2.50%
LifePoint
Health
Inc
3.85%,
11/14/2025
(o)
8,912‌
8,806‌
1
Month
USD
LIBOR
+
3.75%
Onex
TSG
Intermediate
Corp
5.50%,
02/25/2028
(o)
313‌
312‌
1
Month
USD
LIBOR
+
4.75%
Phoenix
Guarantor
Inc
3.35%,
03/05/2026
(o)
1,234‌
1,216‌
1
Month
USD
LIBOR
+
3.25%
Phoenix
Newco
Inc
4.00%,
08/11/2028
(o)
4,731‌
4,690‌
1
Month
USD
LIBOR
+
3.50%
Quorum
Health
Corp
8.75%,
04/29/2025
(o)
341‌
312‌
3
Month
USD
LIBOR
+
7.00%
Select
Medical
Corp
2.36%,
03/06/2025
(o)
1,748‌
1,722‌
3
Month
USD
LIBOR
+
2.50%
Surgery
Center
Holdings
Inc
4.50%,
09/03/2026
(o)
3,321‌
3,288‌
1
Month
USD
LIBOR
+
3.75%
US
Radiology
Specialists
Inc
5.75%,
12/10/2027
(o)
596‌
591‌
1
Month
USD
LIBOR
+
5.50%
$
27,277‌
Home
Builders
-
0.01%
Installed
Building
Products
Inc
2.75%,
12/08/2028
(o)
240‌
239‌
1
Month
USD
LIBOR
+
2.25%
Home
Furnishings
-
0.08%
AI
Aqua
Merger
Sub
Inc
4.50%,
07/31/2028
(o)
667‌
663‌
1
Month
USD
LIBOR
+
4.00%
MillerKnoll
Inc
2.13%,
07/19/2028
(o)
1,496‌
1,481‌
1
Month
USD
LIBOR
+
2.00%
Weber-Stephen
Products
LLC
4.00%,
10/30/2027
(o)
1,419‌
1,377‌
1
Month
USD
LIBOR
+
3.25%
$
3,521‌
Insurance
-
0.19%
Acrisure
LLC
3.72%,
02/15/2027
(o)
1,030‌
1,012‌
1
Month
USD
LIBOR
+
3.50%
Alliant
Holdings
Intermediate
LLC
3.36%,
05/09/2025
(o)
1,150‌
1,136‌
1
Month
USD
LIBOR
+
3.25%
4.00%,
11/05/2027
(o)
748‌
741‌
1
Month
USD
LIBOR
+
3.50%
Asurion
LLC
5.40%,
01/20/2029
(o)
3,275‌
3,234‌
1
Month
USD
LIBOR
+
5.25%
BroadStreet
Partners
Inc
3.11%,
01/27/2027
(o)
609‌
599‌
1
Month
USD
LIBOR
+
3.00%
3.75%,
01/27/2027
(o)
499‌
491‌
1
Month
USD
LIBOR
+
3.25%
SENIOR
FLOATING
RATE
INTERESTS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Insurance
(continued)
HUB
International
Ltd
3.02%,
04/25/2025
(o)
$
264‌
$
261‌
1
Month
USD
LIBOR
+
2.75%
4.00%,
04/25/2025
(o)
1,109‌
1,100‌
1
Month
USD
LIBOR
+
3.25%
$
8,574‌
Internet
-
0.18%
Arches
Buyer
Inc
3.75%,
12/06/2027
(o)
347‌
340‌
1
Month
USD
LIBOR
+
3.25%
CNT
Holdings
I
Corp
4.25%,
11/08/2027
(o)
1,737‌
1,727‌
1
Month
USD
LIBOR
+
3.75%
NortonLifeLock
Inc
0.00%,
01/28/2029
(n),(o)
5,000‌
4,935‌
Proofpoint
Inc
3.75%,
08/31/2028
(o)
923‌
912‌
1
Month
USD
LIBOR
+
3.25%
Uber
Technologies
Inc
3.61%,
04/04/2025
(o)
327‌
324‌
1
Month
USD
LIBOR
+
3.50%
$
8,238‌
Leisure
Products
&
Services
-
0.21%
Alterra
Mountain
Co
2.85%,
07/31/2024
(o)
592‌
585‌
1
Month
USD
LIBOR
+
2.75%
Callaway
Golf
Co
4.61%,
01/02/2026
(o)
429‌
428‌
3
Month
USD
LIBOR
+
4.50%
Carnival
Corp
3.75%,
06/30/2025
(o)
556‌
548‌
1
Month
USD
LIBOR
+
3.00%
4.00%,
10/06/2028
(o)
800‌
790‌
1
Month
USD
LIBOR
+
3.25%
ClubCorp
Holdings
Inc
2.97%,
08/16/2024
(o)
2,943‌
2,810‌
3
Month
USD
LIBOR
+
2.75%
Equinox
Holdings
Inc
4.00%,
03/08/2024
(o)
1,473‌
1,395‌
3
Month
USD
LIBOR
+
3.00%
Hayward
Industries
Inc
3.00%,
05/29/2028
(o)
1,493‌
1,476‌
1
Month
USD
LIBOR
+
2.50%
Life
Time
Inc
5.75%,
12/10/2024
(o)
403‌
405‌
1
Month
USD
LIBOR
+
4.75%
SRAM
LLC
3.25%,
05/18/2028
(o)
1,146‌
1,137‌
1
Month
USD
LIBOR
+
2.75%
$
9,574‌
Lodging
-
0.28%
Boyd
Gaming
Corp
2.37%,
09/15/2023
(o)
1,907‌
1,902‌
3
Month
USD
LIBOR
+
2.25%
Caesars
Resort
Collection
LLC
2.86%,
12/22/2024
(o)
2,271‌
2,246‌
3
Month
USD
LIBOR
+
2.75%
3.61%,
07/20/2025
(o)
988‌
982‌
1
Month
USD
LIBOR
+
3.50%
Fertitta
Entertainment
LLC/NV
4.17%,
01/13/2029
(o)
7,086‌
7,048‌
Secured
Overnight
Financing
Rate
+
4.00%
Hilton
Grand
Vacations
Borrower
LLC
3.50%,
08/02/2028
(o)
499‌
495‌
1
Month
USD
LIBOR
+
3.00%
$
12,673‌
Consolidated
Schedule
of
Investments
Diversified
Real
Asset
Fund
February
28,
2022
(unaudited)
See
accompanying
notes.
88
SENIOR
FLOATING
RATE
INTERESTS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Machinery
-
Construction
&
Mining
-
0.02%
Vertiv
Group
Corp
2.86%,
03/02/2027
(o)
$
983‌
$
950‌
1
Month
USD
LIBOR
+
2.75%
Machinery
-
Diversified
-
0.06%
Ali
Group
North
America
Corp
0.00%,
10/13/2028
(n),(o)
2,000‌
1,968‌
TK
Elevator
US
Newco
Inc
4.00%,
07/30/2027
(o)
972‌
964‌
1
Month
USD
LIBOR
+
3.50%
$
2,932‌
Media
-
0.63%
Altice
Financing
SA
2.99%,
07/15/2025
(o)
792‌
771‌
3
Month
USD
LIBOR
+
2.75%
2.99%,
01/06/2026
(o)
479‌
465‌
3
Month
USD
LIBOR
+
2.75%
Cengage
Learning
Inc
5.75%,
07/14/2026
(o)
1,596‌
1,592‌
1
Month
USD
LIBOR
+
4.75%
CSC
Holdings
LLC
2.44%,
07/17/2025
(o)
4,192‌
4,060‌
3
Month
USD
LIBOR
+
2.25%
2.69%,
04/15/2027
(o)
2,298‌
2,228‌
1
Month
USD
LIBOR
+
2.50%
Diamond
Sports
Group
LLC
3.36%,
08/24/2026
(o)
2,820‌
1,046‌
1
Month
USD
LIBOR
+
3.25%
Directv
Financing
LLC
5.75%,
08/02/2027
(o)
3,775‌
3,762‌
1
Month
USD
LIBOR
+
5.00%
Dotdash
Meredith
4.50%,
11/23/2028
(o)
1,769‌
1,757‌
3
Month
USD
LIBOR
+
4.00%
Gray
Television
Inc
2.61%,
02/07/2024
(o)
323‌
320‌
1
Month
USD
LIBOR
+
2.50%
2.61%,
01/02/2026
(o)
387‌
383‌
3
Month
USD
LIBOR
+
2.50%
Houghton
Mifflin
Harcourt
Publishers
Inc
7.25%,
11/19/2024
(o)
13‌
13‌
1
Month
USD
LIBOR
+
6.25%
iHeartCommunications
Inc
3.11%,
05/01/2026
(o)
3,569‌
3,526‌
1
Month
USD
LIBOR
+
3.00%
LCPR
Loan
Financing
LLC
3.94%,
10/15/2028
(o)
395‌
395‌
1
Month
USD
LIBOR
+
3.75%
McGraw-Hill
Education
Inc
5.25%,
07/21/2028
(o)
1,548‌
1,533‌
1
Month
USD
LIBOR
+
4.75%
Nexstar
Media
Inc
2.36%,
01/17/2024
(o)
921‌
917‌
3
Month
USD
LIBOR
+
2.25%
2.61%,
09/18/2026
(o)
1,216‌
1,208‌
1
Month
USD
LIBOR
+
2.75%
Nielsen
Finance
LLC
2.13%,
10/04/2023
(o)
825‌
822‌
3
Month
USD
LIBOR
+
2.00%
Radiate
Holdco
LLC
4.00%,
09/25/2026
(o)
685‌
677‌
1
Month
USD
LIBOR
+
3.25%
Sinclair
Television
Group
Inc
2.36%,
01/03/2024
(o)
251‌
245‌
3
Month
USD
LIBOR
+
2.25%
Univision
Communications
Inc
3.75%,
03/15/2024
(o)
303‌
302‌
3
Month
USD
LIBOR
+
2.75%
SENIOR
FLOATING
RATE
INTERESTS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Media
(continued)
Virgin
Media
Bristol
LLC
2.69%,
01/31/2028
(o)
$
811‌
$
796‌
1
Month
USD
LIBOR
+
2.50%
WideOpenWest
Finance
LLC
3.50%,
12/08/2028
(o)
715‌
709‌
Secured
Overnight
Financing
Rate
+
3.00%
Ziggo
Financing
Partnership
2.69%,
04/17/2028
(o)
1,686‌
1,651‌
1
Month
USD
LIBOR
+
2.50%
$
29,178‌
Metal
Fabrication
&
Hardware
-
0.01%
Grinding
Media
Inc
4.75%,
09/22/2028
(o)
489‌
481‌
1
Month
USD
LIBOR
+
4.00%
Miscellaneous
Manufacturers
-
0.07%
Gates
Global
LLC
3.25%,
03/31/2027
(o)
3,426‌
3,376‌
1
Month
USD
LIBOR
+
2.75%
Office
&
Business
Equipment
-
0.01%
Pitney
Bowes
Inc
4.11%,
03/17/2028
(o)
329‌
325‌
1
Month
USD
LIBOR
+
4.00%
Oil
&
Gas
-
0.14%
CITGO
Petroleum
Corp
7.25%,
03/28/2024
(o)
458‌
456‌
1
Month
USD
LIBOR
+
6.25%
Delek
US
Holdings
Inc
2.36%,
03/30/2025
(o)
437‌
425‌
3
Month
USD
LIBOR
+
2.25%
6.50%,
03/30/2025
(o)
1,147‌
1,138‌
1
Month
USD
LIBOR
+
5.50%
Gulf
Finance
LLC
0.00%,
08/25/2023
(n),(o)
799‌
738‌
3
Month
USD
LIBOR
+
5.25%
7.75%,
08/25/2026
(o)
1,429‌
1,319‌
1
Month
USD
LIBOR
+
6.75%
Quarternorth
Energy
Holding
Inc
9.00%,
08/27/2026
(o)
2,494‌
2,502‌
1
Month
USD
LIBOR
+
8.00%
$
6,578‌
Oil
&
Gas
Services
-
0.03%
PGS
ASA
7.72%,
03/19/2024
(o)
1,572‌
1,350‌
1
Month
USD
LIBOR
+
7.00%
Packaging
&
Containers
-
0.07%
Berry
Global
Inc
1.88%,
07/01/2026
(o)
1,083‌
1,063‌
1
Month
USD
LIBOR
+
1.75%
Kloeckner
Pentaplast
of
America
Inc
5.25%,
02/12/2026
(o)
459‌
430‌
1
Month
USD
LIBOR
+
4.75%
Pactiv
Evergreen
Group
Holdings
Inc
4.00%,
09/17/2028
(o)
623‌
615‌
1
Month
USD
LIBOR
+
3.50%
Plaze
Inc
4.50%,
08/03/2026
(o)
615‌
602‌
1
Month
USD
LIBOR
+
3.75%
TricorBraun
3.75%,
03/03/2028
(o)
494‌
486‌
3
Month
USD
LIBOR
+
3.25%
$
3,196‌
Pharmaceuticals
-
0.54%
Amneal
Pharmaceuticals
LLC
3.63%,
05/04/2025
(o)
674‌
660‌
3
Month
USD
LIBOR
+
3.50%
Consolidated
Schedule
of
Investments
Diversified
Real
Asset
Fund
February
28,
2022
(unaudited)
See
accompanying
notes.
89
SENIOR
FLOATING
RATE
INTERESTS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Pharmaceuticals
(continued)
Bausch
Health
Cos
Inc
0.00%,
01/27/2027
(n),(o)
$
1,905‌
$
1,882‌
Secured
Overnight
Financing
Rate
+
5.25%
Change
Healthcare
Holdings
LLC
3.50%,
03/01/2024
(o)
2,657‌
2,641‌
1
Month
USD
LIBOR
+
2.50%
Embecta
Corp
0.00%,
01/26/2029
(n),(o)
375‌
371‌
Endo
Luxembourg
Finance
Co
I
Sarl
5.75%,
03/27/2028
(o)
3,741‌
3,609‌
1
Month
USD
LIBOR
+
5.00%
Gainwell
Acquisition
Corp
4.75%,
10/01/2027
(o)
2,097‌
2,085‌
1
Month
USD
LIBOR
+
4.00%
Grifols
Worldwide
Operations
USA
Inc
2.10%,
11/15/2027
(o)
1,097‌
1,071‌
3
Month
USD
LIBOR
+
2.00%
Jazz
Financing
Lux
Sarl
4.00%,
05/05/2028
(o)
3,980‌
3,962‌
1
Month
USD
LIBOR
+
3.50%
Mallinckrodt
International
Finance
SA
6.00%,
09/24/2024
(o)
2,459‌
2,264‌
3
Month
USD
LIBOR
+
2.75%
6.25%,
02/24/2025
(o)
1,236‌
1,135‌
3
Month
USD
LIBOR
+
3.00%
Organon
&
Co
3.50%,
06/02/2028
(o)
3,857‌
3,836‌
1
Month
USD
LIBOR
+
3.00%
PRA
Health
Sciences
Inc
2.75%,
06/16/2028
(o)
452‌
447‌
1
Month
USD
LIBOR
+
2.50%
Prestige
Brands
Inc
2.54%,
06/09/2028
(o)
850‌
848‌
1
Month
USD
LIBOR
+
2.00%
$
24,811‌
Pipelines
-
0.11%
BCP
Renaissance
Parent
LLC
0.00%,
10/31/2026
(n),(o)
412‌
409‌
3
Month
USD
LIBOR
+
3.50%
Buckeye
Partners
LP
2.36%,
11/01/2026
(o)
832‌
822‌
1
Month
USD
LIBOR
+
2.25%
Freeport
LNG
Investments
LLLP
0.00%,
11/17/2026
(n),(o)
1,000‌
973‌
4.02%,
11/17/2028
(o)
1,000‌
990‌
1
Month
USD
LIBOR
+
3.50%
TransMontaigne
Operating
Co
LP
4.00%,
11/03/2028
(o)
835‌
826‌
1
Month
USD
LIBOR
+
3.50%
Traverse
Midstream
Partners
LLC
4.75%,
09/21/2024
(o)
1,110‌
1,105‌
Secured
Overnight
Financing
Rate
+
4.25%
$
5,125‌
Property/Casualty
Ins
-
0.02%
Asurion
LLC
3.23%,
11/03/2023
(o)
1,000‌
992‌
1
Month
USD
LIBOR
+
3.00%
REITs
-
0.03%
Blackstone
Mortgage
Trust
Inc
2.36%,
04/23/2026
(o)
1,218‌
1,190‌
1
Month
USD
LIBOR
+
2.25%
Retail
-
0.33%
1011778
BC
ULC
1.86%,
11/14/2026
(o)
1,579‌
1,548‌
1
Month
USD
LIBOR
+
1.75%
Academy
Ltd
4.50%,
11/05/2027
(o)
744‌
742‌
1
Month
USD
LIBOR
+
3.75%
SENIOR
FLOATING
RATE
INTERESTS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Retail
(continued)
Belk
Inc
5.00%,
07/31/2025
(o)
$
1,071‌
$
720‌
8.50%,
07/31/2025
(o)
232‌
230‌
3
Month
USD
LIBOR
+
7.50%
EG
America
LLC
4.22%,
02/07/2025
(o)
16‌
16‌
3
Month
USD
LIBOR
+
4.00%
IRB
Holding
Corp
0.00%,
12/15/2027
(n),(o)
1,241‌
1,228‌
Secured
Overnight
Financing
Rate
+
3.00%
Jo-Ann
Stores
LLC
5.50%,
06/30/2028
(o)
659‌
621‌
1
Month
USD
LIBOR
+
4.75%
LS
Group
OpCo
Acquistion
LLC
4.00%,
11/02/2027
(o)
743‌
735‌
1
Month
USD
LIBOR
+
3.25%
PetSmart
LLC
4.50%,
02/11/2028
(o)
5,880‌
5,847‌
1
Month
USD
LIBOR
+
3.75%
Reverb
Buyer
Inc
4.00%,
10/06/2028
(o)
420‌
416‌
1
Month
USD
LIBOR
+
3.50%
RH
3.00%,
10/15/2028
(o)
1,247‌
1,232‌
1
Month
USD
LIBOR
+
2.50%
Serta
Simmons
Bedding
LLC
8.50%,
08/10/2023
(o)
60‌
61‌
1
Month
USD
LIBOR
+
7.50%
8.50%,
08/10/2023
(o)
1,024‌
982‌
1
Month
USD
LIBOR
+
7.50%
SRS
Distribution
Inc
3.95%,
06/02/2028
(o)
250‌
246‌
Secured
Overnight
Financing
Rate
+
3.50%
Staples
Inc
5.32%,
04/09/2026
(o)
463‌
439‌
3
Month
USD
LIBOR
+
5.00%
$
15,063‌
Semiconductors
-
0.14%
Bright
Bidco
BV
4.50%,
06/30/2024
(o)
4,401‌
3,309‌
3
Month
USD
LIBOR
+
3.50%
MACOM
Technology
Solutions
Holdings
Inc
2.36%,
05/17/2024
(o)
68‌
67‌
3
Month
USD
LIBOR
+
2.25%
MKS
Instruments
Inc
0.00%,
10/20/2028
(n),(o)
1,820‌
1,799‌
Synaptics
Inc
2.75%,
10/20/2028
(o)
224‌
223‌
1
Month
USD
LIBOR
+
2.25%
Ultra
Clean
Holdings
Inc
3.85%,
08/27/2025
(o)
1,029‌
1,027‌
1
Month
USD
LIBOR
+
3.75%
$
6,425‌
Software
-
1.10%
Apttus
Corp
5.00%,
04/28/2028
(o)
1,893‌
1,882‌
1
Month
USD
LIBOR
+
4.25%
athenahealth
Inc
0.00%,
01/26/2029
(n),(o)
1,069‌
1,058‌
Secured
Overnight
Financing
Rate
+
3.50%
Boxer
Parent
Co
Inc
3.97%,
10/02/2025
(o)
283‌
279‌
1
Month
USD
LIBOR
+
3.75%
Camelot
Finance
SA
3.10%,
10/30/2026
(o)
695‌
687‌
1
Month
USD
LIBOR
+
3.00%
Consolidated
Schedule
of
Investments
Diversified
Real
Asset
Fund
February
28,
2022
(unaudited)
See
accompanying
notes.
90
SENIOR
FLOATING
RATE
INTERESTS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Software
(continued)
CCC
Intelligent
Solutions
Inc
3.00%,
09/15/2028
(o)
$
435‌
$
430‌
3
Month
USD
LIBOR
+
2.50%
Ceridian
HCM
Holding
Inc
2.60%,
04/04/2025
(o)
1,007‌
991‌
1
Month
USD
LIBOR
+
2.50%
DTI
Holdco
Inc
5.75%,
09/30/2023
(o)
343‌
338‌
3
Month
USD
LIBOR
+
4.75%
Dun
&
Bradstreet
Corp/The
3.36%,
02/06/2026
(o)
1,527‌
1,510‌
1
Month
USD
LIBOR
+
3.25%
Dynatrace
LLC
2.35%,
08/08/2025
(o)
127‌
126‌
1
Month
USD
LIBOR
+
2.25%
Epicor
Software
Corp
4.00%,
07/30/2027
(o)
3,377‌
3,342‌
1
Month
USD
LIBOR
+
3.25%
Finastra
USA
Inc
4.50%,
06/13/2024
(o)
3,555‌
3,501‌
3
Month
USD
LIBOR
+
3.50%
Genesys
Cloud
Services
Holdings
II
LLC
4.75%,
12/01/2027
(o)
3,231‌
3,224‌
1
Month
USD
LIBOR
+
4.00%
Greenway
Health
LLC
4.75%,
02/16/2024
(o)
311‌
291‌
3
Month
USD
LIBOR
+
4.25%
IGT
Holding
IV
AB
4.00%,
03/31/2028
(o)
1,499‌
1,487‌
1
Month
USD
LIBOR
+
3.75%
Informatica
LLC
2.87%,
10/13/2028
(o)
2,600‌
2,566‌
1
Month
USD
LIBOR
+
2.75%
MA
FinanceCo
LLC
0.00%,
01/14/2027
(n),(o)
2,441‌
2,404‌
3
Month
Euro
Interbank
Offered
Rate
+
4.00%
5.25%,
06/05/2025
(o)
251‌
248‌
1
Month
USD
LIBOR
+
4.25%
Physician
Partners
LLC
4.50%,
12/23/2028
(o)
750‌
744‌
1
Month
USD
LIBOR
+
4.00%
Playtika
Holding
Corp
2.85%,
03/11/2028
(o)
382‌
378‌
1
Month
USD
LIBOR
+
2.75%
Polaris
Newco
LLC
4.50%,
06/02/2028
(o)
1,746‌
1,734‌
1
Month
USD
LIBOR
+
4.00%
Precisely
4.75%,
04/24/2028
(o)
1,496‌
1,479‌
3
Month
USD
LIBOR
+
4.00%
Project
Ruby
Ultimate
Parent
Corp
4.00%,
03/03/2028
(o)
248‌
246‌
1
Month
USD
LIBOR
+
3.25%
Rackspace
Technology
Global
Inc
3.50%,
02/03/2028
(o)
5,733‌
5,552‌
1
Month
USD
LIBOR
+
2.75%
RealPage
Inc
3.75%,
04/24/2028
(o)
1,173‌
1,159‌
1
Month
USD
LIBOR
+
3.25%
Riverbed
Technology
Inc
7.00%,
12/08/2026
(o)
1,380‌
1,260‌
3
Month
USD
LIBOR
+
6.00%
Seattle
SpinCo
Inc
2.86%,
06/21/2024
(o)
3,854‌
3,734‌
3
Month
USD
LIBOR
+
2.50%
SENIOR
FLOATING
RATE
INTERESTS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Software
(continued)
Sophia
LP
4.25%,
10/07/2027
(o)
$
1,286‌
$
1,273‌
1
Month
USD
LIBOR
+
3.50%
SS&C
Technologies
Inc
1.85%,
04/16/2025
(o)
187‌
184‌
1
Month
USD
LIBOR
+
1.75%
1.86%,
04/16/2025
(o)
231‌
226‌
1
Month
USD
LIBOR
+
1.75%
1.86%,
04/16/2025
(o)
763‌
750‌
1
Month
USD
LIBOR
+
1.75%
TIBCO
Software
Inc
3.87%,
06/30/2026
(o)
316‌
313‌
1
Month
USD
LIBOR
+
3.75%
UKG
Inc
3.75%,
05/04/2026
(o)
3,407‌
3,382‌
1
Month
USD
LIBOR
+
3.25%
3.86%,
05/04/2026
(o)
1,212‌
1,202‌
3
Month
USD
LIBOR
+
3.75%
Zelis
Payments
Buyer
Inc
3.61%,
09/30/2026
(o)
518‌
511‌
1
Month
USD
LIBOR
+
3.50%
3.61%,
09/30/2026
(o)
1,463‌
1,443‌
1
Month
USD
LIBOR
+
3.50%
ZoomInfo
LLC
3.10%,
02/01/2026
(o)
792‌
786‌
1
Month
USD
LIBOR
+
3.00%
$
50,720‌
Telecommunications
-
0.69%
Altice
France
SA/France
3.93%,
01/31/2026
(o)
308‌
302‌
3
Month
USD
LIBOR
+
3.69%
4.51%,
08/14/2026
(o)
3,389‌
3,353‌
3
Month
USD
LIBOR
+
4.00%
Avaya
Inc
4.19%,
12/15/2027
(o)
973‌
962‌
1
Month
USD
LIBOR
+
4.00%
4.44%,
12/15/2027
(o)
2,824‌
2,799‌
1
Month
USD
LIBOR
+
4.25%
Cincinnati
Bell
Inc
3.75%,
11/17/2028
(o)
780‌
771‌
Secured
Overnight
Financing
Rate
+
3.25%
CommScope
Inc
3.35%,
04/06/2026
(o)
475‌
463‌
3
Month
USD
LIBOR
+
3.25%
Delta
Topco
Inc
4.50%,
12/01/2027
(o)
1,737‌
1,723‌
1
Month
USD
LIBOR
+
3.75%
Frontier
Communications
Holdings
LLC
4.50%,
05/01/2028
(o)
3,529‌
3,497‌
1
Month
USD
LIBOR
+
3.75%
Gogo
Intermediate
Holdings
LLC
4.50%,
04/28/2028
(o)
1,244‌
1,233‌
1
Month
USD
LIBOR
+
3.75%
Intelsat
Jackson
Holdings
SA
0.00%,
01/26/2029
(n),(o)
2,500‌
2,462‌
Intrado
Corp
4.50%,
10/10/2024
(o)
258‌
229‌
3
Month
USD
LIBOR
+
3.50%
5.00%,
10/10/2024
(o)
4,763‌
4,243‌
3
Month
USD
LIBOR
+
4.00%
Iridium
Satellite
LLC
3.25%,
11/06/2026
(o)
1,815‌
1,799‌
1
Month
USD
LIBOR
+
2.50%
Maxar
Technologies
Ltd
2.86%,
10/05/2024
(o)
4,251‌
4,193‌
1
Month
USD
LIBOR
+
2.75%
Consolidated
Schedule
of
Investments
Diversified
Real
Asset
Fund
February
28,
2022
(unaudited)
See
accompanying
notes.
91
SENIOR
FLOATING
RATE
INTERESTS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Telecommunications
(continued)
Metronet
Systems
Holdings
LLC
4.50%,
06/02/2028
(o)
$
1,244‌
$
1,230‌
1
Month
USD
LIBOR
+
3.75%
MLN
US
Holdco
LLC
4.61%,
11/30/2025
(o)
1,601‌
1,548‌
3
Month
USD
LIBOR
+
4.50%
Plantronics
Inc
2.60%,
07/02/2025
(o)
812‌
788‌
3
Month
USD
LIBOR
+
2.50%
Windstream
Services
LLC
7.25%,
08/11/2027
(o)
380‌
378‌
1
Month
USD
LIBOR
+
6.25%
$
31,973‌
Transportation
-
0.01%
Genesee
&
Wyoming
Inc
2.22%,
12/30/2026
(o)
305‌
301‌
1
Month
USD
LIBOR
+
2.00%
XPO
Logistics
Inc
1.86%,
02/24/2025
(o)
394‌
388‌
1
Month
USD
LIBOR
+
1.75%
$
689‌
TOTAL
SENIOR
FLOATING
RATE
INTERESTS
$
416,929‌
U.S.
GOVERNMENT
&
GOVERNMENT
AGENCY
OBLIGATIONS
-
25.55%
Principal
Amount
(000's)
Value
(000's)
U.S.
Cash
Management
Bill
-
0.17%
0.57%,
06/28/2022
(k),(m),(q)
$
8,000‌
$
7,987‌
U.S.
Treasury
-
10.72%
0.13%,
02/28/2023
(k)
3,000‌
2,971‌
0.13%,
04/30/2023
(k)
8,400‌
8,296‌
0.37%,
01/31/2024
(k)
14,500‌
14,510‌
US
Treasury
3
Month
Bill
Money
Market
Yield
+
(0.03)%
0.41%,
04/30/2023
(k),(l)
104,500‌
104,535‌
US
Treasury
3
Month
Bill
Money
Market
Yield
+
0.07%
0.41%,
07/31/2023
(k)
36,300‌
36,357‌
US
Treasury
3
Month
Bill
Money
Market
Yield
+
0.03%
0.42%,
10/31/2023
(k)
20,900‌
20,938‌
US
Treasury
3
Month
Bill
Money
Market
Yield
+
0.07%
0.43%,
01/31/2023
(k)
147,500‌
147,558‌
US
Treasury
3
Month
Bill
Money
Market
Yield
+
0.10%
0.44%,
07/31/2022
(k)
63,000‌
63,017‌
US
Treasury
3
Month
Bill
Money
Market
Yield
+
0.11%
0.44%,
10/31/2022
(k)
74,000‌
74,018‌
US
Treasury
3
Month
Bill
Money
Market
Yield
+
0.11%
0.49%,
04/30/2022
(k)
13,000‌
13,005‌
US
Treasury
3
Month
Bill
Money
Market
Yield
+
0.11%
1.75%,
08/15/2041
9,070‌
8,313‌
$
493,518‌
U.S.
Treasury
Bill
-
0.88%
0.05%,
03/29/2022
(k),(m)
7,400‌
7,400‌
0.11%,
04/21/2022
(k),(m)
7,600‌
7,598‌
0.43%,
05/19/2022
(k),(m)
18,000‌
17,988‌
0.45%,
08/04/2022
(k),(m)
7,300‌
7,281‌
$
40,267‌
U.S.
Treasury
Inflation-Indexed
Obligations
-
13.78%
0.13%,
07/15/2024
21,876‌
23,274‌
0.13%,
10/15/2024
18,626‌
19,816‌
0.13%,
04/15/2025
13,211‌
14,053‌
0.13%,
10/15/2025
11,136‌
11,904‌
0.13%,
04/15/2026
6,161‌
6,573‌
U.S.
GOVERNMENT
&
GOVERNMENT
AGENCY
OBLIGATIONS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
U.S.
Treasury
Inflation-Indexed
Obligations
(continued)
0.13%,
07/15/2026
$
11,250‌
$
12,081‌
0.13%,
10/15/2026
13,896‌
14,931‌
0.13%,
01/15/2030
18,747‌
20,381‌
0.13%,
07/15/2030
(r)
19,204‌
20,989‌
0.13%,
01/15/2031
17,249‌
18,854‌
0.13%,
07/15/2031
(r)
20,830‌
22,879‌
0.13%,
01/15/2032
8,076‌
8,857‌
0.13%,
02/15/2051
8,588‌
9,234‌
0.13%,
02/15/2052
4,262‌
4,611‌
0.25%,
01/15/2025
18,713‌
19,953‌
0.25%,
07/15/2029
(r)
23,303‌
25,577‌
0.25%,
02/15/2050
7,293‌
8,044‌
0.38%,
07/15/2023
26,562‌
28,083‌
0.38%,
07/15/2025
19,732‌
21,268‌
0.38%,
01/15/2027
16,637‌
18,066‌
0.38%,
07/15/2027
18,321‌
20,021‌
0.50%,
04/15/2024
14,050‌
14,948‌
0.50%,
01/15/2028
19,239‌
21,139‌
0.63%,
04/15/2023
22,749‌
23,879‌
0.63%,
01/15/2024
19,931‌
21,184‌
0.63%,
01/15/2026
17,682‌
19,228‌
0.63%,
02/15/2043
7,264‌
8,486‌
0.75%,
07/15/2028
16,258‌
18,265‌
0.75%,
02/15/2042
9,095‌
10,844‌
0.75%,
02/15/2045
11,268‌
13,534‌
0.88%,
01/15/2029
12,334‌
14,015‌
0.88%,
02/15/2047
7,738‌
9,681‌
1.00%,
02/15/2046
5,896‌
7,488‌
1.00%,
02/15/2048
5,382‌
6,970‌
1.00%,
02/15/2049
4,565‌
5,973‌
1.38%,
02/15/2044
10,874‌
14,588‌
1.75%,
01/15/2028
6,454‌
7,589‌
2.00%,
01/15/2026
8,492‌
9,702‌
2.13%,
02/15/2040
4,491‌
6,557‌
2.13%,
02/15/2041
6,170‌
9,058‌
2.38%,
01/15/2025
11,874‌
13,413‌
2.38%,
01/15/2027
7,965‌
9,472‌
2.50%,
01/15/2029
4,573‌
5,730‌
3.38%,
04/15/2032
3,528‌
5,133‌
3.63%,
04/15/2028
6,062‌
7,892‌
3.88%,
04/15/2029
322‌
439‌
$
634,656‌
TOTAL
U.S.
GOVERNMENT
&
GOVERNMENT
AGENCY
OBLIGATIONS
$
1,176,428‌
TOTAL
PURCHASED
INTEREST
RATE
SWAPTIONS
-
0.04%
$
2,068‌
Total
Investments
$
4,693,747‌
Other
Assets
and
Liabilities
-  (1.94)%
(89,467‌)
TOTAL
NET
ASSETS
-
100.00%
$
4,604,280‌
(a)
Security
or
a
portion
of
the
security
was
on
loan.  At
the
end
of
the
period,
the
value
of
these
securities
totaled
$58,552
or
1.27%
of
net
assets.
(b)
Current
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
$58,606
or
1.27%
of
net
assets.
(d)
Affiliated
Security.
Security
is
either
an
affiliate
(and
registered
under
the
Investment
Company
Act
of
1940,
as
amended,
(the
"1940
Act"))
or
an
affiliate
as
defined
by
the
1940
act
(controls
5.00%
or
more
of
the
outstanding
voting
shares
of
the
security).
Please
see
Affiliated
Securities
sub-schedule
for
transactional
information.
(e)
Non-income
producing
security
(f)
Security
exempt
from
registration
under
Rule
144A
of
the
Securities
Act
of
1933.
These
securities
may
be
resold
in
transactions
exempt
from
registration,
normally
to
qualified
institutional
buyers.
At
the
end
of
the
period,
the
value
of
these
securities
totaled
$155,747
or
3.38%
of
net
assets.
(g)
The
value
of
these
investments
was
determined
using
significant
unobservable
inputs,
in
good
faith
by
the
Manager,
under
procedures
established
and
periodically
reviewed
by
the
Board
of
Directors.
Consolidated
Schedule
of
Investments
Diversified
Real
Asset
Fund
February
28,
2022
(unaudited)
See
accompanying
notes.
92
(h)
Restricted
Security.
Please
see
Restricted
Securities
sub-schedule
for
additional
information.
(i)
Security
is
an
Interest
Only
Strip.
(j)
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.
(k)
All
or
a
portion
of
this
security
is
owned
by
the
DRA
Cayman
Corporation,
which
is
a
100%
owned
subsidiary
of
the
fund.
(l)
Security
or
a
portion
of
the
security
was
pledged
to
cover
margin
requirements
for
futures
contracts.
At
the
end
of
the
period,
the
value
of
these
securities
totaled
$63,022
or
1.37%
of
net
assets.
(m)
Rate
shown
is
the
discount
rate
of
the
original
purchase.
(n)
This
Senior
Floating
Rate
Note
will
settle
after
February
28,
2022,
at
which
time
the
interest
rate
will
be
determined.
(o)
Rate
information
disclosed
is
based
on
an
average
weighted
rate
of
the
underlying
tranches
as
of
period
end.
(p)
Payment
in
kind;
the
issuer
has
the
option
of
paying
additional
securities
in
lieu
of
cash.
(q)
Security
purchased
on
a
when-issued
basis.
(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
$3,076
or
0.07%
of
net
assets.
Portfolio
Summary  (unaudited)
Sector
Percent
Government
30.21‌%
Financial
12.81‌%
Utilities
12.43‌%
Energy
11.16‌%
Industrial
9.07‌%
Basic
Materials
7.72‌%
Consumer,
Non-cyclical
6.55‌%
Money
Market
Funds
4.26‌%
Consumer,
Cyclical
2.64‌%
Technology
2.03‌%
Communications
1.74‌%
Mortgage
Securities
0.96‌%
Investment
Companies
0.32‌%
Purchased
Interest
Rate
Swaptions
0.04‌%
Other
Assets
and
Liabilities
(1.94‌)%
TOTAL
NET
ASSETS
100.00%
Affiliated
Securities
August
31,
2021
Purchases
Sales
February
28,
2022
Value
Cost
Proceeds
Value
Principal
Government
Money
Market
Fund
-
Institutional
Class
0.00%
$
129,281‌
$
1,423,511‌
$
1,390,557‌
$
162,235‌
$
129,281‌
$
1,423,511‌
$
1,390,557‌
$
162,235‌
Income
(a)
Realized
Gain/(Loss)
on
Investments
Realized
Gain
from
Capital
Gain
Distributions
Change
in
Unrealized
Gain/
(Loss)
Principal
Government
Money
Market
Fund
-
Institutional
Class
0.00%
$
—‌
$
—‌
$
—‌
$
—‌
$
—‌
$
—‌
$
—‌
$
—‌
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
$
—‌
$
11‌
0.00%
Millennium
Health
LLC
03/15/2016
—‌
8‌
0.00%
Quarternorth
Energy
Holding
Inc
08/27/2021
4,842‌
5,676‌
0.12%
Quarternorth
Energy
Holding
Inc
-
Warrants
08/27/2021
—‌
3,230‌
0.07%
Total
$
8,925‌
0.19%
Amounts
in
thousands.
Interest
Rate
Swaptions
Purchased
Swaptions
Outstanding
Counterparty
Floating
Rate
Index
Pay/
Receive
Floating
Rate
Notional
Amount
Exercise
Rate
Expiration
Date
Upfront
Payments
Fair
Value
Unrealized
Appreciation/
(Depreciation)
Call
-
10
Year
Interest
Rate
Swap
Barclays
Bank
PLC
Secured
Overnight
Financing
Rate
Pay
$
1,490‌
2.83%
12/07/2038
$
169‌
$
171‌
$
2‌
Call
-
10
Year
Interest
Rate
Swap
Barclays
Bank
PLC
Secured
Overnight
Financing
Rate
Pay
1,120‌
1.24%
02/26/2025
31‌
33‌
2‌
Call
-
10
Year
Interest
Rate
Swap
Deutsche
Bank
AG
Secured
Overnight
Financing
Rate
Pay
770‌
1.74%
07/01/2024
33‌
34‌
1‌
Call
-
10
Year
Interest
Rate
Swap
Deutsche
Bank
AG
Secured
Overnight
Financing
Rate
Pay
1,030‌
1.42%
07/23/2024
28‌
32‌
4‌
Call
-
10
Year
Interest
Rate
Swap
Deutsche
Bank
AG
Secured
Overnight
Financing
Rate
Pay
785‌
1.16%
06/06/2025
18‌
22‌
4‌
Call
-
10
Year
Interest
Rate
Swap
Deutsche
Bank
AG
3
Month
USD
LIBOR
Pay
2,270‌
1.94%
11/16/2023
91‌
82‌
(9‌)
Call
-
10
Year
Interest
Rate
Swap
Deutsche
Bank
AG
Secured
Overnight
Financing
Rate
Pay
770‌
1.71%
06/25/2024
31‌
33‌
2‌
Call
-
10
Year
Interest
Rate
Swap
Deutsche
Bank
AG
3
Month
USD
LIBOR
Pay
1,700‌
1.55%
07/30/2024
62‌
47‌
(15‌)
Consolidated
Schedule
of
Investments
Diversified
Real
Asset
Fund
February
28,
2022
(unaudited)
See
accompanying
notes.
93
Interest
Rate
Swaptions
(continued)
Purchased
Swaptions
Outstanding
Counterparty
Floating
Rate
Index
Pay/
Receive
Floating
Rate
Notional
Amount
Exercise
Rate
Expiration
Date
Upfront
Payments
Fair
Value
Unrealized
Appreciation/
(Depreciation)
Call
-
10
Year
Interest
Rate
Swap
Deutsche
Bank
AG
Secured
Overnight
Financing
Rate
Pay
$
505‌
1.02%
06/05/2025
$
9‌
$
12‌
$
3‌
Call
-
10
Year
Interest
Rate
Swap
Morgan
Stanley
&
Co
Secured
Overnight
Financing
Rate
Pay
1,040‌
1.42%
08/05/2024
30‌
33‌
3‌
Call
-
2
Year
Interest
Rate
Swap
Deutsche
Bank
AG
6
Month
Euro
Interbank
Offered
Rate
Pay
EUR
18,020‌
0.35%
02/09/2024
77‌
111‌
34‌
Call
-
30
Year
Interest
Rate
Swap
Deutsche
Bank
AG
Secured
Overnight
Financing
Rate
Pay
$
600‌
1.70%
01/13/2023
41‌
39‌
(2‌)
Call
-
5
Year
Interest
Rate
Swap
Deutsche
Bank
AG
3
Month
USD
LIBOR
Pay
3,420‌
1.54%
08/04/2022
44‌
16‌
(28‌)
Call
-
5
Year
Interest
Rate
Swap
JPMorgan
Chase
3
Month
USD
LIBOR
Pay
6,500‌
1.32%
07/05/2022
74‌
13‌
(61‌)
Call
-
5
Year
Interest
Rate
Swap
Morgan
Stanley
&
Co
Secured
Overnight
Financing
Rate
Pay
5,680‌
1.59%
01/13/2023
86‌
76‌
(10‌)
Put
-
10
Year
Interest
Rate
Swap
Barclays
Bank
PLC
Tokyo
Overnight
Average
Rate
Receive
JPY
758,545‌
1.04%
06/30/2022
—‌
—‌
—‌
Put
-
10
Year
Interest
Rate
Swap
Barclays
Bank
PLC
Secured
Overnight
Financing
Rate
Receive
$
1,490‌
2.83%
12/07/2038
59‌
56‌
(3‌)
Put
-
10
Year
Interest
Rate
Swap
Barclays
Bank
PLC
Secured
Overnight
Financing
Rate
Receive
1,120‌
1.24%
02/26/2025
95‌
88‌
(7‌)
Put
-
10
Year
Interest
Rate
Swap
Deutsche
Bank
AG
Secured
Overnight
Financing
Rate
Receive
1,030‌
1.42%
07/23/2024
64‌
67‌
3‌
Put
-
10
Year
Interest
Rate
Swap
Deutsche
Bank
AG
3
Month
USD
LIBOR
Receive
320‌
2.50%
06/21/2024
4‌
10‌
6‌
Put
-
10
Year
Interest
Rate
Swap
Deutsche
Bank
AG
3
Month
USD
LIBOR
Receive
2,270‌
1.94%
11/16/2023
91‌
103‌
12‌
Put
-
10
Year
Interest
Rate
Swap
Deutsche
Bank
AG
Secured
Overnight
Financing
Rate
Receive
770‌
1.74%
07/01/2024
36‌
37‌
1‌
Put
-
10
Year
Interest
Rate
Swap
Deutsche
Bank
AG
Secured
Overnight
Financing
Rate
Receive
770‌
1.71%
06/25/2024
37‌
38‌
1‌
Put
-
10
Year
Interest
Rate
Swap
Deutsche
Bank
AG
Secured
Overnight
Financing
Rate
Receive
2,240‌
2.13%
02/16/2023
64‌
43‌
(21‌)
Put
-
10
Year
Interest
Rate
Swap
Deutsche
Bank
AG
Secured
Overnight
Financing
Rate
Receive
785‌
1.16%
06/06/2025
69‌
66‌
(3‌)
Put
-
10
Year
Interest
Rate
Swap
Deutsche
Bank
AG
Secured
Overnight
Financing
Rate
Receive
2,430‌
1.54%
08/06/2024
137‌
142‌
5‌
Put
-
10
Year
Interest
Rate
Swap
Deutsche
Bank
AG
Secured
Overnight
Financing
Rate
Receive
505‌
1.02%
06/05/2025
49‌
47‌
(2‌)
Put
-
10
Year
Interest
Rate
Swap
Morgan
Stanley
&
Co
3
Month
USD
LIBOR
Receive
1,960‌
2.50%
06/14/2024
88‌
59‌
(29‌)
Put
-
10
Year
Interest
Rate
Swap
Morgan
Stanley
&
Co
3
Month
USD
LIBOR
Receive
1,330‌
2.50%
06/21/2024
53‌
40‌
(13‌)
Put
-
10
Year
Interest
Rate
Swap
Morgan
Stanley
&
Co
Secured
Overnight
Financing
Rate
Receive
1,040‌
1.42%
08/05/2024
65‌
67‌
2‌
Put
-
30
Year
Interest
Rate
Swap
Barclays
Bank
PLC
3
Month
USD
LIBOR
Receive
2,210‌
2.85%
05/10/2022
128‌
2‌
(126‌)
Put
-
30
Year
Interest
Rate
Swap
Deutsche
Bank
AG
Secured
Overnight
Financing
Rate
Receive
600‌
1.70%
01/13/2023
41‌
45‌
4‌
Put
-
5
Year
Interest
Rate
Swap
Deutsche
Bank
AG
3
Month
USD
LIBOR
Receive
3,420‌
1.54%
08/04/2022
43‌
78‌
35‌
Put
-
5
Year
Interest
Rate
Swap
Deutsche
Bank
AG
Secured
Overnight
Financing
Rate
Receive
4,800‌
2.75%
08/02/2022
5‌
7‌
2‌
Put
-
5
Year
Interest
Rate
Swap
JPMorgan
Chase
3
Month
USD
LIBOR
Receive
6,500‌
1.32%
07/05/2022
74‌
193‌
119‌
Put
-
5
Year
Interest
Rate
Swap
JPMorgan
Chase
Secured
Overnight
Financing
Rate
Receive
6,500‌
2.50%
07/07/2022
18‌
12‌
(6‌)
Put
-
5
Year
Interest
Rate
Swap
Morgan
Stanley
&
Co
Secured
Overnight
Financing
Rate
Receive
5,680‌
1.59%
01/13/2023
86‌
114‌
28‌
Total
$
2,130‌
$
2,068‌
$
(62‌)
Consolidated
Schedule
of
Investments
Diversified
Real
Asset
Fund
February
28,
2022
(unaudited)
See
accompanying
notes.
94
Interest
Rate
Swaptions
(continued)
Written
Swaptions
Outstanding
Counterparty
Floating
Rate
Index
Pay/
Receive
Floating
Rate
Notional
Amount
Exercise
Rate
Expiration
Date
Upfront
Receipts
Fair
Value
Unrealized
Appreciation/
(Depreciation)
Call
-
10
Year
Interest
Rate
Swap
Barclays
Bank
PLC
Secured
Overnight
Financing
Rate
Receive
$
900‌
1.55%
08/09/2022
$
(11‌)
$
(13‌)
$
(2‌)
Call
-
10
Year
Interest
Rate
Swap
Barclays
Bank
PLC
3
Month
USD
LIBOR
Receive
1,780‌
2.01%
03/02/2023
(68‌)
(55‌)
13‌
Call
-
10
Year
Interest
Rate
Swap
Barclays
Bank
PLC
3
Month
USD
LIBOR
Receive
1,000‌
1.44%
01/10/2023
(33‌)
(10‌)
23‌
Call
-
10
Year
Interest
Rate
Swap
Barclays
Bank
PLC
3
Month
USD
LIBOR
Receive
1,100‌
1.25%
01/03/2023
(36‌)
(7‌)
29‌
Call
-
10
Year
Interest
Rate
Swap
Barclays
Bank
PLC
6
Month
Euro
Interbank
Offered
Rate
Receive
EUR
1,220‌
0.45%
08/04/2022
(12‌)
(6‌)
6‌
Call
-
10
Year
Interest
Rate
Swap
Deutsche
Bank
AG
3
Month
USD
LIBOR
Receive
$
1,510‌
1.80%
10/14/2022
(41‌)
(25‌)
16‌
Call
-
10
Year
Interest
Rate
Swap
Deutsche
Bank
AG
Secured
Overnight
Financing
Rate
Receive
900‌
1.45%
08/04/2022
(11‌)
(10‌)
1‌
Call
-
10
Year
Interest
Rate
Swap
Deutsche
Bank
AG
3
Month
USD
LIBOR
Receive
3,160‌
1.85%
11/16/2022
(93‌)
(63‌)
30‌
Call
-
10
Year
Interest
Rate
Swap
Deutsche
Bank
AG
3
Month
USD
LIBOR
Receive
985‌
1.24%
12/19/2022
(32‌)
(6‌)
26‌
Call
-
10
Year
Interest
Rate
Swap
Deutsche
Bank
AG
3
Month
USD
LIBOR
Receive
1,510‌
1.80%
10/10/2022
(42‌)
(25‌)
17‌
Call
-
10
Year
Interest
Rate
Swap
Deutsche
Bank
AG
3
Month
USD
LIBOR
Receive
985‌
1.23%
12/19/2022
(32‌)
(6‌)
26‌
Call
-
10
Year
Interest
Rate
Swap
JPMorgan
Chase
Secured
Overnight
Financing
Rate
Receive
2,497‌
1.42%
12/16/2022
(70‌)
(38‌)
32‌
Call
-
10
Year
Interest
Rate
Swap
JPMorgan
Chase
Secured
Overnight
Financing
Rate
Receive
1,550‌
1.45%
12/05/2022
(47‌)
(24‌)
23‌
Call
-
10
Year
Interest
Rate
Swap
JPMorgan
Chase
3
Month
USD
LIBOR
Receive
1,710‌
1.40%
06/08/2022
(16‌)
(4‌)
12‌
Call
-
10
Year
Interest
Rate
Swap
Morgan
Stanley
&
Co
Secured
Overnight
Financing
Rate
Receive
2,498‌
1.43%
12/14/2022
(71‌)
(39‌)
32‌
Call
-
10
Year
Interest
Rate
Swap
Morgan
Stanley
&
Co
3
Month
USD
LIBOR
Pay
2,890‌
1.53%
09/02/2022
(77‌)
(22‌)
55‌
Call
-
2
Year
Interest
Rate
Swap
Barclays
Bank
PLC
3
Month
USD
LIBOR
Receive
5,970‌
0.52%
03/04/2022
(17‌)
—‌
17‌
Call
-
2
Year
Interest
Rate
Swap
Barclays
Bank
PLC
Secured
Overnight
Financing
Rate
Receive
11,345‌
1.25%
01/13/2023
(46‌)
(35‌)
11‌
Call
-
2
Year
Interest
Rate
Swap
Deutsche
Bank
AG
Secured
Overnight
Financing
Rate
Receive
4,795‌
1.38%
08/09/2022
(13‌)
(14‌)
(1‌)
Call
-
2
Year
Interest
Rate
Swap
Deutsche
Bank
AG
3
Month
USD
LIBOR
Receive
11,700‌
0.51%
03/02/2022
(37‌)
—‌
37‌
Call
-
2
Year
Interest
Rate
Swap
Deutsche
Bank
AG
Secured
Overnight
Financing
Rate
Receive
15,200‌
1.78%
11/16/2022
(79‌)
(107‌)
(28‌)
Call
-
2
Year
Interest
Rate
Swap
Deutsche
Bank
AG
3
Month
USD
LIBOR
Receive
10,220‌
1.02%
05/04/2022
(41‌)
(2‌)
39‌
Call
-
2
Year
Interest
Rate
Swap
Deutsche
Bank
AG
Secured
Overnight
Financing
Rate
Receive
11,345‌
1.25%
01/11/2023
(45‌)
(35‌)
10‌
Call
-
2
Year
Interest
Rate
Swap
Deutsche
Bank
AG
Secured
Overnight
Financing
Rate
Receive
4,730‌
1.36%
01/19/2023
(19‌)
(18‌)
1‌
Call
-
2
Year
Interest
Rate
Swap
Deutsche
Bank
AG
3
Month
USD
LIBOR
Receive
11,740‌
0.57%
03/24/2022
(38‌)
—‌
38‌
Call
-
2
Year
Interest
Rate
Swap
Deutsche
Bank
AG
3
Month
USD
LIBOR
Receive
5,970‌
0.56%
03/22/2022
(20‌)
—‌
20‌
Call
-
2
Year
Interest
Rate
Swap
Deutsche
Bank
AG
Secured
Overnight
Financing
Rate
Receive
15,200‌
1.74%
11/16/2022
(84‌)
(101‌)
(17‌)
Call
-
2
Year
Interest
Rate
Swap
JPMorgan
Chase
3
Month
USD
LIBOR
Receive
19,720‌
0.61%
04/04/2022
(47‌)
—‌
47‌
Call
-
2
Year
Interest
Rate
Swap
Morgan
Stanley
&
Co
3
Month
USD
LIBOR
Receive
4,870‌
1.24%
10/26/2022
(29‌)
(7‌)
22‌
Call
-
2
Year
Interest
Rate
Swap
Morgan
Stanley
&
Co
3
Month
USD
LIBOR
Receive
7,310‌
1.24%
10/26/2022
(43‌)
(11‌)
32‌
Call
-
2
Year
Interest
Rate
Swap
Morgan
Stanley
&
Co
Secured
Overnight
Financing
Rate
Receive
5,630‌
1.39%
02/20/2023
(21‌)
(24‌)
(3‌)
Call
-
2
Year
Interest
Rate
Swap
Morgan
Stanley
&
Co
3
Month
USD
LIBOR
Receive
7,265‌
1.25%
11/07/2022
(40‌)
(12‌)
28‌
Put
-
10
Year
Interest
Rate
Swap
Barclays
Bank
PLC
Secured
Overnight
Financing
Rate
Pay
900‌
2.05%
08/09/2022
(11‌)
(10‌)
1‌
Consolidated
Schedule
of
Investments
Diversified
Real
Asset
Fund
February
28,
2022
(unaudited)
See
accompanying
notes.
95
Interest
Rate
Swaptions
(continued)
Written
Swaptions
Outstanding
Counterparty
Floating
Rate
Index
Pay/
Receive
Floating
Rate
Notional
Amount
Exercise
Rate
Expiration
Date
Upfront
Receipts
Fair
Value
Unrealized
Appreciation/
(Depreciation)
Put
-
10
Year
Interest
Rate
Swap
Barclays
Bank
PLC
6
Month
Euro
Interbank
Offered
Rate
Pay
EUR
2,330‌
0.70%
05/16/2023
$
(62‌)
$
(119‌)
$
(57‌)
Put
-
10
Year
Interest
Rate
Swap
Barclays
Bank
PLC
3
Month
USD
LIBOR
Pay
$
1,780‌
2.01%
03/02/2023
(67‌)
(58‌)
9‌
Put
-
10
Year
Interest
Rate
Swap
Barclays
Bank
PLC
3
Month
USD
LIBOR
Pay
1,000‌
1.44%
01/10/2023
(33‌)
(64‌)
(31‌)
Put
-
10
Year
Interest
Rate
Swap
Barclays
Bank
PLC
3
Month
USD
LIBOR
Pay
1,100‌
1.25%
01/03/2023
(37‌)
(85‌)
(48‌)
Put
-
10
Year
Interest
Rate
Swap
Barclays
Bank
PLC
3
Month
USD
LIBOR
Pay
4,810‌
2.75%
05/10/2022
(139‌)
(4‌)
135‌
Put
-
10
Year
Interest
Rate
Swap
Deutsche
Bank
AG
3
Month
USD
LIBOR
Pay
1,510‌
1.80%
10/14/2022
(41‌)
(55‌)
(14‌)
Put
-
10
Year
Interest
Rate
Swap
Deutsche
Bank
AG
3
Month
USD
LIBOR
Pay
1,510‌
1.80%
10/10/2022
(42‌)
(54‌)
(12‌)
Put
-
10
Year
Interest
Rate
Swap
Deutsche
Bank
AG
Secured
Overnight
Financing
Rate
Pay
900‌
1.95%
08/04/2022
(10‌)
(12‌)
(2‌)
Put
-
10
Year
Interest
Rate
Swap
Deutsche
Bank
AG
3
Month
USD
LIBOR
Pay
985‌
1.24%
12/19/2022
(32‌)
(76‌)
(44‌)
Put
-
10
Year
Interest
Rate
Swap
Deutsche
Bank
AG
3
Month
USD
LIBOR
Pay
985‌
1.23%
12/19/2022
(33‌)
(77‌)
(44‌)
Put
-
10
Year
Interest
Rate
Swap
Deutsche
Bank
AG
3
Month
USD
LIBOR
Pay
3,160‌
1.85%
11/16/2022
(93‌)
(112‌)
(19‌)
Put
-
10
Year
Interest
Rate
Swap
Deutsche
Bank
AG
3
Month
USD
LIBOR
Pay
160‌
2.25%
08/21/2024
(2‌)
(6‌)
(4‌)
Put
-
10
Year
Interest
Rate
Swap
JPMorgan
Chase
Secured
Overnight
Financing
Rate
Pay
1,550‌
1.45%
12/06/2022
(47‌)
(69‌)
(22‌)
Put
-
10
Year
Interest
Rate
Swap
JPMorgan
Chase
Secured
Overnight
Financing
Rate
Pay
2,497‌
1.42%
12/16/2022
(71‌)
(118‌)
(47‌)
Put
-
10
Year
Interest
Rate
Swap
JPMorgan
Chase
3
Month
USD
LIBOR
Pay
1,710‌
2.40%
06/08/2022
(19‌)
(9‌)
10‌
Put
-
10
Year
Interest
Rate
Swap
Morgan
Stanley
&
Co
3
Month
USD
LIBOR
Pay
1,960‌
3.00%
06/14/2024
(54‌)
(37‌)
17‌
Put
-
10
Year
Interest
Rate
Swap
Morgan
Stanley
&
Co
3
Month
USD
LIBOR
Pay
1,330‌
3.00%
06/21/2024
(32‌)
(25‌)
7‌
Put
-
10
Year
Interest
Rate
Swap
Morgan
Stanley
&
Co
3
Month
USD
LIBOR
Pay
1,330‌
3.50%
06/21/2024
(20‌)
(16‌)
4‌
Put
-
10
Year
Interest
Rate
Swap
Morgan
Stanley
&
Co
Secured
Overnight
Financing
Rate
Pay
2,498‌
1.43%
12/14/2022
(70‌)
(115‌)
(45‌)
Put
-
10
Year
Interest
Rate
Swap
Morgan
Stanley
&
Co
3
Month
USD
LIBOR
Receive
2,890‌
1.53%
09/02/2022
(77‌)
(148‌)
(71‌)
Put
-
10
Year
Interest
Rate
Swap
Morgan
Stanley
&
Co
3
Month
USD
LIBOR
Pay
1,960‌
3.50%
06/14/2024
(33‌)
(23‌)
10‌
Put
-
10
Year
Interest
Rate
Swap
Morgan
Stanley
&
Co
3
Month
USD
LIBOR
Pay
1,730‌
2.25%
08/21/2024
(52‌)
(69‌)
(17‌)
Put
-
2
Year
Interest
Rate
Swap
Barclays
Bank
PLC
Secured
Overnight
Financing
Rate
Pay
11,345‌
1.75%
01/13/2023
(46‌)
(91‌)
(45‌)
Put
-
2
Year
Interest
Rate
Swap
Barclays
Bank
PLC
3
Month
USD
LIBOR
Pay
5,970‌
0.52%
03/04/2022
(18‌)
(134‌)
(116‌)
Put
-
2
Year
Interest
Rate
Swap
Deutsche
Bank
AG
3
Month
USD
LIBOR
Pay
10,220‌
1.02%
05/04/2022
(41‌)
(155‌)
(114‌)
Put
-
2
Year
Interest
Rate
Swap
Deutsche
Bank
AG
Secured
Overnight
Financing
Rate
Pay
10,350‌
2.25%
02/16/2023
(72‌)
(50‌)
22‌
Put
-
2
Year
Interest
Rate
Swap
Deutsche
Bank
AG
Secured
Overnight
Financing
Rate
Pay
15,200‌
2.24%
11/16/2022
(83‌)
(57‌)
26‌
Put
-
2
Year
Interest
Rate
Swap
Deutsche
Bank
AG
Secured
Overnight
Financing
Rate
Pay
11,345‌
1.75%
01/11/2023
(45‌)
(91‌)
(46‌)
Put
-
2
Year
Interest
Rate
Swap
Deutsche
Bank
AG
6
Month
Euro
Interbank
Offered
Rate
Receive
EUR
18,020‌
1.35%
02/09/2024
(113‌)
(125‌)
(12‌)
Put
-
2
Year
Interest
Rate
Swap
Deutsche
Bank
AG
Secured
Overnight
Financing
Rate
Pay
$
15,200‌
2.28%
11/16/2022
(80‌)
(55‌)
25‌
Put
-
2
Year
Interest
Rate
Swap
Deutsche
Bank
AG
3
Month
USD
LIBOR
Pay
5,970‌
0.56%
03/22/2022
(20‌)
(133‌)
(113‌)
Put
-
2
Year
Interest
Rate
Swap
Deutsche
Bank
AG
3
Month
USD
LIBOR
Pay
11,740‌
0.57%
03/24/2022
(37‌)
(261‌)
(224‌)
Put
-
2
Year
Interest
Rate
Swap
Deutsche
Bank
AG
Secured
Overnight
Financing
Rate
Receive
4,795‌
1.88%
08/09/2022
(18‌)
(19‌)
(1‌)
Consolidated
Schedule
of
Investments
Diversified
Real
Asset
Fund
February
28,
2022
(unaudited)
See
accompanying
notes.
96
Interest
Rate
Swaptions
(continued)
Written
Swaptions
Outstanding
Counterparty
Floating
Rate
Index
Pay/
Receive
Floating
Rate
Notional
Amount
Exercise
Rate
Expiration
Date
Upfront
Receipts
Fair
Value
Unrealized
Appreciation/
(Depreciation)
Put
-
2
Year
Interest
Rate
Swap
Deutsche
Bank
AG
3
Month
USD
LIBOR
Pay
$
11,700‌
0.51%
03/02/2022
$
(36‌)
$
(263‌)
$
(227‌)
Put
-
2
Year
Interest
Rate
Swap
JPMorgan
Chase
Secured
Overnight
Financing
Rate
Pay
5,630‌
2.20%
08/12/2022
(22‌)
(13‌)
9‌
Put
-
2
Year
Interest
Rate
Swap
JPMorgan
Chase
3
Month
USD
LIBOR
Pay
4,400‌
1.48%
11/03/2022
(22‌)
(55‌)
(33‌)
Put
-
2
Year
Interest
Rate
Swap
JPMorgan
Chase
3
Month
USD
LIBOR
Pay
19,720‌
0.74%
04/07/2022
(32‌)
(383‌)
(351‌)
Put
-
2
Year
Interest
Rate
Swap
JPMorgan
Chase
3
Month
USD
LIBOR
Pay
19,720‌
0.61%
04/04/2022
(47‌)
(432‌)
(385‌)
Put
-
2
Year
Interest
Rate
Swap
Morgan
Stanley
&
Co
3
Month
USD
LIBOR
Pay
4,870‌
1.24%
10/26/2022
(29‌)
(79‌)
(50‌)
Put
-
2
Year
Interest
Rate
Swap
Morgan
Stanley
&
Co
3
Month
USD
LIBOR
Pay
7,265‌
1.25%
11/07/2022
(40‌)
(117‌)
(77‌)
Put
-
2
Year
Interest
Rate
Swap
Morgan
Stanley
&
Co
3
Month
USD
LIBOR
Pay
7,310‌
1.24%
10/26/2022
(44‌)
(118‌)
(74‌)
Put
-
2
Year
Interest
Rate
Swap
Morgan
Stanley
&
Co
Secured
Overnight
Financing
Rate
Pay
8,445‌
2.39%
02/20/2023
(39‌)
(35‌)
4‌
Total
$
(3,272‌)
$
(4,746‌)
$
(1,474‌)
Amounts
in
thousands.
Futures
Contracts
Description
and
Expiration
Date
Type
Contracts
Notional
Amount
Value
and
Unrealized
Appreciation/(Depreciation)
90
Day
Eurodollar;
December
2024
Short
29‌
$
7,104‌
$
40‌
Brent
Crude;
May
2022
(a)
Long
541‌
53,002‌
8,507‌
Coffee
'C';
July
2022
(a)
Long
29‌
2,518‌
(57‌)
Coffee
'C';
May
2022
(a)
Long
170‌
14,847‌
(315‌)
Copper;
December
2022
(a)
Long
149‌
16,533‌
(60‌)
Copper;
May
2022
(a)
Long
167‌
18,598‌
360‌
Corn;
May
2022
(a)
Long
1,179‌
40,720‌
4,023‌
Cotton
No.2;
July
2022
(a)
Long
4‌
232‌
(9‌)
Cotton
No.2;
May
2022
(a)
Long
162‌
9,649‌
183‌
Euro
Bond
10
Year
Bond;
March
2022
Short
67‌
12,549‌
(27‌)
Euro-Bobl
5
Year;
March
2022
Short
72‌
10,645‌
(70‌)
Gasoline
RBOB;
May
2022
(a)
Long
141‌
17,226‌
1,468‌
Gold
100
oz;
April
2022
(a)
Long
534‌
101,497‌
3,416‌
ICE
3MTH
SONIA
Index;
September
2022
Long
54‌
17,829‌
(122‌)
KC
HRW
Wheat;
May
2022
(a)
Long
269‌
12,818‌
1,753‌
Lean
Hogs;
April
2022
(a)
Long
263‌
10,888‌
1,796‌
Lean
Hogs;
June
2022
(a)
Long
70‌
3,176‌
118‌
Live
Cattle;
April
2022
(a)
Long
323‌
18,272‌
40‌
Live
Cattle;
June
2022
(a)
Long
87‌
4,792‌
(54‌)
LME
Nickel;
June
2022
(a)
Long
139‌
20,173‌
3,563‌
LME
PRI
Alum;
June
2022
(a)
Long
367‌
30,878‌
2,513‌
LME
PRI
Alum;
March
2022
(a)
Short
—‌
—‌
(483‌)
LME
Zinc;
June
2022
(a)
Long
221‌
20,239‌
362‌
LME
Zinc;
March
2022
(a)
Short
—‌
—‌
2,376‌
Low
Sulphur
Gasoline;
May
2022
(a)
Long
237‌
19,671‌
1,447‌
Natural
Gas;
April
2022
(a)
Long
77‌
3,390‌
(382‌)
Natural
Gas;
May
2022
(a)
Long
1,303‌
57,593‌
4,613‌
NY
Harb
ULSD;
May
2022
(a)
Long
127‌
15,184‌
1,642‌
Silver;
May
2022
(a)
Long
272‌
33,138‌
1,495‌
Soybean
Meal;
December
2022
(a)
Long
171‌
6,876‌
194‌
Soybean
Meal;
May
2022
(a)
Long
368‌
16,424‌
69‌
Soybean
Oil;
May
2022
(a)
Long
564‌
24,541‌
2,746‌
Soybean;
May
2022
(a)
Long
298‌
24,388‌
738‌
Soybean;
November
2022
(a)
Long
233‌
16,726‌
1,044‌
Sugar
#11;
May
2022
(a)
Long
864‌
17,128‌
(137‌)
UK
10
Year
Gilt;
June
2022
Short
12‌
1,981‌
(12‌)
US
10
Year
Note;
June
2022
Long
23‌
2,931‌
27‌
US
10
Year
Ultra
Note;
June
2022
Short
43‌
6,077‌
(77‌)
US
2
Year
Note;
June
2022
Short
37‌
7,963‌
(7‌)
US
5
Year
Note;
June
2022
Long
146‌
17,269‌
115‌
US
Ultra
Bond;
June
2022
Short
35‌
6,508‌
(67‌)
Wheat;
May
2022
(a)
Long
486‌
22,696‌
3,486‌
Consolidated
Schedule
of
Investments
Diversified
Real
Asset
Fund
February
28,
2022
(unaudited)
See
accompanying
notes.
97
Futures
Contracts
(continued)
Description
and
Expiration
Date
Type
Contracts
Notional
Amount
Value
and
Unrealized
Appreciation/(Depreciation)
WTI
Crude;
May
2022
(a)
Long
649‌
$
60,681‌
$
5,062‌
Total
$
51,317‌
Amounts
in
thousands
except
contracts.
(a)
All
or
a
portion
of
this
security
is
owned
by
the
DRA
Cayman
Corporation,
which
is
a
100%
owned
subsidiary
of
the
fund.
Foreign
Currency
Contracts
Unrealized
Appreciation/
(Depreciation)
Counterparty
Settlement
Date
Currency
to
Accept
Currency
to
Deliver
Asset
Liability
ANZ
Stockbroking
03/03/2022
NZD
5,179‌
$
3,488‌
$
16‌
$
—‌
ANZ
Stockbroking
04/05/2022
$
3,486‌
NZD
5,179‌
—‌
(15‌)
Bank
of
America
NA
03/03/2022
$
476‌
EUR
420‌
5‌
—‌
Barclays
Bank
PLC
03/03/2022
$
2,906‌
EUR
2,603‌
—‌
(12‌)
Barclays
Bank
PLC
03/16/2022
EUR
1,135‌
$
1,291‌
—‌
(18‌)
BNP
Paribas
03/03/2022
$
3,681‌
NZD
5,613‌
—‌
(117‌)
Citigroup
Inc
03/03/2022
$
33‌
AUD
47‌
—‌
(1‌)
Deutsche
Bank
AG
03/03/2022
NZD
64‌
$
42‌
1‌
—‌
Deutsche
Bank
AG
03/03/2022
$
219‌
EUR
195‌
—‌
—‌
Morgan
Stanley
&
Co
03/03/2022
$
2,680‌
EUR
2,353‌
43‌
—‌
Morgan
Stanley
&
Co
04/05/2022
$
11‌
EUR
10‌
—‌
—‌
Westpac
Banking
Corporation
03/03/2022
AUD
47‌
$
34‌
—‌
—‌
Westpac
Banking
Corporation
04/05/2022
$
34‌
AUD
47‌
—‌
—‌
Total
$
65‌
$
(163‌)
Amounts
in
thousands.
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
3
Month
USD
LIBOR
Receive
2.38%
Semiannual
Quarterly
N/A
07/05/2049
$
300‌
$
(8‌)
$
—‌
$
(8‌)
3
Month
USD
LIBOR
Receive
0.98%
Semiannual
Quarterly
N/A
04/26/2024
1,845‌
28‌
—‌
28‌
3
Month
USD
LIBOR
Receive
0.99%
Semiannual
Quarterly
N/A
04/26/2024
1,845‌
28‌
—‌
28‌
3
Month
USD
LIBOR
Receive
0.99%
Semiannual
Quarterly
N/A
04/26/2024
1,845‌
28‌
—‌
28‌
3
Month
USD
LIBOR
Receive
0.93%
Semiannual
Quarterly
N/A
04/25/2024
1,837‌
30‌
—‌
30‌
3
Month
USD
LIBOR
Receive
0.94%
Semiannual
Quarterly
N/A
04/25/2024
3,673‌
59‌
—‌
59‌
3
Month
USD
LIBOR
Receive
0.91%
Semiannual
Quarterly
N/A
04/25/2024
3,670‌
61‌
—‌
61‌
3
Month
USD
LIBOR
Receive
0.90%
Semiannual
Quarterly
N/A
04/20/2024
1,830‌
31‌
—‌
31‌
3
Month
USD
LIBOR
Receive
0.92%
Semiannual
Quarterly
N/A
04/20/2024
1,830‌
30‌
—‌
30‌
3
Month
USD
LIBOR
Receive
0.85%
Semiannual
Quarterly
N/A
04/20/2024
490‌
9‌
—‌
9‌
3
Month
USD
LIBOR
Receive
0.81%
Semiannual
Quarterly
N/A
04/20/2024
1,835‌
34‌
—‌
34‌
3
Month
USD
LIBOR
Receive
0.81%
Semiannual
Quarterly
N/A
04/20/2024
1,835‌
34‌
—‌
34‌
3
Month
USD
LIBOR
Receive
1.78%
Semiannual
Quarterly
N/A
10/18/2031
850‌
12‌
—‌
12‌
3
Month
USD
LIBOR
Pay
1.58%
Quarterly
Semiannual
N/A
07/27/2027
460‌
(8‌)
—‌
(8‌)
3
Month
USD
LIBOR
Receive
0.65%
Semiannual
Quarterly
N/A
01/18/2024
3,640‌
63‌
—‌
63‌
3
Month
USD
LIBOR
Receive
0.80%
Semiannual
Quarterly
N/A
04/14/2024
3,620‌
67‌
—‌
67‌
3
Month
USD
LIBOR
Receive
0.69%
Semiannual
Quarterly
N/A
04/12/2024
3,630‌
75‌
—‌
75‌
3
Month
USD
LIBOR
Receive
0.68%
Semiannual
Quarterly
N/A
04/12/2024
2,980‌
62‌
—‌
62‌
3
Month
USD
LIBOR
Receive
0.65%
Semiannual
Quarterly
N/A
04/11/2024
3,630‌
77‌
—‌
77‌
3
Month
USD
LIBOR
Pay
1.35%
Quarterly
Semiannual
N/A
07/08/2027
2,740‌
(74‌)
—‌
(74‌)
3
Month
USD
LIBOR
Receive
0.64%
Semiannual
Quarterly
N/A
04/08/2024
6,560‌
140‌
—‌
140‌
3
Month
USD
LIBOR
Receive
0.56%
Semiannual
Quarterly
N/A
03/24/2024
110‌
2‌
—‌
2‌
3
Month
USD
LIBOR
Receive
1.52%
Semiannual
Quarterly
N/A
09/24/2031
2,200‌
81‌
—‌
81‌
3
Month
USD
LIBOR
Receive
1.39%
Semiannual
Quarterly
N/A
09/22/2031
1,090‌
53‌
—‌
53‌
3
Month
USD
LIBOR
Receive
1.43%
Semiannual
Quarterly
N/A
09/21/2031
1,090‌
49‌
—‌
49‌
3
Month
USD
LIBOR
Pay
1.22%
Quarterly
Semiannual
N/A
08/16/2027
720‌
(25‌)
—‌
(25‌)
3
Month
USD
LIBOR
Receive
0.78%
Semiannual
Quarterly
N/A
08/15/2024
2,025‌
45‌
—‌
45‌
3
Month
USD
LIBOR
Receive
0.79%
Semiannual
Quarterly
N/A
04/14/2024
3,620‌
68‌
—‌
68‌
3
Month
USD
LIBOR
Receive
0.74%
Semiannual
Quarterly
N/A
08/12/2024
2,670‌
61‌
—‌
61‌
3
Month
USD
LIBOR
Receive
1.00%
Semiannual
Quarterly
N/A
04/29/2024
1,860‌
28‌
—‌
28‌
3
Month
USD
LIBOR
Receive
1.01%
Semiannual
Quarterly
N/A
05/03/2024
5,625‌
85‌
—‌
85‌
3
Month
USD
LIBOR
Pay
1.60%
Quarterly
Semiannual
N/A
03/02/2032
1,230‌
(40‌)
—‌
(40‌)
3
Month
USD
LIBOR
Pay
0.75%
Quarterly
Semiannual
N/A
03/01/2024
9,250‌
(163‌)
—‌
(163‌)
3
Month
USD
LIBOR
Pay
1.62%
Quarterly
Semiannual
N/A
02/22/2032
1,150‌
(35‌)
—‌
(35‌)
3
Month
USD
LIBOR
Pay
1.50%
Quarterly
Semiannual
N/A
01/31/2032
1,330‌
(54‌)
—‌
(54‌)
3
Month
USD
LIBOR
Pay
1.25%
Quarterly
Semiannual
N/A
01/31/2032
1,220‌
(78‌)
—‌
(78‌)
Consolidated
Schedule
of
Investments
Diversified
Real
Asset
Fund
February
28,
2022
(unaudited)
See
accompanying
notes.
98
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
3
Month
USD
LIBOR
Receive
1.34%
Semiannual
Quarterly
N/A
01/21/2027
$
2,825‌
$
64‌
$
—‌
$
64‌
3
Month
USD
LIBOR
Receive
1.10%
Semiannual
Quarterly
N/A
04/04/2024
895‌
11‌
—‌
11‌
3
Month
USD
LIBOR
Receive
1.28%
Semiannual
Quarterly
N/A
06/17/2024
1,865‌
21‌
—‌
21‌
3
Month
USD
LIBOR
Receive
1.27%
Semiannual
Quarterly
N/A
06/17/2024
25‌
—‌
—‌
—‌
3
Month
USD
LIBOR
Receive
1.22%
Semiannual
Quarterly
N/A
06/07/2024
1,875‌
23‌
—‌
23‌
3
Month
USD
LIBOR
Receive
1.09%
Semiannual
Quarterly
N/A
04/05/2024
3,170‌
39‌
—‌
39‌
3
Month
USD
LIBOR
Receive
1.06%
Semiannual
Quarterly
N/A
02/29/2024
1,860‌
21‌
—‌
21‌
3
Month
USD
LIBOR
Pay
1.48%
Quarterly
Semiannual
N/A
08/01/2027
2,305‌
(50‌)
1‌
(49‌)
3
Month
USD
LIBOR
Pay
1.63%
Quarterly
Semiannual
N/A
05/26/2027
765‌
(10‌)
—‌
(10‌)
3
Month
USD
LIBOR
Receive
1.05%
Semiannual
Quarterly
N/A
02/28/2024
7,440‌
86‌
—‌
86‌
3
Month
USD
LIBOR
Pay
1.63%
Quarterly
Semiannual
N/A
05/26/2027
3,060‌
(39‌)
—‌
(39‌)
3
Month
USD
LIBOR
Receive
1.07%
Semiannual
Quarterly
N/A
02/25/2024
3,730‌
41‌
—‌
41‌
3
Month
USD
LIBOR
Pay
1.56%
Quarterly
Semiannual
N/A
02/25/2027
410‌
(5‌)
—‌
(5‌)
3
Month
USD
LIBOR
Receive
1.06%
Semiannual
Quarterly
N/A
02/24/2024
3,740‌
42‌
—‌
42‌
3
Month
USD
LIBOR
Pay
1.54%
Quarterly
Semiannual
N/A
02/24/2027
1,540‌
(22‌)
1‌
(21‌)
3
Month
USD
LIBOR
Pay
1.68%
Quarterly
Semiannual
N/A
11/21/2027
970‌
(14‌)
—‌
(14‌)
3
Month
USD
LIBOR
Receive
1.07%
Semiannual
Quarterly
N/A
05/12/2024
1,875‌
27‌
—‌
27‌
3
Month
USD
LIBOR
Receive
1.06%
Semiannual
Quarterly
N/A
05/12/2024
1,875‌
27‌
—‌
27‌
3
Month
USD
LIBOR
Receive
1.05%
Semiannual
Quarterly
N/A
05/12/2024
3,760‌
55‌
—‌
55‌
3
Month
USD
LIBOR
Pay
1.49%
Quarterly
Semiannual
N/A
08/01/2027
2,305‌
(48‌)
—‌
(48‌)
3
Month
USD
LIBOR
Receive
1.02%
Semiannual
Quarterly
N/A
05/03/2024
5,625‌
84‌
—‌
84‌
3
Month
USD
LIBOR
Receive
1.06%
Semiannual
Quarterly
N/A
02/29/2024
590‌
7‌
—‌
7‌
3
Month
USD
LIBOR
Pay
1.19%
Quarterly
Semiannual
N/A
07/19/2027
2,100‌
(74‌)
—‌
(74‌)
3
Month
USD
LIBOR
Receive
1.25%
Semiannual
Quarterly
N/A
06/07/2024
1,875‌
22‌
—‌
22‌
3
Month
USD
LIBOR
Receive
0.73%
Semiannual
Quarterly
N/A
06/21/2024
3,340‌
73‌
—‌
73‌
3
Month
USD
LIBOR
Receive
1.53%
Semiannual
Quarterly
N/A
12/15/2022
5,728‌
(24‌)
—‌
(24‌)
3
Month
USD
LIBOR
Receive
1.71%
Semiannual
Quarterly
N/A
08/16/2049
240‌
4‌
—‌
4‌
3
Month
USD
LIBOR
Receive
1.67%
Semiannual
Quarterly
N/A
08/17/2049
180‌
3‌
—‌
3‌
3
Month
USD
LIBOR
Receive
0.82%
Semiannual
Quarterly
N/A
09/08/2025
1,110‌
36‌
—‌
36‌
3
Month
USD
LIBOR
Receive
0.88%
Semiannual
Quarterly
N/A
07/12/2053
350‌
91‌
—‌
91‌
3
Month
USD
LIBOR
Receive
0.77%
Semiannual
Quarterly
N/A
05/04/2032
1,790‌
200‌
—‌
200‌
3
Month
USD
LIBOR
Receive
0.84%
Semiannual
Quarterly
N/A
11/15/2027
3,050‌
167‌
—‌
167‌
3
Month
USD
LIBOR
Pay
1.93%
Quarterly
Semiannual
N/A
12/01/2056
50‌
(1‌)
—‌
(1‌)
3
Month
USD
LIBOR
Receive
0.63%
Semiannual
Quarterly
N/A
04/14/2025
3,090‌
105‌
—‌
105‌
3
Month
USD
LIBOR
Receive
1.25%
Semiannual
Quarterly
N/A
11/05/2040
60‌
8‌
—‌
8‌
3
Month
USD
LIBOR
Pay
0.82%
Quarterly
Semiannual
N/A
04/14/2030
1,610‌
(132‌)
—‌
(132‌)
3
Month
USD
LIBOR
Receive
1.14%
Semiannual
Quarterly
N/A
06/20/2052
310‌
63‌
—‌
63‌
3
Month
USD
LIBOR
Receive
2.10%
Semiannual
Quarterly
N/A
10/23/2039
100‌
1‌
—‌
1‌
3
Month
USD
LIBOR
Receive
0.97%
Semiannual
Quarterly
N/A
08/17/2040
300‌
51‌
—‌
51‌
3
Month
USD
LIBOR
Pay
1.25%
Quarterly
Semiannual
N/A
09/08/2050
190‌
(32‌)
—‌
(32‌)
3
Month
USD
LIBOR
Receive
1.65%
Semiannual
Quarterly
N/A
08/22/2034
235‌
9‌
—‌
9‌
3
Month
USD
LIBOR
Pay
1.87%
Quarterly
Semiannual
N/A
02/19/2051
465‌
(15‌)
—‌
(15‌)
3
Month
USD
LIBOR
Pay
1.91%
Quarterly
Semiannual
N/A
02/22/2051
233‌
(6‌)
—‌
(6‌)
3
Month
USD
LIBOR
Pay
1.90%
Quarterly
Semiannual
N/A
06/11/2051
280‌
(7‌)
—‌
(7‌)
3
Month
USD
LIBOR
Receive
1.09%
Semiannual
Quarterly
N/A
06/20/2052
310‌
67‌
—‌
67‌
3
Month
USD
LIBOR
Pay
0.65%
Quarterly
Semiannual
N/A
06/20/2027
1,705‌
(103‌)
—‌
(103‌)
3
Month
USD
LIBOR
Receive
1.29%
Semiannual
Quarterly
N/A
04/20/2027
1,360‌
38‌
—‌
38‌
3
Month
USD
LIBOR
Receive
0.76%
Semiannual
Quarterly
N/A
05/03/2032
870‌
98‌
—‌
98‌
3
Month
USD
LIBOR
Receive
1.77%
Semiannual
Quarterly
N/A
07/12/2023
17,375‌
(25‌)
—‌
(25‌)
3
Month
USD
LIBOR
Receive
1.59%
Semiannual
Quarterly
N/A
02/22/2032
1,175‌
38‌
—‌
38‌
3
Month
USD
LIBOR
Pay
0.65%
Quarterly
Semiannual
N/A
07/12/2028
1,890‌
(120‌)
—‌
(120‌)
3
Month
USD
LIBOR
Receive
2.79%
Semiannual
Quarterly
N/A
03/10/2031
2,464‌
(178‌)
—‌
(178‌)
3
Month
USD
LIBOR
Receive
1.71%
Semiannual
Quarterly
N/A
03/06/2026
2,080‌
5‌
—‌
5‌
3
Month
USD
LIBOR
Receive
1.27%
Semiannual
Quarterly
N/A
02/15/2028
670‌
22‌
—‌
22‌
3
Month
USD
LIBOR
Receive
0.23%
Semiannual
Quarterly
N/A
03/01/2023
1,775‌
17‌
—‌
17‌
3
Month
USD
LIBOR
Receive
1.55%
Semiannual
Quarterly
N/A
02/25/2026
3,310‌
12‌
—‌
12‌
3
Month
USD
LIBOR
Pay
1.51%
Quarterly
Semiannual
N/A
08/19/2031
110‌
(4‌)
—‌
(4‌)
3
Month
USD
LIBOR
Receive
1.62%
Semiannual
Quarterly
N/A
02/22/2032
588‌
18‌
—‌
18‌
3
Month
USD
LIBOR
Receive
1.93%
Semiannual
Quarterly
N/A
10/22/2034
540‌
7‌
—‌
7‌
3
Month
USD
LIBOR
Pay
0.68%
Quarterly
Semiannual
N/A
06/20/2027
1,705‌
(100‌)
—‌
(100‌)
6
Month
Euro
Interbank
Offered
Rate
Receive
0.19%
Annual
Semiannual
N/A
01/16/2030
EUR
510‌
23‌
(2‌)
21‌
6
Month
Euro
Interbank
Offered
Rate
Receive
0.85%
Annual
Semiannual
N/A
02/12/2026
11,770‌
(29‌)
—‌
(29‌)
6
Month
Euro
Interbank
Offered
Rate
Pay
(0.08)%
Semiannual
Annual
N/A
08/15/2026
6,605‌
(170‌)
2‌
(168‌)
Consolidated
Schedule
of
Investments
Diversified
Real
Asset
Fund
February
28,
2022
(unaudited)
See
accompanying
notes.
99
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
6
Month
Euro
Interbank
Offered
Rate
Pay
0.64%
Semiannual
Annual
N/A
10/09/2026
EUR
2,960‌
$
32‌
$
—‌
$
32‌
6
Month
Euro
Interbank
Offered
Rate
Receive
0.84%
Annual
Semiannual
N/A
02/16/2032
280‌
(2‌)
—‌
(2‌)
6
Month
Euro
Interbank
Offered
Rate
Receive
0.44%
Annual
Semiannual
N/A
05/16/2033
350‌
21‌
—‌
21‌
6
Month
Euro
Interbank
Offered
Rate
Receive
0.86%
Annual
Semiannual
N/A
03/01/2032
140‌
(1‌)
—‌
(1‌)
Consumer
Price
All
Urban
Non-Seasonally
Adjusted
Index
Receive
3.05%
Annual
Annual
N/A
12/02/2026
$
1,870‌
46‌
—‌
46‌
Consumer
Price
All
Urban
Non-Seasonally
Adjusted
Index
Receive
2.54%
Annual
Annual
N/A
11/03/2051
375‌
(1‌)
—‌
(1‌)
Consumer
Price
All
Urban
Non-Seasonally
Adjusted
Index
Receive
2.62%
Annual
Annual
N/A
10/26/2051
647‌
(22‌)
1‌
(21‌)
Consumer
Price
All
Urban
Non-Seasonally
Adjusted
Index
Pay
2.68%
Annual
Annual
N/A
11/17/2051
450‌
25‌
—‌
25‌
Consumer
Price
All
Urban
Non-Seasonally
Adjusted
Index
Receive
3.05%
Annual
Annual
N/A
11/04/2026
2,960‌
78‌
—‌
78‌
Consumer
Price
All
Urban
Non-Seasonally
Adjusted
Index
Receive
3.20%
Annual
Annual
N/A
11/26/2026
2,460‌
43‌
—‌
43‌
Consumer
Price
All
Urban
Non-Seasonally
Adjusted
Index
Pay
2.63%
Annual
Annual
N/A
11/15/2051
440‌
16‌
—‌
16‌
Consumer
Price
All
Urban
Non-Seasonally
Adjusted
Index
Pay
2.61%
Annual
Annual
N/A
11/24/2051
460‌
15‌
—‌
15‌
Consumer
Price
All
Urban
Non-Seasonally
Adjusted
Index
Pay
2.63%
Annual
Annual
N/A
11/22/2051
135‌
5‌
—‌
5‌
Consumer
Price
All
Urban
Non-Seasonally
Adjusted
Index
Pay
2.83%
Annual
Annual
N/A
11/03/2031
1,275‌
(26‌)
—‌
(26‌)
Consumer
Price
All
Urban
Non-Seasonally
Adjusted
Index
Receive
3.10%
Annual
Annual
N/A
11/02/2026
2,480‌
59‌
—‌
59‌
Consumer
Price
All
Urban
Non-Seasonally
Adjusted
Index
Pay
2.42%
Annual
Annual
N/A
01/31/2052
470‌
(11‌)
—‌
(11‌)
Consumer
Price
All
Urban
Non-Seasonally
Adjusted
Index
Receive
3.02%
Annual
Annual
N/A
11/02/2026
4,700‌
131‌
—‌
131‌
Consumer
Price
All
Urban
Non-Seasonally
Adjusted
Index
Receive
1.33%
Annual
Annual
N/A
05/04/2030
3,205‌
640‌
—‌
640‌
Consumer
Price
All
Urban
Non-Seasonally
Adjusted
Index
Receive
2.63%
Annual
Annual
N/A
10/28/2051
650‌
(23‌)
—‌
(23‌)
Consumer
Price
All
Urban
Non-Seasonally
Adjusted
Index
Pay
2.89%
Annual
Annual
N/A
10/28/2031
650‌
(9‌)
—‌
(9‌)
Consumer
Price
All
Urban
Non-Seasonally
Adjusted
Index
Pay
2.86%
Annual
Annual
N/A
10/26/2031
647‌
(11‌)
—‌
(11‌)
Consumer
Price
All
Urban
Non-Seasonally
Adjusted
Index
Receive
2.47%
Annual
Annual
N/A
04/19/2031
1,190‌
106‌
—‌
106‌
Consumer
Price
All
Urban
Non-Seasonally
Adjusted
Index
Pay
2.96%
Annual
Annual
N/A
02/18/2027
4,345‌
(57‌)
—‌
(57‌)
Consolidated
Schedule
of
Investments
Diversified
Real
Asset
Fund
February
28,
2022
(unaudited)
See
accompanying
notes.
100
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
2.61%
Annual
Annual
N/A
10/25/2051
$
2,810‌
$
(78‌)
$
—‌
$
(78‌)
Consumer
Price
All
Urban
Non-Seasonally
Adjusted
Index
Receive
2.45%
Annual
Annual
N/A
12/20/2051
465‌
11‌
—‌
11‌
Consumer
Price
All
Urban
Non-Seasonally
Adjusted
Index
Receive
3.07%
Annual
Annual
N/A
11/02/2026
2,765‌
70‌
—‌
70‌
Consumer
Price
All
Urban
Non-Seasonally
Adjusted
Index
Pay
2.83%
Annual
Annual
N/A
10/25/2031
647‌
(13‌)
—‌
(13‌)
Consumer
Price
All
Urban
Non-Seasonally
Adjusted
Index
Receive
2.62%
Annual
Annual
N/A
10/25/2051
647‌
(22‌)
—‌
(22‌)
Consumer
Price
All
Urban
Non-Seasonally
Adjusted
Index
Receive
2.83%
Annual
Annual
N/A
12/20/2026
5,850‌
183‌
—‌
183‌
Consumer
Price
All
Urban
Non-Seasonally
Adjusted
Index
Pay
2.76%
Annual
Annual
N/A
10/22/2031
648‌
(19‌)
—‌
(19‌)
Consumer
Price
All
Urban
Non-Seasonally
Adjusted
Index
Receive
2.57%
Annual
Annual
N/A
10/22/2051
648‌
(9‌)
—‌
(9‌)
Harmonised
Indices
of
Consumer
Prices
Excluding
Food
and
Energy
Receive
2.13%
Annual
Annual
N/A
11/15/2051
EUR
310‌
21‌
—‌
21‌
Harmonised
Indices
of
Consumer
Prices
Excluding
Food
and
Energy
Pay
2.13%
Annual
Annual
N/A
12/15/2051
310‌
(20‌)
—‌
(20‌)
Harmonised
Indices
of
Consumer
Prices
Excluding
Food
and
Energy
Receive
1.99%
Annual
Annual
N/A
02/15/2032
1,240‌
37‌
—‌
37‌
Harmonised
Indices
of
Consumer
Prices
Excluding
Food
and
Energy
Pay
2.10%
Annual
Annual
N/A
12/15/2051
80‌
(6‌)
—‌
(6‌)
Harmonised
Indices
of
Consumer
Prices
Excluding
Food
and
Energy
Pay
1.79%
Annual
Annual
N/A
07/15/2051
300‌
(74‌)
3‌
(71‌)
Harmonised
Indices
of
Consumer
Prices
Excluding
Food
and
Energy
Receive
2.17%
Annual
Annual
N/A
11/15/2051
110‌
5‌
—‌
5‌
Harmonised
Indices
of
Consumer
Prices
Excluding
Food
and
Energy
Receive
2.18%
Annual
Annual
N/A
11/15/2051
295‌
12‌
—‌
12‌
Harmonised
Indices
of
Consumer
Prices
Excluding
Food
and
Energy
Receive
2.19%
Annual
Annual
N/A
11/15/2051
305‌
10‌
—‌
10‌
Harmonised
Indices
of
Consumer
Prices
Excluding
Food
and
Energy
Receive
2.09%
Annual
Annual
N/A
10/15/2031
405‌
16‌
—‌
16‌
Harmonised
Indices
of
Consumer
Prices
Excluding
Food
and
Energy
Receive
2.13%
Annual
Annual
N/A
10/15/2031
393‌
13‌
1‌
14‌
Harmonised
Indices
of
Consumer
Prices
Excluding
Food
and
Energy
Pay
2.28%
Annual
Annual
N/A
10/15/2051
405‌
4‌
—‌
4‌
Harmonised
Indices
of
Consumer
Prices
Excluding
Food
and
Energy
Pay
2.21%
Annual
Annual
N/A
10/15/2051
1,875‌
(53‌)
(1‌)
(54‌)
Harmonised
Indices
of
Consumer
Prices
Excluding
Food
and
Energy
Receive
2.00%
Annual
Annual
N/A
11/15/2031
755‌
38‌
—‌
38‌
Harmonised
Indices
of
Consumer
Prices
Excluding
Food
and
Energy
Pay
2.22%
Annual
Annual
N/A
10/15/2051
403‌
(8‌)
—‌
(8‌)
Consolidated
Schedule
of
Investments
Diversified
Real
Asset
Fund
February
28,
2022
(unaudited)
See
accompanying
notes.
101
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
Harmonised
Indices
of
Consumer
Prices
Excluding
Food
and
Energy
Pay
2.21%
Annual
Annual
N/A
11/15/2051
EUR
165‌
$
(5‌)
$
—‌
$
(5‌)
Harmonised
Indices
of
Consumer
Prices
Excluding
Food
and
Energy
Receive
2.04%
Annual
Annual
N/A
10/15/2031
403‌
19‌
—‌
19‌
Harmonised
Indices
of
Consumer
Prices
Excluding
Food
and
Energy
Pay
2.32%
Annual
Annual
N/A
10/15/2051
393‌
14‌
(2‌)
12‌
Harmonised
Indices
of
Consumer
Prices
Excluding
Food
and
Energy
Receive
1.96%
Annual
Annual
N/A
10/15/2031
403‌
23‌
—‌
23‌
Harmonised
Indices
of
Consumer
Prices
Excluding
Food
and
Energy
Receive
2.09%
Annual
Annual
N/A
01/15/2052
310‌
22‌
—‌
22‌
Harmonised
Indices
of
Consumer
Prices
Excluding
Food
and
Energy
Pay
2.13%
Annual
Annual
N/A
10/15/2051
403‌
(27‌)
—‌
(27‌)
Secured
Overnight
Financing
Rate
Pay
1.75%
Annual
Annual
N/A
02/14/2027
$
640‌
6‌
—‌
6‌
Secured
Overnight
Financing
Rate
Receive
1.94%
Annual
Annual
N/A
08/12/2024
3,275‌
(19‌)
—‌
(19‌)
Secured
Overnight
Financing
Rate
Pay
1.93%
Annual
Annual
N/A
08/12/2027
1,345‌
17‌
—‌
17‌
Secured
Overnight
Financing
Rate
Pay
1.85%
Annual
Annual
N/A
02/15/2032
340‌
6‌
—‌
6‌
Secured
Overnight
Financing
Rate
Pay
1.85%
Annual
Annual
N/A
02/15/2032
60‌
1‌
—‌
1‌
Secured
Overnight
Financing
Rate
Receive
1.81%
Annual
Annual
N/A
08/12/2024
3,280‌
(10‌)
—‌
(10‌)
Secured
Overnight
Financing
Rate
Receive
1.48%
Annual
Annual
N/A
07/29/2024
1,755‌
6‌
—‌
6‌
Secured
Overnight
Financing
Rate
Receive
1.47%
Annual
Annual
N/A
07/28/2024
1,750‌
6‌
—‌
6‌
Secured
Overnight
Financing
Rate
Receive
1.94%
Annual
Annual
N/A
08/12/2024
3,275‌
(18‌)
—‌
(18‌)
Secured
Overnight
Financing
Rate
Pay
1.93%
Annual
Annual
N/A
08/12/2027
1,345‌
17‌
—‌
17‌
Secured
Overnight
Financing
Rate
Receive
1.76%
Annual
Annual
N/A
08/12/2024
3,300‌
(7‌)
—‌
(7‌)
Secured
Overnight
Financing
Rate
Receive
1.76%
Annual
Annual
N/A
08/12/2024
3,300‌
(7‌)
—‌
(7‌)
Secured
Overnight
Financing
Rate
Receive
1.47%
Annual
Annual
N/A
07/29/2024
1,755‌
6‌
—‌
6‌
Secured
Overnight
Financing
Rate
Pay
1.85%
Annual
Annual
N/A
02/01/2037
3,400‌
3‌
—‌
3‌
Secured
Overnight
Financing
Rate
Pay
1.58%
Annual
Annual
N/A
02/03/2032
365‌
(2‌)
—‌
(2‌)
Secured
Overnight
Financing
Rate
Pay
1.54%
Annual
Annual
N/A
02/04/2029
770‌
(2‌)
—‌
(2‌)
Secured
Overnight
Financing
Rate
Receive
1.75%
Annual
Annual
N/A
02/06/2033
580‌
1‌
—‌
1‌
Secured
Overnight
Financing
Rate
Pay
1.52%
Annual
Annual
N/A
02/04/2029
1,000‌
(4‌)
—‌
(4‌)
Secured
Overnight
Financing
Rate
Receive
1.72%
Annual
Annual
N/A
02/06/2033
760‌
3‌
—‌
3‌
Secured
Overnight
Financing
Rate
Receive
1.84%
Annual
Annual
N/A
02/14/2032
345‌
(6‌)
—‌
(6‌)
Secured
Overnight
Financing
Rate
Receive
1.66%
Annual
Annual
N/A
02/07/2032
257‌
—‌
—‌
—‌
Secured
Overnight
Financing
Rate
Receive
1.74%
Annual
Annual
N/A
02/08/2032
720‌
(6‌)
—‌
(6‌)
Secured
Overnight
Financing
Rate
Pay
1.90%
Annual
Annual
N/A
02/14/2028
680‌
6‌
—‌
6‌
Secured
Overnight
Financing
Rate
Receive
1.61%
Annual
Annual
N/A
08/08/2024
1,740‌
2‌
—‌
2‌
Consolidated
Schedule
of
Investments
Diversified
Real
Asset
Fund
February
28,
2022
(unaudited)
See
accompanying
notes.
102
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
Secured
Overnight
Financing
Rate
Receive
1.76%
Annual
Annual
N/A
02/08/2032
$
360‌
$
(4‌)
$
—‌
$
(4‌)
Secured
Overnight
Financing
Rate
Receive
1.79%
Annual
Annual
N/A
02/10/2032
1,280‌
(16‌)
—‌
(16‌)
Secured
Overnight
Financing
Rate
Pay
1.80%
Annual
Annual
N/A
02/10/2032
1,500‌
21‌
—‌
21‌
Secured
Overnight
Financing
Rate
Pay
1.76%
Annual
Annual
N/A
02/11/2032
170‌
2‌
—‌
2‌
Secured
Overnight
Financing
Rate
Receive
1.62%
Annual
Annual
N/A
08/08/2024
3,480‌
2‌
—‌
2‌
Secured
Overnight
Financing
Rate
Receive
1.84%
Annual
Annual
N/A
02/15/2032
340‌
(6‌)
—‌
(6‌)
Secured
Overnight
Financing
Rate
Pay
0.10%
Annual
Annual
N/A
06/02/2025
1,720‌
8‌
(86‌)
(78‌)
Secured
Overnight
Financing
Rate
Receive
1.88%
Annual
Annual
N/A
02/15/2032
340‌
(7‌)
—‌
(7‌)
Secured
Overnight
Financing
Rate
Pay
0.24%
Annual
Annual
N/A
01/21/2024
4,010‌
13‌
(96‌)
(83‌)
Secured
Overnight
Financing
Rate
Pay
0.09%
Annual
Annual
N/A
11/18/2023
180‌
—‌
(4‌)
(4‌)
Secured
Overnight
Financing
Rate
Pay
0.25%
Annual
Annual
N/A
01/12/2024
14,160‌
40‌
(323‌)
(283‌)
Secured
Overnight
Financing
Rate
Pay
0.24%
Annual
Annual
N/A
12/08/2023
5,490‌
15‌
(116‌)
(101‌)
Secured
Overnight
Financing
Rate
Pay
2.83%
Annual
Annual
N/A
11/29/2024
6,410‌
32‌
248‌
280‌
Secured
Overnight
Financing
Rate
Receive
1.45%
Annual
Annual
N/A
07/28/2024
1,765‌
7‌
—‌
7‌
Secured
Overnight
Financing
Rate
Pay
1.72%
Annual
Annual
N/A
02/29/2032
345‌
2‌
—‌
2‌
Secured
Overnight
Financing
Rate
Pay
1.76%
Annual
Annual
N/A
08/26/2024
833‌
1‌
—‌
1‌
Secured
Overnight
Financing
Rate
Pay
1.71%
Annual
Annual
N/A
02/29/2032
290‌
1‌
—‌
1‌
Secured
Overnight
Financing
Rate
Pay
1.78%
Annual
Annual
N/A
08/26/2024
832‌
2‌
—‌
2‌
Secured
Overnight
Financing
Rate
Receive
1.90%
Annual
Annual
N/A
08/29/2024
1,660‌
(7‌)
—‌
(7‌)
Secured
Overnight
Financing
Rate
Receive
1.89%
Annual
Annual
N/A
08/29/2024
1,660‌
(7‌)
—‌
(7‌)
Secured
Overnight
Financing
Rate
Receive
1.83%
Annual
Annual
N/A
03/01/2032
173‌
(3‌)
—‌
(3‌)
Secured
Overnight
Financing
Rate
Pay
1.72%
Annual
Annual
N/A
09/02/2024
1,665‌
1‌
—‌
1‌
Secured
Overnight
Financing
Rate
Pay
1.70%
Annual
Annual
N/A
09/02/2024
1,665‌
1‌
—‌
1‌
Secured
Overnight
Financing
Rate
Pay
1.15%
Annual
Annual
N/A
01/20/2027
1,023‌
8‌
(27‌)
(19‌)
Secured
Overnight
Financing
Rate
Pay
0.19%
Annual
Annual
N/A
12/14/2023
5,463‌
16‌
(124‌)
(108‌)
Secured
Overnight
Financing
Rate
Pay
1.19%
Annual
Annual
N/A
01/20/2027
1,413‌
12‌
(35‌)
(23‌)
Secured
Overnight
Financing
Rate
Pay
0.33%
Annual
Annual
N/A
04/20/2024
3,320‌
11‌
(87‌)
(76‌)
Secured
Overnight
Financing
Rate
Pay
1.92%
Annual
Annual
N/A
08/17/2024
7,248‌
36‌
—‌
36‌
Secured
Overnight
Financing
Rate
Receive
1.96%
Annual
Annual
N/A
08/17/2032
330‌
(7‌)
—‌
(7‌)
Secured
Overnight
Financing
Rate
Pay
1.96%
Annual
Annual
N/A
08/17/2032
350‌
8‌
—‌
8‌
Secured
Overnight
Financing
Rate
Receive
1.90%
Annual
Annual
N/A
08/17/2024
2,470‌
(11‌)
—‌
(11‌)
Secured
Overnight
Financing
Rate
Receive
1.87%
Annual
Annual
N/A
08/18/2027
4,410‌
(43‌)
—‌
(43‌)
Secured
Overnight
Financing
Rate
Pay
1.84%
Annual
Annual
N/A
08/18/2024
1,640‌
6‌
—‌
6‌
Consolidated
Schedule
of
Investments
Diversified
Real
Asset
Fund
February
28,
2022
(unaudited)
See
accompanying
notes.
103
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
Secured
Overnight
Financing
Rate
Receive
1.96%
Annual
Annual
N/A
08/18/2032
$
570‌
$
(12‌)
$
—‌
$
(12‌)
Secured
Overnight
Financing
Rate
Receive
1.90%
Annual
Annual
N/A
08/15/2024
1,910‌
(9‌)
—‌
(9‌)
Secured
Overnight
Financing
Rate
Pay
1.84%
Annual
Annual
N/A
08/19/2027
680‌
5‌
—‌
5‌
Secured
Overnight
Financing
Rate
Pay
1.77%
Annual
Annual
N/A
02/23/2032
345‌
4‌
—‌
4‌
Secured
Overnight
Financing
Rate
Pay
1.77%
Annual
Annual
N/A
02/23/2032
345‌
4‌
—‌
4‌
Secured
Overnight
Financing
Rate
Pay
1.78%
Annual
Annual
N/A
02/24/2032
200‌
2‌
—‌
2‌
Secured
Overnight
Financing
Rate
Receive
1.78%
Annual
Annual
N/A
02/15/2029
5,580‌
(34‌)
(7‌)
(41‌)
Secured
Overnight
Financing
Rate
Pay
1.82%
Annual
Annual
N/A
11/15/2031
4,180‌
31‌
11‌
42‌
Secured
Overnight
Financing
Rate
Receive
1.83%
Annual
Annual
N/A
11/15/2048
940‌
(13‌)
(4‌)
(17‌)
Secured
Overnight
Financing
Rate
Receive
1.99%
Annual
Annual
N/A
02/27/2025
1,670‌
(6‌)
—‌
(6‌)
Secured
Overnight
Financing
Rate
Receive
1.89%
Annual
Annual
N/A
02/22/2025
1,125‌
(2‌)
—‌
(2‌)
Secured
Overnight
Financing
Rate
Receive
1.66%
Annual
Annual
N/A
01/28/2032
365‌
(1‌)
—‌
(1‌)
Secured
Overnight
Financing
Rate
Receive
1.57%
Annual
Annual
N/A
01/10/2032
350‌
2‌
—‌
2‌
Secured
Overnight
Financing
Rate
Receive
1.63%
Annual
Annual
N/A
01/28/2032
365‌
1‌
—‌
1‌
Secured
Overnight
Financing
Rate
Receive
1.60%
Annual
Annual
N/A
01/11/2032
350‌
1‌
—‌
1‌
Secured
Overnight
Financing
Rate
Pay
1.37%
Annual
Annual
N/A
01/11/2027
1,310‌
(10‌)
—‌
(10‌)
Secured
Overnight
Financing
Rate
Receive
1.61%
Annual
Annual
N/A
01/11/2032
700‌
2‌
—‌
2‌
Secured
Overnight
Financing
Rate
Pay
1.34%
Annual
Annual
N/A
01/10/2027
655‌
(6‌)
—‌
(6‌)
Secured
Overnight
Financing
Rate
Receive
1.55%
Annual
Annual
N/A
01/10/2032
350‌
3‌
—‌
3‌
Secured
Overnight
Financing
Rate
Pay
1.33%
Annual
Annual
N/A
01/10/2027
655‌
(6‌)
—‌
(6‌)
Secured
Overnight
Financing
Rate
Pay
1.33%
Annual
Annual
N/A
01/10/2027
1,310‌
(12‌)
—‌
(12‌)
Secured
Overnight
Financing
Rate
Receive
1.55%
Annual
Annual
N/A
01/10/2032
700‌
5‌
—‌
5‌
Secured
Overnight
Financing
Rate
Receive
0.99%
Annual
Annual
N/A
04/07/2024
3,540‌
33‌
—‌
33‌
Secured
Overnight
Financing
Rate
Receive
0.99%
Annual
Annual
N/A
04/07/2024
3,540‌
33‌
—‌
33‌
Secured
Overnight
Financing
Rate
Receive
1.65%
Annual
Annual
N/A
01/28/2032
365‌
—‌
—‌
—‌
Secured
Overnight
Financing
Rate
Pay
1.62%
Annual
Annual
N/A
01/06/2052
140‌
(3‌)
1‌
(2‌)
Secured
Overnight
Financing
Rate
Receive
1.61%
Annual
Annual
N/A
01/12/2032
190‌
—‌
—‌
—‌
Secured
Overnight
Financing
Rate
Receive
1.46%
Annual
Annual
N/A
01/06/2032
740‌
12‌
—‌
12‌
Secured
Overnight
Financing
Rate
Receive
1.31%
Annual
Annual
N/A
01/26/2032
447‌
14‌
—‌
14‌
Secured
Overnight
Financing
Rate
Pay
1.39%
Annual
Annual
N/A
12/15/2051
150‌
(11‌)
—‌
(11‌)
Secured
Overnight
Financing
Rate
Receive
1.01%
Annual
Annual
N/A
06/09/2024
1,860‌
21‌
—‌
21‌
Secured
Overnight
Financing
Rate
Pay
1.19%
Annual
Annual
N/A
12/07/2031
254‌
(10‌)
—‌
(10‌)
Secured
Overnight
Financing
Rate
Pay
1.24%
Annual
Annual
N/A
12/07/2031
770‌
(27‌)
—‌
(27‌)
Consolidated
Schedule
of
Investments
Diversified
Real
Asset
Fund
February
28,
2022
(unaudited)
See
accompanying
notes.
104
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
Secured
Overnight
Financing
Rate
Pay
1.68%
Annual
Annual
N/A
03/02/2032
$
350‌
$
1‌
$
—‌
$
1‌
Secured
Overnight
Financing
Rate
Receive
1.02%
Annual
Annual
N/A
12/02/2026
520‌
12‌
—‌
12‌
Secured
Overnight
Financing
Rate
Receive
1.44%
Annual
Annual
N/A
11/24/2031
120‌
2‌
—‌
2‌
Secured
Overnight
Financing
Rate
Receive
1.40%
Annual
Annual
N/A
11/22/2031
510‌
10‌
—‌
10‌
Secured
Overnight
Financing
Rate
Receive
1.43%
Annual
Annual
N/A
11/22/2031
490‌
8‌
—‌
8‌
Secured
Overnight
Financing
Rate
Receive
1.24%
Annual
Annual
N/A
11/15/2027
960‌
21‌
—‌
21‌
Secured
Overnight
Financing
Rate
Pay
1.22%
Annual
Annual
N/A
08/05/2027
410‌
(9‌)
—‌
(9‌)
Secured
Overnight
Financing
Rate
Pay
1.25%
Annual
Annual
N/A
07/05/2027
735‌
(14‌)
—‌
(14‌)
Secured
Overnight
Financing
Rate
Receive
1.60%
Annual
Annual
N/A
01/12/2032
360‌
1‌
—‌
1‌
Secured
Overnight
Financing
Rate
Pay
1.22%
Annual
Annual
N/A
01/07/2027
690‌
(10‌)
—‌
(10‌)
Secured
Overnight
Financing
Rate
Receive
1.59%
Annual
Annual
N/A
01/13/2032
130‌
1‌
—‌
1‌
Secured
Overnight
Financing
Rate
Receive
1.30%
Annual
Annual
N/A
07/28/2024
1,765‌
12‌
—‌
12‌
Secured
Overnight
Financing
Rate
Pay
1.53%
Annual
Annual
N/A
01/26/2032
365‌
(4‌)
—‌
(4‌)
Secured
Overnight
Financing
Rate
Pay
1.54%
Annual
Annual
N/A
01/26/2032
365‌
(3‌)
—‌
(3‌)
Secured
Overnight
Financing
Rate
Receive
1.56%
Annual
Annual
N/A
01/26/2032
150‌
1‌
—‌
1‌
Secured
Overnight
Financing
Rate
Pay
1.61%
Annual
Annual
N/A
01/25/2032
365‌
(1‌)
—‌
(1‌)
Secured
Overnight
Financing
Rate
Pay
1.61%
Annual
Annual
N/A
01/25/2032
365‌
(1‌)
—‌
(1‌)
Secured
Overnight
Financing
Rate
Receive
1.70%
Annual
Annual
N/A
01/21/2032
370‌
(2‌)
—‌
(2‌)
Secured
Overnight
Financing
Rate
Receive
1.69%
Annual
Annual
N/A
01/20/2032
360‌
(2‌)
—‌
(2‌)
Secured
Overnight
Financing
Rate
Receive
1.65%
Annual
Annual
N/A
01/20/2032
360‌
—‌
—‌
—‌
Secured
Overnight
Financing
Rate
Pay
1.39%
Annual
Annual
N/A
01/12/2027
680‌
(4‌)
—‌
(4‌)
Secured
Overnight
Financing
Rate
Pay
1.46%
Annual
Annual
N/A
01/20/2027
680‌
(2‌)
—‌
(2‌)
Secured
Overnight
Financing
Rate
Receive
1.37%
Annual
Annual
N/A
07/20/2024
1,750‌
9‌
—‌
9‌
Secured
Overnight
Financing
Rate
Receive
1.60%
Annual
Annual
N/A
01/19/2032
360‌
1‌
—‌
1‌
Secured
Overnight
Financing
Rate
Receive
1.64%
Annual
Annual
N/A
01/20/2032
360‌
—‌
—‌
—‌
Secured
Overnight
Financing
Rate
Pay
1.67%
Annual
Annual
N/A
03/02/2032
350‌
—‌
—‌
—‌
Secured
Overnight
Financing
Rate
Pay
1.33%
Annual
Annual
N/A
01/14/2027
690‌
(6‌)
—‌
(6‌)
Secured
Overnight
Financing
Rate
Receive
1.30%
Annual
Annual
N/A
07/18/2024
1,760‌
11‌
—‌
11‌
Secured
Overnight
Financing
Rate
Receive
1.33%
Annual
Annual
N/A
01/14/2027
9,750‌
90‌
—‌
90‌
Secured
Overnight
Financing
Rate
Receive
1.65%
Annual
Annual
N/A
01/14/2052
210‌
2‌
—‌
2‌
Secured
Overnight
Financing
Rate
Pay
1.80%
Annual
Annual
N/A
01/15/2037
490‌
(1‌)
—‌
(1‌)
Secured
Overnight
Financing
Rate
Receive
1.69%
Annual
Annual
N/A
01/15/2057
80‌
—‌
—‌
—‌
Secured
Overnight
Financing
Rate
Pay
1.86%
Annual
Annual
N/A
01/17/2039
960‌
(1‌)
—‌
(1‌)
Consolidated
Schedule
of
Investments
Diversified
Real
Asset
Fund
February
28,
2022
(unaudited)
See
accompanying
notes.
105
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
Secured
Overnight
Financing
Rate
Pay
1.53%
Annual
Annual
N/A
01/15/2052
$
420‌
$
(1‌)
$
—‌
$
(1‌)
Secured
Overnight
Financing
Rate
Pay
1.45%
Annual
Annual
N/A
04/13/2027
3,600‌
(25‌)
—‌
(25‌)
Secured
Overnight
Financing
Rate
Receive
1.67%
Annual
Annual
N/A
01/15/2055
120‌
1‌
—‌
1‌
Secured
Overnight
Financing
Rate
Receive
1.31%
Annual
Annual
N/A
07/18/2024
1,760‌
11‌
—‌
11‌
Secured
Overnight
Financing
Rate
Receive
1.08%
Annual
Annual
N/A
04/13/2024
7,000‌
55‌
—‌
55‌
United
Kingdom
Retail
Prices
Index
Pay
3.57%
Annual
Annual
N/A
10/15/2030
GBP
2,890‌
(681‌)
22‌
(659‌)
United
Kingdom
Retail
Prices
Index
Pay
3.22%
Annual
Annual
N/A
01/15/2045
1,300‌
(586‌)
14‌
(572‌)
United
Kingdom
Retail
Prices
Index
Pay
3.33%
Annual
Annual
N/A
11/15/2040
690‌
(274‌)
9‌
(265‌)
United
Kingdom
Retail
Prices
Index
Pay
3.56%
Annual
Annual
N/A
03/15/2041
480‌
(149‌)
4‌
(145‌)
United
Kingdom
Retail
Prices
Index
Pay
3.75%
Annual
Annual
N/A
04/15/2031
825‌
(177‌)
4‌
(173‌)
United
Kingdom
Retail
Prices
Index
Receive
4.53%
Annual
Annual
N/A
01/15/2027
1,695‌
83‌
—‌
83‌
United
Kingdom
Retail
Prices
Index
Pay
3.68%
Annual
Annual
N/A
04/15/2031
370‌
(83‌)
1‌
(82‌)
United
Kingdom
Retail
Prices
Index
Pay
4.25%
Annual
Annual
N/A
01/15/2032
1,695‌
(101‌)
—‌
(101‌)
United
Kingdom
Retail
Prices
Index
Receive
3.62%
Annual
Annual
N/A
04/15/2031
275‌
65‌
(2‌)
63‌
United
Kingdom
Retail
Prices
Index
Receive
3.11%
Annual
Annual
N/A
01/15/2050
1,300‌
705‌
(16‌)
689‌
United
Kingdom
Retail
Prices
Index
Receive
3.36%
Annual
Annual
N/A
01/15/2035
1,700‌
469‌
(9‌)
460‌
United
Kingdom
Retail
Prices
Index
Pay
3.24%
Annual
Annual
N/A
01/15/2045
1,300‌
(573‌)
14‌
(559‌)
United
Kingdom
Retail
Prices
Index
Pay
4.42%
Annual
Annual
N/A
11/15/2031
1,005‌
(58‌)
1‌
(57‌)
United
Kingdom
Retail
Prices
Index
Receive
3.39%
Annual
Annual
N/A
01/15/2035
1,700‌
456‌
(10‌)
446‌
United
Kingdom
Retail
Prices
Index
Pay
3.34%
Annual
Annual
N/A
01/15/2040
1,700‌
(585‌)
12‌
(573‌)
United
Kingdom
Retail
Prices
Index
Receive
3.13%
Annual
Annual
N/A
01/15/2050
1,300‌
686‌
(16‌)
670‌
United
Kingdom
Retail
Prices
Index
Pay
3.27%
Annual
Annual
N/A
10/15/2044
2,725‌
(1,116‌)
36‌
(1,080‌)
United
Kingdom
Retail
Prices
Index
Receive
3.86%
Annual
Annual
N/A
12/15/2041
375‌
44‌
(1‌)
43‌
United
Kingdom
Retail
Prices
Index
Receive
3.77%
Annual
Annual
N/A
12/15/2041
380‌
59‌
(2‌)
57‌
United
Kingdom
Retail
Prices
Index
Pay
4.27%
Annual
Annual
N/A
12/15/2031
470‌
(30‌)
(1‌)
(31‌)
United
Kingdom
Retail
Prices
Index
Receive
3.73%
Annual
Annual
N/A
12/15/2041
395‌
66‌
1‌
67‌
United
Kingdom
Retail
Prices
Index
Receive
3.16%
Annual
Annual
N/A
10/15/2049
2,725‌
1,374‌
(65‌)
1,309‌
United
Kingdom
Retail
Prices
Index
Pay
4.37%
Annual
Annual
N/A
02/15/2032
920‌
(26‌)
—‌
(26‌)
United
Kingdom
Retail
Prices
Index
Pay
3.36%
Annual
Annual
N/A
10/15/2039
3,555‌
(1,128‌)
20‌
(1,108‌)
United
Kingdom
Retail
Prices
Index
Receive
4.23%
Annual
Annual
N/A
12/15/2031
1,005‌
73‌
(1‌)
72‌
United
Kingdom
Retail
Prices
Index
Pay
3.31%
Annual
Annual
N/A
01/15/2040
1,700‌
(605‌)
11‌
(594‌)
Consolidated
Schedule
of
Investments
Diversified
Real
Asset
Fund
February
28,
2022
(unaudited)
See
accompanying
notes.
106
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
3.42%
Annual
Annual
N/A
10/15/2034
GBP
3,555‌
$
859‌
$
(12‌)
$
847‌
Total
$
1,665‌
$
(631‌)
$
1,034‌
Amounts
in
thousands.
(a)    
Forward
swap.
Schedule
of
Investments
Edge
MidCap
Fund
February
28,
2022
(unaudited)
See
accompanying
notes.
107
INVESTMENT
COMPANIES
-
2
.26
%
Shares
Held
Value
(000's)
Money
Market
Funds
-
2
.26
%
Principal
Government
Money
Market
Fund
-
Institutional
Class
0.00%
(a),(b),(c)
10,958,941‌
$
10,959‌
TOTAL
INVESTMENT
COMPANIES
$
10,959‌
COMMON
STOCKS
-
97
.61
%
Shares
Held
Value
(000's)
Advertising
-
1
.59
%
Interpublic
Group
of
Cos
Inc/The
209,175‌
$
7,698‌
Automobile
Parts
&
Equipment
-
1
.35
%
Autoliv
Inc
74,501‌
6,557‌
Banks
-
2
.88
%
Bank
OZK
129,352‌
6,082‌
Cullen/Frost
Bankers
Inc
56,151‌
7,902‌
$
13,984‌
Building
Materials
-
2
.45
%
Lennox
International
Inc
44,625‌
11,912‌
Chemicals
-
2
.91
%
FMC
Corp
120,558‌
14,135‌
Commercial
Services
-
3
.88
%
Morningstar
Inc
39,756‌
11,158‌
PROG
Holdings
Inc
(b)
250,838‌
7,686‌
$
18,844‌
Computers
-
1
.92
%
Amdocs
Ltd
118,345‌
9,314‌
Consumer
Products
-
3
.09
%
Avery
Dennison
Corp
75,763‌
13,349‌
WD-40
Co
7,818‌
1,657‌
$
15,006‌
Electric
-
2
.63
%
Alliant
Energy
Corp
218,767‌
12,776‌
Electrical
Components
&
Equipment
-
4
.85
%
Energizer
Holdings
Inc
330,996‌
11,052‌
Littelfuse
Inc
48,346‌
12,483‌
$
23,535‌
Electronics
-
0
.88
%
Arrow
Electronics
Inc
(b)
35,140‌
4,283‌
Hand
&
Machine
Tools
-
6
.27
%
Lincoln
Electric
Holdings
Inc
132,700‌
16,915‌
Snap-on
Inc
64,408‌
13,537‌
$
30,452‌
Healthcare
-
Products
-
8
.67
%
Bio-Techne
Corp
17,975‌
7,539‌
STERIS
PLC
75,684‌
18,164‌
Teleflex
Inc
48,796‌
16,411‌
$
42,114‌
Healthcare
-
Services
-
3
.22
%
Universal
Health
Services
Inc
108,618‌
15,633‌
Insurance
-
4
.05
%
Fidelity
National
Financial
Inc
264,239‌
12,589‌
Kinsale
Capital
Group
Inc
9,680‌
2,030‌
Markel
Corp
(b)
4,063‌
5,050‌
$
19,669‌
Internet
-
1
.69
%
Rightmove
PLC
916,008‌
8,205‌
Leisure
Products
&
Services
-
6
.08
%
Brunswick
Corp/DE
135,973‌
12,988‌
Peloton
Interactive
Inc
(b)
59,951‌
1,742‌
YETI
Holdings
Inc
(b)
240,289‌
14,792‌
$
29,522‌
Machinery
-
Diversified
-
2
.88
%
Nordson
Corp
61,709‌
13,976‌
Media
-
1
.26
%
Cable
One
Inc
4,283‌
6,137‌
Oil
&
Gas
-
4
.99
%
Coterra
Energy
Inc
492,798‌
11,497‌
Helmerich
&
Payne
Inc
282,490‌
10,235‌
HollyFrontier
Corp
(b)
81,645‌
2,486‌
$
24,218‌
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
REITs
-
6
.94
%
Alexandria
Real
Estate
Equities
Inc
81,384‌
$
15,414‌
CyrusOne
Inc
69,840‌
6,310‌
Equity
LifeStyle
Properties
Inc
28,681‌
2,140‌
STORE
Capital
Corp
162,743‌
4,999‌
Terreno
Realty
Corp
70,805‌
4,871‌
$
33,734‌
Retail
-
3
.10
%
Tractor
Supply
Co
73,880‌
15,056‌
Savings
&
Loans
-
1
.57
%
Washington
Federal
Inc
214,103‌
7,618‌
Semiconductors
-
4
.59
%
MKS
Instruments
Inc
45,191‌
6,806‌
Teradyne
Inc
131,293‌
15,482‌
$
22,288‌
Software
-
8
.49
%
Black
Knight
Inc
(b)
207,081‌
11,636‌
Fair
Isaac
Corp
(b)
39,484‌
18,604‌
Tyler
Technologies
Inc
(b)
25,726‌
11,017‌
$
41,257‌
Transportation
-
3
.20
%
Expeditors
International
of
Washington
Inc
150,557‌
15,562‌
Water
-
2
.18
%
Essential
Utilities
Inc
224,631‌
10,582‌
TOTAL
COMMON
STOCKS
$
474,067‌
Total
Investments
$
485,026‌
Other
Assets
and
Liabilities
-  0.13%
622‌
TOTAL
NET
ASSETS
-
100.00%
$
485,648‌
(a)
Affiliated
Security.
Security
is
either
an
affiliate
(and
registered
under
the
Investment
Company
Act
of
1940,
as
amended,
(the
"1940
Act"))
or
an
affiliate
as
defined
by
the
1940
act
(controls
5.00%
or
more
of
the
outstanding
voting
shares
of
the
security).
Please
see
Affiliated
Securities
sub-schedule
for
transactional
information.
(b)
Non-income
producing
security
(c)
Current
yield
shown
is
as
of
period
end.
Portfolio
Summary  (unaudited)
Sector
Percent
Industrial
20
.53‌
%
Consumer,
Non-cyclical
18
.86‌
%
Financial
15
.44‌
%
Technology
15
.00‌
%
Consumer,
Cyclical
10
.53‌
%
Energy
4
.99‌
%
Utilities
4
.81‌
%
Communications
4
.54‌
%
Basic
Materials
2
.91‌
%
Money
Market
Funds
2
.26‌
%
Other
Assets
and
Liabilities
0
.13‌
%
TOTAL
NET
ASSETS
100.00%
Schedule
of
Investments
Edge
MidCap
Fund
February
28,
2022
(unaudited)
See
accompanying
notes.
108
Affiliated
Securities
August
31,
2021
Purchases
Sales
February
28,
2022
Value
Cost
Proceeds
Value
Principal
Government
Money
Market
Fund
-
Institutional
Class
0.00%
$
12,944‌
$
83,249‌
$
85,234‌
$
10,959‌
$
12,944‌
$
83,249‌
$
85,234‌
$
10,959‌
Income
Realized
Gain/(Loss)
on
Investments
Realized
Gain
from
Capital
Gain
Distributions
Change
in
Unrealized
Gain/
(Loss)
Principal
Government
Money
Market
Fund
-
Institutional
Class
0.00%
$
—‌
$
—‌
$
—‌
$
—‌
$
—‌
$
—‌
$
—‌
$
—‌
Amounts
in
thousands.
Consolidated
Schedule
of
Investments
Global
Multi-Strategy
Fund
February
28,
2022
(unaudited)
See
accompanying
notes.
109
INVESTMENT
COMPANIES
-
19.23%
Shares
Held
Value
(000's)
Closed-End
Funds
-
0.25%
Apollo
Tactical
Income
Fund
Inc
13,886‌
$
204‌
Ares
Dynamic
Credit
Allocation
Fund
Inc
6,383‌
94‌
BlackRock
Debt
Strategies
Fund
Inc
9,085‌
96‌
BlackRock
Floating
Rate
Income
Strategies
Fund
Inc
6,525‌
86‌
DoubleLine
Income
Solutions
Fund
6,507‌
95‌
First
Trust
Senior
Floating
Rate
Income
Fund
II
8,544‌
104‌
Franklin
Universal
Trust
13,711‌
109‌
Invesco
Senior
Income
Trust
20,396‌
89‌
Nuveen
Credit
Strategies
Income
Fund
33,083‌
203‌
Saba
Capital
Income
&
Opportunities
Fund
21,947‌
97‌
$
1,177‌
Exchange-Traded
Funds
-
0.14%
iShares
Russell
1000
Growth
ETF
1,485‌
396‌
iShares
Russell
2000
ETF
662‌
$
135‌
iShares
Russell
2000
Growth
ETF
534‌
136‌
iShares
Russell
2000
Value
ETF
142‌
23‌
$
690‌
Money
Market
Funds
-
18.84%
Morgan
Stanley
Institutional
Liquidity
Funds
-
Government
Portfolio
-
Institutional
Class
0.03%
(a),(b),(c)
6,171,456‌
6,172‌
Principal
Government
Money
Market
Fund
-
Institutional
Class
0.00%
(b),(d),(e)
83,948,949‌
83,949‌
$
90,121‌
TOTAL
INVESTMENT
COMPANIES
$
91,988‌
COMMON
STOCKS
-
44.39%
Shares
Held
Value
(000's)
Advertising
-
0.12%
Interpublic
Group
of
Cos
Inc/The
(f)
8,265‌
304‌
Omnicom
Group
Inc
915‌
77‌
Trade
Desk
Inc/The
(e)
766‌
65‌
WPP
PLC
10,198‌
144‌
$
590‌
Aerospace
&
Defense
-
0.46%
Aerojet
Rocketdyne
Holdings
Inc
1,553‌
60‌
Airbus
SE
1,803‌
230‌
BAE
Systems
PLC
16,098‌
155‌
Boeing
Co/The
(e)
299‌
61‌
General
Dynamics
Corp
(f)
2,253‌
528‌
Howmet
Aerospace
Inc
547‌
20‌
L3Harris
Technologies
Inc
(f)
450‌
114‌
Lockheed
Martin
Corp
(f)
1,074‌
466‌
Northrop
Grumman
Corp
697‌
308‌
Raytheon
Technologies
Corp
1,405‌
144‌
Thales
SA
1,173‌
134‌
$
2,220‌
Agriculture
-
0.30%
Altria
Group
Inc
(f)
3,152‌
162‌
Archer-Daniels-Midland
Co
(f)
1,803‌
142‌
Japan
Tobacco
Inc
17,800‌
327‌
Philip
Morris
International
Inc
(c),(f)
7,661‌
774‌
Swedish
Match
AB
3,737‌
27‌
$
1,432‌
Airlines
-
0.02%
Alaska
Air
Group
Inc
(e)
459‌
26‌
Sun
Country
Airlines
Holdings
Inc
(e)
2,600‌
70‌
$
96‌
Apparel
-
0.34%
Adidas
AG
341‌
81‌
Carter's
Inc
701‌
68‌
Crocs
Inc
(e)
378‌
32‌
Dr.
Martens
Plc
6,447‌
24‌
Kering
SA
224‌
155‌
Kontoor
Brands
Inc
1,163‌
58‌
LVMH
Moet
Hennessy
Louis
Vuitton
SE
66‌
48‌
NIKE
Inc
(c),(f)
3,920‌
535‌
PVH
Corp
(f)
1,082‌
106‌
Ralph
Lauren
Corp
(f)
1,305‌
172‌
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Apparel
(continued)
Steven
Madden
Ltd
1,974‌
$
84‌
Tapestry
Inc
(f)
3,291‌
135‌
Under
Armour
Inc
-
Class
C
(e),(f)
7,036‌
110‌
$
1,608‌
Automobile
Manufacturers
-
0.69%
Bayerische
Motoren
Werke
AG
7,507‌
723‌
Cummins
Inc
233‌
48‌
Daimler
Truck
Holding
AG
(e)
1,401‌
43‌
Ferrari
NV
814‌
175‌
Ford
Motor
Co
(f)
18,012‌
316‌
General
Motors
Co
(e),(f)
1,988‌
93‌
Honda
Motor
Co
Ltd
4,000‌
121‌
Isuzu
Motors
Ltd
16,300‌
220‌
Mercedes-Benz
Group
AG
1,016‌
79‌
PACCAR
Inc
(c)
4,566‌
419‌
REV
Group
Inc
5,150‌
70‌
Tesla
Inc
(c),(e)
528‌
460‌
Toyota
Motor
Corp
23,000‌
421‌
Volkswagen
AG
25‌
6‌
Volvo
AB
-
B
Shares
4,204‌
81‌
$
3,275‌
Automobile
Parts
&
Equipment
-
0.17%
Aisin
Corp
600‌
22‌
BorgWarner
Inc
2,599‌
106‌
Cie
Generale
des
Etablissements
Michelin
SCA
478‌
66‌
Continental
AG
982‌
84‌
Dana
Inc
3,407‌
63‌
Gentherm
Inc
(e)
457‌
39‌
NGK
Insulators
Ltd
8,300‌
129‌
Valeo
5,892‌
130‌
Veoneer
Inc
(e)
5,157‌
183‌
$
822‌
Banks
-
2.07%
Allegiance
Bancshares
Inc
1,710‌
73‌
Ameris
Bancorp
656‌
32‌
Banco
Bilbao
Vizcaya
Argentaria
SA
1,707‌
10‌
Bank
of
America
Corp
(f)
5,977‌
264‌
Bank
of
Nova
Scotia/The
3,780‌
274‌
Bank
OZK
1,732‌
81‌
Barclays
PLC
39,964‌
98‌
Cadence
Bank
2,424‌
77‌
Citizens
Financial
Group
Inc
(c)
5,979‌
313‌
Credit
Suisse
Group
AG
3,973‌
33‌
DBS
Group
Holdings
Ltd
2,000‌
50‌
DNB
Bank
ASA
32,368‌
725‌
Erste
Group
Bank
AG
2,766‌
98‌
FinecoBank
Banca
Fineco
SpA
5,432‌
91‌
First
Citizens
BancShares
Inc/NC
124‌
98‌
First
Foundation
Inc
1,800‌
48‌
First
Hawaiian
Inc
2,245‌
65‌
First
Horizon
Corp
4,205‌
99‌
First
Interstate
BancSystem
Inc
2,634‌
107‌
First
Republic
Bank/CA
(f)
1,741‌
302‌
FNB
Corp/PA
4,796‌
64‌
Goldman
Sachs
Group
Inc/The
36‌
12‌
Home
BancShares
Inc/AR
3,178‌
74‌
HSBC
Holdings
PLC
33,187‌
230‌
ING
Groep
NV
8,515‌
99‌
JPMorgan
Chase
&
Co
(c),(f)
2,843‌
403‌
KeyCorp
(c)
10,101‌
253‌
Lloyds
Banking
Group
PLC
595,544‌
384‌
M&T
Bank
Corp
(c)
3,645‌
665‌
Mizuho
Financial
Group
Inc
15,400‌
203‌
Morgan
Stanley
142‌
13‌
National
Bank
of
Canada
1,800‌
144‌
Nordea
Bank
Abp
1,551‌
17‌
OFG
Bancorp
2,134‌
60‌
Old
National
Bancorp/IN
3,971‌
73‌
Oversea-Chinese
Banking
Corp
Ltd
59,600‌
516‌
Consolidated
Schedule
of
Investments
Global
Multi-Strategy
Fund
February
28,
2022
(unaudited)
See
accompanying
notes.
110
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Banks
(continued)
PNC
Financial
Services
Group
Inc/The
(f)
678‌
$
135‌
Raiffeisen
Bank
International
AG
11,089‌
181‌
Regions
Financial
Corp
(c)
14,658‌
355‌
Royal
Bank
of
Canada
3,451‌
382‌
Sandy
Spring
Bancorp
Inc
1,700‌
80‌
Signature
Bank/New
York
NY
98‌
34‌
Standard
Chartered
PLC
14,812‌
106‌
SVB
Financial
Group
(e),(f)
750‌
455‌
Synovus
Financial
Corp
917‌
48‌
Toronto-Dominion
Bank/The
3,100‌
250‌
Truist
Financial
Corp
(c)
2,654‌
165‌
UBS
Group
AG
10,238‌
188‌
Umpqua
Holdings
Corp
3,592‌
77‌
United
Community
Banks
Inc/GA
1,877‌
73‌
United
Overseas
Bank
Ltd
3,500‌
78‌
US
Bancorp
(c)
14,169‌
801‌
Veritex
Holdings
Inc
1,933‌
79‌
Wells
Fargo
&
Co
(f)
2,438‌
130‌
Western
Alliance
Bancorp
629‌
59‌
Zions
Bancorp
NA
996‌
71‌
$
9,895‌
Beverages
-
0.49%
Coca-Cola
Co/The
(f)
10,871‌
677‌
Coca-Cola
Europacific
Partners
PLC
(c)
4,317‌
221‌
Coca-Cola
HBC
AG
(e)
13,990‌
355‌
Constellation
Brands
Inc
272‌
59‌
Diageo
PLC
2,417‌
120‌
Keurig
Dr
Pepper
Inc
3,289‌
127‌
Kirin
Holdings
Co
Ltd
19,200‌
319‌
Molson
Coors
Beverage
Co
1,219‌
64‌
PepsiCo
Inc
1,999‌
327‌
Suntory
Beverage
&
Food
Ltd
2,300‌
92‌
$
2,361‌
Biotechnology
-
0.64%
Abcam
PLC
(e)
9,412‌
157‌
Amgen
Inc
894‌
202‌
Amicus
Therapeutics
Inc
(e)
5,193‌
42‌
Arena
Pharmaceuticals
Inc
(e)
3,700‌
351‌
Ascendis
Pharma
A/S
ADR
(e)
123‌
14‌
Biogen
Inc
(e)
555‌
118‌
Celldex
Therapeutics
Inc
(e)
1,594‌
48‌
Genmab
A/S
(e)
1,433‌
482‌
Gilead
Sciences
Inc
(c),(f)
3,505‌
212‌
Illumina
Inc
(e)
554‌
181‌
Incyte
Corp
(e)
1,028‌
70‌
Kodiak
Sciences
Inc
(e)
159‌
1‌
Kymera
Therapeutics
Inc
(e)
648‌
26‌
Moderna
Inc
(e)
469‌
72‌
NeoGenomics
Inc
(e)
972‌
21‌
Regeneron
Pharmaceuticals
Inc
(e),(f)
400‌
247‌
REVOLUTION
Medicines
Inc
(e)
753‌
14‌
Rocket
Pharmaceuticals
Inc
(e)
375‌
7‌
Sage
Therapeutics
Inc
(e)
1,197‌
44‌
Seagen
Inc
(e)
762‌
98‌
Turning
Point
Therapeutics
Inc
(e)
467‌
15‌
Vertex
Pharmaceuticals
Inc
(e),(f)
2,857‌
657‌
$
3,079‌
Building
Materials
-
0.62%
Apogee
Enterprises
Inc
1,331‌
60‌
Boise
Cascade
Co
1,590‌
127‌
Builders
FirstSource
Inc
(e)
1,005‌
75‌
Cemex
SAB
de
CV
ADR
(e)
19,313‌
99‌
Cie
de
Saint-Gobain
5,692‌
353‌
CRH
PLC
2,165‌
99‌
CRH
PLC
773‌
35‌
Forterra
Inc
(e)
7,010‌
165‌
Gibraltar
Industries
Inc
(e)
420‌
20‌
Holcim
Ltd
(e)
2,405‌
121‌
James
Hardie
Industries
PLC
217‌
7‌
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Building
Materials
(continued)
Johnson
Controls
International
plc
3,696‌
$
240‌
Lennox
International
Inc
642‌
171‌
Marshalls
PLC
8,531‌
73‌
Masco
Corp
(f)
3,036‌
170‌
Mohawk
Industries
Inc
(e),(f)
470‌
66‌
Owens
Corning
8,292‌
773‌
PGT
Innovations
Inc
(e)
2,293‌
49‌
ROCKWOOL
International
A/S
257‌
88‌
Vulcan
Materials
Co
(c)
501‌
91‌
Wienerberger
AG
3,140‌
94‌
$
2,976‌
Chemicals
-
1.80%
Albemarle
Corp
363‌
71‌
Asahi
Kasei
Corp
19,800‌
186‌
Atotech
Ltd
(c),(e)
17,826‌
427‌
BASF
SE
7,812‌
520‌
Borregaard
ASA
2,815‌
62‌
Brenntag
SE
1,662‌
139‌
Cabot
Corp
773‌
57‌
Celanese
Corp
571‌
80‌
CF
Industries
Holdings
Inc
(c),(f)
6,138‌
498‌
Codexis
Inc
(e)
3,256‌
65‌
Dow
Inc
974‌
57‌
DuPont
de
Nemours
Inc
1,335‌
103‌
Eastman
Chemical
Co
(f)
1,737‌
206‌
Ecolab
Inc
1,260‌
222‌
FMC
Corp
693‌
81‌
Linde
PLC
(c)
3,504‌
1,028‌
LyondellBasell
Industries
NV
(c)
2,301‌
223‌
Minerals
Technologies
Inc
996‌
70‌
Mitsubishi
Chemical
Holdings
Corp
45,600‌
324‌
Mosaic
Co/The
(f)
3,898‌
204‌
Nippon
Paint
Holdings
Co
Ltd
1,100‌
10‌
Olin
Corp
270‌
14‌
PPG
Industries
Inc
189‌
25‌
Rogers
Corp
(c),(e)
2,618‌
715‌
Sherwin-Williams
Co/The
(f)
1,953‌
514‌
Shin-Etsu
Chemical
Co
Ltd
1,400‌
219‌
Sumitomo
Chemical
Co
Ltd
43,400‌
207‌
Symrise
AG
1,260‌
150‌
Tosoh
Corp
500‌
8‌
Umicore
SA
1,376‌
56‌
Valvoline
Inc
58,412‌
1,889‌
Victrex
PLC
3,957‌
103‌
Yara
International
ASA
1,395‌
71‌
$
8,604‌
Commercial
Services
-
2.06%
Adtalem
Global
Education
Inc
(e)
1,749‌
36‌
ALD
SA
(g)
5,021‌
70‌
AMERCO
(c)
433‌
250‌
AMN
Healthcare
Services
Inc
(e)
869‌
92‌
Automatic
Data
Processing
Inc
(f)
2,567‌
525‌
Block
Inc
(e)
1,135‌
145‌
Booz
Allen
Hamilton
Holding
Corp
(c)
2,938‌
237‌
BrightView
Holdings
Inc
(e)
5,028‌
68‌
Bureau
Veritas
SA
4,272‌
122‌
Cintas
Corp
654‌
245‌
CoreCivic
Inc
(e)
4,290‌
39‌
CoStar
Group
Inc
(e)
1,176‌
72‌
Cross
Country
Healthcare
Inc
(e)
1,628‌
36‌
Deluxe
Corp
1,952‌
61‌
Elis
SA
(e)
5,286‌
85‌
Escrow
Altegrity
Inc
NPV
(e)
256,593‌
1,540‌
FleetCor
Technologies
Inc
(e),(f)
1,750‌
409‌
Gartner
Inc
(e)
308‌
86‌
H&R
Block
Inc
3,051‌
76‌
Hertz
Global
Holdings
Inc
(e)
175‌
3‌
Hypoport
SE
(e)
79‌
33‌
ICF
International
Inc
919‌
81‌
Consolidated
Schedule
of
Investments
Global
Multi-Strategy
Fund
February
28,
2022
(unaudited)
See
accompanying
notes.
111
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Commercial
Services
(continued)
Insperity
Inc
853‌
$
77‌
Kforce
Inc
891‌
67‌
LiveRamp
Holdings
Inc
(e)
1,085‌
47‌
Loomis
AB
5,206‌
147‌
Marathon
Digital
Holdings
Inc
(e)
1,973‌
50‌
Medifast
Inc
273‌
51‌
MoneyGram
International
Inc
(e)
6,022‌
65‌
Monro
Inc
1,512‌
71‌
Moody's
Corp
(f)
492‌
159‌
Nielsen
Holdings
PLC
7,663‌
133‌
Nihon
M&A
Center
Holdings
Inc
10,400‌
154‌
PayPal
Holdings
Inc
(e),(f)
1,533‌
172‌
PROG
Holdings
Inc
(e)
2,285‌
70‌
QinetiQ
Group
PLC
29,041‌
113‌
R1
RCM
Inc
(e)
3,147‌
86‌
Randstad
NV
2,142‌
146‌
Recruit
Holdings
Co
Ltd
13,900‌
587‌
Robert
Half
International
Inc
(c),(f)
3,078‌
370‌
S&P
Global
Inc
(c),(f)
6,867‌
2,579‌
Secom
Co
Ltd
5,600‌
411‌
$
9,866‌
Computers
-
1.51%
Accenture
PLC
-
Class
A
(c)
2,722‌
859‌
Apple
Inc
(c),(f)
23,749‌
3,921‌
Cognizant
Technology
Solutions
Corp
(c)
6,333‌
545‌
Crowdstrike
Holdings
Inc
(e)
117‌
23‌
DXC
Technology
Co
(e)
1,210‌
41‌
EPAM
Systems
Inc
(e)
31‌
7‌
Genpact
Ltd
1,111‌
47‌
HP
Inc
(c),(f)
25,679‌
882‌
International
Business
Machines
Corp
(f)
1,497‌
183‌
Leidos
Holdings
Inc
997‌
102‌
Lumentum
Holdings
Inc
(e)
707‌
70‌
NetApp
Inc
(f)
1,299‌
102‌
Rapid7
Inc
(e)
890‌
92‌
Science
Applications
International
Corp
753‌
66‌
Seagate
Technology
Holdings
PLC
909‌
94‌
Softcat
PLC
2,179‌
46‌
Varonis
Systems
Inc
(e)
1,556‌
68‌
Western
Digital
Corp
(e)
1,177‌
60‌
$
7,208‌
Consumer
Products
-
0.03%
Kimberly-Clark
Corp
133‌
18‌
Reckitt
Benckiser
Group
PLC
1,267‌
107‌
$
125‌
Cosmetics
&
Personal
Care
-
0.18%
Colgate-Palmolive
Co
3,958‌
304‌
Edgewell
Personal
Care
Co
1,618‌
58‌
Estee
Lauder
Cos
Inc/The
158‌
47‌
Procter
&
Gamble
Co/The
2,252‌
351‌
Unilever
PLC
1,615‌
81‌
$
841‌
Distribution
&
Wholesale
-
0.65%
Copart
Inc
(e)
2,475‌
304‌
Fastenal
Co
3,199‌
165‌
IMCD
NV
363‌
59‌
LKQ
Corp
(f)
5,768‌
271‌
MARR
SpA
2,954‌
55‌
Mitsubishi
Corp
7,800‌
262‌
Mitsui
&
Co
Ltd
4,800‌
120‌
Pool
Corp
(c)
713‌
327‌
Sumitomo
Corp
69,100‌
1,127‌
Toyota
Tsusho
Corp
3,800‌
158‌
WESCO
International
Inc
(e)
547‌
66‌
WW
Grainger
Inc
(c)
408‌
195‌
$
3,109‌
Diversified
Financial
Services
-
1.48%
4L
Technologies
(e)
24,306‌
1‌
Air
Lease
Corp
1,587‌
66‌
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Diversified
Financial
Services
(continued)
Ally
Financial
Inc
(c)
4,705‌
$
235‌
American
Express
Co
(f)
1,895‌
369‌
Apollo
Global
Management
Inc
1,258‌
82‌
Banca
Generali
SpA
2,114‌
78‌
BlackRock
Inc
(f)
529‌
394‌
Capital
One
Financial
Corp
(c)
1,742‌
267‌
Cboe
Global
Markets
Inc
(c)
2,808‌
329‌
Charles
Schwab
Corp/The
5,585‌
471‌
CME
Group
Inc
(f)
844‌
200‌
Credit
Acceptance
Corp
(e)
415‌
228‌
Element
Comm
Aviation
(e),(h),(i)
280‌
177‌
Enova
International
Inc
(e)
2,457‌
100‌
Euronext
NV
(g)
885‌
80‌
Federal
Agricultural
Mortgage
Corp
1,183‌
146‌
Franklin
Resources
Inc
974‌
29‌
Greenhill
&
Co
Inc
3,706‌
66‌
Hamilton
Lane
Inc
803‌
63‌
I3
Verticals
Inc
(e)
2,950‌
78‌
IGM
Financial
Inc
1,000‌
36‌
Intercontinental
Exchange
Inc
617‌
79‌
Invesco
Ltd
8,424‌
179‌
Mastercard
Inc
(f)
1,622‌
585‌
Moelis
&
Co
1,121‌
54‌
Nasdaq
Inc
(f)
1,757‌
301‌
Navient
Corp
3,253‌
57‌
PRA
Group
Inc
(e)
3,537‌
158‌
Raymond
James
Financial
Inc
1,886‌
207‌
Synchrony
Financial
(c)
12,982‌
555‌
T
Rowe
Price
Group
Inc
(f)
3,438‌
497‌
TMX
Group
Ltd
1,200‌
121‌
Visa
Inc
(f)
3,320‌
717‌
VZ
Holding
AG
820‌
74‌
$
7,079‌
Electric
-
0.95%
AES
Corp/The
200‌
4‌
Avangrid
Inc
771‌
35‌
Brookfield
Renewable
Corp
2,100‌
79‌
Consolidated
Edison
Inc
336‌
29‌
Constellation
Energy
Corp
2,918‌
134‌
DTE
Energy
Co
(f)
4,855‌
590‌
Duke
Energy
Corp
814‌
82‌
Endesa
SA
6,538‌
144‌
Enel
SpA
62,153‌
458‌
Engie
SA
25,544‌
407‌
Exelon
Corp
3,013‌
128‌
Iberdrola
SA
21,285‌
242‌
National
Grid
PLC
3,766‌
57‌
Northland
Power
Inc
9,800‌
312‌
NRG
Energy
Inc
(f)
22,554‌
853‌
Origin
Energy
Ltd
24,821‌
103‌
Pinnacle
West
Capital
Corp
866‌
61‌
PNM
Resources
Inc
2,025‌
91‌
Portland
General
Electric
Co
1,378‌
70‌
PPL
Corp
(f)
24,540‌
642‌
$
4,521‌
Electrical
Components
&
Equipment
-
0.23%
Acuity
Brands
Inc
333‌
61‌
AMETEK
Inc
(c)
1,905‌
247‌
Emerson
Electric
Co
(c),(f)
3,206‌
298‌
Energizer
Holdings
Inc
1,375‌
46‌
EnerSys
908‌
66‌
Insteel
Industries
Inc
1,375‌
51‌
Novanta
Inc
(e)
262‌
36‌
Schneider
Electric
SE
872‌
135‌
Signify
NV
(g)
2,424‌
124‌
Universal
Display
Corp
344‌
53‌
$
1,117‌
Consolidated
Schedule
of
Investments
Global
Multi-Strategy
Fund
February
28,
2022
(unaudited)
See
accompanying
notes.
112
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Electronics
-
0.87%
Agilent
Technologies
Inc
275‌
$
36‌
Amphenol
Corp
78‌
6‌
Arrow
Electronics
Inc
(e)
2,730‌
333‌
Assa
Abloy
AB
5,326‌
140‌
Coherent
Inc
(c),(e)
7,919‌
2,093‌
DiscoverIE
Group
PLC
6,620‌
71‌
Electrocomponents
PLC
7,143‌
94‌
FARO
Technologies
Inc
(e)
1,176‌
64‌
Fortive
Corp
1,581‌
102‌
Honeywell
International
Inc
969‌
184‌
II-VI
Inc
(e)
1,321‌
92‌
Keysight
Technologies
Inc
(e),(f)
653‌
103‌
Knowles
Corp
(e)
3,822‌
83‌
Kyocera
Corp
100‌
6‌
LEM
Holding
SA
28‌
67‌
nVent
Electric
PLC
2,104‌
71‌
Shimadzu
Corp
8,800‌
317‌
Spectris
PLC
1,557‌
59‌
TDK
Corp
800‌
32‌
TE
Connectivity
Ltd
1,534‌
218‌
$
4,171‌
Energy
-
Alternate
Sources
-
0.07%
Enphase
Energy
Inc
(e)
540‌
90‌
Plug
Power
Inc
(e)
6,214‌
157‌
SolarEdge
Technologies
Inc
(e)
343‌
110‌
$
357‌
Engineering
&
Construction
-
0.10%
Badger
Infrastructure
Solutions
Ltd
2,674‌
64‌
Fluor
Corp
(e)
3,594‌
78‌
Jacobs
Engineering
Group
Inc
(f)
1,449‌
178‌
Vinci
SA
1,595‌
167‌
$
487‌
Entertainment
-
0.15%
Caesars
Entertainment
Inc
(e)
99‌
8‌
Cie
des
Alpes
(e)
2,242‌
35‌
CTS
Eventim
AG
&
Co
KGaA
(e)
858‌
60‌
Deluxe
Entertainment
(e),(h)
67,049‌
—‌
DraftKings
Inc
(e)
3,675‌
87‌
IMAX
Corp
(e)
4,631‌
96‌
Penn
National
Gaming
Inc
(e),(f)
7,649‌
393‌
Six
Flags
Entertainment
Corp
(e)
1,164‌
51‌
$
730‌
Environmental
Control
-
0.11%
GVS
SpA
(g)
3,155‌
32‌
Pentair
PLC
2,364‌
137‌
Republic
Services
Inc
(f)
1,881‌
226‌
Waste
Management
Inc
(f)
849‌
122‌
$
517‌
Food
-
0.76%
Aeon
Co
Ltd
14,700‌
333‌
Calavo
Growers
Inc
1,239‌
53‌
Campbell
Soup
Co
1,968‌
88‌
Cranswick
PLC
1,980‌
93‌
Empire
Co
Ltd
4,600‌
142‌
General
Mills
Inc
1,301‌
88‌
George
Weston
Ltd
2,700‌
293‌
HelloFresh
SE
(e)
3,618‌
197‌
Hershey
Co/The
(f)
1,918‌
388‌
Jeronimo
Martins
SGPS
SA
9,115‌
199‌
Kesko
Oyj
7,255‌
213‌
Koninklijke
Ahold
Delhaize
NV
2,953‌
91‌
Kraft
Heinz
Co/The
(f)
3,493‌
137‌
Kroger
Co/The
297‌
14‌
Mondelez
International
Inc
(f)
5,591‌
366‌
Nestle
SA
2,238‌
292‌
Sanderson
Farms
Inc
426‌
76‌
Sysco
Corp
397‌
35‌
Tate
&
Lyle
PLC
14,034‌
141‌
Tesco
PLC
25,323‌
98‌
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Food
(continued)
Tyson
Foods
Inc
(f)
3,047‌
$
282‌
$
3,619‌
Food
Service
-
0.04%
Compass
Group
PLC
9,401‌
213‌
Forest
Products
&
Paper
-
0.12%
International
Paper
Co
(f)
5,498‌
239‌
Mondi
PLC
4,176‌
88‌
Schweitzer-Mauduit
International
Inc
1,820‌
57‌
Smurfit
Kappa
Group
PLC
3,895‌
194‌
$
578‌
Gas
-
0.17%
New
Jersey
Resources
Corp
2,162‌
94‌
South
Jersey
Industries
Inc
2,895‌
98‌
Tokyo
Gas
Co
Ltd
13,100‌
267‌
UGI
Corp
(c)
8,768‌
337‌
$
796‌
Hand
&
Machine
Tools
-
0.12%
Disco
Corp
800‌
226‌
Kennametal
Inc
2,144‌
68‌
Snap-on
Inc
(f)
1,273‌
268‌
$
562‌
Healthcare
-
Products
-
1.27%
Abbott
Laboratories
(f)
1,412‌
170‌
ABIOMED
Inc
(e)
289‌
90‌
Align
Technology
Inc
(c),(e)
900‌
460‌
Baxter
International
Inc
2,019‌
172‌
Boston
Scientific
Corp
(e)
1,803‌
80‌
Cellavision
AB
999‌
34‌
Danaher
Corp
(f)
1,712‌
469‌
DENTSPLY
SIRONA
Inc
(f)
3,883‌
210‌
DiaSorin
SpA
194‌
29‌
EssilorLuxottica
SA
214‌
37‌
Exact
Sciences
Corp
(e)
1,349‌
105‌
Globus
Medical
Inc
(e)
692‌
49‌
Henry
Schein
Inc
(e)
337‌
29‌
Hologic
Inc
(e),(f)
2,429‌
173‌
Inspire
Medical
Systems
Inc
(e)
355‌
87‌
Integra
LifeSciences
Holdings
Corp
(e)
1,200‌
80‌
Intersect
ENT
Inc
(c),(e)
7,667‌
209‌
Koninklijke
Philips
NV
3,151‌
108‌
Lantheus
Holdings
Inc
(e)
2,195‌
105‌
Medtronic
PLC
5,345‌
561‌
NuVasive
Inc
(e)
1,371‌
74‌
Omnicell
Inc
(e)
282‌
36‌
Orthofix
Medical
Inc
(e)
2,324‌
79‌
PerkinElmer
Inc
(f)
2,858‌
513‌
SI-BONE
Inc
(e)
3,582‌
79‌
Smith
&
Nephew
PLC
8,760‌
157‌
Stryker
Corp
837‌
221‌
Tandem
Diabetes
Care
Inc
(e)
472‌
53‌
Thermo
Fisher
Scientific
Inc
(f)
422‌
230‌
Waters
Corp
(e),(f)
932‌
295‌
Zimmer
Biomet
Holdings
Inc
(c)
8,500‌
1,081‌
$
6,075‌
Healthcare
-
Services
-
0.59%
Anthem
Inc
(c)
198‌
89‌
Centene
Corp
(e)
1,410‌
117‌
Encompass
Health
Corp
1,001‌
66‌
HCA
Healthcare
Inc
(c),(f)
3,496‌
875‌
Humana
Inc
227‌
99‌
IQVIA
Holdings
Inc
(c),(e)
247‌
57‌
Laboratory
Corp
of
America
Holdings
(e),(f)
348‌
94‌
LHC
Group
Inc
(e)
362‌
49‌
Molina
Healthcare
Inc
(c),(e)
254‌
78‌
Quest
Diagnostics
Inc
387‌
51‌
Sonic
Healthcare
Ltd
8,561‌
219‌
UnitedHealth
Group
Inc
(f)
2,119‌
1,008‌
$
2,802‌
Consolidated
Schedule
of
Investments
Global
Multi-Strategy
Fund
February
28,
2022
(unaudited)
See
accompanying
notes.
113
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Holding
Companies
-
Diversified
-
2.00%
Accelerate
Acquisition
Corp
(e)
7,521‌
$
73‌
AfterNext
HealthTech
Acquisition
Corp
(e)
10,625‌
103‌
Alpha
Partners
Technology
Merger
Corp
(e)
4,617‌
44‌
AltEnergy
Acquisition
Corp
(e)
899‌
9‌
Altimeter
Growth
Corp
2
(e)
3,579‌
35‌
Anzu
Special
Acquisition
Corp
I
(e)
4,584‌
45‌
ArcLight
Clean
Transition
Corp
II
(e)
2,828‌
28‌
Ares
Acquisition
Corp
(e)
8,583‌
85‌
Arrowroot
Acquisition
Corp
(e)
6,980‌
68‌
Arrowroot
Acquisition
Corp
-
Warrants
(e)
1,824‌
—‌
Artisan
Acquisition
Corp
(e)
4,531‌
45‌
Astrea
Acquisition
Corp
(e)
3,085‌
30‌
Athena
Consumer
Acquisition
Corp
(e)
599‌
6‌
Atlas
Crest
Investment
Corp
II
(e)
4,570‌
44‌
Aurora
Acquisition
Corp
(e)
1,047‌
10‌
Austerlitz
Acquisition
Corp
I
(e)
7,586‌
74‌
Austerlitz
Acquisition
Corp
II
(e)
4,536‌
44‌
Avanti
Acquisition
Corp
(e)
13,402‌
132‌
Belong
Acquisition
Corp
(e)
479‌
5‌
Bilander
Acquisition
Corp
(e)
3,159‌
30‌
Biotech
Acquisition
Co
(e)
4,527‌
45‌
BOA
Acquisition
Corp
(e)
1,769‌
17‌
Brigade-M3
European
Acquisition
Corp
(e)
2,616‌
25‌
Bright
Lights
Acquisition
Corp
(e)
1,116‌
11‌
Burgundy
Technology
Acquisition
Corp
(e)
5,832‌
59‌
Catalyst
Partners
Acquisition
Corp
(e)
11,996‌
116‌
CC
Neuberger
Principal
Holdings
II
(e)
28,465‌
282‌
CF
Acquisition
Corp
IV
(e)
6,470‌
64‌
CHP
Merger
Corp
(e)
3,478‌
35‌
Churchill
Capital
Corp
V
(e)
2,976‌
29‌
Churchill
Capital
Corp
VII
(e)
6,238‌
61‌
CIIG
Capital
Partners
II
Inc
(e)
8,842‌
87‌
CIIG
Capital
Partners
II
Inc
(e)
2,334‌
23‌
CK
Hutchison
Holdings
Ltd
50,500‌
354‌
Climate
Real
Impact
Solutions
II
Acquisition
Corp
(e)
3,015‌
29‌
Cohn
Robbins
Holdings
Corp
(e)
8,462‌
84‌
Compute
Health
Acquisition
Corp
(e)
6,080‌
60‌
Concord
Acquisition
Corp
II
(e)
11,995‌
115‌
Concord
Acquisition
Corp
III
(e)
2,878‌
28‌
Conx
Corp
(e)
26,133‌
257‌
Conyers
Park
III
Acquisition
Corp
(e)
4,555‌
45‌
Corazon
Capital
V838
Monoceros
Corp
(e)
2,277‌
22‌
Crown
PropTech
Acquisitions
(e)
4,527‌
45‌
Decarbonization
Plus
Acquisition
Corp
IV
(e)
2,920‌
29‌
Deep
Lake
Capital
Acquisition
Corp
(e)
14,150‌
138‌
Direct
Selling
Acquisition
Corp
(e)
1,000‌
10‌
dMY
Technology
Group
Inc
VI
(e)
8,842‌
86‌
Dragoneer
Growth
Opportunities
Corp
III
(e)
11,956‌
116‌
Dynamics
Special
Purpose
Corp
(e)
3,625‌
36‌
E.Merge
Technology
Acquisition
Corp
(e)
5,629‌
56‌
Elliott
Opportunity
II
Corp
(e)
6,023‌
58‌
Enterprise
4.0
Technology
Acquisition
Corp
(e)
898‌
9‌
Equity
Distribution
Acquisition
Corp
(e)
15,385‌
152‌
ESGEN
Acquisition
Corp
(e)
1,049‌
11‌
Eucrates
Biomedical
Acquisition
Corp
(e)
7‌
—‌
ExcelFin
Acquisition
Corp
(e)
1,058‌
10‌
ExcelFin
Acquisition
Corp
(e)
900‌
9‌
Fifth
Wall
Acquisition
Corp
III
(e)
3,102‌
30‌
FinServ
Acquisition
Corp
II
(e)
926‌
9‌
FinServ
Acquisition
Corp
II
(e)
1,352‌
13‌
FinTech
Acquisition
Corp
VI
(e)
3,128‌
31‌
Fortress
Capital
Acquisition
Corp
(e)
14,774‌
144‌
Fortress
Value
Acquisition
Corp
III
(e)
868‌
9‌
Fortress
Value
Acquisition
Corp
III
(e)
13,390‌
131‌
Fortress
Value
Acquisition
Corp
IV
(e)
3,131‌
31‌
FTAC
Athena
Acquisition
Corp
(e)
4,469‌
44‌
FTAC
Emerald
Acquisition
Corp
(e)
4,347‌
43‌
FTAC
Parnassus
Acquisition
Corp
(e)
11,970‌
116‌
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Holding
Companies
-
Diversified
(continued)
FTAC
Zeus
Acquisition
Corp
(e)
867‌
$
9‌
G
Squared
Ascend
I
Inc
(e)
7,076‌
70‌
G
Squared
Ascend
I
Inc
(e)
3,009‌
30‌
Gesher
I
Acquisition
Corp
(e)
896‌
9‌
Goal
Acquisitions
Corp
(e)
31,661‌
309‌
Golden
Falcon
Acquisition
Corp
(e)
14,354‌
140‌
Gores
Holdings
VII
Inc
(e)
8,842‌
86‌
Gores
Holdings
VIII
Inc
(e)
37‌
—‌
Gores
Technology
Partners
II
Inc
(e)
340‌
3‌
Gores
Technology
Partners
Inc
(e)
9,826‌
96‌
GSR
II
Meteora
Acquisition
Corp
(e)
1,073‌
11‌
HCM
ACQUISITION
CORP
(e)
2,444‌
24‌
Health
Assurance
Acquisition
Corp
(e)
3,121‌
31‌
Healthcare
Services
Acquisition
Corp
(e)
14,419‌
141‌
Home
Plate
Acquisition
Corp
(e)
3,370‌
33‌
Horizon
Acquisition
Corp
II
(e)
2,997‌
29‌
Independence
Holdings
Corp
(e)
22,891‌
223‌
Infinite
Acquisition
Corp
(e)
1,084‌
11‌
INSU
Acquisition
Corp
III
(e)
3,125‌
31‌
ION
Acquisition
Corp
3
Ltd
(e)
3,027‌
29‌
Isleworth
Healthcare
Acquisition
Corp
(e)
205‌
2‌
Jaws
Hurricane
Acquisition
Corp
(e)
2,707‌
26‌
Jaws
Juggernaut
Acquisition
Corp
(e)
9,777‌
94‌
Jaws
Juggernaut
Acquisition
Corp
(e)
2,040‌
20‌
Jaws
Mustang
Acquisition
Corp
(e)
3,004‌
29‌
Khosla
Ventures
Acquisition
Co
(e)
10,300‌
100‌
Kismet
Acquisition
Three
Corp
(e)
3,033‌
30‌
Kismet
Acquisition
Three
Corp
(e)
1‌
—‌
KKR
Acquisition
Holdings
I
Corp
(e)
2,938‌
29‌
KL
Acquisition
Corp
(e)
18,376‌
179‌
L
Catterton
Asia
Acquisition
Corp
(e)
3,036‌
30‌
Landcadia
Holdings
IV
Inc
(e)
3,005‌
29‌
LDH
Growth
Corp
I
(e)
3,131‌
30‌
Live
Oak
Crestview
Climate
Acquisition
Corp
(e)
3,003‌
29‌
Live
Oak
Mobility
Acquisition
Corp
(e)
4,340‌
42‌
Longview
Acquisition
Corp
II
(e)
3,310‌
32‌
M3-Brigade
Acquisition
II
Corp
(e)
2,570‌
25‌
Macondray
Capital
Acquisition
Corp
I
(e)
4,047‌
40‌
Magnum
Opus
Acquisition
Ltd
(e)
2,970‌
30‌
MedTech
Acquisition
Corp/NY
(e)
3,081‌
31‌
Motive
Capital
Corp
(e)
1,509‌
15‌
Motive
Capital
Corp
II
(e)
11,171‌
111‌
New
Vista
Acquisition
Corp
(e)
527‌
5‌
New
Vista
Acquisition
Corp
(e)
10,476‌
104‌
Newcourt
Acquisition
Corp
(e)
919‌
9‌
Newcourt
Acquisition
Corp
(e)
1,948‌
20‌
Noble
Rock
Acquisition
Corp
(e)
5,171‌
50‌
Noble
Rock
Acquisition
Corp
(e)
7,560‌
74‌
North
Atlantic
Acquisition
Corp
(e)
3,128‌
31‌
North
Mountain
Merger
Corp
(e)
4,550‌
45‌
Northern
Genesis
Acquisition
Corp
III
(e)
3,024‌
29‌
Omega
Alpha
SPAC
(e)
9,021‌
88‌
One
Equity
Partners
Open
Water
I
Corp
(e)
6,552‌
65‌
Peridot
Acquisition
Corp
II
(e)
3,030‌
29‌
Pershing
Square
Tontine
Holdings
Ltd
(e)
3,910‌
77‌
Phoenix
Biotech
Acquisition
Corp
(e)
898‌
9‌
Plum
Acquisition
Corp
I
(e)
6,853‌
67‌
Pontem
Corp
(e)
16,655‌
162‌
Post
Holdings
Partnering
Corp
(e)
4,331‌
42‌
Prime
Impact
Acquisition
I
(e)
8,470‌
84‌
PROOF
Acquisition
Corp
I
(e)
3,456‌
35‌
Prospector
Capital
Corp
(e)
14,159‌
138‌
Pyrophyte
Acquisition
Corp
(e)
1,200‌
12‌
Queen's
Gambit
Growth
Capital
(e)
3,345‌
33‌
RedBall
Acquisition
Corp
(e)
3,433‌
34‌
Revolution
Healthcare
Acquisition
Corp
(e)
16,550‌
161‌
RMG
Acquisition
Corp
III
(e)
16,414‌
160‌
Rocket
Internet
Growth
Opportunities
Corp
(e)
5,255‌
52‌
Screaming
Eagle
Acquisition
Corp
(e)
7,933‌
78‌
Consolidated
Schedule
of
Investments
Global
Multi-Strategy
Fund
February
28,
2022
(unaudited)
See
accompanying
notes.
114
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Holding
Companies
-
Diversified
(continued)
Seaport
Calibre
Materials
Acquisition
Corp
(e)
952‌
$
9‌
Semper
Paratus
Acquisition
Corp
(e)
1,195‌
12‌
Signal
Hill
Acquisition
Corp
(e)
1,156‌
12‌
Simon
Property
Group
Acquisition
Holdings
Inc
(e)
4,472‌
44‌
Slam
Corp
(e)
327‌
3‌
Slam
Corp
(e)
4,249‌
42‌
Soar
Technology
Acquisition
Corp
(e)
584‌
6‌
Social
Capital
Suvretta
Holdings
Corp
II
(e)
8,842‌
85‌
Software
Acquisition
Group
Inc
III
(e)
109‌
1‌
Spartan
Acquisition
Corp
III
(e)
5,731‌
57‌
Supernova
Partners
Acquisition
Co
III
Ltd
(e)
8,842‌
86‌
SVF
Investment
Corp
(e)
2,542‌
25‌
SVF
Investment
Corp
2
(e)
8,940‌
87‌
SVF
Investment
Corp
3
(e)
1,102‌
11‌
Swire
Pacific
Ltd
12,000‌
66‌
Target
Global
Acquisition
I
Corp
(e)
3,928‌
39‌
TCV
Acquisition
Corp
(e)
3,225‌
31‌
Thunder
Bridge
Capital
Partners
III
Inc
(e)
16,589‌
161‌
Tishman
Speyer
Innovation
Corp
II
(e)
8,488‌
83‌
TortoiseEcofin
Acquisition
Corp
III
(e)
4,598‌
44‌
TPG
Pace
Beneficial
II
Corp
(e)
8,842‌
86‌
USHG
Acquisition
Corp
(e)
4,319‌
44‌
VectoIQ
Acquisition
Corp
II
(e)
9,058‌
88‌
Virgin
Group
Acquisition
Corp
II
(e)
15,505‌
153‌
Viscogliosi
Brothers
Acquisition
Corp
(e)
1,321‌
13‌
Vy
Global
Growth
(e)
15,217‌
150‌
Warburg
Pincus
Capital
Corp
I-A
(e)
3,002‌
29‌
$
9,552‌
Home
Builders
-
0.68%
Barratt
Developments
PLC
12,839‌
105‌
Century
Communities
Inc
1,156‌
74‌
DR
Horton
Inc
(c)
4,802‌
410‌
Glenveagh
Properties
PLC
(e),(g)
84,996‌
116‌
Lennar
Corp
-
A
Shares
(c)
15,793‌
1,420‌
NVR
Inc
(e)
61‌
302‌
Persimmon
PLC
4,085‌
131‌
PulteGroup
Inc
8,966‌
445‌
Skyline
Champion
Corp
(e)
2,405‌
162‌
Thor
Industries
Inc
822‌
74‌
$
3,239‌
Home
Furnishings
-
0.17%
GN
Store
Nord
AS
2,845‌
151‌
Hoshizaki
Corp
2,300‌
160‌
MillerKnoll
Inc
1,765‌
69‌
Sony
Group
Corp
3,400‌
347‌
Whirlpool
Corp
369‌
74‌
$
801‌
Housewares
-
0.01%
Newell
Brands
Inc
1,557‌
37‌
Insurance
-
1.47%
Aflac
Inc
6‌
—‌
Allianz
SE
1,401‌
316‌
Aon
PLC
666‌
195‌
Arch
Capital
Group
Ltd
(c),(e)
3,423‌
161‌
Assicurazioni
Generali
SpA
10,651‌
211‌
Assurant
Inc
(f)
1,499‌
254‌
AXA
SA
4,841‌
131‌
Beazley
PLC
5,155‌
31‌
Berkshire
Hathaway
Inc
-
Class
B
(c),(e),(f)
3,081‌
991‌
Brown
&
Brown
Inc
1,126‌
76‌
Chubb
Ltd
2,683‌
546‌
Dai-ichi
Life
Holdings
Inc
500‌
10‌
Equitable
Holdings
Inc
1,900‌
62‌
Everest
Re
Group
Ltd
(c)
1,552‌
463‌
Fidelity
National
Financial
Inc
(c)
7,946‌
378‌
Globe
Life
Inc
400‌
40‌
Hartford
Financial
Services
Group
Inc/The
(c)
8,600‌
598‌
Japan
Post
Holdings
Co
Ltd
33,500‌
277‌
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Insurance
(continued)
Lancashire
Holdings
Ltd
9,096‌
$
57‌
Legal
&
General
Group
PLC
18,039‌
67‌
Loews
Corp
857‌
53‌
Markel
Corp
(e)
217‌
270‌
Marsh
&
McLennan
Cos
Inc
(f)
3,541‌
550‌
MetLife
Inc
2,207‌
149‌
MGIC
Investment
Corp
5,527‌
84‌
Muenchener
Rueckversicherungs-Gesellschaft
AG
in
Muenchen
768‌
211‌
NMI
Holdings
Inc
(e)
2,131‌
49‌
Old
Republic
International
Corp
543‌
14‌
ProAssurance
Corp
2,895‌
70‌
Progressive
Corp/The
1,614‌
171‌
Prudential
Financial
Inc
451‌
50‌
Radian
Group
Inc
3,808‌
91‌
SiriusPoint
Ltd
(e)
8,163‌
60‌
Travelers
Cos
Inc/The
402‌
69‌
Voya
Financial
Inc
1,299‌
88‌
W
R
Berkley
Corp
(f)
1,415‌
128‌
White
Mountains
Insurance
Group
Ltd
72‌
76‌
$
7,047‌
Internet
-
2.35%
Airbnb
Inc
(e)
1,534‌
232‌
Alibaba
Group
Holding
Ltd
ADR
(e)
293‌
31‌
Alphabet
Inc
-
A
Shares
(c),(e),(f)
1,428‌
3,857‌
Alphabet
Inc
-
C
Shares
(e)
53‌
143‌
Amazon.com
Inc
(e),(f)
662‌
2,033‌
Booking
Holdings
Inc
(e)
335‌
728‌
Cargurus
Inc
(e)
1,887‌
91‌
CDW
Corp/DE
54‌
9‌
Criteo
SA
ADR
(e)
1,476‌
49‌
eBay
Inc
(f)
9,692‌
530‌
F5
Inc
(e)
565‌
114‌
GoDaddy
Inc
(e)
1,079‌
90‌
Kakaku.com
Inc
2,800‌
62‌
Match
Group
Inc
(e)
1,249‌
139‌
MercadoLibre
Inc
(c),(e)
305‌
344‌
Meta
Platforms
Inc
(c),(e),(f)
5,079‌
1,072‌
Netflix
Inc
(e),(f)
440‌
174‌
NortonLifeLock
Inc
(f)
6,312‌
183‌
Palo
Alto
Networks
Inc
(e)
231‌
137‌
Perficient
Inc
(e)
580‌
59‌
Revolve
Group
Inc
(e)
1,102‌
52‌
Roku
Inc
(e)
612‌
85‌
Sea
Ltd
ADR
(e)
1,041‌
152‌
Shopify
Inc
(e)
100‌
69‌
Shutterstock
Inc
528‌
48‌
Snap
Inc
Class
A
(e)
3,808‌
152‌
Spotify
Technology
SA
(e)
801‌
125‌
Trend
Micro
Inc/Japan
3,100‌
173‌
Twitter
Inc
(e)
2,018‌
72‌
Uber
Technologies
Inc
(e)
6,095‌
219‌
VeriSign
Inc
(e)
41‌
9‌
$
11,233‌
Investment
Companies
-
0.01%
Ares
Capital
Corp
635‌
14‌
Groupe
Bruxelles
Lambert
SA
192‌
20‌
$
34‌
Iron
&
Steel
-
0.18%
Carpenter
Technology
Corp
2,621‌
101‌
Nippon
Steel
Corp
8,300‌
152‌
Nucor
Corp
(f)
1,967‌
259‌
Reliance
Steel
&
Aluminum
Co
693‌
132‌
voestalpine
AG
6,306‌
208‌
$
852‌
Leisure
Products
&
Services
-
0.11%
MIPS
AB
491‌
38‌
Peloton
Interactive
Inc
(e)
2,575‌
75‌
Planet
Fitness
Inc
(e)
389‌
33‌
Consolidated
Schedule
of
Investments
Global
Multi-Strategy
Fund
February
28,
2022
(unaudited)
See
accompanying
notes.
115
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Leisure
Products
&
Services
(continued)
Shimano
Inc
1,300‌
$
302‌
Thule
Group
AB
(g)
1,421‌
56‌
Yamaha
Motor
Co
Ltd
1,600‌
36‌
$
540‌
Lodging
-
0.13%
Boyd
Gaming
Corp
722‌
51‌
Choice
Hotels
International
Inc
1,411‌
204‌
Hilton
Grand
Vacations
Inc
(e)
1,952‌
101‌
Las
Vegas
Sands
Corp
(e)
2,377‌
102‌
Marriott
International
Inc/MD
(e)
87‌
15‌
Melco
Resorts
&
Entertainment
Ltd
ADR
(e)
8,623‌
86‌
Sands
China
Ltd
(e)
27,600‌
73‌
$
632‌
Machinery
-
Construction
&
Mining
-
0.15%
Astec
Industries
Inc
1,410‌
70‌
Caterpillar
Inc
449‌
84‌
Mitsubishi
Electric
Corp
11,900‌
144‌
Sandvik
AB
18,746‌
404‌
$
702‌
Machinery
-
Diversified
-
0.76%
Altra
Industrial
Motion
Corp
1,351‌
57‌
Applied
Industrial
Technologies
Inc
1,140‌
115‌
Cactus
Inc
957‌
49‌
Colfax
Corp
(e)
1,868‌
75‌
Dover
Corp
(f)
2,132‌
334‌
FANUC
Corp
300‌
55‌
Ichor
Holdings
Ltd
(e)
1,025‌
36‌
IDEX
Corp
967‌
186‌
Inficon
Holding
AG
48‌
56‌
Ingersoll
Rand
Inc
(f)
1,553‌
78‌
Interpump
Group
SpA
1,199‌
65‌
Keyence
Corp
1,200‌
568‌
Kone
Oyj
5,778‌
337‌
Kornit
Digital
Ltd
(e)
528‌
50‌
Marel
HF
(g)
9,078‌
53‌
Middleby
Corp/The
(e)
938‌
167‌
Nordson
Corp
(c)
1,012‌
230‌
Otis
Worldwide
Corp
(c),(f)
4,517‌
354‌
Rotork
PLC
15,982‌
66‌
Spirax-Sarco
Engineering
PLC
194‌
31‌
SPX
FLOW
Inc
2,101‌
180‌
Stabilus
SA
1,298‌
76‌
Washtec
AG
973‌
52‌
Welbilt
Inc
(c),(e)
10,529‌
249‌
Westinghouse
Air
Brake
Technologies
Corp
1,486‌
138‌
$
3,657‌
Media
-
0.68%
Altice
USA
Inc
(e)
19,723‌
228‌
Cable
One
Inc
200‌
287‌
Charter
Communications
Inc
(e)
268‌
161‌
Comcast
Corp
-
Class
A
(f)
3,212‌
150‌
Discovery
Inc
-
A
Shares
(e),(f)
8,665‌
243‌
iHeartMedia
Inc
(e)
6,333‌
136‌
Liberty
Global
PLC
-
A
Shares
(e)
10,923‌
282‌
News
Corp
-
A
Shares
2,060‌
46‌
Nexstar
Media
Group
Inc
31‌
6‌
Quebecor
Inc
6,100‌
133‌
Shaw
Communications
Inc
(c)
18,780‌
563‌
TEGNA
Inc
32,814‌
752‌
Walt
Disney
Co/The
(e)
1,055‌
156‌
Wolters
Kluwer
NV
1,047‌
107‌
$
3,250‌
Metal
Fabrication
&
Hardware
-
0.09%
MISUMI
Group
Inc
12,000‌
385‌
Troax
Group
AB
1,474‌
39‌
$
424‌
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Mining
-
1.07%
Agnico
Eagle
Mines
Ltd
4,070‌
$
206‌
Barrick
Gold
Corp
12,600‌
285‌
Compass
Minerals
International
Inc
1,297‌
76‌
Ecobat
Holdings,
Inc
-
Class
B
(e)
2,998‌
2,623‌
Freeport-McMoRan
Inc
1,288‌
60‌
Kinross
Gold
Corp
78,500‌
391‌
Livent
Corp
(e)
4,058‌
96‌
Lundin
Mining
Corp
20,800‌
201‌
MP
Materials
Corp
(e)
2,465‌
112‌
Newcrest
Mining
Ltd
1,599‌
30‌
Northern
Star
Resources
Ltd
47,587‌
355‌
Pan
American
Silver
Corp
6,900‌
163‌
Rio
Tinto
PLC
6,239‌
488‌
Rio
Tinto
PLC
ADR
639‌
50‌
South32
Ltd
301‌
1‌
$
5,137‌
Miscellaneous
Manufacturers
-
0.47%
3M
Co
(f)
1,224‌
182‌
A
O
Smith
Corp
(c)
7,276‌
499‌
Alfa
Laval
AB
3,301‌
107‌
Diploma
PLC
2,229‌
79‌
Eaton
Corp
PLC
2,053‌
317‌
General
Electric
Co
(f)
1,881‌
180‌
Hexpol
AB
6,191‌
63‌
Illinois
Tool
Works
Inc
(c)
2,590‌
560‌
Siemens
AG
912‌
129‌
Sturm
Ruger
&
Co
Inc
752‌
54‌
Textron
Inc
293‌
21‌
Trane
Technologies
PLC
426‌
66‌
$
2,257‌
Office
&
Business
Equipment
-
0.02%
Zebra
Technologies
Corp
(e),(f)
259‌
107‌
Office
Furnishings
-
0.01%
Interface
Inc
5,215‌
68‌
Oil
&
Gas
-
1.23%
APA
Corp
(f)
11,723‌
418‌
Bellatrix
Exploration
Ltd
(e),(h)
94,641‌
—‌
California
Resources
Corp
2,144‌
88‌
Canadian
Natural
Resources
Ltd
2,426‌
135‌
Chesapeake
Energy
Corp
1,066‌
82‌
Chevron
Corp
(c)
5,384‌
776‌
ConocoPhillips
725‌
69‌
Coterra
Energy
Inc
(c)
12,959‌
302‌
Diamondback
Energy
Inc
366‌
51‌
Eni
SpA
527‌
8‌
EOG
Resources
Inc
(f)
2,321‌
267‌
Exxon
Mobil
Corp
(c),(f)
19,214‌
1,507‌
Marathon
Oil
Corp
(f)
4,607‌
104‌
Marathon
Petroleum
Corp
(c),(f)
9,323‌
727‌
Nabors
Industries
Ltd
(e)
762‌
96‌
Nabors
Industries
Ltd
-
Warrants
(e)
233‌
3‌
Neste
Oyj
8,198‌
320‌
Occidental
Petroleum
Corp
(f)
5,107‌
223‌
OMV
AG
1,215‌
58‌
Parkland
Corp
9,300‌
243‌
Phillips
66
(c)
943‌
79‌
TotalEnergies
SE
4,504‌
229‌
Valero
Energy
Corp
(c)
988‌
82‌
$
5,867‌
Oil
&
Gas
Services
-
0.25%
Baker
Hughes
Co
(c)
17,108‌
503‌
DMC
Global
Inc
(e)
1,663‌
49‌
Halliburton
Co
(f)
8,480‌
284‌
Liberty
Oilfield
Services
Inc
(e)
5,639‌
70‌
MRC
Global
Inc
(e)
10,337‌
104‌
Schlumberger
NV
4,335‌
171‌
$
1,181‌
Consolidated
Schedule
of
Investments
Global
Multi-Strategy
Fund
February
28,
2022
(unaudited)
See
accompanying
notes.
116
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Packaging
&
Containers
-
0.11%
Amcor
PLC
(c)
4,946‌
$
57‌
Ball
Corp
1,202‌
108‌
Sealed
Air
Corp
(f)
3,521‌
236‌
Vidrala
SA
736‌
57‌
Westrock
Co
(f)
1,742‌
79‌
$
537‌
Pharmaceuticals
-
1.82%
AbbVie
Inc
694‌
102‌
AmerisourceBergen
Corp
515‌
73‌
Arvinas
Inc
(e)
721‌
47‌
AstraZeneca
PLC
2,774‌
337‌
AstraZeneca
PLC
ADR
1,321‌
80‌
Becton
Dickinson
and
Co
416‌
113‌
BioGaia
AB
1,088‌
56‌
Bristol-Myers
Squibb
Co
(f)
2,895‌
199‌
Chugai
Pharmaceutical
Co
Ltd
9,700‌
322‌
Cigna
Corp
391‌
93‌
CVS
Health
Corp
(f)
4,223‌
438‌
Dexcom
Inc
(e)
211‌
87‌
GlaxoSmithKline
PLC
ADR
22,460‌
940‌
GoodRx
Holdings
Inc
(e)
1,602‌
44‌
Intellia
Therapeutics
Inc
(e)
254‌
25‌
Johnson
&
Johnson
(c),(f)
11,597‌
1,910‌
McKesson
Corp
(c),(f)
3,248‌
894‌
Merck
&
Co
Inc
(f)
2,098‌
160‌
Myovant
Sciences
Ltd
(e)
3,800‌
51‌
Novartis
AG
2,941‌
258‌
Novo
Nordisk
A/S
3,383‌
350‌
Organon
&
Co
1,266‌
47‌
Pacira
BioSciences
Inc
(e)
800‌
53‌
Pfizer
Inc
(f)
24,733‌
1,161‌
Premier
Inc
1,910‌
69‌
Sanofi
566‌
59‌
Santen
Pharmaceutical
Co
Ltd
29,700‌
338‌
Takeda
Pharmaceutical
Co
Ltd
13,400‌
409‌
$
8,715‌
Pipelines
-
0.08%
Enbridge
Inc
5,800‌
251‌
ONEOK
Inc
(f)
1,780‌
116‌
Southcross
Holdings
(e),(h)
615,976‌
31‌
$
398‌
Private
Equity
-
0.14%
Blackstone
Inc
4,044‌
516‌
Carlyle
Group
Inc/The
295‌
14‌
Intermediate
Capital
Group
PLC
2,531‌
58‌
Onex
Corp
1,300‌
87‌
$
675‌
Real
Estate
-
0.19%
Catena
AB
1,564‌
81‌
CBRE
Group
Inc
(f)
2,445‌
237‌
Hang
Lung
Properties
Ltd
28,000‌
59‌
Marcus
&
Millichap
Inc
1,850‌
92‌
McGrath
RentCorp
873‌
71‌
Nyfosa
AB
2,283‌
32‌
PSP
Swiss
Property
AG
197‌
25‌
Shurgard
Self
Storage
SA
1,043‌
60‌
Sun
Hung
Kai
Properties
Ltd
19,500‌
227‌
WeWork
Inc
(e)
5,396‌
34‌
$
918‌
REITs
-
1.20%
Acadia
Realty
Trust
4,385‌
94‌
Alexandria
Real
Estate
Equities
Inc
(f)
2,062‌
391‌
American
Tower
Corp
1,454‌
330‌
Americold
Realty
Trust
2,373‌
63‌
Annaly
Capital
Management
Inc
11,879‌
83‌
AvalonBay
Communities
Inc
434‌
103‌
Big
Yellow
Group
PLC
3,493‌
66‌
Bluerock
Residential
Growth
REIT
Inc
10,046‌
267‌
British
Land
Co
PLC/The
13,981‌
99‌
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
REITs
(continued)
Canadian
Apartment
Properties
REIT
1,700‌
$
71‌
Crown
Castle
International
Corp
426‌
71‌
CyrusOne
Inc
1,507‌
136‌
Dexus
42,798‌
339‌
Duke
Realty
Corp
(f)
4,238‌
225‌
Equinix
Inc
80‌
57‌
Essential
Properties
Realty
Trust
Inc
1,847‌
47‌
Extra
Space
Storage
Inc
(f)
1,714‌
322‌
Gaming
and
Leisure
Properties
Inc
311‌
14‌
Healthcare
Trust
of
America
Inc
6,430‌
189‌
Healthpeak
Properties
Inc
(f)
3,847‌
119‌
Hibernia
REIT
plc
67,339‌
88‌
Independence
Realty
Trust
Inc
1,817‌
46‌
Mid-America
Apartment
Communities
Inc
(f)
1,392‌
285‌
New
Residential
Investment
Corp
6,183‌
64‌
Pebblebrook
Hotel
Trust
2,905‌
65‌
Piedmont
Office
Realty
Trust
Inc
8,175‌
139‌
Prologis
Inc
187‌
27‌
Public
Storage
(f)
1,280‌
454‌
Realty
Income
Corp
(f)
2,120‌
140‌
Regency
Centers
Corp
446‌
29‌
Ryman
Hospitality
Properties
Inc
(e)
545‌
48‌
SBA
Communications
Corp
42‌
13‌
Simon
Property
Group
Inc
(c)
1,184‌
163‌
UDR
Inc
686‌
38‌
UNITE
Group
PLC/The
3,213‌
46‌
Uniti
Group
Inc
6,968‌
90‌
Veris
Residential
Inc
(e)
4,333‌
73‌
VICI
Properties
Inc
13,569‌
380‌
Welltower
Inc
70‌
6‌
Weyerhaeuser
Co
(f)
10,542‌
410‌
Workspace
Group
PLC
5,480‌
57‌
$
5,747‌
Retail
-
2.10%
Advance
Auto
Parts
Inc
(f)
1,042‌
213‌
Alimentation
Couche-Tard
Inc
16,400‌
644‌
AutoZone
Inc
(e),(f)
217‌
404‌
Bath
&
Body
Works
Inc
(c),(f)
8,928‌
477‌
Best
Buy
Co
Inc
187‌
18‌
Canadian
Tire
Corp
Ltd
2,800‌
413‌
CarMax
Inc
(e)
1,638‌
179‌
Costco
Wholesale
Corp
22‌
11‌
Dollar
General
Corp
218‌
43‌
Dollar
Tree
Inc
(e)
727‌
103‌
Europris
ASA
(g)
9,210‌
59‌
Five
Below
Inc
(e)
268‌
44‌
Floor
&
Decor
Holdings
Inc
(e)
320‌
31‌
Genuine
Parts
Co
(f)
2,117‌
259‌
H
&
M
Hennes
&
Mauritz
AB
5,041‌
84‌
Home
Depot
Inc/The
(c),(f)
2,005‌
633‌
Industria
de
Diseno
Textil
SA
8,252‌
216‌
LL
Flooring
Holdings
Inc
(e)
4,526‌
73‌
Lowe's
Cos
Inc
(c),(f)
3,165‌
699‌
Lululemon
Athletica
Inc
(e)
407‌
130‌
McDonald's
Corp
3,031‌
742‌
National
Vision
Holdings
Inc
(e)
1,308‌
48‌
Next
PLC
1,302‌
119‌
O'Reilly
Automotive
Inc
(e),(f)
601‌
390‌
Ross
Stores
Inc
(c),(f)
2,994‌
274‌
Sportsman's
Warehouse
Holdings
Inc
(e)
12,457‌
142‌
Starbucks
Corp
1,441‌
132‌
Target
Corp
(c),(f)
4,159‌
831‌
TJX
Cos
Inc/The
(c)
11,049‌
731‌
Ulta
Beauty
Inc
(e)
414‌
155‌
Walgreens
Boots
Alliance
Inc
(c)
2,289‌
106‌
Walmart
Inc
(c)
4,419‌
597‌
WH
Smith
PLC
(e)
3,713‌
80‌
Consolidated
Schedule
of
Investments
Global
Multi-Strategy
Fund
February
28,
2022
(unaudited)
See
accompanying
notes.
117
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Retail
(continued)
Wingstop
Inc
379‌
$
55‌
Yum!
Brands
Inc
(c),(f)
7,483‌
917‌
$
10,052‌
Savings
&
Loans
-
0.17%
Berkshire
Hills
Bancorp
Inc
2,757‌
86‌
Pacific
Premier
Bancorp
Inc
1,900‌
73‌
People's
United
Financial
Inc
(c)
29,254‌
617‌
WSFS
Financial
Corp
1,057‌
54‌
$
830‌
Semiconductors
-
1.80%
Advanced
Micro
Devices
Inc
(c),(e)
2,520‌
311‌
Analog
Devices
Inc
862‌
138‌
Applied
Materials
Inc
(f)
5,111‌
685‌
ASML
Holding
NV
1,165‌
779‌
BE
Semiconductor
Industries
NV
1,245‌
106‌
Broadcom
Inc
(c),(f)
607‌
358‌
CMC
Materials
Inc
653‌
121‌
Intel
Corp
(f)
7,642‌
365‌
KLA
Corp
(c),(f)
1,521‌
530‌
Lam
Research
Corp
72‌
41‌
Magnachip
Semiconductor
Corp
(e)
211‌
4‌
Marvell
Technology
Inc
362‌
25‌
Microchip
Technology
Inc
701‌
50‌
Micron
Technology
Inc
(c),(f)
10,911‌
970‌
MKS
Instruments
Inc
808‌
122‌
Monolithic
Power
Systems
Inc
(c)
483‌
221‌
NVIDIA
Corp
(c),(f)
2,338‌
570‌
NXP
Semiconductors
NV
(c)
1,728‌
329‌
Qorvo
Inc
(c),(e),(f)
1,676‌
229‌
QUALCOMM
Inc
(c),(f)
5,842‌
1,004‌
Rambus
Inc
(e)
2,856‌
77‌
Rohm
Co
Ltd
1,000‌
80‌
Samsung
Electronics
Co
Ltd
789‌
48‌
Silicon
Motion
Technology
Corp
ADR
833‌
60‌
Skyworks
Solutions
Inc
(c)
1,639‌
226‌
SOITEC
(e)
352‌
57‌
STMicroelectronics
NV
9,782‌
411‌
Synaptics
Inc
(e)
587‌
134‌
Texas
Instruments
Inc
(c)
2,186‌
371‌
Tower
Semiconductor
Ltd
(e)
3,937‌
184‌
$
8,606‌
Shipbuilding
-
0.02%
Wartsila
OYJ
Abp
8,639‌
97‌
Software
-
2.88%
Activision
Blizzard
Inc
8,687‌
708‌
Adobe
Inc
(e),(f)
414‌
194‌
Agilysys
Inc
(e)
2,046‌
86‌
ANSYS
Inc
(e)
75‌
24‌
Autodesk
Inc
(e)
179‌
39‌
Bill.com
Holdings
Inc
(e)
157‌
37‌
Black
Knight
Inc
(e)
1,900‌
107‌
Box
Inc
(e)
3,836‌
98‌
Cadence
Design
Systems
Inc
(e)
283‌
43‌
Cardlytics
Inc
(e)
1,110‌
64‌
Cerner
Corp
3,289‌
307‌
Citrix
Systems
Inc
728‌
75‌
Clarivate
PLC
(e)
3,270‌
49‌
Concentrix
Corp
343‌
69‌
Constellation
Software
Inc/Canada
198‌
334‌
CSG
Systems
International
Inc
1,140‌
70‌
Datadog
Inc
(c),(e)
54‌
9‌
Digital
Turbine
Inc
(e)
1,132‌
55‌
DocuSign
Inc
(c),(e)
714‌
85‌
Dynatrace
Inc
(c),(e)
5,910‌
263‌
Electronic
Arts
Inc
1,692‌
220‌
Fair
Isaac
Corp
(e)
295‌
139‌
Fidelity
National
Information
Services
Inc
1,103‌
105‌
Fiserv
Inc
(e),(f)
1,551‌
152‌
Five9
Inc
(e)
1,280‌
141‌
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Software
(continued)
Health
Catalyst
Inc
(e)
1,181‌
$
32‌
HubSpot
Inc
(c),(e)
196‌
103‌
Intuit
Inc
(f)
344‌
163‌
Jamf
Holding
Corp
(e)
2,876‌
98‌
Lightspeed
Commerce
Inc
(e)
2,300‌
60‌
Manhattan
Associates
Inc
(e)
308‌
41‌
Microsoft
Corp
(c),(f)
13,671‌
4,084‌
MINDBODY
Inc
(e),(h)
9,229‌
337‌
New
Relic
Inc
(e)
612‌
41‌
Nexon
Co
Ltd
8,900‌
194‌
NextGen
Healthcare
Inc
(e)
3,951‌
77‌
Nuance
Communications
Inc
(c),(e)
23,657‌
1,313‌
Oracle
Corp
(f)
3,592‌
273‌
Paychex
Inc
(f)
4,415‌
526‌
Paycom
Software
Inc
(e)
370‌
126‌
RingCentral
Inc
(e)
632‌
83‌
Roper
Technologies
Inc
92‌
41‌
salesforce.com
Inc
(e),(f)
1,474‌
310‌
SAP
SE
553‌
62‌
ServiceNow
Inc
(c),(e),(f)
606‌
351‌
SimCorp
A/S
464‌
42‌
Snowflake
Inc
-
Class
A
(c),(e)
434‌
115‌
Square
Enix
Holdings
Co
Ltd
400‌
20‌
Synopsys
Inc
(e)
264‌
82‌
Take-Two
Interactive
Software
Inc
(c),(e)
715‌
116‌
Topicus.com
Inc
(e)
314‌
22‌
Ubisoft
Entertainment
SA
(e)
1,591‌
85‌
UiPath
Inc
(e)
2,650‌
92‌
UserTesting
Inc
(e)
100‌
1‌
Veeva
Systems
Inc
(c),(e)
1,607‌
368‌
Verra
Mobility
Corp
(e)
4,797‌
81‌
VMware
Inc
974‌
114‌
Workday
Inc
(e)
894‌
205‌
Xperi
Holding
Corp
3,453‌
60‌
Ziff
Davis
Inc
(e)
510‌
51‌
Zoom
Video
Communications
Inc
(c),(e)
872‌
116‌
ZoomInfo
Technologies
Inc
(e)
1,242‌
68‌
Zynga
Inc
(e)
36,727‌
333‌
$
13,759‌
Telecommunications
-
1.52%
Arista
Networks
Inc
(e)
1,448‌
178‌
AT&T
Inc
38,648‌
916‌
Calix
Inc
(e)
1,444‌
78‌
Cisco
Systems
Inc/Delaware
(c),(f)
12,037‌
671‌
Corning
Inc
1,476‌
60‌
Deutsche
Telekom
AG
8,077‌
145‌
Elisa
Oyj
2,611‌
145‌
Hellenic
Telecommunications
Organization
SA
6,471‌
129‌
HMS
Networks
AB
667‌
28‌
InterDigital
Inc
877‌
57‌
Juniper
Networks
Inc
(f)
3,764‌
127‌
Koninklijke
KPN
NV
43,446‌
149‌
Lumen
Technologies
Inc
4,356‌
45‌
Motorola
Solutions
Inc
(c),(f)
2,489‌
549‌
NeoPhotonics
Corp
(c),(e)
16,460‌
252‌
Nippon
Telegraph
&
Telephone
Corp
14,500‌
417‌
Plantronics
Inc
(e)
2,470‌
70‌
SoftBank
Group
Corp
7,000‌
314‌
Telefonaktiebolaget
LM
Ericsson
13,051‌
120‌
T-Mobile
US
Inc
(e)
5,187‌
638‌
Verizon
Communications
Inc
1,010‌
54‌
Vodafone
Group
PLC
ADR
(c)
53,300‌
943‌
Vodafone
Group
PLC
93,100‌
164‌
Vonage
Holdings
Corp
(c),(e)
49,205‌
1,000‌
$
7,249‌
Consolidated
Schedule
of
Investments
Global
Multi-Strategy
Fund
February
28,
2022
(unaudited)
See
accompanying
notes.
118
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Toys,
Games
&
Hobbies
-
0.10%
Games
Workshop
Group
PLC
702‌
$
70‌
Hasbro
Inc
173‌
17‌
Nintendo
Co
Ltd
800‌
405‌
$
492‌
Transportation
-
1.21%
Aurizon
Holdings
Ltd
81,270‌
207‌
Canadian
National
Railway
Co
1,572‌
195‌
Central
Japan
Railway
Co
2,900‌
392‌
CSX
Corp
1,051‌
36‌
Deutsche
Post
AG
3,712‌
186‌
DSV
A/S
1,678‌
309‌
East
Japan
Railway
Co
6,200‌
368‌
Expeditors
International
of
Washington
Inc
(f)
3,472‌
359‌
FedEx
Corp
1,794‌
399‌
InPost
SA
(e)
43,695‌
270‌
Kirby
Corp
(e)
1,461‌
95‌
Knight-Swift
Transportation
Holdings
Inc
1,031‌
56‌
Kuehne
+
Nagel
International
AG
2,295‌
626‌
Norfolk
Southern
Corp
3,190‌
818‌
Old
Dominion
Freight
Line
Inc
(c)
1,952‌
613‌
Union
Pacific
Corp
1,101‌
271‌
United
Parcel
Service
Inc
(c),(f)
2,811‌
592‌
$
5,792‌
Water
-
0.03%
Veolia
Environnement
SA
3,870‌
135‌
TOTAL
COMMON
STOCKS
$
212,350‌
CONVERTIBLE
PREFERRED
STOCKS
-
0.81%
Shares
Held
Value
(000's)
Banks
-
0.08%
Bank
of
America
Corp
7.25%
(j)
151‌
$
199‌
Wells
Fargo
&
Co
7.50%
(j)
151‌
204‌
$
403‌
Pipelines
-
0.58%
El
Paso
Energy
Capital
Trust
I
4.75%,
03/31/2028
452‌
22‌
Southcross
Energy
Series
A
0.00%
(e),(h)
2,399,339‌
1,560‌
Southcross
Energy
Series
B
0.00%
(e),(h)
592,711‌
1,215‌
$
2,797‌
Software
-
0.03%
Clarivate
PLC
5.25%,
06/01/2024
1,950‌
119‌
Telecommunications
-
0.12%
2020
Cash
Mandatory
Exchangeable
Trust
5.25%,
06/01/2023
(g)
512‌
554‌
TOTAL
CONVERTIBLE
PREFERRED
STOCKS
$
3,873‌
PREFERRED
STOCKS
-
0.09%
Shares
Held
Value
(000's)
Apparel
-
0.01%
Fossil
Group
Inc
7.00%,
11/30/2026
2,730‌
$
67‌
Chemicals
-
0.07%
FUCHS
PETROLUB
SE
0.99%
8,907‌
352‌
Machinery
-
Construction
&
Mining
-
0.01%
Babcock
&
Wilcox
Enterprises
Inc
6.50%,
12/31/2026
1,519‌
37‌
TOTAL
PREFERRED
STOCKS
$
456‌
BONDS
-
28.36%
Principal
Amount
(000's)
Value
(000's)
Advertising
-
0.14%
Clear
Channel
Outdoor
Holdings
Inc
5.13%,
08/15/2027
(g)
$
160‌
$
160‌
7.50%,
06/01/2029
(g)
382‌
397‌
Outfront
Media
Capital
LLC
/
Outfront
Media
Capital
Corp
4.63%,
03/15/2030
(g)
120‌
113‌
$
670‌
Aerospace
&
Defense
-
0.38%
Boeing
Co/The
3.38%,
06/15/2046
250‌
213‌
3.50%,
03/01/2039
65‌
59‌
3.55%,
03/01/2038
30‌
28‌
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Aerospace
&
Defense
(continued)
Boeing
Co/The  
(continued)
3.63%,
03/01/2048
$
155‌
$
137‌
3.65%,
03/01/2047
50‌
44‌
3.75%,
02/01/2050
55‌
51‌
5.15%,
05/01/2030
225‌
249‌
5.81%,
05/01/2050
30‌
36‌
Bombardier
Inc
7.88%,
04/15/2027
(g)
159‌
161‌
Leonardo
US
Holdings
Inc
6.25%,
01/15/2040
(g)
541‌
633‌
Spirit
AeroSystems
Inc
4.60%,
06/15/2028
35‌
33‌
7.50%,
04/15/2025
(g)
150‌
156‌
$
1,800‌
Agriculture
-
0.08%
Vector
Group
Ltd
10.50%,
11/01/2026
(g)
352‌
361‌
Airlines
-
0.11%
American
Airlines
Inc/AAdvantage
Loyalty
IP
Ltd
5.50%,
04/20/2026
(g)
40‌
41‌
5.75%,
04/20/2029
(g)
50‌
51‌
United
Airlines
2019-2
Class
B
Pass
Through
Trust
3.50%,
11/01/2029
384‌
367‌
United
Airlines
2020-1
Class
B
Pass
Through
Trust
4.88%,
07/15/2027
17‌
18‌
United
Airlines
Inc
4.63%,
04/15/2029
(g)
55‌
54‌
$
531‌
Automobile
Asset
Backed
Securities
-
0.63%
Avid
Automobile
Receivables
Trust
2019-1
3.14%,
07/15/2026
(g)
150‌
151‌
Avis
Budget
Rental
Car
Funding
AESOP
LLC
2.13%,
08/20/2027
(g)
350‌
332‌
CarMax
Auto
Owner
Trust
2018-1
3.37%,
07/15/2024
25‌
25‌
Carvana
Auto
Receivables
Trust
2021-N3
1.02%,
06/12/2028
100‌
98‌
Carvana
Auto
Receivables
Trust
2021-N4
2.30%,
09/11/2028
100‌
98‌
Carvana
Auto
Receivables
Trust
2021-P1
1.53%,
03/10/2027
140‌
135‌
Drive
Auto
Receivables
Trust
2021-1
1.45%,
01/16/2029
220‌
216‌
DT
Auto
Owner
Trust
2021-4
1.99%,
09/15/2027
(g)
115‌
111‌
Exeter
Automobile
Receivables
Trust
2020-2
4.73%,
04/15/2026
(g)
140‌
145‌
First
Investors
Auto
Owner
Trust
2019-2
2.80%,
12/15/2025
(g)
75‌
76‌
3.88%,
01/15/2026
(g)
175‌
177‌
Flagship
Credit
Auto
Trust
2022-1
2.91%,
03/15/2028
(g)
200‌
200‌
GLS
Auto
Receivables
Issuer
Trust
2021-4
2.48%,
10/15/2027
(g)
205‌
201‌
Prestige
Auto
Receivables
Trust
2019-1
3.90%,
05/15/2026
(g)
145‌
146‌
Prestige
Auto
Receivables
Trust
2021-1
2.08%,
02/15/2028
(g)
170‌
165‌
Santander
Drive
Auto
Receivables
Trust
2020-1
5.35%,
03/15/2028
385‌
402‌
Santander
Drive
Auto
Receivables
Trust
2021-4
1.67%,
10/15/2027
355‌
345‌
$
3,023‌
Consolidated
Schedule
of
Investments
Global
Multi-Strategy
Fund
February
28,
2022
(unaudited)
See
accompanying
notes.
119
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Automobile
Manufacturers
-
0.61%
American
Honda
Finance
Corp
1.50%,
01/13/2025
$
900‌
$
883‌
Ford
Motor
Co
3.25%,
02/12/2032
490‌
462‌
General
Motors
Co
5.40%,
04/01/2048
260‌
289‌
5.95%,
04/01/2049
150‌
179‌
General
Motors
Financial
Co
Inc
5.70%,
09/30/2030
(j),(k)
35‌
36‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
5.00%
5.75%,
09/30/2027
(j),(k)
100‌
100‌
3
Month
USD
LIBOR
+
3.60%
6.50%,
09/30/2028
(j),(k)
75‌
77‌
3
Month
USD
LIBOR
+
3.44%
Toyota
Motor
Credit
Corp
1.45%,
01/13/2025
905‌
890‌
$
2,916‌
Automobile
Parts
&
Equipment
-
0.06%
Tenneco
Inc
5.13%,
04/15/2029
(g)
295‌
296‌
Banks
-
1.83%
Absa
Group
Ltd
6.38%,
05/27/2026
(j),(k),(l)
475‌
465‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
5.41%
Banco
Hipotecario
SA
41.56%,
11/07/2022
(g)
ARS
10,245‌
81‌
Argentina
Deposit
Rates
Badlar
Private
Banks
ARS
30
to
35
Days
+
4.00%
Banco
Macro
SA
17.50%,
05/08/2022
(g)
5,115‌
47‌
Banco
Mercantil
del
Norte
SA/Grand
Cayman
5.88%,
01/24/2027
(g),(j),(k),(l)
$
625‌
576‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.64%
Bank
Hapoalim
BM
3.26%,
01/21/2032
(g),(k),(l)
1,000‌
958‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.16%
Barclays
PLC
3.56%,
09/23/2035
(k)
495‌
473‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.90%
4.38%,
03/15/2028
(j),(k),(l)
230‌
211‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.41%
Deutsche
Bank
AG/New
York
NY
3.73%,
01/14/2032
(k)
200‌
189‌
Secured
Overnight
Financing
Rate
+
2.76%
Goldman
Sachs
Group
Inc/The
1.76%,
01/24/2025
(k)
440‌
435‌
Secured
Overnight
Financing
Rate
+
0.73%
HDFC
Bank
Ltd
3.70%,
08/25/2026
(g),(j),(k),(l)
800‌
744‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.93%
International
Bank
of
Azerbaijan
OJSC
3.50%,
09/01/2024
1,000‌
950‌
Itau
Unibanco
Holding
SA/Cayman
Island
6.13%,
12/12/2022
(j),(k),(l)
1,025‌
1,014‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.98%
Morgan
Stanley
2.48%,
01/21/2028
(k)
290‌
285‌
Secured
Overnight
Financing
Rate
+
1.00%
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Banks
(continued)
Standard
Chartered
Bank
2.89%,
01/28/2023
(g),(m)
CNH
10,300‌
$
1,645‌
Standard
Chartered
PLC
3.27%,
02/18/2036
(g),(k)
$
375‌
346‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.30%
UniCredit
SpA
2.57%,
09/22/2026
(g),(k)
350‌
334‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
2.30%
$
8,753‌
Beverages
-
0.06%
Central
American
Bottling
Corp
/
CBC
Bottling
Holdco
SL
/
Beliv
Holdco
SL
5.25%,
04/27/2029
(g)
270‌
273‌
Building
Materials
-
0.37%
Cemex
SAB
de
CV
3.88%,
07/11/2031
(g)
200‌
178‌
5.13%,
06/08/2026
(g),(j)
475‌
458‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
9.07%
5.20%,
09/17/2030
(g)
1,025‌
1,000‌
Forterra
Finance
LLC
/
FRTA
Finance
Corp
6.50%,
07/15/2025
(g)
150‌
155‌
$
1,791‌
Chemicals
-
0.46%
Ashland
LLC
3.38%,
09/01/2031
(g)
155‌
143‌
Braskem
Netherlands
Finance
BV
4.50%,
01/31/2030
(g)
200‌
198‌
ICL
Group
Ltd
6.38%,
05/31/2038
(g)
500‌
566‌
Orbia
Advance
Corp
SAB
de
CV
2.88%,
05/11/2031
(g)
205‌
185‌
Sasol
Financing
USA
LLC
4.38%,
09/18/2026
700‌
683‌
5.50%,
03/18/2031
425‌
407‌
$
2,182‌
Commercial
Mortgage
Backed
Securities
-
0.80%
BPR
Trust
2021-NRD
6.96%,
12/15/2023
(g)
140‌
137‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
6.87%
Citigroup
Commercial
Mortgage
Trust
2014-GC21
4.94%,
05/10/2047
(g),(m)
135‌
129‌
COMM
2012-CCRE3
Mortgage
Trust
3.92%,
10/15/2045
(g)
110‌
108‌
COMM
2012-LC4
Mortgage
Trust
5.43%,
12/10/2044
(m)
10‌
10‌
CSMC
2014-USA
OA
LLC
4.37%,
09/15/2037
(g)
1,055‌
911‌
Morgan
Stanley
Capital
I
Trust
2011-C2
5.21%,
06/15/2044
(g),(m)
349‌
339‌
5.21%,
06/15/2044
(g),(m)
160‌
128‌
Starwood
Retail
Property
Trust
2014-STAR
2.94%,
11/15/2027
(g),(h)
170‌
80‌
1.00
x
1
Month
USD
LIBOR
+
2.75%
4.59%,
11/15/2027
(g),(h)
645‌
66‌
1.00
x
1
Month
USD
LIBOR
+
4.40%
Wells
Fargo
Commercial
Mortgage
Trust
2013-LC12
4.30%,
07/15/2046
(m)
215‌
210‌
Wells
Fargo
Commercial
Mortgage
Trust
2016-C36
4.17%,
11/15/2059
(m)
100‌
85‌
Consolidated
Schedule
of
Investments
Global
Multi-Strategy
Fund
February
28,
2022
(unaudited)
See
accompanying
notes.
120
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Commercial
Mortgage
Backed
Securities
(continued)
WFRBS
Commercial
Mortgage
Trust
2011-C3
5.51%,
03/15/2044
(g),(m)
$
350‌
$
152‌
WFRBS
Commercial
Mortgage
Trust
2011-C4
4.89%,
06/15/2044
(g),(m)
845‌
804‌
WFRBS
Commercial
Mortgage
Trust
2012-C6
5.73%,
04/15/2045
(g),(m)
481‌
480‌
WFRBS
Commercial
Mortgage
Trust
2012-C7
4.73%,
06/15/2045
(m)
80‌
62‌
4.73%,
06/15/2045
(g),(m)
225‌
33‌
WFRBS
Commercial
Mortgage
Trust
2014-C20
4.38%,
05/15/2047
100‌
99‌
$
3,833‌
Commercial
Services
-
0.33%
Bidvest
Group
UK
PLC/The
3.63%,
09/23/2026
(g)
800‌
766‌
MoneyGram
International
Inc
5.38%,
08/01/2026
(g)
470‌
491‌
Sabre
GLBL
Inc
9.25%,
04/15/2025
(g)
30‌
34‌
TriNet
Group
Inc
3.50%,
03/01/2029
(g)
65‌
61‌
United
Rentals
North
America
Inc
3.75%,
01/15/2032
120‌
114‌
3.88%,
02/15/2031
105‌
102‌
$
1,568‌
Cosmetics
&
Personal
Care
-
0.08%
Natura
Cosmeticos
SA
4.13%,
05/03/2028
(g)
200‌
190‌
Oriflame
Investment
Holding
PLC
5.13%,
05/04/2026
(g)
200‌
168‌
$
358‌
Credit
Card
Asset
Backed
Securities
-
0.04%
Mercury
Financial
Credit
Card
Master
Trust
1.54%,
03/20/2026
(g)
190‌
188‌
Diversified
Financial
Services
-
0.47%
Aircastle
Ltd
5.25%,
06/15/2026
(g),(j),(k)
60‌
57‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.41%
Ally
Financial
Inc
4.70%,
05/15/2026
(j),(k)
125‌
119‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.87%
4.70%,
05/15/2028
(j),(k)
185‌
172‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
7
Year
+
3.48%
Antares
Holdings
LP
2.75%,
01/15/2027
(g)
255‌
237‌
Navient
Corp
5.00%,
03/15/2027
85‌
82‌
OneMain
Finance
Corp
3.50%,
01/15/2027
30‌
28‌
4.00%,
09/15/2030
160‌
146‌
Rocket
Mortgage
LLC
/
Rocket
Mortgage
Co-
Issuer
Inc
2.88%,
10/15/2026
(g)
455‌
428‌
3.63%,
03/01/2029
(g)
270‌
253‌
3.88%,
03/01/2031
(g)
525‌
492‌
4.00%,
10/15/2033
(g)
245‌
228‌
$
2,242‌
Electric
-
0.54%
Adani
Electricity
Mumbai
Ltd
3.95%,
02/12/2030
(g)
525‌
489‌
Alfa
Desarrollo
SpA
4.55%,
09/27/2051
(g)
325‌
275‌
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Electric
(continued)
Calpine
Corp
3.75%,
03/01/2031
(g)
$
135‌
$
123‌
5.13%,
03/15/2028
(g)
125‌
120‌
Comision
Federal
de
Electricidad
5.00%,
09/29/2036
553‌
562‌
Edison
International
5.38%,
03/15/2026
(j),(k)
255‌
251‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.70%
NPC
Ukrenergo
6.88%,
11/09/2026
(g)
425‌
149‌
NRG
Energy
Inc
3.63%,
02/15/2031
(g)
165‌
151‌
3.88%,
02/15/2032
(g)
70‌
65‌
Pacific
Gas
and
Electric
Co
3.50%,
08/01/2050
210‌
174‌
4.30%,
03/15/2045
220‌
198‌
4.95%,
07/01/2050
25‌
25‌
$
2,582‌
Energy
-
Alternate
Sources
-
0.09%
Energo-Pro
AS
8.50%,
02/04/2027
(g)
425‌
414‌
Engineering
&
Construction
-
0.29%
GMR
Hyderabad
International
Airport
Ltd
4.75%,
02/02/2026
(g)
200‌
194‌
HTA
Group
Ltd/Mauritius
7.00%,
12/18/2025
(g)
365‌
369‌
IHS
Holding
Ltd
5.63%,
11/29/2026
(g)
475‌
466‌
State
Agency
of
Roads
of
Ukraine
6.25%,
06/24/2028
(g)
700‌
210‌
6.25%,
06/24/2028
200‌
60‌
TopBuild
Corp
4.13%,
02/15/2032
(g)
80‌
76‌
$
1,375‌
Entertainment
-
0.32%
Allen
Media
LLC
/
Allen
Media
Co-Issuer
Inc
10.50%,
02/15/2028
(g)
471‌
468‌
Everi
Holdings
Inc
5.00%,
07/15/2029
(g)
25‌
24‌
Genm
Capital
Labuan
Ltd
3.88%,
04/19/2031
(g)
200‌
183‌
Penn
National
Gaming
Inc
4.13%,
07/01/2029
(g)
65‌
60‌
Scientific
Games
International
Inc
5.00%,
10/15/2025
(g)
48‌
48‌
7.00%,
05/15/2028
(g)
200‌
206‌
7.25%,
11/15/2029
(g)
75‌
80‌
8.25%,
03/15/2026
(g)
449‌
469‌
$
1,538‌
Food
-
0.45%
Fresh
Market
Inc/The
9.75%,
05/01/2023
(g)
534‌
539‌
JBS
USA
LUX
SA
/
JBS
USA
Food
Co
/
JBS
USA
Finance
Inc
3.00%,
02/02/2029
(g)
70‌
66‌
3.75%,
12/01/2031
(g)
85‌
78‌
Kraft
Heinz
Foods
Co
4.88%,
10/01/2049
250‌
277‌
5.20%,
07/15/2045
175‌
198‌
MARB
BondCo
PLC
3.95%,
01/29/2031
200‌
176‌
3.95%,
01/29/2031
(g)
360‌
317‌
Pilgrim's
Pride
Corp
3.50%,
03/01/2032
(g)
215‌
197‌
4.25%,
04/15/2031
(g)
10‌
10‌
Consolidated
Schedule
of
Investments
Global
Multi-Strategy
Fund
February
28,
2022
(unaudited)
See
accompanying
notes.
121
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Food
(continued)
TreeHouse
Foods
Inc
4.00%,
09/01/2028
$
330‌
$
301‌
$
2,159‌
Forest
Products
&
Paper
-
0.03%
Suzano
Austria
GmbH
3.75%,
01/15/2031
170‌
159‌
Gas
-
0.10%
Rockpoint
Gas
Storage
Canada
Ltd
7.00%,
03/31/2023
(g)
481‌
480‌
Healthcare
-
Products
-
0.04%
Avantor
Funding
Inc
3.88%,
11/01/2029
(g)
190‌
183‌
Healthcare
-
Services
-
0.17%
Centene
Corp
2.50%,
03/01/2031
265‌
244‌
2.63%,
08/01/2031
160‌
148‌
3.00%,
10/15/2030
75‌
71‌
Charles
River
Laboratories
International
Inc
3.75%,
03/15/2029
(g)
35‌
34‌
4.00%,
03/15/2031
(g)
35‌
33‌
HCA
Inc
3.50%,
09/01/2030
135‌
134‌
Molina
Healthcare
Inc
3.88%,
05/15/2032
(g)
85‌
83‌
Tenet
Healthcare
Corp
4.63%,
06/15/2028
(g)
5‌
5‌
6.13%,
10/01/2028
(g)
65‌
66‌
$
818‌
Insurance
-
0.10%
Athene
Global
Funding
1.72%,
01/07/2025
(g)
375‌
366‌
Global
Atlantic
Fin
Co
4.40%,
10/15/2029
(g)
130‌
135‌
$
501‌
Internet
-
1.09%
Getty
Images
Inc
9.75%,
03/01/2027
(g)
1,544‌
1,608‌
Go
Daddy
Operating
Co
LLC
/
GD
Finance
Co
Inc
3.50%,
03/01/2029
(g)
120‌
114‌
Netflix
Inc
4.88%,
04/15/2028
25‌
27‌
4.88%,
06/15/2030
(g)
230‌
251‌
5.38%,
11/15/2029
(g)
35‌
39‌
5.88%,
11/15/2028
145‌
164‌
6.38%,
05/15/2029
200‌
233‌
Prosus
NV
3.26%,
01/19/2027
(g)
825‌
791‌
Uber
Technologies
Inc
4.50%,
08/15/2029
(g)
435‌
416‌
6.25%,
01/15/2028
(g)
55‌
56‌
7.50%,
09/15/2027
(g)
715‌
764‌
United
Group
BV
4.00%,
11/15/2027
EUR
200‌
207‌
4.63%,
08/15/2028
(g)
500‌
521‌
$
5,191‌
Investment
Companies
-
0.51%
Ares
Capital
Corp
2.88%,
06/15/2028
$
250‌
232‌
3.20%,
11/15/2031
255‌
230‌
Barings
BDC
Inc
3.30%,
11/23/2026
(g)
125‌
119‌
Blackstone
Secured
Lending
Fund
2.13%,
02/15/2027
(g)
450‌
417‌
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Investment
Companies
(continued)
FS
KKR
Capital
Corp
3.13%,
10/12/2028
$
170‌
$
158‌
3.40%,
01/15/2026
535‌
526‌
Icahn
Enterprises
LP
/
Icahn
Enterprises
Finance
Corp
5.25%,
05/15/2027
235‌
233‌
Owl
Rock
Capital
Corp
2.88%,
06/11/2028
85‌
77‌
3.40%,
07/15/2026
425‌
407‌
Owl
Rock
Technology
Finance
Corp
2.50%,
01/15/2027
25‌
23‌
$
2,422‌
Iron
&
Steel
-
0.19%
ABJA
Investment
Co
Pte
Ltd
5.45%,
01/24/2028
210‌
223‌
CSN
Inova
Ventures
6.75%,
01/28/2028
(g)
300‌
311‌
6.75%,
01/28/2028
200‌
207‌
JSW
Steel
Ltd
5.05%,
04/05/2032
(g)
200‌
185‌
$
926‌
Leisure
Products
&
Services
-
0.22%
Carnival
Corp
5.75%,
03/01/2027
(g)
601‌
585‌
NCL
Corp
Ltd
5.88%,
03/15/2026
(g)
105‌
101‌
5.88%,
02/15/2027
(g)
85‌
85‌
NCL
Finance
Ltd
6.13%,
03/15/2028
(g)
40‌
39‌
Royal
Caribbean
Cruises
Ltd
4.25%,
07/01/2026
(g)
35‌
33‌
5.50%,
04/01/2028
(g)
205‌
201‌
$
1,044‌
Lodging
-
0.27%
Hilton
Domestic
Operating
Co
Inc
3.63%,
02/15/2032
(g)
120‌
114‌
Hilton
Grand
Vacations
Borrower
Escrow
LLC
/
Hilton
Grand
Vacations
Borrower
Esc
4.88%,
07/01/2031
(g)
30‌
28‌
Hilton
Grand
Vacations
Borrower
Escrow
LLC
/
Hilton
Grand
Vacations
Borrower
Escrow
Inc
5.00%,
06/01/2029
(g)
105‌
103‌
Marriott
Ownership
Resorts
Inc
4.50%,
06/15/2029
(g)
80‌
76‌
Melco
Resorts
Finance
Ltd
5.63%,
07/17/2027
200‌
187‌
5.75%,
07/21/2028
200‌
181‌
Studio
City
Finance
Ltd
5.00%,
01/15/2029
400‌
318‌
Travel
+
Leisure
Co
4.50%,
12/01/2029
(g)
100‌
95‌
4.63%,
03/01/2030
(g)
95‌
90‌
6.00%,
04/01/2027
10‌
10‌
6.63%,
07/31/2026
(g)
100‌
107‌
$
1,309‌
Machinery
-
Construction
&
Mining
-
0.07%
Caterpillar
Financial
Services
Corp
0.95%,
01/10/2024
340‌
336‌
Machinery
-
Diversified
-
0.04%
John
Deere
Capital
Corp
0.90%,
01/10/2024
85‌
84‌
1.25%,
01/10/2025
130‌
127‌
$
211‌
Media
-
0.90%
AMC
Networks
Inc
4.25%,
02/15/2029
85‌
80‌
Consolidated
Schedule
of
Investments
Global
Multi-Strategy
Fund
February
28,
2022
(unaudited)
See
accompanying
notes.
122
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Media
(continued)
CCO
Holdings
LLC
/
CCO
Holdings
Capital
Corp
4.25%,
02/01/2031
(g)
$
700‌
$
656‌
4.25%,
01/15/2034
(g)
50‌
46‌
4.50%,
05/01/2032
20‌
19‌
4.75%,
02/01/2032
(g)
145‌
141‌
Cengage
Learning
Inc
9.50%,
06/15/2024
(g)
243‌
243‌
Charter
Communications
Operating
LLC
/
Charter
Communications
Operating
Capital
4.40%,
12/01/2061
1,020‌
909‌
CSC
Holdings
LLC
4.63%,
12/01/2030
(g)
600‌
500‌
DISH
DBS
Corp
5.13%,
06/01/2029
155‌
131‌
5.25%,
12/01/2026
(g)
440‌
431‌
iHeartCommunications
Inc
4.75%,
01/15/2028
(g)
320‌
310‌
LCPR
Senior
Secured
Financing
DAC
5.13%,
07/15/2029
(g)
425‌
408‌
TEGNA
Inc
4.63%,
03/15/2028
62‌
62‌
5.00%,
09/15/2029
371‌
370‌
$
4,306‌
Mining
-
0.51%
Endeavour
Mining
PLC
5.00%,
10/14/2026
(g)
550‌
517‌
First
Quantum
Minerals
Ltd
6.88%,
03/01/2026
(g)
405‌
416‌
FMG
Resources
August
2006
Pty
Ltd
4.38%,
04/01/2031
(g)
155‌
150‌
Glencore
Funding
LLC
2.85%,
04/27/2031
(g)
315‌
296‌
Stillwater
Mining
Co
4.00%,
11/16/2026
(g)
750‌
716‌
4.50%,
11/16/2029
(g)
350‌
320‌
Volcan
Cia
Minera
SAA
4.38%,
02/11/2026
(g)
30‌
29‌
$
2,444‌
Mortgage
Backed
Securities
-
0.57%
Alternative
Loan
Trust
2003-22CB
5.75%,
12/25/2033
65‌
66‌
Alternative
Loan
Trust
2004-16CB
5.50%,
07/25/2034
37‌
37‌
5.50%,
08/25/2034
40‌
41‌
Alternative
Loan
Trust
2004-J10
6.00%,
09/25/2034
91‌
93‌
Alternative
Loan
Trust
2005-J1
5.50%,
02/25/2025
29‌
29‌
Banc
of
America
Alternative
Loan
Trust
2003-8
5.50%,
10/25/2033
41‌
42‌
Banc
of
America
Funding
2005-7
Trust
5.75%,
11/25/2035
41‌
43‌
Banc
of
America
Funding
2007-4
Trust
5.50%,
11/25/2034
43‌
43‌
Banc
of
America
Mortgage
2005-A
Trust
2.57%,
02/25/2035
(m)
13‌
13‌
BINOM
Securitization
Trust
2022-RPL1
3.00%,
02/25/2061
(g),(m)
140‌
136‌
CHL
Mortgage
Pass-Through
Trust
2004-HYB4
2.72%,
09/20/2034
(m)
18‌
18‌
CIM
Trust
2.57%,
07/25/2059
(g),(m)
161‌
158‌
Connecticut
Avenue
Securities
Trust
2020-R01
2.24%,
01/25/2040
(g)
66‌
66‌
1.00
x
1
Month
USD
LIBOR
+
2.05%
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Mortgage
Backed
Securities
(continued)
CSFB
Mortgage-Backed
Pass-Through
Certificates
Series
2003-27
5.75%,
11/25/2033
$
25‌
$
26‌
CSMC
2019-RP10
Trust
2.95%,
12/26/2059
(g),(m)
238‌
237‌
CSMC
2020-RPL3
Trust
2.69%,
03/25/2060
(g),(m)
160‌
159‌
DSLA
Mortgage
Loan
Trust
2005-AR5
0.83%,
09/19/2045
101‌
74‌
1.00
x
1
Month
USD
LIBOR
+
0.66%
Fannie
Mae
Connecticut
Avenue
Securities
2.39%,
01/25/2030
25‌
26‌
1.00
x
1
Month
USD
LIBOR
+
2.20%
GSR
Mortgage
Loan
Trust
2005-4F
6.50%,
02/25/2035
34‌
34‌
IndyMac
INDX
Mortgage
Loan
Trust
2004-AR7
1.41%,
09/25/2034
88‌
84‌
1.00
x
1
Month
USD
LIBOR
+
1.22%
IndyMac
INDX
Mortgage
Loan
Trust
2005-AR11
2.95%,
08/25/2035
(m)
384‌
347‌
Lehman
XS
Trust
Series
2006-2N
0.71%,
02/25/2046
66‌
61‌
1.00
x
1
Month
USD
LIBOR
+
0.52%
MASTR
Alternative
Loan
Trust
2003-9
5.25%,
11/25/2033
23‌
24‌
MASTR
Alternative
Loan
Trust
2004-5
5.50%,
06/25/2034
21‌
21‌
6.00%,
06/25/2034
22‌
23‌
MASTR
Alternative
Loan
Trust
2004-8
6.00%,
09/25/2034
123‌
125‌
Merrill
Lynch
Mortgage
Investors
Trust
Series
MLCC
2006-2
2.02%,
05/25/2036
(m)
7‌
7‌
PRPM
2021-2
LLC
2.12%,
03/25/2026
(g),(m)
88‌
87‌
PRPM
2021-3
LLC
1.87%,
04/25/2026
(g),(m)
178‌
173‌
PRPM
2021-9
LLC
2.36%,
10/25/2026
(g),(m)
143‌
139‌
Structured
Adjustable
Rate
Mortgage
Loan
Trust
0.50%,
07/25/2035
396‌
281‌
1.00
x
1
Month
USD
LIBOR
+
0.31%
$
2,713‌
Oil
&
Gas
-
1.96%
Aker
BP
ASA
3.75%,
01/15/2030
(g)
210‌
213‌
Bellatrix
Exploration
8.5
-
Escrow
0.00%,
09/11/2023
(e),(h)
236‌
—‌
Bellatrix
Exploration
PIK
-
Escrow
0.00%,
12/15/2023
(e),(h)
257‌
—‌
Civitas
Resources
Inc
7.50%,
04/30/2026
244‌
244‌
Cobalt
International
Energy
Inc
0.00%,
12/01/2023
(e)
4,635‌
67‌
Continental
Resources
Inc/OK
5.75%,
01/15/2031
(g)
190‌
212‌
Ecopetrol
SA
4.63%,
11/02/2031
130‌
116‌
6.88%,
04/29/2030
300‌
314‌
Energean
Israel
Finance
Ltd
4.88%,
03/30/2026
(g)
675‌
641‌
5.38%,
03/30/2028
(g)
780‌
733‌
5.88%,
03/30/2031
(g)
130‌
120‌
EQT
Corp
3.13%,
05/15/2026
(g)
15‌
15‌
3.63%,
05/15/2031
(g)
150‌
146‌
3.90%,
10/01/2027
30‌
30‌
Consolidated
Schedule
of
Investments
Global
Multi-Strategy
Fund
February
28,
2022
(unaudited)
See
accompanying
notes.
123
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Oil
&
Gas
(continued)
EQT
Corp  
(continued)
5.00%,
01/15/2029
$
45‌
$
47‌
Kosmos
Energy
Ltd
7.13%,
04/04/2026
400‌
383‌
7.50%,
03/01/2028
(g)
350‌
331‌
Leviathan
Bond
Ltd
5.75%,
06/30/2023
(g)
350‌
352‌
6.13%,
06/30/2025
(g)
530‌
541‌
6.50%,
06/30/2027
(g)
755‌
773‌
MC
Brazil
Downstream
Trading
SARL
7.25%,
06/30/2031
(g)
450‌
416‌
Occidental
Petroleum
Corp
4.10%,
02/15/2047
85‌
79‌
4.20%,
03/15/2048
175‌
164‌
4.40%,
04/15/2046
50‌
47‌
4.40%,
08/15/2049
25‌
24‌
4.50%,
07/15/2044
45‌
43‌
4.63%,
06/15/2045
15‌
14‌
OGX
Austria
GmbH
0.00%,
06/01/2018
(e),(g)
600‌
—‌
0.00%,
04/01/2022
(e),(g)
1,100‌
—‌
Ovintiv
Inc
6.50%,
08/15/2034
20‌
24‌
6.50%,
02/01/2038
10‌
12‌
6.63%,
08/15/2037
40‌
49‌
7.20%,
11/01/2031
5‌
6‌
7.38%,
11/01/2031
5‌
6‌
8.13%,
09/15/2030
25‌
32‌
Petroleos
Mexicanos
5.35%,
02/12/2028
475‌
458‌
5.95%,
01/28/2031
255‌
239‌
6.63%,
06/15/2035
905‌
819‌
6.70%,
02/16/2032
(g)
375‌
362‌
6.75%,
09/21/2047
694‌
576‌
6.84%,
01/23/2030
600‌
602‌
Southwestern
Energy
Co
4.75%,
02/01/2032
25‌
25‌
YPF
SA
6.95%,
07/21/2027
(g)
135‌
92‌
$
9,367‌
Oil
&
Gas
Services
-
0.05%
Exterran
Energy
Solutions
LP
/
EES
Finance
Corp
8.13%,
05/01/2025
238‌
239‌
Other
Asset
Backed
Securities
-
3.06%
510
Asset
Backed
2021-NPL1
Trust
2.24%,
06/25/2061
(g),(m)
148‌
143‌
Accelerated
Assets
2018-1
LLC
4.51%,
12/02/2033
(g)
97‌
98‌
Adams
Outdoor
Advertising
LP
4.81%,
11/15/2048
(g)
706‌
721‌
AIM
Aviation
Finance
Ltd
5.07%,
02/15/2040
(g),(m)
675‌
230‌
Allegro
CLO
VI
Ltd
2.99%,
01/17/2031
(g)
250‌
239‌
1.00
x
3
Month
USD
LIBOR
+
2.75%
American
Homes
4
Rent
2014-SFR2
Trust
5.15%,
10/17/2036
(g)
280‌
289‌
6.23%,
10/17/2036
(g)
695‌
731‌
American
Homes
4
Rent
2014-SFR3
Trust
6.42%,
12/17/2036
(g)
900‌
947‌
American
Homes
4
Rent
2015-SFR1
5.64%,
04/17/2052
(g)
1,045‌
1,094‌
Barings
Clo
Ltd
2019-IV
3.04%,
01/15/2033
(g)
250‌
250‌
1.00
x
3
Month
USD
LIBOR
+
2.80%
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Other
Asset
Backed
Securities
(continued)
Blackbird
Capital
Aircraft
Lease
Securitization
Ltd
2016-1
4.21%,
12/16/2041
(g),(m)
$
174‌
$
169‌
CARLYLE
US
CLO
2017-4
Ltd
3.04%,
01/15/2030
(g)
280‌
269‌
1.00
x
3
Month
USD
LIBOR
+
2.80%
CIFC
Funding
2021-VII
Ltd
3.13%,
01/23/2035
(g)
340‌
339‌
1.00
x
3
Month
USD
LIBOR
+
3.00%
CLI
Funding
VIII
LLC
1.64%,
02/18/2046
(g)
360‌
341‌
DB
Master
Finance
LLC
4.35%,
05/20/2049
(g)
205‌
212‌
Diamond
Resorts
Owner
Trust
6.07%,
10/22/2029
(g)
37‌
38‌
Diamond
Resorts
Owner
Trust
2018-1
4.53%,
01/21/2031
(g)
124‌
125‌
Diamond
Resorts
Owner
Trust
2019-1
3.53%,
02/20/2032
(g)
113‌
113‌
Domino's
Pizza
Master
Issuer
LLC
2.66%,
04/25/2051
(g)
218‌
209‌
3.67%,
10/25/2049
(g)
196‌
200‌
4.12%,
07/25/2047
(g)
509‌
522‌
Elevation
CLO
2017-6
Ltd
2.94%,
07/15/2029
(g)
250‌
250‌
1.00
x
3
Month
USD
LIBOR
+
2.70%
Generate
CLO
7
Ltd
4.06%,
01/22/2033
(g)
295‌
295‌
1.00
x
3
Month
USD
LIBOR
+
3.80%
Greystone
CRE
Notes
2021-HC2
LTD
1.99%,
12/15/2039
(g)
110‌
110‌
1.00
x
1
Month
USD
LIBOR
+
1.80%
Hilton
Grand
Vacations
Trust
2018-A
4.00%,
02/25/2032
(g)
38‌
39‌
HPEFS
Equipment
Trust
2.79%,
07/22/2030
(g)
500‌
504‌
HPEFS
Equipment
Trust
2020-1
2.26%,
02/20/2030
(g)
115‌
116‌
Kestrel
Aircraft
Funding
Ltd
4.25%,
12/15/2038
(g)
325‌
312‌
Legacy
Mortgage
Asset
Trust
2019-GS3
3.75%,
04/25/2059
(g),(m)
255‌
256‌
Legacy
Mortgage
Asset
Trust
2019-GS4
3.44%,
05/25/2059
(g),(m)
130‌
131‌
Madison
Park
Funding
XXVI
Ltd
3.30%,
07/29/2030
(g)
255‌
249‌
1.00
x
3
Month
USD
LIBOR
+
3.00%
Madison
Park
Funding
XXX
LTD
2.74%,
04/15/2029
(g)
255‌
252‌
1.00
x
3
Month
USD
LIBOR
+
2.50%
Octagon
Investment
Partners
XVI
Ltd
5.99%,
07/17/2030
(g)
500‌
473‌
1.00
x
3
Month
USD
LIBOR
+
5.75%
Octagon
Investment
Partners
XXII
Ltd
2.16%,
01/22/2030
(g)
250‌
248‌
1.00
x
3
Month
USD
LIBOR
+
1.90%
OHA
Credit
Funding
3
LTD
6.50%,
07/02/2035
(g)
250‌
241‌
1.00
x
3
Month
USD
LIBOR
+
6.25%
OHA
Loan
Funding
2013-1
Ltd
3.31%,
07/23/2031
(g)
275‌
273‌
1.00
x
3
Month
USD
LIBOR
+
3.05%
OneMain
Financial
Issuance
Trust
2015-3
4.16%,
11/20/2028
(g)
275‌
276‌
OneMain
Financial
Issuance
Trust
2019-1
4.22%,
02/14/2031
(g)
620‌
621‌
Consolidated
Schedule
of
Investments
Global
Multi-Strategy
Fund
February
28,
2022
(unaudited)
See
accompanying
notes.
124
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Other
Asset
Backed
Securities
(continued)
OZLM
XXIII
Ltd
3.99%,
04/15/2034
(g)
$
390‌
$
388‌
1.00
x
3
Month
USD
LIBOR
+
3.75%
Parallel
2017-1
Ltd
2.25%,
07/20/2029
(g)
305‌
301‌
1.00
x
3
Month
USD
LIBOR
+
2.00%
Parallel
2018-2
Ltd
2.40%,
10/20/2031
(g)
480‌
475‌
1.00
x
3
Month
USD
LIBOR
+
2.15%
Planet
Fitness
Master
Issuer
LLC
3.86%,
12/05/2049
(g)
270‌
268‌
Sierra
Timeshare
2020-2
Receivables
Funding
LLC
3.51%,
07/20/2037
(g)
47‌
47‌
S-Jets
2017-1
Ltd
3.97%,
08/15/2042
(g)
672‌
654‌
Sprite
2017-1
Ltd
5.75%,
12/15/2037
(g)
77‌
67‌
VCAT
2021-NPL5
LLC
1.87%,
08/25/2051
(g),(m)
94‌
92‌
VOLT
XCIII
LLC
1.89%,
02/27/2051
(g),(m)
226‌
221‌
VOLT
XCVI
LLC
2.12%,
03/27/2051
(g),(m)
142‌
139‌
Wendy's
Funding
LLC
4.08%,
06/15/2049
(g)
78‌
81‌
$
14,658‌
Packaging
&
Containers
-
0.27%
Flex
Acquisition
Co
Inc
6.88%,
01/15/2025
(g)
446‌
447‌
7.88%,
07/15/2026
(g)
199‌
205‌
Mauser
Packaging
Solutions
Holding
Co
7.25%,
04/15/2025
(g)
667‌
656‌
$
1,308‌
Pharmaceuticals
-
0.44%
Bausch
Health
Cos
Inc
4.88%,
06/01/2028
(g)
45‌
43‌
5.00%,
01/30/2028
(g)
90‌
75‌
5.00%,
02/15/2029
(g)
10‌
8‌
5.25%,
01/30/2030
(g)
75‌
61‌
5.25%,
02/15/2031
(g)
205‌
163‌
6.25%,
02/15/2029
(g)
10‌
9‌
7.00%,
01/15/2028
(g)
20‌
18‌
Mallinckrodt
International
Finance
SA
/
Mallinckrodt
CB
LLC
10.00%,
04/15/2025
(g)
358‌
374‌
Teva
Pharmaceutical
Finance
Netherlands
II
BV
6.00%,
01/31/2025
EUR
190‌
220‌
Teva
Pharmaceutical
Finance
Netherlands
III
BV
4.10%,
10/01/2046
$
1,420‌
1,122‌
$
2,093‌
Pipelines
-
0.40%
DCP
Midstream
Operating
LP
3.25%,
02/15/2032
220‌
205‌
5.13%,
05/15/2029
30‌
32‌
Galaxy
Pipeline
Assets
Bidco
Ltd
2.16%,
03/31/2034
(g)
775‌
720‌
2.16%,
03/31/2034
300‌
279‌
2.94%,
09/30/2040
(g)
205‌
189‌
Genesis
Energy
LP
/
Genesis
Energy
Finance
Corp
5.63%,
06/15/2024
250‌
246‌
Hess
Midstream
Operations
LP
4.25%,
02/15/2030
(g)
50‌
48‌
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Pipelines
(continued)
Western
Midstream
Operating
LP
4.55%,
02/01/2030
$
35‌
$
36‌
5.30%,
03/01/2048
70‌
72‌
5.45%,
04/01/2044
10‌
10‌
5.50%,
08/15/2048
5‌
5‌
5.75%,
02/01/2050
50‌
51‌
$
1,893‌
Real
Estate
-
0.40%
Agile
Group
Holdings
Ltd
6.05%,
10/13/2025
210‌
80‌
CFLD
Cayman
Investment
Ltd
0.00%,
09/28/2022
(e)
205‌
42‌
China
Evergrande
Group
0.00%,
06/28/2025
(e)
200‌
28‌
Kaisa
Group
Holdings
Ltd
0.00%,
06/30/2024
(e)
400‌
89‌
0.00%,
04/16/2025
(e)
200‌
44‌
0.00%,
11/11/2025
(e)
200‌
44‌
0.00%,
06/01/2026
(e)
200‌
44‌
KWG
Group
Holdings
Ltd
6.30%,
02/13/2026
210‌
75‌
Sunac
China
Holdings
Ltd
6.50%,
01/26/2026
200‌
77‌
Times
China
Holdings
Ltd
6.20%,
03/22/2026
210‌
69‌
WeWork
Cos
Inc
7.88%,
05/01/2025
(g)
1,002‌
907‌
WeWork
Cos
LLC
/
WW
Co-Obligor
Inc
5.00%,
07/10/2025
(g)
367‌
309‌
Yuzhou
Group
Holdings
Co
Ltd
6.35%,
01/13/2027
400‌
68‌
7.85%,
08/12/2026
200‌
33‌
Zhenro
Properties
Group
Ltd
6.63%,
01/07/2026
200‌
21‌
$
1,930‌
Regional
Authority
-
0.12%
Provincia
de
Buenos
Aires/Government
Bonds
39.49%,
05/31/2022
ARS
51,665‌
484‌
Argentina
Deposit
Rates
Badlar
Private
Banks
ARS
30
to
35
Days
+
3.83%
41.78%,
04/12/2025
(g)
11,045‌
98‌
Argentina
Deposit
Rates
Badlar
Private
Banks
ARS
30
to
35
Days
+
3.75%
$
582‌
REITs
-
0.09%
Ladder
Capital
Finance
Holdings
LLLP
/
Ladder
Capital
Finance
Corp
4.25%,
02/01/2027
(g)
$
135‌
132‌
National
Health
Investors
Inc
3.00%,
02/01/2031
35‌
32‌
SBA
Communications
Corp
3.13%,
02/01/2029
280‌
260‌
$
424‌
Retail
-
0.14%
1011778
BC
ULC
/
New
Red
Finance
Inc
4.38%,
01/15/2028
(g)
255‌
250‌
Carvana
Co
5.63%,
10/01/2025
(g)
125‌
120‌
5.88%,
10/01/2028
(g)
60‌
54‌
Lithia
Motors
Inc
3.88%,
06/01/2029
(g)
75‌
74‌
Target
Corp
1.95%,
01/15/2027
50‌
50‌
Yum!
Brands
Inc
3.63%,
03/15/2031
130‌
121‌
$
669‌
Consolidated
Schedule
of
Investments
Global
Multi-Strategy
Fund
February
28,
2022
(unaudited)
See
accompanying
notes.
125
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Software
-
0.05%
Oracle
Corp
3.95%,
03/25/2051
$
230‌
$
211‌
Playtika
Holding
Corp
4.25%,
03/15/2029
(g)
40‌
37‌
$
248‌
Sovereign
-
7.38%
1MDB
Global
Investments
Ltd
4.40%,
03/09/2023
1,800‌
1,752‌
Angolan
Government
International
Bond
8.00%,
11/26/2029
400‌
391‌
9.50%,
11/12/2025
1,125‌
1,200‌
Argentine
Republic
Government
International
Bond
0.50%,
07/09/2030
(m)
3,150‌
1,005‌
1.13%,
07/09/2035
(m)
2,076‌
614‌
Bahamas
Government
International
Bond
6.00%,
11/21/2028
725‌
602‌
Bahrain
Government
International
Bond
6.00%,
09/19/2044
325‌
272‌
Brazil
Notas
do
Tesouro
Nacional
Serie
F
10.00%,
01/01/2025
BRL
2,585‌
486‌
10.00%,
01/01/2027
16,000‌
2,968‌
Colombia
Government
International
Bond
5.20%,
05/15/2049
$
300‌
253‌
5.63%,
02/26/2044
700‌
631‌
6.13%,
01/18/2041
550‌
533‌
Dominican
Republic
International
Bond
4.50%,
01/30/2030
150‌
139‌
4.88%,
09/23/2032
250‌
228‌
Ecuador
Government
International
Bond
0.50%,
07/31/2040
(m)
700‌
429‌
1.00%,
07/31/2035
(m)
500‌
351‌
5.00%,
07/31/2030
(m)
450‌
394‌
Egypt
Government
International
Bond
7.90%,
02/21/2048
425‌
312‌
8.50%,
01/31/2047
650‌
502‌
El
Salvador
Government
International
Bond
6.38%,
01/18/2027
100‌
55‌
7.12%,
01/20/2050
725‌
357‌
7.63%,
09/21/2034
125‌
64‌
7.63%,
02/01/2041
450‌
226‌
7.65%,
06/15/2035
350‌
182‌
Export-Import
Bank
of
Korea
4.89%,
08/09/2023
(g)
INR
41,100‌
536‌
6.75%,
08/09/2022
7,100‌
95‌
Indonesia
Treasury
Bond
5.13%,
04/15/2027
IDR
4,450,000‌
306‌
6.50%,
02/15/2031
6,300,000‌
439‌
7.00%,
05/15/2027
3,050,000‌
225‌
9.00%,
03/15/2029
9,550,000‌
764‌
Iraq
International
Bond
5.80%,
01/15/2028
$
1,481‌
1,420‌
Ivory
Coast
Government
International
Bond
4.88%,
01/30/2032
EUR
475‌
454‌
4.88%,
01/30/2032
(g)
1,100‌
1,050‌
5.88%,
10/17/2031
200‌
207‌
Mexican
Bonos
6.75%,
03/09/2023
MXN
8,884‌
431‌
7.75%,
11/23/2034
64,800‌
3,106‌
8.50%,
11/18/2038
4,968‌
251‌
Mexico
Government
International
Bond
3.77%,
05/24/2061
$
205‌
166‌
4.28%,
08/14/2041
335‌
314‌
Nigeria
Government
International
Bond
7.14%,
02/23/2030
675‌
632‌
8.25%,
09/28/2051
(g)
300‌
256‌
8.25%,
09/28/2051
700‌
598‌
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Sovereign
(continued)
Oman
Government
International
Bond
6.50%,
03/08/2047
$
400‌
$
374‌
6.75%,
01/17/2048
925‌
887‌
Republic
of
South
Africa
Government
Bond
8.88%,
02/28/2035
ZAR
57,700‌
3,370‌
Republic
of
South
Africa
Government
International
Bond
5.00%,
10/12/2046
$
1,325‌
1,080‌
Romanian
Government
International
Bond
2.00%,
01/28/2032
EUR
200‌
181‌
2.00%,
04/14/2033
400‌
345‌
2.75%,
04/14/2041
275‌
227‌
2.88%,
04/13/2042
325‌
269‌
3.75%,
02/07/2034
(g)
575‌
587‌
Sri
Lanka
Government
International
Bond
6.20%,
05/11/2027
$
200‌
89‌
6.83%,
07/18/2026
600‌
282‌
6.85%,
11/03/2025
600‌
286‌
Tunisian
Republic
5.63%,
02/17/2024
EUR
225‌
198‌
5.75%,
01/30/2025
$
650‌
481‌
6.38%,
07/15/2026
EUR
350‌
287‌
Turkey
Government
International
Bond
4.88%,
04/16/2043
$
700‌
484‌
Ukraine
Government
International
Bond
0.00%,
05/31/2040
(e),(m)
450‌
95‌
6.88%,
05/21/2029
200‌
65‌
6.88%,
05/21/2029
(g)
575‌
186‌
Zambia
Government
International
Bond
0.00%,
04/14/2024
(e)
425‌
319‌
$
35,288‌
Student
Loan
Asset
Backed
Securities
-
0.33%
Navient
Private
Education
Refi
Loan
Trust
2018-A
3.68%,
02/18/2042
(g)
140‌
141‌
Navient
Private
Education
Refi
Loan
Trust
2018-C
4.22%,
06/16/2042
(g)
340‌
347‌
Navient
Private
Education
Refi
Loan
Trust
2020-F
2.69%,
07/15/2069
(g)
100‌
98‌
Nelnet
Student
Loan
Trust
2021-D
2.90%,
04/20/2062
(g)
100‌
97‌
SLM
Private
Credit
Student
Loan
Trust
2003-A
3.61%,
06/15/2032
187‌
186‌
1.00
x
US
28
Day
Auction
Rate
+
0.00%
SLM
Private
Credit
Student
Loan
Trust
2003-B
3.59%,
03/15/2033
50‌
50‌
1.00
x
US
28
Day
Auction
Rate
+
0.00%
3.61%,
03/15/2033
300‌
299‌
1.00
x
US
28
Day
Auction
Rate
+
0.00%
SMB
Private
Education
Loan
Trust
2015-C
3.50%,
09/15/2043
(g)
100‌
100‌
SMB
Private
Education
Loan
Trust
2018-C
4.00%,
11/17/2042
(g)
100‌
103‌
SoFi
Professional
Loan
Program
2020-ATrust
3.12%,
05/15/2046
(g)
160‌
158‌
$
1,579‌
Supranational
Bank
-
0.14%
Africa
Finance
Corp
2.88%,
04/28/2028
(g)
600‌
575‌
International
Finance
Corp
5.85%,
11/25/2022
INR
8,170‌
109‌
$
684‌
Telecommunications
-
0.58%
CommScope
Inc
7.13%,
07/01/2028
(g)
$
455‌
429‌
Consolidated
Schedule
of
Investments
Global
Multi-Strategy
Fund
February
28,
2022
(unaudited)
See
accompanying
notes.
126
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Telecommunications
(continued)
CommScope
Technologies
LLC
5.00%,
03/15/2027
(g)
$
190‌
$
170‌
Connect
Finco
SARL
/
Connect
US
Finco
LLC
6.75%,
10/01/2026
(g)
868‌
879‌
CT
Trust
5.13%,
02/03/2032
(g)
200‌
200‌
Kenbourne
Invest
SA
6.88%,
11/26/2024
(g)
355‌
359‌
SoftBank
Group
Corp
4.63%,
07/06/2028
200‌
184‌
VEON
Holdings
BV
3.38%,
11/25/2027
(g)
1,100‌
473‌
3.38%,
11/25/2027
200‌
86‌
$
2,780‌
TOTAL
BONDS
$
135,638‌
CONVERTIBLE
BONDS
-
0.75%
Principal
Amount
(000's)
Value
(000's)
Airlines
-
0.11%
JetBlue
Airways
Corp
0.50%,
04/01/2026
(g)
$
60‌
$
58‌
Southwest
Airlines
Co
1.25%,
05/01/2025
355‌
474‌
$
532‌
Biotechnology
-
0.17%
BioMarin
Pharmaceutical
Inc
0.60%,
08/01/2024
125‌
125‌
1.25%,
05/15/2027
495‌
505‌
Guardant
Health
Inc
0.00%,
11/15/2027
(e)
60‌
50‌
Ionis
Pharmaceuticals
Inc
0.00%,
04/01/2026
(e),(g)
75‌
68‌
Livongo
Health
Inc
0.88%,
06/01/2025
45‌
47‌
$
795‌
Entertainment
-
0.02%
Penn
National
Gaming
Inc
2.75%,
05/15/2026
50‌
119‌
Healthcare
-
Services
-
0.08%
Teladoc
Health
Inc
1.25%,
06/01/2027
450‌
395‌
Internet
-
0.06%
Twitter
Inc
0.00%,
03/15/2026
(e),(g)
130‌
112‌
Uber
Technologies
Inc
0.00%,
12/15/2025
(e)
170‌
155‌
$
267‌
Leisure
Products
&
Services
-
0.06%
NCL
Corp
Ltd
1.13%,
02/15/2027
(g)
235‌
211‌
Peloton
Interactive
Inc
0.00%,
02/15/2026
(e),(g)
95‌
81‌
$
292‌
Media
-
0.18%
DISH
Network
Corp
0.00%,
12/15/2025
(e)
15‌
15‌
2.38%,
03/15/2024
140‌
133‌
3.38%,
08/15/2026
770‌
698‌
$
846‌
Software
-
0.02%
Splunk
Inc
1.13%,
06/15/2027
110‌
100‌
Telecommunications
-
0.05%
Vonage
Holdings
Corp
1.75%,
06/01/2024
182‌
240‌
TOTAL
CONVERTIBLE
BONDS
$
3,586‌
CREDIT
LINKED
STRUCTURED
NOTES
-
0.12%
Principal
Amount
(000's)
Value
(000's)
Sovereign
-
0.12%
China
Government
Bond
-
JPMorgan
Chase
3.27%,
11/19/2030
(g)
CNH
3,600‌
$
589‌
TOTAL
CREDIT
LINKED
STRUCTURED
NOTES
$
589‌
SENIOR
FLOATING
RATE
INTERESTS
-
0.15%
Principal
Amount
(000's)
Value
(000's)
Commercial
Services
-
0.03%
CoreLogic
Inc
4.00%,
04/14/2028
(n)
$
160‌
$
157‌
1
Month
USD
LIBOR
+
3.50%
Entertainment
-
0.01%
Deluxe
Entertainment
Services
Group
Inc
0.00%,
PIK
0.00%,
03/25/2024
(e),(h),(n),(o)
75‌
30‌
1
Month
USD
LIBOR
+
6.50%
Deluxe
Entertainment
Services
Group
Inc
-
Escrow
0.00%,
PIK
2.50%,
09/25/2024
(e),(h),(n),(o)
832‌
—‌
1
Month
USD
LIBOR
+
6.50%
$
30‌
Insurance
-
0.01%
AmWINS
Group
Inc
3.00%,
02/21/2028
(n)
43‌
42‌
1
Month
USD
LIBOR
+
2.25%
Lodging
-
0.01%
BRE/Everbright
M6
Borrower
LLC
5.75%,
08/19/2026
(n)
45‌
45‌
1
Month
USD
LIBOR
+
5.00%
Media
-
0.05%
Directv
Financing
LLC
5.75%,
08/02/2027
(n)
98‌
97‌
1
Month
USD
LIBOR
+
5.00%
Ziggo
BV
3.00%,
01/17/2029
(n)
EUR
115‌
125‌
3
Month
Euro
Interbank
Offered
Rate
+
3.00%
$
222‌
Software
-
0.04%
Playtika
Holding
Corp
2.85%,
03/11/2028
(n)
$
213‌
211‌
1
Month
USD
LIBOR
+
2.75%
TOTAL
SENIOR
FLOATING
RATE
INTERESTS
$
707‌
U.S.
GOVERNMENT
&
GOVERNMENT
AGENCY
OBLIGATIONS
-
0.25%
Principal
Amount
(000's)
Value
(000's)
U.S.
Treasury
Bill
-
0.25%
0.03%,
02/24/2022
(p)
$
400‌
$
400‌
1.01%,
02/23/2023
(p),(q)
785‌
777‌
$
1,177‌
TOTAL
U.S.
GOVERNMENT
&
GOVERNMENT
AGENCY
OBLIGATIONS
$
1,177‌
TOTAL
PURCHASED
OPTIONS
-
0.22%
$
1,038‌
Total
Investments
$
451,402‌
Other
Assets
and
Liabilities
-  5.63%
26,940‌
TOTAL
NET
ASSETS
-
100.00%
$
478,342‌
(a)
All
or
a
portion
of
this
security
is
owned
by
the
GMS
Cayman
Corporation,
which
is
a
100%
owned
subsidiary
of
the
fund.
(b)
Current
yield
shown
is
as
of
period
end.
(c)
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
$30,252
or
6.32%
of
net
assets.
(d)
Affiliated
Security.
Security
is
either
an
affiliate
(and
registered
under
the
Investment
Company
Act
of
1940,
as
amended,
(the
"1940
Act"))
or
an
affiliate
as
defined
by
the
1940
act
(controls
5.00%
or
more
of
the
outstanding
voting
shares
of
the
security).
Please
see
Affiliated
Securities
sub-schedule
for
transactional
information.
(e)
Non-income
producing
security
Consolidated
Schedule
of
Investments
Global
Multi-Strategy
Fund
February
28,
2022
(unaudited)
See
accompanying
notes.
127
(f)
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
$42,729
or
8.93%
of
net
assets.
(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
$73,397
or
15.34%
of
net
assets.
(h)
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.
(i)
Restricted
Security.
Please
see
Restricted
Securities
sub-schedule
for
additional
information.
(j)
Perpetual
security.
Perpetual
securities
pay
an
indefinite
stream
of
interest,
but
they
may
be
called
by
the
issuer
at
an
earlier
date.
Date
shown,
if
any,
reflects
the
next
call
date
or
final
legal
maturity
date.
Rate
shown
is
as
of
period
end.
(k)
Rate
shown
is
as
of
period
end.
The
rate
may
be
a
variable
or
floating
rate
or
a
fixed
rate
which
may
convert
to
a
variable
or
floating
rate
in
the
future.
(l)
Security
is
a
contingent
convertible
security,
("CoCo").
CoCo's
are
hybrid
debt
securities
that
may
convert
to
equity
or
have
their
principal
written
down
upon
occurrence
of
certain
"triggers".
At
the
end
of
the
period,
the
value
of
these
securities
totaled
$3,968
or
0.83%
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)
Rate
information
disclosed
is
based
on
an
average
weighted
rate
of
the
underlying
tranches
as
of
period
end.
(o)
Payment
in
kind;
the
issuer
has
the
option
of
paying
additional
securities
in
lieu
of
cash.
(p)
Rate
shown
is
the
discount
rate
of
the
original
purchase.
(q)
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
$594
or
0.12%
of
net
assets.
Portfolio
Summary  (unaudited)
Sector
Percent
Money
Market
Funds
18.84‌%
Consumer,
Non-cyclical
10.62‌%
Financial
10.22‌%
Government
8.01‌%
Communications
7.84‌%
Consumer,
Cyclical
7.32‌%
Industrial
6.75‌%
Technology
6.35‌%
Energy
4.71‌%
Asset
Backed
Securities
4.06‌%
Basic
Materials
3.88‌%
Diversified
2.00‌%
Utilities
1.79‌%
Mortgage
Securities
1.37‌%
Investment
Companies
0.39‌%
Purchased
Options
0.22‌%
Investments
Sold
Short
(10.55‌)%
Other
Assets
and
Liabilities
16.18‌%
TOTAL
NET
ASSETS
100.00%
Affiliated
Securities
August
31,
2021
Purchases
Sales
February
28,
2022
Value
Cost
Proceeds
Value
Principal
Government
Money
Market
Fund
-
Institutional
Class
0.00%
$
93,359‌
$
211,551‌
$
220,961‌
$
83,949‌
$
93,359‌
$
211,551‌
$
220,961‌
$
83,949‌
Income
Realized
Gain/(Loss)
on
Investments
Realized
Gain
from
Capital
Gain
Distributions
Change
in
Unrealized
Gain/
(Loss)
Principal
Government
Money
Market
Fund
-
Institutional
Class
0.00%
$
—‌
$
—‌
$
—‌
$
—‌
$
—‌
$
—‌
$
—‌
$
—‌
Amounts
in
thousands.
Restricted
Securities
Security
Name
Acquisition
Date
Cost
Value
Percent
of
Net
Assets
Element
Comm
Aviation
06/15/2015
$
2,800‌
$
177‌
0.04%
Total
$
177‌
0.04%
Amounts
in
thousands.
Options
Purchased
Options
Outstanding
Counterparty
Contracts/
Shares
Notional
Amount
Exercise
Price
Expiration
Date
Upfront
Payments
Fair
Value
Unrealized
Appreciation/
(Depreciation)
Put
-
AT&T
Inc
N/A
197‌
$
20‌
$
22.00‌
03/21/2022
$
5‌
$
4‌
$
(1‌)
Put
-
AT&T
Inc
N/A
171‌
17‌
$
21.00‌
03/21/2022
3‌
2‌
(1‌)
Put
-
Bayer
AG
N/A
105‌
EUR
11‌
EUR
44.00‌
03/21/2022
16‌
3‌
(13‌)
Put
-
DaimlerChrysler
AG
N/A
73‌
7‌
EUR
68.00‌
03/21/2022
12‌
2‌
(10‌)
Put
-
Deutsche
Telekom
AG
N/A
403‌
40‌
EUR
16.20‌
04/18/2022
28‌
51‌
23‌
Put
-
Deutsche
Telekom
AG
N/A
422‌
42‌
EUR
15.50‌
03/21/2022
20‌
11‌
(9‌)
Put
-
Glaxosmithkline
PLC
-
ADR
N/A
111‌
$
11‌
$
40.00‌
05/23/2022
10‌
16‌
6‌
Put
-
Glaxosmithkline
PLC
-
ADR
N/A
163‌
16‌
$
37.00‌
05/23/2022
7‌
11‌
4‌
Put
-
Glaxosmithkline
PLC
-
ADR
N/A
60‌
6‌
$
35.00‌
05/23/2022
3‌
2‌
(1‌)
Put
-
Hartford
Financial
N/A
86‌
9‌
$
55.00‌
03/21/2022
9‌
—‌
(9‌)
Put
-
Johnson
&
Johnson
N/A
14‌
1‌
$
155.00‌
03/21/2022
3‌
1‌
(2‌)
Put
-
Johnson
&
Johnson
N/A
27‌
3‌
$
150.00‌
03/21/2022
3‌
1‌
(2‌)
Put
-
Lennar
Corp
-
A
Shares
N/A
65‌
7‌
$
80.00‌
05/23/2022
22‌
24‌
2‌
Put
-
Lennar
Corp
-
Class
A
N/A
31‌
3‌
$
85.00‌
03/21/2022
6‌
7‌
1‌
Consolidated
Schedule
of
Investments
Global
Multi-Strategy
Fund
February
28,
2022
(unaudited)
See
accompanying
notes.
128
Options
(continued)
Purchased
Options
Outstanding
Counterparty
Contracts/
Shares
Notional
Amount
Exercise
Price
Expiration
Date
Upfront
Payments
Fair
Value
Unrealized
Appreciation/
(Depreciation)
Put
-
S&P
500
Index
N/A
21‌
$
2‌
$
4,100.00‌
06/21/2022
$
409‌
$
291‌
$
(118‌)
Put
-
S&P
500
Index
N/A
12‌
1‌
$
4,225.00‌
09/19/2022
239‌
292‌
53‌
Put
-
S&P
500
Index
N/A
10‌
1‌
$
3,950.00‌
09/19/2022
179‌
167‌
(12‌)
Put
-
S&P
500
Index
N/A
20‌
2‌
$
4,100.00‌
03/21/2022
171‌
69‌
(102‌)
Put
-
S&P
500
Index
N/A
533‌
53‌
$
15.00‌
04/18/2022
17‌
8‌
(9‌)
Put
-
SPDR
S&P
500
ETF
TRUST
N/A
20‌
2‌
$
435.00‌
03/21/2022
23‌
20‌
(3‌)
Put
-
SPDR
S&P
500
ETF
TRUST
N/A
7‌
1‌
$
430.00‌
03/21/2022
7‌
6‌
(1‌)
Put
-
Take-Two
Interactive
Software
Inc
N/A
14‌
1‌
$
155.00‌
06/21/2022
13‌
17‌
4‌
Put
-
Valvoline
Inc
N/A
210‌
21‌
$
30.00‌
04/18/2022
15‌
14‌
(1‌)
Put
-
Vivendi
SE
N/A
516‌
EUR
52‌
EUR
10.50‌
04/18/2022
12‌
14‌
2‌
Put
-
Zimmer
Biomet
Holdings
N/A
34‌
$
3‌
$
115.00‌
03/21/2022
11‌
3‌
(8‌)
Put
-
Zimmer
Biomet
Holdings
N/A
51‌
5‌
$
110.00‌
03/21/2022
18‌
2‌
(16‌)
Total
$
1,261‌
$
1,038‌
$
(223‌)
Written
Options
Outstanding
Counterparty
Contracts/
Shares
Notional
Amount
Exercise
Price
Expiration
Date
Upfront
Receipts
Fair
Value
Unrealized
Appreciation/
(Depreciation)
Call
-
Activision
Blizzard
Inc
N/A
6‌
$
1‌
$
79.00‌
03/21/2022
$
(1‌)
$
(2‌)
$
(1‌)
Call
-
Activision
Blizzard
Inc
N/A
16‌
2‌
$
77.50‌
03/21/2022
(5‌)
(7‌)
(2‌)
Call
-
Activision
Blizzard
Inc
N/A
14‌
1‌
$
80.00‌
03/21/2022
(4‌)
(3‌)
1‌
Call
-
Activision
Blizzard
Inc
N/A
23‌
2‌
$
75.00‌
03/21/2022
(11‌)
(15‌)
(4‌)
Call
-
Arena
Pharmaceuticals
Inc
N/A
2‌
—‌
$
100.00‌
04/18/2022
—‌
—‌
—‌
Call
-
Arena
Pharmaceuticals
Inc
N/A
10‌
1‌
$
95.00‌
03/21/2022
(2‌)
(2‌)
—‌
Call
-
AT&T
Inc
N/A
102‌
10‌
$
24.00‌
03/21/2022
(11‌)
(5‌)
6‌
Call
-
AT&T
Inc
N/A
266‌
27‌
$
25.00‌
03/21/2022
(44‌)
(4‌)
40‌
Call
-
Bayer
AG
N/A
105‌
EUR
11‌
EUR
50.00‌
03/21/2022
(13‌)
(34‌)
(21‌)
Call
-
Bristol-Myers
Squibb
N/A
1‌
$
—‌
$
70.00‌
04/18/2022
—‌
—‌
—‌
Call
-
Citrix
Systems
Inc
N/A
1‌
—‌
$
105.00‌
04/15/2022
—‌
—‌
—‌
Call
-
Citrix
Systems
Inc
N/A
30‌
3‌
$
105.00‌
03/21/2022
—‌
—‌
—‌
Call
-
Coca-Cola
Co/The
N/A
1‌
—‌
$
65.00‌
04/18/2022
—‌
—‌
—‌
Call
-
Conocophillips
N/A
1‌
—‌
$
100.00‌
04/18/2022
—‌
—‌
—‌
Call
-
DaimlerChrysler
AG
N/A
73‌
EUR
7‌
EUR
80.00‌
03/21/2022
(61‌)
(45‌)
16‌
Call
-
Deutsche
Telekom
AG
N/A
403‌
40‌
EUR
17.00‌
04/18/2022
(38‌)
(12‌)
26‌
Call
-
Deutsche
Telekom
AG
N/A
211‌
21‌
EUR
16.50‌
03/21/2022
(9‌)
(6‌)
3‌
Call
-
Exxon
Mobil
Corp
N/A
1‌
$
—‌
$
85.00‌
04/18/2022
—‌
—‌
—‌
Call
-
Five9
Inc
N/A
3‌
—‌
$
95.00‌
03/21/2022
(4‌)
(5‌)
(1‌)
Call
-
Glaxosmithkline
PLC
-
ADR
N/A
111‌
11‌
$
45.00‌
05/23/2022
(19‌)
(10‌)
9‌
Call
-
Glaxosmithkline
PLC
-
ADR
N/A
60‌
6‌
$
39.00‌
05/23/2022
(18‌)
(24‌)
(6‌)
Call
-
Glaxosmithkline
PLC
-
ADR
N/A
163‌
16‌
$
43.00‌
05/23/2022
(42‌)
(26‌)
16‌
Call
-
Hartford
Financial
N/A
86‌
9‌
$
65.00‌
03/21/2022
(48‌)
(42‌)
6‌
Call
-
Interpublic
Group
N/A
2‌
—‌
$
39.00‌
04/18/2022
—‌
—‌
—‌
Call
-
Johnson
&
Johnson
N/A
41‌
4‌
$
165.00‌
03/21/2022
(28‌)
(11‌)
17‌
Call
-
Lennar
Corp
-
A
Shares
N/A
32‌
3‌
$
100.00‌
05/23/2022
(11‌)
(10‌)
1‌
Call
-
Lennar
Corp
-
A
Shares
N/A
22‌
2‌
$
92.50‌
05/23/2022
(14‌)
(13‌)
1‌
Call
-
Lennar
Corp
-
Class
A
N/A
31‌
3‌
$
90.00‌
03/21/2022
(27‌)
(13‌)
14‌
Call
-
Moneygram
International
N/A
32‌
3‌
$
11.00‌
05/23/2022
(1‌)
(1‌)
—‌
Call
-
Moneygram
International
N/A
24‌
2‌
$
11.00‌
03/21/2022
—‌
—‌
—‌
Call
-
S&P
500
Index
N/A
588‌
59‌
$
8.00‌
03/21/2022
(62‌)
(66‌)
(4‌)
Call
-
SPDR
S&P
500
ETF
TRUST
N/A
6‌
1‌
$
450.00‌
03/21/2022
(2‌)
(2‌)
—‌
Call
-
Tyson
Foods
Inc
N/A
1‌
—‌
$
97.50‌
04/18/2022
—‌
—‌
—‌
Call
-
Valvoline
Inc
N/A
184‌
18‌
$
35.00‌
04/18/2022
(18‌)
(11‌)
7‌
Call
-
Vivendi
SE
N/A
516‌
EUR
52‌
EUR
11.50‌
04/18/2022
(42‌)
(25‌)
17‌
Call
-
Vodafone
Group
PLC-SP
ADR
N/A
533‌
$
53‌
$
17.00‌
04/18/2022
(40‌)
(67‌)
(27‌)
Call
-
Wells
Fargo
&
Co
N/A
1‌
—‌
$
60.00‌
04/18/2022
—‌
—‌
—‌
Call
-
Zimmer
Biomet
Holdings
N/A
56‌
6‌
$
125.00‌
03/21/2022
(16‌)
(28‌)
(12‌)
Call
-
Zynga
Inc
N/A
35‌
4‌
$
8.00‌
04/18/2022
(4‌)
(4‌)
—‌
Put
-
S&P
500
Index
N/A
12‌
1‌
$
3,850.00‌
09/19/2022
(155‌)
(173‌)
(18‌)
Put
-
S&P
500
Index
N/A
10‌
1‌
$
3,600.00‌
09/19/2022
(108‌)
(100‌)
8‌
Put
-
S&P
500
Index
N/A
21‌
2‌
$
3,750.00‌
06/21/2022
(264‌)
(154‌)
110‌
Put
-
SPDR
S&P
500
ETF
TRUST
N/A
27‌
3‌
$
410.00‌
03/21/2022
(14‌)
(10‌)
4‌
Total
$
(1,136‌)
$
(930‌)
$
206‌
Amounts
in
thousands
except
contracts/shares.
Consolidated
Schedule
of
Investments
Global
Multi-Strategy
Fund
February
28,
2022
(unaudited)
See
accompanying
notes.
129
Futures
Contracts
Description
and
Expiration
Date
Type
Contracts
Notional
Amount
Value
and
Unrealized
Appreciation/(Depreciation)
88
Day
Eurodollar;
June
2023
Long
33‌
$
8,078‌
$
11‌
90
Day
Eurodollar;
March
2023
Long
245‌
60,074‌
(66‌)
Australia
10
Year
Bond;
March
2022
Short
66‌
6,449‌
42‌
Brent
Crude;
May
2022
(a)
Long
30‌
2,939‌
198‌
CAC40
Index;
March
2022
Long
27‌
2,015‌
(70‌)
Canada
10
Year
Bond;
June
2022
Short
29‌
3,127‌
(15‌)
Cocoa;
May
2022
(a)
Short
19‌
431‌
36‌
Coffee
'C';
May
2022
(a)
Long
23‌
2,009‌
(163‌)
Corn;
May
2022
(a)
Long
109‌
3,765‌
271‌
Cotton
No.2;
May
2022
(a)
Long
18‌
1,072‌
(39‌)
DAX
Index;
March
2022
Short
9‌
3,656‌
57‌
DJ
Euro
Stoxx
50;
March
2022
Short
126‌
5,548‌
367‌
DJ
Euro
Stoxx
50;
March
2022
Short
39‌
1,717‌
23‌
Dollar
Index;
March
2022
Long
17‌
1,644‌
20‌
E-Mini
DJIA
Index;
March
2022
Short
20‌
3,384‌
32‌
Euribor;
June
2023
Short
178‌
49,689‌
303‌
Euro
Bond
10
Year
Bond;
March
2022
Short
73‌
13,672‌
31‌
Euro
Schatz;
March
2022
Short
333‌
41,814‌
1‌
Euro-Bobl
5
Year;
March
2022
Short
175‌
25,873‌
280‌
Euro-BTP;
March
2022
Short
34‌
5,381‌
(48‌)
FTSE100
Index;
March
2022
Long
29‌
2,892‌
82‌
FTSE100
Index;
March
2022
Short
28‌
2,793‌
(86‌)
Gasoline
RBOB;
April
2022
(a)
Long
23‌
2,833‌
113‌
Gold
100
oz;
April
2022
(a)
Long
30‌
5,702‌
99‌
Hang
Seng
Index;
March
2022
Short
23‌
3,334‌
117‌
ICE
3
Month
Sterling
Overnight
Index
Average;
June
2023
Long
10‌
3,291‌
5‌
Japan
10
Year
Bond
TSE;
March
2022
Long
4‌
5,236‌
(54‌)
Japan
Topix
Index;
March
2022
Short
10‌
1,645‌
56‌
KC
HRW
Wheat;
July
2022
(a)
Long
33‌
1,552‌
208‌
LME
Copper;
June
2022
(a)
Long
12‌
2,963‌
(10‌)
LME
Copper;
March
2022
(a)
Short
—‌
—‌
63‌
LME
PRI
Alum;
June
2022
(a)
Long
32‌
2,692‌
190‌
LME
PRI
Alum;
March
2022
(a)
Short
—‌
—‌
365‌
LME
Zinc;
June
2022
(a)
Long
20‌
1,831‌
20‌
LME
Zinc;
March
2022
(a)
Short
—‌
—‌
190‌
Low
Sulphur
Gasoline;
April
2022
(a)
Long
27‌
2,308‌
158‌
Mini
Japan
10
Year
Bond;
March
2022
Long
18‌
2,357‌
1‌
Nasdaq
100
E-Mini;
March
2022
Long
2‌
569‌
14‌
Natural
Gas;
April
2022
(a)
Long
18‌
792‌
15‌
Nikkei
225
OSE;
March
2022
Short
7‌
1,617‌
78‌
NY
Harb
ULSD;
April
2022
(a)
Long
22‌
2,709‌
161‌
Russell
2000
Emini;
March
2022
Short
41‌
4,191‌
106‌
Russell
2000
Emini;
March
2022
Short
114‌
11,654‌
975‌
S&P
500
Emini;
March
2022
Long
5‌
1,092‌
(7‌)
S&P
500
Emini;
March
2022
Short
3‌
655‌
61‌
S&P
Mid
400
Emini;
March
2022
Short
1‌
266‌
11‌
S&P/TSX
60
Index;
March
2022
Short
3‌
604‌
(7‌)
Silver;
May
2022
(a)
Short
12‌
1,462‌
(3‌)
Soybean
Meal;
May
2022
(a)
Long
27‌
1,205‌
(9‌)
Soybean
Oil;
May
2022
(a)
Long
23‌
1,001‌
100‌
Soybean;
May
2022
(a)
Long
55‌
4,501‌
143‌
Sugar
#11;
May
2022
(a)
Short
25‌
496‌
3‌
UK
10
Year
Gilt;
June
2022
Short
51‌
8,421‌
(54‌)
US
10
Year
Note;
June
2022
Short
20‌
2,549‌
(25‌)
US
10
Year
Note;
June
2022
Short
58‌
7,391‌
(65‌)
US
10
Year
Ultra
Note;
June
2022
Short
65‌
9,186‌
(98‌)
US
2
Year
Note;
June
2022
Short
117‌
25,181‌
(83‌)
US
5
Year
Note;
June
2022
Short
99‌
11,710‌
(79‌)
US
Long
Bond;
June
2022
Short
3‌
470‌
(7‌)
US
Long
Bond;
June
2022
Short
4‌
627‌
(9‌)
US
Long
Bond;
June
2022
Short
25‌
3,917‌
(58‌)
US
Ultra
Bond;
June
2022
Short
19‌
3,533‌
(48‌)
Wheat;
May
2022
(a)
Long
47‌
2,195‌
299‌
WTI
Crude;
April
2022
(a)
Long
35‌
3,350‌
221‌
Total
$
4,423‌
Amounts
in
thousands
except
contracts.
(a)
All
or
a
portion
of
this
security
is
owned
by
the
GMS
Cayman
Corporation,
which
is
a
100%
owned
subsidiary
of
the
fund.
Consolidated
Schedule
of
Investments
Global
Multi-Strategy
Fund
February
28,
2022
(unaudited)
See
accompanying
notes.
130
Foreign
Currency
Contracts
Unrealized
Appreciation/
(Depreciation)
Counterparty
Settlement
Date
Currency
to
Accept
Currency
to
Deliver
Asset
Liability
Bank
of
America
NA
03/18/2022
AUD
19,418‌
$
13,894‌
$
212‌
$
—‌
Bank
of
America
NA
03/18/2022
GBP
17,324‌
$
23,457‌
6‌
(224‌)
Bank
of
America
NA
03/18/2022
CAD
13,596‌
$
10,712‌
19‌
(3‌)
Bank
of
America
NA
03/18/2022
EUR
21,620‌
$
24,473‌
20‌
(236‌)
Bank
of
America
NA
03/18/2022
JPY
6,068,375‌
$
52,938‌
107‌
(234‌)
Bank
of
America
NA
03/18/2022
MXN
47,786‌
$
2,268‌
60‌
(2‌)
Bank
of
America
NA
03/18/2022
NZD
2,254‌
$
1,521‌
7‌
(4‌)
Bank
of
America
NA
03/18/2022
CHF
16,417‌
$
17,892‌
43‌
(14‌)
Bank
of
America
NA
03/18/2022
$
786‌
MXN
16,319‌
—‌
(7‌)
Bank
of
America
NA
03/18/2022
$
11,999‌
CHF
11,046‌
14‌
(69‌)
Bank
of
America
NA
03/18/2022
$
61,672‌
JPY
7,028,105‌
513‌
(8‌)
Bank
of
America
NA
03/18/2022
$
16,299‌
AUD
22,806‌
—‌
(268‌)
Bank
of
America
NA
03/18/2022
$
22,083‌
GBP
16,675‌
10‌
(299‌)
Bank
of
America
NA
03/18/2022
$
16,745‌
CAD
21,255‌
54‌
(82‌)
Bank
of
America
NA
03/18/2022
$
38,949‌
EUR
34,404‌
353‌
(2‌)
Bank
of
America
NA
03/18/2022
$
6,779‌
NZD
10,026‌
9‌
(11‌)
Barclays
Bank
PLC
04/26/2022
$
130‌
EUR
115‌
1‌
—‌
BNP
Paribas
03/16/2022
$
3,320‌
GBP
2,512‌
—‌
(49‌)
Deutsche
Bank
AG
03/16/2022
$
4,941‌
EUR
4,357‌
53‌
—‌
Deutsche
Bank
AG
03/16/2022
$
239‌
GBP
180‌
—‌
(2‌)
Goldman
Sachs
&
Co
03/22/2022
$
30‌
GBP
22‌
1‌
—‌
Goldman
Sachs
&
Co
04/08/2022
$
752‌
AUD
1,050‌
—‌
(12‌)
Goldman
Sachs
&
Co
04/11/2022
$
94‌
AUD
131‌
—‌
(1‌)
Goldman
Sachs
&
Co
04/20/2022
GBP
20‌
$
26‌
—‌
—‌
Goldman
Sachs
&
Co
04/20/2022
$
806‌
GBP
593‌
9‌
(1‌)
Goldman
Sachs
&
Co
04/29/2022
$
16‌
EUR
15‌
—‌
—‌
Goldman
Sachs
&
Co
06/24/2022
$
9‌
EUR
8‌
—‌
—‌
Goldman
Sachs
&
Co
06/29/2022
$
101‌
GBP
75‌
—‌
—‌
Goldman
Sachs
&
Co
07/20/2022
$
106‌
EUR
92‌
2‌
—‌
Goldman
Sachs
&
Co
07/20/2022
$
228‌
AUD
319‌
—‌
(3‌)
Goldman
Sachs
&
Co
07/27/2022
$
128‌
AUD
178‌
—‌
(2‌)
HSBC
Securities
Inc
03/10/2022
EUR
100‌
$
113‌
—‌
(1‌)
HSBC
Securities
Inc
03/10/2022
$
5,102‌
EUR
4,462‌
97‌
—‌
HSBC
Securities
Inc
03/25/2022
CZK
34,600‌
$
1,613‌
—‌
(73‌)
HSBC
Securities
Inc
03/25/2022
EUR
350‌
$
397‌
—‌
(4‌)
HSBC
Securities
Inc
03/25/2022
RUB
278,000‌
$
3,248‌
13‌
(699‌)
HSBC
Securities
Inc
03/25/2022
$
399‌
PLN
1,600‌
18‌
—‌
HSBC
Securities
Inc
03/25/2022
$
4,910‌
RUB
379,000‌
1,421‌
—‌
HSBC
Securities
Inc
03/25/2022
$
6,022‌
EUR
5,325‌
46‌
—‌
JPMorgan
Chase
03/03/2022
$
641‌
EUR
568‌
5‌
—‌
JPMorgan
Chase
03/08/2022
$
249‌
JPY
28,704‌
—‌
(1‌)
JPMorgan
Chase
03/10/2022
EUR
375‌
$
424‌
—‌
(4‌)
JPMorgan
Chase
03/10/2022
$
226‌
EUR
200‌
2‌
—‌
JPMorgan
Chase
03/25/2022
BRL
4,650‌
$
891‌
5‌
—‌
JPMorgan
Chase
03/25/2022
CLP
1,315,000‌
$
1,621‌
21‌
—‌
JPMorgan
Chase
03/25/2022
COP
6,200,000‌
$
1,579‌
—‌
(7‌)
JPMorgan
Chase
03/25/2022
CZK
42,962‌
$
1,934‌
—‌
(22‌)
JPMorgan
Chase
03/25/2022
EUR
2,125‌
$
2,411‌
—‌
(26‌)
JPMorgan
Chase
03/25/2022
HUF
883,000‌
$
2,819‌
—‌
(162‌)
JPMorgan
Chase
03/25/2022
INR
167,100‌
$
2,210‌
1‌
—‌
JPMorgan
Chase
03/25/2022
ILS
7,025‌
$
2,181‌
9‌
—‌
JPMorgan
Chase
03/25/2022
MXN
23,750‌
$
1,158‌
—‌
(3‌)
JPMorgan
Chase
03/25/2022
PLN
12,700‌
$
3,202‌
—‌
(181‌)
JPMorgan
Chase
03/25/2022
RUB
19,000‌
$
178‌
—‌
(3‌)
JPMorgan
Chase
03/25/2022
ZAR
19,700‌
$
1,296‌
—‌
(18‌)
JPMorgan
Chase
03/25/2022
KRW
1,000,000‌
$
834‌
—‌
(3‌)
JPMorgan
Chase
03/25/2022
$
1,167‌
PLN
4,800‌
25‌
—‌
JPMorgan
Chase
03/25/2022
$
1,201‌
HUF
390,350‌
26‌
—‌
JPMorgan
Chase
03/25/2022
$
2,964‌
EUR
2,630‌
13‌
—‌
JPMorgan
Chase
03/25/2022
$
2,443‌
ZAR
37,200‌
30‌
—‌
JPMorgan
Chase
03/25/2022
$
2,003‌
MXN
41,100‌
4‌
—‌
JPMorgan
Chase
03/25/2022
$
388‌
CZK
8,400‌
15‌
—‌
JPMorgan
Chase
03/25/2022
$
2,212‌
INR
167,100‌
2‌
—‌
JPMorgan
Chase
03/25/2022
$
385‌
RUB
31,000‌
99‌
—‌
JPMorgan
Chase
03/29/2022
SEK
129‌
$
14‌
—‌
—‌
JPMorgan
Chase
03/29/2022
$
44‌
SEK
411‌
—‌
—‌
JPMorgan
Chase
04/05/2022
$
662‌
EUR
584‌
6‌
—‌
JPMorgan
Chase
04/07/2022
$
559‌
EUR
494‌
4‌
—‌
Consolidated
Schedule
of
Investments
Global
Multi-Strategy
Fund
February
28,
2022
(unaudited)
See
accompanying
notes.
131
Foreign
Currency
Contracts
(continued)
Unrealized
Appreciation/
(Depreciation)
Counterparty
Settlement
Date
Currency
to
Accept
Currency
to
Deliver
Asset
Liability
JPMorgan
Chase
04/11/2022
AUD
7‌
$
5‌
$
—‌
$
—‌
JPMorgan
Chase
04/11/2022
$
178‌
AUD
242‌
3‌
(1‌)
JPMorgan
Chase
04/20/2022
$
244‌
GBP
178‌
6‌
—‌
JPMorgan
Chase
04/28/2022
$
1,848‌
EUR
1,629‌
18‌
—‌
JPMorgan
Chase
05/04/2022
$
54‌
GBP
40‌
1‌
—‌
JPMorgan
Chase
05/20/2022
$
603‌
CAD
760‌
4‌
(2‌)
JPMorgan
Chase
09/15/2022
$
81‌
EUR
72‌
—‌
—‌
Merrill
Lynch
03/03/2022
BRL
1,191‌
$
213‌
19‌
—‌
Merrill
Lynch
03/03/2022
$
207‌
BRL
1,191‌
—‌
(24‌)
Merrill
Lynch
04/26/2022
$
215‌
EUR
190‌
2‌
—‌
Morgan
Stanley
&
Co
03/16/2022
$
930‌
CAD
1,180‌
—‌
(1‌)
Total
$
3,408‌
$
(2,768‌)
Amounts
in
thousands.
Credit
Default
Swaps
Buy
Protection
Counterparty
Reference
Entity
Implied
Credit
Spread
as
of
February
28,
2022
(a)
(Pay)/
Receive
Fixed
Rate
Payment
Frequency
Maturity
Date
Notional
Amount
Upfront
Payments/
(Receipts)
Unrealized
Appreciation/
(Depreciation)
Fair
Value
Asset
----
Liability
Barclays
Bank
PLC
CDX.EM.36
N/A
(1.00)%
Quarterly
12/20/2026
$
1,600‌
$
80‌
$
51‌
$
131‌
$
—‌
Barclays
Bank
PLC
CDX.EM.36
N/A
(1.00)%
Quarterly
12/20/2026
800‌
42‌
23‌
65‌
—‌
Barclays
Bank
PLC
CDX.EM.36
N/A
(1.00)%
Quarterly
12/20/2026
500‌
27‌
14‌
41‌
—‌
Goldman
Sachs
&
Co
CDX.EM.36
N/A
(1.00)%
Quarterly
12/20/2026
600‌
26‌
23‌
49‌
—‌
JPMorgan
Chase
CDX.EM.36
N/A
(1.00)%
Quarterly
12/20/2026
1,200‌
58‌
40‌
98‌
—‌
JPMorgan
Chase
CDX.EM.36
N/A
(1.00)%
Quarterly
12/20/2026
1,200‌
61‌
37‌
98‌
—‌
JPMorgan
Chase
CDX.EM.36
N/A
(1.00)%
Quarterly
12/20/2026
1,300‌
53‌
53‌
106‌
—‌
JPMorgan
Chase
CDX.EM.36
N/A
(1.00)%
Quarterly
12/20/2026
1,250‌
54‌
48‌
102‌
—‌
JPMorgan
Chase
CDX.EM.36
N/A
(1.00)%
Quarterly
12/20/2026
1,250‌
54‌
48‌
102‌
—‌
Morgan
Stanley
&
Co
Mexico
Government
International
Bond,
4.15%,
03/28/2027
1.15%
(1.00)%
Quarterly
12/20/2026
2,035‌
(1‌)
15‌
14‌
—‌
Total
$
454‌
$
352‌
$
806‌
$
—‌
Sell
Protection
Counterparty
Reference
Entity
Implied
Credit
Spread
as
of
February
28,
2022
(a)
(Pay)/
Receive
Fixed
Rate
Payment
Frequency
Maturity
Date
Notional
Amount
(b)
Upfront
Payments/
(Receipts)
Unrealized
Appreciation/
(Depreciation)
Fair
Value
(c)
Asset
----
Liability
Goldman
Sachs
&
Co
CDX.EM.36
N/A
1.00%
Quarterly
12/20/2026
$
1,250‌
$
(53‌)
$
(49‌)
$
—‌
$
(102‌)
HSBC
Securities
Inc
CDX.EM.36
N/A
1.00%
Quarterly
12/20/2026
850‌
(36‌)
(34‌)
—‌
(70‌)
JPMorgan
Chase
CDX.EM.36
N/A
1.00%
Quarterly
12/20/2026
1,300‌
(56‌)
(50‌)
—‌
(106‌)
JPMorgan
Chase
CDX.EM.36
N/A
1.00%
Quarterly
12/20/2026
625‌
(27‌)
(24‌)
—‌
(51‌)
JPMorgan
Chase
CDX.EM.36
N/A
1.00%
Quarterly
12/20/2026
2,400‌
(123‌)
(73‌)
—‌
(196‌)
JPMorgan
Chase
CDX.EM.36
N/A
1.00%
Quarterly
12/20/2026
700‌
(35‌)
(22‌)
—‌
(57‌)
JPMorgan
Chase
CDX.EM.36
N/A
1.00%
Quarterly
12/20/2026
1,200‌
(60‌)
(38‌)
—‌
(98‌)
JPMorgan
Chase
CDX.EM.36
N/A
1.00%
Quarterly
12/20/2026
1,375‌
(66‌)
(46‌)
—‌
(112‌)
Total
$
(456‌)
$
(336‌)
$
—‌
$
(792‌)
Amounts
in
thousands.
Consolidated
Schedule
of
Investments
Global
Multi-Strategy
Fund
February
28,
2022
(unaudited)
See
accompanying
notes.
132
Credit
Default
Swaps
(continued)
(a)
Implied
credit
spreads,
represented
in
absolute
terms,
used
in
determining
the
market
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
as
defined
under
the
terms
of
that
particular
swap
agreement
is
$9,700.
(c)
The
market
price
and
resulting
market
value
for
credit
default
swap
agreements
on
an
issuer
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
market
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
6
Month
Budapest
Interbank
Offered
Rate
Pay
5.32%
Semiannual
Annual
N/A
03/16/2024
HUF
2,000,000‌
$
(79‌)
$
2‌
$
(77‌)
6
Month
Budapest
Interbank
Offered
Rate
Receive
4.89%
Annual
Semiannual
N/A
03/16/2032
160,000‌
11‌
(5‌)
6‌
6
Month
Budapest
Interbank
Offered
Rate
Pay
5.32%
Semiannual
Annual
N/A
03/16/2024
675,000‌
(30‌)
4‌
(26‌)
6
Month
Budapest
Interbank
Offered
Rate
Receive
4.89%
Annual
Semiannual
N/A
03/16/2032
475,000‌
19‌
—‌
19‌
6
Month
Prague
Interbank
Offered
Rate
Receive
2.58%
Annual
Semiannual
N/A
03/16/2032
CZK
9,000‌
(1‌)
26‌
25‌
6
Month
Prague
Interbank
Offered
Rate
Pay
3.05%
Semiannual
Annual
N/A
03/16/2027
15,000‌
(7‌)
(17‌)
(24‌)
6
Month
Prague
Interbank
Offered
Rate
Receive
2.58%
Annual
Semiannual
N/A
03/16/2032
30,300‌
(14‌)
97‌
83‌
6
Month
Prague
Interbank
Offered
Rate
Pay
3.05%
Semiannual
Annual
N/A
03/16/2027
58,000‌
(17‌)
(74‌)
(91‌)
6
Month
Prague
Interbank
Offered
Rate
Pay
3.05%
Semiannual
Annual
N/A
03/16/2027
124,000‌
(194‌)
(1‌)
(195‌)
6
Month
Prague
Interbank
Offered
Rate
Receive
2.58%
Annual
Semiannual
N/A
03/16/2032
65,500‌
181‌
(1‌)
180‌
6
Month
Thai
Baht
Interest
Rate
Fixing
Pay
1.16%
Annual
Annual
N/A
03/16/2027
THB
39,000‌
(20‌)
1‌
(19‌)
6
Month
Thai
Baht
Interest
Rate
Fixing
Receive
0.76%
Annual
Annual
N/A
03/16/2024
120,000‌
15‌
—‌
15‌
6
Month
Thai
Baht
Interest
Rate
Fixing
Pay
1.16%
Annual
Annual
N/A
03/16/2027
86,000‌
(42‌)
—‌
(42‌)
6
Month
Thai
Baht
Interest
Rate
Fixing
Pay
1.16%
Annual
Annual
N/A
03/16/2027
50,000‌
(22‌)
(3‌)
(25‌)
6
Month
Thai
Baht
Interest
Rate
Fixing
Receive
0.76%
Annual
Annual
N/A
03/16/2024
319,000‌
40‌
—‌
40‌
6
Month
Warsaw
Interbank
Offered
Rate
Pay
1.67%
Semiannual
Annual
N/A
09/10/2026
PLN
11,200‌
(77‌)
(195‌)
(272‌)
6
Month
Warsaw
Interbank
Offered
Rate
Pay
1.67%
Semiannual
Annual
N/A
09/10/2026
7,200‌
(20‌)
(155‌)
(175‌)
6
Month
Warsaw
Interbank
Offered
Rate
Pay
1.67%
Semiannual
Annual
N/A
09/10/2026
6,700‌
(2‌)
(161‌)
(163‌)
6
Month
Warsaw
Interbank
Offered
Rate
Receive
1.67%
Annual
Semiannual
N/A
09/10/2026
7,900‌
200‌
(8‌)
192‌
6
Month
Warsaw
Interbank
Offered
Rate
Pay
1.67%
Semiannual
Annual
N/A
09/10/2026
7,500‌
(17‌)
(165‌)
(182‌)
6
Month
Warsaw
Interbank
Offered
Rate
Receive
1.67%
Annual
Semiannual
N/A
09/10/2026
7,900‌
207‌
(15‌)
192‌
6
Month
Warsaw
Interbank
Offered
Rate
Pay
1.67%
Semiannual
Annual
N/A
09/10/2026
7,900‌
(186‌)
(6‌)
(192‌)
6
Month
Warsaw
Interbank
Offered
Rate
Receive
1.67%
Annual
Semiannual
N/A
09/10/2026
7,900‌
150‌
42‌
192‌
6
Month
Warsaw
Interbank
Offered
Rate
Receive
1.67%
Annual
Semiannual
N/A
09/10/2026
10,200‌
194‌
54‌
248‌
Consolidated
Schedule
of
Investments
Global
Multi-Strategy
Fund
February
28,
2022
(unaudited)
See
accompanying
notes.
133
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
6
Month
Warsaw
Interbank
Offered
Rate
Receive
1.67%
Annual
Semiannual
N/A
09/10/2026
PLN
6,700‌
$
79‌
$
84‌
$
163‌
6
Month
Warsaw
Interbank
Offered
Rate
Receive
1.67%
Annual
Semiannual
N/A
09/10/2026
7,600‌
108‌
77‌
185‌
6
Month
Warsaw
Interbank
Offered
Rate
Pay
1.67%
Semiannual
Annual
N/A
09/10/2026
7,700‌
(81‌)
(106‌)
(187‌)
India
Overnight
Mumbai
Interbank
Outright
Rate
Receive
5.46%
Annual
Annual
N/A
10/07/2026
INR
329,000‌
9‌
—‌
9‌
India
Overnight
Mumbai
Interbank
Outright
Rate
Receive
5.46%
Annual
Annual
N/A
10/07/2026
165,000‌
(8‌)
13‌
5‌
India
Overnight
Mumbai
Interbank
Outright
Rate
Receive
5.46%
Annual
Annual
N/A
10/07/2026
165,000‌
(5‌)
10‌
5‌
India
Overnight
Mumbai
Interbank
Outright
Rate
Pay
5.46%
Annual
Annual
N/A
10/07/2026
75,000‌
(13‌)
11‌
(2‌)
India
Overnight
Mumbai
Interbank
Outright
Rate
Pay
5.46%
Annual
Annual
N/A
10/07/2026
40,000‌
(2‌)
1‌
(1‌)
India
Overnight
Mumbai
Interbank
Outright
Rate
Pay
5.46%
Annual
Annual
N/A
10/07/2026
225,000‌
(38‌)
32‌
(6‌)
MXN
TIIE
Banxico
Receive
7.21%
Monthly
Monthly
N/A
03/13/2024
MXN
196,000‌
133‌
1‌
134‌
MXN
TIIE
Banxico
Pay
7.25%
Monthly
Monthly
N/A
03/10/2027
87,400‌
(104‌)
(1‌)
(105‌)
Secured
Overnight
Financing
Rate
Pay
1.41%
Annual
Annual
N/A
12/17/2031
$
3,650‌
3‌
(61‌)
(58‌)
Secured
Overnight
Financing
Rate
Pay
1.49%
Annual
Annual
N/A
12/17/2031
3,750‌
—‌
(45‌)
(45‌)
Secured
Overnight
Financing
Rate
Receive
1.41%
Annual
Annual
N/A
12/17/2031
3,650‌
58‌
—‌
58‌
Secured
Overnight
Financing
Rate
Receive
1.49%
Annual
Annual
N/A
12/17/2031
3,750‌
45‌
—‌
45‌
Secured
Overnight
Financing
Rate
Receive
1.81%
Annual
Annual
N/A
03/18/2026
8,400‌
(17‌)
—‌
(17‌)
Sinacofi
Chile
Interbank
Rate
Avg
Pay
5.05%
Annual
Annual
N/A
03/16/2027
CLP
2,500,000‌
(48‌)
(116‌)
(164‌)
Sinacofi
Chile
Interbank
Rate
Avg
Receive
5.05%
Annual
Annual
N/A
03/16/2027
1,000,000‌
44‌
21‌
65‌
Sinacofi
Chile
Interbank
Rate
Avg
Receive
5.05%
Annual
Annual
N/A
03/16/2027
750,000‌
34‌
15‌
49‌
Sinacofi
Chile
Interbank
Rate
Avg
Receive
5.05%
Annual
Annual
N/A
03/16/2027
1,700,000‌
111‌
—‌
111‌
Sinacofi
Chile
Interbank
Rate
Avg
Pay
5.05%
Annual
Annual
N/A
03/16/2027
950,000‌
(21‌)
(41‌)
(62‌)
Total
$
576‌
$
(685‌)
$
(109‌)
Amounts
in
thousands.
(a)    
Forward
swap.
Consolidated
Schedule
of
Investments
Global
Multi-Strategy
Fund
February
28,
2022
(unaudited)
See
accompanying
notes.
134
Total
Return
Equity
Basket
Swaps
Counterparty
Fund
Pays
Fund
Receives
Payment
Frequency
Expiration
Date
Notional
Amount
Upfront
Payments/
(Receipts)
Value
and
Unrealized
Appreciation/(Depreciation)
Asset
-----
Liability
Goldman
Sachs
&
Co
(a)
Floating
rate
based
on
1
Month
LIBOR
plus/less
spread
for
long
securities
and
1
Day
Federal
Funds
Rate
plus/less
spread
for
short
securities
Total
return
on
a
custom
basket
of
long
and
short
securities
traded
in
foreign
currencies
but
settle
in
USD
Monthly
10/05/2022-
10/26/2022
$
11,490‌
$
—‌
$
31‌
$
—‌
JPMorgan
Chase
(b)
Floating
rate
based
on
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
08/31/2022-
10/04/2022
7,367‌
—‌
—‌
(129‌)
Morgan
Stanley
&
Co
(c)
Floating
rate
based
on
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
90,624‌
—‌
4,791‌
—‌
Total
$
109,481‌
$
—‌
$
4,822‌
$
(129‌)
The
expiration
dates
are
measured
from
the
commencement
of
investment
in
each
underlying
swap
position.
The
fund
pays
a
floating
rate
based
on
the
reference
rate
plus/less
a
spread.
The
spread
is
negotiated
at
the
security
level
and
is
usually
similar
within
a
region
but
may
vary
depending
on
how
difficult
it
is
to
borrow
the
security.
Notional
Amount
represents
the
total
absolute
value
of
the
underlying
securities.
Top
Underlying
Securities
includes
the
50
largest
components
and
any
other
components
where
the
notional
exceeds
1%
of
the
notional
amount
of
the
index
or
custom
basket.
Amounts
in
thousands.
Consolidated
Schedule
of
Investments
Global
Multi-Strategy
Fund
February
28,
2022
(unaudited)
See
accompanying
notes.
135
Description
Shares
Notional
Amount
%
of
Total
Absolute
Notional
Amount
CyrusOne
Inc
20,067
$
1,813
15.78%
Cerner
Corp
19,206
1,791
15.59%
Zynga
Inc
185,000
1,680
14.62%
Avast
PLC
109,346
922
8.02%
CMC
Materials
Inc
4,781
887
7.72%
Sydney
Airport
119,919
759
6.61%
Meggitt
PLC
74,191
751
6.54%
GlaxoSmithKline
PLC
12,000
502
4.37%
II-VI
Inc
(7,206)
(501
)
(4.36)%
Citrix
Systems
Inc
2,756
282
2.46%
Ferro
Corp
12,064
262
2.28%
Vifor
Pharma
AG
1,454
255
2.22%
Link
Administration
Holdings
Ltd
57,363
220
1.91%
Willis
Towers
Watson
PLC
795
177
1.54%
Crown
Resorts
Ltd
13,566
122
1.06%
Neles
Oyj
8,604
112
0.98%
Clinigen
Group
Plc
8,052
99
0.87%
Valmet
Oyj
(2,825)
(99
)
(0.86)%
Telecom
Italia
SpA/Milano
-
RSP
183,780
77
0.67%
BHP
Group
Ltd
(1,744)
(59
)
(0.51)%
BP
Midstream
Partners
LP
2,105
35
0.30%
Cazoo
Group
Ltd
8,050
28
0.25%
Swedish
Orphan
Biovitrum
AB
1,217
25
0.22%
Entain
PLC
1,083
24
0.21%
Uniper
SE
193
6
0.05%
Description
Shares
Notional
Amount
%
of
Total
Absolute
Notional
Amount
Deutsche
Telekom
AG
91,900
$
1,652
22.42%
Nuance
Communications
Inc
21,500
1,194
16.20%
Vifor
Pharma
AG
5,971
1,049
14.25%
Vivendi
SE
51,600
654
8.88%
Bayer
AG
10,500
606
8.23%
Mercedes-Benz
Group
AG
7,300
574
7.80%
Avast
PLC
46,243
390
5.29%
Hitachi
Metals
Ltd
13,161
234
3.18%
Meggitt
PLC
19,752
200
2.72%
Nuveen
New
York
AMT-Free
Quality
Municipal
Income
Fund
11,197
142
1.93%
BHP
Group
Ltd
(4,050)
(137
)
(1.86)%
BHP
Group
Ltd
4,050
137
1.86%
Daimler
Truck
Holding
AG
3,650
111
1.51%
Invesco
Senior
Income
Trust
23,034
100
1.36%
Intertrust
NV
3,573
77
1.05%
Blue
Prism
Group
plc
3,537
60
0.82%
Invesco
Dynamic
Credit
Opportunity
Fund
3,767
46
0.63%
(a)
Top
Underlying
Securities
WESTGSUSD
(b)
Top
Underlying
Securities
WESEBSUSD
Consolidated
Schedule
of
Investments
Global
Multi-Strategy
Fund
February
28,
2022
(unaudited)
See
accompanying
notes.
136
Description
Shares
Notional
Amount
%
of
Total
Absolute
Notional
Amount
Marathon
Oil
Corp
52,126
$
1,176
1.30%
CarMax
Inc
(7,661)
(838
)
(0.92)%
APA
Corp
21,902
780
0.86%
Stanley
Black
&
Decker
Inc
(4,762)
(775
)
(0.85)%
Equinix
Inc
(1,066)
(757
)
(0.83)%
CH
Robinson
Worldwide
Inc
(7,433)
(719
)
(0.79)%
Mosaic
Co/The
13,366
701
0.77%
Cardinal
Health
Inc
(12,683)
(685
)
(0.76)%
Boeing
Co/The
(3,283)
(674
)
(0.74)%
Humana
Inc
(1,508)
(655
)
(0.72)%
Match
Group
Inc
(5,680)
(633
)
(0.70)%
Hess
Corp
(6,187)
(625
)
(0.69)%
Catalent
Inc
(6,057)
(618
)
(0.68)%
Procter
&
Gamble
Co/The
3,879
605
0.67%
Clorox
Co/The
(4,143)
(604
)
(0.66)%
Coterra
Energy
Inc
(25,363)
(592
)
(0.65)%
EOG
Resources
Inc
5,093
585
0.64%
MarketAxess
Holdings
Inc
(1,517)
(579
)
(0.64)%
Anthem
Inc
1,272
575
0.63%
Lamb
Weston
Holdings
Inc
(8,483)
(564
)
(0.62)%
Jack
Henry
&
Associates
Inc
(3,173)
(561
)
(0.62)%
ConocoPhillips
(5,755)
(546
)
(0.60)%
Etsy
Inc
(3,495)
(541
)
(0.60)%
International
Flavors
&
Fragrances
Inc
(4,067)
(541
)
(0.60)%
Meta
Platforms
Inc
2,551
538
0.60%
Huntington
Ingalls
Industries
Inc
(2,626)
(537
)
(0.59)%
Hormel
Foods
Corp
(10,789)
(514
)
(0.57)%
Rollins
Inc
(15,680)
(512
)
(0.57)%
Pool
Corp
(1,112)
(510
)
(0.56)%
Hewlett
Packard
Enterprise
Co
(31,752)
(505
)
(0.56)%
Generac
Holdings
Inc
(1,599)
(504
)
(0.56)%
Tyson
Foods
Inc
5,419
502
0.55%
Fidelity
National
Information
Services
Inc
(5,270)
(502
)
(0.55)%
Lockheed
Martin
Corp
1,154
501
0.55%
McDonald's
Corp
2,041
500
0.55%
Enphase
Energy
Inc
(2,992)
(499
)
(0.55)%
Dollar
Tree
Inc
(3,505)
(498
)
(0.55)%
Eversource
Energy
(6,038)
(494
)
(0.54)%
Darden
Restaurants
Inc
(3,328)
(483
)
(0.53)%
VF
Corp
(8,289)
(481
)
(0.53)%
Pinnacle
West
Capital
Corp
(6,625)
(469
)
(0.52)%
Analog
Devices
Inc
(2,886)
(463
)
(0.51)%
Corteva
Inc
(8,815)
(459
)
(0.51)%
State
Street
Corp
(5,304)
(453
)
(0.50)%
DTE
Energy
Co
3,702
450
0.50%
Conagra
Brands
Inc
(12,814)
(448
)
(0.50)%
Abbott
Laboratories
3,678
444
0.49%
AbbVie
Inc
2,974
439
0.49%
Teledyne
Technologies
Inc
(1,021)
(438
)
(0.48)%
Walmart
Inc
3,243
438
0.48%
(c)
Top
Underlying
Securities
GOTEBSUSD
Consolidated
Schedule
of
Investments
Global
Multi-Strategy
Fund
February
28,
2022
(unaudited)
See
accompanying
notes.
137
Short
Sales
Outstanding
COMMON
STOCKS
-
(10.43)%
Shares
Value
(000's)
Advertising
-
(0.07)%
Dentsu
Group
Inc
900‌
$
36‌
Hakuhodo
DY
Holdings
Inc
23,100‌
307‌
$
343‌
Aerospace
&
Defense
-
(0.41)%
CAE
Inc
14,300‌
383‌
Dassault
Aviation
SA
6,313‌
939‌
HEICO
Corp
-
Class
A
3,446‌
424‌
TransDigm
Group
Inc
301‌
201‌
$
1,947‌
Agriculture
-
(0.03)%
Archer-Daniels-Midland
Co
1,946‌
153‌
Airlines
-
(0.35)%
Air
Canada
21,200‌
401‌
ANA
Holdings
Inc
9,400‌
207‌
Japan
Airlines
Co
Ltd
30,800‌
611‌
Southwest
Airlines
Co
11,172‌
489‌
$
1,708‌
Apparel
-
(0.03)%
VF
Corp
2,840‌
165‌
Automobile
Manufacturers
-
(0.01)%
Stellantis
NV
2,242‌
41‌
Automobile
Parts
&
Equipment
-
(0.27)%
Aptiv
PLC
3,130‌
405‌
BorgWarner
Inc
9,274‌
380‌
Continental
AG
810‌
69‌
Lear
Corp
1,621‌
255‌
Sumitomo
Electric
Industries
Ltd
2,700‌
36‌
Toyota
Industries
Corp
2,800‌
213‌
$
1,358‌
Banks
-
(0.25)%
Chiba
Bank
Ltd/The
4,900‌
31‌
Danske
Bank
A/S
1,260‌
21‌
ING
Groep
NV
14,632‌
171‌
M&T
Bank
Corp
3,454‌
629‌
State
Street
Corp
588‌
50‌
SVB
Financial
Group
433‌
262‌
$
1,164‌
Beverages
-
(0.08)%
Constellation
Brands
Inc
274‌
59‌
JDE
Peet's
NV
3,574‌
117‌
Keurig
Dr
Pepper
Inc
468‌
18‌
Molson
Coors
Beverage
Co
1,289‌
67‌
Remy
Cointreau
SA
913‌
176‌
$
437‌
Biotechnology
-
(0.17)%
Argenx
SE
1,456‌
422‌
BioMarin
Pharmaceutical
Inc
4,912‌
384‌
$
806‌
Building
Materials
-
(0.20)%
Carrier
Global
Corp
4,488‌
201‌
CRH
PLC
1,179‌
54‌
Investment
AB
Latour
17,122‌
473‌
Mohawk
Industries
Inc
1,179‌
166‌
Nibe
Industrier
AB
5,228‌
47‌
ROCKWOOL
International
A/S
19‌
7‌
$
948‌
Chemicals
-
(0.68)%
Air
Products
and
Chemicals
Inc
1,407‌
332‌
Akzo
Nobel
NV
732‌
70‌
Albemarle
Corp
2,336‌
458‌
Chr
Hansen
Holding
A/S
3,807‌
278‌
Croda
International
PLC
2,976‌
298‌
Ecolab
Inc
1,358‌
239‌
International
Flavors
&
Fragrances
Inc
3,754‌
499‌
Koninklijke
DSM
NV
677‌
127‌
Mosaic
Co/The
4,985‌
261‌
Nippon
Sanso
Holdings
Corp
20,000‌
391‌
Nissan
Chemical
Corp
600‌
34‌
COMMON
STOCKS
(continued)
Shares
Value
(000’s)
Chemicals
(continued)
RPM
International
Inc
3,641‌
$
308‌
$
3,295‌
Coal
-
0.00%
Raspadskaya
OJSC
671‌
1‌
Commercial
Services
-
(0.72)%
Amadeus
IT
Group
SA
4,880‌
322‌
Global
Payments
Inc
100‌
13‌
GMO
Payment
Gateway
Inc
200‌
19‌
Persol
Holdings
Co
Ltd
7,300‌
164‌
Ritchie
Bros
Auctioneers
Inc
2,100‌
110‌
Rollins
Inc
1,422‌
46‌
S&P
Global
Inc
6,602‌
2,480‌
Transurban
Group
18,713‌
173‌
United
Rentals
Inc
365‌
117‌
Worldline
SA/France
792‌
40‌
$
3,484‌
Computers
-
(0.26)%
Bechtle
AG
7,579‌
389‌
Computershare
Ltd
5,381‌
85‌
Dell
Technologies
Inc
1,144‌
58‌
Fujitsu
Ltd
1,200‌
174‌
International
Business
Machines
Corp
2,900‌
355‌
Leidos
Holdings
Inc
641‌
65‌
Logitech
International
SA
148‌
11‌
Obic
Co
Ltd
300‌
48‌
SCSK
Corp
2,700‌
46‌
Zscaler
Inc
222‌
53‌
$
1,284‌
Consumer
Products
-
(0.06)%
Clorox
Co/The
725‌
106‌
Kimberly-Clark
Corp
1,598‌
208‌
$
314‌
Cosmetics
&
Personal
Care
-
(0.24)%
Essity
AB
13,303‌
342‌
Kose
Corp
900‌
103‌
Lion
Corp
10,500‌
138‌
Procter
&
Gamble
Co/The
2,055‌
320‌
Shiseido
Co
Ltd
3,900‌
224‌
$
1,127‌
Diversified
Financial
Services
-
(0.23)%
Hong
Kong
Exchanges
&
Clearing
Ltd
5,700‌
276‌
Julius
Baer
Group
Ltd
5,190‌
304‌
London
Stock
Exchange
Group
PLC
1,359‌
119‌
St
James's
Place
PLC
12,206‌
229‌
Tokyo
Century
Corp
3,300‌
145‌
$
1,073‌
Electric
-
(0.22)%
Ameren
Corp
2,002‌
172‌
Consolidated
Edison
Inc
1,384‌
119‌
Elia
Group
SA/NV
818‌
118‌
Emera
Inc
6,100‌
285‌
NextEra
Energy
Inc
3,555‌
278‌
$
972‌
Electrical
Components
&
Equipment
-
(0.04)%
Generac
Holdings
Inc
460‌
145‌
Schneider
Electric
SE
387‌
60‌
$
205‌
Electronics
-
(0.26)%
Azbil
Corp
6,800‌
258‌
Ibiden
Co
Ltd
2,100‌
103‌
Keysight
Technologies
Inc
1,712‌
269‌
Sensata
Technologies
Holding
PLC
4,707‌
273‌
Trimble
Inc
4,552‌
318‌
$
1,221‌
Energy
-
Alternate
Sources
-
(0.09)%
Siemens
Gamesa
Renewable
Energy
SA
15,780‌
363‌
Vestas
Wind
Systems
A/S
884‌
29‌
$
392‌
Consolidated
Schedule
of
Investments
Global
Multi-Strategy
Fund
February
28,
2022
(unaudited)
See
accompanying
notes.
138
Short
Sales
Outstanding
COMMON
STOCKS
(continued)
Shares
Value
(000’s)
Engineering
&
Construction
-
(0.09)%
ACS
Actividades
de
Construccion
y
Servicios
SA
9,201‌
$
224‌
Ferrovial
SA
233‌
6‌
Shimizu
Corp
26,000‌
172‌
$
402‌
Entertainment
-
(0.22)%
Entain
PLC
15,763‌
354‌
Toho
Co
Ltd/Tokyo
8,900‌
371‌
Vail
Resorts
Inc
1,256‌
327‌
$
1,052‌
Environmental
Control
-
(0.13)%
GFL
Environmental
Inc
7,400‌
216‌
Kurita
Water
Industries
Ltd
9,600‌
397‌
$
613‌
Food
-
(0.22)%
Barry
Callebaut
AG
91‌
210‌
Kerry
Group
PLC
1,997‌
238‌
Kobe
Bussan
Co
Ltd
11,400‌
377‌
Orkla
ASA
210‌
2‌
Seven
&
i
Holdings
Co
Ltd
5,000‌
243‌
$
1,070‌
Forest
Products
&
Paper
-
(0.07)%
Stora
Enso
Oyj
16,432‌
313‌
Gas
-
(0.14)%
Atmos
Energy
Corp
1,432‌
157‌
Naturgy
Energy
Group
SA
10,903‌
293‌
Osaka
Gas
Co
Ltd
13,900‌
254‌
$
704‌
Hand
&
Machine
Tools
-
(0.15)%
Fuji
Electric
Co
Ltd
6,700‌
345‌
Makita
Corp
11,300‌
403‌
$
748‌
Healthcare
-
Products
-
(0.21)%
10X
Genomics
Inc
987‌
80‌
Alcon
Inc
1,540‌
119‌
Exact
Sciences
Corp
1,210‌
94‌
Novocure
Ltd
719‌
59‌
STERIS
PLC
1,372‌
329‌
Terumo
Corp
3,100‌
101‌
Zimmer
Biomet
Holdings
Inc
1,344‌
171‌
$
953‌
Healthcare
-
Services
-
(0.18)%
Catalent
Inc
2,925‌
298‌
Eurofins
Scientific
SE
1,269‌
129‌
Fresenius
Medical
Care
AG
&
Co
KGaA
4,990‌
320‌
Ryman
Healthcare
Ltd
11,539‌
79‌
$
826‌
Home
Furnishings
-
(0.01)%
Electrolux
AB
3,058‌
55‌
Insurance
-
(0.55)%
Aegon
NV
67,852‌
335‌
Aflac
Inc
7,408‌
453‌
Ageas
SA/NV
5,320‌
256‌
Aon
PLC
593‌
173‌
Equitable
Holdings
Inc
3‌
—‌
Erie
Indemnity
Co
679‌
119‌
Intact
Financial
Corp
1,500‌
215‌
Loews
Corp
2,606‌
160‌
Progressive
Corp/The
4,773‌
506‌
Prudential
Financial
Inc
1,003‌
112‌
Swiss
Life
Holding
AG
381‌
232‌
$
2,561‌
Internet
-
(0.31)%
Adevinta
ASA
-
B
Shares
523‌
6‌
Chewy
Inc
1,375‌
65‌
Etsy
Inc
426‌
66‌
GoDaddy
Inc
4,399‌
367‌
IAC/InterActiveCorp
1,581‌
181‌
Lyft
Inc
442‌
17‌
Netflix
Inc
159‌
63‌
COMMON
STOCKS
(continued)
Shares
Value
(000’s)
Internet
(continued)
NortonLifeLock
Inc
4,696‌
$
136‌
Prosus
NV
2,290‌
142‌
Rakuten
Group
Inc
17,400‌
148‌
Z
Holdings
Corp
43,400‌
212‌
Zillow
Group
Inc
-
C
Shares
2,449‌
141‌
$
1,544‌
Investment
Companies
-
(0.04)%
Sofina
SA
205‌
80‌
Washington
H
Soul
Pattinson
&
Co
Ltd
4,643‌
85‌
$
165‌
Iron
&
Steel
-
(0.02)%
ArcelorMittal
SA
500‌
16‌
Fortescue
Metals
Group
Ltd
8,405‌
112‌
Hitachi
Metals
Ltd
400‌
7‌
$
135‌
Leisure
Products
&
Services
-
(0.06)%
Carnival
Corp
11,603‌
236‌
Peloton
Interactive
Inc
2,107‌
61‌
$
297‌
Lodging
-
(0.05)%
Accor
SA
3,591‌
123‌
Whitbread
PLC
2,392‌
93‌
$
216‌
Machinery
-
Construction
&
Mining
-
(0.17)%
Hitachi
Construction
Machinery
Co
Ltd
9,100‌
223‌
Hitachi
Ltd
7,800‌
386‌
Siemens
Energy
AG
8,396‌
200‌
$
809‌
Machinery
-
Diversified
-
(0.28)%
IDEX
Corp
924‌
177‌
Ingersoll
Rand
Inc
2,612‌
132‌
KION
Group
AG
985‌
79‌
Kubota
Corp
3,600‌
65‌
Westinghouse
Air
Brake
Technologies
Corp
7,765‌
721‌
Yaskawa
Electric
Corp
4,000‌
160‌
$
1,334‌
Media
-
(0.22)%
Bollore
SA
76,071‌
385‌
DISH
Network
Corp
8,357‌
267‌
Informa
PLC
30,352‌
240‌
Walt
Disney
Co/The
832‌
124‌
$
1,016‌
Metal
Fabrication
&
Hardware
-
(0.03)%
SKF
AB
8,828‌
163‌
Mining
-
(0.07)%
Ivanhoe
Mines
Ltd
31,400‌
320‌
Miscellaneous
Manufacturers
-
(0.16)%
Alstom
SA
3,515‌
89‌
General
Electric
Co
2,803‌
268‌
JSR
Corp
11,800‌
371‌
$
728‌
Oil
&
Gas
-
(0.11)%
Aker
BP
ASA
2,499‌
78‌
BP
PLC
ADR
1,211‌
35‌
Devon
Energy
Corp
3,643‌
217‌
EOG
Resources
Inc
197‌
23‌
Occidental
Petroleum
Corp
2,312‌
101‌
$
454‌
Pharmaceuticals
-
(0.26)%
Elanco
Animal
Health
Inc
6,890‌
196‌
Kyowa
Kirin
Co
Ltd
19,900‌
509‌
Sumitomo
Dainippon
Pharma
Co
Ltd
24,300‌
267‌
Taisho
Pharmaceutical
Holdings
Co
Ltd
4,000‌
199‌
UCB
SA
577‌
63‌
$
1,234‌
Private
Equity
-
(0.16)%
3i
Group
PLC
18,531‌
330‌
Brookfield
Asset
Management
Inc
8,000‌
437‌
$
767‌
Consolidated
Schedule
of
Investments
Global
Multi-Strategy
Fund
February
28,
2022
(unaudited)
See
accompanying
notes.
139
Short
Sales
Outstanding
COMMON
STOCKS
(continued)
Shares
Value
(000’s)
Real
Estate
-
(0.11)%
Hongkong
Land
Holdings
Ltd
12,400‌
$
67‌
Sumitomo
Realty
&
Development
Co
Ltd
3,400‌
100‌
Wharf
Real
Estate
Investment
Co
Ltd
86,000‌
386‌
$
553‌
REITs
-
(0.04)%
Healthcare
Realty
Trust
Inc
6,429‌
168‌
Retail
-
(0.35)%
CarMax
Inc
4,171‌
456‌
Cosmos
Pharmaceutical
Corp
700‌
97‌
Domino's
Pizza
Enterprises
Ltd
2,158‌
125‌
Fast
Retailing
Co
Ltd
500‌
270‌
McDonald's
Holdings
Co
Japan
Ltd
2,600‌
112‌
Nitori
Holdings
Co
Ltd
1,500‌
226‌
Pan
Pacific
International
Holdings
Corp
1,200‌
20‌
Ryohin
Keikaku
Co
Ltd
22,100‌
325‌
$
1,631‌
Semiconductors
-
(0.19)%
Entegris
Inc
2,446‌
319‌
IPG
Photonics
Corp
849‌
111‌
Lasertec
Corp
1,600‌
297‌
MKS
Instruments
Inc
983‌
148‌
SUMCO
Corp
1,700‌
28‌
$
903‌
Software
-
(0.62)%
AVEVA
Group
PLC
7,697‌
255‌
BlackBerry
Ltd
41,700‌
286‌
Broadridge
Financial
Solutions
Inc
2,709‌
396‌
Capcom
Co
Ltd
4,800‌
117‌
Ceridian
HCM
Holding
Inc
3,457‌
252‌
Citrix
Systems
Inc
1,533‌
157‌
Cloudflare
Inc
1,227‌
143‌
Electronic
Arts
Inc
823‌
107‌
Embracer
Group
AB
16,840‌
145‌
Guidewire
Software
Inc
1,068‌
94‌
Nemetschek
SE
1,844‌
164‌
Open
Text
Corp
1,500‌
65‌
Splunk
Inc
1,543‌
182‌
Take-Two
Interactive
Software
Inc
3,347‌
542‌
Temenos
AG
121‌
12‌
Tyler
Technologies
Inc
456‌
195‌
$
3,112‌
Telecommunications
-
(0.20)%
Arista
Networks
Inc
728‌
89‌
BCE
Inc
4,000‌
210‌
Hikari
Tsushin
Inc
100‌
12‌
Lumen
Technologies
Inc
10,040‌
104‌
TELUS
Corp
14,100‌
356‌
T-Mobile
US
Inc
2,081‌
256‌
$
1,027‌
Transportation
-
(0.24)%
CH
Robinson
Worldwide
Inc
3,773‌
365‌
Keisei
Electric
Railway
Co
Ltd
15,500‌
434‌
MTR
Corp
Ltd
33,599‌
174‌
Odakyu
Electric
Railway
Co
Ltd
7,400‌
122‌
$
1,095‌
Water
-
(0.10)%
American
Water
Works
Co
Inc
2,821‌
426‌
United
Utilities
Group
PLC
3,409‌
49‌
$
475‌
TOTAL
COMMON
STOCKS
(proceeds
$52,539)
$
49,881‌
PREFERRED
STOCKS
-
(0.12)%
Automobile
Manufacturers
-
(0.04)%
Porsche
Automobil
Holding
SE
2.21%
2,023‌
$
202‌
Consumer
Products
-
(0.08)%
Henkel
AG
&
Co
KGaA
1.85%
4,903‌
389‌
TOTAL
PREFERRED
STOCKS
(proceeds
$624)
$
591‌
TOTAL
SHORT
SALES
(proceeds
$53,163)
$
50,472‌
Schedule
of
Investments
International
Equity
Index
Fund
February
28,
2022
(unaudited)
See
accompanying
notes.
140
INVESTMENT
COMPANIES
-
2
.93
%
Shares
Held
Value
(000's)
Exchange-Traded
Funds
-
0
.99
%
iShares
MSCI
EAFE
ETF
(a)
151,000‌
$
11,056‌
Money
Market
Funds
-
1
.94
%
BlackRock
Liquidity
FedFund
-
Institutional
Class
0.03%
(b),(c)
11,574,739‌
11,575‌
Principal
Government
Money
Market
Fund
-
Institutional
Class
0.00%
(b),(c),(d),(e)
10,185,692‌
10,186‌
$
21,761‌
TOTAL
INVESTMENT
COMPANIES
$
32,817‌
COMMON
STOCKS
-
97
.97
%
Shares
Held
Value
(000's)
Advertising
-
0
.26
%
Dentsu
Group
Inc
14,900‌
$
594‌
Hakuhodo
DY
Holdings
Inc
16,100‌
214‌
Publicis
Groupe
SA
15,612‌
1,036‌
WPP
PLC
79,955‌
1,125‌
$
2,969‌
Aerospace
&
Defense
-
1
.19
%
Airbus
SE
40,369‌
5,154‌
BAE
Systems
PLC
217,211‌
2,086‌
Dassault
Aviation
SA
1,716‌
255‌
Elbit
Systems
Ltd
1,817‌
374‌
MTU
Aero
Engines
AG
3,658‌
876‌
Rolls-Royce
Holdings
PLC
(e)
572,947‌
790‌
Safran
SA
23,404‌
2,976‌
Thales
SA
7,305‌
835‌
$
13,346‌
Agriculture
-
0
.92
%
British
American
Tobacco
PLC
149,265‌
6,542‌
Imperial
Brands
PLC
64,804‌
1,417‌
Japan
Tobacco
Inc
82,200‌
1,512‌
Swedish
Match
AB
108,187‌
786‌
$
10,257‌
Airlines
-
0
.12
%
ANA
Holdings
Inc
(e)
10,800‌
238‌
Deutsche
Lufthansa
AG
(e)
40,929‌
311‌
Japan
Airlines
Co
Ltd
(e)
9,900‌
196‌
Qantas
Airways
Ltd
(e)
63,280‌
234‌
Singapore
Airlines
Ltd
(e)
91,800‌
348‌
$
1,327‌
Apparel
-
2
.23
%
Adidas
AG
13,038‌
3,083‌
Burberry
Group
PLC
27,729‌
719‌
Hermes
International
2,170‌
2,992‌
Kering
SA
5,137‌
3,563‌
LVMH
Moet
Hennessy
Louis
Vuitton
SE
19,010‌
13,971‌
Puma
SE
7,231‌
663‌
$
24,991‌
Automobile
Manufacturers
-
3
.15
%
Bayerische
Motoren
Werke
AG
22,672‌
2,183‌
Daimler
Truck
Holding
AG
(e)
28,176‌
859‌
Ferrari
NV
8,632‌
1,855‌
Hino
Motors
Ltd
19,700‌
185‌
Honda
Motor
Co
Ltd
111,700‌
3,394‌
Isuzu
Motors
Ltd
40,000‌
541‌
Mazda
Motor
Corp
39,000‌
288‌
Mercedes-Benz
Group
AG
58,604‌
4,578‌
Nissan
Motor
Co
Ltd
(e)
159,000‌
758‌
Renault
SA
(e)
13,163‌
413‌
Stellantis
NV
139,424‌
2,534‌
Subaru
Corp
42,200‌
692‌
Suzuki
Motor
Corp
25,300‌
1,007‌
Toyota
Motor
Corp
726,300‌
13,289‌
Volkswagen
AG
2,224‌
575‌
Volvo
AB
-
A
Shares
13,712‌
268‌
Volvo
AB
-
B
Shares
97,890‌
1,883‌
$
35,302‌
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Automobile
Parts
&
Equipment
-
0
.83
%
Aisin
Corp
10,000‌
$
364‌
Bridgestone
Corp
39,200‌
1,614‌
Cie
Generale
des
Etablissements
Michelin
SCA
11,614‌
1,599‌
Continental
AG
7,533‌
642‌
Denso
Corp
29,700‌
2,089‌
Faurecia
SE
(a)
8,303‌
313‌
Koito
Manufacturing
Co
Ltd
7,200‌
372‌
NGK
Insulators
Ltd
17,400‌
270‌
Stanley
Electric
Co
Ltd
9,000‌
214‌
Sumitomo
Electric
Industries
Ltd
51,700‌
686‌
Toyota
Industries
Corp
10,100‌
768‌
Valeo
15,778‌
348‌
$
9,279‌
Banks
-
9
.70
%
ABN
AMRO
Bank
NV
(f)
28,965‌
385‌
Australia
&
New
Zealand
Banking
Group
Ltd
193,027‌
3,654‌
Banco
Bilbao
Vizcaya
Argentaria
SA
456,565‌
2,709‌
Banco
Espirito
Santo
SA
(e),(g)
131,709‌
—‌
Banco
Santander
SA
1,187,352‌
3,954‌
Bank
Hapoalim
BM
77,784‌
824‌
Bank
Leumi
Le-Israel
BM
99,484‌
1,078‌
Barclays
PLC
1,147,396‌
2,804‌
BNP
Paribas
SA
77,019‌
4,469‌
BOC
Hong
Kong
Holdings
Ltd
253,000‌
910‌
CaixaBank
SA
303,562‌
997‌
Chiba
Bank
Ltd/The
36,400‌
229‌
Commerzbank
AG
(e)
68,603‌
573‌
Commonwealth
Bank
of
Australia
116,841‌
7,927‌
Concordia
Financial
Group
Ltd
74,600‌
304‌
Credit
Agricole
SA
84,688‌
1,079‌
Credit
Suisse
Group
AG
181,504‌
1,520‌
Danske
Bank
A/S
47,230‌
800‌
DBS
Group
Holdings
Ltd
124,100‌
3,120‌
Deutsche
Bank
AG
(e)
141,518‌
1,747‌
DNB
Bank
ASA
63,695‌
1,426‌
Erste
Group
Bank
AG
23,544‌
837‌
FinecoBank
Banca
Fineco
SpA
41,762‌
696‌
Hang
Seng
Bank
Ltd
52,400‌
966‌
HSBC
Holdings
PLC
1,393,261‌
9,672‌
ING
Groep
NV
267,320‌
3,122‌
Intesa
Sanpaolo
SpA
1,130,879‌
2,891‌
Israel
Discount
Bank
Ltd
79,704‌
526‌
Japan
Post
Bank
Co
Ltd
(a)
28,100‌
247‌
KBC
Group
NV
17,120‌
1,233‌
Lloyds
Banking
Group
PLC
4,861,866‌
3,134‌
Macquarie
Group
Ltd
23,206‌
3,054‌
Mediobanca
Banca
di
Credito
Finanziario
SpA
42,529‌
443‌
Mitsubishi
UFJ
Financial
Group
Inc
818,600‌
5,025‌
Mizrahi
Tefahot
Bank
Ltd
9,658‌
377‌
Mizuho
Financial
Group
Inc
165,280‌
2,178‌
National
Australia
Bank
Ltd
224,063‌
4,706‌
NatWest
Group
PLC
387,227‌
1,187‌
Nordea
Bank
Abp
219,514‌
2,429‌
Oversea-Chinese
Banking
Corp
Ltd
232,000‌
2,010‌
Raiffeisen
Bank
International
AG
10,137‌
165‌
Resona
Holdings
Inc
141,200‌
632‌
Shizuoka
Bank
Ltd/The
30,600‌
226‌
Skandinaviska
Enskilda
Banken
AB
111,440‌
1,284‌
Societe
Generale
SA
55,511‌
1,570‌
Standard
Chartered
PLC
179,209‌
1,277‌
Sumitomo
Mitsui
Financial
Group
Inc
89,500‌
3,174‌
Sumitomo
Mitsui
Trust
Holdings
Inc
23,144‌
822‌
Svenska
Handelsbanken
AB
99,873‌
949‌
Swedbank
AB
62,009‌
1,002‌
UBS
Group
AG
240,838‌
4,431‌
UniCredit
SpA
144,808‌
1,830‌
United
Overseas
Bank
Ltd
80,900‌
1,798‌
Westpac
Banking
Corp
251,198‌
4,151‌
$
108,553‌
Schedule
of
Investments
International
Equity
Index
Fund
February
28,
2022
(unaudited)
See
accompanying
notes.
141
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Beverages
-
2
.16
%
Anheuser-Busch
InBev
SA/NV
59,471‌
$
3,670‌
Asahi
Group
Holdings
Ltd
31,200‌
1,259‌
Budweiser
Brewing
Co
APAC
Ltd
(f)
118,000‌
366‌
Carlsberg
AS
6,876‌
1,008‌
Coca-Cola
Europacific
Partners
PLC
14,050‌
719‌
Coca-Cola
HBC
AG
(e)
13,766‌
350‌
Davide
Campari-Milano
NV
35,793‌
389‌
Diageo
PLC
159,616‌
7,908‌
Endeavour
Group
Ltd/Australia
91,840‌
480‌
Heineken
Holding
NV
7,889‌
644‌
Heineken
NV
(a)
17,749‌
1,800‌
Ito
En
Ltd
3,600‌
207‌
JDE
Peet's
NV
6,875‌
226‌
Kirin
Holdings
Co
Ltd
56,400‌
938‌
Pernod
Ricard
SA
14,346‌
3,132‌
Remy
Cointreau
SA
1,558‌
300‌
Suntory
Beverage
&
Food
Ltd
9,600‌
383‌
Treasury
Wine
Estates
Ltd
49,428‌
417‌
$
24,196‌
Biotechnology
-
0
.80
%
Argenx
SE
(e)
3,139‌
909‌
Bachem
Holding
AG
424‌
252‌
CSL
Ltd
32,782‌
6,233‌
Genmab
A/S
(e)
4,500‌
1,512‌
$
8,906‌
Building
Materials
-
1
.81
%
AGC
Inc
13,200‌
586‌
Cie
de
Saint-Gobain
34,643‌
2,148‌
CRH
PLC
52,897‌
2,405‌
Daikin
Industries
Ltd
17,100‌
3,160‌
Geberit
AG
2,458‌
1,608‌
HeidelbergCement
AG
10,191‌
661‌
Holcim
Ltd
(e)
35,849‌
1,805‌
Investment
AB
Latour
10,139‌
280‌
James
Hardie
Industries
PLC
30,480‌
995‌
Kingspan
Group
PLC
10,553‌
1,010‌
Lixil
Corp
18,300‌
408‌
Nibe
Industrier
AB
97,666‌
869‌
Rinnai
Corp
2,400‌
198‌
ROCKWOOL
International
A/S
574‌
197‌
Sika
AG
9,716‌
3,224‌
TOTO
Ltd
9,700‌
408‌
Xinyi
Glass
Holdings
Ltd
125,000‌
333‌
$
20,295‌
Chemicals
-
3
.09
%
Air
Liquide
SA
32,447‌
5,390‌
Akzo
Nobel
NV
12,836‌
1,221‌
Arkema
SA
4,204‌
558‌
Asahi
Kasei
Corp
85,900‌
806‌
BASF
SE
62,891‌
4,188‌
Brenntag
SE
10,580‌
887‌
Chr
Hansen
Holding
A/S
7,224‌
527‌
Clariant
AG
(a),(e)
14,774‌
267‌
Covestro
AG
(f)
13,230‌
700‌
Croda
International
PLC
9,554‌
956‌
EMS-Chemie
Holding
AG
481‌
476‌
Evonik
Industries
AG
14,360‌
432‌
Givaudan
SA
633‌
2,643‌
ICL
Group
Ltd
48,361‌
549‌
Johnson
Matthey
PLC
13,253‌
333‌
Kansai
Paint
Co
Ltd
12,200‌
245‌
Koninklijke
DSM
NV
11,969‌
2,247‌
LANXESS
AG
5,618‌
274‌
Mitsubishi
Chemical
Holdings
Corp
87,700‌
623‌
Mitsubishi
Gas
Chemical
Co
Inc
10,900‌
193‌
Mitsui
Chemicals
Inc
12,700‌
325‌
Nippon
Paint
Holdings
Co
Ltd
(a)
56,900‌
509‌
Nippon
Sanso
Holdings
Corp
10,400‌
203‌
Nissan
Chemical
Corp
8,400‌
478‌
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Chemicals
(continued)
Nitto
Denko
Corp
9,800‌
$
715‌
Novozymes
A/S
14,068‌
923‌
Shin-Etsu
Chemical
Co
Ltd
24,300‌
3,795‌
Solvay
SA
5,076‌
566‌
Sumitomo
Chemical
Co
Ltd
102,100‌
488‌
Symrise
AG
9,091‌
1,081‌
Toray
Industries
Inc
95,000‌
542‌
Tosoh
Corp
17,900‌
278‌
Umicore
SA
13,498‌
552‌
Yara
International
ASA
11,338‌
577‌
$
34,547‌
Commercial
Services
-
2
.74
%
Adecco
Group
AG
10,941‌
517‌
Adyen
NV
(e),(f)
1,358‌
2,830‌
Amadeus
IT
Group
SA
(e)
30,848‌
2,035‌
Ashtead
Group
PLC
30,550‌
1,985‌
Atlantia
SpA
(e)
33,927‌
624‌
Benefit
One
Inc
5,400‌
125‌
Brambles
Ltd
98,227‌
708‌
Bureau
Veritas
SA
20,134‌
576‌
Dai
Nippon
Printing
Co
Ltd
15,300‌
399‌
Edenred
17,091‌
778‌
Experian
PLC
63,188‌
2,468‌
GMO
Payment
Gateway
Inc
2,800‌
271‌
IDP
Education
Ltd
14,295‌
277‌
Intertek
Group
PLC
11,051‌
793‌
Nexi
SpA
(e),(f)
35,884‌
490‌
Nihon
M&A
Center
Holdings
Inc
20,800‌
308‌
Persol
Holdings
Co
Ltd
12,200‌
273‌
Randstad
NV
8,188‌
558‌
Recruit
Holdings
Co
Ltd
93,000‌
3,926‌
RELX
PLC
132,469‌
4,034‌
Rentokil
Initial
PLC
127,314‌
864‌
Secom
Co
Ltd
14,400‌
1,058‌
Securitas
AB
21,442‌
260‌
SGS
SA
411‌
1,176‌
Sohgo
Security
Services
Co
Ltd
4,800‌
173‌
TOPPAN
INC
18,000‌
355‌
Transurban
Group
210,192‌
1,941‌
Worldline
SA/France
(e),(f)
16,324‌
832‌
$
30,634‌
Computers
-
1
.15
%
Bechtle
AG
5,609‌
288‌
Capgemini
SE
10,980‌
2,298‌
Check
Point
Software
Technologies
Ltd
(e)
7,276‌
1,054‌
Computershare
Ltd
37,205‌
588‌
CyberArk
Software
Ltd
(e)
2,724‌
464‌
Fujitsu
Ltd
13,500‌
1,961‌
Itochu
Techno-Solutions
Corp
6,600‌
171‌
Logitech
International
SA
11,854‌
887‌
NEC
Corp
16,900‌
731‌
Nomura
Research
Institute
Ltd
23,043‌
809‌
NTT
Data
Corp
43,300‌
823‌
Obic
Co
Ltd
4,800‌
772‌
Otsuka
Corp
7,800‌
303‌
SCSK
Corp
10,700‌
183‌
Teleperformance
4,022‌
1,492‌
$
12,824‌
Consumer
Products
-
0
.42
%
Henkel
AG
&
Co
KGaA
7,117‌
547‌
Reckitt
Benckiser
Group
PLC
48,911‌
4,142‌
$
4,689‌
Cosmetics
&
Personal
Care
-
1
.97
%
Beiersdorf
AG
6,903‌
700‌
Essity
AB
41,684‌
1,073‌
Kao
Corp
32,600‌
1,524‌
Kose
Corp
2,200‌
252‌
Lion
Corp
15,400‌
202‌
L'Oreal
SA
17,184‌
6,793‌
Schedule
of
Investments
International
Equity
Index
Fund
February
28,
2022
(unaudited)
See
accompanying
notes.
142
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Cosmetics
&
Personal
Care
(continued)
Pola
Orbis
Holdings
Inc
6,200‌
$
98‌
Shiseido
Co
Ltd
27,400‌
1,572‌
Unicharm
Corp
27,700‌
1,044‌
Unilever
PLC
175,849‌
8,833‌
$
22,091‌
Distribution
&
Wholesale
-
1
.35
%
Bunzl
PLC
23,102‌
913‌
Ferguson
PLC
15,137‌
2,307‌
IMCD
NV
3,903‌
634‌
ITOCHU
Corp
81,500‌
2,656‌
Marubeni
Corp
107,200‌
1,125‌
Mitsubishi
Corp
86,500‌
2,908‌
Mitsui
&
Co
Ltd
106,900‌
2,665‌
Sumitomo
Corp
77,200‌
1,260‌
Toyota
Tsusho
Corp
14,600‌
606‌
$
15,074‌
Diversified
Financial
Services
-
1
.63
%
abrdn
plc
149,320‌
414‌
AerCap
Holdings
NV
(e)
9,221‌
502‌
Amundi
SA
(f)
4,172‌
289‌
ASX
Ltd
13,257‌
796‌
Daiwa
Securities
Group
Inc
99,000‌
585‌
Deutsche
Boerse
AG
13,011‌
2,215‌
Euronext
NV
(f)
5,868‌
530‌
Futu
Holdings
Ltd
ADR
(e)
3,488‌
149‌
Hargreaves
Lansdown
PLC
24,359‌
369‌
Hong
Kong
Exchanges
&
Clearing
Ltd
82,500‌
3,998‌
Japan
Exchange
Group
Inc
34,900‌
654‌
Julius
Baer
Group
Ltd
15,148‌
887‌
London
Stock
Exchange
Group
PLC
22,532‌
1,968‌
Mitsubishi
HC
Capital
Inc
45,300‌
236‌
Nomura
Holdings
Inc
210,400‌
960‌
ORIX
Corp
83,700‌
1,659‌
SBI
Holdings
Inc/Japan
16,790‌
440‌
Schroders
PLC
8,513‌
348‌
Singapore
Exchange
Ltd
55,100‌
382‌
St
James's
Place
PLC
36,992‌
694‌
Tokyo
Century
Corp
2,500‌
110‌
$
18,185‌
Electric
-
2
.79
%
Chubu
Electric
Power
Co
Inc
44,200‌
442‌
CLP
Holdings
Ltd
112,500‌
1,146‌
E.ON
SE
153,729‌
2,091‌
EDP
-
Energias
de
Portugal
SA
190,078‌
928‌
EDP
Renovaveis
SA
19,732‌
480‌
Electricite
de
France
SA
32,435‌
293‌
Elia
Group
SA/NV
2,116‌
305‌
Endesa
SA
21,750‌
478‌
Enel
SpA
556,909‌
4,104‌
Engie
SA
125,063‌
1,993‌
Fortum
Oyj
30,413‌
636‌
HK
Electric
Investments
&
HK
Electric
Investments
Ltd
182,000‌
180‌
Iberdrola
SA
398,849‌
4,525‌
Kansai
Electric
Power
Co
Inc/The
48,300‌
487‌
Mercury
NZ
Ltd
46,650‌
182‌
Meridian
Energy
Ltd
88,160‌
299‌
National
Grid
PLC
247,671‌
3,745‌
Origin
Energy
Ltd
120,594‌
501‌
Orsted
AS
(f)
12,954‌
1,676‌
Power
Assets
Holdings
Ltd
95,000‌
599‌
Red
Electrica
Corp
SA
29,640‌
587‌
RWE
AG
43,988‌
2,037‌
SSE
PLC
72,969‌
1,656‌
Terna
-
Rete
Elettrica
Nazionale
96,341‌
789‌
Tokyo
Electric
Power
Co
Holdings
Inc
(e)
104,600‌
328‌
Uniper
SE
6,266‌
200‌
Verbund
AG
4,663‌
562‌
$
31,249‌
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Electrical
Components
&
Equipment
-
1
.08
%
ABB
Ltd
112,468‌
$
3,800‌
Brother
Industries
Ltd
16,200‌
295‌
Legrand
SA
18,313‌
1,728‌
Prysmian
SpA
17,444‌
574‌
Schneider
Electric
SE
37,015‌
5,735‌
$
12,132‌
Electronics
-
1
.46
%
Assa
Abloy
AB
68,631‌
1,801‌
Azbil
Corp
8,400‌
319‌
Halma
PLC
25,996‌
838‌
Hirose
Electric
Co
Ltd
2,199‌
331‌
Hoya
Corp
25,400‌
3,309‌
Ibiden
Co
Ltd
7,300‌
356‌
Kyocera
Corp
22,000‌
1,266‌
MINEBEA
MITSUMI
Inc
24,900‌
547‌
Murata
Manufacturing
Co
Ltd
39,400‌
2,678‌
Nidec
Corp
30,700‌
2,669‌
Shimadzu
Corp
16,300‌
587‌
TDK
Corp
26,700‌
1,081‌
Venture
Corp
Ltd
19,000‌
248‌
Yokogawa
Electric
Corp
15,700‌
253‌
$
16,283‌
Energy
-
Alternate
Sources
-
0
.23
%
Siemens
Gamesa
Renewable
Energy
SA
(e)
16,325‌
376‌
Vestas
Wind
Systems
A/S
69,149‌
2,230‌
$
2,606‌
Engineering
&
Construction
-
1
.17
%
ACS
Actividades
de
Construccion
y
Servicios
SA
15,960‌
388‌
Aena
SME
SA
(e),(f)
5,136‌
838‌
Aeroports
de
Paris
(a),(e)
2,033‌
287‌
Auckland
International
Airport
Ltd
(e)
85,711‌
415‌
Bouygues
SA
15,712‌
562‌
Cellnex
Telecom
SA
(f)
34,887‌
1,578‌
CK
Infrastructure
Holdings
Ltd
45,000‌
279‌
Eiffage
SA
5,705‌
581‌
Ferrovial
SA
33,214‌
905‌
Infrastrutture
Wireless
Italiane
SpA
(f)
23,012‌
235‌
Kajima
Corp
30,800‌
415‌
Keppel
Corp
Ltd
99,800‌
444‌
Lendlease
Corp
Ltd
47,166‌
364‌
Obayashi
Corp
44,500‌
373‌
Shimizu
Corp
37,900‌
251‌
Singapore
Technologies
Engineering
Ltd
107,000‌
303‌
Skanska
AB
23,295‌
527‌
Taisei
Corp
13,100‌
436‌
Vinci
SA
36,875‌
3,866‌
$
13,047‌
Entertainment
-
0
.90
%
Aristocrat
Leisure
Ltd
41,266‌
1,132‌
Entain
PLC
(e)
40,153‌
903‌
Evolution
AB
(f)
11,784‌
1,351‌
Flutter
Entertainment
PLC
(e)
11,414‌
1,644‌
Genting
Singapore
Ltd
414,100‌
237‌
La
Francaise
des
Jeux
SAEM
(f)
6,540‌
271‌
Oriental
Land
Co
Ltd/Japan
13,700‌
2,532‌
Tabcorp
Holdings
Ltd
152,405‌
551‌
Toho
Co
Ltd/Tokyo
7,700‌
321‌
Universal
Music
Group
NV
49,667‌
1,134‌
$
10,076‌
Environmental
Control
-
0
.02
%
Kurita
Water
Industries
Ltd
6,800‌
281‌
Food
-
4
.69
%
Aeon
Co
Ltd
(a)
44,700‌
1,013‌
Ajinomoto
Co
Inc
31,900‌
930‌
Associated
British
Foods
PLC
24,395‌
624‌
Barry
Callebaut
AG
244‌
563‌
Carrefour
SA
42,503‌
854‌
Chocoladefabriken
Lindt
&
Spruengli
AG
-
PC
72‌
764‌
Schedule
of
Investments
International
Equity
Index
Fund
February
28,
2022
(unaudited)
See
accompanying
notes.
143
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Food
(continued)
Chocoladefabriken
Lindt
&
Spruengli
AG
-
REG
7‌
$
786‌
Coles
Group
Ltd
91,338‌
1,155‌
Danone
SA
44,733‌
2,722‌
Etablissements
Franz
Colruyt
NV
3,661‌
146‌
HelloFresh
SE
(e)
11,315‌
617‌
J
Sainsbury
PLC
119,788‌
442‌
Jeronimo
Martins
SGPS
SA
19,391‌
423‌
Kerry
Group
PLC
10,899‌
1,298‌
Kesko
Oyj
18,702‌
550‌
Kikkoman
Corp
10,000‌
745‌
Kobe
Bussan
Co
Ltd
9,400‌
311‌
Koninklijke
Ahold
Delhaize
NV
71,604‌
2,203‌
MEIJI
Holdings
Co
Ltd
8,300‌
498‌
Mowi
ASA
30,097‌
775‌
Nestle
SA
192,750‌
25,114‌
Nisshin
Seifun
Group
Inc
13,595‌
193‌
Nissin
Foods
Holdings
Co
Ltd
4,300‌
344‌
Ocado
Group
PLC
(e)
33,442‌
615‌
Orkla
ASA
51,428‌
482‌
Seven
&
i
Holdings
Co
Ltd
51,700‌
2,516‌
Tesco
PLC
526,389‌
2,039‌
Toyo
Suisan
Kaisha
Ltd
6,000‌
252‌
WH
Group
Ltd
(f)
571,500‌
399‌
Wilmar
International
Ltd
131,600‌
428‌
Woolworths
Group
Ltd
82,988‌
2,146‌
Yakult
Honsha
Co
Ltd
8,800‌
478‌
$
52,425‌
Food
Service
-
0
.29
%
Compass
Group
PLC
122,157‌
2,761‌
Sodexo
SA
6,059‌
506‌
$
3,267‌
Forest
Products
&
Paper
-
0
.40
%
Mondi
PLC
33,248‌
698‌
Oji
Holdings
Corp
55,600‌
284‌
Smurfit
Kappa
Group
PLC
16,851‌
841‌
Stora
Enso
Oyj
39,836‌
759‌
Svenska
Cellulosa
AB
SCA
41,486‌
677‌
UPM-Kymmene
Oyj
36,547‌
1,263‌
$
4,522‌
Gas
-
0
.32
%
Enagas
SA
17,043‌
360‌
Hong
Kong
&
China
Gas
Co
Ltd
767,387‌
1,161‌
Naturgy
Energy
Group
SA
13,279‌
356‌
Osaka
Gas
Co
Ltd
25,700‌
470‌
Snam
SpA
138,076‌
767‌
Tokyo
Gas
Co
Ltd
25,700‌
524‌
$
3,638‌
Hand
&
Machine
Tools
-
0
.37
%
Disco
Corp
2,000‌
566‌
Fuji
Electric
Co
Ltd
8,700‌
448‌
Makita
Corp
15,400‌
549‌
Schindler
Holding
AG
-
PC
2,789‌
640‌
Schindler
Holding
AG
-
REG
1,379‌
309‌
Techtronic
Industries
Co
Ltd
94,500‌
1,583‌
$
4,095‌
Healthcare
-
Products
-
2
.13
%
Alcon
Inc
34,216‌
2,643‌
Ambu
A/S
11,473‌
211‌
Asahi
Intecc
Co
Ltd
14,800‌
320‌
Carl
Zeiss
Meditec
AG
2,757‌
433‌
Cochlear
Ltd
4,504‌
735‌
Coloplast
A/S
8,135‌
1,224‌
Demant
A/S
(e)
7,399‌
313‌
DiaSorin
SpA
1,725‌
258‌
EssilorLuxottica
SA
19,682‌
3,436‌
Fisher
&
Paykel
Healthcare
Corp
Ltd
39,513‌
742‌
Getinge
AB
15,663‌
608‌
Inmode
Ltd
(e)
3,401‌
145‌
Koninklijke
Philips
NV
62,817‌
2,146‌
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Healthcare
-
Products
(continued)
Lifco
AB
15,962‌
$
363‌
Olympus
Corp
75,700‌
1,537‌
QIAGEN
NV
(e)
15,804‌
794‌
Sartorius
Stedim
Biotech
1,895‌
727‌
Siemens
Healthineers
AG
(f)
19,310‌
1,239‌
Smith
&
Nephew
PLC
60,208‌
1,077‌
Sonova
Holding
AG
3,677‌
1,424‌
Straumann
Holding
AG
709‌
1,126‌
Sysmex
Corp
11,500‌
921‌
Terumo
Corp
44,300‌
1,439‌
$
23,861‌
Healthcare
-
Services
-
0
.79
%
BioMerieux
2,837‌
312‌
Eurofins
Scientific
SE
9,201‌
934‌
Fresenius
Medical
Care
AG
&
Co
KGaA
14,045‌
901‌
Fresenius
SE
&
Co
KGaA
28,680‌
1,001‌
Lonza
Group
AG
5,100‌
3,529‌
Medibank
Pvt
Ltd
188,573‌
435‌
NMC
Health
PLC
(e),(g)
7,238‌
—‌
Orpea
SA
3,542‌
146‌
Ramsay
Health
Care
Ltd
12,539‌
585‌
Ryman
Healthcare
Ltd
29,102‌
198‌
Sonic
Healthcare
Ltd
31,201‌
796‌
$
8,837‌
Holding
Companies
-
Diversified
-
0
.21
%
CK
Hutchison
Holdings
Ltd
184,132‌
1,291‌
Jardine
Matheson
Holdings
Ltd
14,770‌
881‌
Swire
Pacific
Ltd
34,000‌
188‌
$
2,360‌
Home
Builders
-
0
.45
%
Barratt
Developments
PLC
70,000‌
570‌
Berkeley
Group
Holdings
PLC
(e)
7,687‌
400‌
Daiwa
House
Industry
Co
Ltd
38,800‌
1,100‌
Iida
Group
Holdings
Co
Ltd
10,120‌
188‌
Open
House
Group
Co
Ltd
5,500‌
250‌
Persimmon
PLC
21,851‌
703‌
Sekisui
Chemical
Co
Ltd
25,900‌
424‌
Sekisui
House
Ltd
42,300‌
863‌
Taylor
Wimpey
PLC
249,693‌
501‌
$
4,999‌
Home
Furnishings
-
1
.08
%
Electrolux
AB
15,444‌
277‌
GN
Store
Nord
AS
8,516‌
450‌
Hoshizaki
Corp
3,600‌
251‌
Panasonic
Corp
151,300‌
1,580‌
Rational
AG
351‌
258‌
SEB
SA
1,896‌
276‌
Sharp
Corp/Japan
(a)
14,700‌
139‌
Sony
Group
Corp
86,400‌
8,828‌
$
12,059‌
Insurance
-
4
.84
%
Admiral
Group
PLC
13,331‌
531‌
Aegon
NV
122,591‌
606‌
Ageas
SA/NV
11,773‌
566‌
AIA
Group
Ltd
828,400‌
8,602‌
Allianz
SE
27,969‌
6,305‌
Assicurazioni
Generali
SpA
75,783‌
1,499‌
Aviva
PLC
259,521‌
1,454‌
AXA
SA
133,301‌
3,607‌
Baloise
Holding
AG
3,136‌
526‌
CNP
Assurances
11,754‌
286‌
Dai-ichi
Life
Holdings
Inc
68,900‌
1,431‌
Gjensidige
Forsikring
ASA
13,696‌
339‌
Hannover
Rueck
SE
4,129‌
760‌
Insurance
Australia
Group
Ltd
168,791‌
563‌
Japan
Post
Holdings
Co
Ltd
167,800‌
1,387‌
Japan
Post
Insurance
Co
Ltd
13,700‌
234‌
Legal
&
General
Group
PLC
408,789‌
1,511‌
M&G
PLC
178,022‌
490‌
Schedule
of
Investments
International
Equity
Index
Fund
February
28,
2022
(unaudited)
See
accompanying
notes.
144
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Insurance
(continued)
MS&AD
Insurance
Group
Holdings
Inc
30,500‌
$
1,032‌
Muenchener
Rueckversicherungs-Gesellschaft
AG
in
Muenchen
9,594‌
2,632‌
NN
Group
NV
18,502‌
888‌
Phoenix
Group
Holdings
PLC
47,905‌
397‌
Prudential
PLC
188,052‌
2,843‌
QBE
Insurance
Group
Ltd
101,101‌
844‌
Sampo
Oyj
34,150‌
1,611‌
Sompo
Holdings
Inc
21,450‌
931‌
Suncorp
Group
Ltd
86,454‌
673‌
Swiss
Life
Holding
AG
2,160‌
1,318‌
Swiss
Re
AG
20,654‌
1,974‌
T&D
Holdings
Inc
36,400‌
529‌
Tokio
Marine
Holdings
Inc
43,000‌
2,447‌
Tryg
A/S
24,655‌
558‌
Zurich
Insurance
Group
AG
10,304‌
4,729‌
$
54,103‌
Internet
-
1
.38
%
Adevinta
ASA
-
B
Shares
(e)
19,953‌
214‌
Auto
Trader
Group
PLC
(f)
65,100‌
576‌
CyberAgent
Inc
27,800‌
364‌
Delivery
Hero
SE
(e),(f)
11,165‌
598‌
Fiverr
International
Ltd
(e)
2,003‌
158‌
Grab
Holdings
Ltd
(e)
74,323‌
428‌
Just
Eat
Takeaway.com
NV
(e),(f)
12,372‌
501‌
Kakaku.com
Inc
9,200‌
202‌
M3
Inc
30,300‌
1,140‌
Mercari
Inc
(e)
7,000‌
219‌
MonotaRO
Co
Ltd
17,200‌
324‌
Prosus
NV
(e)
63,895‌
3,967‌
Rakuten
Group
Inc
59,600‌
506‌
Scout24
SE
(f)
5,725‌
334‌
Sea
Ltd
ADR
(e)
21,908‌
3,190‌
SEEK
Ltd
23,023‌
449‌
Trend
Micro
Inc/Japan
9,200‌
514‌
United
Internet
AG
6,643‌
226‌
Wix.com
Ltd
(e)
3,898‌
357‌
Z
Holdings
Corp
183,600‌
899‌
ZOZO
Inc
8,600‌
245‌
$
15,411‌
Investment
Companies
-
0
.67
%
Eurazeo
SE
2,714‌
210‌
EXOR
NV
7,426‌
563‌
Groupe
Bruxelles
Lambert
SA
7,495‌
778‌
Industrivarden
AB
-
A
Shares
8,930‌
247‌
Industrivarden
AB
-
C
Shares
11,128‌
302‌
Investor
AB
34,148‌
755‌
Investor
AB
-
B
Shares
124,753‌
2,540‌
Kinnevik
AB
-
B
Shares
(e)
16,582‌
422‌
L
E
Lundbergforetagen
AB
5,205‌
251‌
Melrose
Industries
PLC
299,389‌
592‌
Sofina
SA
1,056‌
410‌
Washington
H
Soul
Pattinson
&
Co
Ltd
14,826‌
272‌
Wendel
SE
1,839‌
187‌
$
7,529‌
Iron
&
Steel
-
0
.53
%
ArcelorMittal
SA
43,743‌
1,357‌
BlueScope
Steel
Ltd
33,848‌
501‌
Fortescue
Metals
Group
Ltd
115,954‌
1,545‌
Hitachi
Metals
Ltd
(e)
14,700‌
262‌
JFE
Holdings
Inc
33,700‌
502‌
Mineral
Resources
Ltd
11,637‌
377‌
Nippon
Steel
Corp
58,677‌
1,074‌
voestalpine
AG
7,947‌
263‌
$
5,881‌
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Leisure
Products
&
Services
-
0
.19
%
Shimano
Inc
5,100‌
$
1,188‌
Yamaha
Corp
9,200‌
432‌
Yamaha
Motor
Co
Ltd
20,400‌
458‌
$
2,078‌
Lodging
-
0
.32
%
Accor
SA
(e)
11,655‌
398‌
City
Developments
Ltd
28,100‌
149‌
Crown
Resorts
Ltd
(e)
25,503‌
230‌
Galaxy
Entertainment
Group
Ltd
(e)
150,000‌
837‌
InterContinental
Hotels
Group
PLC
12,546‌
874‌
Melco
Resorts
&
Entertainment
Ltd
ADR
(e)
14,704‌
147‌
Sands
China
Ltd
(e)
166,400‌
439‌
Whitbread
PLC
(e)
13,832‌
540‌
$
3,614‌
Machinery
-
Construction
&
Mining
-
0
.95
%
Epiroc
AB
-
A
Shares
45,125‌
848‌
Epiroc
AB
-
B
Shares
26,703‌
433‌
Hitachi
Construction
Machinery
Co
Ltd
7,400‌
181‌
Hitachi
Ltd
66,400‌
3,284‌
Komatsu
Ltd
60,000‌
1,380‌
Mitsubishi
Electric
Corp
125,100‌
1,513‌
Mitsubishi
Heavy
Industries
Ltd
22,000‌
649‌
Sandvik
AB
77,302‌
1,666‌
Siemens
Energy
AG
27,366‌
651‌
$
10,605‌
Machinery
-
Diversified
-
2
.20
%
Atlas
Copco
AB
-
A
Shares
45,981‌
2,358‌
Atlas
Copco
AB
-
B
Shares
26,720‌
1,207‌
CNH
Industrial
NV
70,068‌
997‌
Daifuku
Co
Ltd
7,000‌
506‌
FANUC
Corp
13,200‌
2,425‌
GEA
Group
AG
10,506‌
459‌
Hexagon
AB
133,277‌
1,801‌
Husqvarna
AB
28,663‌
345‌
Keyence
Corp
13,360‌
6,319‌
KION
Group
AG
4,942‌
396‌
Kone
Oyj
23,274‌
1,358‌
Kornit
Digital
Ltd
(e)
3,186‌
302‌
Kubota
Corp
70,400‌
1,263‌
Miura
Co
Ltd
6,000‌
165‌
Omron
Corp
12,800‌
871‌
SMC
Corp
3,900‌
2,330‌
Spirax-Sarco
Engineering
PLC
5,052‌
805‌
Yaskawa
Electric
Corp
(a)
16,500‌
661‌
$
24,568‌
Media
-
0
.39
%
Bollore
SA
60,546‌
306‌
Informa
PLC
(e)
102,922‌
815‌
Pearson
PLC
(a)
51,819‌
448‌
Schibsted
ASA
-
A
Shares
5,008‌
144‌
Schibsted
ASA
-
B
Shares
6,681‌
173‌
Vivendi
SE
53,135‌
671‌
Wolters
Kluwer
NV
17,976‌
1,832‌
$
4,389‌
Metal
Fabrication
&
Hardware
-
0
.20
%
MISUMI
Group
Inc
19,500‌
625‌
SKF
AB
26,182‌
483‌
Tenaris
SA
32,335‌
417‌
VAT
Group
AG
(f)
1,850‌
699‌
$
2,224‌
Mining
-
3
.10
%
Anglo
American
PLC
87,597‌
4,446‌
Antofagasta
PLC
27,002‌
547‌
BHP
Group
Ltd
346,629‌
11,836‌
Boliden
AB
18,729‌
833‌
Evolution
Mining
Ltd
125,506‌
388‌
Glencore
PLC
(e)
679,014‌
3,993‌
Newcrest
Mining
Ltd
56,008‌
1,039‌
Schedule
of
Investments
International
Equity
Index
Fund
February
28,
2022
(unaudited)
See
accompanying
notes.
145
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Mining
(continued)
Norsk
Hydro
ASA
92,085‌
$
874‌
Northern
Star
Resources
Ltd
75,758‌
565‌
Rio
Tinto
Ltd
25,419‌
2,192‌
Rio
Tinto
PLC
76,910‌
6,014‌
South32
Ltd
319,332‌
1,121‌
Sumitomo
Metal
Mining
Co
Ltd
17,000‌
848‌
$
34,696‌
Miscellaneous
Manufacturers
-
1
.02
%
Alfa
Laval
AB
21,542‌
699‌
Alstom
SA
21,728‌
553‌
JSR
Corp
14,000‌
440‌
Knorr-Bremse
AG
4,968‌
438‌
Orica
Ltd
27,904‌
297‌
Siemens
AG
52,382‌
7,380‌
Smiths
Group
PLC
27,095‌
553‌
Toshiba
Corp
26,700‌
1,064‌
$
11,424‌
Office
&
Business
Equipment
-
0
.35
%
Canon
Inc
68,600‌
1,614‌
FUJIFILM
Holdings
Corp
24,700‌
1,570‌
Ricoh
Co
Ltd
46,000‌
393‌
Seiko
Epson
Corp
19,200‌
295‌
$
3,872‌
Oil
&
Gas
-
3
.89
%
Aker
BP
ASA
8,631‌
270‌
Ampol
Ltd
16,318‌
352‌
BP
PLC
1,352,002‌
6,590‌
DCC
PLC
6,753‌
530‌
ENEOS
Holdings
Inc
210,230‌
832‌
Eni
SpA
172,819‌
2,688‌
Equinor
ASA
66,919‌
2,104‌
Galp
Energia
SGPS
SA
34,323‌
380‌
Idemitsu
Kosan
Co
Ltd
14,281‌
383‌
Inpex
Corp
70,200‌
724‌
Lundin
Energy
AB
13,706‌
506‌
Neste
Oyj
28,970‌
1,130‌
OMV
AG
10,085‌
480‌
Repsol
SA
99,356‌
1,289‌
Santos
Ltd
220,315‌
1,173‌
Shell
PLC
527,190‌
13,903‌
TotalEnergies
SE
171,757‌
8,750‌
Woodside
Petroleum
Ltd
(a)
66,391‌
1,387‌
$
43,471‌
Pharmaceuticals
-
8
.72
%
Amplifon
SpA
8,527‌
366‌
Astellas
Pharma
Inc
127,500‌
2,127‌
AstraZeneca
PLC
106,074‌
12,893‌
Bayer
AG
67,270‌
3,886‌
Chugai
Pharmaceutical
Co
Ltd
46,100‌
1,529‌
Daiichi
Sankyo
Co
Ltd
120,100‌
2,930‌
Eisai
Co
Ltd
16,300‌
809‌
GlaxoSmithKline
PLC
344,536‌
7,185‌
Grifols
SA
20,426‌
387‌
Hikma
Pharmaceuticals
PLC
11,888‌
331‌
Ipsen
SA
2,584‌
301‌
Kobayashi
Pharmaceutical
Co
Ltd
3,600‌
308‌
Kyowa
Kirin
Co
Ltd
18,500‌
473‌
Medipal
Holdings
Corp
12,600‌
231‌
Merck
KGaA
8,850‌
1,755‌
Nippon
Shinyaku
Co
Ltd
3,300‌
215‌
Novartis
AG
150,022‌
13,186‌
Novo
Nordisk
A/S
115,304‌
11,932‌
Ono
Pharmaceutical
Co
Ltd
25,400‌
625‌
Orion
Oyj
7,275‌
342‌
Otsuka
Holdings
Co
Ltd
26,800‌
924‌
Recordati
Industria
Chimica
e
Farmaceutica
SpA
7,161‌
350‌
Roche
Holding
AG
(a)
2,192‌
915‌
Roche
Holding
AG
48,107‌
18,220‌
Sanofi
77,865‌
8,139‌
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Pharmaceuticals
(continued)
Santen
Pharmaceutical
Co
Ltd
24,700‌
$
282‌
Shionogi
&
Co
Ltd
18,200‌
1,210‌
Sumitomo
Dainippon
Pharma
Co
Ltd
12,300‌
135‌
Taisho
Pharmaceutical
Holdings
Co
Ltd
2,500‌
124‌
Takeda
Pharmaceutical
Co
Ltd
108,400‌
3,305‌
Teva
Pharmaceutical
Industries
Ltd
ADR
(e)
75,526‌
614‌
UCB
SA
8,658‌
945‌
Vifor
Pharma
AG
3,339‌
586‌
$
97,560‌
Pipelines
-
0
.05
%
APA
Group
80,791‌
591‌
Private
Equity
-
0
.40
%
3i
Group
PLC
66,638‌
1,187‌
Capitaland
Investment
Ltd/Singapore
(e)
180,800‌
496‌
EQT
AB
20,261‌
678‌
Partners
Group
Holding
AG
1,555‌
2,102‌
$
4,463‌
Real
Estate
-
1
.33
%
Aroundtown
SA
68,409‌
422‌
Azrieli
Group
Ltd
2,906‌
248‌
CK
Asset
Holdings
Ltd
137,632‌
869‌
Daito
Trust
Construction
Co
Ltd
4,500‌
498‌
ESR
Cayman
Ltd
(e),(f)
135,800‌
419‌
Fastighets
AB
Balder
(e)
7,202‌
449‌
Hang
Lung
Properties
Ltd
139,000‌
292‌
Henderson
Land
Development
Co
Ltd
99,982‌
416‌
Hongkong
Land
Holdings
Ltd
78,946‌
427‌
Hulic
Co
Ltd
26,100‌
238‌
LEG
Immobilien
SE
4,988‌
641‌
Mitsubishi
Estate
Co
Ltd
81,100‌
1,238‌
Mitsui
Fudosan
Co
Ltd
62,900‌
1,400‌
New
World
Development
Co
Ltd
103,750‌
415‌
Nomura
Real
Estate
Holdings
Inc
8,100‌
202‌
REA
Group
Ltd
3,620‌
349‌
Sagax
AB
11,028‌
300‌
Sino
Land
Co
Ltd
227,073‌
287‌
Sumitomo
Realty
&
Development
Co
Ltd
21,200‌
624‌
Sun
Hung
Kai
Properties
Ltd
89,500‌
1,040‌
Swire
Properties
Ltd
80,200‌
208‌
Swiss
Prime
Site
AG
5,203‌
510‌
UOL
Group
Ltd
31,900‌
165‌
Vonovia
SE
50,518‌
2,682‌
Wharf
Real
Estate
Investment
Co
Ltd
115,000‌
516‌
$
14,855‌
REITs
-
1
.35
%
Ascendas
Real
Estate
Investment
Trust
229,850‌
471‌
British
Land
Co
PLC/The
60,289‌
426‌
CapitaLand
Integrated
Commercial
Trust
332,838‌
521‌
Covivio
3,563‌
291‌
Daiwa
House
REIT
Investment
Corp
151‌
410‌
Dexus
73,647‌
583‌
Gecina
SA
3,147‌
400‌
GLP
J-Reit
292‌
436‌
Goodman
Group
115,128‌
1,863‌
GPT
Group/The
131,165‌
468‌
Japan
Metropolitan
Fund
Invest
479‌
388‌
Japan
Real
Estate
Investment
Corp
86‌
459‌
Klepierre
SA
13,918‌
398‌
Land
Securities
Group
PLC
48,233‌
511‌
Link
REIT
143,200‌
1,157‌
Mapletree
Commercial
Trust
148,000‌
198‌
Mapletree
Logistics
Trust
213,800‌
278‌
Mirvac
Group
269,962‌
503‌
Nippon
Building
Fund
Inc
102‌
585‌
Nippon
Prologis
REIT
Inc
(e)
142‌
417‌
Nomura
Real
Estate
Master
Fund
Inc
(e)
291‌
384‌
Orix
JREIT
Inc
180‌
252‌
Scentre
Group
355,396‌
790‌
Segro
PLC
82,335‌
1,432‌
Schedule
of
Investments
International
Equity
Index
Fund
February
28,
2022
(unaudited)
See
accompanying
notes.
146
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
REITs
(continued)
Stockland
163,456‌
$
495‌
Unibail-Rodamco-Westfield
(e)
8,542‌
651‌
Vicinity
Centres
264,949‌
345‌
$
15,112‌
Retail
-
1
.89
%
Chow
Tai
Fook
Jewellery
Group
Ltd
137,000‌
284‌
Cie
Financiere
Richemont
SA
35,744‌
4,786‌
Cosmos
Pharmaceutical
Corp
1,300‌
180‌
Domino's
Pizza
Enterprises
Ltd
4,149‌
240‌
Fast
Retailing
Co
Ltd
4,000‌
2,158‌
H
&
M
Hennes
&
Mauritz
AB
50,009‌
835‌
Industria
de
Diseno
Textil
SA
74,692‌
1,948‌
JD
Sports
Fashion
PLC
(e)
176,594‌
355‌
Kingfisher
PLC
142,923‌
583‌
Lawson
Inc
(a)
3,300‌
138‌
McDonald's
Holdings
Co
Japan
Ltd
(a)
5,400‌
232‌
Moncler
SpA
14,056‌
844‌
Next
PLC
9,104‌
834‌
Nitori
Holdings
Co
Ltd
5,500‌
828‌
Pan
Pacific
International
Holdings
Corp
28,300‌
463‌
Pandora
A/S
6,849‌
701‌
Reece
Ltd
19,905‌
282‌
Ryohin
Keikaku
Co
Ltd
(a)
17,400‌
256‌
Swatch
Group
AG/The
-
BR
1,982‌
609‌
Swatch
Group
AG/The
-
REG
3,604‌
214‌
Tsuruha
Holdings
Inc
2,600‌
209‌
USS
Co
Ltd
15,100‌
251‌
Welcia
Holdings
Co
Ltd
6,400‌
171‌
Wesfarmers
Ltd
77,637‌
2,723‌
Zalando
SE
(e),(f)
15,249‌
1,009‌
$
21,133‌
Semiconductors
-
3
.07
%
Advantest
Corp
13,600‌
1,093‌
ASM
International
NV
3,207‌
1,036‌
ASML
Holding
NV
28,303‌
18,935‌
Hamamatsu
Photonics
KK
9,700‌
491‌
Infineon
Technologies
AG
89,420‌
3,026‌
Lasertec
Corp
5,100‌
945‌
Renesas
Electronics
Corp
(e)
86,300‌
1,017‌
Rohm
Co
Ltd
6,000‌
479‌
STMicroelectronics
NV
46,762‌
1,963‌
SUMCO
Corp
22,800‌
380‌
Tokyo
Electron
Ltd
10,200‌
5,006‌
$
34,371‌
Shipbuilding
-
0
.03
%
Wartsila
OYJ
Abp
32,415‌
363‌
Software
-
1
.46
%
AVEVA
Group
PLC
8,258‌
273‌
Capcom
Co
Ltd
12,100‌
294‌
Dassault
Systemes
SE
45,522‌
2,196‌
Embracer
Group
AB
(e)
38,319‌
329‌
Koei
Tecmo
Holdings
Co
Ltd
3,960‌
137‌
Konami
Holdings
Corp
6,400‌
364‌
Nemetschek
SE
3,955‌
351‌
Nexon
Co
Ltd
33,900‌
741‌
Oracle
Corp
Japan
2,600‌
186‌
Sage
Group
PLC/The
70,048‌
657‌
SAP
SE
71,502‌
8,066‌
Sinch
AB
(e),(f)
35,825‌
302‌
Square
Enix
Holdings
Co
Ltd
5,900‌
288‌
Temenos
AG
4,603‌
463‌
TIS
Inc
14,700‌
348‌
Ubisoft
Entertainment
SA
(e)
6,426‌
344‌
WiseTech
Global
Ltd
10,016‌
321‌
Xero
Ltd
(e)
9,166‌
630‌
$
16,290‌
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Telecommunications
-
3
.29
%
BT
Group
PLC
611,268‌
$
1,525‌
Deutsche
Telekom
AG
221,933‌
3,978‌
Elisa
Oyj
9,740‌
540‌
Hikari
Tsushin
Inc
1,400‌
174‌
HKT
Trust
&
HKT
Ltd
259,980‌
351‌
KDDI
Corp
110,500‌
3,596‌
Koninklijke
KPN
NV
230,223‌
788‌
Nice
Ltd
(e)
4,323‌
978‌
Nippon
Telegraph
&
Telephone
Corp
81,900‌
2,354‌
Nokia
OYJ
369,181‌
1,996‌
Orange
SA
136,606‌
1,652‌
Proximus
SADP
10,417‌
207‌
Singapore
Telecommunications
Ltd
565,500‌
1,061‌
SoftBank
Corp
196,800‌
2,486‌
SoftBank
Group
Corp
82,700‌
3,711‌
Spark
New
Zealand
Ltd
128,004‌
393‌
Swisscom
AG
1,774‌
1,063‌
Tele2
AB
34,295‌
454‌
Telecom
Italia
SpA/Milano
682,264‌
287‌
Telefonaktiebolaget
LM
Ericsson
199,856‌
1,839‌
Telefonica
Deutschland
Holding
AG
71,287‌
194‌
Telefonica
SA
360,809‌
1,723‌
Telenor
ASA
47,913‌
709‌
Telia
Co
AB
182,018‌
677‌
Telstra
Corp
Ltd
283,740‌
815‌
Vodafone
Group
PLC
1,868,378‌
3,289‌
$
36,840‌
Toys,
Games
&
Hobbies
-
0
.43
%
Bandai
Namco
Holdings
Inc
13,700‌
1,004‌
Nintendo
Co
Ltd
7,600‌
3,849‌
$
4,853‌
Transportation
-
1
.76
%
AP
Moller
-
Maersk
A/S
-
A
215‌
645‌
AP
Moller
-
Maersk
A/S
-
B
396‌
1,253‌
Aurizon
Holdings
Ltd
126,038‌
322‌
Central
Japan
Railway
Co
9,900‌
1,338‌
Deutsche
Post
AG
67,874‌
3,411‌
DSV
A/S
13,970‌
2,571‌
East
Japan
Railway
Co
20,800‌
1,236‌
Getlink
SE
30,129‌
491‌
Hankyu
Hanshin
Holdings
Inc
15,700‌
470‌
InPost
SA
(e)
13,696‌
85‌
Keio
Corp
7,000‌
286‌
Keisei
Electric
Railway
Co
Ltd
8,900‌
249‌
Kintetsu
Group
Holdings
Co
Ltd
11,800‌
354‌
Kuehne
+
Nagel
International
AG
3,721‌
1,015‌
Mitsui
OSK
Lines
Ltd
7,700‌
616‌
MTR
Corp
Ltd
106,500‌
552‌
NIPPON
EXPRESS
HOLDINGS
INC
5,300‌
321‌
Nippon
Yusen
KK
11,100‌
1,040‌
Odakyu
Electric
Railway
Co
Ltd
20,200‌
333‌
Poste
Italiane
SpA
(f)
35,774‌
410‌
SG
Holdings
Co
Ltd
22,000‌
466‌
SITC
International
Holdings
Co
Ltd
92,000‌
379‌
Tobu
Railway
Co
Ltd
13,000‌
320‌
Tokyu
Corp
34,300‌
457‌
West
Japan
Railway
Co
14,900‌
643‌
Yamato
Holdings
Co
Ltd
20,000‌
393‌
$
19,656‌
Water
-
0
.26
%
Severn
Trent
PLC
17,138‌
659‌
United
Utilities
Group
PLC
46,692‌
670‌
Veolia
Environnement
SA
44,883‌
1,565‌
$
2,894‌
TOTAL
COMMON
STOCKS
$
1,096,048‌
Schedule
of
Investments
International
Equity
Index
Fund
February
28,
2022
(unaudited)
See
accompanying
notes.
147
PREFERRED
STOCKS
-
0
.52
%
Shares
Held
Value
(000's)
Automobile
Manufacturers
-
0
.34
%
Bayerische
Motoren
Werke
AG
1.92%
3,951‌
$
319‌
Porsche
Automobil
Holding
SE
2.21%
10,486‌
1,047‌
Volkswagen
AG
4.86%
12,708‌
2,498‌
$
3,864‌
Chemicals
-
0
.02
%
FUCHS
PETROLUB
SE
0.99%
4,760‌
188‌
Consumer
Products
-
0
.09
%
Henkel
AG
&
Co
KGaA
1.85%
12,200‌
968‌
Electronics
-
0
.07
%
Sartorius
AG
1.26%
1,796‌
793‌
TOTAL
PREFERRED
STOCKS
$
5,813‌
Total
Investments
$
1,134,678‌
Other
Assets
and
Liabilities
-  (1.42)%
(
15,881‌
)
TOTAL
NET
ASSETS
-
100.00%
$
1,118,797‌
(a)
Security
or
a
portion
of
the
security
was
on
loan.  At
the
end
of
the
period,
the
value
of
these
securities
totaled
$18,958
or
1.69%
of
net
assets.
(b)
Current
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
$19,975
or
1.79%
of
net
assets.
(d)
Affiliated
Security.
Security
is
either
an
affiliate
(and
registered
under
the
Investment
Company
Act
of
1940,
as
amended,
(the
"1940
Act"))
or
an
affiliate
as
defined
by
the
1940
act
(controls
5.00%
or
more
of
the
outstanding
voting
shares
of
the
security).
Please
see
Affiliated
Securities
sub-schedule
for
transactional
information.
(e)
Non-income
producing
security
(f)
Security
exempt
from
registration
under
Rule
144A
of
the
Securities
Act
of
1933.
These
securities
may
be
resold
in
transactions
exempt
from
registration,
normally
to
qualified
institutional
buyers.
At
the
end
of
the
period,
the
value
of
these
securities
totaled
$18,857
or
1.69%
of
net
assets.
(g)
The
value
of
these
investments
was
determined
using
significant
unobservable
inputs,
in
good
faith
by
the
Manager,
under
procedures
established
and
periodically
reviewed
by
the
Board
of
Directors.
Portfolio
Summary  (unaudited)
Location
Percent
Japan
22
.48‌
%
United
Kingdom
14
.57‌
%
France
10
.84‌
%
Switzerland
10
.71‌
%
Germany
8
.23‌
%
Australia
7
.12‌
%
Netherlands
4
.73‌
%
Sweden
3
.20‌
%
United
States
2
.93‌
%
Hong
Kong
2
.83‌
%
Denmark
2
.58‌
%
Spain
2
.27‌
%
Italy
2
.00‌
%
Singapore
1
.44‌
%
Finland
1
.16‌
%
Ireland
1
.04‌
%
Belgium
0
.83‌
%
Norway
0
.72‌
%
Israel
0
.70‌
%
New
Zealand
0
.28‌
%
Luxembourg
0
.28‌
%
Austria
0
.20‌
%
Portugal
0
.15‌
%
Chile
0
.05‌
%
Macao
0
.04‌
%
Jordan
0
.03‌
%
Poland
0
.01‌
%
United
Arab
Emirates
0
.00‌
%
Other
Assets
and
Liabilities
(
1
.42‌
)
%
TOTAL
NET
ASSETS
100.00%
Affiliated
Securities
August
31,
2021
Purchases
Sales
February
28,
2022
Value
Cost
Proceeds
Value
Principal
Government
Money
Market
Fund
-
Institutional
Class
0.00%
$
10,018‌
$
258,289‌
$
258,121‌
$
10,186‌
$
10,018‌
$
258,289‌
$
258,121‌
$
10,186‌
Income
(a)
Realized
Gain/(Loss)
on
Investments
Realized
Gain
from
Capital
Gain
Distributions
Change
in
Unrealized
Gain/
(Loss)
Principal
Government
Money
Market
Fund
-
Institutional
Class
0.00%
$
—‌
$
—‌
$
—‌
$
—‌
$
—‌
$
—‌
$
—‌
$
—‌
Amounts
in
thousands.
(a)
Amount
excludes
earnings
from
securities
lending
collateral.
Futures
Contracts
Description
and
Expiration
Date
Type
Contracts
Notional
Amount
Value
and
Unrealized
Appreciation/(Depreciation)
eMini
MSCI
EAFE;
March
2022
Long
19‌
$
2,052‌
$
(
106‌
)
Total
$
(
106‌
)
Amounts
in
thousands
except
contracts.
Schedule
of
Investments
International
Small
Company
Fund
February
28,
2022
(unaudited)
See
accompanying
notes.
148
INVESTMENT
COMPANIES
-
4
.25
%
Shares
Held
Value
(000's)
Money
Market
Funds
-
4
.25
%
BlackRock
Liquidity
FedFund
-
Institutional
Class
0.03%
(a),(b)
15,471,555‌
$
15,472‌
Principal
Government
Money
Market
Fund
-
Institutional
Class
0.00%
(a),(b),(c),(d)
26,540,521‌
26,541‌
$
42,013‌
TOTAL
INVESTMENT
COMPANIES
$
42,013‌
COMMON
STOCKS
-
98
.26
%
Shares
Held
Value
(000's)
Advertising
-
0
.47
%
Stroeer
SE
&
Co
KGaA
61,380‌
$
4,630‌
Aerospace
&
Defense
-
1
.64
%
CAE
Inc
(d)
195,700‌
5,236‌
Rheinmetall
AG
74,157‌
11,038‌
$
16,274‌
Agriculture
-
0
.29
%
Genus
PLC
66,252‌
2,918‌
Apparel
-
0
.61
%
Dr.
Martens
Plc
485,744‌
1,826‌
Puma
SE
23,936‌
2,195‌
Yue
Yuen
Industrial
Holdings
Ltd
(d)
1,170,500‌
1,978‌
$
5,999‌
Automobile
Manufacturers
-
0
.99
%
Hino
Motors
Ltd
544,800‌
5,119‌
Mazda
Motor
Corp
634,500‌
4,693‌
$
9,812‌
Automobile
Parts
&
Equipment
-
1
.73
%
CIE
Automotive
SA
95,835‌
2,562‌
Faurecia
SE
(e)
142,743‌
5,375‌
Musashi
Seimitsu
Industry
Co
Ltd
104,900‌
1,637‌
Toyoda
Gosei
Co
Ltd
211,100‌
4,018‌
Toyota
Boshoku
Corp
191,900‌
3,512‌
$
17,104‌
Banks
-
4
.78
%
AEON
Financial
Service
Co
Ltd
(e)
165,800‌
1,708‌
Banca
Mediolanum
SpA
678,012‌
5,556‌
Banco
de
Sabadell
SA
(d)
5,610,924‌
4,852‌
Bank
of
Ireland
Group
PLC
(d)
1,351,235‌
8,966‌
BAWAG
Group
AG
(d),(f)
95,521‌
5,157‌
BPER
Banca
3,461,432‌
6,918‌
Chiba
Bank
Ltd/The
828,800‌
5,210‌
Fukuoka
Financial
Group
Inc
321,400‌
6,336‌
Paragon
Banking
Group
PLC
385,286‌
2,594‌
$
47,297‌
Beverages
-
0
.71
%
Royal
Unibrew
A/S
66,036‌
7,001‌
Biotechnology
-
0
.05
%
Cellectis
SA
ADR
(d),(e)
117,012‌
530‌
Building
Materials
-
1
.89
%
Buzzi
Unicem
SpA
134,181‌
2,559‌
Ibstock
PLC
(f)
810,987‌
1,930‌
Interfor
Corp
114,400‌
3,485‌
ROCKWOOL
International
A/S
18,302‌
6,274‌
Wienerberger
AG
149,189‌
4,461‌
$
18,709‌
Chemicals
-
2
.38
%
ADEKA
Corp
179,300‌
4,158‌
Arkema
SA
53,992‌
7,160‌
K+S
AG
89,430‌
2,294‌
Kureha
Corp
50,600‌
4,061‌
Methanex
Corp
15,450‌
804‌
Sumitomo
Bakelite
Co
Ltd
121,300‌
5,061‌
$
23,538‌
Commercial
Services
-
2
.54
%
Hays
PLC
3,093,735‌
5,630‌
Loomis
AB
139,201‌
3,926‌
M&A
Capital
Partners
Co
Ltd
(d)
46,100‌
2,023‌
Persol
Holdings
Co
Ltd
256,900‌
5,755‌
Rentokil
Initial
PLC
380,153‌
2,580‌
Sdiptech
AB
(d)
41,882‌
1,656‌
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Commercial
Services
(continued)
Sixt
SE
(e)
23,988‌
$
3,586‌
$
25,156‌
Computers
-
4
.34
%
BayCurrent
Consulting
Inc
16,300‌
6,518‌
Computacenter
PLC
123,012‌
4,503‌
CyberArk
Software
Ltd
(d)
39,159‌
6,662‌
GB
Group
PLC
460,146‌
3,469‌
Internet
Initiative
Japan
Inc
175,900‌
5,653‌
Keywords
Studios
PLC
130,947‌
4,247‌
Nihon
Unisys
Ltd
88,400‌
2,422‌
S&T
AG
(e)
114,165‌
1,791‌
Sopra
Steria
Group
SACA
24,340‌
4,341‌
Teleperformance
8,876‌
3,294‌
$
42,900‌
Distribution
&
Wholesale
-
0
.95
%
Seven
Group
Holdings
Ltd
245,096‌
3,967‌
Toromont
Industries
Ltd
64,304‌
5,451‌
$
9,418‌
Diversified
Financial
Services
-
3
.54
%
Euronext
NV
(f)
64,805‌
5,850‌
IG
Group
Holdings
PLC
699,680‌
7,312‌
Man
Group
PLC/Jersey
1,928,232‌
4,966‌
OSB
Group
PLC
432,638‌
2,891‌
SBI
Holdings
Inc/Japan
122,100‌
3,203‌
St
James's
Place
PLC
359,978‌
6,749‌
Zenkoku
Hosho
Co
Ltd
97,100‌
4,083‌
$
35,054‌
Electric
-
2
.85
%
BKW
AG
23,424‌
2,951‌
Boralex
Inc
183,000‌
5,344‌
Capital
Power
Corp
233,100‌
7,163‌
Hera
SpA
1,694,354‌
6,570‌
Northland
Power
Inc
193,800‌
6,162‌
$
28,190‌
Electrical
Components
&
Equipment
-
1
.78
%
Nexans
SA
30,396‌
2,932‌
Prysmian
SpA
204,373‌
6,728‌
Signify
NV
(f)
155,024‌
7,930‌
$
17,590‌
Electronics
-
1
.46
%
Anritsu
Corp
(e)
310,300‌
4,359‌
Comet
Holding
AG
2,170‌
659‌
Electrocomponents
PLC
516,042‌
6,808‌
Halma
PLC
81,255‌
2,621‌
$
14,447‌
Engineering
&
Construction
-
3
.47
%
Arcadis
NV
71,387‌
3,263‌
Balfour
Beatty
PLC
982,358‌
3,120‌
Downer
EDI
Ltd
1,259,535‌
4,642‌
EXEO
Group
Inc
277,300‌
5,772‌
Kumagai
Gumi
Co
Ltd
58,500‌
1,471‌
Kyudenko
Corp
62,700‌
1,683‌
Mirait
Holdings
Corp
194,200‌
3,300‌
SPIE
SA
206,018‌
4,819‌
Stantec
Inc
125,400‌
6,232‌
$
34,302‌
Entertainment
-
1
.78
%
Entain
PLC
(d)
318,007‌
7,149‌
Sega
Sammy
Holdings
Inc
483,500‌
8,819‌
Tokyotokeiba
Co
Ltd
45,700‌
1,624‌
$
17,592‌
Food
-
3
.87
%
AAK
AB
207,107‌
3,767‌
Cranswick
PLC
60,326‌
2,832‌
Empire
Co
Ltd
214,300‌
6,638‌
House
Foods
Group
Inc
77,200‌
1,996‌
J
Sainsbury
PLC
1,694,624‌
6,250‌
Morinaga
Milk
Industry
Co
Ltd
139,000‌
6,968‌
Schedule
of
Investments
International
Small
Company
Fund
February
28,
2022
(unaudited)
See
accompanying
notes.
149
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Food
(continued)
Sonae
SGPS
SA
2,941,509‌
$
3,202‌
Toyo
Suisan
Kaisha
Ltd
157,400‌
6,616‌
$
38,269‌
Forest
Products
&
Paper
-
0
.68
%
Sumitomo
Forestry
Co
Ltd
351,400‌
6,776‌
Hand
&
Machine
Tools
-
0
.67
%
Amada
Co
Ltd
747,500‌
6,623‌
Healthcare
-
Products
-
0
.83
%
Carl
Zeiss
Meditec
AG
12,801‌
2,009‌
Tecan
Group
AG
14,287‌
6,184‌
$
8,193‌
Healthcare
-
Services
-
0
.28
%
ICON
PLC
(d)
11,548‌
2,749‌
Holding
Companies
-
Diversified
-
0
.37
%
Swire
Pacific
Ltd
655,500‌
3,623‌
Home
Builders
-
0
.49
%
Redrow
PLC
634,849‌
4,840‌
Insurance
-
1
.72
%
ASR
Nederland
NV
204,225‌
8,827‌
Conduit
Holdings
Ltd
276,447‌
1,506‌
SCOR
SE
205,493‌
6,690‌
$
17,023‌
Internet
-
2
.90
%
Auto1
Group
SE
(d),(f)
90,188‌
1,307‌
Criteo
SA
ADR
(d)
172,901‌
5,751‌
flatexDEGIRO
AG
(d),(e)
226,964‌
4,700‌
Future
PLC
203,783‌
7,211‌
Scout24
SE
(f)
68,591‌
4,001‌
Trend
Micro
Inc/Japan
103,200‌
5,765‌
$
28,735‌
Iron
&
Steel
-
0
.46
%
APERAM
SA
82,275‌
4,607‌
Leisure
Products
&
Services
-
1
.02
%
BRP
Inc
85,500‌
6,128‌
Thule
Group
AB
(f)
101,443‌
3,983‌
$
10,111‌
Lodging
-
0
.51
%
Whitbread
PLC
(d)
128,688‌
5,023‌
Machinery
-
Construction
&
Mining
-
0
.53
%
Weir
Group
PLC/The
250,709‌
5,285‌
Machinery
-
Diversified
-
3
.16
%
ATS
Automation
Tooling
Systems
Inc
(d)
157,200‌
6,096‌
CKD
Corp
188,700‌
3,291‌
Georg
Fischer
AG
2,641‌
3,249‌
Husqvarna
AB
539,075‌
6,493‌
IMI
PLC
316,876‌
6,208‌
KION
Group
AG
74,072‌
5,938‌
$
31,275‌
Media
-
1
.48
%
ITV
PLC
5,021,127‌
7,398‌
Nine
Entertainment
Co
Holdings
Ltd
3,555,898‌
7,222‌
$
14,620‌
Metal
Fabrication
&
Hardware
-
1
.53
%
Hanwa
Co
Ltd
74,500‌
2,167‌
Reliance
Worldwide
Corp
Ltd
1,680,057‌
5,649‌
VAT
Group
AG
(f)
19,269‌
7,282‌
$
15,098‌
Mining
-
4
.24
%
Allkem
Ltd
(d)
841,914‌
5,615‌
Argonaut
Gold
Inc
(d)
752,300‌
1,371‌
Capstone
Mining
Corp
(d)
700,500‌
3,631‌
Constellium
SE
(d)
412,969‌
8,024‌
Eramet
SA
(d)
11,406‌
1,495‌
IGO
Ltd
317,693‌
2,549‌
Lynas
Rare
Earths
Ltd
(d)
623,369‌
4,718‌
Pilbara
Minerals
Ltd
(d)
466,528‌
937‌
SSR
Mining
Inc
464,134‌
9,187‌
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Mining
(continued)
Wesdome
Gold
Mines
Ltd
(d)
395,100‌
$
4,448‌
$
41,975‌
Miscellaneous
Manufacturers
-
1
.29
%
Aalberts
NV
104,866‌
5,851‌
Trelleborg
AB
345,609‌
6,944‌
$
12,795‌
Office
&
Business
Equipment
-
0
.31
%
Canon
Marketing
Japan
Inc
145,200‌
3,035‌
Oil
&
Gas
-
3
.73
%
Ampol
Ltd
144,014‌
3,111‌
ARC
Resources
Ltd
522,400‌
6,458‌
Crescent
Point
Energy
Corp
817,000‌
5,846‌
Lundin
Energy
AB
143,379‌
5,291‌
Parex
Resources
Inc
167,867‌
3,702‌
Tourmaline
Oil
Corp
208,300‌
8,217‌
Whitecap
Resources
Inc
567,600‌
4,330‌
$
36,955‌
Packaging
&
Containers
-
1
.58
%
DS
Smith
PLC
1,809,968‌
8,340‌
SIG
Combibloc
Group
AG
(d)
324,210‌
7,276‌
$
15,616‌
Pharmaceuticals
-
3
.28
%
ALK-Abello
A/S
(d)
8,353‌
3,197‌
CVS
Group
PLC
227,366‌
5,113‌
Dechra
Pharmaceuticals
PLC
146,605‌
8,085‌
Hikma
Pharmaceuticals
PLC
204,335‌
5,689‌
Nippon
Shinyaku
Co
Ltd
72,000‌
4,689‌
Ship
Healthcare
Holdings
Inc
122,700‌
2,442‌
Suzuken
Co
Ltd/Aichi
Japan
25,200‌
812‌
Towa
Pharmaceutical
Co
Ltd
93,600‌
2,426‌
$
32,453‌
Private
Equity
-
0
.74
%
Intermediate
Capital
Group
PLC
320,654‌
7,349‌
Real
Estate
-
2
.57
%
CA
Immobilien
Anlagen
AG
65,371‌
2,236‌
Castellum
AB
326,624‌
7,247‌
Daito
Trust
Construction
Co
Ltd
20,200‌
2,235‌
Samhallsbyggnadsbolaget
i
Norden
AB
643,368‌
2,974‌
TAG
Immobilien
AG
167,318‌
4,313‌
Tokyu
Fudosan
Holdings
Corp
1,150,100‌
6,380‌
$
25,385‌
REITs
-
7
.94
%
Centuria
Industrial
REIT
1,334,790‌
3,644‌
Charter
Hall
Group
692,191‌
8,465‌
Cofinimmo
SA
18,845‌
2,464‌
Derwent
London
PLC
72,296‌
2,947‌
First
Capital
Real
Estate
Investment
Trust
289,600‌
4,147‌
Frasers
Logistics
&
Commercial
Trust
5,437,700‌
5,632‌
GLP
J-Reit
3,932‌
5,870‌
Granite
Real
Estate
Investment
Trust
53,400‌
3,955‌
Japan
Hotel
REIT
Investment
Corp
9,354‌
4,787‌
Klepierre
SA
220,915‌
6,315‌
Mapletree
Industrial
Trust
2,772,125‌
5,245‌
Mirvac
Group
3,405,509‌
6,351‌
Mitsui
Fudosan
Logistics
Park
Inc
1,083‌
4,952‌
NIPPON
REIT
Investment
Corp
618‌
1,934‌
Safestore
Holdings
PLC
207,749‌
3,537‌
Summit
Industrial
Income
REIT
244,700‌
4,157‌
Warehouses
De
Pauw
CVA
104,548‌
4,110‌
$
78,512‌
Retail
-
3
.94
%
ABC-Mart
Inc
(e)
51,100‌
2,217‌
B&M
European
Value
Retail
SA
1,141,765‌
9,261‌
Eagers
Automotive
Ltd
237,144‌
2,435‌
Grafton
Group
PLC
356,175‌
5,115‌
JD
Sports
Fashion
PLC
(d)
3,205,434‌
6,448‌
Moncler
SpA
40,866‌
2,454‌
Ryohin
Keikaku
Co
Ltd
(e)
308,200‌
4,539‌
Schedule
of
Investments
International
Small
Company
Fund
February
28,
2022
(unaudited)
See
accompanying
notes.
150
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Retail
(continued)
Super
Retail
Group
Ltd
515,643‌
$
4,144‌
WH
Smith
PLC
(d)
108,952‌
2,357‌
$
38,970‌
Semiconductors
-
3
.55
%
Alphawave
IP
Group
PLC
(d),(e)
1,059,367‌
2,635‌
ASM
International
NV
8,968‌
2,896‌
Japan
Material
Co
Ltd
178,200‌
2,616‌
Nova
Ltd
(d)
54,431‌
5,703‌
Tokyo
Ohka
Kogyo
Co
Ltd
62,700‌
3,998‌
Tower
Semiconductor
Ltd
(d)
216,031‌
10,121‌
Ulvac
Inc
143,500‌
7,163‌
$
35,132‌
Shipbuilding
-
0
.49
%
Yangzijiang
Shipbuilding
Holdings
Ltd
4,749,600‌
4,859‌
Software
-
2
.10
%
Descartes
Systems
Group
Inc/The
(d)
104,000‌
7,411‌
Open
Text
Corp
62,500‌
2,720‌
Pro
Medicus
Ltd
(e)
107,387‌
3,688‌
Sophia
Genetics
SA
(d),(e)
62,709‌
803‌
TIS
Inc
259,000‌
6,130‌
$
20,752‌
Telecommunications
-
1
.16
%
Bezeq
The
Israeli
Telecommunication
Corp
Ltd
(d)
4,770,543‌
7,832‌
Eutelsat
Communications
SA
329,724‌
3,611‌
$
11,443‌
Transportation
-
2
.59
%
ComfortDelGro
Corp
Ltd
2,404,800‌
2,512‌
Kamigumi
Co
Ltd
312,100‌
6,065‌
NIPPON
EXPRESS
HOLDINGS
INC
84,100‌
5,098‌
Sankyu
Inc
133,000‌
4,611‌
TFI
International
Inc
70,100‌
7,307‌
$
25,593‌
TOTAL
COMMON
STOCKS
$
972,135‌
PREFERRED
STOCKS
-
0
.28
%
Shares
Held
Value
(000's)
Machinery
-
Diversified
-
0
.28
%
Jungheinrich
AG
0.43%
76,627‌
$
2,763‌
TOTAL
PREFERRED
STOCKS
$
2,763‌
Total
Investments
$
1,016,911‌
Other
Assets
and
Liabilities
-  (2.79)%
(
27,625‌
)
TOTAL
NET
ASSETS
-
100.00%
$
989,286‌
(a)
Current
yield
shown
is
as
of
period
end.
(b)
Security
or
a
portion
of
the
security
was
received
as
collateral
for
securities
lending.
At
the
end
of
the
period,
the
value
of
these
securities
totaled
$26,682
or
2.70%
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
$24,308
or
2.46%
of
net
assets.
(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
$37,440
or
3.78%
of
net
assets.
Portfolio
Summary  (unaudited)
Location
Percent
Japan
22
.68‌
%
United
Kingdom
17
.01‌
%
Canada
13
.56‌
%
France
6
.11‌
%
Australia
5
.74‌
%
United
States
4
.96‌
%
Germany
4
.92‌
%
Sweden
4
.28‌
%
Netherlands
3
.49‌
%
Italy
3
.12‌
%
Israel
3
.06‌
%
Switzerland
2
.89‌
%
Ireland
2
.14‌
%
Denmark
1
.66‌
%
Austria
1
.38‌
%
Singapore
1
.35‌
%
Spain
0
.75‌
%
Belgium
0
.66‌
%
Hong
Kong
0
.57‌
%
Jordan
0
.57‌
%
China
0
.49‌
%
Malaysia
0
.47‌
%
Luxembourg
0
.46‌
%
Portugal
0
.32‌
%
Bermuda
0
.15‌
%
Other
Assets
and
Liabilities
(
2
.79‌
)
%
TOTAL
NET
ASSETS
100.00%
Affiliated
Securities
August
31,
2021
Purchases
Sales
February
28,
2022
Value
Cost
Proceeds
Value
Principal
Government
Money
Market
Fund
-
Institutional
Class
0.00%
$
36,399‌
$
310,089‌
$
319,947‌
$
26,541‌
$
36,399‌
$
310,089‌
$
319,947‌
$
26,541‌
Income
(a)
Realized
Gain/(Loss)
on
Investments
Realized
Gain
from
Capital
Gain
Distributions
Change
in
Unrealized
Gain/
(Loss)
Principal
Government
Money
Market
Fund
-
Institutional
Class
0.00%
$
—‌
$
—‌
$
—‌
$
—‌
$
—‌
$
—‌
$
—‌
$
—‌
Amounts
in
thousands.
(a)
Amount
excludes
earnings
from
securities
lending
collateral.
Schedule
of
Investments
Opportunistic
Municipal
Fund
February
28,
2022
(unaudited)
See
accompanying
notes.
151
INVESTMENT
COMPANIES
-
1
.05
%
Shares
Held
Value
(000's)
Exchange-Traded
Funds
-
1
.05
%
iShares
Short-Term
National
Muni
Bond
ETF
1,000‌
$
106‌
JPMorgan
Ultra-Short
Municipal
Income
ETF
10,306‌
523‌
SPDR
Nuveen
Bloomberg
High
Yield
Municipal
Bond
ETF
14,839‌
854‌
VanEck
High
Yield
Muni
ETF
7,341‌
437‌
VanEck
Short
High
Yield
Muni
ETF
1,000‌
24‌
$
1,944‌
TOTAL
INVESTMENT
COMPANIES
$
1,944‌
MUNICIPAL
BONDS
-
103
.82
%
Principal
Amount
(000's)
Value
(000's)
Alabama
-
2
.89
%
Columbia
Industrial
Development
Board
0.11%,
12/01/2037
(a)
$
1,300‌
$
1,300‌
Eutaw
Industrial
Development
Board
0.11%,
06/01/2028
(a)
200‌
200‌
Lower
Alabama
Gas
District/The
5.00%,
09/01/2034
1,500‌
1,864‌
Tuscaloosa
County
Industrial
Development
Authority
4.50%,
05/01/2032
(b)
929‌
949‌
5.25%,
05/01/2044
(b)
1,000‌
1,065‌
$
5,378‌
Alaska
-
1
.14
%
Northern
Tobacco
Securitization
Corp
4.00%,
06/01/2050
1,000‌
1,068‌
4.00%,
06/01/2050
1,000‌
1,059‌
$
2,127‌
Arizona
-
4
.87
%
Arizona
Industrial
Development
Authority
7.25%,
01/01/2054
(b)
1,000‌
735‌
Maricopa
County
Industrial
Development
Authority
4.00%,
10/15/2047
(b)
4,000‌
4,141‌
Navajo
Nation
5.50%,
12/01/2030
(b)
2,500‌
2,724‌
Salt
Verde
Financial
Corp
5.00%,
12/01/2032
1,200‌
1,465‌
$
9,065‌
Arkansas
-
0
.57
%
Arkansas
Development
Finance
Authority
4.50%,
09/01/2049
(b)
1,000‌
1,068‌
California
-
5
.82
%
Abag
Finance
Authority
for
Nonprofit
Corps
5.00%,
08/01/2043
500‌
525‌
Bay
Area
Toll
Authority
2.60%,
04/01/2056
750‌
656‌
California
Statewide
Communities
Development
Authority
0.06%,
04/01/2025
(a)
200‌
200‌
5.25%,
12/01/2048
(b)
1,000‌
1,159‌
California
Statewide
Financing
Authority
6.00%,
05/01/2043
1,000‌
1,019‌
City
of
Los
Angeles
Department
of
Airports
5.00%,
05/15/2035
(c)
800‌
987‌
5.00%,
05/15/2036
(c)
714‌
880‌
CSCDA
Community
Improvement
Authority
3.13%,
08/01/2056
(b)
2,000‌
1,665‌
La
Verne
Public
Financing
Authority
7.25%,
09/01/2026
370‌
371‌
Oakland
Unified
School
District/Alameda
County
5.00%,
08/01/2035
1,225‌
1,370‌
Tobacco
Securitization
Authority
of
Northern
California
0.00%,
06/01/2060
(d)
10,000‌
1,994‌
$
10,826‌
Colorado
-
5
.43
%
Centerra
Metropolitan
District
No
1
5.00%,
12/01/2037
(b)
1,000‌
1,038‌
MUNICIPAL
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Colorado
(continued)
Creekside
Village
Metropolitan
District
5.00%,
12/01/2039
$
1,255‌
$
1,321‌
Eagle
County
Airport
Terminal
Corp
5.00%,
05/01/2037
1,000‌
1,126‌
Elbert
County
Independence
Water
&
Sanitation
District
7.25%,
12/01/2038
1,000‌
1,062‌
Jefferson
County
School
District
R-1
(credit
support
from
State
Aid
Withholding
)
4.00%,
12/15/2034
(c),(e)
683‌
796‌
4.00%,
12/15/2036
(c),(e)
1,820‌
2,116‌
Painted
Prairie
Public
Improvement
Authority
5.00%,
12/01/2049
500‌
526‌
Pueblo
Urban
Renewal
Authority
4.75%,
12/01/2045
(b)
2,000‌
2,110‌
$
10,095‌
Connecticut
-
1
.00
%
Mohegan
Tribal
Finance
Authority
7.00%,
02/01/2045
(b)
1,800‌
1,860‌
Delaware
-
0
.66
%
Delaware
River
&
Bay
Authority
5.00%,
01/01/2033
(f)
1,000‌
1,226‌
District
of
Columbia
-
0
.58
%
District
of
Columbia
4.00%,
07/01/2039
1,000‌
1,086‌
Florida
-
7
.34
%
County
of
Broward
FL
0.13%,
12/01/2048
(a)
500‌
500‌
Florida
Development
Finance
Corp
3.00%,
06/01/2032
4,000‌
4,041‌
7.38%,
01/01/2049
(b)
3,750‌
4,035‌
Greater
Orlando
Aviation
Authority
5.00%,
10/01/2047
(c)
2,999‌
3,411‌
Ocean
Highway
&
Port
Authority
5.50%,
12/01/2049
(b)
1,500‌
1,409‌
Orange
County
Housing
Finance
Authority
7.00%,
10/01/2025
250‌
251‌
$
13,647‌
Georgia
-
2
.91
%
George
L
Smith
II
Congress
Center
Authority
4.00%,
01/01/2054
1,000‌
1,020‌
5.00%,
01/01/2054
(b)
2,000‌
2,035‌
Municipal
Electric
Authority
of
Georgia
(credit
support
from
Assured
Guaranty
Municipal
Corp
)
5.00%,
01/01/2062
(e)
2,000‌
2,350‌
$
5,405‌
Guam
-
1
.29
%
Territory
of
Guam
4.00%,
01/01/2042
2,250‌
2,405‌
Illinois
-
11
.47
%
City
of
Chicago
IL
5.50%,
01/01/2042
300‌
328‌
5.50%,
01/01/2049
1,000‌
1,150‌
6.00%,
01/01/2038
1,900‌
2,202‌
7.46%,
02/15/2026
1,456‌
1,402‌
City
of
Chicago
IL
Wastewater
Transmission
Revenue
5.00%,
01/01/2031
760‌
831‌
5.00%,
01/01/2039
1,200‌
1,305‌
Illinois
Finance
Authority
0.00%,
12/01/2042
(d),(g)
94‌
—‌
Illinois
Sports
Facilities
Authority/The
5.00%,
06/15/2028
1,000‌
1,142‌
5.00%,
06/15/2029
1,000‌
1,151‌
Illinois
State
Toll
Highway
Authority
5.00%,
01/01/2040
(c)
4,991‌
5,566‌
Schedule
of
Investments
Opportunistic
Municipal
Fund
February
28,
2022
(unaudited)
See
accompanying
notes.
152
MUNICIPAL
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Illinois
(continued)
Metropolitan
Pier
&
Exposition
Authority
5.00%,
06/15/2050
$
1,000‌
$
1,112‌
5.00%,
06/15/2057
500‌
547‌
Metropolitan
Pier
&
Exposition
Authority
(credit
support
from
National
Public
Finance
Guarantee
Corp
)
5.50%,
06/15/2029
(e)
1,000‌
1,138‌
State
of
Illinois
5.00%,
11/01/2028
500‌
573‌
5.00%,
03/01/2046
1,450‌
1,676‌
5.50%,
07/01/2027
1,150‌
1,215‌
$
21,338‌
Indiana
-
1
.25
%
City
of
Whiting
IN
3.00%,
11/01/2051
2,000‌
1,799‌
Indiana
Finance
Authority
0.12%,
02/01/2035
(a)
200‌
200‌
Town
of
Shoals
IN
7.25%,
11/01/2043
300‌
317‌
$
2,316‌
Iowa
-
0
.57
%
Iowa
Tobacco
Settlement
Authority
4.00%,
06/01/2049
1,000‌
1,063‌
Kentucky
-
0
.54
%
County
of
Meade
KY
0.18%,
08/01/2061
(a)
1,000‌
1,000‌
Louisiana
-
4
.73
%
Louisiana
Local
Government
Environmental
Facilities
&
Community
Development
Authority
3.50%,
11/01/2032
1,000‌
1,045‌
4.40%,
11/01/2044
(b)
905‌
950‌
5.50%,
11/01/2039
(b)
800‌
899‌
5.65%,
11/01/2037
(b)
1,000‌
1,136‌
Louisiana
Public
Facilities
Authority
0.00%,
07/01/2039
(d)
278‌
—‌
Parish
of
St
James
LA
6.35%,
10/01/2040
(b)
3,000‌
3,752‌
Parish
of
St
John
the
Baptist
LA
2.10%,
06/01/2037
(a)
1,000‌
1,005‌
$
8,787‌
Maine
-
1
.62
%
Finance
Authority
of
Maine
5.25%,
01/01/2025
(b)
1,000‌
1,085‌
8.00%,
12/01/2051
(b)
2,000‌
1,925‌
$
3,010‌
Maryland
-
0
.34
%
City
of
Westminster
MD
6.25%,
07/01/2044
600‌
640‌
Michigan
-
2
.96
%
City
of
Detroit
MI
5.00%,
04/01/2046
1,000‌
1,159‌
Kalamazoo
Economic
Development
Corp
5.00%,
05/15/2032
935‌
1,026‌
Michigan
Finance
Authority
5.00%,
07/01/2035
1,000‌
1,103‌
Michigan
Strategic
Fund
5.00%,
11/15/2043
1,000‌
1,117‌
5.00%,
11/15/2049
1,000‌
1,101‌
$
5,506‌
Mississippi
-
0
.16
%
Mississippi
Business
Finance
Corp
0.17%,
12/01/2049
(a)
300‌
300‌
MUNICIPAL
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Missouri
-
0
.85
%
City
of
St
Louis
MO
Airport
Revenue
(credit
support
from
National
Public
Finance
Guarantee
Corp
)
5.50%,
07/01/2028
(e)
$
400‌
$
486‌
Health
&
Educational
Facilities
Authority
of
the
State
of
Missouri
5.00%,
02/01/2034
1,000‌
1,087‌
$
1,573‌
Montana
-
1
.84
%
City
of
Kalispell
MT
5.25%,
05/15/2037
1,400‌
1,491‌
County
of
Gallatin
MT
4.00%,
10/15/2046
(b)
2,000‌
1,929‌
$
3,420‌
Nevada
-
1
.35
%
Las
Vegas
Convention
&
Visitors
Authority
5.00%,
07/01/2043
(c)
1,396‌
1,627‌
State
of
Nevada
Department
of
Business
&
Industry
5.13%,
12/15/2037
(b)
962‌
876‌
$
2,503‌
New
Hampshire
-
1
.32
%
New
Hampshire
Business
Finance
Authority
2.95%,
04/01/2029
(a),(b)
1,000‌
1,018‌
New
Hampshire
Health
and
Education
Facilities
Authority
Act
5.00%,
08/01/2059
1,000‌
1,436‌
$
2,454‌
New
Jersey
-
4
.26
%
Casino
Reinvestment
Development
Authority
Inc
5.25%,
11/01/2039
250‌
265‌
New
Jersey
Economic
Development
Authority
5.00%,
07/15/2028
500‌
564‌
5.00%,
06/15/2047
500‌
562‌
5.25%,
06/15/2040
55‌
62‌
5.25%,
06/15/2040
945‌
1,044‌
5.63%,
11/15/2030
1,500‌
1,610‌
5.75%,
09/15/2027
500‌
509‌
New
Jersey
Transportation
Trust
Fund
Authority
5.25%,
06/15/2032
2,000‌
2,194‌
South
Jersey
Port
Corp
5.00%,
01/01/2048
1,000‌
1,104‌
$
7,914‌
New
York
-
8
.14
%
New
York
Counties
Tobacco
Trust
VI
5.00%,
06/01/2041
400‌
437‌
New
York
State
Bridge
Authority
4.00%,
01/01/2046
725‌
818‌
New
York
State
Thruway
Authority
5.25%,
01/01/2056
1,000‌
1,125‌
New
York
Transportation
Development
Corp
3.00%,
08/01/2031
1,000‌
1,016‌
4.00%,
10/01/2030
1,000‌
1,093‌
4.00%,
12/01/2041
1,250‌
1,351‌
4.00%,
04/30/2053
1,000‌
1,075‌
5.00%,
01/01/2036
1,000‌
1,124‌
5.38%,
08/01/2036
1,000‌
1,176‌
Suffolk
Tobacco
Asset
Securitization
Corp
4.00%,
06/01/2050
640‌
690‌
Troy
Capital
Resource
Corp
4.00%,
09/01/2035
180‌
203‌
Westchester
County
Local
Development
Corp
5.00%,
07/01/2041
(b)
1,000‌
1,047‌
5.00%,
07/01/2056
(b)
1,250‌
1,286‌
Schedule
of
Investments
Opportunistic
Municipal
Fund
February
28,
2022
(unaudited)
See
accompanying
notes.
153
MUNICIPAL
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
New
York
(continued)
Western
Regional
Off-Track
Betting
Corp
3.00%,
12/01/2026
(b)
$
1,340‌
$
1,308‌
4.13%,
12/01/2041
(b)
1,500‌
1,397‌
$
15,146‌
Ohio
-
3
.67
%
Buckeye
Tobacco
Settlement
Financing
Authority
5.00%,
06/01/2055
1,900‌
2,069‌
Cleveland-Cuyahoga
County
Port
Authority
4.00%,
12/01/2055
(b)
1,000‌
1,005‌
4.50%,
12/01/2055
(b)
1,000‌
1,016‌
Jefferson
County
Port
Authority/OH
3.50%,
12/01/2051
(b)
1,500‌
1,368‌
Ohio
Air
Quality
Development
Authority
4.50%,
01/15/2048
(b)
1,000‌
1,107‌
Ohio
State
Air
Quality
Development
Authority
Escrow
0.00%,
12/01/2023
(d),(g)
1,000‌
267‌
$
6,832‌
Oklahoma
-
1
.22
%
Oklahoma
Development
Finance
Authority
5.25%,
08/15/2043
1,000‌
1,183‌
Tulsa
County
Industrial
Authority
5.25%,
11/15/2045
1,000‌
1,093‌
$
2,276‌
Oregon
-
0
.03
%
Oregon
State
Business
Development
Commission
0.00%,
04/01/2031
(b),(d)
1,000‌
60‌
Pennsylvania
-
4
.17
%
Allegheny
County
Industrial
Development
Authority
4.88%,
11/01/2024
500‌
534‌
Allentown
Neighborhood
Improvement
Zone
Development
Authority
5.00%,
05/01/2042
1,000‌
1,187‌
Commonwealth
Financing
Authority
5.00%,
06/01/2028
1,000‌
1,190‌
5.00%,
06/01/2035
1,000‌
1,169‌
Lancaster
County
Hospital
Authority/PA
5.00%,
07/01/2045
1,000‌
1,052‌
Pennsylvania
Economic
Development
Financing
Authority
5.50%,
11/01/2044
1,000‌
1,045‌
Sports
&
Exhibition
Authority
of
Pittsburgh
and
Allegheny
County
(credit
support
from
Assured
Guaranty
Municipal
Corp
)
5.00%,
02/01/2029
(e),(f)
1,325‌
1,579‌
$
7,756‌
Puerto
Rico
-
1
.34
%
Commonwealth
of
Puerto
Rico
0.00%,
07/01/2039
(d)
1,805‌
1,710‌
0.00%,
07/01/2039
(d)
765‌
774‌
$
2,484‌
South
Carolina
-
1
.84
%
South
Carolina
Jobs-Economic
Development
Authority
5.25%,
11/15/2052
500‌
532‌
6.50%,
06/01/2051
(b)
3,000‌
2,886‌
$
3,418‌
South
Dakota
-
0
.27
%
Oglala
Sioux
Tribe
5.75%,
10/01/2025
(b)
500‌
500‌
Tennessee
-
3
.43
%
Chattanooga
Health
Educational
&
Housing
Facility
Board
5.00%,
10/01/2028
1,050‌
1,148‌
5.00%,
10/01/2035
500‌
539‌
MUNICIPAL
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Tennessee
(continued)
Metropolitan
Government
Nashville
&
Davidson
County
Industrial
Development
Board
4.00%,
06/01/2051
(b)
$
1,600‌
$
1,552‌
Metropolitan
Nashville
Airport
Authority/The
5.00%,
07/01/2054
2,000‌
2,318‌
Nashville
Metropolitan
Development
&
Housing
Agency
5.13%,
06/01/2036
(b)
750‌
823‌
$
6,380‌
Texas
-
5
.48
%
City
of
Houston
TX
Airport
System
Revenue
4.00%,
07/01/2041
1,500‌
1,548‌
North
Texas
Tollway
Authority
5.00%,
01/01/2045
615‌
669‌
5.00%,
01/01/2048
500‌
570‌
Port
Beaumont
Navigation
District
3.00%,
01/01/2050
(b)
2,000‌
1,645‌
4.00%,
01/01/2050
(b)
3,500‌
3,477‌
Texas
Municipal
Gas
Acquisition
and
Supply
Corp
I
6.25%,
12/15/2026
1,730‌
1,946‌
Texas
Private
Activity
Bond
Surface
Transportation
Corp
7.00%,
12/31/2038
300‌
326‌
$
10,181‌
Utah
-
0
.77
%
Utah
Infrastructure
Agency
5.25%,
10/15/2033
1,250‌
1,433‌
Vermont
-
0
.78
%
Vermont
Economic
Development
Authority
4.63%,
04/01/2036
(a),(b)
1,300‌
1,451‌
Virginia
-
1
.74
%
Virginia
Small
Business
Financing
Authority
4.00%,
12/01/2036
1,000‌
1,073‌
4.00%,
01/01/2040
(f)
1,000‌
1,076‌
4.00%,
01/01/2048
1,000‌
1,081‌
$
3,230‌
Washington
-
0
.55
%
Washington
State
Housing
Finance
Commission
3.50%,
12/20/2035
989‌
1,031‌
Wisconsin
-
2
.63
%
Public
Finance
Authority
4.00%,
03/31/2056
1,165‌
1,204‌
5.00%,
01/01/2024
500‌
530‌
5.00%,
12/01/2025
1,200‌
1,341‌
5.00%,
09/01/2039
(b)
1,000‌
1,108‌
Wisconsin
Health
&
Educational
Facilities
Authority
5.50%,
07/01/2023
35‌
32‌
6.00%,
07/01/2028
170‌
129‌
6.50%,
07/01/2033
300‌
216‌
7.00%,
07/01/2043
500‌
330‌
$
4,890‌
TOTAL
MUNICIPAL
BONDS
$
193,080‌
Total
Investments
$
195,024‌
Liability
for
Floating
Rate
Notes
Issued
in
Conjunction
with
Securities
Held
-
(4.68)%
Notes
with
interest
rates
of
0.23%
-
0.39%
at
February
28,
2022
and
contractual
maturity
of
collateral
from
2024-2036.
(h)
$
(
8,700‌
)
(
8,700‌
)
Total
Net
Investments
$
186,324‌
Other
Assets
and
Liabilities
-  (0.19)%
(
353‌
)
TOTAL
NET
ASSETS
-
100.00%
$
185,971‌
Schedule
of
Investments
Opportunistic
Municipal
Fund
February
28,
2022
(unaudited)
See
accompanying
notes.
154
(a)
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.
(b)
Security
exempt
from
registration
under
Rule
144A
of
the
Securities
Act
of
1933.
These
securities
may
be
resold
in
transactions
exempt
from
registration,
normally
to
qualified
institutional
buyers.
At
the
end
of
the
period,
the
value
of
these
securities
totaled
$62,599
or
33.66%
of
net
assets.
(c)
Security
or
portion
of
underlying
security
related
to
Inverse
Floaters
entered
into
by
the
fund.
(d)
Non-income
producing
security
(e)
Credit
support
indicates
investments
that
benefit
from
credit
enhancement
or
liquidity
support
provided
by
a
third
party
bank,
institution,
or
government
agency.
(f)
Security
purchased
on
a
when-issued
basis.
(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)
Floating
rate
securities.
The
interest
rate(s)
shown
reflect
the
rates
in
effect
at
February
28,
2022.
Portfolio
Summary  (unaudited)
Sector
Percent
Revenue
Bonds
86
.24‌
%
General
Obligation
Unlimited
5
.81‌
%
Insured
4
.55‌
%
Tax
Allocation
3
.22‌
%
Prerefunded
1
.44‌
%
Investment
Companies
1
.05‌
%
Special
Assessment
0
.83‌
%
Certificate
Participation
0
.75‌
%
General
Obligation
Limited
0
.71‌
%
Special
Tax
0
.27‌
%
Liability
For
Floating
Rate
Notes
Issued
(
4
.68‌
)
%
Other
Assets
and
Liabilities
(
0
.19‌
)
%
TOTAL
NET
ASSETS
100.00%
Schedule
of
Investments
Origin
Emerging
Markets
Fund
February
28,
2022
(unaudited)
See
accompanying
notes.
155
INVESTMENT
COMPANIES
-
0
.84
%
Shares
Held
Value
(000's)
Money
Market
Funds
-
0
.84
%
Principal
Government
Money
Market
Fund
-
Institutional
Class
0.00%
(a),(b),(c)
26,531,483‌
$
26,531‌
TOTAL
INVESTMENT
COMPANIES
$
26,531‌
COMMON
STOCKS
-
97
.55
%
Shares
Held
Value
(000's)
Aerospace
&
Defense
-
0
.97
%
Bharat
Electronics
Ltd
10,903,400‌
$
30,642‌
Agriculture
-
0
.54
%
Tongwei
Co
Ltd
2,480,960‌
17,015‌
Apparel
-
0
.30
%
Makalot
Industrial
Co
Ltd
1,211,000‌
9,566‌
Automobile
Manufacturers
-
0
.76
%
Kia
Corp
386,000‌
23,930‌
Automobile
Parts
&
Equipment
-
0
.55
%
Fangda
Special
Steel
Technology
Co
Ltd
13,269,000‌
17,318‌
Banks
-
14
.01
%
Absa
Group
Ltd
1,921,000‌
22,085‌
Bank
of
Chengdu
Co
Ltd
15,603,000‌
35,683‌
Bank
of
China
Ltd
142,200,000‌
55,359‌
China
Merchants
Bank
Co
Ltd
12,087,500‌
101,889‌
FirstRand
Ltd
9,833,000‌
42,338‌
Grupo
Financiero
Banorte
SAB
de
CV
6,499,500‌
44,107‌
ICICI
Bank
Ltd
2,409,000‌
23,860‌
OTP
Bank
Nyrt
(b)
324,000‌
12,364‌
Powszechna
Kasa
Oszczednosci
Bank
Polski
SA
(b)
1,170,000‌
11,244‌
Sberbank
of
Russia
PJSC
ADR
3,419,500‌
3,574‌
Shinhan
Financial
Group
Co
Ltd
1,093,000‌
35,562‌
Siam
Commercial
Bank
PCL/The
4,976,000‌
19,229‌
State
Bank
of
India
3,751,000‌
24,232‌
Woori
Financial
Group
Inc
985,000‌
11,782‌
$
443,308‌
Beverages
-
0
.50
%
Ambev
SA
5,348,000‌
15,779‌
Building
Materials
-
1
.26
%
Xinyi
Glass
Holdings
Ltd
6,470,000‌
17,234‌
Zhuzhou
Kibing
Group
Co
Ltd
9,071,738‌
22,682‌
$
39,916‌
Chemicals
-
8
.75
%
Anhui
Guangxin
Agrochemical
Co
Ltd
3,909,976‌
21,693‌
Beijing
Easpring
Material
Technology
Co
Ltd
731,929‌
10,028‌
Coromandel
International
Ltd
1,608,500‌
16,575‌
Formosa
Plastics
Corp
4,848,000‌
18,306‌
Huafon
Chemical
Co
Ltd
8,982,915‌
13,739‌
Kumho
Petrochemical
Co
Ltd
172,300‌
23,245‌
Lier
Chemical
Co
Ltd
2,248,959‌
12,505‌
LOTTE
Fine
Chemical
Co
Ltd
157,000‌
10,445‌
Luxi
Chemical
Group
Co
Ltd
6,142,996‌
16,416‌
Ningxia
Baofeng
Energy
Group
Co
Ltd
7,406,933‌
20,631‌
Sasol
Ltd
(b)
1,118,000‌
25,653‌
Satellite
Chemical
Co
Ltd
4,654,923‌
33,379‌
Shandong
Hualu
Hengsheng
Chemical
Co
Ltd
2,973,000‌
16,701‌
Sinoma
Science
&
Technology
Co
Ltd
4,412,947‌
20,991‌
Wanhua
Chemical
Group
Co
Ltd
1,100,969‌
16,669‌
$
276,976‌
Coal
-
1
.79
%
China
Shenhua
Energy
Co
Ltd
12,001,000‌
33,074‌
Shaanxi
Coal
Industry
Co
Ltd
10,441,768‌
23,591‌
$
56,665‌
Computers
-
5
.10
%
Asustek
Computer
Inc
4,657,000‌
62,127‌
Infosys
Ltd
ADR
3,820,418‌
85,806‌
LG
Corp
213,858‌
13,441‌
$
161,374‌
Diversified
Financial
Services
-
7
.11
%
Chailease
Holding
Co
Ltd
3,506,844‌
31,826‌
Fubon
Financial
Holding
Co
Ltd
15,214,912‌
41,081‌
Hana
Financial
Group
Inc
1,614,000‌
65,573‌
KB
Financial
Group
Inc
788,800‌
38,915‌
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Diversified
Financial
Services
(continued)
Manappuram
Finance
Ltd
6,260,800‌
$
9,515‌
Muthoot
Finance
Ltd
1,443,200‌
26,147‌
Yuanta
Financial
Holding
Co
Ltd
13,480,000‌
12,042‌
$
225,099‌
Electrical
Components
&
Equipment
-
1
.50
%
Ecopro
BM
Co
Ltd
25,000‌
7,911‌
LG
Innotek
Co
Ltd
85,100‌
23,492‌
Wuxi
Lead
Intelligent
Equipment
Co
Ltd
1,492,000‌
16,084‌
$
47,487‌
Electronics
-
3
.98
%
GoerTek
Inc
1,308,929‌
9,164‌
Hon
Hai
Precision
Industry
Co
Ltd
4,734,400‌
17,586‌
Lotes
Co
Ltd
801,085‌
20,806‌
Nan
Ya
Printed
Circuit
Board
Corp
1,009,000‌
19,322‌
Samsung
Electro-Mechanics
Co
Ltd
111,800‌
15,631‌
Shenzhen
Topband
Co
Ltd
6,879,703‌
14,692‌
Silergy
Corp
86,000‌
11,460‌
Zhuzhou
Hongda
Electronics
Corp
Ltd
1,307,975‌
17,433‌
$
126,094‌
Food
-
2
.95
%
Dino
Polska
SA
(b),(d)
399,300‌
28,078‌
JBS
SA
7,422,000‌
51,706‌
Marfrig
Global
Foods
SA
3,123,000‌
13,440‌
$
93,224‌
Gas
-
2
.38
%
China
Resources
Gas
Group
Ltd
1,853,000‌
8,511‌
ENN
Energy
Holdings
Ltd
3,371,400‌
48,826‌
ENN
Natural
Gas
Co
Ltd
6,357,000‌
18,056‌
$
75,393‌
Hand
&
Machine
Tools
-
0
.49
%
Techtronic
Industries
Co
Ltd
928,000‌
15,550‌
Healthcare
-
Products
-
0
.31
%
Jafron
Biomedical
Co
Ltd
1,339,948‌
9,754‌
Home
Furnishings
-
1
.51
%
E
Ink
Holdings
Inc
4,698,300‌
25,321‌
Ecovacs
Robotics
Co
Ltd
1,045,920‌
22,585‌
$
47,906‌
Insurance
-
1
.71
%
Cathay
Financial
Holding
Co
Ltd
14,651,000‌
32,945‌
Ping
An
Insurance
Group
Co
of
China
Ltd
2,724,300‌
21,123‌
$
54,068‌
Internet
-
5
.49
%
Alibaba
Group
Holding
Ltd
ADR
(b)
550,800‌
57,939‌
JD.com
Inc
(b)
109,695‌
3,918‌
Tencent
Holdings
Ltd
2,075,605‌
112,002‌
$
173,859‌
Iron
&
Steel
-
0
.66
%
Vale
SA
1,166,500‌
20,895‌
Machinery
-
Diversified
-
0
.59
%
Zhejiang
Jingsheng
Mechanical
&
Electrical
Co
Ltd
1,791,965‌
18,573‌
Metal
Fabrication
&
Hardware
-
0
.40
%
YongXing
Special
Materials
Technology
Co
Ltd
528,923‌
12,542‌
Mining
-
2
.09
%
China
Hongqiao
Group
Ltd
7,737,000‌
10,832‌
Grupo
Mexico
SAB
de
CV
5,091,700‌
26,009‌
MMC
Norilsk
Nickel
PJSC
ADR
671,346‌
8,640‌
NMDC
Ltd
10,767,000‌
20,621‌
$
66,102‌
Miscellaneous
Manufacturers
-
2
.14
%
Elite
Material
Co
Ltd
2,583,000‌
25,329‌
Sunny
Optical
Technology
Group
Co
Ltd
1,768,400‌
42,378‌
$
67,707‌
Oil
&
Gas
-
1
.94
%
Gazprom
PJSC
ADR
2,043,000‌
5,405‌
LUKOIL
PJSC
ADR
338,000‌
6,340‌
Novatek
PJSC
102,600‌
3,952‌
Schedule
of
Investments
Origin
Emerging
Markets
Fund
February
28,
2022
(unaudited)
See
accompanying
notes.
156
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Oil
&
Gas
(continued)
PetroChina
Co
Ltd
44,000,000‌
$
23,568‌
PTT
Exploration
&
Production
PCL
5,266,000‌
22,171‌
$
61,436‌
Pharmaceuticals
-
1
.23
%
Changchun
High
&
New
Technology
Industry
Group
Inc
330,563‌
9,592‌
CSPC
Pharmaceutical
Group
Ltd
13,771,000‌
16,324‌
Shanghai
Fosun
Pharmaceutical
Group
Co
Ltd
3,286,800‌
13,178‌
$
39,094‌
Retail
-
1
.92
%
Li
Ning
Co
Ltd
3,443,000‌
34,389‌
Zhongsheng
Group
Holdings
Ltd
3,780,100‌
26,396‌
$
60,785‌
Semiconductors
-
18
.96
%
LX
Semicon
Co
Ltd
119,000‌
11,430‌
MediaTek
Inc
1,736,900‌
68,635‌
Novatek
Microelectronics
Corp
1,245,500‌
20,648‌
Parade
Technologies
Ltd
455,100‌
31,421‌
Realtek
Semiconductor
Corp
2,534,000‌
41,781‌
Samsung
Electronics
Co
Ltd
1,640,749‌
98,861‌
Taiwan
Semiconductor
Manufacturing
Co
Ltd
10,222,956‌
219,789‌
Taiwan
Semiconductor
Manufacturing
Co
Ltd
ADR
255,417‌
27,332‌
United
Microelectronics
Corp
9,722,000‌
18,320‌
Vanguard
International
Semiconductor
Corp
5,728,000‌
25,996‌
Will
Semiconductor
Co
Ltd
Shanghai
912,936‌
35,826‌
$
600,039‌
Software
-
1
.78
%
HCL
Technologies
Ltd
3,749,300‌
56,379‌
Telecommunications
-
1
.83
%
MTN
Group
Ltd
4,648,000‌
58,019‌
Textiles
-
0
.74
%
Tongkun
Group
Co
Ltd
6,673,903‌
23,270‌
Transportation
-
1
.31
%
COSCO
SHIPPING
Holdings
Co
Ltd
(b)
9,841,000‌
19,891‌
SITC
International
Holdings
Co
Ltd
5,215,000‌
21,502‌
$
41,393‌
TOTAL
COMMON
STOCKS
$
3,087,157‌
PREFERRED
STOCKS
-
1
.58
%
Shares
Held
Value
(000's)
Banks
-
0
.66
%
Banco
Bradesco
SA
0.22%
5,270,087‌
$
20,818‌
Oil
&
Gas
-
0
.92
%
Petroleo
Brasileiro
SA
2.86%
4,445,000‌
29,336‌
TOTAL
PREFERRED
STOCKS
$
50,154‌
Total
Investments
$
3,163,842‌
Other
Assets
and
Liabilities
-  0.03%
1,001‌
TOTAL
NET
ASSETS
-
100.00%
$
3,164,843‌
(a)
Affiliated
Security.
Security
is
either
an
affiliate
(and
registered
under
the
Investment
Company
Act
of
1940,
as
amended,
(the
"1940
Act"))
or
an
affiliate
as
defined
by
the
1940
act
(controls
5.00%
or
more
of
the
outstanding
voting
shares
of
the
security).
Please
see
Affiliated
Securities
sub-schedule
for
transactional
information.
(b)
Non-income
producing
security
(c)
Current
yield
shown
is
as
of
period
end.
(d)
Security
exempt
from
registration
under
Rule
144A
of
the
Securities
Act
of
1933.
These
securities
may
be
resold
in
transactions
exempt
from
registration,
normally
to
qualified
institutional
buyers.
At
the
end
of
the
period,
the
value
of
these
securities
totaled
$28,078
or
0.89%
of
net
assets.
Portfolio
Summary  (unaudited)
Location
Percent
China
36
.00‌
%
Taiwan
23
.34‌
%
Korea,
Republic
Of
12
.01‌
%
India
9
.28‌
%
Brazil
4
.80‌
%
South
Africa
4
.68‌
%
Mexico
2
.21‌
%
Hong
Kong
1
.98‌
%
United
States
1
.83‌
%
Thailand
1
.31‌
%
Poland
1
.25‌
%
Russian
Federation
0
.89‌
%
Hungary
0
.39‌
%
Other
Assets
and
Liabilities
0
.03‌
%
TOTAL
NET
ASSETS
100.00%
Affiliated
Securities
August
31,
2021
Purchases
Sales
February
28,
2022
Value
Cost
Proceeds
Value
Principal
Government
Money
Market
Fund
-
Institutional
Class
0.00%
$
88,192‌
$
630,708‌
$
692,369‌
$
26,531‌
$
88,192‌
$
630,708‌
$
692,369‌
$
26,531‌
Income
(a)
Realized
Gain/(Loss)
on
Investments
Realized
Gain
from
Capital
Gain
Distributions
Change
in
Unrealized
Gain/
(Loss)
Principal
Government
Money
Market
Fund
-
Institutional
Class
0.00%
$
—‌
$
—‌
$
—‌
$
—‌
$
—‌
$
—‌
$
—‌
$
—‌
Amounts
in
thousands.
(a)
Amount
excludes
earnings
from
securities
lending
collateral.
Schedule
of
Investments
Small-MidCap
Dividend
Income
Fund
February
28,
2022
(unaudited)
See
accompanying
notes.
157
INVESTMENT
COMPANIES
-
0
.94
%
Shares
Held
Value
(000's)
Money
Market
Funds
-
0
.94
%
Principal
Government
Money
Market
Fund
-
Institutional
Class
0.00%
(a),(b),(c)
11,289,883‌
$
11,290‌
TOTAL
INVESTMENT
COMPANIES
$
11,290‌
COMMON
STOCKS
-
98
.83
%
Shares
Held
Value
(000's)
Advertising
-
1
.71
%
Interpublic
Group
of
Cos
Inc/The
557,164‌
$
20,504‌
Automobile
Parts
&
Equipment
-
1
.24
%
Linamar
Corp
286,070‌
14,939‌
Banks
-
10
.86
%
Bank
OZK
681,561‌
32,047‌
Cathay
General
Bancorp
418,938‌
19,703‌
Cullen/Frost
Bankers
Inc
124,864‌
17,572‌
East
West
Bancorp
Inc
389,212‌
34,079‌
ServisFirst
Bancshares
Inc
209,875‌
18,339‌
Washington
Trust
Bancorp
Inc
162,198‌
8,802‌
$
130,542‌
Chemicals
-
4
.04
%
HB
Fuller
Co
133,495‌
9,127‌
Huntsman
Corp
505,328‌
20,436‌
RPM
International
Inc
223,805‌
18,927‌
$
48,490‌
Commercial
Services
-
0
.81
%
John
Wiley
&
Sons
Inc
192,821‌
9,701‌
Computers
-
3
.45
%
Amdocs
Ltd
382,861‌
30,131‌
Leidos
Holdings
Inc
111,517‌
11,357‌
$
41,488‌
Consumer
Products
-
2
.11
%
Avery
Dennison
Corp
113,297‌
19,963‌
WD-40
Co
25,389‌
5,380‌
$
25,343‌
Diversified
Financial
Services
-
4
.03
%
Federal
Agricultural
Mortgage
Corp
118,450‌
14,652‌
Hamilton
Lane
Inc
173,272‌
13,533‌
Raymond
James
Financial
Inc
184,150‌
20,192‌
$
48,377‌
Electric
-
2
.94
%
ALLETE
Inc
303,052‌
19,074‌
IDACORP
Inc
156,192‌
16,236‌
$
35,310‌
Electrical
Components
&
Equipment
-
2
.64
%
Energizer
Holdings
Inc
331,506‌
11,069‌
Littelfuse
Inc
80,097‌
20,682‌
$
31,751‌
Electronics
-
3
.42
%
Hubbell
Inc
95,124‌
16,956‌
Mesa
Laboratories
Inc
31,183‌
7,962‌
nVent
Electric
PLC
478,183‌
16,225‌
$
41,143‌
Engineering
&
Construction
-
0
.55
%
Comfort
Systems
USA
Inc
77,360‌
6,651‌
Food
-
1
.70
%
Ingredion
Inc
230,761‌
20,478‌
Gas
-
1
.48
%
NiSource
Inc
614,194‌
17,769‌
Hand
&
Machine
Tools
-
4
.35
%
Lincoln
Electric
Holdings
Inc
132,424‌
16,879‌
MSA
Safety
Inc
102,259‌
14,224‌
Snap-on
Inc
100,465‌
21,116‌
$
52,219‌
Healthcare
-
Products
-
4
.53
%
CONMED
Corp
182,490‌
26,673‌
DENTSPLY
SIRONA
Inc
223,883‌
12,121‌
STERIS
PLC
65,394‌
15,694‌
$
54,488‌
Healthcare
-
Services
-
1
.14
%
Select
Medical
Holdings
Corp
591,569‌
13,695‌
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Home
Builders
-
3
.07
%
LCI
Industries
155,477‌
$
19,360‌
MDC
Holdings
Inc
394,513‌
17,493‌
$
36,853‌
Insurance
-
5
.09
%
Assured
Guaranty
Ltd
367,875‌
22,797‌
Fidelity
National
Financial
Inc
586,252‌
27,929‌
James
River
Group
Holdings
Ltd
129,075‌
3,433‌
Kinsale
Capital
Group
Inc
33,131‌
6,950‌
$
61,109‌
Leisure
Products
&
Services
-
3
.51
%
Acushnet
Holdings
Corp
428,884‌
18,785‌
Brunswick
Corp/DE
244,769‌
23,380‌
$
42,165‌
Machinery
-
Diversified
-
3
.01
%
Albany
International
Corp
194,328‌
17,066‌
Nordson
Corp
84,527‌
19,144‌
$
36,210‌
Media
-
0
.69
%
Cable
One
Inc
5,754‌
8,245‌
Metal
Fabrication
&
Hardware
-
2
.84
%
Crane
Co
169,340‌
17,117‌
Timken
Co/The
258,649‌
16,957‌
$
34,074‌
Miscellaneous
Manufacturers
-
1
.72
%
Donaldson
Co
Inc
177,393‌
9,627‌
EnPro
Industries
Inc
100,546‌
11,104‌
$
20,731‌
Oil
&
Gas
-
4
.59
%
Coterra
Energy
Inc
937,132‌
21,863‌
Diamondback
Energy
Inc
168,838‌
23,317‌
HollyFrontier
Corp
(b)
328,095‌
9,990‌
$
55,170‌
Packaging
&
Containers
-
1
.41
%
Packaging
Corp
of
America
115,227‌
16,960‌
Pharmaceuticals
-
1
.22
%
Organon
&
Co
279,378‌
10,429‌
Phibro
Animal
Health
Corp
200,064‌
4,262‌
$
14,691‌
Pipelines
-
1
.79
%
Targa
Resources
Corp
329,626‌
21,548‌
REITs
-
11
.87
%
Agree
Realty
Corp
242,477‌
15,555‌
Camden
Property
Trust
81,402‌
13,440‌
Cousins
Properties
Inc
402,548‌
15,550‌
EastGroup
Properties
Inc
84,988‌
16,212‌
Four
Corners
Property
Trust
Inc
479,818‌
12,658‌
Granite
Real
Estate
Investment
Trust
241,884‌
17,914‌
Medical
Properties
Trust
Inc
918,082‌
18,674‌
STORE
Capital
Corp
618,586‌
19,003‌
Terreno
Realty
Corp
198,797‌
13,675‌
$
142,681‌
Retail
-
0
.83
%
Papa
John's
International
Inc
93,179‌
9,953‌
Semiconductors
-
3
.51
%
MKS
Instruments
Inc
196,523‌
29,596‌
Monolithic
Power
Systems
Inc
27,432‌
12,583‌
$
42,179‌
Shipbuilding
-
0
.86
%
Huntington
Ingalls
Industries
Inc
50,630‌
10,349‌
Software
-
0
.72
%
ManTech
International
Corp/VA
103,251‌
8,608‌
Toys,
Games
&
Hobbies
-
1
.10
%
Hasbro
Inc
135,984‌
13,197‌
TOTAL
COMMON
STOCKS
$
1,187,611‌
Total
Investments
$
1,198,901‌
Other
Assets
and
Liabilities
-  0.23%
2,753‌
TOTAL
NET
ASSETS
-
100.00%
$
1,201,654‌
Schedule
of
Investments
Small-MidCap
Dividend
Income
Fund
February
28,
2022
(unaudited)
See
accompanying
notes.
158
(a)
Affiliated
Security.
Security
is
either
an
affiliate
(and
registered
under
the
Investment
Company
Act
of
1940,
as
amended,
(the
"1940
Act"))
or
an
affiliate
as
defined
by
the
1940
act
(controls
5.00%
or
more
of
the
outstanding
voting
shares
of
the
security).
Please
see
Affiliated
Securities
sub-schedule
for
transactional
information.
(b)
Non-income
producing
security
(c)
Current
yield
shown
is
as
of
period
end.
Portfolio
Summary  (unaudited)
Sector
Percent
Financial
31
.85‌
%
Industrial
20
.80‌
%
Consumer,
Non-cyclical
11
.51‌
%
Consumer,
Cyclical
9
.75‌
%
Technology
7
.68‌
%
Energy
6
.38‌
%
Utilities
4
.42‌
%
Basic
Materials
4
.04‌
%
Communications
2
.40‌
%
Money
Market
Funds
0
.94‌
%
Other
Assets
and
Liabilities
0
.23‌
%
TOTAL
NET
ASSETS
100.00%
Affiliated
Securities
August
31,
2021
Purchases
Sales
February
28,
2022
Value
Cost
Proceeds
Value
Principal
Government
Money
Market
Fund
-
Institutional
Class
0.00%
$
12,632‌
$
174,114‌
$
175,456‌
$
11,290‌
$
12,632‌
$
174,114‌
$
175,456‌
$
11,290‌
Income
Realized
Gain/(Loss)
on
Investments
Realized
Gain
from
Capital
Gain
Distributions
Change
in
Unrealized
Gain/
(Loss)
Principal
Government
Money
Market
Fund
-
Institutional
Class
0.00%
$
—‌
$
—‌
$
—‌
$
—‌
$
—‌
$
—‌
$
—‌
$
—‌
Amounts
in
thousands.
Schedule
of
Investments
Small-MidCap
Growth
Fund
February
28,
2022
(unaudited)
See
accompanying
notes.
159
INVESTMENT
COMPANIES
-
3
.79
%
Shares
Held
Value
(000's)
Money
Market
Funds
-
3
.79
%
Principal
Government
Money
Market
Fund
-
Institutional
Class
0.00%
(a),(b),(c)
379,279‌
$
379‌
TOTAL
INVESTMENT
COMPANIES
$
379‌
COMMON
STOCKS
-
100
.55
%
Shares
Held
Value
(000's)
Apparel
-
1
.31
%
Levi
Strauss
&
Co
5,795‌
$
131‌
Automobile
Parts
&
Equipment
-
0
.99
%
Visteon
Corp
(b)
824‌
99‌
Banks
-
3
.37
%
Signature
Bank/New
York
NY
452‌
156‌
SVB
Financial
Group
(b)
299‌
181‌
$
337‌
Biotechnology
-
2
.89
%
Fate
Therapeutics
Inc
(b)
759‌
26‌
Horizon
Therapeutics
Plc
(b)
1,700‌
155‌
Maravai
LifeSciences
Holdings
Inc
(b)
2,755‌
108‌
$
289‌
Building
Materials
-
4
.30
%
AZEK
Co
Inc/The
(b)
2,019‌
60‌
Eagle
Materials
Inc
1,260‌
172‌
Summit
Materials
Inc
(b)
4,724‌
148‌
Trex
Co
Inc
(b)
535‌
49‌
$
429‌
Chemicals
-
4
.35
%
Albemarle
Corp
415‌
82‌
Element
Solutions
Inc
7,334‌
180‌
FMC
Corp
1,467‌
172‌
$
434‌
Commercial
Services
-
5
.32
%
Herc
Holdings
Inc
778‌
124‌
Korn
Ferry
1,809‌
120‌
Paylocity
Holding
Corp
(b)
718‌
153‌
Robert
Half
International
Inc
1,117‌
134‌
$
531‌
Computers
-
2
.82
%
Globant
SA
(b)
279‌
76‌
Pure
Storage
Inc
(b)
3,783‌
98‌
Tenable
Holdings
Inc
(b)
1,950‌
108‌
$
282‌
Diversified
Financial
Services
-
2
.87
%
Affiliated
Managers
Group
Inc
1,002‌
139‌
Tradeweb
Markets
Inc
1,759‌
148‌
$
287‌
Electrical
Components
&
Equipment
-
3
.00
%
Acuity
Brands
Inc
529‌
97‌
Littelfuse
Inc
788‌
203‌
$
300‌
Energy
-
Alternate
Sources
-
2
.96
%
Enphase
Energy
Inc
(b)
970‌
162‌
Plug
Power
Inc
(b)
5,293‌
134‌
$
296‌
Engineering
&
Construction
-
3
.56
%
AECOM
2,784‌
202‌
WillScot
Mobile
Mini
Holdings
Corp
(b)
4,318‌
154‌
$
356‌
Entertainment
-
4
.26
%
Churchill
Downs
Inc
695‌
167‌
International
Game
Technology
PLC
5,424‌
166‌
Vail
Resorts
Inc
352‌
92‌
$
425‌
Food
-
1
.60
%
Hostess
Brands
Inc
(b)
7,413‌
160‌
Healthcare
-
Products
-
11
.76
%
Alphatec
Holdings
Inc
(b)
11,371‌
125‌
AtriCure
Inc
(b)
2,033‌
141‌
Avantor
Inc
(b)
5,710‌
198‌
Bio-Techne
Corp
181‌
76‌
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Healthcare
-
Products
(continued)
CONMED
Corp
394‌
$
58‌
Envista
Holdings
Corp
(b)
3,981‌
191‌
Inari
Medical
Inc
(b)
853‌
75‌
Inspire
Medical
Systems
Inc
(b)
647‌
158‌
Omnicell
Inc
(b)
515‌
66‌
Tandem
Diabetes
Care
Inc
(b)
769‌
87‌
$
1,175‌
Healthcare
-
Services
-
1
.38
%
Tenet
Healthcare
Corp
(b)
1,600‌
138‌
Home
Builders
-
1
.36
%
Meritage
Homes
Corp
(b)
1,379‌
136‌
Home
Furnishings
-
0
.48
%
Sonos
Inc
(b)
1,737‌
48‌
Insurance
-
1
.27
%
BRP
Group
Inc
(b)
1,670‌
46‌
Kinsale
Capital
Group
Inc
386‌
81‌
$
127‌
Internet
-
1
.36
%
Criteo
SA
ADR
(b)
2,842‌
94‌
Revolve
Group
Inc
(b)
883‌
42‌
$
136‌
Leisure
Products
&
Services
-
1
.04
%
Planet
Fitness
Inc
(b)
1,227‌
104‌
Lodging
-
0
.96
%
Hyatt
Hotels
Corp
(b)
990‌
96‌
Machinery
-
Diversified
-
2
.92
%
Chart
Industries
Inc
(b)
692‌
100‌
Middleby
Corp/The
(b)
1,082‌
192‌
$
292‌
Media
-
1
.05
%
Endeavor
Group
Holdings
Inc
(b)
3,495‌
105‌
Oil
&
Gas
-
3
.86
%
Matador
Resources
Co
4,733‌
235‌
Ovintiv
Inc
2,228‌
102‌
Range
Resources
Corp
(b)
2,115‌
48‌
$
385‌
Packaging
&
Containers
-
1
.30
%
Sealed
Air
Corp
1,937‌
130‌
Pharmaceuticals
-
1
.64
%
Option
Care
Health
Inc
(b)
6,381‌
164‌
Retail
-
4
.39
%
BJ's
Wholesale
Club
Holdings
Inc
(b)
4,232‌
267‌
Boot
Barn
Holdings
Inc
(b)
1,165‌
101‌
Floor
&
Decor
Holdings
Inc
(b)
730‌
70‌
$
438‌
Semiconductors
-
6
.95
%
Ambarella
Inc
(b)
977‌
136‌
Entegris
Inc
1,616‌
211‌
Monolithic
Power
Systems
Inc
185‌
85‌
ON
Semiconductor
Corp
(b)
2,848‌
178‌
Wolfspeed
Inc
(b)
814‌
84‌
$
694‌
Software
-
13
.39
%
Bill.com
Holdings
Inc
(b)
339‌
81‌
Evolent
Health
Inc
(b)
7,274‌
194‌
Manhattan
Associates
Inc
(b)
1,544‌
206‌
MongoDB
Inc
(b)
390‌
149‌
Nutanix
Inc
(b)
3,593‌
96‌
PubMatic
Inc
(b)
4,352‌
133‌
Qualtrics
International
Inc
(b)
5,643‌
171‌
SentinelOne
Inc
(b)
2,618‌
109‌
ZoomInfo
Technologies
Inc
(b)
3,644‌
199‌
$
1,338‌
Telecommunications
-
1
.34
%
Arista
Networks
Inc
(b)
1,092‌
134‌
Schedule
of
Investments
Small-MidCap
Growth
Fund
February
28,
2022
(unaudited)
See
accompanying
notes.
160
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Toys,
Games
&
Hobbies
-
0
.50
%
Mattel
Inc
(b)
2,000‌
$
50‌
TOTAL
COMMON
STOCKS
$
10,046‌
Total
Investments
$
10,425‌
Other
Assets
and
Liabilities
-  (4.34)%
(
434‌
)
TOTAL
NET
ASSETS
-
100.00%
$
9,991‌
(a)
Affiliated
Security.
Security
is
either
an
affiliate
(and
registered
under
the
Investment
Company
Act
of
1940,
as
amended,
(the
"1940
Act"))
or
an
affiliate
as
defined
by
the
1940
act
(controls
5.00%
or
more
of
the
outstanding
voting
shares
of
the
security).
Please
see
Affiliated
Securities
sub-schedule
for
transactional
information.
(b)
Non-income
producing
security
(c)
Current
yield
shown
is
as
of
period
end.
Portfolio
Summary  (unaudited)
Sector
Percent
Consumer,
Non-cyclical
24
.59‌
%
Technology
23
.16‌
%
Consumer,
Cyclical
15
.29‌
%
Industrial
15
.08‌
%
Financial
7
.51‌
%
Energy
6
.82‌
%
Basic
Materials
4
.35‌
%
Money
Market
Funds
3
.79‌
%
Communications
3
.75‌
%
Other
Assets
and
Liabilities
(
4
.34‌
)
%
TOTAL
NET
ASSETS
100.00%
Affiliated
Securities
August
31,
2021
Purchases
Sales
February
28,
2022
Value
Cost
Proceeds
Value
Principal
Government
Money
Market
Fund
-
Institutional
Class
0.00%
$
260‌
$
2,622‌
$
2,503‌
$
379‌
$
260‌
$
2,622‌
$
2,503‌
$
379‌
Income
(a)
Realized
Gain/(Loss)
on
Investments
Realized
Gain
from
Capital
Gain
Distributions
Change
in
Unrealized
Gain/
(Loss)
Principal
Government
Money
Market
Fund
-
Institutional
Class
0.00%
$
—‌
$
—‌
$
—‌
$
—‌
$
—‌
$
—‌
$
—‌
$
—‌
Amounts
in
thousands.
(a)
Amount
excludes
earnings
from
securities
lending
collateral.
Schedule
of
Investments
Spectrum
Preferred
and
Capital
Securities
Income
Fund
February
28,
2022
(unaudited)
See
accompanying
notes.
161
INVESTMENT
COMPANIES
-
1.42%
Shares
Held
Value
(000's)
Exchange-Traded
Funds
-
0.22%
Invesco
Preferred
ETF
(a)
511,149‌
$
7,003‌
iShares
Preferred
&
Income
Securities
ETF
(a)
262,409‌
9,552‌
$
16,555‌
Money
Market
Funds
-
1.20%
BlackRock
Liquidity
FedFund
-
Institutional
Class
0.03%
(b),(c)
47,159,927‌
47,160‌
Principal
Government
Money
Market
Fund
-
Institutional
Class
0.00%
(b),(c),(d),(e)
41,593,468‌
41,593‌
$
88,753‌
TOTAL
INVESTMENT
COMPANIES
$
105,308‌
CONVERTIBLE
PREFERRED
STOCKS
-
0.73%
Shares
Held
Value
(000's)
Banks
-
0.73%
Wells
Fargo
&
Co
7.50%
(f)
39,905‌
$
53,956‌
TOTAL
CONVERTIBLE
PREFERRED
STOCKS
$
53,956‌
PREFERRED
STOCKS
-
8.76%
Shares
Held
Value
(000's)
Banks
-
3.14%
AgriBank
FCB
6.88%,
01/01/2024
(f)
61,700‌
$
6,479‌
3
Month
USD
LIBOR
+
4.23%
Associated
Banc-Corp
5.63%,
09/15/2025
(a),(f)
201,624‌
5,115‌
Associated
Banc-Corp
5.88%,
12/15/2023
(a),(f)
2,070‌
53‌
Bank
of
America
Corp
4.38%,
11/03/2025
(a),(f)
339,429‌
7,512‌
Bank
of
America
Corp
5.00%,
09/17/2024
(a),(f)
593‌
15‌
Bank
of
Hawaii
Corp
4.38%,
08/01/2026
(f)
1,981‌
46‌
Citigroup
Inc
6.88%,
11/15/2023
(f)
382,526‌
10,171‌
3
Month
USD
LIBOR
+
4.13%
Citizens
Financial
Group
Inc
5.00%,
01/06/2025
(f)
6,909‌
168‌
Citizens
Financial
Group
Inc
6.35%,
04/06/2024
(f)
14,879‌
391‌
3
Month
USD
LIBOR
+
3.64%
Cullen/Frost
Bankers
Inc
4.45%,
12/15/2025
(f)
382,212‌
8,542‌
First
Republic
Bank/CA
4.00%,
08/30/2026
(f)
136,033‌
2,759‌
Fulton
Financial
Corp
5.13%,
01/15/2026
(f)
450,381‌
10,602‌
Goldman
Sachs
Group
Inc/The
5.50%,
05/10/2023
(f)
667,534‌
17,142‌
3
Month
USD
LIBOR
+
3.64%
JPMorgan
Chase
&
Co
4.75%,
12/01/2024
(a),(f)
277,529‌
6,664‌
JPMorgan
Chase
&
Co
5.75%,
12/01/2023
(f)
220,535‌
5,771‌
KeyCorp
6.13%,
12/15/2026
(f)
746,390‌
20,347‌
3
Month
USD
LIBOR
+
3.89%
Morgan
Stanley
4.88%,
01/15/2025
(a),(f)
7,107‌
173‌
Morgan
Stanley
5.85%,
04/15/2027
(f)
649,481‌
17,504‌
3
Month
USD
LIBOR
+
3.49%
Northern
Trust
Corp
4.70%,
01/01/2025
(f)
253‌
6‌
PNC
Financial
Services
Group
Inc/The
6.13%,
05/01/2022
(f)
1,052,144‌
26,525‌
3
Month
USD
LIBOR
+
4.07%
Regions
Financial
Corp
4.45%,
06/15/2026
(f)
305,618‌
6,791‌
Regions
Financial
Corp
5.70%,
05/15/2029
(f)
328,950‌
8,809‌
3
Month
USD
LIBOR
+
3.15%
State
Street
Corp
5.90%,
03/15/2024
(f)
236,076‌
6,105‌
3
Month
USD
LIBOR
+
3.11%
Synovus
Financial
Corp
5.88%,
07/01/2024
(a),(f)
344,110‌
9,177‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.13%
Truist
Financial
Corp
4.75%,
09/01/2025
(f)
475,202‌
11,039‌
US
Bancorp
3.50%,
03/31/2022
(f)
13,000‌
276‌
3
Month
USD
LIBOR
+
0.60%
US
Bancorp
3.75%,
01/15/2026
(a),(f)
13,090‌
263‌
US
Bancorp
4.00%,
04/15/2026
(a),(f)
46,768‌
990‌
US
Bancorp
5.50%,
10/15/2023
(f)
323‌
8‌
Valley
National
Bancorp
6.25%,
06/30/2025
(f)
170,096‌
4,496‌
3
Month
USD
LIBOR
+
3.85%
Webster
Financial
Corp
0.00%,
10/15/2022
(a),(e),(f)
38,438‌
974‌
Webster
Financial
Corp
5.25%,
12/15/2022
(f)
194,856‌
4,622‌
Wells
Fargo
&
Co
4.75%,
03/15/2025
(f)
338,394‌
7,732‌
Wells
Fargo
&
Co
5.63%,
06/15/2022
(f)
196,071‌
4,976‌
PREFERRED
STOCKS
(continued)
Shares
Held
Value
(000’s)
Banks
(continued)
Wells
Fargo
&
Co
5.85%,
09/15/2023
(f)
56,555‌
$
1,444‌
3
Month
USD
LIBOR
+
3.09%
Wells
Fargo
&
Co
6.63%,
03/15/2024
(f)
195,025‌
5,250‌
3
Month
USD
LIBOR
+
3.69%
Western
Alliance
Bancorp
4.25%,
09/30/2026
(a),(f)
567,000‌
14,073‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.45%
$
233,010‌
Diversified
Financial
Services
-
0.29%
Affiliated
Managers
Group
Inc
4.20%,
09/30/2061
160,000‌
3,229‌
Affiliated
Managers
Group
Inc
4.75%,
09/30/2060
(a)
8,200‌
185‌
Affiliated
Managers
Group
Inc
5.88%,
03/30/2059
147,110‌
3,888‌
Capital
One
Financial
Corp
4.80%,
06/01/2025
(f)
167,734‌
3,833‌
Capital
One
Financial
Corp
5.00%,
12/01/2024
(a),(f)
345,769‌
8,215‌
Stifel
Financial
Corp
4.50%,
08/15/2026
(f)
110,647‌
2,314‌
$
21,664‌
Electric
-
1.02%
Alabama
Power
Co
5.00%,
10/01/2022
(f)
563,837‌
14,209‌
Algonquin
Power
&
Utilities
Corp
6.20%,
07/01/2079
490,152‌
13,087‌
3
Month
USD
LIBOR
+
4.01%
CMS
Energy
Corp
5.88%,
03/01/2079
118,402‌
3,131‌
DTE
Energy
Co
4.38%,
12/01/2081
(a)
256,039‌
5,891‌
DTE
Energy
Co
5.25%,
12/01/2077
314,900‌
7,810‌
Duke
Energy
Corp
5.75%,
06/15/2024
(f)
68,264‌
1,795‌
Entergy
Louisiana
LLC
4.88%,
09/01/2066
8,154‌
203‌
Entergy
Texas
Inc
5.38%,
10/15/2024
(f)
30,000‌
751‌
Georgia
Power
Co
5.00%,
10/01/2077
259,065‌
6,440‌
NextEra
Energy
Capital
Holdings
Inc
5.65%,
03/01/2079
86,675‌
2,275‌
Southern
Co/The
4.95%,
01/30/2080
238,836‌
5,840‌
Southern
Co/The
5.25%,
12/01/2077
552,515‌
13,719‌
$
75,151‌
Food
-
0.32%
Dairy
Farmers
of
America
Inc
7.88%,
12/01/2025
(f),(g)
236,300‌
23,748‌
Insurance
-
1.01%
Allstate
Corp/The
4.75%,
01/15/2025
(a),(f)
153,679‌
3,699‌
Allstate
Corp/The
5.10%,
01/15/2053
537,816‌
13,639‌
3
Month
USD
LIBOR
+
3.17%
Allstate
Corp/The
5.10%,
10/15/2024
(f)
7,000‌
178‌
American
Financial
Group
Inc/OH
5.63%,
06/01/2060
126,116‌
3,226‌
American
Financial
Group
Inc/OH
5.88%,
03/30/2059
101,502‌
2,659‌
American
International
Group
Inc
5.85%,
03/15/2024
(a),(f)
15,000‌
393‌
Arch
Capital
Group
Ltd
5.45%,
08/17/2022
(f)
51,935‌
1,279‌
Equitable
Holdings
Inc
4.30%,
03/15/2026
(f)
362,625‌
7,666‌
Equitable
Holdings
Inc
5.25%,
12/15/2024
(f)
470,039‌
11,323‌
Hartford
Financial
Services
Group
Inc/The
7.88%,
04/15/2042
985,642‌
24,966‌
3
Month
USD
LIBOR
+
5.60%
MetLife
Inc
4.75%,
03/15/2025
(f)
27,969‌
671‌
RenaissanceRe
Holdings
Ltd
4.20%,
07/15/2026
(a),(f)
136,352‌
2,925‌
RenaissanceRe
Holdings
Ltd
5.75%,
06/30/2023
(f)
20,777‌
529‌
Voya
Financial
Inc
5.35%,
09/15/2029
(a),(f)
72,909‌
1,900‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.21%
W
R
Berkley
Corp
5.70%,
03/30/2058
1,833‌
47‌
$
75,100‌
Schedule
of
Investments
Spectrum
Preferred
and
Capital
Securities
Income
Fund
February
28,
2022
(unaudited)
See
accompanying
notes.
162
PREFERRED
STOCKS
(continued)
Shares
Held
Value
(000’s)
REITs
-
1.40%
Federal
Realty
Investment
Trust
5.00%,
09/29/2022
(f)
49,067‌
$
1,159‌
Hudson
Pacific
Properties
Inc
0.00%,
11/16/2026
(a),(e),(f)
365,215‌
7,670‌
Kimco
Realty
Corp
5.13%,
08/16/2022
(f)
12,477‌
305‌
Kimco
Realty
Corp
5.25%,
12/20/2022
(f)
401,193‌
9,773‌
Prologis
Inc
8.54%,
11/13/2026
(f)
161,322‌
10,325‌
PS
Business
Parks
Inc
4.88%,
11/04/2024
(f)
3,847‌
88‌
PS
Business
Parks
Inc
5.25%,
09/21/2022
(f)
57,663‌
1,408‌
Public
Storage
0.00%,
11/19/2026
(e),(f)
381,000‌
7,986‌
Public
Storage
4.00%,
06/16/2026
(f)
797,754‌
16,681‌
Public
Storage
4.13%,
08/14/2025
(f)
317,525‌
6,890‌
Public
Storage
4.63%,
06/17/2025
(a),(f)
277,658‌
6,436‌
Public
Storage
4.70%,
11/15/2024
(f)
206,117‌
4,846‌
Public
Storage
4.75%,
12/20/2024
(a),(f)
186,253‌
4,455‌
Public
Storage
5.05%,
08/09/2022
(f)
177,565‌
4,336‌
Public
Storage
5.60%,
03/11/2024
(f)
311,855‌
8,037‌
Vornado
Realty
Trust
5.25%,
11/24/2025
(f)
200,306‌
4,655‌
Vornado
Realty
Trust
5.25%,
12/13/2022
(f)
382,344‌
8,805‌
$
103,855‌
Savings
&
Loans
-
0.02%
Washington
Federal
Inc
4.88%,
04/15/2026
(f)
55,040‌
1,230‌
Sovereign
-
0.88%
CoBank
ACB
6.20%,
01/01/2025
(f)
65,000‌
6,981‌
3
Month
USD
LIBOR
+
3.74%
CoBank
ACB
6.25%,
10/01/2022
(f)
296,500‌
30,317‌
3
Month
USD
LIBOR
+
4.56%
Farm
Credit
Bank
of
Texas
6.75%,
09/15/2023
(f),(g)
270,500‌
27,862‌
3
Month
USD
LIBOR
+
4.01%
$
65,160‌
Telecommunications
-
0.68%
AT&T
Inc
4.75%,
02/18/2025
(f)
2,251,358‌
49,215‌
AT&T
Inc
5.00%,
12/12/2024
(f)
40,144‌
923‌
$
50,138‌
TOTAL
PREFERRED
STOCKS
$
649,056‌
BONDS
-
88.27%
Principal
Amount
(000's)
Value
(000's)
Banks
-
51.05%
Australia
&
New
Zealand
Banking
Group
Ltd/
United
Kingdom
6.75%,
06/15/2026
(f),(g),(h),(i)
$
12,200‌
$
13,264‌
USD
Swap
Rate
NY
5
Year
+
5.17%
6.75%,
06/15/2026
(a),(f),(h),(i)
2,700‌
2,935‌
USD
Swap
Rate
NY
5
Year
+
5.17%
Banco
Bilbao
Vizcaya
Argentaria
SA
6.13%,
11/16/2027
(f),(h),(i)
14,200‌
13,774‌
USD
Swap
Semi-Annual
5
Year
+
3.87%
6.50%,
03/05/2025
(f),(h),(i)
57,800‌
57,944‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
5.19%
Banco
Santander
SA
4.75%,
11/12/2026
(f),(h),(i)
47,800‌
44,048‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.75%
7.50%,
02/08/2024
(f),(h),(i)
60,600‌
63,024‌
USD
Swap
Semi-Annual
5
Year
+
4.99%
Bank
of
America
Corp
4.38%,
01/27/2027
(f),(h)
9,500‌
9,155‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.76%
6.10%,
03/17/2025
(f),(h)
5,032‌
5,295‌
3
Month
USD
LIBOR
+
3.90%
6.25%,
09/05/2024
(f),(h)
30,786‌
32,094‌
3
Month
USD
LIBOR
+
3.71%
6.30%,
03/10/2026
(f),(h)
46,995‌
50,584‌
3
Month
USD
LIBOR
+
4.55%
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Banks
(continued)
Bank
of
America
Corp  
(continued)
6.50%,
10/23/2024
(a),(f),(h)
$
97,818‌
$
104,298‌
3
Month
USD
LIBOR
+
4.17%
8.05%,
06/15/2027
6,312‌
7,669‌
Bank
of
New
York
Mellon
Corp/The
3.70%,
03/20/2026
(f),(h)
38,575‌
37,032‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.35%
3.75%,
12/20/2026
(f),(h)
34,600‌
32,190‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.63%
4.63%,
09/20/2026
(f),(h)
19,945‌
19,981‌
3
Month
USD
LIBOR
+
3.13%
4.70%,
09/20/2025
(f),(h)
12,258‌
12,580‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.36%
Bank
of
Nova
Scotia/The
4.90%,
06/04/2025
(f),(h)
51,100‌
51,946‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.55%
Barclays
Bank
PLC
6.86%,
06/15/2032
(f),(h)
517‌
663‌
6
Month
USD
LIBOR
+
1.73%
Barclays
PLC
4.38%,
03/15/2028
(a),(f),(h),(i)
12,900‌
11,836‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.41%
6.13%,
12/15/2025
(f),(h),(i)
5,900‌
6,114‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
5.87%
7.75%,
09/15/2023
(f),(h),(i)
47,300‌
49,438‌
USD
Swap
Semi-Annual
5
Year
+
4.84%
8.00%,
06/15/2024
(f),(h),(i)
67,803‌
72,295‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
5.67%
BNP
Paribas
SA
4.63%,
01/12/2027
(f),(g),(h),(i)
48,300‌
45,909‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.20%
4.63%,
02/25/2031
(f),(g),(h),(i)
10,000‌
9,250‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.34%
6.63%,
03/25/2024
(f),(g),(h),(i)
41,500‌
42,899‌
USD
Swap
Semi-Annual
5
Year
+
4.15%
6.63%,
03/25/2024
(f),(h),(i)
8,700‌
8,993‌
USD
Swap
Rate
NY
5
Year
+
4.15%
6.75%,
03/14/2022
(f),(h),(i)
525‌
526‌
USD
Swap
Semi-Annual
5
Year
+
4.92%
7.00%,
08/16/2028
(f),(g),(h),(i)
2,500‌
2,719‌
USD
Swap
Semi-Annual
5
Year
+
3.98%
7.38%,
08/19/2025
(f),(g),(h),(i)
100‌
109‌
USD
Swap
Semi-Annual
5
Year
+
5.15%
7.38%,
08/19/2025
(f),(h),(i)
24,000‌
26,160‌
USD
Swap
Semi-Annual
5
Year
+
5.15%
Citigroup
Capital
III
7.63%,
12/01/2036
3,300‌
4,653‌
Citigroup
Inc
3.88%,
02/18/2026
(f),(h)
55,300‌
52,673‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.42%
4.00%,
12/10/2025
(f),(h)
15,110‌
14,598‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.60%
5.95%,
01/30/2023
(a),(f),(h)
14,775‌
14,923‌
3
Month
USD
LIBOR
+
4.07%
5.95%,
05/15/2025
(f),(h)
11,048‌
11,448‌
3
Month
USD
LIBOR
+
3.91%
Schedule
of
Investments
Spectrum
Preferred
and
Capital
Securities
Income
Fund
February
28,
2022
(unaudited)
See
accompanying
notes.
163
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Banks
(continued)
Citigroup
Inc  
(continued)
6.25%,
08/15/2026
(f),(h)
$
81,606‌
$
87,726‌
3
Month
USD
LIBOR
+
4.52%
Citizens
Financial
Group
Inc
4.00%,
10/06/2026
(f),(h)
20,000‌
18,800‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.22%
5.65%,
10/06/2025
(a),(f),(h)
62,097‌
64,581‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
5.31%
6.00%,
07/06/2023
(f),(h)
6,615‌
6,334‌
3
Month
USD
LIBOR
+
3.00%
6.38%,
04/06/2024
(f),(h)
11,285‌
11,003‌
3
Month
USD
LIBOR
+
3.16%
Comerica
Inc
5.63%,
07/01/2025
(f),(h)
18,600‌
19,344‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
5.29%
Corestates
Capital
III
1.08%,
02/15/2027
(g)
18,621‌
18,070‌
3
Month
USD
LIBOR
+
0.57%
Credit
Agricole
SA
4.75%,
03/23/2029
(f),(g),(h),(i)
2,100‌
1,964‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.24%
7.88%,
01/23/2024
(f),(g),(h),(i)
41,840‌
44,560‌
USD
Swap
Semi-Annual
5
Year
+
4.90%
7.88%,
01/23/2024
(f),(h),(i)
18,100‌
19,276‌
USD
Swap
Semi-Annual
5
Year
+
4.90%
8.13%,
12/23/2025
(f),(g),(h),(i)
34,368‌
38,707‌
USD
Swap
Semi-Annual
5
Year
+
6.19%
Credit
Suisse
AG
6.50%,
08/08/2023
(g),(i)
23,254‌
24,376‌
6.50%,
08/08/2023
(i)
6,000‌
6,289‌
Credit
Suisse
Group
AG
4.50%,
09/03/2030
(a),(f),(g),(h),(i)
8,900‌
7,859‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.55%
5.25%,
02/11/2027
(f),(g),(h),(i)
35,100‌
33,378‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.89%
6.25%,
12/18/2024
(f),(g),(h),(i)
11,000‌
11,261‌
USD
Swap
Semi-Annual
5
Year
+
3.46%
6.38%,
08/21/2026
(f),(g),(h),(i)
7,400‌
7,446‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.82%
7.13%,
07/29/2022
(f),(h),(i)
4,838‌
4,903‌
USD
Swap
Semi-Annual
5
Year
+
5.11%
7.50%,
07/17/2023
(f),(g),(h),(i)
6,500‌
6,619‌
USD
Swap
Semi-Annual
5
Year
+
4.60%
7.50%,
12/11/2023
(f),(g),(h),(i)
77,040‌
80,699‌
USD
Swap
Semi-Annual
5
Year
+
4.60%
7.50%,
07/17/2023
(f),(h),(i)
10,000‌
10,183‌
USD
Swap
Semi-Annual
5
Year
+
4.60%
Danske
Bank
A/S
6.13%,
03/28/2024
(f),(h),(i)
5,500‌
5,555‌
USD
Swap
Semi-Annual
7
Year
+
3.90%
7.00%,
06/26/2025
(f),(h),(i)
62,745‌
65,080‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
7
Year
+
4.13%
DNB
Bank
ASA
4.88%,
11/12/2024
(f),(h),(i)
4,775‌
4,757‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.14%
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Banks
(continued)
Fifth
Third
Bancorp
4.50%,
09/30/2025
(f),(h)
$
13,525‌
$
13,559‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.22%
First
Maryland
Capital
I
1.24%,
01/15/2027
2,000‌
1,941‌
3
Month
USD
LIBOR
+
1.00%
Goldman
Sachs
Group
Inc/The
3.65%,
08/10/2026
(f),(h)
10,000‌
9,225‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.92%
3.80%,
05/10/2026
(f),(h)
13,500‌
12,791‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.97%
4.13%,
11/10/2026
(f),(h)
11,800‌
11,201‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.95%
4.95%,
02/10/2025
(f),(h)
23,388‌
23,519‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.22%
5.50%,
08/10/2024
(a),(f),(h)
13,750‌
14,193‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.62%
HSBC
Capital
Funding
Dollar
1
LP
10.18%,
06/30/2030
(f),(g),(h)
69,567‌
105,916‌
3
Month
USD
LIBOR
+
4.98%
10.18%,
06/30/2030
(a),(f),(h)
55,708‌
84,815‌
3
Month
USD
LIBOR
+
4.98%
HSBC
Holdings
PLC
6.00%,
05/22/2027
(f),(h),(i)
15,900‌
16,297‌
USD
Swap
Rate
NY
5
Year
+
3.75%
6.25%,
03/23/2023
(a),(f),(h),(i)
2,000‌
2,037‌
USD
Swap
Rate
NY
5
Year
+
3.45%
6.37%,
03/30/2025
(f),(h),(i)
14,800‌
15,244‌
USD
Swap
Rate
NY
5
Year
+
4.37%
6.38%,
09/17/2024
(f),(h),(i)
3,300‌
3,403‌
USD
Swap
Rate
NY
5
Year
+
3.71%
6.50%,
03/23/2028
(f),(h),(i)
25,600‌
26,560‌
USD
Swap
Rate
NY
5
Year
+
3.61%
Huntington
Bancshares
Inc/OH
4.45%,
10/15/2027
(f),(h)
80,434‌
80,032‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
7
Year
+
4.05%
5.63%,
07/15/2030
(f),(h)
41,103‌
43,466‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
10
Year
+
4.95%
ING
Groep
NV
3.88%,
05/16/2027
(f),(h),(i)
39,100‌
34,555‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.86%
5.75%,
11/16/2026
(f),(h),(i)
19,275‌
19,516‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.34%
6.50%,
04/16/2025
(f),(h),(i)
44,300‌
46,183‌
USD
Swap
Semi-Annual
5
Year
+
4.45%
6.75%,
04/16/2024
(f),(h),(i)
45,000‌
46,913‌
USD
Swap
Rate
NY
5
Year
+
4.20%
Intesa
Sanpaolo
SpA
7.70%,
09/17/2025
(f),(g),(h),(i)
32,021‌
33,702‌
USD
Swap
Semi-Annual
5
Year
+
5.46%
JPMorgan
Chase
&
Co
3.65%,
06/01/2026
(f),(h)
137,950‌
130,915‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.85%
6.75%,
02/01/2024
(f),(h)
163,984‌
171,363‌
3
Month
USD
LIBOR
+
3.78%
Schedule
of
Investments
Spectrum
Preferred
and
Capital
Securities
Income
Fund
February
28,
2022
(unaudited)
See
accompanying
notes.
164
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Banks
(continued)
KeyCorp
5.00%,
09/15/2026
(f),(h)
$
16,131‌
$
16,292‌
3
Month
USD
LIBOR
+
3.61%
KeyCorp
Capital
I
0.95%,
07/01/2028
7,825‌
7,464‌
3
Month
USD
LIBOR
+
0.74%
KeyCorp
Capital
III
7.75%,
07/15/2029
3,500‌
4,271‌
Lloyds
Banking
Group
PLC
6.75%,
06/27/2026
(f),(h),(i)
200‌
213‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.82%
7.50%,
09/27/2025
(f),(h),(i)
22,500‌
24,692‌
USD
Swap
Semi-Annual
5
Year
+
4.50%
7.50%,
06/27/2024
(f),(h),(i)
47,496‌
50,168‌
USD
Swap
Semi-Annual
5
Year
+
4.76%
M&T
Bank
Corp
3.50%,
09/01/2026
(f),(h)
8,000‌
7,300‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.68%
5.00%,
08/01/2024
(a),(f),(h)
4,702‌
4,649‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.17%
5.13%,
11/01/2026
(f),(h)
14,065‌
14,294‌
3
Month
USD
LIBOR
+
3.52%
6.45%,
02/15/2024
(f),(h)
6,515‌
6,629‌
3
Month
USD
LIBOR
+
3.61%
Macquarie
Bank
Ltd/London
6.13%,
03/08/2027
(f),(g),(h),(i)
21,000‌
21,210‌
USD
Swap
Semi-Annual
5
Year
+
3.70%
6.13%,
03/08/2027
(f),(h),(i)
5,000‌
5,050‌
USD
Swap
Semi-Annual
5
Year
+
3.70%
NatWest
Group
PLC
2.54%,
03/31/2022
(a),(f)
1,900‌
1,901‌
3
Month
USD
LIBOR
+
2.32%
6.00%,
12/29/2025
(f),(h),(i)
55,100‌
56,891‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
5.63%
8.00%,
08/10/2025
(f),(h),(i)
22,825‌
24,936‌
USD
Swap
Semi-Annual
5
Year
+
5.72%
Nordea
Bank
Abp
6.13%,
09/23/2024
(f),(g),(h),(i)
42,131‌
43,711‌
USD
Swap
Semi-Annual
5
Year
+
3.39%
6.13%,
09/23/2024
(a),(f),(h),(i)
18,735‌
19,438‌
USD
Swap
Semi-Annual
5
Year
+
3.39%
6.63%,
03/26/2026
(f),(g),(h),(i)
74,562‌
79,968‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.11%
Northern
Trust
Corp
4.60%,
10/01/2026
(f),(h)
1,300‌
1,323‌
3
Month
USD
LIBOR
+
3.20%
PNC
Financial
Services
Group
Inc/The
3.40%,
09/15/2026
(f),(h)
17,200‌
15,936‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.60%
Regions
Financial
Corp
5.75%,
06/15/2025
(a),(f),(h)
16,750‌
17,462‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
5.43%
Skandinaviska
Enskilda
Banken
AB
5.13%,
05/13/2025
(f),(h),(i)
32,800‌
32,595‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.46%
5.63%,
05/13/2022
(f),(h),(i)
11,800‌
11,800‌
USD
Swap
Semi-Annual
5
Year
+
3.49%
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Banks
(continued)
Societe
Generale
SA
4.75%,
05/26/2026
(f),(g),(h),(i)
$
16,300‌
$
15,118‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.93%
7.38%,
10/04/2023
(f),(g),(h),(i)
16,800‌
17,220‌
USD
Swap
Semi-Annual
5
Year
+
4.30%
7.88%,
12/18/2023
(f),(g),(h),(i)
4,900‌
5,139‌
USD
Swap
Semi-Annual
5
Year
+
4.98%
7.88%,
12/18/2023
(f),(h),(i)
14,000‌
14,682‌
USD
Swap
Semi-Annual
5
Year
+
4.98%
8.00%,
09/29/2025
(f),(g),(h),(i)
35,060‌
38,111‌
USD
Swap
Rate
NY
5
Year
+
5.87%
8.00%,
09/29/2025
(f),(h),(i)
19,000‌
20,653‌
USD
Swap
Rate
NY
5
Year
+
5.87%
Standard
Chartered
PLC
4.30%,
08/19/2028
(f),(g),(h),(i)
12,000‌
10,710‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.14%
6.00%,
07/26/2025
(f),(h),(i)
8,000‌
8,180‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
5.66%
6.00%,
07/26/2025
(f),(g),(h),(i)
15,000‌
15,337‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
5.66%
7.01%,
07/30/2037
(f),(g),(h)
13,500‌
16,557‌
3
Month
USD
LIBOR
+
1.46%
7.01%,
07/30/2037
(a),(f),(h)
2,800‌
3,434‌
3
Month
USD
LIBOR
+
1.46%
7.50%,
04/02/2022
(f),(g),(h),(i)
17,700‌
17,744‌
USD
Swap
Semi-Annual
5
Year
+
6.30%
7.50%,
04/02/2022
(f),(h),(i)
23,500‌
23,559‌
USD
Swap
Semi-Annual
5
Year
+
6.30%
7.75%,
04/02/2023
(a),(f),(g),(h),(i)
25,000‌
26,095‌
USD
Swap
Semi-Annual
5
Year
+
5.72%
SVB
Financial
Group
4.00%,
05/15/2026
(f),(h)
22,100‌
20,774‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.20%
4.10%,
02/15/2031
(f),(h)
9,350‌
8,410‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
10
Year
+
3.06%
4.25%,
11/15/2026
(f),(h)
26,800‌
25,761‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.07%
Svenska
Handelsbanken
AB
4.38%,
03/01/2027
(f),(h),(i)
16,400‌
16,072‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.94%
6.25%,
03/01/2024
(f),(h),(i)
13,800‌
14,214‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.69%
Swedbank
AB
6.00%,
03/17/2022
(f),(h),(i)
5,200‌
5,200‌
USD
Swap
Semi-Annual
5
Year
+
4.11%
Truist
Bank
0.85%,
03/15/2028
9,022‌
8,709‌
3
Month
USD
LIBOR
+
0.65%
1.18%,
05/15/2027
10,900‌
10,556‌
3
Month
USD
LIBOR
+
0.67%
1.19%,
04/01/2027
7,000‌
6,890‌
3
Month
USD
LIBOR
+
0.98%
Schedule
of
Investments
Spectrum
Preferred
and
Capital
Securities
Income
Fund
February
28,
2022
(unaudited)
See
accompanying
notes.
165
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Banks
(continued)
Truist
Financial
Corp
4.80%,
09/01/2024
(f),(h)
$
99,300‌
$
99,300‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.00%
4.95%,
09/01/2025
(f),(h)
43,690‌
45,068‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.61%
UBS
Group
AG
3.88%,
06/02/2026
(f),(g),(h),(i)
20,000‌
18,571‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.10%
4.38%,
02/10/2031
(f),(g),(h),(i)
17,000‌
15,364‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.31%
4.88%,
02/12/2027
(f),(g),(h),(i)
13,800‌
13,343‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.40%
6.88%,
08/07/2025
(f),(h),(i)
16,933‌
17,822‌
USD
Swap
Semi-Annual
(VS
6
Month)
5
Year
+
4.59%
7.00%,
01/31/2024
(f),(g),(h),(i)
20,500‌
21,343‌
USD
Swap
Semi-Annual
5
Year
+
4.34%
7.00%,
01/31/2024
(f),(h),(i)
13,900‌
14,456‌
USD
Swap
Semi-Annual
(VS
6
Month)
5
Year
+
4.34%
7.00%,
02/19/2025
(f),(h),(i)
26,700‌
28,369‌
USD
Swap
Semi-Annual
(VS
6
Month)
5
Year
+
4.87%
UniCredit
SpA
8.00%,
06/03/2024
(f),(h),(i)
23,000‌
24,208‌
USD
Swap
Semi-Annual
5
Year
+
5.18%
US
Bancorp
3.70%,
01/15/2027
(f),(h)
48,000‌
44,640‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.54%
USB
Realty
Corp
1.39%,
01/15/2027
(f),(g)
1,500‌
1,260‌
3
Month
USD
LIBOR
+
1.15%
Wells
Fargo
&
Co
0.74%,
01/15/2027
6,345‌
6,259‌
3
Month
USD
LIBOR
+
0.50%
3.90%,
03/15/2026
(f),(h)
83,943‌
80,795‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.45%
5.88%,
06/15/2025
(f),(h)
50,330‌
52,801‌
3
Month
USD
LIBOR
+
3.99%
7.95%,
11/15/2029
3,700‌
4,901‌
$
3,784,953‌
Diversified
Financial
Services
-
5.40%
Ally
Financial
Inc
4.70%,
05/15/2026
(f),(h)
39,600‌
37,774‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.87%
4.70%,
05/15/2028
(f),(h)
8,500‌
7,884‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
7
Year
+
3.48%
American
Express
Co
3.55%,
09/15/2026
(f),(h)
50,250‌
46,481‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.85%
Capital
One
Financial
Corp
3.95%,
09/01/2026
(a),(f),(h)
23,100‌
21,669‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.16%
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Diversified
Financial
Services
(continued)
Charles
Schwab
Corp/The
4.00%,
06/01/2026
(f),(h)
$
96,500‌
$
93,378‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.17%
5.14%,
05/01/2022
(a),(f)
28,358‌
28,287‌
3
Month
USD
LIBOR
+
4.82%
5.38%,
06/01/2025
(f),(h)
106,527‌
112,146‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.97%
Depository
Trust
&
Clearing
Corp/The
3.38%,
06/20/2026
(f),(g),(h)
19,750‌
18,387‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.61%
Discover
Financial
Services
5.50%,
10/30/2027
(f),(h)
6,186‌
6,075‌
3
Month
USD
LIBOR
+
3.08%
6.13%,
06/23/2025
(f),(h)
27,160‌
28,382‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
5.78%
$
400,463‌
Electric
-
6.00%
Algonquin
Power
&
Utilities
Corp
4.75%,
01/18/2082
(h)
58,400‌
55,392‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.25%
American
Electric
Power
Co
Inc
3.88%,
02/15/2062
(h)
20,000‌
18,656‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.68%
CMS
Energy
Corp
3.75%,
12/01/2050
(h)
2,000‌
1,803‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.90%
Dominion
Energy
Inc
4.65%,
12/15/2024
(f),(h)
120,652‌
119,141‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.99%
Duke
Energy
Corp
4.88%,
09/16/2024
(f),(h)
95,019‌
95,613‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.39%
Emera
Inc
6.75%,
06/15/2076
(h)
57,145‌
62,110‌
3
Month
USD
LIBOR
+
5.44%
Enel
SpA
8.75%,
09/24/2073
(g),(h)
15,403‌
16,718‌
USD
Swap
Semi-Annual
5
Year
+
5.88%
NextEra
Energy
Capital
Holdings
Inc
2.28%,
10/01/2066
20,264‌
16,971‌
3
Month
USD
LIBOR
+
2.07%
2.33%,
06/15/2067
7,700‌
6,583‌
3
Month
USD
LIBOR
+
2.13%
3.80%,
03/15/2082
(h)
2,000‌
1,877‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.55%
4.80%,
12/01/2077
(h)
2,100‌
2,062‌
3
Month
USD
LIBOR
+
2.41%
5.65%,
05/01/2079
(h)
800‌
846‌
3
Month
USD
LIBOR
+
3.16%
Southern
Co/The
3.75%,
09/15/2051
(h)
21,700‌
20,183‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.92%
4.00%,
01/15/2051
(h)
14,500‌
13,939‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.73%
Schedule
of
Investments
Spectrum
Preferred
and
Capital
Securities
Income
Fund
February
28,
2022
(unaudited)
See
accompanying
notes.
166
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Electric
(continued)
Southern
Co/The  
(continued)
5.50%,
03/15/2057
(h)
$
13,280‌
$
13,114‌
3
Month
USD
LIBOR
+
3.63%
$
445,008‌
Food
-
0.12%
Dairy
Farmers
of
America
Inc
7.13%,
12/01/2026
(f),(g)
8,700‌
8,896‌
Gas
-
0.93%
NiSource
Inc
5.65%,
06/15/2023
(f),(h)
70,300‌
68,718‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.84%
Hand
&
Machine
Tools
-
0.17%
Stanley
Black
&
Decker
Inc
4.00%,
03/15/2060
(h)
12,900‌
12,598‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.66%
Insurance
-
16.66%
ACE
Capital
Trust
II
9.70%,
04/01/2030
15,505‌
21,629‌
Allianz
SE
3.20%,
10/30/2027
(f),(g),(h),(
i
)
5,800‌
5,000‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.17%
3.50%,
11/17/2025
(f),(g),(h),(i)
37,400‌
34,922‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.97%
Allstate
Corp/The
5.75%,
08/15/2053
(h)
11,554‌
11,629‌
3
Month
USD
LIBOR
+
2.94%
6.50%,
05/15/2067
(h)
10,500‌
13,073‌
3
Month
USD
LIBOR
+
2.12%
American
International
Group
Inc
5.75%,
04/01/2048
(h)
46,501‌
47,780‌
3
Month
USD
LIBOR
+
2.87%
Aon
Corp
8.21%,
01/01/2027
4,750‌
5,706‌
Argentum
Netherlands
BV
for
Swiss
Re
Ltd
5.63%,
08/15/2052
(h)
66,620‌
69,911‌
3
Month
USD
LIBOR
+
3.78%
5.75%,
08/15/2050
(h)
49,400‌
51,266‌
3
Month
USD
LIBOR
+
3.59%
Argentum
Netherlands
BV
for
Zurich
Insurance
Co
Ltd
5.13%,
06/01/2048
(h)
8,590‌
9,060‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.27%
AXA
SA
5.13%,
01/17/2047
(h)
500‌
518‌
3
Month
USD
LIBOR
+
3.88%
6.38%,
12/14/2036
(f),(g),(h)
15,333‌
19,935‌
3
Month
USD
LIBOR
+
2.26%
8.60%,
12/15/2030
21,874‌
29,499‌
Cloverie
PLC
for
Swiss
Reinsurance
Co
Ltd
4.50%,
09/11/2044
(h)
20,000‌
20,127‌
USD
Swap
Semi-Annual
10
Year
+
2.91%
Equitable
Holdings
Inc
4.95%,
09/15/2025
(a),(f),(h)
1,500‌
1,508‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.74%
Everest
Reinsurance
Holdings
Inc
2.89%,
05/01/2067
14,420‌
13,194‌
3
Month
USD
LIBOR
+
2.39%
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Insurance
(continued)
Liberty
Mutual
Group
Inc
4.13%,
12/15/2051
(g),(h)
$
19,000‌
$
18,193‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.32%
7.80%,
03/07/2087
(g)
76,240‌
101,608‌
3
Month
USD
LIBOR
+
3.58%
Liberty
Mutual
Insurance
Co
7.70%,
10/15/2097
(g)
5,025‌
7,595‌
Lincoln
National
Corp
2.29%,
04/20/2067
43,198‌
33,694‌
3
Month
USD
LIBOR
+
2.04%
Meiji
Yasuda
Life
Insurance
Co
5.20%,
10/20/2045
(g),(h)
9,545‌
10,197‌
USD
Swap
Semi-Annual
5
Year
+
4.23%
MetLife
Capital
Trust
IV
7.88%,
12/15/2067
(g)
24,540‌
30,736‌
MetLife
Inc
3.85%,
09/15/2025
(f),(h)
45,300‌
44,960‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.58%
6.40%,
12/15/2066
20,870‌
23,399‌
3
Month
USD
LIBOR
+
2.21%
9.25%,
04/08/2068
(g)
63,475‌
86,694‌
3
Month
USD
LIBOR
+
5.54%
10.75%,
08/01/2069
50,463‌
78,218‌
3
Month
USD
LIBOR
+
7.55%
Mitsui
Sumitomo
Insurance
Co
Ltd
4.95%,
03/06/2029
(f),(h)
520‌
563‌
USD
Swap
Semi-Annual
5
Year
+
3.26%
4.95%,
03/06/2029
(f),(g),(h)
1,800‌
1,949‌
USD
Swap
Semi-Annual
5
Year
+
3.26%
MMI
Capital
Trust
I
7.63%,
12/15/2027
1,073‌
1,290‌
Nationwide
Financial
Services
Inc
6.75%,
05/15/2087
79,015‌
89,880‌
Nippon
Life
Insurance
Co
2.75%,
01/21/2051
(g),(h)
3,200‌
2,909‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.65%
2.75%,
01/21/2051
(h)
9,000‌
8,182‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.65%
2.90%,
09/16/2051
(g),(h)
24,900‌
22,542‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.60%
4.70%,
01/20/2046
(g),(h)
5,000‌
5,138‌
USD
Swap
Rate
NY
5
Year
+
3.75%
5.10%,
10/16/2044
(g),(h)
19,700‌
20,463‌
USD
Swap
Semi-Annual
5
Year
+
3.65%
Prudential
Financial
Inc
5.20%,
03/15/2044
(h)
3,870‌
3,889‌
3
Month
USD
LIBOR
+
3.04%
5.63%,
06/15/2043
(h)
50,000‌
51,250‌
3
Month
USD
LIBOR
+
3.92%
Sompo
Japan
Insurance
Inc
5.33%,
03/28/2073
(g),(h)
60,300‌
61,958‌
3
Month
USD
LIBOR
+
4.27%
Sumitomo
Life
Insurance
Co
3.38%,
04/15/2081
(g),(h)
13,300‌
12,835‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.75%
4.00%,
09/14/2077
(a),(g),(h)
4,700‌
4,759‌
3
Month
USD
LIBOR
+
2.99%
6.50%,
09/20/2073
(g),(h)
15,500‌
16,294‌
3
Month
USD
LIBOR
+
4.44%
Schedule
of
Investments
Spectrum
Preferred
and
Capital
Securities
Income
Fund
February
28,
2022
(unaudited)
See
accompanying
notes.
167
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Insurance
(continued)
Voya
Financial
Inc
4.70%,
01/23/2048
(h)
$
8,055‌
$
7,783‌
3
Month
USD
LIBOR
+
2.08%
5.65%,
05/15/2053
(h)
77,226‌
77,977‌
3
Month
USD
LIBOR
+
3.58%
6.13%,
09/15/2023
(f),(h)
11,706‌
11,794‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.36%
Zurich
Finance
Ireland
Designated
Activity
Co
3.00%,
04/19/2051
(h)
49,000‌
44,051‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.78%
$
1,235,557‌
Oil
&
Gas
-
0.63%
BP
Capital
Markets
PLC
4.38%,
06/22/2025
(f),(h)
24,400‌
24,400‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.04%
4.88%,
03/22/2030
(f),(h)
22,562‌
22,361‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.40%
$
46,761‌
Pipelines
-
4.12%
Enbridge
Inc
5.75%,
07/15/2080
(h)
65,201‌
67,991‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
5.31%
6.00%,
01/15/2077
(h)
46,935‌
48,914‌
3
Month
USD
LIBOR
+
3.89%
6.25%,
03/01/2078
(h)
34,882‌
36,075‌
3
Month
USD
LIBOR
+
3.64%
Enterprise
Products
Operating
LLC
5.25%,
08/16/2077
(h)
58,450‌
55,461‌
3
Month
USD
LIBOR
+
3.03%
5.38%,
02/15/2078
(h)
29,415‌
27,325‌
3
Month
USD
LIBOR
+
2.57%
Transcanada
Trust
5.30%,
03/15/2077
(h)
6,000‌
5,760‌
3
Month
USD
LIBOR
+
3.21%
5.50%,
09/15/2079
(h)
41,000‌
41,357‌
Secured
Overnight
Financing
Rate
+
4.42%
5.88%,
08/15/2076
(h)
21,652‌
22,247‌
3
Month
USD
LIBOR
+
4.64%
$
305,130‌
REITs
-
1.02%
Scentre
Group
Trust
2
4.75%,
09/24/2080
(g),(h)
10,500‌
10,479‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.38%
4.75%,
09/24/2080
(a),(h)
4,300‌
4,291‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.38%
5.13%,
09/24/2080
(g),(h)
61,600‌
61,138‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.69%
$
75,908‌
Sovereign
-
0.41%
CoBank
ACB
4.25%,
01/01/2027
(f),(h)
1,000‌
964‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.05%
6.25%,
10/01/2026
(f),(h)
16,400‌
17,302‌
3
Month
USD
LIBOR
+
4.66%
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Sovereign
(continued)
Farm
Credit
Bank
of
Texas
5.70%,
09/15/2025
(f),(g),(h)
$
11,800‌
$
12,213‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
5.42%
$
30,479‌
Telecommunications
-
1.24%
Vodafone
Group
PLC
3.25%,
06/04/2081
(h)
24,000‌
22,261‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.45%
7.00%,
04/04/2079
(h)
62,686‌
69,582‌
USD
Swap
Semi-Annual
5
Year
+
4.87%
$
91,843‌
Transportation
-
0.52%
BNSF
Funding
Trust
I
6.61%,
12/15/2055
(h)
35,709‌
38,387‌
3
Month
USD
LIBOR
+
2.35%
TOTAL
BONDS
$
6,544,701‌
TOTAL
PURCHASED
OPTIONS
-
0.00%
$
117‌
Total
Investments
$
7,353,138‌
Other
Assets
and
Liabilities
-  0.82%
61,053‌
TOTAL
NET
ASSETS
-
100.00%
$
7,414,191‌
(a)
Security
or
a
portion
of
the
security
was
on
loan.  At
the
end
of
the
period,
the
value
of
these
securities
totaled
$78,920
or
1.06%
of
net
assets.
(b)
Current
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
$81,360
or
1.10%
of
net
assets.
(d)
Affiliated
Security.
Security
is
either
an
affiliate
(and
registered
under
the
Investment
Company
Act
of
1940,
as
amended,
(the
"1940
Act"))
or
an
affiliate
as
defined
by
the
1940
act
(controls
5.00%
or
more
of
the
outstanding
voting
shares
of
the
security).
Please
see
Affiliated
Securities
sub-schedule
for
transactional
information.
(e)
Non-income
producing
security
(f)
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.
(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
$1,548,676
or
20.89%
of
net
assets.
(h)
Rate
shown
is
as
of
period
end.
The
rate
may
be
a
variable
or
floating
rate
or
a
fixed
rate
which
may
convert
to
a
variable
or
floating
rate
in
the
future.
(i)
Security
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
$1,900,663
or
25.64%
of
net
assets.
Portfolio
Summary  (unaudited)
Sector
Percent
Financial
80.72‌%
Utilities
7.95‌%
Energy
4.75‌%
Communications
1.92‌%
Government
1.29‌%
Money
Market
Funds
1.20‌%
Industrial
0.69‌%
Consumer,
Non-cyclical
0.44‌%
Investment
Companies
0.22‌%
Purchased
Options
0.00‌%
Other
Assets
and
Liabilities
0.82‌%
TOTAL
NET
ASSETS
100.00%
Schedule
of
Investments
Spectrum
Preferred
and
Capital
Securities
Income
Fund
February
28,
2022
(unaudited)
See
accompanying
notes.
168
Affiliated
Securities
August
31,
2021
Purchases
Sales
February
28,
2022
Value
Cost
Proceeds
Value
Principal
Government
Money
Market
Fund
-
Institutional
Class
0.00%
$
230,734‌
$
1,165,846‌
$
1,354,987‌
$
41,593‌
$
230,734‌
$
1,165,846‌
$
1,354,987‌
$
41,593‌
Income
(a)
Realized
Gain/(Loss)
on
Investments
Realized
Gain
from
Capital
Gain
Distributions
Change
in
Unrealized
Gain/
(Loss)
Principal
Government
Money
Market
Fund
-
Institutional
Class
0.00%
$
—‌
$
—‌
$
—‌
$
—‌
$
—‌
$
—‌
$
—‌
$
—‌
Amounts
in
thousands.
(a)
Amount
excludes
earnings
from
securities
lending
collateral.
Options
Purchased
Options
Outstanding
Counterparty
Contracts/
Shares
Notional
Amount
Exercise
Price
Expiration
Date
Upfront
Payments
Fair
Value
Unrealized
Appreciation/
(Depreciation)
Call
-
US
10
Year
Note
Future;
April
2022
N/A
2,000‌
$
2,000‌
$
136.00‌
03/28/2022
$
36‌
$
62‌
$
26‌
Call
-
US
Long
Bond
Future;
June
2022
N/A
125‌
125‌
$
158.50‌
03/07/2022
18‌
55‌
37‌
Total
$
54‌
$
117‌
$
63‌
Written
Options
Outstanding
Counterparty
Contracts/
Shares
Notional
Amount
Exercise
Price
Expiration
Date
Upfront
Receipts
Fair
Value
Unrealized
Appreciation/
(Depreciation)
Call
-
US
Long
Bond
Future;
June
2022
N/A
125‌
$
125‌
$
154.50‌
03/07/2022
$
(185‌)
$
(303‌)
$
(118‌)
Total
$
(185‌)
$
(303‌)
$
(118‌)
Amounts
in
thousands
except
contracts/shares.
Futures
Contracts
Description
and
Expiration
Date
Type
Contracts
Notional
Amount
Value
and
Unrealized
Appreciation/(Depreciation)
US
10
Year
Note;
June
2022
Short
2,000‌
$
254,875‌
$
(2,427‌)
Total
$
(2,427‌)
Amounts
in
thousands
except
contracts.
Glossary
to
the
Schedule
of
Investments
February
28,
2022
See
accompanying
notes.
169
Currency
Abbreviations
ARS
Argentine
Peso
AUD
Australian
Dollar
BRL
Brazilian
Real
CAD
Canadian
Dollar
CHF
Swiss
Franc
CLP
Chilean
Peso
CNH
Chinese
Renminbi
COP
Colombian
Peso
CZK
Czech
Koruna
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
NZD
New
Zealand
Dollar
PLN
Polish
Zloty
RUB
Russian
Ruble
SEK
Swedish
Krona
THB
Thai
Baht
USD/$
United
States
Dollar
ZAR
South
African
Rand
See
accompanying
notes.
171
Financial
Highlights
Principal
Funds,
Inc.
(unaudited)
Selected
data
for
a
share
of
Capital
Stock
outstanding
throughout
each
year
ended
August
31
(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
2022(b)
$
42.59‌
(
$
0.11‌)
(
$
5.68‌)
(
$
5.79‌)
$
–‌
(
$
2.73‌)
(
$
2.73‌)
$
34.07‌
2021
33.85‌
(
0.18‌)
10.06‌
9.88‌
–‌
(
1.14‌)
(
1.14‌)
42.59‌
2020
25.56‌
(
0.07‌)
9.54‌
9.47‌
(
0.02‌)
(
1.16‌)
(
1.18‌)
33.85‌
2019
24.49‌
(
0.01‌)
2.67‌
2.66‌
–‌
(
1
.59‌)
(
1.59‌)
25.56‌
2018
19.91‌
(
0.07‌)
5.24‌
5.17‌
–‌
(
0.59‌)
(
0.59‌)
24.49‌
2017
16.85‌
0.07‌
3
.08‌
3.15‌
–‌
(
0.09‌)
(
0.09‌)
19.91‌
Class
C
shares
2022(b)
39.91‌
(
0.24‌)
(
5.28‌)
(
5.52‌)
–‌
(
2.73‌)
(
2.73‌)
31.66‌
2021
32.01‌
(
0.42‌)
9.46‌
9.04‌
–‌
(
1.14‌)
(
1.14‌)
39.91‌
2020
24.39‌
(
0.26‌)
9.03‌
8.77‌
–‌
(
1.15‌)
(
1.15‌)
32.01‌
2019
23.62‌
(
0.18‌)
2.54‌
2.36‌
–‌
(
1.59‌)
(
1.59‌)
24.39‌
2018
19.37‌
(
0.23‌)
5.07‌
4.84‌
–‌
(
0.59‌)
(
0.59‌)
23.62‌
2017
16.52‌
(
0.07‌)
3.01‌
2.94‌
–‌
(
0.09‌)
(
0.09‌)
19.37‌
Class
J
shares
2022(b)
43
.23‌
(
0.08‌)
(
5.78‌)
(
5.86‌)
–‌
(
2.73‌)
(
2.73‌)
34.64‌
2021
34.29‌
(
0.13‌)
10.21‌
10.08‌
–‌
(
1.14‌)
(
1.14‌)
43.23‌
2020
25.86‌
(
0.04‌)
9.64‌
9.60‌
(
0.01‌)
(
1.16‌)
(
1.17‌)
34.29‌
2019
24.74‌
(
0.02‌)
2.73‌
2.71‌
–‌
(
1.59‌)
(
1.59‌)
25.86‌
2018(i)
20.16‌
(
0.05‌)
5.22‌
5.17‌
–‌
(
0.59‌)
(
0.59‌)
24.74‌
Institutional
shares
2022(b)
43.51‌
(
0.06‌)
(
5.82‌)
(
5.88‌)
–‌
(
2.73‌)
(
2.73‌)
34.90‌
2021
34.47‌
(
0.08‌)
10.26‌
10.18‌
–‌
(
1.14‌)
(
1.14‌)
43.51‌
2020
26.00‌
(
0.01‌)
9.72‌
9.71‌
(
0.05‌)
(
1.19‌)
(
1.24‌)
34.47‌
2019
24.81‌
0.09‌
2.69‌
2.78‌
–‌
(
1.59‌)
(
1.59‌)
26.00‌
2018
20.10‌
0.01‌
5.29‌
5.30‌
–‌
(
0.59‌)
(
0.59‌)
24.81‌
2017
17.00‌
0
.10‌
3.17‌
3.27‌
(
0.08‌)
(
0.09‌)
(
0.17‌)
20.10‌
See
accompanying
notes.
172
Financial
Highlights
(Continued)
Principal
Funds,
Inc.
(unaudited)
Total
Return
Net
Assets,
End
of
Period
(in
thousands)
Ratio
of
Expenses
to
Average
Net
Assets
Ratio
of
Gross
Expenses
to
Average
Net
Assets
Ratio
of
Net
Investment
Income
to
Average
Net
Assets
Portfolio
Turnover
Rate
(14.50‌)
%
(c),(d)
$
1,048,634‌
0.91‌
%
(e),(f)
–‌
%
(0.54‌)
%
(e)
19.1‌
%
(e)
30.18‌
(d)
1,123,747‌
0.91‌
(f)
–‌
(0.49‌)
25.6‌
38.51‌
(d)
646,386‌
0.93‌
(f)
–‌
(0.25‌)
30.0‌
12.75‌
(d)
302,904‌
1.00‌
(f)
–‌
(0.06‌)
15.9‌
26.45‌
(d)
164,310‌
1.09‌
(f)
–‌
(0.30‌)
34.0‌
18.81‌
(d)
71,738‌
1.15‌
(f)
–‌
0.41‌
27.1‌
(14.81‌)
(c),(d)
346,758‌
1.65‌
(e),(f)
–‌
(1.28‌)
(e)
19.1‌
(e)
29.26‌
(d)
411,694‌
1.65‌
(f)
–‌
(1.23‌)
25.6‌
37.43‌
(d)
322,210‌
1.66‌
(f)
–‌
(0.99‌)
30.0‌
11.91‌
(d)
156,734‌
1.73‌
(f)
–‌
(0.80‌)
15.9‌
25.47‌
(d)
91,660‌
1.84‌
(f)
–‌
(1.05‌)
34.0‌
17.91‌
(d)
40,344‌
1.94‌
(f)
–‌
(0.41‌)
27.1‌
(14.45‌)
(c),(d)
190,626‌
0.76‌
(e),(g)
0.81‌
(e),(h)
(0.39‌)
(e)
19.1‌
(e)
30.38‌
(d)
221,942‌
0.77‌
(g)
0.83‌
(h)
(0.35‌)
25.6‌
38.58‌
(d)
153,325‌
0.82‌
(g)
0.91‌
(h)
(0.14‌)
30.0‌
12.82‌
(d)
80,050‌
0.96‌
(g)
1.08‌
(h)
(0.06‌)
15.9‌
26.12‌
(c),(d)
59,232‌
1.01‌
(e),(g)
1.04‌
(e),(h)
(0.21‌)
(e)
34.0‌
(14.40‌)
(c)
2,858,921‌
0.65‌
(e),(f)
–‌
(0.28‌)
(e)
19.1‌
(e)
30.51‌
3,141,819‌
0.65‌
(f)
–‌
(0.23‌)
25.6‌
38.88‌
2,638,389‌
0.66‌
(f)
–‌
(0.02‌)
30.0‌
13.09‌
725,718‌
0.67‌
(f)
–‌
0.39‌
15.9‌
26.88‌
175,887‌
0.75‌
(f)
–‌
0.03‌
34.0‌
19.42‌
63,268‌
0.69‌
(f)
–‌
0.57‌
27.1‌
(a)
Calculated
based
on
average
shares
outstanding
during
the
period.
(b)
Six
months
ended
February
28,
2022.
(c)
Total
return
amounts
have
not
been
annualized.
(d)
Total
return
is
calculated
without
the
front-end
sales
charge
or
contingent
deferred
sales
charge,
if
applicable.
(e)
Computed
on
an
annualized
basis.
(f)
Reflects
Manager's
contractual
expense
limit.
(g)
Reflects
Manager's
contractual
expense
limit
and/or
Distributor's
voluntary
distribution
fee
limit.
(h)
Excludes
expense
reimbursement
from
Manager
and/or
Distributor.
(i)
Period
from
September
11,
2017,
date
operations
commenced,
through
August
31,
2018.
See
accompanying
notes.
173
Financial
Highlights
Principal
Funds,
Inc.
(unaudited)
Selected
data
for
a
share
of
Capital
Stock
outstanding
throughout
each
year
ended
August
31
(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
R-3
shares
2022(b)
$
42.51‌
(
$
0.15‌)
(
$
5.67‌)
(
$
5.82‌)
$
–‌
(
$
2.73‌)
(
$
2.73‌)
$
33.96‌
2021
33.85‌
(
0.25‌)
10.05‌
9.80‌
–‌
(
1.14‌)
(
1.14‌)
42.51‌
2020
25.59‌
(
0.12‌)
9.53‌
9.41‌
–‌
(
1.15‌)
(
1.15‌)
33.85‌
2019
24.55‌
(
0.07‌)
2.70‌
2.63‌
–‌
(
1.59‌)
(
1.59‌)
25.59‌
2018
20.00‌
(
0.10‌)
5.24‌
5.14‌
–‌
(
0.59‌)
(
0.59‌)
24.55‌
2017
16.96‌
0.21‌
2.95‌
3.16‌
(
0.03‌)
(
0.09‌)
(
0.12‌)
20.00‌
R-4
shares
2022(b)
42.89‌
(
0.11‌)
(
5.73‌)
(
5.84‌)
–‌
(
2.73‌)
(
2.73‌)
34.32‌
2021
34.08‌
(
0.18‌)
10.13‌
9.95‌
–‌
(
1.14‌)
(
1.14‌)
42.89‌
2020
25.76‌
(
0.06‌)
9.58‌
9.52‌
(
0.03‌)
(
1.17‌)
(
1.20‌)
34.08‌
2019
24.66‌
(
0.01‌)
2.70‌
2.69‌
–‌
(
1.59‌)
(
1.59‌)
25.76‌
2018
20.05‌
(
0.06‌)
5.26‌
5.20‌
–‌
(
0.59‌)
(
0.59‌)
24.66‌
2017
16.98‌
0.09‌
3.11‌
3.20‌
(
0.04‌)
(
0.09‌)
(
0.13‌)
20.05‌
R-5
shares
2022(b)
43.20‌
(
0.09‌)
(
5.77‌)
(
5.86‌)
–‌
(
2.73‌)
(
2.73‌)
34.61‌
2021
34.29‌
(
0.14‌)
10.19‌
10.05‌
–‌
(
1.14‌)
(
1.14‌)
43.20‌
2020
25.86‌
(
0.04‌)
9.66‌
9.62‌
(
0.03‌)
(
1.16‌)
(
1.19‌)
34.29‌
2019
24.72‌
0.02‌
2.71‌
2.73‌
–‌
(
1.59‌)
(
1.59‌)
25.86‌
2018
20.07‌
(
0.03‌)
5.27‌
5.24‌
–‌
(
0.59‌)
(
0.59‌)
24.72‌
2017
16.99‌
0.18‌
3.04‌
3.22‌
(
0.05‌)
(
0.09‌)
(
0.14‌)
20.07‌
R-6
shares
2022(b)
43.64‌
(
0.04‌)
(
5.83‌)
(
5.87‌)
–‌
(
2.73‌)
(
2.73‌)
35.04‌
2021
34.54‌
(
0.05‌)
10.29‌
10.24‌
–‌
(
1.14‌)
(
1.14‌)
43.64‌
2020
26.04‌
0.04‌
9.72‌
9.76‌
(
0.07‌)
(
1.19‌)
(
1.26‌)
34.54‌
2019
24.82‌
0.07‌
2.74‌
2.81‌
–‌
(
1.59‌)
(
1.59‌)
26.04‌
2018
20.10‌
0.03‌
5.28‌
5.31‌
–‌
(
0.59‌)
(
0.59‌)
24.82‌
2017(g)
17.03‌
0.23‌
2.84‌
3.07‌
–‌
–‌
–‌
20.10‌
See
accompanying
notes.
174
Financial
Highlights
(Continued)
Principal
Funds,
Inc.
(unaudited)
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
(14.60‌)
%
(c)
$
10,892‌
1.13‌
%
(d),(e)
(0.76‌)
%
(d)
19.1‌
%
(d)
29.94‌
11,204‌
1.12‌
(e)
(0.70‌)
25.6‌
38.20‌
8,764‌
1.12‌
(e)
(0.43‌)
30.0‌
12.58‌
5,913‌
1.15‌
(e)
(0.32‌)
15.9‌
26.18‌
8,402‌
1.24‌
(0.45‌)
34.0‌
18.77‌
337‌
1.25‌
1.08‌
27.1‌
(14.52‌)
(c)
2,816‌
0.94‌
(d),(e)
(0.57‌)
(d)
19.1‌
(d)
30.18‌
5,608‌
0.93‌
(e)
(0.51‌)
25.6‌
38.45‌
5,230‌
0.93‌
(e)
(0.23‌)
30.0‌
12.78‌
3,989‌
0.96‌
(e)
(0.05‌)
15.9‌
26.42‌
1,300‌
1.05‌
(0.27‌)
34.0‌
19.02‌
27‌
1.06‌
0.51‌
27.1‌
(14.46‌)
(c)
14,384‌
0.82‌
(d),(e)
(0.43‌)
(d)
19.1‌
(d)
30.29‌
12,383‌
0.81‌
(e)
(0.39‌)
25.6‌
38.66‌
12,060‌
0.81‌
(e)
(0.15‌)
30.0‌
12.92‌
6,380‌
0.84‌
(e)
0.07‌
15.9‌
26.59‌
5,279‌
0.93‌
(0.15‌)
34.0‌
19.11‌
83‌
0.94‌
0.95‌
27.1‌
(14.35‌)
(c),(f)
5,177,532‌
0.56‌
(d),(e)
(0.19‌)
(d)
19.1‌
(d)
30.66‌
(f)
6,134,030‌
0.55‌
(e)
(0.14‌)
25.6‌
39.01‌
4,051,190‌
0.55‌
(e)
0.15‌
30.0‌
13.22‌
3,052,936‌
0.58‌
(e)
0.29‌
15.9‌
26.93‌
2,709,836‌
0.67‌
(e)
0.12‌
34.0‌
18.03‌
(c)
1,582,450‌
0.68‌
(d),(e)
1.74‌
(d)
27.1‌
(a)
Calculated
based
on
average
shares
outstanding
during
the
period.
(b)
Six
months
ended
February
28,
2022.
(c)
Total
return
amounts
have
not
been
annualized.
(d)
Computed
on
an
annualized
basis.
(e)
Reflects
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.
(g)
Period
from
January
3,
2017,
date
operations
commenced,
through
August
31,
2017.
See
accompanying
notes.
175
Financial
Highlights
Principal
Funds,
Inc.
(unaudited)
Selected
data
for
a
share
of
Capital
Stock
outstanding
throughout
each
year
ended
August
31
(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
2022(b)
$
9.89‌
$
0.07‌
(
$
0.50‌)
(
$
0.43‌)
(
$
0.13‌)
(
$
0.03‌)
(
$
0.16‌)
$
9.30‌
2021
11.79‌
0.15‌
(
0.19‌)
(
0.04‌)
(
0.64‌)
(
1.22‌)
(
1.86‌)
9.89‌
2020
11.36‌
0.21‌
0.43‌
0.64‌
(
0.21‌)
–‌
(
0.21‌)
11.79‌
2019
10.60‌
0.23‌
0.74‌
0.97‌
(
0.21‌)
–‌
(
0.21‌)
11.36‌
2018
11.01‌
0.20‌
(
0.39‌)
(
0.19‌)
(
0.22‌)
–‌
(
0.22‌)
10.60‌
2017
11.17‌
0.17‌
(
0.20‌)
(
0.03‌)
(
0.13‌)
–‌
(
0.13‌)
11.01‌
Institutional
shares
2022(b)
10.12‌
0.08‌
(
0.49‌)
(
0.41‌)
(
0.17‌)
(
0.03‌)
(
0.20‌)
9.51‌
2021
12.03‌
0.19‌
(
0.20‌)
(
0.01‌)
(
0.68‌)
(
1.22‌)
(
1.90‌)
10.12‌
2020
11.59‌
0.26‌
0.45‌
0.71‌
(
0.27‌)
–‌
(
0.27‌)
12.03‌
2019
10.81‌
0.29‌
0.76‌
1.05‌
(
0.27‌)
–‌
(
0.27‌)
11.59‌
2018
11.21‌
0.25‌
(
0.39‌)
(
0.14‌)
(
0.26‌)
–‌
(
0.26‌)
10.81‌
2017
11.39‌
0.21‌
(
0.20‌)
0.01‌
(
0.19‌)
–‌
(
0.19‌)
11.21‌
R-1
shares
2022(b)
9.89‌
0.04‌
(
0.49‌)
(
0.45‌)
(
0.07‌)
(
0.03‌)
(
0.10‌)
9.34‌
2021
11.82‌
0.09‌
(
0.19‌)
(
0.10‌)
(
0.61‌)
(
1.22‌)
(
1.83‌)
9.89‌
2020
11.36‌
0.16‌
0.43‌
0.59‌
(
0.13‌)
–‌
(
0.13‌)
11.82‌
2019
10.58‌
0.19‌
0.75‌
0.94‌
(
0.16‌)
–‌
(
0.16‌)
11.36‌
2018
10.97‌
0.15‌
(
0.38‌)
(
0.23‌)
(
0.16‌)
–‌
(
0.16‌)
10.58‌
2017
11.16‌
0.12‌
(
0.20‌)
(
0.08‌)
(
0.11‌)
–‌
(
0.11‌)
10.97‌
R-3
shares
2022(b)
9.86‌
0.06‌
(
0.49‌)
(
0.43‌)
(
0.10‌)
(
0.03‌)
(
0.13‌)
9.30‌
2021
11.78‌
0.12‌
(
0.20‌)
(
0.08‌)
(
0.62‌)
(
1.22‌)
(
1.84‌)
9.86‌
2020
11.35‌
0.19‌
0.44‌
0.63‌
(
0.20‌)
–‌
(
0.20‌)
11.78‌
2019
10.57‌
0.22‌
0.76‌
0.98‌
(
0.20‌)
–‌
(
0.20‌)
11.35‌
2018
10.97‌
0.19‌
(
0.39‌)
(
0.20‌)
(
0.20‌)
–‌
(
0.20‌)
10.57‌
2017
11.16‌
0.15‌
(
0.20‌)
(
0.05‌)
(
0.14‌)
–‌
(
0.14‌)
10.97‌
R-4
shares
2022(b)
9.97‌
0.07‌
(
0.50‌)
(
0.43‌)
(
0.12‌)
(
0.03‌)
(
0.15‌)
9.39‌
2021
11.88‌
0.15‌
(
0.20‌)
(
0.05‌)
(
0.64‌)
(
1.22‌)
(
1.86‌)
9.97‌
2020
11.39‌
0.22‌
0.43‌
0.65‌
(
0.16‌)
–‌
(
0.16‌)
11.88‌
2019
10.60‌
0.24‌
0.78‌
1.02‌
(
0.23‌)
–‌
(
0.23‌)
11.39‌
2018
11.00‌
0.21‌
(
0.39‌)
(
0.18‌)
(
0.22‌)
–‌
(
0.22‌)
10.60‌
2017
11.18‌
0.17‌
(
0.20‌)
(
0.03‌)
(
0.15‌)
–‌
(
0.15‌)
11.00‌
R-5
shares
2022(b)
9.94‌
0.07‌
(
0.49‌)
(
0.42‌)
(
0.14‌)
(
0.03‌)
(
0.17‌)
9.35‌
2021
11.85‌
0.16‌
(
0.20‌)
(
0.04‌)
(
0.65‌)
(
1.22‌)
(
1.87‌)
9.94‌
2020
11.42‌
0.23‌
0.44‌
0.67‌
(
0.24‌)
–‌
(
0.24‌)
11.85‌
2019
10.65‌
0.26‌
0.75‌
1.01‌
(
0.24‌)
–‌
(
0.24‌)
11.42‌
2018
11.05‌
0.22‌
(
0.39‌)
(
0.17‌)
(
0.23‌)
–‌
(
0.23‌)
10.65‌
2017
11.23‌
0.18‌
(
0.19‌)
(
0.01‌)
(
0.17‌)
–‌
(
0.17‌)
11.05‌
See
accompanying
notes.
176
Financial
Highlights
(Continued)
Principal
Funds,
Inc.
(unaudited)
Total
Return
Net
Assets,
End
of
Period
(in
thousands)
Ratio
of
Expenses
to
Average
Net
Assets
Ratio
of
Gross
Expenses
to
Average
Net
Assets
Ratio
of
Net
Investment
Income
to
Average
Net
Assets
Portfolio
Turnover
Rate
(4.34‌)
%
(c),(d)
$
35,100‌
0.49‌
%
(e),(f)
0.53‌
%
(e),(g)
1.38‌
%
(e)
104.6‌
%
(e)
(0.44‌)
(d)
36,254‌
0.48‌
(f)
0.52‌
(g)
1.42‌
161.7‌
5.75‌
(d)
44,200‌
0.57‌
(f)
0.62‌
(g)
1.79‌
94.1‌
9.38‌
(d)
29,025‌
0.71‌
(f)
0.91‌
(g)
2.10‌
107.7‌
(1.79‌)
(d)
27,466‌
0.62‌
(f)
0.75‌
(g)
1.86‌
102.7‌
(0.20‌)
(d)
30,315‌
0.64‌
(f)
0.70‌
(g)
1.53‌
117.8‌
(4.12‌)
(c)
849,010‌
0.15‌
(e),(h)
–‌
1.72‌
(e)
104.6‌
(e)
(0.18‌)
831,018‌
0.14‌
(h)
–‌
1.77‌
161.7‌
6.29‌
2,290,008‌
0.14‌
(h)
–‌
2.25‌
94.1‌
9.92‌
2,056,135‌
0.16‌
(h)
–‌
2.65‌
107.7‌
(1.29‌)
1,472,817‌
0.16‌
(h)
–‌
2.32‌
102.7‌
0.19‌
1,795,872‌
0.23‌
(h)
–‌
1.94‌
117.8‌
(4.57‌)
(c)
1,020‌
1.02‌
(e),(h)
–‌
0.86‌
(e)
104.6‌
(e)
(1.02‌)
1,148‌
1.01‌
(h)
–‌
0.88‌
161.7‌
5.27‌
1,412‌
1.02‌
(h)
–‌
1.36‌
94.1‌
8.99‌
1,169‌
1.04‌
(h)
–‌
1.78‌
107.7‌
(2.10‌)
1,391‌
1.04‌
(h)
–‌
1.44‌
102.7‌
(0.70‌)
2,158‌
1.11‌
(h)
–‌
1.07‌
117.8‌
(4.38‌)
(c)
9,697‌
0.71‌
(e),(h)
–‌
1.16‌
(e)
104.6‌
(e)
(0.84‌)
11,264‌
0.70‌
(h)
–‌
1.18‌
161.7‌
5.66‌
13,196‌
0.71‌
(h)
–‌
1.67‌
94.1‌
9.41‌
11,337‌
0.73‌
(h)
–‌
2.09‌
107.7‌
(1.87‌)
13,934‌
0.73‌
(h)
–‌
1.75‌
102.7‌
(0.42‌)
17,123‌
0.80‌
(h)
–‌
1.38‌
117.8‌
(4.32‌)
(c)
3,016‌
0.52‌
(e),(h)
–‌
1.35‌
(e)
104.6‌
(e)
(0.51‌)
4,099‌
0.51‌
(h)
–‌
1.39‌
161.7‌
5.84‌
6,523‌
0.52‌
(h)
–‌
1.87‌
94.1‌
9.82‌
5,521‌
0.54‌
(h)
–‌
2.29‌
107.7‌
(1.67‌)
44,422‌
0.54‌
(h)
–‌
1.95‌
102.7‌
(0.18‌)
42,411‌
0.61‌
(h)
–‌
1.57‌
117.8‌
(4.26‌)
(c)
12,542‌
0.40‌
(e),(h)
–‌
1.47‌
(e)
104.6‌
(e)
(0.44‌)
14,572‌
0.39‌
(h)
–‌
1.50‌
161.7‌
6.01‌
18,279‌
0.40‌
(h)
–‌
1.98‌
94.1‌
9.67‌
16,552‌
0.42‌
(h)
–‌
2.40‌
107.7‌
(1.56‌)
18,775‌
0.42‌
(h)
–‌
2.05‌
102.7‌
(0.06‌)
26,153‌
0.49‌
(h)
–‌
1.67‌
117.8‌
(a)
Calculated
based
on
average
shares
outstanding
during
the
period.
(b)
Six
months
ended
February
28,
2022.
(c)
Total
return
amounts
have
not
been
annualized.
(d)
Total
return
is
calculated
without
the
front-end
sales
charge
or
contingent
deferred
sales
charge,
if
applicable.
(e)
Computed
on
an
annualized
basis.
(f)
Reflects
Manager's
contractual
expense
limit
and/or
Distributor's
voluntary
distribution
fee
limit.
(g)
Excludes
expense
reimbursement
from
Manager
and/or
Distributor.
(h)
Reflects
Manager's
contractual
expense
limit.
See
accompanying
notes.
177
Financial
Highlights
Principal
Funds,
Inc.
(unaudited)
Selected
data
for
a
share
of
Capital
Stock
outstanding
throughout
each
year
ended
August
31
(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
Class
A
shares
2022(b)
$
13
.53‌
$
0
.10‌
$
0
.61‌
$
0
.71‌
(
$
0
.65‌
)
(
$
0
.18‌
)
(
$
0
.83‌
)
$
13
.41‌
2021
11
.13‌
0
.22‌
2
.20‌
2
.42‌
(
0
.02‌
)
–‌
(
0
.02‌
)
13
.53‌
2020
11
.23‌
0
.17‌
(
0
.06‌
)
0
.11‌
(
0
.21‌
)
–‌
(
0
.21‌
)
11
.13‌
2019
11
.70‌
0
.26‌
(
0
.42‌
)
(
0
.16‌
)
(
0
.31‌
)
–‌
(
0
.31‌
)
11
.23‌
2018
11
.53‌
0
.24‌
0
.15‌
0
.39‌
(
0
.22‌
)
–‌
(
0
.22‌
)
11
.70‌
2017
11
.07‌
0
.17‌
0
.55‌
0
.72‌
(
0
.26‌
)
–‌
(
0
.26‌
)
11
.53‌
Institutional
shares
2022(b)
13
.54‌
0
.12‌
0
.61‌
0
.73‌
(
0
.69‌
)
(
0
.18‌
)
(
0
.87‌
)
13
.40‌
2021
11
.14‌
0
.24‌
2
.22‌
2
.46‌
(
0
.06‌
)
–‌
(
0
.06‌
)
13
.54‌
2020
11
.25‌
0
.21‌
(
0
.04‌
)
0
.17‌
(
0
.28‌
)
–‌
(
0
.28‌
)
11
.14‌
2019
11
.74‌
0
.31‌
(
0
.44‌
)
(
0
.13‌
)
(
0
.36‌
)
–‌
(
0
.36‌
)
11
.25‌
2018
11
.57‌
0
.29‌
0
.14‌
0
.43‌
(
0
.26‌
)
–‌
(
0
.26‌
)
11
.74‌
2017
11
.08‌
0
.23‌
0
.54‌
0
.77‌
(
0
.28‌
)
–‌
(
0
.28‌
)
11
.57‌
R-3
shares
2022(b)
13
.43‌
0
.09‌
0
.61‌
0
.70‌
(
0
.63‌
)
(
0
.18‌
)
(
0
.81‌
)
13
.32‌
2021
11
.07‌
0
.18‌
2
.20‌
2
.38‌
(
0
.02‌
)
–‌
(
0
.02‌
)
13
.43‌
2020
11
.20‌
0
.15‌
(
0
.05‌
)
0
.10‌
(
0
.23‌
)
–‌
(
0
.23‌
)
11
.07‌
2019
11
.69‌
0
.25‌
(
0
.43‌
)
(
0
.18‌
)
(
0
.31‌
)
–‌
(
0
.31‌
)
11
.20‌
2018
11
.53‌
0
.23‌
0
.13‌
0
.36‌
(
0
.20‌
)
–‌
(
0
.20‌
)
11
.69‌
2017
11
.06‌
0
.19‌
0
.52‌
0
.71‌
(
0
.24‌
)
–‌
(
0
.24‌
)
11
.53‌
R-4
shares
2022(b)
13
.50‌
0
.10‌
0
.62‌
0
.72‌
(
0
.65‌
)
(
0
.18‌
)
(
0
.83‌
)
13
.39‌
2021
11
.11‌
0
.21‌
2
.21‌
2
.42‌
(
0
.03‌
)
–‌
(
0
.03‌
)
13
.50‌
2020
11
.23‌
0
.18‌
(
0
.06‌
)
0
.12‌
(
0
.24‌
)
–‌
(
0
.24‌
)
11
.11‌
2019
11
.72‌
0
.26‌
(
0
.42‌
)
(
0
.16‌
)
(
0
.33‌
)
–‌
(
0
.33‌
)
11
.23‌
2018
11
.54‌
0
.25‌
0
.15‌
0
.40‌
(
0
.22‌
)
–‌
(
0
.22‌
)
11
.72‌
2017
11
.07‌
0
.20‌
0
.53‌
0
.73‌
(
0
.26‌
)
–‌
(
0
.26‌
)
11
.54‌
R-5
shares
2022(b)
13
.51‌
0
.11‌
0
.62‌
0
.73‌
(
0
.67‌
)
(
0
.18‌
)
(
0
.85‌
)
13
.39‌
2021
11
.10‌
0
.21‌
2
.23‌
2
.44‌
(
0
.03‌
)
–‌
(
0
.03‌
)
13
.51‌
2020
11
.23‌
0
.19‌
(
0
.06‌
)
0
.13‌
(
0
.26‌
)
–‌
(
0
.26‌
)
11
.10‌
2019
11
.73‌
0
.30‌
(
0
.44‌
)
(
0
.14‌
)
(
0
.36‌
)
–‌
(
0
.36‌
)
11
.23‌
2018
11
.56‌
0
.27‌
0
.14‌
0
.41‌
(
0
.24‌
)
–‌
(
0
.24‌
)
11
.73‌
2017
11
.08‌
0
.21‌
0
.54‌
0
.75‌
(
0
.27‌
)
–‌
(
0
.27‌
)
11
.56‌
R-6
shares
2022(b)
13
.53‌
0
.13‌
0
.61‌
0
.74‌
(
0
.70‌
)
(
0
.18‌
)
(
0
.88‌
)
13
.39‌
2021
11
.14‌
0
.28‌
2
.18‌
2
.46‌
(
0
.07‌
)
–‌
(
0
.07‌
)
13
.53‌
2020
11
.26‌
0
.22‌
(
0
.06‌
)
0
.16‌
(
0
.28‌
)
–‌
(
0
.28‌
)
11
.14‌
2019
11
.74‌
0
.32‌
(
0
.43‌
)
(
0
.11‌
)
(
0
.37‌
)
–‌
(
0
.37‌
)
11
.26‌
2018
11
.57‌
0
.29‌
0
.14‌
0
.43‌
(
0
.26‌
)
–‌
(
0
.26‌
)
11
.74‌
2017
11
.08‌
0
.27‌
0
.50‌
0
.77‌
(
0
.28‌
)
–‌
(
0
.28‌
)
11
.57‌
See
accompanying
notes.
178
Financial
Highlights
(Continued)
Principal
Funds,
Inc.
(unaudited)
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
5
.50‌
%
(c)
,(d)
$
121,152‌
1
.20‌
%
(e)
,(f)
1
.44‌
%
(e)
67
.9‌
%
(e)
21
.79‌
(d)
83,941‌
1
.20‌
(f)
1
.74‌
70
.0‌
0
.89‌
(d)
43,485‌
1
.19‌
(f)
1
.57‌
85
.4‌
(
1
.11‌
)
(d)
54,880‌
1
.22‌
(f)
2
.35‌
71
.5‌
3
.36‌
(d)
107,180‌
1
.22‌
(f)
2
.05‌
84
.1‌
6
.63‌
(d)
118,212‌
1
.25‌
(f)
1
.58‌
65
.1‌
5
.68‌
(c)
2,326,621‌
0
.83‌
(e)
,(f)
1
.83‌
(e)
67
.9‌
(e)
22
.18‌
2,086,484‌
0
.83‌
(f)
1
.97‌
70
.0‌
1
.36‌
1,960,593‌
0
.84‌
(f)
1
.95‌
85
.4‌
(
0
.83‌
)
2,388,382‌
0
.85‌
(f)
2
.74‌
71
.5‌
3
.72‌
2,518,033‌
0
.85‌
(f)
2
.45‌
84
.1‌
7
.16‌
2,591,713‌
0
.88‌
(f)
2
.08‌
65
.1‌
5
.47‌
(c)
275‌
1
.34‌
(e)
,(f)
1
.31‌
(e)
67
.9‌
(e)
21
.47‌
225‌
1
.34‌
(f)
1
.49‌
70
.0‌
0
.78‌
138‌
1
.36‌
(f)
1
.39‌
85
.4‌
(
1
.27‌
)
113‌
1
.36‌
(f)
2
.22‌
71
.5‌
3
.15‌
81‌
1
.35‌
(f)
1
.99‌
84
.1‌
6
.60‌
17‌
1
.38‌
1
.71‌
65
.1‌
5
.59‌
(c)
15‌
1
.15‌
(e)
,(f)
1
.52‌
(e)
67
.9‌
(e)
21
.79‌
14‌
1
.15‌
(f)
1
.68‌
70
.0‌
0
.95‌
12‌
1
.17‌
(f)
1
.61‌
85
.4‌
(
1
.13‌
)
12‌
1
.17‌
(f)
2
.36‌
71
.5‌
3
.41‌
(g)
15‌
1
.16‌
(f)
2
.17‌
84
.1‌
6
.82‌
(g)
11‌
1
.19‌
1
.76‌
65
.1‌
5
.66‌
(c)
62‌
1
.03‌
(e)
,(f)
1
.66‌
(e)
67
.9‌
(e)
21
.99‌
38‌
1
.03‌
(f)
1
.71‌
70
.0‌
1
.01‌
32‌
1
.05‌
(f)
1
.71‌
85
.4‌
(
0
.92‌
)
74‌
1
.05‌
(f)
2
.71‌
71
.5‌
3
.53‌
12‌
1
.04‌
(f)
2
.35‌
84
.1‌
6
.93‌
11‌
1
.07‌
1
.90‌
65
.1‌
5
.75‌
(c)
2,156,155‌
0
.77‌
(e)
,(f)
1
.89‌
(e)
67
.9‌
(e)
22
.14‌
2,213,151‌
0
.78‌
(f)
2
.22‌
70
.0‌
1
.32‌
1,162,658‌
0
.79‌
(f)
1
.99‌
85
.4‌
(
0
.68‌
)
1,330,773‌
0
.79‌
(f)
2
.82‌
71
.5‌
3
.78‌
1,523,846‌
0
.79‌
(f)
2
.50‌
84
.1‌
7
.17‌
1,568,988‌
0
.83‌
(f)
2
.42‌
65
.1‌
(a)
Calculated
based
on
average
shares
outstanding
during
the
period.
(b)
Six
months
ended
February
28,
2022.
(c)
Total
return
amounts
have
not
been
annualized.
(d)
Total
return
is
calculated
without
the
front-end
sales
charge
or
contingent
deferred
sales
charge,
if
applicable.
(e)
Computed
on
an
annualized
basis.
(f)
Reflects
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.
See
accompanying
notes.
179
Financial
Highlights
Principal
Funds,
Inc.
(unaudited)
Selected
data
for
a
share
of
Capital
Stock
outstanding
throughout
each
year
ended
August
31
(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
2022(b)
$
18.61‌
$
0.02‌
(
$
0.72‌)
(
$
0.70‌)
(
$
0.04‌)
(
$
4.68‌)
(
$
4.72‌)
$
13.19‌
2021
14.76‌
0.02‌
4.61‌
4.63‌
(
0.05‌)
(
0.73‌)
(
0.78‌)
18.61‌
2020
14.39‌
0.06‌
0.92‌
0.98‌
(
0.11‌)
(
0.50‌)
(
0.61‌)
14.76‌
2019(h)
11.98‌
0.06‌
2.35‌
2.41‌
–‌
–‌
–‌
14.39‌
Institutional
shares
2022(b)
18.71‌
0.05‌
(
0.73‌)
(
0.68‌)
(
0.08‌)
(
4.68‌)
(
4.76‌)
13.27‌
2021
14.83‌
0.08‌
4.62‌
4.70‌
(
0.09‌)
(
0.73‌)
(
0.82‌)
18.71‌
2020
14.42‌
0.11‌
0.92‌
1.03‌
(
0.12‌)
(
0.50‌)
(
0.62‌)
14.83‌
2019
14.99‌
0.11‌
0.09‌
0.20‌
(
0.15‌)
(
0.62‌)
(
0.77‌)
14.42‌
2018
12.60‌
0.16‌
2.42‌
2.58‌
–‌
(
0.19‌)
(
0.19‌)
14.99‌
2017
12.24‌
0.12‌
0.78‌
0.90‌
(
0.10‌)
(
0.44‌)
(
0.54‌)
12.60‌
R-6
shares
2022(b)
18.78‌
0.06‌
(
0.73‌)
(
0.67‌)
(
0.10‌)
(
4.68‌)
(
4.78‌)
13.33‌
2021
14.88‌
0.09‌
4.65‌
4.74‌
(
0.11‌)
(
0.73‌)
(
0.84‌)
18.78‌
2020
14.46‌
0.13‌
0.92‌
1.05‌
(
0.13‌)
(
0.50‌)
(
0.63‌)
14.88‌
2019
15.03‌
0.13‌
0.09‌
0.22‌
(
0.17‌)
(
0.62‌)
(
0.79‌)
14.46‌
2018
12.68‌
0.16‌
2.44‌
2.60‌
(
0.06‌)
(
0.19‌)
(
0.25‌)
15.03‌
2017(i)
12.12‌
0.09‌
0.47‌
0.56‌
–‌
–‌
–‌
12.68‌
See
accompanying
notes.
180
Financial
Highlights
(Continued)
Principal
Funds,
Inc.
(unaudited)
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
(5.02‌)
%
(c),(d)
$
19,028‌
1.10‌
%
(e),(f)
0.29‌
%
(e)
12.6‌
%
(e)
32.16‌
(d)
21,225‌
1.10‌
(f)
0.13‌
14.4‌
6.54‌
(d),(g)
12,547‌
1.10‌
(f)
0.46‌
27.9‌
20.20‌
(c),(d),(g)
5,587‌
1.10‌
(e),(f)
0.59‌
(e)
19.8‌
(4.91‌)
(c)
77,835‌
0.77‌
(e),(f)
0.63‌
(e)
12.6‌
(e)
32.55‌
112,703‌
0.77‌
(f)
0.46‌
14.4‌
6.97‌
82,198‌
0.77‌
(f)
0.79‌
27.9‌
2.47‌
34,358‌
0.82‌
(f)
0.81‌
19.8‌
20.58‌
14,470‌
0.90‌
(f)
1.17‌
17.4‌
7.51‌
1,289‌
0.78‌
(f)
1.00‌
11.9‌
(4.83‌)
(c)
388,785‌
0.66‌
(e),(f)
0.73‌
(e)
12.6‌
(e)
32.68‌
451,070‌
0.65‌
(f)
0.57‌
14.4‌
7.11‌
758,215‌
0.66‌
(f)
0.90‌
27.9‌
2.56‌
653,991‌
0.71‌
(f)
0.90‌
19.8‌
20.69‌
657,980‌
0.76‌
(f)
1.15‌
17.4‌
4.62‌
(c)
286,832‌
0.77‌
(e),(f)
1.06‌
(e)
11.9‌
(a)
Calculated
based
on
average
shares
outstanding
during
the
period.
(b)
Six
months
ended
February
28,
2022.
(c)
Total
return
amounts
have
not
been
annualized.
(d)
Total
return
is
calculated
without
the
front-end
sales
charge
or
contingent
deferred
sales
charge,
if
applicable.
(e)
Computed
on
an
annualized
basis.
(f)
Reflects
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.
(h)
Period
from
December
31,
2018,
date
operations
commenced,
through
August
31,
2019.
(i)
Period
from
January
3,
2017,
date
operations
commenced,
through
August
31,
2017.
See
accompanying
notes.
181
Financial
Highlights
Principal
Funds,
Inc.
(unaudited)
Selected
data
for
a
share
of
Capital
Stock
outstanding
throughout
each
year
ended
August
31
(except
as
noted):
Net
Asset
Value,
Beginning
of
Period
Net
Investment
Income
(Loss)
(a)
Net
Realized
and
Unrealized
Gain
(Loss)
on
Investments
Total
From
Investment
Operations
Dividends
from
Net
Investment
Income
Distributions
from
Realized
Gains
Tax
Return
of
Capital
Distribution
Total
Dividends
and
Distributions
Net
Asset
Value,
End
of
Period
GLOBAL
MULTI-STRATEGY
FUND
Class
A
shares
2022(b)
$
11.77‌
$
0.01‌
(
$
0.11‌)
(
$
0.10‌)
(
$
0.02‌)
(
$
0.39‌)
$
–‌
(
$
0.41‌)
$
11.26‌
2021
10.95‌
0.03‌
0.93‌
0.96‌
(
0.14‌)
–‌
–‌
(
0.14‌)
11.77‌
2020
10
.64‌
0.18‌
0.13‌
0.31‌
–‌
–‌
–‌
–‌
10.95‌
2019
11.09‌
0.18‌
(
0.02‌)
0.16‌
(
0.11‌)
(
0.47‌)
(
0.03‌)
(
0.61‌)
10.64‌
2018
11.28‌
0.11‌
(
0.01‌)
0.10‌
(
0.05‌)
(
0.24‌)
–‌
(
0.29‌)
11.09‌
2017
10.77‌
0.08‌
0.43‌
0
.51‌
–‌
–‌
–‌
–‌
11.28‌
Institutional
shares
2022(b)
11.96‌
0.04‌
(
0.12‌)
(
0.08‌)
(
0.07‌)
(
0.39‌)
–‌
(
0.46‌)
11.42‌
2021
11.12‌
0.10‌
0.93‌
1.03‌
(
0.19‌)
–‌
–‌
(
0.19‌)
11.96‌
2020
10.76‌
0.21‌
0.15‌
0.36‌
–‌
–‌
–‌
–‌
11.12‌
2019
11.21‌
0.23‌
(
0.02‌)
0.21‌
(
0.16‌)
(
0.47‌)
(
0.03‌)
(
0.66‌)
10.76‌
2018
11.39‌
0.15‌
–‌
0.15‌
(
0.09‌)
(
0.24‌)
–‌
(
0.33‌)
11.21‌
2017
10.86‌
0.11‌
0.44‌
0.55‌
(
0.02‌)
–‌
–‌
(
0.02‌)
11.39‌
R-6
shares
2022(b)
11.96‌
0.04‌
(
0.12‌)
(
0.08‌)
(
0.07‌)
(
0.39‌)
–‌
(
0.46‌)
11.42‌
2021
11.12‌
0.10‌
0.93‌
1.03‌
(
0.19‌)
–‌
–‌
(
0.19‌)
11.96‌
2020
10.75‌
0.29‌
0.08‌
0.37‌
–‌
–‌
–‌
–‌
11.12‌
2019
11.21‌
0.23‌
(
0.02‌)
0.21‌
(
0.17‌)
(
0.47‌)
(
0.03‌)
(
0.67‌)
10.75‌
2018
11.39‌
0.16‌
(
0.01‌)
0.15‌
(
0.09‌)
(
0.24‌)
–‌
(
0.33‌)
11.21‌
2017(k)
11.28‌
0.04‌
0.07‌
0.11‌
–‌
–‌
–‌
–‌
11.39‌
See
accompanying
notes.
182
Financial
Highlights
(Continued)
Principal
Funds,
Inc.
(unaudited)
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
(0.83‌
)
%
(c),(d)
$
37,595‌
2.41‌
%
(e),(f),(g)
2.11‌
%
(e),(f),(g),(h)
0.20‌
%
(e)
113.6‌
%
(e)
8.71‌
(d),(i)
39,485‌
2.60‌
(f)
2.12‌
(f),(h)
0.30‌
289.8‌
3.01‌
(d),(i)
27,072‌
3.68‌
(f),(j)
2.11‌
(f),(h),(j)
1.68‌
439.7‌
1.82‌
(d)
41,100‌
3.37‌
(f),(j)
2.02‌
(f),(h),(j)
1.72‌
387.8‌
0.90‌
(d)
63,860‌
2.48‌
(f)
1.95‌
(f),(h)
1.02‌
378.0‌
4.74‌
(d)
112,799‌
2.50‌
(f)
1.92‌
(f),(h)
0.72‌
317.6‌
(0.62‌)
(c)
329,855‌
1.94‌
(e),(f),(g)
1.64‌
(e),(f),(g),(h)
0.67‌
(e)
113.6‌
(e)
9.27‌
(i)
351,188‌
2.16‌
(f)
1.63‌
(f),(h)
0.89‌
289.8‌
3.44‌
(i)
591,298‌
3.21‌
(f),(j)
1.64‌
(f),(h),(j)
1.98‌
439.7‌
2.24‌
453,013‌
2.99‌
(f),(j)
1.64‌
(f),(h)
,(j)
2.11‌
387.8‌
1.29‌
749,738‌
2.16‌
(f)
1.63‌
(f),(h)
1.35‌
378.0‌
5.04‌
1,156,731‌
2.18‌
(f)
1.60‌
(f),(h)
1.03‌
317.6‌
(0.62‌)
(c)
110,892‌
1.89‌
(e),(f),(g)
1.59‌
(e),(f),(g),(h)
0.70‌
(e)
113.6‌
(e)
9.37‌
173,029‌
2.08‌
(f)
1.58‌
(f),(h)
0.89‌
289.8‌
3.44‌
166,448‌
3.15‌
(f),(j)
1.58‌
(f),(h),(j)
2.74‌
439.7‌
2.28‌
818,258‌
2.91‌
(f),(j)
1.56‌
(f),(h),(j)
2.19‌
387.8‌
1.25‌
(i)
1,780,595‌
2.08‌
(f)
1.55‌
(f),(h)
1.43‌
378.0‌
1.06‌
(c),(i)
1,532,177‌
2.10‌
(e)
,(f)
1.54‌
(e),(f),(h)
1.51‌
(e)
317.6‌
(a)
Calculated
based
on
average
shares
outstanding
during
the
period.
(b)
Six
months
ended
February
28,
2022.
(c)
Total
return
amounts
have
not
been
annualized.
(d)
Total
return
is
calculated
without
the
front-end
sales
charge
or
contingent
deferred
sales
charge,
if
applicable.
(e)
Computed
on
an
annualized
basis.
(f)
Reflects
Manager's
contractual
expense
limit.
(g)
Includes
0.01%
of
expenses
associated
with
the
reclaim
of
foreign
taxes
paid.
The
expense
is
not
subject
to
the
Manager's
contractual
expense
limit.
(h)
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.
(i)
Total
return
is
calculated
using
the
traded
net
asset
value
which
may
differ
from
the
reported
net
asset
value.
The
traded
net
asset
value
is
the
net
asset
value
which
a
shareholder
would
have
paid
or
received
from
a
subscription
or
redemption.
(j)
Includes
0.01%
of
expenses
associated
with
fund
investments.
The
expense
is
not
subject
to
the
Manager's
contractual
expense
limit.
(k)
Period
from
June
12,
2017,
date
operations
commenced,
through
August
31,
2017.
See
accompanying
notes.
183
Financial
Highlights
Principal
Funds,
Inc.
(unaudited)
Selected
data
for
a
share
of
Capital
Stock
outstanding
throughout
each
year
ended
August
31
(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
2022(b)
$
12.39‌
$
0.12‌
(
$
0.96‌)
(
$
0.84‌)
(
$
0.36‌)
(
$
0.24‌)
(
$
0.60‌)
$
10.95‌
2021
10.06‌
0.27‌
2.32‌
2.59‌
(
0.23‌)
(
0.03‌)
(
0.26‌)
12.39‌
2020
9.83‌
0.21‌
0.37‌
0.58‌
(
0.32‌)
(
0.03‌)
(
0.35‌)
10.06‌
2019
10.57‌
0.30‌
(
0.69‌)
(
0.39‌)
(
0.26‌)
(
0.09‌)
(
0.35‌)
9.83‌
2018
10.55‌
0.28‌
0.12‌
0.40‌
(
0.30‌)
(
0.08‌)
(
0.38‌)
10.57‌
2017
9.24‌
0.27‌
1.29‌
1.56‌
(
0.25‌)
–‌
(
0.25‌)
10.55‌
R-1
shares
2022(b)
11.97‌
0.07‌
(
0.93‌)
(
0.86‌)
(
0.25‌)
(
0.24‌)
(
0.49‌)
10.62‌
2021
9.73‌
0.16‌
2.25‌
2.41‌
(
0.14‌)
(
0.03‌)
(
0.17‌)
11.97‌
2020
9.50‌
0.12‌
0.35‌
0.47‌
(
0.21‌)
(
0.03‌)
(
0.24‌)
9.73‌
2019
10.20‌
0.20‌
(
0.65‌)
(
0.45‌)
(
0.16‌)
(
0.09‌)
(
0.25‌)
9.50‌
2018
10.20‌
0.18‌
0.11‌
0.29‌
(
0.21‌)
(
0.08‌)
(
0.29‌)
10.20‌
2017
8.93‌
0.18‌
1.26‌
1.44‌
(
0.17‌)
–‌
(
0.17‌)
10.20‌
R-3
shares
2022(b)
12.13‌
0.09‌
(
0.95‌)
(
0.86‌)
(
0.29‌)
(
0.24‌)
(
0.53‌)
10.74‌
2021
9.85‌
0.19‌
2.29‌
2.48‌
(
0.17‌)
(
0.03‌)
(
0.20‌)
12.13‌
2020
9.64‌
0.16‌
0.35‌
0.51‌
(
0.27‌)
(
0.03‌)
(
0.30‌)
9.85‌
2019
10.35‌
0.23‌
(
0.65‌)
(
0.42‌)
(
0.20‌)
(
0.09‌)
(
0.29‌)
9.64‌
2018
10.35‌
0.22‌
0.10‌
0.32‌
(
0.24‌)
(
0.08‌)
(
0.32‌)
10.35‌
2017
9.07‌
0.20‌
1.28‌
1.48‌
(
0.20‌)
–‌
(
0.20‌)
10.35‌
R-4
shares
2022(b)
12.27‌
0.10‌
(
0.96‌)
(
0.86‌)
(
0.31‌)
(
0.24‌)
(
0.55‌)
10.86‌
2021
9.97‌
0.22‌
2.31‌
2.53‌
(
0.20‌)
(
0.03‌)
(
0.23‌)
12.27‌
2020
9.75‌
0.18‌
0.36‌
0.54‌
(
0.29‌)
(
0.03‌)
(
0.32‌)
9.97‌
2019
10.48‌
0.25‌
(
0.67‌)
(
0.42‌)
(
0.22‌)
(
0.09‌)
(
0.31‌)
9.75‌
2018
10.46‌
0.24‌
0.12‌
0.36‌
(
0.26‌)
(
0.08‌)
(
0.34‌)
10.48‌
2017
9.17‌
0.20‌
1.31‌
1.51‌
(
0.22‌)
–‌
(
0.22‌)
10.46‌
R-5
shares
2022(b)
12.31‌
0.11‌
(
0.95‌)
(
0.84‌)
(
0.33‌)
(
0.24‌)
(
0.57‌)
10.90‌
2021
10.00‌
0.24‌
2.30‌
2.54‌
(
0.20‌)
(
0.03‌)
(
0.23‌)
12.31‌
2020
9.78‌
0.19‌
0.36‌
0.55‌
(
0.30‌)
(
0.03‌)
(
0.33‌)
10.00‌
2019
10.50‌
0.27‌
(
0.67‌)
(
0.40‌)
(
0.23‌)
(
0.09‌)
(
0.32‌)
9.78‌
2018
10.49‌
0.24‌
0.12‌
0.36‌
(
0.27‌)
(
0.08‌)
(
0.35‌)
10.50‌
2017
9.18‌
0.23‌
1.31‌
1.54‌
(
0.23‌)
–‌
(
0.23‌)
10.49‌
R-6
shares
2022(b)
12.40‌
0.12‌
(
0.96‌)
(
0.84‌)
(
0.36‌)
(
0.24‌)
(
0.60‌)
10.96‌
2021
10.06‌
0.27‌
2.33‌
2.60‌
(
0.23‌)
(
0.03‌)
(
0.26‌)
12.40‌
2020
9.83‌
0.22‌
0.36‌
0.58‌
(
0.32‌)
(
0.03‌)
(
0.35‌)
10.06‌
2019
10.57‌
0.30‌
(
0.69‌)
(
0.39‌)
(
0.26‌)
(
0.09‌)
(
0.35‌)
9.83‌
2018
10.54‌
0.29‌
0.12‌
0.41‌
(
0.30‌)
(
0.08‌)
(
0.38‌)
10.57‌
2017(h)
9.01‌
0.14‌
1.39‌
1.53‌
–‌
–‌
–‌
10.54‌
See
accompanying
notes.
184
Financial
Highlights
(Continued)
Principal
Funds,
Inc.
(unaudited)
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
(7.02‌)
%
(c)
$
49,942‌
0.32‌
%
(d),(e),(f)
2.07‌
%
(d)
17.5‌
%
(d)
26.03‌
50,246‌
0.31‌
(e)
2.38‌
21.7‌
5.77‌
35,803‌
0.31‌
(e)
2.11‌
31.1‌
(3.33‌)
50,221‌
0.31‌
(e)
3.09‌
23.4‌
3.69‌
46,042‌
0.34‌
(e)
2.54‌
27.2‌
17.42‌
67,784‌
0.32‌
(e)
2.83‌
24.7‌
(7.40‌)
(c)
438‌
1.20‌
(d),(f)
1.22‌
(d)
17.5‌
(d)
24.95‌
491‌
1.19‌
1.46‌
21.7‌
4.86‌
491‌
1.19‌
1.31‌
31.1‌
(4.19‌)
588‌
1.20‌
2.09‌
23.4‌
2.78‌
722‌
1.19‌
1.71‌
27.2‌
16.43‌
1,000‌
1.19‌
1.93‌
24.7‌
(7.28‌)
(c)
14,249‌
0.89‌
(d),(f)
1.53‌
(d)
17.5‌
(d)
25.42‌
16,698‌
0.88‌
1.75‌
21.7‌
5.11‌
15,706‌
0.88‌
1.65‌
31.1‌
(3.82‌)
16,499‌
0.89‌
2.41‌
23.4‌
3.03‌
17,816‌
0.88‌
2.04‌
27.2‌
16.77‌
18,585‌
0.88‌
2.14‌
24.7‌
(7.19‌)
(c)
9,078‌
0.70‌
(d),(f)
1.71‌
(d)
17.5‌
(d)
25.56‌
10,509‌
0.69‌
1.96‌
21.7‌
5.34‌
9,023‌
0.69‌
1.84‌
31.1‌
(3.72‌)
7,466‌
0.70‌
2.51‌
23.4‌
3.37‌
11,977‌
0.69‌
2.22‌
27.2‌
16.93‌
13,372‌
0.69‌
2.14‌
24.7‌
(7.07‌)
(c)
15,711‌
0.58‌
(d),(f)
1.85‌
(d)
17.5‌
(d)
25.66‌
18,863‌
0.57‌
2.08‌
21.7‌
5.45‌
16,208‌
0.57‌
1.95‌
31.1‌
(3.50‌)
16,948‌
0.58‌
2.80‌
23.4‌
3.38‌
18,479‌
0.57‌
2.26‌
27.2‌
17.23‌
29,429‌
0.57‌
2.35‌
24.7‌
(7.01‌)
(c)
1,029,379‌
0.30‌
(d),(e),(f)
2.11‌
(d)
17.5‌
(d)
26.14‌
1,151,273‌
0.29‌
(e)
2.35‌
21.7‌
5.66‌
(g)
1,020,094‌
0.29‌
(e)
2.25‌
31.1‌
(3.23‌)
(g)
1,003,550‌
0.28‌
(e)
3.04‌
23.4‌
3.80‌
997,061‌
0.27‌
(e)
2.67‌
27.2‌
16.98‌
(c)
924,600‌
0.27‌
(d),(e)
2.02‌
(d)
24.7‌
(a)
Calculated
based
on
average
shares
outstanding
during
the
period.
(b)
Six
months
ended
February
28,
2022.
(c)
Total
return
amounts
have
not
been
annualized.
(d)
Computed
on
an
annualized
basis.
(e)
Reflects
Manager's
contractual
expense
limit.
(f)
Includes
0.01%
of
expenses
associated
with
the
reclaim
of
foreign
taxes
paid.
The
expense
is
not
subject
to
the
Manager's
contractual
expense
limit.
(g)
Total
return
is
calculated
using
the
traded
net
asset
value
which
may
differ
from
the
reported
net
asset
value.
The
traded
net
asset
value
is
the
net
asset
value
which
a
shareholder
would
have
paid
or
received
from
a
subscription
or
redemption.
(h)
Period
from
January
3,
2017,
date
operations
commenced,
through
August
31,
2017.
See
accompanying
notes.
185
Financial
Highlights
Principal
Funds,
Inc.
(unaudited)
Selected
data
for
a
share
of
Capital
Stock
outstanding
throughout
each
year
ended
August
31
(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
2022(b)
$
13.47‌
$
0.04‌
(
$
1.78‌)
(
$
1.74‌)
(
$
0.16‌)
(
$
0.94‌)
(
$
1.10‌)
$
10.63‌
2021
10.63‌
0.12‌
2.87‌
2.99‌
(
0.15‌)
–‌
(
0.15‌)
13.47‌
2020
10.46‌
0.09‌
0.40‌
0.49‌
(
0.32‌)
–‌
(
0.32‌)
10.63‌
2019
12.36‌
0.14‌
(
1.17‌)
(
1.03‌)
(
0.14‌)
(
0.73‌)
(
0.87‌)
10.46‌
2018
12.17‌
0.15‌
0.67‌
0.82‌
(
0.26‌)
(
0.37‌)
(
0.63‌)
12.36‌
2017
9.87‌
0.18‌
2.15‌
2.33‌
(
0.03‌)
–‌
(
0.03‌)
12.17‌
R-6
shares
2022(b)
13.55‌
0.04‌
(
1.78‌)
(
1.74‌)
(
0.18‌)
(
0.94‌)
(
1.12‌)
10.69‌
2021
10.70‌
0.13‌
2.87‌
3.00‌
(
0.15‌)
–‌
(
0.15‌)
13
.55‌
2020
10.52‌
0.09‌
0.42‌
0.51‌
(
0.33‌)
–‌
(
0.33‌)
10.70‌
2019
12.42‌
0.14‌
(
1.16‌)
(
1.02‌)
(
0.15‌)
(
0.73‌)
(
0.88‌)
10.52‌
2018
12.21‌
0.13‌
0.71‌
0.84‌
(
0.26‌)
(
0.37‌)
(
0.63‌)
12.42‌
2017(f)
9.83‌
0.02‌
2.36‌
2.38‌
–‌
–‌
–‌
12.21‌
See
accompanying
notes.
186
Financial
Highlights
(Continued)
Principal
Funds,
Inc.
(unaudited)
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
(13.36‌)
%
(c)
$
72,744‌
1.17‌
%
(d),(e)
0.59‌
%
(d)
65.0‌
%
(d)
28.27‌
94,066‌
1.19‌
(e)
0.96‌
54.6‌
4.49‌
72,515‌
1.20‌
(e)
0.88‌
44.1‌
(7.31‌)
34,866‌
1.20‌
(e)
1.36‌
46.8‌
6.63‌
18,212‌
1.20‌
(e)
1.19‌
45.9‌
23.66‌
1,991‌
1.08‌
(e)
1.72‌
58.8‌
(13.35‌)
(c)
916,542‌
1.07‌
(d),(e)
0.69‌
(d)
65.0‌
(d)
28.27‌
1,087,460‌
1.08‌
(e)
1.11‌
54.6‌
4.67‌
966,964‌
1.08‌
(e)
0.91‌
44.1‌
(7.20‌)
855,932‌
1.07‌
(e)
1.36‌
46.8‌
6.79‌
976,593‌
1.06‌
(e)
1.06‌
45.9‌
24.21‌
(c)
1,002,985‌
1.06‌
(d),(e)
0.24‌
(d)
58.8‌
(a)
Calculated
based
on
average
shares
outstanding
during
the
period.
(b)
Six
months
ended
February
28,
2022.
(c)
Total
return
amounts
have
not
been
annualized.
(d)
Computed
on
an
annualized
basis.
(e)
Reflects
Manager's
contractual
expense
limit.
(f)
Period
from
January
3,
2017,
date
operations
commenced,
through
August
31,
2017.
See
accompanying
notes.
187
Financial
Highlights
Principal
Funds,
Inc.
(unaudited)
Selected
data
for
a
share
of
Capital
Stock
outstanding
throughout
each
year
ended
August
31
(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
2022(b)
$
11
.71‌
$
0
.17‌
(
$
0
.67‌
)
(
$
0
.50‌
)
(
$
0
.17‌
)
(
$
0
.17‌
)
$
11
.04‌
2021
10
.96‌
0
.37‌
0
.76‌
1
.13‌
(
0
.38‌
)
(
0
.38‌
)
11
.71‌
2020
11
.26‌
0
.36‌
(
0
.30‌
)
0
.06‌
(
0
.36‌
)
(
0
.36‌
)
10
.96‌
2019
10
.60‌
0
.43‌
0
.64‌
1
.07‌
(
0
.41‌
)
(
0
.41‌
)
11
.26‌
2018
10
.65‌
0
.42‌
(
0
.07‌
)
0
.35‌
(
0
.40‌
)
(
0
.40‌
)
10
.60‌
2017
11
.03‌
0
.40‌
(
0
.40‌
)
–‌
(
0
.38‌
)
(
0
.38‌
)
10
.65‌
Institutional
shares
2022(b)
11
.72‌
0
.19‌
(
0
.68‌
)
(
0
.49‌
)
(
0
.18‌
)
(
0
.18‌
)
11
.05‌
2021
10
.97‌
0
.40‌
0
.76‌
1
.16‌
(
0
.41‌
)
(
0
.41‌
)
11
.72‌
2020
11
.26‌
0
.40‌
(
0
.30‌
)
0
.10‌
(
0
.39‌
)
(
0
.39‌
)
10
.97‌
2019
10
.61‌
0
.46‌
0
.63‌
1
.09‌
(
0
.44‌
)
(
0
.44‌
)
11
.26‌
2018
10
.66‌
0
.45‌
(
0
.07‌
)
0
.38‌
(
0
.43‌
)
(
0
.43‌
)
10
.61‌
2017
11
.03‌
0
.43‌
(
0
.39‌
)
0
.04‌
(
0
.41‌
)
(
0
.41‌
)
10
.66‌
See
accompanying
notes.
188
Financial
Highlights
(Continued)
Principal
Funds,
Inc.
(unaudited)
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
(
4
.35‌
)
%
(c)
,(d)
$
59,678‌
0
.88‌
%
(e)
,(f)
0
.84‌
%
(e)
,(f)
,(g)
3
.00‌
%
(e)
24
.1‌
%
(e)
10
.43‌
(d)
59,266‌
0
.88‌
(f)
0
.84‌
(f)
,(g)
3
.26‌
48
.0‌
0
.62‌
(d)
50,459‌
0
.91‌
(f)
0
.84‌
(f)
,(g)
3
.35‌
76
.6‌
10
.36‌
(d)
53,756‌
0
.98‌
(f)
0
.86‌
(f)
,(g)
4
.01‌
66
.1‌
3
.37‌
(d)
46,667‌
1
.00‌
(f)
0
.90‌
(f)
,(g)
3
.94‌
76
.0‌
0
.13‌
(d)
40,758‌
0
.95‌
(f)
0
.89‌
(f)
,(g)
3
.83‌
67
.9‌
(
4
.21‌
)
(c)
126,293‌
0
.60‌
(e)
,(f)
0
.56‌
(e)
,(f)
,(g)
3
.28‌
(e)
24
.1‌
(e)
10
.73‌
116,210‌
0
.60‌
(f)
0
.56‌
(f)
,(g)
3
.52‌
48
.0‌
0
.99‌
82,465‌
0
.63‌
(f)
0
.56‌
(f)
,(g)
3
.64‌
76
.6‌
10
.55‌
82,132‌
0
.70‌
(f)
0
.58‌
(f)
,(g)
4
.27‌
66
.1‌
3
.66‌
55,466‌
0
.72‌
(f)
0
.62‌
(f)
,(g)
4
.21‌
76
.0‌
0
.48‌
61,797‌
0
.69‌
(f)
0
.63‌
(f)
,(g)
4
.10‌
67
.9‌
(a)
Calculated
based
on
average
shares
outstanding
during
the
period.
(b)
Six
months
ended
February
28,
2022.
(c)
Total
return
amounts
have
not
been
annualized.
(d)
Total
return
is
calculated
without
the
front-end
sales
charge
or
contingent
deferred
sales
charge,
if
applicable.
(e)
Computed
on
an
annualized
basis.
(f)
Reflects
Manager's
contractual
expense
limit.
(g)
Excludes
interest
expense
and
fees
paid
through
inverse
floater
agreements.
See
"Operating
Policies"
in
notes
to
financial
statements.
See
accompanying
notes.
189
Financial
Highlights
Principal
Funds,
Inc.
(unaudited)
Selected
data
for
a
share
of
Capital
Stock
outstanding
throughout
each
year
ended
August
31
(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
ORIGIN
EMERGING
MARKETS
FUND
Class
A
shares
2022(b)
$
14
.16‌
$
0
.04‌
(
$
1
.46‌
)
(
$
1
.42‌
)
(
$
0
.18‌
)
(
$
0
.24‌
)
(
$
0
.42‌
)
$
12
.32‌
2021
12
.36‌
0
.14‌
1
.71‌
1
.85‌
(
0
.05‌
)
–‌
(
0
.05‌
)
14
.16‌
2020
10
.63‌
0
.11‌
1
.77‌
1
.88‌
(
0
.15‌
)
–‌
(
0
.15‌
)
12
.36‌
2019
11
.28‌
0
.11‌
(
0
.68‌
)
(
0
.57‌
)
(
0
.08‌
)
–‌
(
0
.08‌
)
10
.63‌
2018
11
.74‌
0
.12‌
(
0
.52‌
)
(
0
.40‌
)
(
0
.06‌
)
–‌
(
0
.06‌
)
11
.28‌
2017
9
.07‌
0
.18‌
2
.52‌
2
.70‌
(
0
.03‌
)
–‌
(
0
.03‌
)
11
.74‌
Institutional
shares
2022(b)
13
.95‌
0
.06‌
(
1
.42‌
)
(
1
.36‌
)
(
0
.24‌
)
(
0
.24‌
)
(
0
.48‌
)
12
.11‌
2021
12
.17‌
0
.18‌
1
.69‌
1
.87‌
(
0
.09‌
)
–‌
(
0
.09‌
)
13
.95‌
2020
10
.47‌
0
.16‌
1
.74‌
1
.90‌
(
0
.20‌
)
–‌
(
0
.20‌
)
12
.17‌
2019
11
.16‌
0
.18‌
(
0
.71‌
)
(
0
.53‌
)
(
0
.16‌
)
–‌
(
0
.16‌
)
10
.47‌
2018
11
.61‌
0
.07‌
(
0
.41‌
)
(
0
.34‌
)
(
0
.11‌
)
–‌
(
0
.11‌
)
11
.16‌
2017
8
.97‌
0
.05‌
2
.66‌
2
.71‌
(
0
.07‌
)
–‌
(
0
.07‌
)
11
.61‌
R-6
shares
2022(b)
13
.98‌
0
.07‌
(
1
.43‌
)
(
1
.36‌
)
(
0
.26‌
)
(
0
.24‌
)
(
0
.50‌
)
12
.12‌
2021
12
.18‌
0
.22‌
1
.68‌
1
.90‌
(
0
.10‌
)
–‌
(
0
.10‌
)
13
.98‌
2020
10
.48‌
0
.16‌
1
.75‌
1
.91‌
(
0
.21‌
)
–‌
(
0
.21‌
)
12
.18‌
2019
11
.16‌
0
.25‌
(
0
.76‌
)
(
0
.51‌
)
(
0
.17‌
)
–‌
(
0
.17‌
)
10
.48‌
2018
11
.61‌
0
.15‌
(
0
.49‌
)
(
0
.34‌
)
(
0
.11‌
)
–‌
(
0
.11‌
)
11
.16‌
2017
8
.97‌
0
.50‌
2
.21‌
2
.71‌
(
0
.07‌
)
–‌
(
0
.07‌
)
11
.61‌
See
accompanying
notes.
190
Financial
Highlights
(Continued)
Principal
Funds,
Inc.
(unaudited)
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
(
10
.17‌
)
%
(c)
,(d)
$
7,401‌
1
.59‌
%
(e)
,(f)
0
.60‌
%
(e)
43
.8‌
%
(e)
14
.95‌
(d)
9,524‌
1
.60‌
(f)
1
.00‌
71
.9‌
17
.73‌
(d)
4,003‌
1
.60‌
(f)
0
.96‌
72
.9‌
(
4
.94‌
)
(d)
2,455‌
1
.66‌
(f)
1
.08‌
59
.4‌
(
3
.49‌
)
(d)
4,384‌
1
.75‌
(f)
0
.97‌
52
.3‌
29
.91‌
(d)
3,003‌
1
.75‌
(f)
1
.83‌
66
.3‌
(
9
.93‌
)
(c)
112,658‌
1
.20‌
(e)
,(f)
0
.96‌
(e)
43
.8‌
(e)
15
.42‌
124,727‌
1
.20‌
(f)
1
.30‌
71
.9‌
18
.21‌
26,478‌
1
.20‌
(f)
1
.44‌
72
.9‌
(
4
.55‌
)
11,710‌
1
.22‌
(f)
1
.78‌
59
.4‌
(
2
.98‌
)
12,032‌
1
.25‌
(f)
0
.58‌
52
.3‌
30
.58‌
35,584‌
1
.24‌
(f)
0
.51‌
66
.3‌
(
9
.89‌
)
(c)
3,044,784‌
1
.04‌
(e)
,(f)
1
.13‌
(e)
43
.8‌
(e)
15
.61‌
3,729,485‌
1
.05‌
(f)
1
.56‌
71
.9‌
18
.30‌
1,827,389‌
1
.07‌
(f)
1
.43‌
72
.9‌
(
4
.42‌
)
1,082,059‌
1
.12‌
(f)
2
.40‌
59
.4‌
(
2
.97‌
)
622,846‌
1
.21‌
(f)
1
.21‌
52
.3‌
30
.54‌
662,808‌
1
.21‌
(f)
4
.54‌
66
.3‌
(a)
Calculated
based
on
average
shares
outstanding
during
the
period.
(b)
Six
months
ended
February
28,
2022.
(c)
Total
return
amounts
have
not
been
annualized.
(d)
Total
return
is
calculated
without
the
front-end
sales
charge
or
contingent
deferred
sales
charge,
if
applicable.
(e)
Computed
on
an
annualized
basis.
(f)
Reflects
Manager's
contractual
expense
limit.
See
accompanying
notes.
191
Financial
Highlights
Principal
Funds,
Inc.
(unaudited)
Selected
data
for
a
share
of
Capital
Stock
outstanding
throughout
each
year
ended
August
31
(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
2022(b)
$
17.01‌
$
0.08‌
$
0
.36‌
$
0.44‌
(
$
0.06‌)
(
$
0.02‌)
(
$
0.08‌)
$
17.37‌
2021
11.91‌
0.10‌
5.16‌
5.26‌
(
0.16‌)
–‌
(
0.16‌)
17.01‌
2020
13.96‌
0.16‌
(
1.88‌)
(
1.72‌)
(
0.23‌)
(
0.10‌)
(
0.33‌)
11.91‌
2019
17.84‌
0.28‌
(
1.92‌)
(
1.64‌)
(
0.35‌)
(
1.89‌)
(
2.24‌)
13.96‌
2018
16.57‌
0.34‌
1.92‌
2.26‌
(
0.21‌)
(
0.78‌)
(
0.99‌)
17.84‌
2017
14.95‌
0.35‌
1.60‌
1.95‌
(
0.33‌)
–‌
(
0.33‌)
16.57‌
Class
C
shares
2022(b)
16.81‌
0.02‌
0.35‌
0.37‌
–‌
(
0.02‌)
(
0.02‌)
17.16‌
2021
11.78‌
(
0.01‌)
5.11‌
5.10‌
(
0
.07‌)
–‌
(
0.07‌)
16.81‌
2020
13.82‌
0.06‌
(
1.86‌)
(
1.80‌)
(
0.14‌)
(
0.10‌)
(
0.24‌)
11.78‌
2019
17.68‌
0.17‌
(
1.90‌)
(
1.73‌)
(
0.24‌)
(
1.89‌)
(
2.13‌)
13.82‌
2018
16.43‌
0.21‌
1.90‌
2.11‌
(
0.08‌)
(
0.78‌)
(
0.86‌)
17.68‌
2017
14.84‌
0.23‌
1.60‌
1.83‌
(
0.24‌)
–‌
(
0.24‌)
16.43‌
Institutional
shares
2022(b)
17.11‌
0.11‌
0.36‌
0.47‌
(
0.09‌)
(
0.02‌)
(
0.11‌)
17.47‌
2021
11.97‌
0.15‌
5.18‌
5.33‌
(
0.19‌)
–‌
(
0.19‌)
17.11‌
2020
14.04‌
0.19‌
(
1.89‌)
(
1.70‌)
(
0.27‌)
(
0.10‌)
(
0.37‌)
11.97‌
2019
17.92‌
0.32‌
(
1.91‌)
(
1.59‌)
(
0.40‌)
(
1.89‌)
(
2.29‌)
14.04‌
2018
16.65‌
0.39‌
1.92‌
2.31‌
(
0.26‌)
(
0.78‌)
(
1.04‌)
17.92‌
2017
15.01‌
0.41‌
1.61‌
2.02‌
(
0.38‌)
–‌
(
0.38‌)
16.65‌
R-6
shares
2022(b)
17.20‌
0.11‌
0.35‌
0.46‌
(
0.09‌)
(
0.02‌)
(
0.11‌)
17.55‌
2021
12.03‌
0.15‌
5.22‌
5.37‌
(
0.20‌)
–‌
(
0.20‌)
17.20‌
2020
14.10‌
0.20‌
(
1.89‌)
(
1.69‌)
(
0.28‌)
(
0.10‌)
(
0.38‌)
12.03‌
2019
17.98‌
0.33‌
(
1.93‌)
(
1.60‌)
(
0.39‌)
(
1.89‌)
(
2.28‌)
14.10‌
2018
16.66‌
0.40‌
1.94‌
2.34‌
(
0.24‌)
(
0.78‌)
(
1.02‌)
17.98‌
2017(g)
16.17‌
0.33‌
0.22‌
0.55‌
(
0.06‌)
–‌
(
0.06‌)
16.66‌
See
accompanying
notes.
192
Financial
Highlights
(Continued)
Principal
Funds,
Inc.
(unaudited)
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
2.57‌
%
(c),(d)
$
155,845‌
1.12‌
%
(e),(f)
0.95‌
%
(e)
22.4‌
%
(e)
44.42‌
(d)
148,411‌
1.12‌
(f)
0.70‌
74.6‌
(12.55‌)
(d)
103,382‌
1.12‌
(f)
1.20‌
28.9‌
(7.83‌)
(d)
147,402‌
1.13‌
(f)
1.91‌
21.9‌
13.93‌
(d)
214,620‌
1.13‌
(f)
1.98‌
31.5‌
13.17‌
(d)
232,872‌
1.17‌
2.15‌
25.5‌
2.17‌
(c),(d)
58,523‌
1.87‌
(e),(f)
0.20‌
(e)
22.4‌
(e)
43.44‌
(d)
69,017‌
1.87‌
(f)
(0.03‌)
74.6‌
(13.25‌)
(d)
71,660‌
1.87‌
(f)
0.45‌
28.9‌
(8.50‌)
(d)
118,135‌
1.88‌
(f)
1.16‌
21.9‌
13.08‌
(d)
170,893‌
1.88‌
(f)
1.23‌
31.5‌
12.37‌
(d)
178,599‌
1.92‌
(f)
1.41‌
25.5‌
2.70‌
(c)
850,787‌
0.85‌
(e),(f)
1.22‌
(e)
22.4‌
(e)
44.89‌
833,344‌
0.85‌
(f)
1.02‌
74.6‌
(12.36‌)
1,408,105‌
0.85‌
(f)
1.47‌
28.9‌
(7.54‌)
1,892,406‌
0.86‌
(f)
2.19‌
21.9‌
14.20‌
2,453,527‌
0.86‌
(f)
2.25‌
31.5‌
13.56‌
2,179,792‌
0.86‌
(f)
2.51‌
25.5‌
2.66‌
(c)
136,499‌
0.80‌
(e),(f)
1.23‌
(e)
22.4‌
(e)
45.03‌
61,986‌
0.79‌
(f)
0.93‌
74.6‌
(12.24‌)
9,135‌
0.79‌
(f)
1.52‌
28.9‌
(7.54‌)
8,589‌
0.79‌
(f)
2.27‌
21.9‌
14.39‌
7,737‌
0.78‌
(f)
2.28‌
31.5‌
3.43‌
(c)
610,070‌
0.77‌
(e),(f)
2.96‌
(e)
25.5‌
(a)
Calculated
based
on
average
shares
outstanding
during
the
period.
(b)
Six
months
ended
February
28,
2022.
(c)
Total
return
amounts
have
not
been
annualized.
(d)
Total
return
is
calculated
without
the
front-end
sales
charge
or
contingent
deferred
sales
charge,
if
applicable.
(e)
Computed
on
an
annualized
basis.
(f)
Reflects
Manager's
contractual
expense
limit.
(g)
Period
from
January
3,
2017,
date
operations
commenced,
through
August
31,
2017.
See
accompanying
notes.
193
Financial
Highlights
Principal
Funds,
Inc.
(unaudited)
Selected
data
for
a
share
of
Capital
Stock
outstanding
throughout
each
year
ended
August
31
(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
GROWTH
FUND
Institutional
shares
2022(b)
$
19
.16‌
(
$
0
.05‌
)
(
$
1
.81‌
)
(
$
1
.86‌
)
(
$
0
.02‌
)
(
$
4
.94‌
)
(
$
4
.96‌
)
$
12
.34‌
2021
14
.33‌
(
0
.06‌
)
6
.31‌
6
.25‌
–‌
(
1
.42‌
)
(
1
.42‌
)
19
.16‌
2020
10
.26‌
(
0
.06‌
)
4
.13‌
4
.07‌
–‌
–‌
–‌
14
.33‌
2019(g)
10
.00‌
(
0
.01‌
)
0
.27‌
0
.26‌
–‌
–‌
–‌
10
.26‌
See
accompanying
notes.
194
Financial
Highlights
(Continued)
Principal
Funds,
Inc.
(unaudited)
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
(
11
.83‌
)
%
(c)
$
9,991‌
0
.83‌
%
(d)
,(e)
(
0
.64‌
)
%
(d)
117
.3‌
%
(d)
44
.49‌
(f)
11,489‌
0
.83‌
(e)
(
0
.33‌
)
148
.4‌
39
.77‌
(f)
7,626‌
0
.83‌
(e)
(
0
.59‌
)
134
.3‌
2
.60‌
(c)
5,131‌
0
.83‌
(d)
,(e)
(
0
.48‌
)
(d)
175
.8‌
(d)
(a)
Calculated
based
on
average
shares
outstanding
during
the
period.
(b)
Six
months
ended
February
28,
2022.
(c)
Total
return
amounts
have
not
been
annualized.
(d)
Computed
on
an
annualized
basis.
(e)
Reflects
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.
(g)
Period
from
June
12,
2019,
date
operations
commenced,
through
August
31,
2019.
See
accompanying
notes.
195
Financial
Highlights
Principal
Funds,
Inc.
(unaudited)
Selected
data
for
a
share
of
Capital
Stock
outstanding
throughout
each
year
ended
August
31
(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
SPECTRUM
PREFERRED
AND
CAPITAL
SECURITIES
INCOME
FUND
Class
A
shares
2022(b)
$
10.64‌
$
0.20‌
(
$
0.72‌)
(
$
0.52‌)
(
$
0.23‌)
$
–‌
(
$
0.23‌)
$
9.89‌
2021
10.32‌
0.38‌
0.36‌
0.74‌
(
0.42‌)
–‌
(
0
.42‌)
10.64‌
2020
10.30‌
0.42‌
0.05‌
0.47‌
(
0.45‌)
–‌
(
0.45‌)
10.32‌
2019
10.06‌
0.49‌
0.26‌
0.75‌
(
0.51‌)
–‌
(
0.51‌)
10.30‌
2018
10.53‌
0.50‌
(
0.46‌)
0.04‌
(
0.49‌)
(
0.02‌)
(
0.51‌)
10.06‌
2017
10.36‌
0.49‌
0.24‌
0
.73‌
(
0.47‌)
(
0.09‌)
(
0.56‌)
10.53‌
Class
C
shares
2022(b)
10.64‌
0.16‌
(
0.72‌)
(
0.56‌)
(
0.19‌)
–‌
(
0.19‌)
9.89‌
2021
10.31‌
0.30‌
0.37‌
0.67‌
(
0.34‌)
–‌
(
0.34‌)
10.64‌
2020
10.29‌
0.35‌
0.04‌
0.39‌
(
0.37‌)
–‌
(
0.37‌)
10.31‌
2019
10.05‌
0.42‌
0.25‌
0.67‌
(
0.43‌)
–‌
(
0.43‌)
10.29‌
2018
10.52‌
0.42‌
(
0.46‌)
(
0.04‌)
(
0.41‌)
(
0.02‌)
(
0.43‌)
10.05‌
2017
10.35‌
0.42‌
0.23‌
0.65‌
(
0.39‌)
(
0.09‌)
(
0.48‌)
10.52‌
Class
J
shares
2022(b)
10.32‌
0.19‌
(
0.70‌)
(
0.51‌)
(
0.23‌)
–‌
(
0.23‌)
9.58‌
2021
10.01‌
0.37‌
0.37‌
0.74‌
(
0.43‌)
–‌
(
0.43‌)
10.32‌
2020
10.01‌
0.41‌
0.04‌
0.45‌
(
0.45‌)
–‌
(
0.45‌)
10.01‌
2019
9.79‌
0.47‌
0.26‌
0.73‌
(
0.51‌)
–‌
(
0.51‌)
10.01‌
2018
10.26‌
0.49‌
(
0.45‌)
0.04‌
(
0.49‌)
(
0.02‌)
(
0.51‌)
9.79‌
2017
10.11‌
0.49‌
0.22‌
0.71‌
(
0.47‌)
(
0.09‌)
(
0.56‌)
10.26‌
Institutional
shares
2022(b)
10.56‌
0.21‌
(
0.72‌)
(
0.51‌)
(
0.24‌)
–‌
(
0.24‌)
9.81‌
2021
10
.24‌
0.40‌
0.37‌
0.77‌
(
0.45‌)
–‌
(
0.45‌)
10.56‌
2020
10.23‌
0.45‌
0.04‌
0.49‌
(
0.48‌)
–‌
(
0.48‌)
10.24‌
2019
9.99‌
0.52‌
0.26‌
0.78‌
(
0.54‌)
–‌
(
0.54‌)
10.23‌
2018
10.46‌
0.52‌
(
0.46‌)
0.06‌
(
0.51‌)
(
0.02‌)
(
0.53‌)
9.99‌
2017
10.30‌
0.52‌
0.23‌
0.75‌
(
0.50‌)
(
0.09‌)
(
0.59‌)
10.46‌
R-1
shares
2022(b)
10.50‌
0.17‌
(
0.72‌)
(
0.55‌)
(
0.20‌)
–‌
(
0.20‌)
9
.75‌
2021
10.19‌
0.32‌
0.36‌
0.68‌
(
0.37‌)
–‌
(
0.37‌)
10.50‌
2020
10.17‌
0.36‌
0.06‌
0.42‌
(
0.40‌)
–‌
(
0.40‌)
10.19‌
2019
9.94‌
0.44‌
0.25‌
0.69‌
(
0.46‌)
–‌
(
0.46‌)
10.17‌
2018
10.41‌
0.44‌
(
0.46‌)
(
0.02‌)
(
0.43‌)
(
0.02‌
)
(
0.45‌)
9.94‌
2017
10.25‌
0.44‌
0.22‌
0.66‌
(
0.41‌)
(
0.09‌)
(
0.50‌)
10.41‌
See
accompanying
notes.
196
Financial
Highlights
(Continued)
Principal
Funds,
Inc.
(unaudited)
Total
Return
Net
Assets,
End
of
Period
(in
thousands)
Ratio
of
Expenses
to
Average
Net
Assets
Ratio
of
Gross
Expenses
to
Average
Net
Assets
Ratio
of
Net
Investment
Income
to
Average
Net
Assets
Portfolio
Turnover
Rate
(4.98‌)
%
(c),(d)
$
911,433‌
1.03‌
%
(e)
–‌
%
3.85‌
%
(e)
16.4‌
%
(e)
7.32‌
(d)
971,310‌
1.04‌
–‌
3.62‌
21.6‌
4.77‌
(d)
844,525‌
1.05‌
–‌
4.18‌
18.1‌
7.80‌
(d)
732,421‌
1.06‌
–‌
4.96‌
19.8‌
0.32‌
(d)
655,225‌
1.06‌
–‌
4.83‌
12.3‌
7.31‌
(d)
732,471‌
1.06‌
–‌
4.81‌
16.1‌
(5.35‌)
(c),(d)
221,148‌
1.80‌
(e)
–‌
3.08‌
(e)
16.4‌
(e)
6.58‌
(d)
256,799‌
1.79‌
–‌
2.89‌
21.6‌
3.95‌
(d)
365,817‌
1
.81‌
–‌
3.44‌
18.1‌
6.97‌
(d)
469,674‌
1.81‌
–‌
4.21‌
19.8‌
(0.44‌
)
(d)
631,599‌
1.81‌
–‌
4.08‌
12.3‌
6.53‌
(d)
751,561‌
1.81‌
–‌
4.07‌
16.1‌
(5.02‌)
(c),(d)
40,160‌
1.00‌
(e),(f)
1.02‌
(e),(g)
3.89‌
(e)
16.4‌
(e)
7.50‌
(d)
42,288‌
1.00‌
(f)
1.02‌
(g)
3.68‌
21.6‌
4.67‌
(d)
42,554‌
1.07‌
(f)
1.10‌
(g)
4.17‌
18.1‌
7.75‌
(d)
45,660‌
1.13‌
(f)
1
.16‌
(g)
4.89‌
19.8‌
0.38‌
(d)
45,458‌
1.02‌
(f)
1.05‌
(g)
4.87‌
12.3‌
7.37‌
(d)
51,417‌
1.00‌
(f)
1.03‌
(g)
4.88‌
16.1‌
(4.90‌)
(c)
4,626,132‌
0.79‌
(e),(h)
–‌
4.09‌
(e)
16.4‌
(e)
7.64‌
5,472,494‌
0.79‌
(h)
–‌
3.87‌
21.6‌
4.96‌
4,746,270‌
0.81‌
(h)
–‌
4.42‌
18.1‌
8.12‌
3,591,388‌
0.81‌
(h)
–‌
5.21‌
19.8‌
0.59‌
3,306,108‌
0.80‌
(h)
–‌
5.09‌
12.3‌
7.58‌
3,817,309‌
0.77‌
(h)
–‌
5.11‌
16.1‌
(5.30‌)
(c)
567‌
1.57‌
(e)
–‌
3.31‌
(e)
16.4‌
(e)
6.75‌
620‌
1.57‌
–‌
3.10‌
21.6‌
4.24‌
613‌
1.58‌
–‌
3.62‌
18.1‌
7.23‌
1,024‌
1.58‌
–‌
4.44‌
19.8‌
(0.20‌)
987‌
1.58‌
–‌
4.29‌
12.3‌
6.75‌
1,315‌
1.58‌
–‌
4.31‌
16.1‌
(a)
Calculated
based
on
average
shares
outstanding
during
the
period.
(b)
Six
months
ended
February
28,
2022.
(c)
Total
return
amounts
have
not
been
annualized.
(d)
Total
return
is
calculated
without
the
front-end
sales
charge
or
contingent
deferred
sales
charge,
if
applicable.
(e)
Computed
on
an
annualized
basis.
(f)
Reflects
Manager's
contractual
expense
limit
and/or
Distributor's
voluntary
distribution
fee
limit.
(g)
Excludes
expense
reimbursement
from
Manager
and/or
Distributor.
(h)
Reflects
Manager's
contractual
expense
limit.
See
accompanying
notes.
197
Financial
Highlights
Principal
Funds,
Inc.
(unaudited)
Selected
data
for
a
share
of
Capital
Stock
outstanding
throughout
each
year
ended
August
31
(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
SPECTRUM
PREFERRED
AND
CAPITAL
SECURITIES
INCOME
FUND
R-3
shares
2022(b)
$
10.48‌
$
0.18‌
(
$
0.71‌)
(
$
0.53‌)
(
$
0.22‌)
$
–‌
(
$
0.22‌)
$
9.73‌
2021
10.16‌
0.35‌
0.37‌
0.72‌
(
0.40‌)
–‌
(
0.40‌)
10.48‌
2020
10.15‌
0.40‌
0.04‌
0.44‌
(
0.43‌)
–‌
(
0.43‌)
10.16‌
2019
9.92‌
0.47‌
0.25‌
0.72‌
(
0.49‌)
–‌
(
0.49‌)
10.15‌
2018
10.39‌
0.47‌
(
0.46‌)
0.01‌
(
0.46‌)
(
0.02‌)
(
0.48‌)
9.92‌
2017
10.23‌
0.47‌
0.22‌
0.69‌
(
0.44‌)
(
0.09‌)
(
0.53‌)
10.39‌
R-4
shares
2022(b)
10.45‌
0.19‌
(
0.70‌)
(
0.51‌)
(
0.23‌)
–‌
(
0.23‌)
9.71‌
2021
10.14‌
0.37‌
0.36‌
0.73‌
(
0.42‌)
–‌
(
0.42‌)
10.45‌
2020
10.13‌
0.42‌
0.04‌
0.46‌
(
0.45‌)
–‌
(
0.45‌)
10.14‌
2019
9.90‌
0.48‌
0.26‌
0.74‌
(
0.51‌)
–‌
(
0.51‌)
10.13‌
2018
10.37‌
0.49‌
(
0.46‌)
0.03‌
(
0.48‌)
(
0.02‌)
(
0.50‌)
9.90‌
2017
10.21‌
0.48‌
0.23‌
0.71‌
(
0.46‌)
(
0.09‌)
(
0.55‌)
10.37‌
R-5
shares
2022(b)
10.51‌
0.20‌
(
0.72‌)
(
0.52‌)
(
0.23‌)
–‌
(
0.23‌)
9.76‌
2021
10.19‌
0.39‌
0.36‌
0.75‌
(
0.43‌)
–‌
(
0.43‌)
10.51‌
2020
10.18‌
0.43‌
0.04‌
0.47‌
(
0.46‌)
–‌
(
0.46‌)
10.19‌
2019
9.95‌
0.50‌
0.25‌
0.75‌
(
0.52‌)
–‌
(
0.52‌)
10.18‌
2018
10.42‌
0.50‌
(
0.45‌)
0.05‌
(
0.50‌)
(
0.02‌)
(
0.52‌)
9.95‌
2017
10.26‌
0.50‌
0.23‌
0.73‌
(
0.48‌)
(
0.09‌)
(
0.57‌)
10.42‌
R-6
shares
2022(b)
10.55‌
0.21‌
(
0.70‌)
(
0.49‌)
(
0.25‌)
–‌
(
0.25‌)
9.81‌
2021
10.24‌
0.41‌
0.36‌
0.77‌
(
0.46‌)
–‌
(
0.46‌)
10.55‌
2020
10.23‌
0.46‌
0.04‌
0.50‌
(
0.49‌)
–‌
(
0.49‌)
10.24‌
2019
9.99‌
0.53‌
0.25‌
0.78‌
(
0.54‌)
–‌
(
0.54‌)
10.23‌
2018
10.46‌
0.53‌
(
0.46‌)
0.07‌
(
0.52‌)
(
0.02‌)
(
0.54‌)
9.99‌
2017(g)
9.91‌
0.35‌
0.53‌
0.88‌
(
0.33‌)
–‌
(
0.33‌)
10.46‌
See
accompanying
notes.
198
Financial
Highlights
(Continued)
Principal
Funds,
Inc.
(unaudited)
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
(5.17‌)
%
(c)
$
1,715‌
1.26‌
%
(d)
3.62‌
%
(d)
16.4‌
%
(d)
7.20‌
2,521‌
1.26‌
3.38‌
21.6‌
4.49‌
1,328‌
1.27‌
3.98‌
18.1‌
7.58‌
2,101‌
1.27‌
4.77‌
19.8‌
0.11‌
2,319‌
1.27‌
4.62‌
12.3‌
7.09‌
2,676‌
1.27‌
4.62‌
16.1‌
(4.99‌)
(c)
1,070‌
1.07‌
(d)
3.82‌
(d)
16.4‌
(d)
7.31‌
834‌
1.07‌
3.61‌
21
.6‌
4.71‌
1,031‌
1.08‌
4.16‌
18.1‌
7.80‌
1,397‌
1.08‌
4.93‌
19.8‌
0.31‌
1,284‌
1.08‌
4.82‌
12.3‌
7.30‌
1,304‌
1.08‌
4.78‌
16.1‌
(5.01‌)
(c)
3,047‌
0.95‌
(d)
3.92‌
(d)
16.4‌
(d)
7.51‌
4,126‌
0.95‌
3.72‌
21.6‌
4.82‌
3,526‌
0.96‌
4.29‌
18.1‌
7.89‌
3,200‌
0.96‌
5.05‌
19.8‌
0.43‌
3,023‌
0.96‌
4.92‌
12.3‌
7.40‌
3,506‌
0.96‌
4.92‌
16.1‌
(4.76‌)
(c)
1,608,919‌
0.69‌
(d)
4.19‌
(d)
16.4‌
(d)
7.64‌
1,706,467‌
0.70‌
(e)
3.97‌
21.6‌
5.17‌
(f)
1,518,101‌
0.71‌
(e)
4.52‌
18.1‌
8.12‌
(f)
910,863‌
0.71‌
(e)
5.32‌
19.8‌
0.69‌
1,010,227‌
0.71‌
(e)
5.21‌
12.3‌
8.98‌
(c)
520,462‌
0.71‌
(d),(e)
5.08‌
(d)
16.1‌
(a)
Calculated
based
on
average
shares
outstanding
during
the
period.
(b)
Six
months
ended
February
28,
2022.
(c)
Total
return
amounts
have
not
been
annualized.
(d)
Computed
on
an
annualized
basis.
(e)
Reflects
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.
(g)
Period
from
January
3,
2017,
date
operations
commenced,
through
August
31,
2017.
Shareholder
Expense
Example
Principal
Funds,
Inc.
February
28,
2022
(unaudited)
199
As
a
shareholder
of
Principal
Funds,
Inc.,
you
incur
two
types
of
costs:
(1)
transaction
costs,
including
sales
charges
on
purchase
payments
and
contingent
deferred
sales
charges;
and
(2)
ongoing
costs,
including
management
fees;
distribution
fees;
and
other
fund
expenses.
This
Example
is
intended
to
help
you
understand
your
ongoing
costs
(in
dollars)
of
investing
in
Principal
Funds,
Inc.
and
to
compare
these
costs
with
the
ongoing
costs
of
investing
in
other
mutual
funds.
The
Example
is
based
on
an
investment
of
$1,000
invested
at
the
beginning
of
the
period
and
held
for
the
entire
period
(
September
1,
2021
to
February
28,
2022
),
unless
otherwise
noted.
Actual
Expenses
The
first
section
of
the
table
below
provides
information
about
actual
account
values
and
actual
expenses.
You
may
use
the
information
in
this
section,
together
with
the
amount
you
invested,
to
estimate
the
expenses
that
you
paid
over
the
period.
Simply
divide
your
account
value
by
$1,000
(for
example,
an
$8,600
account
value
divided
by
$1,000
=
8.6),
then
multiply
the
result
by
the
number
in
the
first
section
under
the
heading
entitled
“Expenses
Paid
During
Period”
to
estimate
the
expenses
you
paid
on
your
account
during
this
period.
R-1,
R-3,
R-4,
and
R-5
classes
of
shares
may
be
purchased
only
through
retirement
plans.
Such
plans
may
impose
fees
in
addition
to
those
charged
by
the
fund.
These
fees
are
not
included
in
the
table
below.
If
they
were,
the
estimate
of
expenses
you
paid
during
the
period
would
be
higher,
and
your
ending
account
value
lower,
by
this
amount.
Hypothetical
Example
for
Comparison
Purposes
The
second
section
of
the
table
below
provides
information
about
hypothetical
account
values
and
hypothetical
expenses
based
on
each
fund’s
actual
expense
ratio
and
an
assumed
rate
of
return
of
5%
per
year
before
expenses,
which
is
not
the
fund’s
actual
return.
The
hypothetical
account
values
and
expenses
may
not
be
used
to
estimate
the
actual
ending
account
balance
or
expenses
you
paid
for
the
period.
You
may
use
this
information
to
compare
the
ongoing
costs
of
investing
in
Principal
Funds,
Inc.
and
other
funds.
To
do
so,
compare
this
5%
hypothetical
example
with
the
5%
hypothetical
examples
that
appear
in
the
shareholder
reports
of
the
other
funds.
Please
note
that
the
expenses
shown
in
the
table
are
meant
to
highlight
your
ongoing
costs
only
and
do
not
reflect
any
transaction
costs,
such
as
sales
charges
on
purchase
payments,
contingent
deferred
sales
charges,
redemption
fees
or
exchange
fees.
Therefore,
the
second
section
of
the
table
is
useful
in
comparing
ongoing
costs
only,
and
will
not
help
you
determine
the
relative
total
costs
of
owning
different
funds.
In
addition,
if
these
transaction
costs
were
included,
your
costs
would
have
been
higher.
Actual
Hypothetical
Beginning
Account
Value
September
1,
2021
Ending
Account
Value
February
28,
2022
Expenses
Paid
During Period
September
1,
2021 to
February
28,
2022
(a)
Beginning
Account
Value
September
1,
2021
Ending
Account
Value
February
28,
2022 
Expenses
Paid
During Period
September
1,
2021 to
February
28,
2022
(a)
Annualized
Expense
Ratio
Blue
Chip
Fund
Class
A
$
1,000.00‌
$
854.96‌
$
4.19‌
$
1,000.00‌
$
1,020.28‌
$
4.56‌
0.91‌
%
Class
C
1,000.00‌
851.90‌
7.58‌
1,000.00‌
1,016.61‌
8.25‌
1.65‌
Class
J
1,000.00‌
855.50‌
3.50‌
1,000.00‌
1,021.03‌
3.81‌
0.76‌
Institutional
1,000.00‌
855.98‌
2.99‌
1,000.00‌
1,021.57‌
3.26‌
0.65‌
R-3
1,000.00‌
853.96‌
5.19‌
1,000.00‌
1,019.19‌
5.66‌
1.13‌
R-4
1,000.00‌
854.81‌
4.32‌
1,000.00‌
1,020.13‌
4.71‌
0.94‌
R-5
1,000.00‌
855.40‌
3.77‌
1,000.00‌
1,020.73‌
4.11‌
0.82‌
R-6
1,000.00‌
856.48‌
2.58‌
1,000.00‌
1,022.02‌
2.81‌
0.56‌
Bond
Market
Index
Fund
Class
J
1,000.00‌
956.62‌
2.38‌
1,000.00‌
1,022.36‌
2.46‌
0.49‌
Institutional
1,000.00‌
958.81‌
0.73‌
1,000.00‌
1,024.05‌
0.75‌
0.15‌
R-1
1,000.00‌
954.34‌
4.94‌
1,000.00‌
1,019.74‌
5.11‌
1.02‌
R-3
1,000.00‌
956.16‌
3.44‌
1,000.00‌
1,021.27‌
3.56‌
0.71‌
R-4
1,000.00‌
956.75‌
2.52‌
1,000.00‌
1,022.22‌
2.61‌
0.52‌
R-5
1,000.00‌
957.40‌
1.94‌
1,000.00‌
1,022.81‌
2.01‌
0.40‌
Shareholder
Expense
Example
Principal
Funds,
Inc.
February
28,
2022
(unaudited)
200
Actual
Hypothetical
Beginning
Account
Value
September
1,
2021
Ending
Account
Value
February
28,
2022
Expenses
Paid
During Period
September
1,
2021 to
February
28,
2022
(a)
Beginning
Account
Value
September
1,
2021
Ending
Account
Value
February
28,
2022 
Expenses
Paid
During Period
September
1,
2021 to
February
28,
2022
(a)
Annualized
Expense
Ratio
Diversified
Real
Asset
Fund
Class
A
$
1,000.00‌
$
1,055.00‌
$
6.11‌
$
1,000.00‌
$
1,018.84‌
$
6.01‌
1.20‌
%
Institutional
1,000.00‌
1,056.79‌
4.23‌
1,000.00‌
1,020.68‌
4.16‌
0.83‌
R-3
1,000.00‌
1,054.68‌
6.83‌
1,000.00‌
1,018.15‌
6.71‌
1.34‌
R-4
1,000.00‌
1,055.93‌
5.86‌
1,000.00‌
1,019.09‌
5.76‌
1.15‌
R-5
1,000.00‌
1,056.60‌
5.25‌
1,000.00‌
1,019.69‌
5.16‌
1.03‌
R-6
1,000.00‌
1,057.47‌
3.93‌
1,000.00‌
1,020.98‌
3.86‌
0.77‌
Edge
MidCap
Fund
Class
A
1,000.00‌
949.82‌
5.32‌
1,000.00‌
1,019.34‌
5.51‌
1.10‌
Institutional
1,000.00‌
950.89‌
3.72‌
1,000.00‌
1,020.98‌
3.86‌
0.77‌
R-6
1,000.00‌
951.71‌
3.19‌
1,000.00‌
1,021.52‌
3.31‌
0.66‌
Global
Multi-Strategy
Fund
Class
A
1,000.00‌
991.65‌
11.90‌
1,000.00‌
1,012.84‌
12.03‌
2.41‌
Institutional
1,000.00‌
993.77‌
9.59‌
1,000.00‌
1,015.17‌
9.69‌
1.94‌
R-6
1,000.00‌
993.77‌
9.34‌
1,000.00‌
1,015.42‌
9.44‌
1.89‌
Global
Multi-Strategy
Fund
(Excluding
Dividend
and
Interest
Expense
on
Shorts)
Class
A
1,000.00‌
991.65‌
10.42‌
1,000.00‌
1,014.33‌
10.54‌
2.11‌
Institutional
1,000.00‌
993.77‌
8.11‌
1,000.00‌
1,016.66‌
8.20‌
1.64‌
R-6
1,000.00‌
993.77‌
7.86‌
1,000.00‌
1,016.91‌
7.95‌
1.59‌
International
Equity
Index
Fund
Institutional
1,000.00‌
929.78‌
1.53‌
1,000.00‌
1,023.21‌
1.61‌
0.32‌
R-1
1,000.00‌
925.99‌
5.73‌
1,000.00‌
1,018.84‌
6.01‌
1.20‌
R-3
1,000.00‌
927.18‌
4.25‌
1,000.00‌
1,020.38‌
4.46‌
0.89‌
R-4
1,000.00‌
928.06‌
3.35‌
1,000.00‌
1,021.32‌
3.51‌
0.70‌
R-5
1,000.00‌
929.31‌
2.77‌
1,000.00‌
1,021.92‌
2.91‌
0.58‌
R-6
1,000.00‌
929.86‌
1.44‌
1,000.00‌
1,023.31‌
1.51‌
0.30‌
International
Small
Company
Fund
Institutional
1,000.00‌
866.41‌
5.41‌
1,000.00‌
1,018.99‌
5.86‌
1.17‌
R-6
1,000.00‌
866.55‌
4.95‌
1,000.00‌
1,019.49‌
5.36‌
1.07‌
Opportunistic
Municipal
Fund
Class
A
1,000.00‌
956.50‌
4.27‌
1,000.00‌
1,020.43‌
4.41‌
0.88‌
Institutional
1,000.00‌
957.87‌
2.91‌
1,000.00‌
1,021.82‌
3.01‌
0.60‌
Opportunistic
Municipal
Fund
(Excluding
Interest
Expense
and
Fees)
Class
A
1,000.00‌
956.50‌
4.07‌
1,000.00‌
1,020.63‌
4.21‌
0.84‌
Institutional
1,000.00‌
957.87‌
2.72‌
1,000.00‌
1,022.02‌
2.81‌
0.56‌
Origin
Emerging
Markets
Fund
Class
A
1,000.00‌
898.32‌
7.48‌
1,000.00‌
1,016.91‌
7.95‌
1.59‌
Institutional
1,000.00‌
900.71‌
5.66‌
1,000.00‌
1,018.84‌
6.01‌
1.20‌
R-6
1,000.00‌
901.05‌
4.90‌
1,000.00‌
1,019.64‌
5.21‌
1.04‌
Small-MidCap
Dividend
Income
Fund
Class
A
1,000.00‌
1,025.69‌
5.63‌
1,000.00‌
1,019.24‌
5.61‌
1.12‌
Class
C
1,000.00‌
1,021.73‌
9.37‌
1,000.00‌
1,015.52‌
9.35‌
1.87‌
Institutional
1,000.00‌
1,026.98‌
4.27‌
1,000.00‌
1,020.58‌
4.26‌
0.85‌
R-6
1,000.00‌
1,026.56‌
4.02‌
1,000.00‌
1,020.83‌
4.01‌
0.80‌
Shareholder
Expense
Example
Principal
Funds,
Inc.
February
28,
2022
(unaudited)
201
Actual
Hypothetical
Beginning
Account
Value
September
1,
2021
Ending
Account
Value
February
28,
2022
Expenses
Paid
During Period
September
1,
2021 to
February
28,
2022
(a)
Beginning
Account
Value
September
1,
2021
Ending
Account
Value
February
28,
2022 
Expenses
Paid
During Period
September
1,
2021 to
February
28,
2022
(a)
Annualized
Expense
Ratio
Small-MidCap
Growth
Fund
Institutional
$
1,000.00‌
$
881.71‌
$
3.87‌
$
1,000.00‌
$
1,020.68‌
$
4.16‌
0.83‌
%
Spectrum
Preferred
and
Capital
Securities
Income
Fund
Class
A
1,000.00‌
950.17‌
4.98‌
1,000.00‌
1,019.69‌
5.16‌
1.03‌
Class
C
1,000.00‌
946.50‌
8.69‌
1,000.00‌
1,015.87‌
9.00‌
1.80‌
Class
J
1,000.00‌
949.83‌
4.83‌
1,000.00‌
1,019.84‌
5.01‌
1.00‌
Institutional
1,000.00‌
950.96‌
3.82‌
1,000.00‌
1,020.88‌
3.96‌
0.79‌
R-1
1,000.00‌
946.97‌
7.58‌
1,000.00‌
1,017.01‌
7.85‌
1.57‌
R-3
1,000.00‌
948.29‌
6.09‌
1,000.00‌
1,018.55‌
6.31‌
1.26‌
R-4
1,000.00‌
950.12‌
5.17‌
1,000.00‌
1,019.49‌
5.36‌
1.07‌
R-5
1,000.00‌
949.94‌
4.59‌
1,000.00‌
1,020.08‌
4.76‌
0.95‌
R-6
1,000.00‌
952.35‌
3.34‌
1,000.00‌
1,021.37‌
3.46‌
0.69‌
(a)
Expenses
are
equal
to
a
fund's
annualized
expense
ratio
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
181/365
(to
reflect
the
one-half
year
period).
Principal
Funds,
Inc.
(unaudited)
202
Notification
of
Source
of
Distributions
Pursuant
to
Rule
19a-1
of
the
Investment
Company
Act
of
1940
As
noted
in
the
table
provided
below,
certain
of
the
Principal
Funds
made
distributions
for
the
months
of
December
2021
and
March
2022
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
principalfunds.com/sources-of-distribution
.
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.
December
2021
Fund
Net
Income
Realized
Gain
Capital
Sources
Diversified
Real
Asset
Fund
17.95%
0.00%
82.05%
Global
Multi-Strategy
Fund
36.71
0.00
63.29
International
Equity
Index
Fund
66.03
4.14
29.83
International
Small
Company
Fund
0.00
35.40
64.60
Origin
Emerging
Markets
Fund
53.21
0.00
46.79
Small-MidCap
Growth
Fund
0.00
100.00
0.00
March
2022
Fund
Net
Income
Realized
Gain
Capital
Sources
Diversified
Real
Asset
Fund
0.00%
100.00%
0.00%
Small-MidCap
Dividend
Income
Fund
92.34
7.66
0.00
203
FUND
BOARD
OF
DIRECTORS
AND
OFFICERS
The
Board
of
Directors
(the
“Board”)
has
overall
responsibility
for
overseeing
the
Fund’s
operations
in
accordance
with
the
Investment
Act
of
1940,
as
amended
(the
“1940
Act”),
other
applicable
laws,
and
the
Fund’s
charter.
Each
member
of
the
Board
(“Board
Member”)
serves
on
the
Board
of
the
following
investment
companies
sponsored
by
Principal
Life
Insurance
Company:
Principal
Funds,
Inc.,
Principal
Variable
Contracts
Funds,
Inc.,
Principal
Exchange-Traded
Funds,
and
Principal
Diversified
Select
Real
Asset
Fund
which
are
collectively
referred
to
as
the
“Fund
Complex”.
Board
Members
that
are
affiliated
persons
of
any
investment
advisor,
the
principal
distributor,
or
the
principal
underwriter
of
the
Fund
Complex
are
considered
“interested
persons”
of
the
Fund
(as
defined
in
the
1940
Act)
and
are
shown
below
as
“Interested
Board
Members”.
Board
Members
who
are
not
Interested
Board
Members
are
shown
below
as
“Independent
Board
Members”.
Each
Board
Member
generally
serves
until
the
next
annual
meeting
of
stockholders
or
until
such
Board
Member’s
earlier
death,
resignation,
or
removal.
Independent
Board
Members
have
a
72-year
age
limit
and,
for
Independent
Board
Members
elected
on
or
after
September
14,
2021,
a
72-year
age
limit
or
a
15-year
term
limit,
whichever
occurs
first.
The
Board
may
waive
the
age
or
term
limits
in
the
Board’s
discretion.
Officers
serve
at
the
pleasure
of
the
Board,
and
each
officer
has
the
same
position
with
each
investment
company
in
the
Fund
Complex.
INDEPENDENT
BOARD
MEMBERS
Name,
Position
Held
with
the
Fund
Complex,
Year
of
Birth
Principal
Occupation(s)
During
past
5
years
Number
of
Portfolios
in
Fund
Complex
Overseen
by
Board
Member
Other
Directorships
Held
by
Board
Member
During
Past
5
Years
Leroy
T.
Barnes,
Jr.
Board
Member
since
2012
Member,
Audit
Committee
1951
Retired
125
McClatchy
Newspapers,
Inc.;
Frontier
Communications,
Inc.;
formerly,
Herbalife
Ltd.
Craig
Damos
Lead
Independent
Board
Member
since
2020
Board
Member
since
2008
Member,
Nominating
and
Governance
Committee
Member,
Operations
Committee
Member,
Executive
Committee
1954
President,
C.P.
Damos
Consulting
LLC
125
None
Fritz
S.
Hirsch
Board
Member
since
2005
Member,
Nominating
and
Governance
Committee
Chair,
15(c)
Committee
1951
Interim
CEO,
MAM
USA:
February
2020
to
October
2020
125
MAM
USA
Victor
Hymes
Board
Member
since
2020
Chair,
Audit
Committee
Member,
Nominating
and
Governance
Committee
1957
Founder
and
Managing
Member
of
Legato
Capital
Management,
LLC
125
Formerly,
Montgomery
Street
Income
Securities
Inc.
Padelford
(“Padel”)
L.
Lattimer
Board
Member
since
2020
Member,
Operations
Committee
Member,
15(c)
Committee
1961
TBA
Management
Consulting
LLC
125
None
Karen
(“Karrie”)
McMillan
Board
Member
since
2014
Chair,
Operations
Committee
Member,
15(c)
Committee
1961
Founder/Owner,
Tyche
Consulting
LLC
Formerly,
Managing
Director,
Patomak
Global
Partners,
LLC
125
None
204
INTERESTED
BOARD
MEMBERS
Correspondence
intended
for
each
Board
Member
who
is
other
than
an
Interested
Board
Member
may
be
sent
to
655
9th
Street,
Des
Moines,
IA
50392.
Name,
Position
Held
with
the
Fund
Complex,
Year
of
Birth
Principal
Occupation(s)
During
past
5
years
Number
of
Portfolios
in
Fund
Complex
Overseen
by
Board
Member
Other
Directorships
Held
by
Board
Member
During
Past
5
Years
Elizabeth
A.
Nickels
Board
Member
since
2015
Member,
Audit
Committee
Chair,
Nominating
and
Governance
Committee
1962
Retired
125
SpartanNash;
Formerly:
Charlotte
Russe;
Follet
Corporation;
PetSmart;
Spectrum
Health
Systems
Mary
M.
(“Meg”)
VanDeWeghe
Board
Member
since
2018
Member,
Audit
Committee
Member,
15(c)
Committee
1959
CEO
and
President,
Forte
Consulting,
Inc.
125
Helmerich
&
Payne;
Formerly:
B/E
Aerospace;
Brown
Advisory;
Denbury
Resources
Inc.;
Nalco
(and
its
successor
Ecolab);
and
WP
Carey
Name,
Position
Held
with
the
Fund
Complex,
Year
of
Birth
Principal
Occupation(s)
During
past
5
years
Number
of
Portfolios
in
Fund
Complex
Overseen
by
Director
Other
Directorships
Held
by
Board
Member
During
Past
5
Years
Timothy
M.
Dunbar
Chair
and
Board
Member
since
2019
Chair,
Executive
Committee
1957
President-Principal
Global
Asset
Management
(“PGAM”),
Principal
Global
Investors,
LLC
(“PGI”)
(2018-2021)
Director,
PGI
(2018-2020)
Division
President,
Principal
Financial
Services,
Inc.
(“PFSI)
and
Principal
Life
Insurance
Company
(“PLIC”)
(2020–2021)
Executive
Vice
President
and
Chief
Investment
Officer,
PFSI
and
PLIC
(2014-2018)
President
–
PGAM,
PFSI
and
PLIC
(2018-2020)
Director,
Post
Advisory
Group,
LLC
(“Post”)
(2018-
2020)
Chair
and
Executive
Vice
President,
RobustWealth,
Inc.
(2018-2020)
125
None
Patrick
G.
Halter
Board
Member
since
2017
Member,
Executive
Committee
1959
Chair,
PGI
since
2018
Chief
Executive
Officer
and
President,
PGI
and
Principal
Real
Estate
Investors,
LLC
(“PREI”)
since
2018
Chief
Operating
Officer,
PGI
(2017-2018)
Director,
PGI
(2003-2018)
Director,
Origin
Asset
Management
LLP
(2018-
2019)
President,
PGAM,
PFSI,
and
PLIC
since
2020
Chief
Executive
Officer
and
President,
PLIC
(2018-
2020)
Chair,
Post
(2017-2020)
Director,
Post
since
2017
Chair,
“PREI”
since
2004
Chief
Executive
Officer,
PREI
(2005-2018)
Chair,
Spectrum
Asset
Management,
Inc.
(“Spectrum”)
since
2017
125
None
205
FUND
COMPLEX
OFFICERS
Name,
Position
Held
with
the
Fund
Complex,
Address,
and
Year
of
Birth
Principal
Occupation(s)
During
past
5
years
Kamal
Bhatia
President
and
Chief
Executive
Officer
Des
Moines,
IA
50392
1972
Director,
PGI
since
2019
President-Principal
Funds,
PGI
since
2019
Principal
Executive
Officer,
OPC
Private
Capital
(2017-2019)
Senior
Vice
President,
OppenheimerFunds
(2011-
2019)
Director,
Principal
Funds
Distributor,
Inc.
(“PFD”)
since
2019
Senior
Executive
Director
and
Chief
Operating
Officer,
PFSI
and
PLIC
since
2020
President,
Principal
Funds,
PFSI,
and
PLIC
(2019-
2020)
Director,
Post
since
2020
Director,
PREI
since
2020
Chair
and
Executive
Vice
President,
(Principal
Shareholder
Services,
Inc.
(“PSS’)
since
2019
Director,
Spectrum
since
2021
Randy
D.
Bolin
Assistant
Tax
Counsel
Des
Moines,
IA
50392
1961
Vice
President/Associate
General
Counsel,
PGI
since
2016
Vice
President/Associate
General
Counsel,
PFSI
since
2013
Vice
President/Associate
General
Counsel,
PLIC
since
2013
Beth
Graff
Vice
President
and
Assistant
Controller
Des
Moines,
IA
50392
1968
Director
–
Fund
Accounting,
PLIC
since
2016
Gina
L.
Graham
Treasurer
Des
Moines,
IA
50392
1965
Vice
President
and
Treasurer,
PGI
since
2016
Vice
President
and
Treasurer,
PFD
since
2016
Vice
President
and
Treasurer,
PFSI
since
2016
Vice
President
and
Treasurer,
PLIC
since
2016
Vice
President
and
Treasurer,
PREI
since
2017
Vice
President
and
Treasurer,
Principal
Securities,
Inc.
(“PSI”)
since
2016
Vice
President
and
Treasurer,
PSS
since
2016
Vice
President
and
Treasurer,
RobustWealth,
Inc.
since
2018
Megan
Hoffmann
Vice
President
and
Controller
Des
Moines,
IA
50392
1979
Director
–
Accounting,
PLIC
since
2020
Assistant
Director
–
Accounting,
PLIC
(2017-2020)
Laura
B.
Latham
Assistant
Counsel
and
Assistant
Secretary
Des
Moines,
IA
50392
1986
Counsel,
PGI
since
2018
Counsel,
PLIC
since
2018
Diane
K.
Nelson
AML
Officer
Des
Moines,
IA
50392
1965
Chief
Compliance
Officer/AML
Officer,
PSS
since
2015
Tara
Parks
Vice
President
and
Assistant
Controller
Des
Moines,
IA
50392
1983
Director
–
Accounting,
PLIC
since
2019
Tax
Manager
–
ALPS
Fund
Services
(2011-2019)
Sara
L.
Reece
Vice
President
and
Chief
Operating
Officer
Des
Moines,
IA
50392
1975
Vice
President
and
Controller
(2016-2021)
Managing
Director
–
Global
Funds
Ops,
PLIC
since
2021
Managing
Director
–
Financial
Analysis/
Planning,
PLIC
(2021)
Director
-
Accounting,
PLIC
(2015-2021)
206
Name,
Position
Held
with
the
Fund
Complex,
Address,
and
Year
of
Birth
Principal
Occupation(s)
During
past
5
years
Teri
R.
Root
Chief
Compliance
Officer
Des
Moines,
IA
50392
1979
Interim
Chief
Compliance
Officer
-
Funds
(2018)
Deputy
Chief
Compliance
Officer
-
Funds
(2015-
2018)
Chief
Compliance
Officer
–
Funds,
PGI
since
2018
Deputy
Chief
Compliance
Officer,
PGI
(2017-2018)
Vice
President,
PSS
since
2015
Britney
L.
Schnathorst
Assistant
Counsel
and
Assistant
Secretary
Des
Moines,
IA
50392
1981
Counsel,
PGI
since
2018
Counsel,
PLIC
since
2013
Michael
Scholten
Chief
Financial
Officer
Des
Moines,
IA
50392
1979
Chief
Financial
Officer
–
PFD
since
2016
Assistant
Vice
President
and
Actuary,
PLIC
since
2021
Chief
Financial
Officer
–
Funds/Platforms,
PLIC
since
2015
Chief
Financial
Officer,
PSS
since
2015
Adam
U.
Shaikh
Assistant
Counsel
Des
Moines,
IA
50392
1972
Assistant
General
Counsel,
PGI
since
2018
Counsel,
PGI
(2017-2018)
Counsel,
PLIC
since
2006
John
L.
Sullivan
Assistant
Counsel
and
Assistant
Secretary
Des
Moines,
IA
50392
1970
Counsel,
PGI
since
2020
Counsel,
PLIC
since
2019
Prior
thereto,
Attorney
in
Private
Practice
Dan
L.
Westholm
Assistant
Treasurer
Des
Moines,
IA
50392
1966
Assistant
Vice
President-Treasury,
PGI
since
2013
Assistant
Vice
President-Treasury,
PFD
since
2013
Assistant
Vice
President-Treasury,
PLIC
since
2014
Assistant
Vice
President-Treasury,
PSI
since
2013
Assistant
Vice
President-Treasury,
PSS
since
2013
Beth
C.
Wilson
Vice
President
and
Secretary
Des
Moines,
IA
50392
1956
Director
and
Secretary
–
Funds,
PLIC
since
2007
207
The
15(c)
Committee’s
primary
purpose
is
to
assist
the
Board
in
performing
the
annual
review
of
the
Fund’s
advisory
and
sub-advisory
agreements
pursuant
to
Section
15(c)
of
the
1940
Act.
The
Committee
responsibilities
include
requesting
and
reviewing
related
materials.
The
Audit
Committee’s
primary
purpose
is
to
assist
the
Board
by
serving
as
an
independent
and
objective
party
to
monitor
the
Fund
Complex’s
accounting
policies,
financial
reporting
and
internal
control
system,
as
well
as
the
work
of
the
independent
registered
public
accountants.
The
Audit
Committee
assists
Board
oversight
of
1)
the
integrity
of
the
Fund
Complex’s
financial
statements;
2)
the
Fund
Complex’s
compliance
with
certain
legal
and
regulatory
requirements;
3)
the
independent
registered
public
accountants’
qualifications
and
independence;
and
4)
the
performance
of
the
Fund
Complex’s
independent
registered
public
accountants.
The
Audit
Committee
also
provides
an
open
avenue
of
communication
among
the
independent
registered
public
accountants,
the
Manager’s
internal
auditors,
Fund
Complex
management,
and
the
Board.
The
Executive
Committee’s
primary
purpose
is
to
exercise
certain
powers
of
the
Board
when
the
Board
is
not
in
session.
When
the
Board
is
not
in
session,
the
Committee
may
exercise
all
powers
of
the
Board
in
the
management
of
the
Fund
Complex's
business
except
the
power
to
1)
issue
stock,
except
as
permitted
by
law;
2)
recommend
to
the
stockholders
any
action
which
requires
stockholder
approval;
3)
amend
the
bylaws;
or
4)
approve
any
merger
or
share
exchange
which
does
not
require
stockholder
approval.
The
Nominating
and
Governance
Committee’s
primary
purpose
is
to
oversee
the
structure
and
efficiency
of
the
Board
and
the
committees.
The
Committee
is
responsible
for
evaluating
Board
membership
and
functions,
committee
membership
and
functions,
insurance
coverage,
and
legal
matters.
The
Committee's
nominating
functions
include
selecting
and
nominating
Independent
Board
Member
candidates
for
election
to
the
Board.
Generally,
the
Committee
requests
nominee
suggestions
from
Board
Members
and
management.
In
addition,
the
Committee
considers
candidates
recommended
by
shareholders
of
the
Fund
Complex.
Recommendations
should
be
submitted
in
writing
to
the
Principal
Funds
Complex
Secretary,
in
care
of
the
Principal
Funds
Complex,
711
High
Street,
Des
Moines,
IA
50392.
Such
recommendations
must
include
all
information
specified
in
the
Committee’s
charter
and
must
conform
with
the
procedures
set
forth
in
Appendix
A
thereto,
which
can
Name,
Position
Held
with
the
Fund
Complex,
Address,
and
Year
of
Birth
Principal
Occupation(s)
During
past
5
years
Clint
L.
Woods
Counsel,
Vice
President,
and
Assistant
Secretary
Des
Moines,
IA
50392
1961
Of
Counsel
(2015-2018)
Vice
President
(2016-2017)
Counsel
(2015-2017)
Vice
President,
Associate
General
Counsel
and
Assistant
Secretary,
PGI
since
2021
Vice
President,
Associate
General
Counsel,
and
Secretary,
PGI
(2020-2021)
PSI
since
2021
PSS
since
2021
Vice
President,
Associate
General
Counsel,
Governance
Officer
and
Secretary,
PREI
since
2020
Vice
President,
Associate
General
Counsel,
Governance
Officer
and
Assistant
Corporate
Secretary,
PGI
(2018-2020)
PFSI
since
2015
PLIC
since
2015
PREI
(2020)
Vice
President,
Associate
General
Counsel
and
Assistant
Corporate
Secretary,
PFD
since
2019
PSI
(2019-2021)
PSS
(2019-2021)
RobustWealth,
Inc.
since
2019
Secretary,
Post
(2020-2021)
Spectrum
(2020-2021)
Assistant
Secretary,
Post
since
2021
Spectrum
since
2021
Jared
A.
Yepsen
Assistant
Tax
Counsel
Des
Moines,
IA
50392
1981
Counsel,
PGI
(2017-2019)
Counsel,
PLIC
since
2015
208
be
found
at
https://www.principalglobal.com/documentdownload/160950.
Examples
of
such
information
include
the
nominee’s
biographical
information;
relevant
educational
and
professional
background
of
the
nominee;
the
number
of
shares
of
each
Fund
owned
of
record
and
beneficially
by
the
nominee
and
by
the
recommending
shareholder;
any
other
information
regarding
the
nominee
that
would
be
required
to
be
disclosed
in
a
proxy
statement
or
other
filing
required
to
be
made
in
connection
with
the
solicitation
of
proxies
for
the
election
of
board
members;
whether
the
nominee
is
an
“interested
person”
of
the
Fund
as
defined
in
the
1940
Act;
and
the
written
consent
of
the
nominee
to
be
named
as
a
nominee
and
serve
as
a
board
member
if
elected.
When
evaluating
a
potential
nominee
for
Independent
Board
Member,
the
Committee
may
consider,
among
other
factors:
educational
background;
relevant
business
and
industry
experience;
whether
the
person
is
an
"interested
person"
of
the
Fund
as
defined
in
the
1940
Act;
and
whether
the
person
is
willing
to
serve,
and
willing
and
able
to
commit
the
time
necessary
to
attend
meetings
and
perform
the
duties
of
an
Independent
Board
Member. In
addition,
the
Committee
may
consider
whether
a
candidate’s
background,
experience,
skills
and
views
would
complement
the
background,
experience,
skills
and
views
of
other
Board
Members
and
would
contribute
to
the
diversity
of
the
Board. The
Committee
meets
with
nominees
and
conducts
a
reference
check.
The
final
decision
is
based
on
a
combination
of
factors,
including
the
strengths
and
the
experience
an
individual
may
bring
to
the
Board. 
The
Board
does
not
regularly
use
the
services
of
professional
search
firms
to
identify
or
evaluate
potential
candidates
or
nominees.
The
Operations
Committee’s
primary
purpose
is
to
oversee
the
provision
of
administrative
and
distribution
services
to
the
Fund
Complex,
communications
with
the
Fund
Complex’s
shareholders,
and
review
and
oversight
of
the
Fund
Complex’s
operations.
Additional
information
about
the
Fund
is
available
in
the
Prospectuses
and
the
Statement
of
Additional
Information
dated
December
31,
2021
and
as
supplemented.
These
documents
may
be
obtained
free
of
charge
by
writing
Principal
Funds,
Inc.,
P.O.
Box
8024,
Boston,
MA
02266-8024
or
telephoning
1-800-222-5852.
The
prospectus
may
be
viewed
at
www.PrincipalFunds.com/prospectuses.
209
PROXY
VOTING
POLICIES
A
description
of
the
policies
and
procedures
the
Fund
uses
to
determine
how
to
vote
proxies
relating
to
portfolio
securities
and
the
results
of
the
proxy
votes
for
the
most
recent
twelve
months
ended
June
30
may
be
obtained
free
of
charge
by
telephoning
1-800-222-5852,
or
on
the
SEC
website
at
www.sec.gov.
SCHEDULES
OF
INVESTMENTS
The
Fund
files
complete
schedules
of
investments
with
the
Securities
and
Exchange
Commission
for
the
first
and
third
quarters
of
each
fiscal
year
as
an
exhibit
to
its
reports
on
Form
N-PORT.
The
Fund’s
Form
N-PORT
reports
are available
on the
Commission’s
website
at
www.
sec.gov and
www.PrincipalFunds.com.
210
BOARD
CONSIDERATION
OF
INVESTMENT
ADVISORY
CONTRACTS
During
the
period
covered
by
this
report,
the
Board
of
Directors
of
Principal
Funds,
Inc.
(“PFI”)
approved
the
annual
review
and
renewal
of
the
Management
Agreement
and
various
sub-advisory
agreements
for
all
Funds;(2)
a
sub-advisory
agreement
between
Principal
Global
Investors
LLC
(“PGI”)
and
Impax
Asset
Management
Limited
related
to
a
sleeve
of
the
Diversified
Real
Asset
Fund;
(3)
an
amended
sub-
advisory
agreement
between
PGI
and
Nuveen
Asset
Management,
LLC
related
to
the
Diversified
Real
Asset
Fund;
and
(4)
a
sub-advisory
agreement
between
PGI
and
Wellington
Management
Company
LLP
related
to
a
sleeve
of
the
Diversified
Real
Asset
Fund.
Annual
Review
and
Renewal
of
Management
Agreement
and
Sub-Advisory
Agreements
At
its
September
14,
2021
meeting,
the
Board
performed
its
annual
review
and
renewal
process
relating
to
the
Management
Agreement
and
the
Sub-Advisory
Agreements
for
all
Funds.
Section
15(c)
of
the
Investment
Company
Act
of
1940
(the
“1940
Act”)
requires
the
Board,
including
a
majority
of
the
Directors
who
have
no
direct
or
indirect
interest
in
the
investment
advisory
agreements
and
who
are
not
“interested
persons”
of
PFI,
as
defined
in
the
1940
Act
(the
“Board”),
annually
to
review
and
to
consider
the
continuation
of:
(1)
the
Management
Agreement
between
Principal
Global
Investors,
LLC
(the
“Manager”)
and
PFI,
on
behalf
of
each
of
the
thirteen
(13)
series
of
PFI
(each
series
is
referred
to
as
a
“Fund”)
(2)
the
Sub-Advisory
Agreements
between
the
Manager
and
each
of
BlackRock
Financial
Management,
Inc.;
BlackRock
International
Limited;
ClearBridge
Investments
(North
America)
Pty
Limited;
Credit
Suisse
Asset
Management,
LLC;
Delaware
Investments
Fund
Advisers;
Gotham
Asset
Management,
LLC;
Graham
Capital
Management,
L.P.;
Impax
Asset
Management
Limited;
Loomis,
Sayles
&
Company,
L.P.;
Los
Angeles
Capital
Management
LLC;
Newton
Investment
Management
North
America
LLC;
Nuveen
Asset
Management
LLC;
Origin
Asset
Management
LLP;
Pictet
Asset
Management
SA;
Principal
Real
Estate
Investors,
LLC;
Sound
Point
Capital
Management,
LP;
Spectrum
Asset
Management,
Inc.;
Wellington
Management
Company
LLP;
and
Westchester
Capital
Management,
LLC
(collectively,
the
“Sub-Advisors”).
The
Management
Agreement
and
the
Sub-Advisory
Agreements
are
collectively
referred
to
as
the
“Advisory
Agreements.”
The
Board
considered
the
factors
and
reached
the
conclusions
described
below
relating
to
the
continuation
of
the
Advisory
Agreements.
In
evaluating
the
Advisory
Agreements,
the
Board
reviewed
a
broad
range
of
information
requested
for
this
purpose,
including,
among
other
information,
information
regarding
performance,
advisory
fees,
total
expenses,
profitability
from
the
Advisory
Agreements
to
the
Manager
and
information
about
economies
of
scale.
The
Board
reviewed
the
materials
provided
and
concluded
that
it
was
provided
all
information
reasonably
necessary
to
evaluate
the
Advisory
Agreements.
Management
Agreement
The
Board
considered,
among
other
factors,
that
the
Manager,
that
the
Manager
and
its
affiliates
have
demonstrated
a
long-term
commitment
to
support
the
Funds,
including
undertakings
to
cap
Fund
expenses
and/or
waive
management
fees
for
certain
Funds.
The
Board
concluded
that
a
relationship
with
a
capable
and
conscientious
investment
adviser
is
in
the
best
interests
of
each
Fund.
In
addition,
the
Board
considered
various
factors,
including
the
following
factors
for
each
of
the
Funds.
Nature,
Quality
and
Extent
of
Services
The
Board
considered
the
nature,
quality
and
extent
of
the
services
provided
under
the
Management
Agreement,
including
accounting
and
administrative
services,
as
applicable.
The
Board
considered
the
experience
and
skills
of
senior
management
leading
Fund
operations,
the
experience
and
skills
of
the
personnel
performing
the
functions
under
the
Management
Agreement
and
the
resources
made
available
to
such
personnel,
the
ability
of
the
Manager
to
attract
and
retain
high-quality
personnel
and
the
organizational
depth
and
stability
of
the
Manager.
The
Board
concluded
that
appropriate
resources
were
provided
under
the
Management
Agreement.
The
Board
also
considered
that
for
certain
Funds,
during
the
periods
reviewed,
the
Manager
had
delegated
day-to-day
portfolio
management
responsibility
to
the
Sub-Advisors.
The
Board
noted
that
the
Manager’s
process
for
the
selection
of
sub-advisors
emphasizes
the
selection
of
Principal-affiliated
sub-advisors
that
are
determined
to
be
qualified
under
the
Manager’s
due
diligence
process,
but
that
the
Manager
will
select
an
unaffiliated
sub-advisor
to
manage
all
or
a
portion
of
a
Fund’s
investment
portfolio
when
deemed
necessary
or
appropriate
based
upon
a
consideration
of
the
Fund’s
investment
mandate
and
available
expertise
and
resources
within
the
Principal
organization.
With
respect
to
Funds
with
unaffiliated
sub-advisors,
the
Board
considered
the
due
diligence
process
developed
by
the
Manager
for
purposes
of
selecting
a
qualified
unaffiliated
sub-advisor
for
a
Fund.
The
Board
considered
the
Manager’s
due
diligence
process
for
monitoring
and
replacing
sub-
advisors
and
for
monitoring
the
investment
performance
of
the
Manager.
The
Board
also
considered
the
compliance
program
established
by
the
Manager
for
the
Funds,
the
quality
of
that
program
and
the
level
of
compliance
attained
by
the
Funds.
The
Board
noted
that
they
had
previously
reviewed
annual
best
execution
and
soft
dollar
reports
and
information
regarding
the
research
payment
accounts
for
applicable
Funds
and
included
this
information
in
their
consideration
of
the
renewal
of
the
Advisory
Agreements.
Based
upon
all
relevant
factors,
the
Board
concluded
that
the
nature,
quality
and
extent
of
the
services
provided
by
the
Manager
to
the
Funds
under
each
Management
Agreement
were
satisfactory.
211
Investment
Performance
The
Board
reviewed
each
Fund’s
investment
performance
over
longer-term
periods,
reviewing
both
the
investment
return
during
the
three-
year
period
ended
March
31,
2021
and
the
blended
investment
return
(50%/50%)
of
the
three-
and
five-year
periods
ended
March
31,
2021,
and
compared
those
returns
to
various
agreed-upon
performance
measures,
including,
for
all
Funds
peer-group
data
based
upon
a
broad-
based,
industry
category
determined
using
Morningstar
Direct
data
(“Performance
Universe”).
For
Funds
or
Sub-Advisors
that
did
not
have
a
five-year
performance
history,
the
Board
reviewed
performance
for
a
three-year
period
ended
March
31,
2021,
if
available.
For
Funds
or
Sub-Advisors
that
did
not
have
a
three-year
performance
history,
the
Board
reviewed
performance
for
a
one-year
period
ended
March
31,
2021,
if
available.
The
Board
also
compared
each
Fund’s
investment
performance
over
the
one-,
three-
and
five-year
periods
ended
March
31,
2021,
as
available,
to
one
or
more
relevant
benchmark
indices.
The
Board
noted
that
certain
Funds
had
commenced
operations
recently
and,
accordingly,
no
or
limited
performance
information
was
considered.
The
Board
also
considered
whether
investment
results
were
consistent
with
a
Fund’s
investment
objective(s)
and
policies.
For
most
Funds,
the
Board
concluded
that
the
Fund’s
investment
returns
met
acceptable
levels
of
investment
performance.
There
were
certain
Funds,
and
certain
Sub-Advisors
for
multi-
manager
Funds,that
had
not
attained
during
the
relevant
period(s)
a
level
of
investment
performance
considered
satisfactory
by
the
Board.
For
such
Funds,
the
Board
also
considered
other
factors,
such
as
the
longer-term
performance
of
each
such
Fund
or
Sub-Advisor,
remedial
efforts
being
undertaken
to
improve
performance
and/or
the
Manager’s
explanation
for
the
performance
of
such
Fund
or
Sub-Advisor.
The
Board
considered
the
Manager’s
due
diligence
process
for
evaluating
the
performance
of
all
Funds
and
all
Sub-Advisors,
for
which
they
receive
regular
reporting,
and
concluded
that
the
Manager
has
in
place
an
effective
due
diligence
process
to
monitor
investment
performance,
to
encourage
remedial
action
and
to
make
changes
in
the
Sub-Advisors
at
the
appropriate
time,
if
necessary.
The
Board
considered
the
Manager’s
due
diligence
process
for
evaluating
the
performance
of
all
Funds
and
all
Subadvisors,
for
which
they
receive
regular
reporting,
and
concluded
that
the
Manager
has
in
place
an
effective
due
diligence
process
to
monitor
investment
performance,
to
encourage
remedial
action
and
to
make
changes
in
the
Subadvisors
at
the
appropriate
time,
if
necessary,
subject
to
Board
oversight.
Investment
Management
Fees
and
Expenses
The
Board
considered
each
Fund’s
contractual
and
effective
management
fee
rates.
For
each
Fund,
other
than
as
noted
below,
the
Board
received
certain
information
from
Broadridge.
For
Funds
the
Board
received
information
comparing
each
Fund’s
(1)
contractual
management
fee
rate
at
current
asset
levels
and
at
theoretical
asset
levels,
(2)
effective
net
management
fee
rate
(after
any
fee
waivers)
at
average
fiscal-
year
asset
levels,
(3)
actual
non-management
expense
rate
at
average
fiscal-year
asset
levels
and
(4)
total
net
expense
ratio
(including,
as
applicable,
acquired
fund
fees
and
expenses
and
after
any
expense
caps
or
fee
waivers)
at
average
fiscal-year
asset
levels
for
Institutional
Class
shares
for
each
PFI
Fund,
except
PFI
Capital
Securities
Fund,
as
described
below,
to
investment
advisory
fee
rates,
non-management
expense
rates
and
expense
ratios
of
funds
in
a
peer
group
selected
by
Broadridge
(“Expense
Group”)
and
a
broad-based,
industry
category
defined
by
Broadridge
(“Expense
Universe”).
With
regard
to
the
Capital
Securities
Fund,
the
Board
considered
that
the
Fund
does
not
pay
a
management
fee
or
any
other
Fund-level
expenses
and
therefore
did
not
consider
comparative
fee
and
expense
information.
In
evaluating
the
contractual
and
effective
management
fee
rates,
the
Board
considered
a
variety
of
factors,
including
the
contractual
and
effective
fee
rates,
breakpoints,
comparisons
to
fee
rates
of
peer
group
funds
and
other
funds
and
non-fund
accounts
managed
by
the
Manager,
sub-advisory
fee
rates
paid,
services
provided,
investment
performance,
total
net
expense
ratios,
profitability,
the
existence
and
sharing
of
economies
of
scale,
fall-out
benefits
and
expense
caps
and
fee
waivers.
The
Board
considered
the
impact
of
changes
in
sub-advisory
fee
rates
put
into
effect
since
September
2020.
The
Board
considered
that
certain
PFI
Funds
with
similar
investment
strategies
and
policies
have
different
management
fee
schedules
and
noted
the
reasons
cited
by
the
Manager
for
the
differing
fee
rates.
In
reviewing
the
fee
rates
of
other
accounts
managed
by
the
Manager,
the
Board
considered
information
provided
by
the
Manager
regarding
differences
between
the
services
provided
to
the
Funds
and
the
services
provided
to
such
other
accounts.
For
most
Funds,
effective
net
management
fee
rates
were
within
the
third
quartile
or
better
when
compared
to
the
applicable
Expense
Group.
For
some
Funds,
although
effective
net
management
fee
rates
were
higher
than
the
third
quartile,
total
net
expense
ratios
were
within
the
third
quartile
or
better.
Discussion
is
set
forth
below
regarding
specific
factors
relevant
to
the
Board’s
review
of
certain
other
Funds.
With
regard
to
Small-MidCap
Dividend
Income
Fund,
the
Board
noted
that
the
effective
net
management
fee
rate
and
the
total
net
expense
ratio
on
the
basis
of
Institutional
Class
shares
were
higher
than
third
quartile
(87th
and
93rd
percentiles,
respectively)
in
the
Expense
Group.
The
Board
also
noted
the
Fund’s
performance
in
fourth
quartile
of
its
Performance
Universe
for
the
three-year
and
blended
three-
and
five-
year
periods
ended
March
31,
2021
(93rd
and
83rd
percentiles,
respectively).
Considering
all
relevant
factors,
including
management’s
discussion
of
the
Fund’s
performance
and
certain
characteristics
of
the
funds
in
the
Expense
Group,
including
that
the
majority
of
the
funds
in
the
Expense
Group
focus
on
large-capitalization
stocks
rather
than
small-
or
mid-capitalization
stocks,
the
Board
concluded
that
the
Management
Agreement
should
be
renewed.
The
Board
also
considered
the
expense
caps
and
fee
waivers
that
would
be
in
place
with
respect
to
certain
Funds
and
share
classes.
The
list
of
agreed
upon
expense
caps
and
fee
waivers
is
the
result
of
the
Manager’s
proposals
to
extend
the
expense
caps
and
fee
waivers
for
certain
Funds
and
share
classes
and
to
terminate
the
expense
caps
and
fee
waivers
for
other
Funds
and
share
classes
that
are
projected
to
continue
to
operate
below
current
applicable
expense
caps.
In
addition,
the
Board
accepted
management’s
proposal
to
reduce
the
management
fee
212
waiver
for
Blue
Chip
Fund,
even
though
this
proposal
would
have
the
effect
of
increasing
expenses
for
certain
share
classes.
In
accepting
this
proposal,
the
Board
noted
the
pro
forma
effect
of
the
proposal
on
the
rankings
of
the
Fund’s
net
management
fee
rate
and
total
net
expense
ratio
on
the
basis
of
Institutional
Class
shares
in
the
Fund’s
Expense
Group,
noting
that
the
Fund’s
net
management
fee
rate
and
total
net
expense
ratio
would
remain
in
the
first
and
second
quartiles,
respectively
(13th
and
27th
percentiles,
respectively).
The
list
of
agreed
upon
expense
caps
and
fee
waivers
also
reflects
new
or
revised
expense
caps
for
Class
J
shares
of
Bond
Market
Index
Fund,
Institutional
Class
shares
of
International
Small
Company
Fund,
and
Class
A
shares
of
Origin
Emerging
Markets
Fund
to
be
effective
from
December
31,
2021
through
December
30,
2022.
With
regard
to
each
of
Spectrum
Preferred
and
Capital
Securities
Income
Fund
and
Blue
Chip
Fund,
the
Board
accepted
management’s
proposal
to
amend
the
Management
Agreement
for
the
Fund
to
add
one
or
more
new
breakpoints
to
the
management
fee
schedule
and
considered
the
new
breakpoint
or
breakpoints
in
concluding
that
the
Management
Agreement,
as
amended,
should
be
renewed.
With
regard
to
each
of
Global
Multi-Strategy
Fund
and
Small-MidCap
Dividend
Income
Fund,
each
of
which
is
permitted
to
invest
in
unaffiliated
exchange-traded
funds
in
excess
of
the
limits
set
forth
in
Section
12(d)(1)
of
the
Investment
Company
Act
of
1940,
as
amended,
in
accordance
with
exemptive
orders
issued
to
such
exchange-traded
funds
and
procedures
previously
adopted
by
the
Board,
the
Board
considered
information
provided
by
the
Manager
relating
to
the
non-duplicative
nature
of
the
Fund’s
management
fees
and
found
that
the
management
fees
charged
by
the
Manager
under
the
Management
Agreement
for
the
Fund
are
for
services
provided
in
addition
to,
and
are
not
duplicative
of,
services
provided
under
the
investment
advisory
contract(s)
of
the
exchange-traded
funds
in
which
the
Fund
may
invest.
Profitability
The
Board
reviewed
detailed
information
regarding
revenues
the
Manager
received
under
the
Management
Agreement
and
the
estimated
direct
and
indirect
costs
incurred
in
providing
to
each
Fund
the
services
described
in
the
Management
Agreement
for
the
year
ended
December
31,
2020.
The
Board
also
considered
the
returns
on
revenue
generated
in
connection
with
the
payment
of
sub-advisory
fees
to
affiliated
Sub-
Advisors
(Origin
Asset
Management
LLP,
Principal
Real
Estate
Investors
LLC
and
Spectrum
Asset
Management,
Inc.)
and
the
aggregated
return
on
revenue
to
the
Manager
and
its
affiliates
for
the
year
ended
December
31,
2020.
The
Board
concluded
that,
for
each
Fund,
the
profitability
to
the
Manager
of
the
Management
Agreement
was
not
unreasonable.
Economies
of
Scale
The
Board
considered
whether
there
are
economies
of
scale
with
respect
to
the
management
of
each
Fund
and
whether
the
Funds
benefit
from
any
such
economies
of
scale.
The
Board
considered
the
Manager’s
biennial
breakpoint
study
that
was
received
by
the
Board
in
March
2020
and
the
Manager’s
representation
that
Funds
are
initially
priced
as
though
the
Fund
had
reached
scale,
reflecting
a
sharing
of
economies
of
scale.
The
Board
then
reviewed
the
levels
at
which
breakpoints
occur,
the
incremental
declines
in
management
fee
rates
at
each
breakpoint
and
the
amount
of
fee
reductions
that
had
been
provided
to
shareholders
as
a
result
of
these
breakpoints.
The
Board
considered
cost
saving
passed
along
to
the
Funds
as
a
result
of
certain
expense
caps
and
fee
waivers.
The
Board
considered
whether
the
effective
management
fee
rate
for
each
Fund
under
the
Management
Agreement
is
reasonable
in
relation
to
the
asset
size
of
such
Fund.
The
Board
also
noted
management’s
explanation
of
efficiencies
in
the
Manager’s
cost
structure.
The
Board
concluded
that
the
fee
schedule
for
each
Fund,
taking
into
account
the
proposed
amendments
described
above,
reflects
an
appropriate
level
of
sharing
of
any
economies
of
scale.
The
Board
noted
that
the
Capital
Securities
Fund
does
not
pay
management
fees,
although
shareholders
pay
a
separately
managed
account-
level
fee
that
covers,
among
other
things,
the
expenses
of
the
Fund’s
Subadvisor.
The
Board
also
noted
that
the
management
fee
schedules
for
Bond
Market
Index
Fund
and
International
Equity
Index
Fund
do
not
include
breakpoints,
but
each
such
Fund
has
a
relatively
low
management
fee
rate
(25
basis
points
or
less)
on
all
Fund
assets.
Considering
all
relevant
factors,
including
each
such
Fund’s
fee
rate
and
current
asset
level,
the
Board
determined
that
no
breakpoints
were
necessary
at
this
time.
Other
Benefits
to
Manager
The
Board
also
considered
the
character
and
amount
of
other
incidental
benefits
received
by
the
Manager
and
its
affiliates
from
their
relationships
with
the
Funds.
The
Board
noted
that
the
Manager
uses
Fund
commissions
to
buy
Section
28(e)
eligible
products
and
services.
The
Independent
Board
Members
concluded
that,
on
the
basis
of
the
information
provided,
the
incidental
benefits
received
by
the
Manager
and
its
affiliates
were
appropriate.
Sub-advisory
Agreements
Nature,
Quality
and
Extent
of
Services
The
Board
considered
the
nature,
quality
and
extent
of
the
services
provided
under
each
Sub-Advisory
Agreement.
The
Board
considered
the
reputation,
qualifications
and
background
of
the
Sub-Advisor,
the
investment
approach
of
the
Sub-Advisor,
the
experience
and
skills
of
investment
personnel
responsible
for
the
day-to-day
management
of
each
Fund
and
the
resources
made
available
to
such
personnel.
The
Board
also
considered
the
Sub-Advisors’
compliance
with
investment
policies
and
general
legal
compliance.
Based
upon
all
relevant
factors,
213
the
Board
concluded
that
the
nature,
quality
and
extent
of
the
services
provided
by
the
Sub-Advisors
to
the
sub-advised
Funds
under
the
Sub-Advisory
Agreements
are
satisfactory.
Investment
Performance
As
to
each
sub-advised
Fund,
the
Manager
had
advised
the
Board
that
the
investment
services
delivered
by
each
Sub-Advisor
to
the
Fund
were
reasonable.
Based
upon
all
relevant
factors,
the
Board
concluded
that
each
Sub-Advisor
is
qualified
and
that
either:
(1)
the
investment
performance
of
the
Sub-Advisor
met
acceptable
levels
of
investment
performance;
or
(2)
although
the
Fund
experienced
underperformance
from
the
applicable
Sub-Advisor,
based
upon
that
Fund’s
particular
circumstances
or
in
light
of
remedial
efforts
being
taken
to
improve
performance,
as
applicable,
it
was
in
the
best
interests
of
the
Fund
to
continue
to
closely
monitor
performance
and
to
renew
the
Sub-Advisory
Agreement.
In
each
case
involving
underperformance,
the
Board
concluded
that
the
Manager
was
providing
effective
monitoring.
Fees,
Economies
of
Scale
and
Profitability
For
each
sub-advised
Fund,
the
Board
considered
the
sub-advisory
fee
rates,
noting
that
the
Manager
compensates
each
Sub-Advisor
from
its
own
management
fee,
so
that
shareholders
pay
only
the
management
fee.
For
each
sub-advised
Fund,
the
Board
received
certain
information
from
Broadridge
comparing
each
such
Fund’s
sub-advisory
fee
rate
at
current
asset
levels
and
at
theoretical
asset
levels
to
sub-advisory
fee
rates
of
sub-advised
funds
in
the
Expense
Group
and,
if
available,
the
Expense
Universe.
The
Board
considered
that
Capital
Securities
Fund’s
Sub-Advisor
does
not
receive
a
sub-advisory
fee
and
therefore
did
not
consider
comparative
sub-advisory
fee
information.
The
Board
considered
whether
there
are
economies
of
scale
with
respect
to
the
sub-advisory
services
provided
to
each
sub-advised
Fund
and,
if
so,
whether
the
sub-advisory
fees
reflect
such
economies
of
scale
through
breakpoints
in
fee
schedules
or
whether
the
sub-advisory
fee
schedule
is
otherwise
appropriate
at
current
asset
levels.
In
addition,
in
evaluating
the
sub-advisory
fee
rates
and
the
factor
of
profitability,
with
respect
to
unaffiliated
Sub-Advisors,
the
Board
considered
that
the
sub-advisory
fee
rate
was
negotiated
at
arm’s
length
between
the
Manager
and
the
Sub-Advisor.
The
Board
considered
the
profitability
of
the
affiliated
Sub-Advisors
in
conjunction
with
their
review
of
the
profitability
of
the
Manager.
Other
Benefits
to
Sub-Advisors
The
Board
also
considered
the
character
and
amount
of
other
incidental
benefits
received
by
each
Sub-Advisor
when
evaluating
the
sub-
advisory
fees.
The
Board
considered
as
a
part
of
this
analysis
each
Sub-Advisor’s
brokerage
practices,
soft
dollar
practices
and
use
of
research
payment
accounts.
The
Board
concluded
that
the
incidental
benefits
received
by
each
Sub-Advisor
were
appropriate.
Overall
Conclusions
Based
upon
all
of
the
information
considered
and
the
conclusions
reached,
the
Board
determined
that
the
terms
of
each
Advisory
Agreement,
including
the
fee
rate
payable
thereunder,
continue
to
be
fair
and
reasonable
and
that
the
continuation
of
each
Advisory
Agreement,
with
the
actions
proposed
by
the
Manager,
is
in
the
best
interests
of
each
Fund.
Approval
of
New
Sub-Advisory
Agreement
for
Diversified
Real
Asset
Fund
On
September
14,
2021,
the
Board
met
to
consider
for
the
Diversified
Real
Asset
Fund
(the
“Fund”)
the
approval
of
a
sub-advisory
agreement
(the
“Sub-Advisory
Agreement”)
between
Principal
Global
Investors,
LLC
(the
“Manager”)
and
Impax
Asset
Management
Limited
(the
“Sub-Advisor”)
with
respect
to
a
new
climate
change
investment
sleeve
of
the
Fund.
Based
upon
their
review,
the
Board
concluded
that
it
was
in
the
best
interests
of
the
Fund
to
approve
the
Sub-Advisory
Agreement
and,
accordingly,
recommended
the
approval
of
the
Sub-Advisory
Agreement.
In
reaching
this
conclusion,
no
single
factor
was
determinative
in
the
Board’s
analysis,
but
rather
the
Board
considered
a
variety
of
factors.
The
Board
considered
various
factors,
including
the
following,
and
made
certain
findings
and
conclusions
with
regard
thereto,
in
approving
the
Sub-Advisory
Agreement.
Nature,
Quality
and
Extent
of
Services
The
Board
considered
the
nature,
quality
and
extent
of
the
services
expected
to
be
provided
under
the
Sub-Advisory
Agreement.
The
Board
considered
the
reputation,
qualifications
and
background
of
the
Sub-Advisor,
the
investment
approach
of
the
Sub-Advisor,
the
experience
and
skills
of
the
Sub-Advisor’s
investment
personnel
who
would
be
responsible
for
the
day-to-day
management
of
the
Fund
and
the
resources
made
available
to
such
personnel.
The
Board
considered
the
Manager’s
program
for
recommending,
monitoring
and
replacing
sub-advisors
and
that
the
Manager
recommended
the
Sub-Advisor
based
upon
that
program.
214
Investment
Performa
nce
The
Board
reviewed
the
historical
one
year,
three-year
and
since
inception
(January
1,
2018)
performance
returns,
gross
and
net
of
proposed
fees,
as
of
June
30,
2021
of
the
Sub-Advisor
in
a
composite
managed
in
the
proposed
investment
strategy
for
the
climate
change
investment
sleeve
of
the
Fund
that
the
Sub-Advisor
is
proposed
to
manage,
as
compared
to
the
historical
performance
returns
of
a
relevant
benchmark
index
for
the
sleeve.
The
Board
concluded,
based
upon
the
information
provided,
that
the
Sub-Advisor
is
qualified.
Fees,
Economies
of
Scale
and
Profitability
The
Board
considered
the
proposed
sub-advisory
fee,
noting
that
the
Manager
compensates
sub-advisors
from
its
own
management
fee
so
that
shareholders
pay
only
the
management
fee.
The
Board
considered
whether
there
are
economies
of
scale
with
respect
to
the
sub-advisory
services
to
be
provided
to
the
Fund
under
the
Sub-Advisory
Agreement.
The
Board
noted
that
the
proposed
sub-advisory
fee
schedule
includes
breakpoints.
The
Board
considered
the
Manager’s
statement
that
it
found
the
proposed
sub-advisory
fee
schedule
to
be
competitive.
On
the
basis
of
the
information
provided,
the
Board
concluded
that
the
proposed
sub-advisory
fee
was
reasonable.
Other
Benefits
The
Board
also
considered
the
character
and
amount
of
other
fall-out
benefits
to
be
received
by
the
Sub-Advisor.
The
Board
noted
the
Subadivsor’s
statement
that
it
does
not
intend
to
use
soft
dollars
in
the
climate
change
strategy.
The
Board
further
noted
the
Manager’s
statement
that
there
would
be
no
known
fall-out
benefits
to
the
Sub-Advisor
from
its
relationship
to
the
Fund.
Overall
Conclusions
Based
upon
all
of
the
information
considered
and
the
conclusions
reached,
the
Board
determined
that
the
terms
of
the
Sub-Advisory
Agreement
are
fair
and
reasonable
and
that
approval
of
the
Sub-Advisory
Agreement
is
in
the
best
interests
of
the
Fund.
Approval
of
Amended
Sub-Advisory
Agreement
for
Diversified
Real
Asset
Fund
On
December
13,
2021,
the
Board
met
to
consider
for
Diversified
Real
Asset
Fund
(the
“Fund”)
the
approval
of
an
amended
sub-advisory
agreement
(a
“Sub-Advisory
Agreement”)
between
Principal
Global
Investors,
LLC
(the
“Manager”)
and
Nuveen
Asset
Management,
LLC
(the
“Sub-Advisor”)
in
connection
with
a
proposal
to
amend
the
sub-advisory
fee
schedule
to
reduce
the
sub-advisory
fee
rate
payable
at
all
asset
levels.
The
Board
reviewed
materials
received
from
the
Manager
regarding
the
proposed
amendment
to
the
Fund’s
Sub-Advisory
Agreement
and
noted
that
because
the
sub-advisory
fees
were
paid
by
the
Manager,
the
amendment
would
not
change
the
management
fee
rate
paid
by
the
Fund.
The
Board
considered
the
Manager’s
representation
that
the
amendments
would
not
reduce
the
quality
or
quantity
of
the
services
the
Sub-Advisor
provides
to
the
Fund
and
that
the
Sub-Advisor’s
obligations
under
the
Sub-Advisory
Agreement
would
remain
the
same
in
all
material
respects.
The
Board
also
considered
that
the
Manager
was
not
proposing
any
material
changes
to
the
terms
of
the
Sub-Advisory
Agreement
other
than
to
the
sub-advisory
fee
schedule.
The
Board
considered
that
they
had
last
approved
the
Sub-Advisory
Agreement
for
the
Fund
during
the
annual
contract
renewal
process
that
concluded
at
the
Board
of
Directors’
September
2021
meeting.
They
noted
that
during
the
annual
contract
renewal
process,
they
had
considered
the
nature,
quality
and
extent
of
the
services
provided
by
the
Sub-Advisor
under
the
Sub-Advisory
Agreement
and
had
concluded,
based
upon
the
information
provided,
that
the
terms
of
the
Sub-Advisory
Agreement
were
reasonable
and
that
approval
of
the
Sub-Advisory
Agreement
was
in
the
best
interests
of
the
Fund.
Based
upon
all
of
the
information
considered,
the
Board
concluded
that
it
was
in
the
best
interests
of
the
Fund
to
approve
the
applicable
amended
Sub-Advisory
Agreement
and,
accordingly,
recommended
to
the
Board
of
Directors
the
approval
of
the
amended
Sub-Advisory
Agreement.
Approval
of
New
Sub-Advisory
Agreement
for
Diversified
Real
Asset
Fund
On
December
13,
2021,
the
Board
met
to
consider
for
Diversified
Real
Asset
Fund
(the
“Fund”)
the
approval
of
a
sub-advisory
agreement
(the
“Sub-Advisory
Agreement”)
between
Principal
Global
Investors,
LLC
(the
“Manager”)
and
Wellington
Management
Company
LLP
(the
“Sub-Advisor”)
with
respect
to
the
commodities
investment
sleeve
of
the
Fund.
The
Board
reviewed
materials
received
from
the
Manager
regarding
the
Sub-Advisor.
Based
upon
their
review,
the
Board
concluded
that
it
was
in
the
best
interests
of
the
Fund
to
approve
the
Sub-Advisory
Agreement
and,
accordingly,
recommended
the
approval
of
the
Sub-
Advisory
Agreement.
In
reaching
this
conclusion,
no
single
factor
was
determinative
in
the
Board’s
analysis,
but
rather
the
Board
considered
a
variety
of
factors.
215
The
Board
considered
various
factors,
including
the
following,
and
made
certain
findings
and
conclusions
with
regard
thereto,
in
approving
the
Sub-Advisory
Agreement.
Nature,
Quality
and
Extent
of
Services
The
Board
considered
the
nature,
quality
and
extent
of
the
services
to
be
provided
under
the
Sub-Advisory
Agreement.
The
Board
considered
the
reputation,
qualifications
and
background
of
the
Sub-Advisor,
the
investment
approach
of
the
Sub-Advisor,
the
experience
and
skills
of
the
Sub-Advisor’s
investment
personnel
who
would
be
responsible
for
the
day-to-day
management
of
the
Fund
and
the
resources
made
available
to
such
personnel.
The
Board
noted
that
the
Sub-Advisor
currently
provides
sub-advisory
services
to
one
other
series
of
PFI,
and
that
the
Board
had
reviewed
and
had
approved
for
renewal
that
sub-advisory
agreement
at
its
September
2021
Board
meeting.
The
Board
considered
the
Manager’s
program
for
recommending,
monitoring
and
replacing
sub-advisors
and
that
the
Manager
recommended
the
Sub-
Advisor
based
upon
that
program.
Investment
Performance
The
Board
reviewed
the
historical
one
year,
three-year,
five-year
and
since
inception
(January
1,
2008)
performance
returns,
gross
and
net
of
proposed
fees,
as
of
September
30,
2021
of
the
Sub-Advisor
in
a
composite
managed
in
the
proposed
investment
strategy
for
the
commodities
investment
sleeve
of
the
Fund
that
the
Sub-Advisor
is
proposed
to
manage,
as
compared
to
the
historical
performance
returns
of
the
other
sub-advisor
to
the
commodities
investment
sleeve
of
the
Fund,
gross
and
net
of
fees,
a
relevant
benchmark
index
for
the
sleeve
and
a
relevant
Morningstar
category.
The
Board
concluded,
based
upon
the
information
provided,
that
the
Sub-Advisor
is
qualified.
Fees,
Economies
of
Scale
and
Profitability
The
Board
considered
the
proposed
sub-advisory
fee,
noting
that
the
Manager
compensates
sub-advisors
from
its
own
management
fee
so
that
shareholders
pay
only
the
management
fee.
The
Board
considered
whether
there
are
economies
of
scale
with
respect
to
the
sub-advisory
services
to
be
provided
to
the
Fund
under
the
Sub-Advisory
Agreement.
The
Board
noted
that
the
proposed
sub-advisory
fee
schedule
includes
breakpoints.
The
Board
considered
the
Manager’s
statement
that
it
found
the
proposed
sub-advisory
fee
schedule
under
the
Sub-
Advisory
Agreement
to
be
competitive.
On
the
basis
of
the
information
provided,
the
Board
concluded
that
the
proposed
sub-advisory
fee
schedule
was
reasonable.
Other
Benefits
The
Board
noted
the
Manager’s
statement
that
the
Sub-Advisor
intends
to
use
Fund
commissions
to
buy
Section
28(e)
eligible
products
and
services
consistent
with
its
use
of
commissions
for
the
other
equity
portfolios
it
currently
manages,
as
well
as
the
Manager’s
statement
that
there
would
be
no
known
fall-out
benefits
to
the
Sub-Advisor
in
connection
with
its
management
of
the
Fund
outside
the
use
of
soft
dollars.
The
Board
concluded
that,
on
the
basis
of
the
information
provided,
the
incidental
benefits
to
be
received
by
the
Sub-Advisor
were
appropriate.
Overall
Conclusions
Based
upon
all
of
the
information
considered
and
the
conclusions
reached,
the
Board
determined
that
the
terms
of
the
Sub-Advisory
Agreement
are
fair
and
reasonable
and
that
approval
of
the
Sub-Advisory
Agreement
is
in
the
best
interests
of
the
Fund.
Accordingly,
the
Board
recommended
approval
of
the
Sub-Advisory
Agreement.
Principal
Funds
Distributor,
Inc.
711
High
Street
Des
Moines,
IA
50392-6370
Do
not
use
this
address
for
business
correspondence
principalfunds.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.
©
2022
Principal
Financial
Services,
Inc.
|
FV941SAR-01
|
02/2022
|
2014332
Principal
Capital
Securities
Fund
Class
S
Shares
Semiannual
Report
February
28,
2022
Rev.
01/2020
EE11865PFI-03
FACTS
WHAT
DOES
PRINCIPAL
FUNDS
DO
WITH
YOUR
PERSONAL
INFORMATION?
Why?
Financial
companies
choose
how
they
share
your
personal
information.
Federal
law
gives
consumers
the
right
to
limit
some
but
not
all
sharing.
Federal
law
also
requires
us
to
tell
you
how
we
collect,
share,
and
protect
your
personal
information.
Please
read
this
notice
carefully
to
understand
what
we
do.
What?
The
types
of
personal
information
we
collect
and
share
depend
on
the
product
or
service
you
have
with
us.
This
information
can
include:
•
Social
Security
number
and
income
•
Assets
and
transaction
history
•
Account
transactions
and
account
balances
When
you
are
no
longer
our
customer,
we
continue
to
share
your
information
as
described
in
this
notice.
How?
All
financial
companies
need
to
share
customers’
personal
information
to
run
their
everyday
business.
In
the
section
below,
we
list
the
reasons
financial
companies
can
share
their
customers’
personal
information;
the
reasons
Principal
Funds
chooses
to
share;
and
whether
you
can
limit
this
sharing.
REASONS
WE
CAN
SHARE
YOUR
PERSONAL
INFORMATION
DOES
PRINCIPAL
FUNDS
SHARE?
CAN
YOU
LIMIT
THIS
SHARING?
For
our
everyday
business
purposes
—such
as
to
process
your
transactions,
maintain
your
account(s),
respond
to
court
orders
and
legal
investigations,
or
report
to
credit
bureaus
Yes
No
For
our
marketing
purposes
—to
offer
our
products
and
services
to
you
Yes
No
For
joint
marketing
with
other
financial
companies
No
We
don’t
share
For
our
affiliates’
everyday
business
purposes
—
information
about
your
transactions
and
experiences
Yes
No
For
our
affiliates’
everyday
business
purposes
—
information
about
your
creditworthiness
No
We
don’t
share
For
nonaffiliates
to
market
to
you
No
We
don’t
share
Questions?
Call
1-800-222-5852
or
go
to
www.principalfunds.com/customer-support/contact-us
Page
2
EE11865PFI-03
|
01/2020
Who
we
are
Who
is
providing
this
notice?
Principal
Funds
includes
Principal
Funds,
Inc.,
Principal
Funds
Distributor,
Inc.,
and
Principal
Diversified
Select
Real
Asset
Fund.
What
we
do
How
does
Principal
Funds
protect
my
personal
information?
To
protect
your
personal
information
from
unauthorized
access
and
use,
we
use
security
measures
that
comply
with
federal
law.
These
measures
include
computer
safeguards
and
secured
files
and
buildings.
How
does
Principal
Funds
collect
my
personal
information?
We
collect
your
personal
information,
for
example,
when
you:
•
Open
an
account
or
seek
advice
about
your
investments
•
Direct
us
to
buy
securities
or
make
deposits,
or
withdrawals
from
your
account
•
Give
us
your
contact
information
or
show
your
government
issued
ID
We
also
collect
your
personal
information
from
others,
such
as
affiliates,
or
other
companies.
Why
can’t
I
limit
all
sharing?
Federal
law
gives
you
the
right
to
limit
only:
•
sharing
for
affiliates’
everyday
business
purposes—information
about
your
creditworthiness
•
affiliates
from
using
your
information
to
market
to
you
•
sharing
for
nonaffiliates
to
market
to
you
State
laws
and
individual
companies
may
give
you
additional
rights
to
limit
sharing.
Definitions
Affiliates
Companies
related
by
common
ownership
or
control.
They
can
be
financial
and
nonfinancial
companies.
•
Our
affiliates
include
companies
of
Principal
Financial
Group
®
Nonaffiliates
Companies
not
related
by
common
ownership
or
control.
They
can
be
financial
and
nonfinancial
companies.
•
Principal
Funds
does
not
share
with
nonaffiliates
so
they
can
market
to
you.
Joint
marketing
A
formal
agreement
between
nonaffiliated
financial
companies
that
together
market
financial
products
or
services
to
you.
•
Principal
Funds
does
not
jointly
market.
Other
important
information
This
Privacy
Notice
governs
information
that
you
provide
to
Principal
(or
that
we
otherwise
receive)
when
you
apply
for
or
receive
a
product
or
service
used
primarily
for
personal,
family
or
household
purposes.
We
may
collect
additional
information
depending
on
the
nature
of
your
relationship
with
Principal
or
if
you
interact
with
us
through
our
website
or
other
digital
technologies.
Details
about
how
we
protect
and
use
this
additional
information,
including
information
about
your
privacy
rights
under
California
law
such
as
the
California
Consumer
Privacy
Act,
are
available
online
at
www.principal.com/privacy-policies
.
If
you
do
not
have
access
to
www.principal.com/privacy-policies,
please
contact
us
at
1-800-986-3343
to
have
a
copy
mailed
to
you.
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
1
Notes
to
Financial
Statements
4
Schedules
of
Investments
10
Financial
Highlights
(includes
performance
information)
18
Shareholder
Expense
Example
20
Supplemental
Information
21
Statement
of
Assets
and
Liabilities
Principal
Funds,
Inc.
February
28,
2022
(unaudited)
1
See
accompanying
notes.
Amounts
in
thousands,
except
per
share
amounts
Capital
Securities
Fund
Investment
in
securities--at
cost
......................................................................................................................
$
1,237,488‌
Investment
in
affiliated
Funds--at
cost
................................................................................................................
$
41,316‌
Assets
Investment
in
securities--at
value 
......................................................................................................................
$
1,214,402‌
(a)
Investment
in
affiliated
Funds--at
value
.................................................................................................................
41,316‌
Receivables:
Dividends
and
interest
.............................................................................................................................
15,867‌
Expense
reimbursement
from
Manager
...........................................................................................................
52‌
Fund
shares
sold
...................................................................................................................................
5,155‌
Total
Assets  
1,276,792‌
Liabilities
Accrued
transfer
agent
fees
.............................................................................................................................
113‌
Accrued
professional
fees
...............................................................................................................................
21‌
Accrued
other
expenses
.................................................................................................................................
16‌
Payables:
Fund
shares
redeemed
.............................................................................................................................
1,269‌
Collateral
obligation
on
securities
loaned,
at
value
.....................................................................................................
24,296‌
Total
Liabilities  
25,715‌
Net
Assets
Applicable
to
Outstanding
Shares
........................................................................................................
$
1,251,077‌
Net
Assets
Consist
of:
Capital
shares
and
additional
paid-in-capital
...........................................................................................................
$
1,283,527‌
Total
distributable
earnings
(accumulated
loss)
.........................................................................................................
(
32,450‌
)
Total
Net
Assets 
$
1,251,077‌
Capital
Stock
(par
value:
$.01
per
share):
Shares
authorized
........................................................................................................................................
500,000‌
Net
Asset
Value
Per
Share:
Class
S
:
Net
Assets
......................................................................................................................................
$
1,251,077‌
Shares
Issued
and
Outstanding
....................................................................................................................
125,235‌
Net
Asset
Value
per
share
.........................................................................................................................
$
9
.99‌
(a)
Includes
fair
market
value
of
securities
loaned,
see
"Securities
Lending"
in
Notes
to
Financial
Statements.
Statement
of
Operations
Principal
Funds,
Inc.
Six
Months
Ended
February
28,
2022
(unaudited)
2
See
accompanying
notes.
Amounts
in
thousands
Capital
Securities
Fund
Net
Investment
Income
(Loss)
Income:
Dividends
..............................................................................................................................................
$
553‌
Interest
.................................................................................................................................................
26,250‌
Securities
lending
-
net
................................................................................................................................
38‌
Total
Income
26,841‌
Expenses:
Registration
fees
-
Class
S
............................................................................................................................
26‌
Shareholder
reports
-
Class
S
.........................................................................................................................
4‌
Transfer agent
fees
-
Class
S
..........................................................................................................................
241‌
Chief
compliance
officer
expenses
....................................................................................................................
1‌
Custodian
fees
.........................................................................................................................................
5‌
Directors'
expenses
....................................................................................................................................
10‌
Professional fees
......................................................................................................................................
18‌
Other
expenses
........................................................................................................................................
5‌
Total
Gross
Expenses
310‌
Less:
Reimbursement
from
Manager
-
Class
S
.......................................................................................................
310‌
Total
Net
Expenses
–‌
Net
Investment
Income
(Loss)
26,841‌
Net
Realized
and
Unrealized
Gain
(Loss)
on
investments
Net
realized
gain
(loss)
from:
Investment
transactions
...............................................................................................................................
4,200‌
Net
change
in
unrealized
appreciation/(depreciation)
of:
Investments
............................................................................................................................................
(
93,763‌
)
Net
Realized
and
Unrealized
Gain
(Loss)
on
investments
(
89,563‌
)
Net
Increase
(Decrease)
in
Net
Assets
Resulting
from
Operations
$
(
62,722‌
)
Statement
of
Changes
in
Net
Assets
Principal
Funds,
Inc.
(unaudited)
3
See
accompanying
notes.
Amounts
in
thousands
Capital
Securities
Fund
Period
Ended
February
28,
2022
Year
Ended
August
31,
2021
Operations
Net
investment
income
(loss)
..........................................................................................................
$
26,841‌
$
42,684‌
Net
realized
gain
(loss)
on
investments
................................................................................................
4,200‌
4,876‌
Net
change
in
unrealized
appreciation/(depreciation)
of
investments
.................................................................
(93,763‌)
34,419‌
Net
Increase
(Decrease)
in
Net
Assets
Resulting
from
Operations
(62,722‌)
81,979‌
Dividends
and
Distributions
to
Shareholders
From
net
investment
income
and
net
realized
gain
on
investments
...................................................................
(30,657‌)
(45,215‌)
Total
Dividends
and
Distributions
(30,657‌)
(45,215‌)
Capital
Share
Transactions
Net
increase
(decrease)
in
capital
share
transactions
..................................................................................
176,702‌
284,141‌
Total
Increase
(Decrease)
in
Net
Assets
83,323‌
320,905‌
Net
Assets
Beginning
of
period
....................................................................................................................
1,167,754‌
846,849‌
End
of
period
..........................................................................................................................
$
1,251,077‌
$
1,167,754‌
Class
S
Capital
Share
Transactions:
Period
Ended
February
28,
2022
Dollars:
Sold
..........................................................................................................
$
304,334
Reinvested
.....................................................................................................
18,824
Redeemed
......................................................................................................
(146,456
)
Net
Increase
(Decrease)
$
176,702
Shares:
Sold
..........................................................................................................
28,916
Reinvested
.....................................................................................................
1,797
Redeemed
......................................................................................................
(14,008
)
Net
Increase
(Decrease)
16,705
Year
Ended
August
31,
2021
Dollars:
Sold
..........................................................................................................
$
438,675
Reinvested
.....................................................................................................
27,537
Redeemed
......................................................................................................
(182,071
)
Net
Increase
(Decrease)
$
284,141
Shares:
Sold
..........................................................................................................
41,354
Reinvested
.....................................................................................................
2,606
Redeemed
......................................................................................................
(17,180
)
Net
Increase
(Decrease)
26,780
Notes
to
Financial
Statements
Principal
Funds,
Inc.
February
28,
2022
(unaudited)
4
1.
Organization
Principal
Funds,
Inc.
(the
"Fund")
is
registered
under
the
Investment
Company
Act
of
1940,
as
amended,
as
an
open-end
management
investment
company
and
operates
as
a
series
fund
in
the
mutual
fund
industry.
The
financial
statements
for
Capital
Securities
Fund
(the
“fund”),
a
series
of
the
Fund,
are
presented
herein.
The
fund
is
an
investment
company
and
applies
specialized
accounting
and
reporting
under
Accounting
Standards
Codification
(“ASC”)
Topic
946,
Financial
Services
-
Investment
Companies
.
The
fund
has
not
provided
financial
support
and
is
not
contractually
required
to
provide
financial
support
to
any
investee.
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
fund:
Security
Valuation.
The
fund
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
fund
values
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
or,
in
the
case
of
certain
credit
default
swaps,
a
mean
price
provided
by
a
pricing
service.
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
Principal
Global
Investors,
LLC
(the
“Manager”)
under
procedures
established
and
periodically
reviewed
by
the
Fund’s
Board
of
Directors.
Income
and
Investment
Transactions.
The
fund
records
investment
transactions
on
a
trade
date
basis.
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
fund
records
dividend
income
on
the
ex-dividend
date.
Interest
income
is
recognized
on
an
accrual
basis.
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.
Expenses.
Expenses
directly
attributed
to
the
fund
are
charged
to
the
fund.
Other
expenses
not
directly
attributed
to
a
particular
fund
are
apportioned
among
the
registered
investment
companies
managed
by
the
Manager.
In
addition
to
the
expenses
that
the
fund
bears
directly,
the
fund
may
indirectly
bear
a
pro
rata
share
of
the
fees
and
expenses
of
the
other
series
of
the
Fund
and
other
investment
companies
(collectively,
“Underlying
Funds”)
in
which
it
invests.
Expenses
included
in
the
statement
of
operations
reflect
the
expenses
of
the
fund
and
do
not
include
any
expenses
associated
with
the
Underlying
Funds.
Dividends
and
Distributions
to
Shareholders.
Dividends
and
distributions
to
shareholders
of
the
fund
are
recorded
on
the
ex-dividend
date.
Dividends
and
distributions
to
shareholders
from
net
investment
income
and
net
realized
gain
from
investments
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,
losses
deferred
due
to
wash
sales,
certain
preferred
securities,
and
utilization
of
earnings
and
profits
distributed
to
shareholders
on
redemption
of
shares.
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
the
fund
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.
Notes
to
Financial
Statements
Principal
Funds,
Inc.
February
28,
2022
(unaudited)
5
Management
evaluates
tax
positions
taken
or
expected
to
be
taken
in
the
course
of
preparing
the
fund’s
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.
During
the
period
ended
February
28,
2022
,
the
fund
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
fund
is
subject
to
foreign
income
taxes
imposed
by
certain
countries
in
which
it
invests.
Foreign
income
taxes
are
accrued
by
the
fund
as
a
reduction
of
income.
This
amount
is
shown
as
withholding
tax
on
the
statement
of
operations.
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.
Management
expects
the
impact
of
the
ASU
will
not
have
a
material
impact
on
the
fund’s
financial
statements.
3.
Operating
Policies
Borrowings.
Pursuant
to
an
exemptive
order
issued
by
the
Securities
and
Exchange
Commission
(the
“SEC”),
the
fund
and
other
registered
investment
companies
managed
by
the
Manager
may
participate
in
an
interfund
lending
facility
(“Facility”).
The
Facility
allows
the
fund
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.
The
bank
loan
rate
equals
the
higher
of
(i)
the
Federal
Funds
Rate
or
(ii)
the
LIBOR
rate
(or
such
successor
if
no
longer
available)
plus
1.25%.
The
interest
income
received
is
included
in
interest
income
on
the
statement
of
operations.
The
interest
expense
associated
with
this
borrowing
is
included
in
other
expenses
on
the
statement
of
operations.
The
fund
had
no
outstanding
loans
or
borrowings
on
the
Facility
as
of
February
28,
2022
.
During
the
period
ended
February
28,
2022,
the
fund
lent
to
the
Facility
as
follows
(amounts
in
thousands):
During
the
period
ended
February
28,
2022
,
the
fund
did
not
borrow
from
the
Facility.
In
addition,
the
fund
participates
with
other
registered
investment
companies
managed
by
the
Manager
in
an
unsecured
joint
line
of
credit
with
a
bank,
which
allows
the
participants
to
borrow
up
to
$250
million,
collectively.
Borrowings
are
made
solely
to
facilitate
the
handling
of
unusual
and/or
unanticipated
short-term
cash
requirements.
Interest
is
charged
to
each
participant,
based
on
its
borrowings,
at
a
rate
equal
to
the
higher
of
the
Federal
Funds
Rate
or
the
LIBOR
rate
(or
such
successor
if
no
longer
available)
plus
1.25%.
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
participating
fund
based
on
average
net
assets.
The
interest
expense
associated
with
these
borrowings
is
included
in
other
expenses
on
the
statement
of
operations.
The
fund
did
not
borrow
against
the
line
of
credit
during
the
period
ended
February
28,
2022
.
Contingent
Convertible
Securities.
As
footnoted
in
the
schedule of
investments, the
fund
invests in
contingent
convertible securities
(“CoCos”).
CoCos are
hybrid
debt
securities
that
may
convert
into
equity
or
have
their
principal
written
down
upon
the
occurrence
of
certain
“triggers.”
Although
a
contingent
convertible
security’s
equity
conversion
and
principal
write-down
features
are
tailored
to
the
particular
issuing
banking
institution
and
its
regulatory
requirements,
triggers
are
generally
linked
to
regulatory
capital
thresholds
or
regulatory
actions
calling
into
question
such
institution’s
continued
viability
as
a
going-concern.
CoCos
may
have
no
stated
maturity
and
fully
discretionary
coupons,
which
means
coupon
payments
can
be
canceled
at
the
issuing
banking
institution’s
discretion
or
at
the
request
of
the
relevant
regulatory
authority
without
causing
a
default.
To
provide
the
appropriate
regulatory
capital
treatment,
CoCos
are
usually
issued
in
the
form
of
subordinated
debt
instruments
that
rank
junior
to
the
claims
of
holders
of
more
senior
obligations
in
the
event
of
the
issuer’s
liquidation.
If
CoCos
are
converted
into
equity
securities
due
to
a
trigger
event,
holders
will
be
further
subordinated.
The
future
value
of
CoCos
is
unpredictable
and
is
influenced
by
many
factors
including,
without
limitation:
the
creditworthiness
of
the
issuer
and/or
fluctuations
in
such
issuer’s
applicable
capital
ratios;
supply
and
demand
for
CoCos;
general
market
conditions
and
available
liquidity;
and
economic,
financial
Average
Daily
Amount
Loaned
Weighted
Average
Annual
Interest
Rate
Capital
Securities
Fund
$
455
0.75
%
2.
Significant
Accounting
Policies
(continued)
Notes
to
Financial
Statements
Principal
Funds,
Inc.
February
28,
2022
(unaudited)
6
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.
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. 
Securities
Lending.
As
footnoted
in
the
schedule
of
investments,
the
fund
may
lend
portfolio
securities
to
approved
brokerage
firms
to
earn
additional
income.
The
fund
receives
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
fund
and
any
additional
required
collateral
is
delivered
to
the
fund
on
the
next
business
day.
The
cash
collateral
received
is
usually
invested
in
an
SEC-registered
money
market
mutual
fund
and
the
fund
could
realize
a
loss
on
such
investments.
Further,
the
fund
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
statement
of
operations.
4.
Fair
Valuation
Fair
value
is
defined
as
the
price
that
the
fund
would
receive
upon
selling
a
security
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
fund
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
fund.
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
1
–
Quoted
prices
are
available
in
active
markets
for
identical
securities
as
of
the
reporting
date.
Investments
which
are
generally
included
in
the
category
include
listed
equities
and
listed
derivatives.
Level
2
–
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,
and
U.S.
Government
and
Government
Agency
Obligations.
Level
3
–
Significant
unobservable
inputs
(including
the
fund’s
assumptions
in
determining
the
fair
value
of
investments).
Investments
which
are
generally
included
in
this
category
include
certain
corporate
bonds
or
preferred
stocks.
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
fund
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
fund’s
own
assumptions
are
set
to
reflect
those
that
market
3.
Operating
Policies
(continued)
Notes
to
Financial
Statements
Principal
Funds,
Inc.
February
28,
2022
(unaudited)
7
participants
would
use
in
pricing
the
asset
or
liability
at
the
measurement
date.
The
fund
uses
prices
and
inputs
that
are
current
as
of
the
measurement
date,
when
available.
Investments
which
are
included
in
the
Level
3
category
may
be
valued
using
quoted
prices
from
brokers
and
dealers
participating
in
the
market
for
these
investments.
These
investments
are
classified
as
Level
3
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.
Benchmark
pricing
procedures
set
the
base
price
of
a
security
based
on
current
market
data.
The
base
price
may
be
a
broker-dealer
quote,
transaction
price,
or
internal
value
based
on
relevant
market
data.
The
fair
values
of
these
securities
are
dependent
on
economic,
political,
and
other
considerations.
The
values
of
such
securities
may
be
affected
by
significant
changes
in
the
economic
conditions,
changes
in
government
policies,
and
other
factors
(e.g.,
natural
disasters,
pandemics,
accidents,
conflicts,
etc.).
The
inputs
or
methodology
used
for
valuing
securities
are
not
necessarily
an
indication
of
the
risk
associated
with
investing
in
those
instruments.
The
following
is
a
summary
of
the
inputs
used
as
of
February
28,
2022
in
valuing
the
fund’s
securities
carried
at
fair
value
(amounts
in
thousands):
*For
additional
detail
regarding
sector
classifications,
please
see
the
schedule
of
investments
During
the
period,
there
were
no
purchases,
sales,
or
transfers
into
or
out
of
Level
3.
5.
Management
Agreement
and
Transactions
with
Affiliates
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
the
fund.
The
reductions
and
reimbursements
are
in
amounts
that
maintain
total
operating
expenses
at
0.00%.
The
limit
is
expressed
as
a
percentage
of
average
daily
net
assets
on
an
annualized
basis
during
the
reporting
period.
It
is
expected
that
the
expense
limit
will
continue
permanently.
There
is
no
management
fee
charged
by
the
fund.
The
fund
is
an
integral
part
of
“wrap-fee”
programs,
including
those
sponsored
by
registered
investment
advisors
and
broker-dealers
unaffiliated
with
the
fund.
Participants
in
these
programs
pay
a
“wrap”
fee
to
the
wrap-fee
program’s
sponsor.
Amounts
owed
to
the
fund
under
the
terms
of
the
expense
limitation
agreements
are
reflected
in
the
statement
of
assets
and
liabilities
as
an
expense
reimbursement
from
Manager
and
are
settled
periodically.
Chief
Compliance
Officer
Expense
.
The
fund
pays
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
statement
of
operations.
Fund
Level
1
-
Quoted
Prices
Level
2
-
Other
Significant
Observable
Inputs
Level
3
-
Significant
Unobservable
Inputs
Totals
(Level
1,2,3)
Capital
Securities
Fund
Bonds*
$
—
$
1,181,553
$
—
$
1,181,553
Convertible
Preferred
Stocks
Financial
1,318
—
—
1,318
Investment
Companies
56,277
—
—
56,277
Preferred
Stocks
Energy
2,738
—
—
2,738
Financial
7,696
—
—
7,696
Government
3,967
2,104
—
6,071
Utilities
65
—
—
65
Total
investments
in
securities
$
72,061
$
1,183,657
$
—
$
1,255,718
4.
Fair
Valuation
(continued)
Notes
to
Financial
Statements
Principal
Funds,
Inc.
February
28,
2022
(unaudited)
8
6.
Investment
Transactions
For
the
period
ended
February
28,
2022,
the
cost
of
investment
securities
purchased
and
proceeds
from
investment
securities
sold
(not
including
short-term
investments
and
U.S.
government
securities)
by
the
fund
was
as
follows
(amounts
in
thousands):
For
the period
ended
February
28,
2022,
the
cost
of
U.S.
government
securities
purchased
and
proceeds
from
U.S.
government
securities
sold
(not
including
short-term
investments)
by
the
fund
were
as
follows
(amounts
in
thousands):
7.
Federal
Tax
Information
Distributions
to
Shareholders.
The
federal
income
tax
character
of
distributions
paid
for
the periods
ended February
28,
2022 and
August
31,
2021 were
as
follows
(amounts
in
thousands):
For
U.S.
federal
income
tax
purposes,
short-term
capital
gain
distributions
are
considered
ordinary
income
distributions.
Distributable
Earnings.
As
of August
31,
2021,
the
components
of
total
distributable
earnings
(accumulated
loss)
on
a
federal
tax
basis
were
as
follows
(amounts
in
thousands):
*Represents
book-to-tax
accounting
differences
related
to
contingent
convertible
bonds
and
perpetual
bonds.
Capital
Loss
Carryforwards.
For
federal
income
tax
purposes,
capital
loss
carryforwards
are
losses
that
can
be
used
to
offset
future
capital
gains
of
the
fund.
As
of
August
31,
2021
,
the
fund
had
approximate
net
capital
loss
carryforwards
as
follows
(amounts
in
thousands):
Capital
losses
will
be
carried
forward
with
no
expiration
and
with
the
character
of
the
loss
retained.
For
the
year
ended
August
31,
2021
,
the
fund
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
31
and
December
31,
respectively. As
of
August
31,
2021,
the
fund
does
not
plan
to
defer
any
late
year
losses.
Reclassification
of
Capital
Accounts.
The
fund
may
record
reclassifications
in
its
capital
accounts.
These
reclassifications
have
no
impact
on
the
total
net
assets
of
the
fund.
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
fund’s
distributions
may
be
shown
in
the
accompanying
statement
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,
2021,
the
fund
recorded
reclassifications
as
follows
(amounts
in
thousands):
Purchases
Sales
Capital
Securities
Fund
$
252,930
$
95,723
Purchases
Sales
Capital
Securities
Fund
$
–
$
4,487
Ordinary
Income
2022
2021
Capital
Securities
Fund
$
30,657
$
45,215
Undistributed
Ordinary
Income
Undistributed
Long-Term
Capital
Gains
Accumulated
Losses
Net
Unrealized
Appreciation
(Depreciation)
Other
Temporary
Differences
*
Total
Accumulated
Earnings
(Deficit)
Capital
Securities
Fund
$
649
$
—
$
(5,218
)
$
57,180
$
8,318
$
60,929
Long-Term
Capital
Securities
Fund
$
5,218
Utilized
Capital
Securities
Fund
$
3,729
Total
Distributable
Earnings
(Accumulated
Loss)
Capital
Shares
and
Additional
Paid-in-Capital
Capital
Securities
Fund
$
9
$
(9)
Notes
to
Financial
Statements
Principal
Funds,
Inc.
February
28,
2022
(unaudited)
9
Federal
Income
Tax
Basis.
At
February
28,
2022,
the
net
federal
income
tax
unrealized
appreciation
(depreciation)
and
federal
tax
cost
of
investments
held
by
the
fund
were
as
follows
(amounts
in
thousands):
8.
Subsequent
Events
Management
has
evaluated
events
and
transactions
that
have
occurred
through
the
date
the
financial
statements
were issued
that
would
merit
recognition
or
disclosure
in
the
financial
statements. 
There
were
no
items
requiring
adjustment
of
the
financial
statements
or
additional
disclosure.
Unrealized
Appreciation
Unrealized
(Depreciation)
Net
Unrealized
Appreciation/
(Depreciation)
Cost
for
Federal
Income
Tax
Purposes
Capital
Securities
Fund
$
17,789
$
(53,590)
$
(35,801)
$
1,291,519
7.
Federal
Tax
Information
(continued)
Schedule
of
Investments
Capital
Securities
Fund
February
28,
2022
(unaudited)
See
accompanying
notes.
10
INVESTMENT
COMPANIES
-
4.50%
Shares
Held
Value
(000's)
Exchange-Traded
Funds
-
0.07%
Invesco
Preferred
ETF
(a)
63,887‌
$
875‌
Money
Market
Funds
-
4.43%
BlackRock
Liquidity
FedFund
-
Institutional
Class
0.03%
(b),(c)
14,086,411‌
14,086‌
Principal
Government
Money
Market
Fund
-
Institutional
Class
0.00%
(b),(c),(d),(e)
41,315,783‌
41,316‌
$
55,402‌
TOTAL
INVESTMENT
COMPANIES
$
56,277‌
CONVERTIBLE
PREFERRED
STOCKS
-
0.11%
Shares
Held
Value
(000's)
Banks
-
0.11%
Bank
of
America
Corp
7.25%
(f)
1,000‌
$
1,318‌
TOTAL
CONVERTIBLE
PREFERRED
STOCKS
$
1,318‌
PREFERRED
STOCKS
-
1.32%
Shares
Held
Value
(000's)
Banks
-
0.50%
Cullen/Frost
Bankers
Inc
4.45%,
12/15/2025
(a),(f)
60,563‌
$
1,353‌
Fifth
Third
Bancorp
6.63%,
12/31/2023
(a),(f)
21,693‌
575‌
3
Month
USD
LIBOR
+
3.71%
First
Republic
Bank/CA
5.13%,
06/30/2022
(f)
25,021‌
612‌
Fulton
Financial
Corp
5.13%,
01/15/2026
(f)
116,351‌
2,739‌
KeyCorp
6.13%,
12/15/2026
(a),(f)
801‌
22‌
3
Month
USD
LIBOR
+
3.89%
Valley
National
Bancorp
6.25%,
06/30/2025
(f)
20,342‌
538‌
3
Month
USD
LIBOR
+
3.85%
Webster
Financial
Corp
5.25%,
12/15/2022
(f)
15,345‌
364‌
$
6,203‌
Diversified
Financial
Services
-
0.03%
Affiliated
Managers
Group
Inc
4.20%,
09/30/2061
(a)
18,947‌
382‌
Electric
-
0.00%
Southern
Co/The
4.95%,
01/30/2080
(a)
2,360‌
58‌
Gas
-
0.00%
NiSource
Inc
6.50%,
03/15/2024
(f)
267‌
7‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.63%
Insurance
-
0.08%
Assurant
Inc
5.25%,
01/15/2061
(a)
38,498‌
939‌
Voya
Financial
Inc
5.35%,
09/15/2029
(a),(f)
4,739‌
123‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.21%
$
1,062‌
Pipelines
-
0.22%
Enbridge
Inc
6.38%,
04/15/2078
(a)
105,720‌
2,738‌
3
Month
USD
LIBOR
+
3.59%
REITs
-
0.00%
Public
Storage
4.88%,
09/12/2024
(f)
2,011‌
49‌
Sovereign
-
0.49%
CoBank
ACB
6.20%,
01/01/2025
(f)
10,000‌
1,074‌
3
Month
USD
LIBOR
+
3.74%
CoBank
ACB
6.25%,
10/01/2022
(f)
38,800‌
3,967‌
3
Month
USD
LIBOR
+
4.56%
Farm
Credit
Bank
of
Texas
6.75%,
09/15/2023
(f),(g)
10,000‌
1,030‌
3
Month
USD
LIBOR
+
4.01%
$
6,071‌
TOTAL
PREFERRED
STOCKS
$
16,570‌
BONDS
-
94.44%
Principal
Amount
(000's)
Value
(000's)
Banks
-
51.29%
Australia
&
New
Zealand
Banking
Group
Ltd/
United
Kingdom
6.75%,
06/15/2026
(f),(g),(h),(i)
$
1,900‌
$
2,066‌
USD
Swap
Rate
NY
5
Year
+
5.17%
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Banks
(continued)
Banco
Bilbao
Vizcaya
Argentaria
SA
6.13%,
11/16/2027
(f),(h),(i)
$
600‌
$
582‌
USD
Swap
Semi-Annual
5
Year
+
3.87%
6.50%,
03/05/2025
(f),(h),(i)
9,400‌
9,423‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
5.19%
Banco
Santander
SA
4.75%,
11/12/2026
(f),(h),(i)
10,000‌
9,215‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.75%
Bank
of
America
Corp
4.38%,
01/27/2027
(f),(h)
9,500‌
9,155‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.76%
6.25%,
09/05/2024
(f),(h)
2,000‌
2,085‌
3
Month
USD
LIBOR
+
3.71%
6.30%,
03/10/2026
(f),(h)
2,000‌
2,153‌
3
Month
USD
LIBOR
+
4.55%
6.50%,
10/23/2024
(f),(h)
2,767‌
2,950‌
3
Month
USD
LIBOR
+
4.17%
Bank
of
New
York
Mellon
Corp/The
3.70%,
03/20/2026
(f),(h)
25,000‌
24,000‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.35%
3.75%,
12/20/2026
(f),(h)
19,000‌
17,676‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.63%
4.63%,
09/20/2026
(f),(h)
7,373‌
7,386‌
3
Month
USD
LIBOR
+
3.13%
Bank
of
Nova
Scotia/The
3.63%,
10/27/2081
(h)
7,600‌
6,804‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.61%
4.90%,
06/04/2025
(f),(h)
24,000‌
24,397‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.55%
Barclays
Bank
PLC
6.28%,
12/15/2034
(f),(h)
5,450‌
6,976‌
3
Month
USD
LIBOR
+
1.55%
Barclays
PLC
4.38%,
03/15/2028
(f),(h),(i)
8,000‌
7,340‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.41%
7.75%,
09/15/2023
(f),(h),(i)
10,120‌
10,577‌
USD
Swap
Semi-Annual
5
Year
+
4.84%
8.00%,
06/15/2024
(f),(h),(i)
8,000‌
8,530‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
5.67%
BNP
Paribas
SA
4.50%,
02/25/2030
(a),(f),(g),(h),(i)
3,500‌
3,186‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.94%
6.63%,
03/25/2024
(f),(h),(i)
800‌
827‌
USD
Swap
Rate
NY
5
Year
+
4.15%
7.38%,
08/19/2025
(f),(g),(h),(i)
6,103‌
6,652‌
USD
Swap
Semi-Annual
5
Year
+
5.15%
Citigroup
Inc
3.88%,
02/18/2026
(f),(h)
13,000‌
12,382‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.42%
4.00%,
12/10/2025
(f),(h)
8,000‌
7,729‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.60%
4.15%,
11/15/2026
(f),(h)
3,800‌
3,624‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.00%
Schedule
of
Investments
Capital
Securities
Fund
February
28,
2022
(unaudited)
See
accompanying
notes.
11
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Banks
(continued)
Citigroup
Inc  
(continued)
6.25%,
08/15/2026
(f),(h)
$
1,239‌
$
1,332‌
3
Month
USD
LIBOR
+
4.52%
Citizens
Financial
Group
Inc
4.00%,
10/06/2026
(f),(h)
3,900‌
3,666‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.22%
5.65%,
10/06/2025
(a),(f),(h)
6,500‌
6,760‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
5.31%
6.38%,
04/06/2024
(a),(f),(h)
3,500‌
3,412‌
3
Month
USD
LIBOR
+
3.16%
Comerica
Inc
5.63%,
07/01/2025
(f),(h)
13,000‌
13,520‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
5.29%
Corestates
Capital
III
1.08%,
02/15/2027
(g)
22,771‌
22,097‌
3
Month
USD
LIBOR
+
0.57%
Credit
Agricole
SA
7.88%,
01/23/2024
(f),(g),(h),(i)
1,383‌
1,473‌
USD
Swap
Semi-Annual
5
Year
+
4.90%
7.88%,
01/23/2024
(f),(h),(i)
2,300‌
2,450‌
USD
Swap
Semi-Annual
5
Year
+
4.90%
8.13%,
12/23/2025
(f),(g),(h),(i)
7,232‌
8,145‌
USD
Swap
Semi-Annual
5
Year
+
6.19%
Credit
Suisse
AG
6.50%,
08/08/2023
(i)
600‌
629‌
Credit
Suisse
Group
AG
4.50%,
09/03/2030
(a),(f),(g),(h),(i)
3,700‌
3,267‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.55%
5.10%,
01/24/2030
(a),(f),(h),(i)
5,000‌
4,650‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.29%
5.25%,
02/11/2027
(f),(g),(h),(i)
500‌
475‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.89%
6.25%,
12/18/2024
(f),(g),(h),(i)
1,790‌
1,833‌
USD
Swap
Semi-Annual
5
Year
+
3.46%
6.38%,
08/21/2026
(f),(g),(h),(i)
5,000‌
5,031‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.82%
7.50%,
12/11/2023
(f),(g),(h),(i)
6,250‌
6,547‌
USD
Swap
Semi-Annual
5
Year
+
4.60%
Danske
Bank
A/S
6.13%,
03/28/2024
(f),(h),(i)
6,600‌
6,666‌
USD
Swap
Semi-Annual
7
Year
+
3.90%
Fifth
Third
Bancorp
4.50%,
09/30/2025
(f),(h)
2,200‌
2,205‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.22%
Goldman
Sachs
Group
Inc/The
3.65%,
08/10/2026
(f),(h)
3,100‌
2,860‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.92%
3.80%,
05/10/2026
(a),(f),(h)
3,000‌
2,842‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.97%
4.13%,
11/10/2026
(f),(h)
4,000‌
3,797‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.95%
4.95%,
02/10/2025
(f),(h)
1,000‌
1,006‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.22%
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Banks
(continued)
Goldman
Sachs
Group
Inc/The  
(continued)
5.50%,
08/10/2024
(a),(f),(h)
$
2,000‌
$
2,064‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.62%
HSBC
Capital
Funding
Dollar
1
LP
10.18%,
06/30/2030
(f),(g),(h)
1,700‌
2,588‌
3
Month
USD
LIBOR
+
4.98%
10.18%,
06/30/2030
(f),(h)
7,300‌
11,114‌
3
Month
USD
LIBOR
+
4.98%
HSBC
Holdings
PLC
6.00%,
05/22/2027
(f),(h),(i)
3,000‌
3,075‌
USD
Swap
Rate
NY
5
Year
+
3.75%
6.38%,
09/17/2024
(f),(h),(i)
1,300‌
1,341‌
USD
Swap
Rate
NY
5
Year
+
3.71%
6.50%,
03/23/2028
(f),(h),(i)
500‌
519‌
USD
Swap
Rate
NY
5
Year
+
3.61%
Huntington
Bancshares
Inc/OH
4.45%,
10/15/2027
(f),(h)
19,200‌
19,104‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
7
Year
+
4.05%
5.63%,
07/15/2030
(f),(h)
8,750‌
9,253‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
10
Year
+
4.95%
Huntington
Capital
II
0.83%,
06/15/2028
2,400‌
2,275‌
3
Month
USD
LIBOR
+
0.63%
Huntington
National
Bank/The
5.50%,
05/06/2030
(h)
2,000‌
2,148‌
3
Month
USD
LIBOR
+
5.09%
ING
Groep
NV
5.75%,
11/16/2026
(f),(h),(i)
7,000‌
7,087‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.34%
6.50%,
04/16/2025
(f),(h),(i)
500‌
521‌
USD
Swap
Semi-Annual
5
Year
+
4.45%
6.75%,
04/16/2024
(f),(h),(i)
10,000‌
10,425‌
USD
Swap
Rate
NY
5
Year
+
4.20%
JPMorgan
Chase
&
Co
3.65%,
06/01/2026
(f),(h)
19,000‌
18,031‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.85%
6.10%,
10/01/2024
(f),(h)
2,100‌
2,187‌
3
Month
USD
LIBOR
+
3.33%
6.75%,
02/01/2024
(f),(h)
3,594‌
3,756‌
3
Month
USD
LIBOR
+
3.78%
KeyCorp
5.00%,
09/15/2026
(f),(h)
3,775‌
3,813‌
3
Month
USD
LIBOR
+
3.61%
KeyCorp
Capital
I
0.95%,
07/01/2028
2,000‌
1,908‌
3
Month
USD
LIBOR
+
0.74%
KeyCorp
Capital
III
7.75%,
07/15/2029
1,500‌
1,830‌
Lloyds
Banking
Group
PLC
7.50%,
06/27/2024
(f),(h),(i)
4,300‌
4,542‌
USD
Swap
Semi-Annual
5
Year
+
4.76%
7.50%,
09/27/2025
(f),(h),(i)
6,250‌
6,859‌
USD
Swap
Semi-Annual
5
Year
+
4.50%
M&T
Bank
Corp
3.50%,
09/01/2026
(f),(h)
8,000‌
7,300‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.68%
5.13%,
11/01/2026
(f),(h)
4,000‌
4,065‌
3
Month
USD
LIBOR
+
3.52%
6.45%,
02/15/2024
(f),(h)
1,300‌
1,323‌
3
Month
USD
LIBOR
+
3.61%
Schedule
of
Investments
Capital
Securities
Fund
February
28,
2022
(unaudited)
See
accompanying
notes.
12
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Banks
(continued)
NatWest
Group
PLC
2.54%,
03/31/2022
(f)
$
1,000‌
$
1,001‌
3
Month
USD
LIBOR
+
2.32%
4.60%,
06/28/2031
(f),(h),(i)
10,000‌
9,015‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.10%
6.00%,
12/29/2025
(a),(f),(h),(i)
8,000‌
8,260‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
5.63%
8.00%,
08/10/2025
(f),(h),(i)
1,000‌
1,092‌
USD
Swap
Semi-Annual
5
Year
+
5.72%
Nordea
Bank
Abp
6.13%,
09/23/2024
(f),(g),(h),(i)
4,300‌
4,461‌
USD
Swap
Semi-Annual
5
Year
+
3.39%
6.63%,
03/26/2026
(f),(g),(h),(i)
15,600‌
16,731‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.11%
Northern
Trust
Corp
4.60%,
10/01/2026
(f),(h)
2,400‌
2,442‌
3
Month
USD
LIBOR
+
3.20%
PNC
Capital
Trust
C
0.74%,
06/01/2028
3,000‌
2,898‌
3
Month
USD
LIBOR
+
0.57%
PNC
Financial
Services
Group
Inc/The
3.40%,
09/15/2026
(f),(h)
2,300‌
2,131‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.60%
Regions
Financial
Corp
5.75%,
06/15/2025
(f),(h)
1,000‌
1,042‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
5.43%
Skandinaviska
Enskilda
Banken
AB
5.13%,
05/13/2025
(f),(h),(i)
5,000‌
4,969‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.46%
5.63%,
05/13/2022
(f),(h),(i)
200‌
200‌
USD
Swap
Semi-Annual
5
Year
+
3.49%
Societe
Generale
SA
7.38%,
10/04/2023
(f),(g),(h),(i)
5,500‌
5,638‌
USD
Swap
Semi-Annual
5
Year
+
4.30%
7.38%,
10/04/2023
(a),(f),(h),(i)
3,000‌
3,075‌
USD
Swap
Semi-Annual
5
Year
+
4.30%
8.00%,
09/29/2025
(f),(g),(h),(i)
3,500‌
3,805‌
USD
Swap
Rate
NY
5
Year
+
5.87%
Standard
Chartered
PLC
6.00%,
07/26/2025
(f),(h),(i)
1,000‌
1,023‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
5.66%
7.01%,
07/30/2037
(f),(g),(h)
7,800‌
9,566‌
3
Month
USD
LIBOR
+
1.46%
7.01%,
07/30/2037
(a),(f),(h)
3,600‌
4,415‌
3
Month
USD
LIBOR
+
1.46%
7.50%,
04/02/2022
(f),(g),(h),(i)
3,300‌
3,308‌
USD
Swap
Semi-Annual
5
Year
+
6.30%
7.75%,
04/02/2023
(f),(g),(h),(i)
1,000‌
1,044‌
USD
Swap
Semi-Annual
5
Year
+
5.72%
SVB
Financial
Group
4.00%,
05/15/2026
(f),(h)
13,000‌
12,220‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.20%
4.10%,
02/15/2031
(f),(h)
800‌
720‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
10
Year
+
3.06%
4.25%,
11/15/2026
(f),(h)
5,800‌
5,575‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.07%
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Banks
(continued)
Swedbank
AB
6.00%,
03/17/2022
(f),(h),(i)
$
4,400‌
$
4,400‌
USD
Swap
Semi-Annual
5
Year
+
4.11%
Truist
Bank
0.85%,
03/15/2028
2,000‌
1,931‌
3
Month
USD
LIBOR
+
0.65%
1.18%,
05/15/2027
(a)
4,500‌
4,358‌
3
Month
USD
LIBOR
+
0.67%
Truist
Financial
Corp
4.80%,
09/01/2024
(f),(h)
21,120‌
21,120‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.00%
4.95%,
09/01/2025
(f),(h)
11,430‌
11,791‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.61%
UBS
Group
AG
3.88%,
06/02/2026
(f),(g),(h),(i)
10,000‌
9,286‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.10%
4.88%,
02/12/2027
(f),(g),(h),(i)
12,000‌
11,603‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.40%
6.88%,
08/07/2025
(f),(h),(i)
9,200‌
9,683‌
USD
Swap
Semi-Annual
(VS
6
Month)
5
Year
+
4.59%
7.00%,
01/31/2024
(f),(g),(h),(i)
1,400‌
1,458‌
USD
Swap
Semi-Annual
5
Year
+
4.34%
7.00%,
01/31/2024
(f),(h),(i)
5,000‌
5,200‌
USD
Swap
Semi-Annual
(VS
6
Month)
5
Year
+
4.34%
US
Bancorp
3.70%,
01/15/2027
(f),(h)
32,500‌
30,225‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.54%
Wells
Fargo
&
Co
3.90%,
03/15/2026
(f),(h)
8,800‌
8,470‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.45%
$
641,662‌
Diversified
Financial
Services
-
6.85%
Ally
Financial
Inc
4.70%,
05/15/2026
(f),(h)
10,500‌
10,016‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.87%
4.70%,
05/15/2028
(f),(h)
1,200‌
1,113‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
7
Year
+
3.48%
American
Express
Co
3.55%,
09/15/2026
(f),(h)
24,000‌
22,200‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.85%
Capital
One
Financial
Corp
3.95%,
09/01/2026
(a),(f),(h)
10,200‌
9,568‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.16%
Charles
Schwab
Corp/The
4.00%,
06/01/2026
(f),(h)
17,000‌
16,450‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.17%
5.14%,
05/01/2022
(f)
5,963‌
5,948‌
3
Month
USD
LIBOR
+
4.82%
5.38%,
06/01/2025
(f),(h)
9,078‌
9,557‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.97%
Schedule
of
Investments
Capital
Securities
Fund
February
28,
2022
(unaudited)
See
accompanying
notes.
13
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Diversified
Financial
Services
(continued)
Depository
Trust
&
Clearing
Corp/The
3.38%,
06/20/2026
(f),(g),(h)
$
2,500‌
$
2,328‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.61%
Discover
Financial
Services
6.13%,
06/23/2025
(f),(h)
8,100‌
8,464‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
5.78%
$
85,644‌
Electric
-
10.55%
Algonquin
Power
&
Utilities
Corp
4.75%,
01/18/2082
(h)
2,500‌
2,371‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.25%
American
Electric
Power
Co
Inc
3.88%,
02/15/2062
(h)
26,000‌
24,252‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.68%
Dominion
Energy
Inc
4.35%,
01/15/2027
(f),(h)
9,900‌
9,628‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.20%
4.65%,
12/15/2024
(f),(h)
24,300‌
23,996‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.99%
5.75%,
10/01/2054
(h)
6,625‌
6,805‌
3
Month
USD
LIBOR
+
3.06%
Duke
Energy
Corp
3.25%,
01/15/2082
(h)
5,000‌
4,599‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.32%
4.88%,
09/16/2024
(f),(h)
19,050‌
19,169‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.39%
Emera
Inc
6.75%,
06/15/2076
(h)
12,500‌
13,586‌
3
Month
USD
LIBOR
+
5.44%
Enel
SpA
8.75%,
09/24/2073
(g),(h)
6,700‌
7,272‌
USD
Swap
Semi-Annual
5
Year
+
5.88%
NextEra
Energy
Capital
Holdings
Inc
2.28%,
10/01/2066
(a)
3,341‌
2,798‌
3
Month
USD
LIBOR
+
2.07%
2.33%,
06/15/2067
580‌
496‌
3
Month
USD
LIBOR
+
2.13%
3.80%,
03/15/2082
(h)
7,000‌
6,569‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.55%
Southern
Co/The
3.75%,
09/15/2051
(h)
5,100‌
4,744‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.92%
4.00%,
01/15/2051
(h)
6,000‌
5,768‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.73%
$
132,053‌
Food
-
0.41%
Dairy
Farmers
of
America
Inc
7.13%,
12/01/2026
(f),(g)
5,000‌
5,112‌
Gas
-
0.76%
NiSource
Inc
5.65%,
06/15/2023
(f),(h)
9,695‌
9,477‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.84%
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Hand
&
Machine
Tools
-
0.16%
Stanley
Black
&
Decker
Inc
4.00%,
03/15/2060
(h)
$
2,100‌
$
2,051‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.66%
Insurance
-
16.79%
ACE
Capital
Trust
II
9.70%,
04/01/2030
2,570‌
3,585‌
Allianz
SE
3.20%,
10/30/2027
(f),(g),(h),(i)
5,000‌
4,310‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.17%
Allstate
Corp/The
5.75%,
08/15/2053
(h)
9,900‌
9,964‌
3
Month
USD
LIBOR
+
2.94%
American
International
Group
Inc
5.75%,
04/01/2048
(h)
13,077‌
13,437‌
3
Month
USD
LIBOR
+
2.87%
Aon
Corp
8.21%,
01/01/2027
1,000‌
1,201‌
Argentum
Netherlands
BV
for
Zurich
Insurance
Co
Ltd
5.13%,
06/01/2048
(h)
2,000‌
2,109‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.27%
AXA
SA
6.38%,
12/14/2036
(f),(g),(h)
4,905‌
6,377‌
3
Month
USD
LIBOR
+
2.26%
8.60%,
12/15/2030
2,400‌
3,237‌
Cloverie
PLC
for
Zurich
Insurance
Co
Ltd
5.63%,
06/24/2046
(h)
12,100‌
12,843‌
3
Month
USD
LIBOR
+
4.92%
Equitable
Holdings
Inc
4.95%,
09/15/2025
(f),(h)
1,400‌
1,408‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.74%
Everest
Reinsurance
Holdings
Inc
2.89%,
05/01/2067
1,100‌
1,006‌
3
Month
USD
LIBOR
+
2.39%
Liberty
Mutual
Group
Inc
4.13%,
12/15/2051
(g),(h)
6,500‌
6,224‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.32%
7.80%,
03/07/2087
(g)
6,100‌
8,130‌
3
Month
USD
LIBOR
+
3.58%
Liberty
Mutual
Insurance
Co
7.70%,
10/15/2097
(g)
1,100‌
1,663‌
Lincoln
National
Corp
2.29%,
04/20/2067
3,245‌
2,531‌
3
Month
USD
LIBOR
+
2.04%
Meiji
Yasuda
Life
Insurance
Co
5.20%,
10/20/2045
(g),(h)
1,000‌
1,068‌
USD
Swap
Semi-Annual
5
Year
+
4.23%
MetLife
Capital
Trust
IV
7.88%,
12/15/2067
(g)
1,800‌
2,254‌
MetLife
Inc
3.85%,
09/15/2025
(f),(h)
7,200‌
7,146‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.58%
6.40%,
12/15/2066
700‌
785‌
3
Month
USD
LIBOR
+
2.21%
9.25%,
04/08/2068
(g)
10,372‌
14,166‌
3
Month
USD
LIBOR
+
5.54%
10.75%,
08/01/2069
4,300‌
6,665‌
3
Month
USD
LIBOR
+
7.55%
Schedule
of
Investments
Capital
Securities
Fund
February
28,
2022
(unaudited)
See
accompanying
notes.
14
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Insurance
(continued)
Mitsui
Sumitomo
Insurance
Co
Ltd
7.00%,
03/15/2072
(g),(h)
$
3,600‌
$
3,600‌
3
Month
USD
LIBOR
+
5.90%
7.00%,
03/15/2072
(h)
2,500‌
2,500‌
3
Month
USD
LIBOR
+
5.90%
Nationwide
Financial
Services
Inc
6.75%,
05/15/2087
500‌
569‌
Nippon
Life
Insurance
Co
2.75%,
01/21/2051
(g),(h)
4,600‌
4,182‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.65%
2.90%,
09/16/2051
(g),(h)
10,500‌
9,506‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.60%
5.00%,
10/18/2042
(g),(h)
1,525‌
1,540‌
3
Month
USD
LIBOR
+
4.24%
5.10%,
10/16/2044
(h)
785‌
815‌
USD
Swap
Semi-Annual
5
Year
+
3.65%
Prudential
Financial
Inc
3.70%,
10/01/2050
(h)
10,000‌
9,200‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.04%
5.63%,
06/15/2043
(h)
9,380‌
9,614‌
3
Month
USD
LIBOR
+
3.92%
5.88%,
09/15/2042
(h)
11,000‌
11,137‌
3
Month
USD
LIBOR
+
4.18%
Sumitomo
Life
Insurance
Co
3.38%,
04/15/2081
(g),(h)
5,000‌
4,825‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.75%
6.50%,
09/20/2073
(g),(h)
3,000‌
3,154‌
3
Month
USD
LIBOR
+
4.44%
Voya
Financial
Inc
4.70%,
01/23/2048
(h)
10,300‌
9,953‌
3
Month
USD
LIBOR
+
2.08%
5.65%,
05/15/2053
(h)
3,800‌
3,837‌
3
Month
USD
LIBOR
+
3.58%
6.13%,
09/15/2023
(f),(h)
1,400‌
1,411‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.36%
Zurich
Finance
Ireland
Designated
Activity
Co
3.00%,
04/19/2051
(h)
26,800‌
24,093‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.78%
$
210,045‌
Oil
&
Gas
-
0.76%
BP
Capital
Markets
PLC
4.38%,
06/22/2025
(f),(h)
9,500‌
9,500‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.04%
Pipelines
-
4.06%
Enbridge
Inc
5.75%,
07/15/2080
(h)
5,000‌
5,214‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
5.31%
6.00%,
01/15/2077
(h)
1,500‌
1,563‌
3
Month
USD
LIBOR
+
3.89%
6.25%,
03/01/2078
(h)
11,000‌
11,376‌
3
Month
USD
LIBOR
+
3.64%
Enterprise
Products
Operating
LLC
5.25%,
08/16/2077
(h)
14,881‌
14,120‌
3
Month
USD
LIBOR
+
3.03%
5.38%,
02/15/2078
(h)
1,300‌
1,208‌
3
Month
USD
LIBOR
+
2.57%
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Pipelines
(continued)
Transcanada
Trust
5.50%,
09/15/2079
(h)
$
12,500‌
$
12,609‌
Secured
Overnight
Financing
Rate
+
4.42%
5.63%,
05/20/2075
(h)
600‌
597‌
3
Month
USD
LIBOR
+
3.53%
5.88%,
08/15/2076
(h)
4,000‌
4,110‌
3
Month
USD
LIBOR
+
4.64%
$
50,797‌
REITs
-
0.68%
Scentre
Group
Trust
2
4.75%,
09/24/2080
(g),(h)
4,000‌
3,992‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.38%
5.13%,
09/24/2080
(g),(h)
4,500‌
4,466‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.69%
$
8,458‌
Sovereign
-
0.39%
CoBank
ACB
4.25%,
01/01/2027
(f),(h)
2,000‌
1,927‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.05%
6.25%,
10/01/2026
(f),(h)
1,000‌
1,055‌
3
Month
USD
LIBOR
+
4.66%
Farm
Credit
Bank
of
Texas
5.70%,
09/15/2025
(f),(g),(h)
1,900‌
1,967‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
5.42%
$
4,949‌
Telecommunications
-
1.31%
Vodafone
Group
PLC
3.25%,
06/04/2081
(h)
8,000‌
7,420‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.45%
4.13%,
06/04/2081
(h)
9,250‌
8,510‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.77%
7.00%,
04/04/2079
(h)
450‌
500‌
USD
Swap
Semi-Annual
5
Year
+
4.87%
$
16,430‌
Transportation
-
0.43%
BNSF
Funding
Trust
I
6.61%,
12/15/2055
(h)
5,000‌
5,375‌
3
Month
USD
LIBOR
+
2.35%
TOTAL
BONDS
$
1,181,553‌
Total
Investments
$
1,255,718‌
Other
Assets
and
Liabilities
-  (0.37)%
(4,641‌)
TOTAL
NET
ASSETS
-
100.00%
$
1,251,077‌
(a)
Security
or
a
portion
of
the
security
was
on
loan.  At
the
end
of
the
period,
the
value
of
these
securities
totaled
$23,505
or
1.88%
of
net
assets.
(b)
Current
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
$24,296
or
1.94%
of
net
assets.
(d)
Affiliated
Security.
Security
is
either
an
affiliate
(and
registered
under
the
Investment
Company
Act
of
1940,
as
amended,
(the
"1940
Act"))
or
an
affiliate
as
defined
by
the
1940
act
(controls
5.00%
or
more
of
the
outstanding
voting
shares
of
the
security).
Please
see
Affiliated
Securities
sub-schedule
for
transactional
information.
(e)
Non-income
producing
security
(f)
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.
Schedule
of
Investments
Capital
Securities
Fund
February
28,
2022
(unaudited)
See
accompanying
notes.
15
(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
$227,426
or
18.18%
of
net
assets.
(h)
Rate
shown
is
as
of
period
end.
The
rate
may
be
a
variable
or
floating
rate
or
a
fixed
rate
which
may
convert
to
a
variable
or
floating
rate
in
the
future.
(i)
Security
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
$242,494
or
19.38%
of
net
assets.
Portfolio
Summary  (unaudited)
Sector
Percent
Financial
76.33‌%
Utilities
11.31‌%
Energy
5.04‌%
Money
Market
Funds
4.43‌%
Communications
1.31‌%
Government
0.88‌%
Industrial
0.59‌%
Consumer,
Non-cyclical
0.41‌%
Investment
Companies
0.07‌%
Other
Assets
and
Liabilities
(0.37‌)%
TOTAL
NET
ASSETS
100.00%
Affiliated
Securities
August
31,
2021
Purchases
Sales
February
28,
2022
Value
Cost
Proceeds
Value
Principal
Government
Money
Market
Fund
-
Institutional
Class
0.00%
$
12,082‌
$
348,608‌
$
319,374‌
$
41,316‌
$
12,082‌
$
348,608‌
$
319,374‌
$
41,316‌
Income
(a)
Realized
Gain/(Loss)
on
Investments
Realized
Gain
from
Capital
Gain
Distributions
Change
in
Unrealized
Gain/
(Loss)
Principal
Government
Money
Market
Fund
-
Institutional
Class
0.00%
$
—‌
$
—‌
$
—‌
$
—‌
$
—‌
$
—‌
$
—‌
$
—‌
Amounts
in
thousands.
(a)
Amount
excludes
earnings
from
securities
lending
collateral.
Glossary
to
the
Schedule
of
Investments
February
28,
2022
See
accompanying
notes.
16
Currency
Abbreviations
USD/$
United
States
Dollar
See
accompanying
notes.
18
Financial
Highlights
Principal
Funds,
Inc.
(unaudited)
Selected
data
for
a
share
of
Capital
Stock
outstanding
throughout
each
year
ended
August
31
(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
2022(b)
$
10
.76‌
$
0
.23‌
(
$
0
.74‌
)
(
$
0
.51‌
)
(
$
0
.26‌
)
(
$
0
.26‌
)
$
9
.99‌
2021
10
.36‌
0
.46‌
0
.43‌
0
.89‌
(
0
.49‌
)
(
0
.49‌
)
10
.76‌
2020
10
.17‌
0
.50‌
0
.23‌
0
.73‌
(
0
.54‌
)
(
0
.54‌
)
10
.36‌
2019
9
.95‌
0
.58‌
0
.21‌
0
.79‌
(
0
.57‌
)
(
0
.57‌
)
10
.17‌
2018
10
.40‌
0
.58‌
(
0
.49‌
)
0
.09‌
(
0
.54‌
)
(
0
.54‌
)
9
.95‌
2017
9
.98‌
0
.57‌
0
.36‌
0
.93‌
(
0
.51‌
)
(
0
.51‌
)
10
.40‌
See
accompanying
notes.
19
Financial
Highlights
(Continued)
Principal
Funds,
Inc.
(unaudited)
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
(
4
.84‌
)
%
(c)
$
1,251,077‌
0
.00‌
%
(d)
,(e)
4
.38‌
%
(d)
16
.8‌
%
(d)
8
.77‌
1,167,754‌
0
.00‌
(e)
4
.34‌
14
.2‌
7
.42‌
846,849‌
0
.00‌
(e)
4
.95‌
14
.0‌
8
.39‌
648,432‌
0
.00‌
(e)
5
.89‌
14
.7‌
0
.87‌
544,446‌
0
.00‌
(e)
5
.67‌
9
.1‌
9
.62‌
457,089‌
0
.00‌
(e)
5
.67‌
8
.4‌
(a)
Calculated
based
on
average
shares
outstanding
during
the
period.
(b)
Six
months
ended
February
28,
2022.
(c)
Total
return
amounts
have
not
been
annualized.
(d)
Computed
on
an
annualized
basis.
(e)
Reflects
Manager's
contractual
expense
limit.
Shareholder
Expense
Example
Principal
Funds,
Inc.
February
28,
2022
(unaudited)
20
As
a
shareholder
of
Capital
Securities
Fund,
you
may
incur
ongoing
costs,
including
management
fees;
distribution
fees;
and
other
fund
expenses.
This
Example
is
intended
to
help
you
understand
your
ongoing
costs
(in
dollars)
of
investing
in
Principal
Funds,
Inc.
and
to
compare
these
costs
with
the
ongoing
costs
of
investing
in
other
mutual
funds.
The
Example
is
based
on
an
investment
of
$1,000
invested
at
the
beginning
of
the
period
and
held
for
the
entire
period
(
September
1,
2021
to
February
28,
2022
),
unless
otherwise
noted.
Actual
Expenses
The
first
section
of
the
table
below
provides
information
about
actual
account
values
and
actual
expenses.
You
may
use
the
information
in
this
section,
together
with
the
amount
you
invested,
to
estimate
the
expenses
that
you
paid
over
the
period.
Simply
divide
your
account
value
by
$1,000
(for
example,
an
$8,600
account
value
divided
by
$1,000
=
8.6),
then
multiply
the
result
by
the
number
in
the
first
section
under
the
heading
entitled
“Expenses
Paid
During
Period”
to
estimate
the
expenses
you
paid
on
your
account
during
this
period.
Class
S
shares
may
be
purchased
through
wrap
programs.
Such
plans
may
impose
fees
in
addition
to
those
charge
by
the
fund.
These
fees
are
not
included
in
the
table
below.
If
they
were,
the
estimate
of
expenses
you
paid
during
the
period
would
be
higher,
and
your
ending
account
value
lower,
by
this
amount.
Hypothetical
Example
for
Comparison
Purposes
The
second
section
of
the
table
below
provides
information
about
hypothetical
account
values
and
hypothetical
expenses
based
on
the
fund’s
actual
expense
ratio
and
an
assumed
rate
of
return
of
5%
per
year
before
expenses,
which
is
not
the
fund’s
actual
return.
The
hypothetical
account
values
and
expenses
may
not
be
used
to
estimate
the
actual
ending
account
balance
or
expenses
you
paid
for
the
period.
You
may
use
this
information
to
compare
the
ongoing
costs
of
investing
in
Principal
Funds,
Inc.
and
other
funds.
To
do
so,
compare
this
5%
hypothetical
example
with
the
5%
hypothetical
examples
that
appear
in
the
shareholder
reports
of
the
other
funds.
Please
note
that
the
expenses
shown
in
the
table
are
meant
to
highlight
your
ongoing
costs
only
and
do
not
reflect
any
transaction
costs,
such
as
sales
charges
on
purchase
payments,
contingent
deferred
sales
charges,
redemption
fees
or
exchange
fees.
Therefore,
the
second
section
of
the
table
is
useful
in
comparing
ongoing
costs
only,
and
will
not
help
you
determine
the
relative
total
costs
of
owning
different
funds.
In
addition,
if
these
transaction
costs
were
included,
your
costs
would
have
been
higher.
Actual
Hypothetical
Beginning
Account
Value
September
1,
2021
Ending
Account
Value
February
28,
2022
Expenses
Paid
During Period
September
1,
2021 to
February
28,
2022
(a)
Beginning
Account
Value
September
1,
2021
Ending
Account
Value
February
28,
2022 
Expenses
Paid
During Period
September
1,
2021 to
February
28,
2022
(a)
Annualized
Expense
Ratio
Capital
Securities
Fund
Class
S
$
1,000.00‌
$
951.64‌
$
0.00‌
$
1,000.00‌
$
1,024.79‌
$
0.00‌
0.00‌
%
(a)
Expenses
are
equal
to
a
fund's
annualized
expense
ratio
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
181/365
(to
reflect
the
one-half
year
period).
21
FUND
BOARD
OF
DIRECTORS
AND
OFFICERS
The
Board
of
Directors
(the
“Board”)
has
overall
responsibility
for
overseeing
the
Fund’s
operations
in
accordance
with
the
Investment
Act
of
1940,
as
amended
(the
“1940
Act”),
other
applicable
laws,
and
the
Fund’s
charter.
Each
member
of
the
Board
(“Board
Member”)
serves
on
the
Board
of
the
following
investment
companies
sponsored
by
Principal
Life
Insurance
Company:
Principal
Funds,
Inc.,
Principal
Variable
Contracts
Funds,
Inc.,
Principal
Exchange-Traded
Funds,
and
Principal
Diversified
Select
Real
Asset
Fund
which
are
collectively
referred
to
as
the
“Fund
Complex”.
Board
Members
that
are
affiliated
persons
of
any
investment
advisor,
the
principal
distributor,
or
the
principal
underwriter
of
the
Fund
Complex
are
considered
“interested
persons”
of
the
Fund
(as
defined
in
the
1940
Act)
and
are
shown
below
as
“Interested
Board
Members”.
Board
Members
who
are
not
Interested
Board
Members
are
shown
below
as
“Independent
Board
Members”.
Each
Board
Member
generally
serves
until
the
next
annual
meeting
of
stockholders
or
until
such
Board
Member’s
earlier
death,
resignation,
or
removal.
Independent
Board
Members
have
a
72-year
age
limit
and,
for
Independent
Board
Members
elected
on
or
after
September
14,
2021,
a
72-year
age
limit
or
a
15-year
term
limit,
whichever
occurs
first.
The
Board
may
waive
the
age
or
term
limits
in
the
Board’s
discretion.
Officers
serve
at
the
pleasure
of
the
Board,
and
each
officer
has
the
same
position
with
each
investment
company
in
the
Fund
Complex.
INDEPENDENT
BOARD
MEMBERS
Name,
Position
Held
with
the
Fund
Complex,
Year
of
Birth
Principal
Occupation(s)
During
past
5
years
Number
of
Portfolios
in
Fund
Complex
Overseen
by
Board
Member
Other
Directorships
Held
by
Board
Member
During
Past
5
Years
Leroy
T.
Barnes,
Jr.
Board
Member
since
2012
Member,
Audit
Committee
1951
Retired
125
McClatchy
Newspapers,
Inc.;
Frontier
Communications,
Inc.;
formerly,
Herbalife
Ltd.
Craig
Damos
Lead
Independent
Board
Member
since
2020
Board
Member
since
2008
Member,
Nominating
and
Governance
Committee
Member,
Operations
Committee
Member,
Executive
Committee
1954
President,
C.P.
Damos
Consulting
LLC
125
None
Fritz
S.
Hirsch
Board
Member
since
2005
Member,
Nominating
and
Governance
Committee
Chair,
15(c)
Committee
1951
Interim
CEO,
MAM
USA:
February
2020
to
October
2020
125
MAM
USA
Victor
Hymes
Board
Member
since
2020
Chair,
Audit
Committee
Member,
Nominating
and
Governance
Committee
1957
Founder
and
Managing
Member
of
Legato
Capital
Management,
LLC
125
Formerly,
Montgomery
Street
Income
Securities
Inc.
Padelford
(“Padel”)
L.
Lattimer
Board
Member
since
2020
Member,
Operations
Committee
Member,
15(c)
Committee
1961
TBA
Management
Consulting
LLC
125
None
Karen
(“Karrie”)
McMillan
Board
Member
since
2014
Chair,
Operations
Committee
Member,
15(c)
Committee
1961
Founder/Owner,
Tyche
Consulting
LLC
Formerly,
Managing
Director,
Patomak
Global
Partners,
LLC
125
None
22
INTERESTED
BOARD
MEMBERS
Correspondence
intended
for
each
Board
Member
who
is
other
than
an
Interested
Board
Member
may
be
sent
to
655
9th
Street,
Des
Moines,
IA
50392.
Name,
Position
Held
with
the
Fund
Complex,
Year
of
Birth
Principal
Occupation(s)
During
past
5
years
Number
of
Portfolios
in
Fund
Complex
Overseen
by
Board
Member
Other
Directorships
Held
by
Board
Member
During
Past
5
Years
Elizabeth
A.
Nickels
Board
Member
since
2015
Member,
Audit
Committee
Chair,
Nominating
and
Governance
Committee
1962
Retired
125
SpartanNash;
Formerly:
Charlotte
Russe;
Follet
Corporation;
PetSmart;
Spectrum
Health
Systems
Mary
M.
(“Meg”)
VanDeWeghe
Board
Member
since
2018
Member,
Audit
Committee
Member,
15(c)
Committee
1959
CEO
and
President,
Forte
Consulting,
Inc.
125
Helmerich
&
Payne;
Formerly:
B/E
Aerospace;
Brown
Advisory;
Denbury
Resources
Inc.;
Nalco
(and
its
successor
Ecolab);
and
WP
Carey
Name,
Position
Held
with
the
Fund
Complex,
Year
of
Birth
Principal
Occupation(s)
During
past
5
years
Number
of
Portfolios
in
Fund
Complex
Overseen
by
Director
Other
Directorships
Held
by
Board
Member
During
Past
5
Years
Timothy
M.
Dunbar
Chair
and
Board
Member
since
2019
Chair,
Executive
Committee
1957
President-Principal
Global
Asset
Management
(“PGAM”),
Principal
Global
Investors,
LLC
(“PGI”)
(2018-2021)
Director,
PGI
(2018-2020)
Division
President,
Principal
Financial
Services,
Inc.
(“PFSI)
and
Principal
Life
Insurance
Company
(“PLIC”)
(2020–2021)
Executive
Vice
President
and
Chief
Investment
Officer,
PFSI
and
PLIC
(2014-2018)
President
–
PGAM,
PFSI
and
PLIC
(2018-2020)
Director,
Post
Advisory
Group,
LLC
(“Post”)
(2018-
2020)
Chair
and
Executive
Vice
President,
RobustWealth,
Inc.
(2018-2020)
125
None
Patrick
G.
Halter
Board
Member
since
2017
Member,
Executive
Committee
1959
Chair,
PGI
since
2018
Chief
Executive
Officer
and
President,
PGI
and
Principal
Real
Estate
Investors,
LLC
(“PREI”)
since
2018
Chief
Operating
Officer,
PGI
(2017-2018)
Director,
PGI
(2003-2018)
Director,
Origin
Asset
Management
LLP
(2018-
2019)
President,
PGAM,
PFSI,
and
PLIC
since
2020
Chief
Executive
Officer
and
President,
PLIC
(2018-
2020)
Chair,
Post
(2017-2020)
Director,
Post
since
2017
Chair,
“PREI”
since
2004
Chief
Executive
Officer,
PREI
(2005-2018)
Chair,
Spectrum
Asset
Management,
Inc.
(“Spectrum”)
since
2017
125
None
23
FUND
COMPLEX
OFFICERS
Name,
Position
Held
with
the
Fund
Complex,
Address,
and
Year
of
Birth
Principal
Occupation(s)
During
past
5
years
Kamal
Bhatia
President
and
Chief
Executive
Officer
Des
Moines,
IA
50392
1972
Director,
PGI
since
2019
President-Principal
Funds,
PGI
since
2019
Principal
Executive
Officer,
OPC
Private
Capital
(2017-2019)
Senior
Vice
President,
OppenheimerFunds
(2011-
2019)
Director,
Principal
Funds
Distributor,
Inc.
(“PFD”)
since
2019
Senior
Executive
Director
and
Chief
Operating
Officer,
PFSI
and
PLIC
since
2020
President,
Principal
Funds,
PFSI,
and
PLIC
(2019-
2020)
Director,
Post
since
2020
Director,
PREI
since
2020
Chair
and
Executive
Vice
President,
(Principal
Shareholder
Services,
Inc.
(“PSS’)
since
2019
Director,
Spectrum
since
2021
Randy
D.
Bolin
Assistant
Tax
Counsel
Des
Moines,
IA
50392
1961
Vice
President/Associate
General
Counsel,
PGI
since
2016
Vice
President/Associate
General
Counsel,
PFSI
since
2013
Vice
President/Associate
General
Counsel,
PLIC
since
2013
Beth
Graff
Vice
President
and
Assistant
Controller
Des
Moines,
IA
50392
1968
Director
–
Fund
Accounting,
PLIC
since
2016
Gina
L.
Graham
Treasurer
Des
Moines,
IA
50392
1965
Vice
President
and
Treasurer,
PGI
since
2016
Vice
President
and
Treasurer,
PFD
since
2016
Vice
President
and
Treasurer,
PFSI
since
2016
Vice
President
and
Treasurer,
PLIC
since
2016
Vice
President
and
Treasurer,
PREI
since
2017
Vice
President
and
Treasurer,
Principal
Securities,
Inc.
(“PSI”)
since
2016
Vice
President
and
Treasurer,
PSS
since
2016
Vice
President
and
Treasurer,
RobustWealth,
Inc.
since
2018
Megan
Hoffmann
Vice
President
and
Controller
Des
Moines,
IA
50392
1979
Director
–
Accounting,
PLIC
since
2020
Assistant
Director
–
Accounting,
PLIC
(2017-2020)
Laura
B.
Latham
Assistant
Counsel
and
Assistant
Secretary
Des
Moines,
IA
50392
1986
Counsel,
PGI
since
2018
Counsel,
PLIC
since
2018
Diane
K.
Nelson
AML
Officer
Des
Moines,
IA
50392
1965
Chief
Compliance
Officer/AML
Officer,
PSS
since
2015
Tara
Parks
Vice
President
and
Assistant
Controller
Des
Moines,
IA
50392
1983
Director
–
Accounting,
PLIC
since
2019
Tax
Manager
–
ALPS
Fund
Services
(2011-2019)
Sara
L.
Reece
Vice
President
and
Chief
Operating
Officer
Des
Moines,
IA
50392
1975
Vice
President
and
Controller
(2016-2021)
Managing
Director
–
Global
Funds
Ops,
PLIC
since
2021
Managing
Director
–
Financial
Analysis/
Planning,
PLIC
(2021)
Director
-
Accounting,
PLIC
(2015-2021)
24
Name,
Position
Held
with
the
Fund
Complex,
Address,
and
Year
of
Birth
Principal
Occupation(s)
During
past
5
years
Teri
R.
Root
Chief
Compliance
Officer
Des
Moines,
IA
50392
1979
Interim
Chief
Compliance
Officer
-
Funds
(2018)
Deputy
Chief
Compliance
Officer
-
Funds
(2015-
2018)
Chief
Compliance
Officer
–
Funds,
PGI
since
2018
Deputy
Chief
Compliance
Officer,
PGI
(2017-2018)
Vice
President,
PSS
since
2015
Britney
L.
Schnathorst
Assistant
Counsel
and
Assistant
Secretary
Des
Moines,
IA
50392
1981
Counsel,
PGI
since
2018
Counsel,
PLIC
since
2013
Michael
Scholten
Chief
Financial
Officer
Des
Moines,
IA
50392
1979
Chief
Financial
Officer
–
PFD
since
2016
Assistant
Vice
President
and
Actuary,
PLIC
since
2021
Chief
Financial
Officer
–
Funds/Platforms,
PLIC
since
2015
Chief
Financial
Officer,
PSS
since
2015
Adam
U.
Shaikh
Assistant
Counsel
Des
Moines,
IA
50392
1972
Assistant
General
Counsel,
PGI
since
2018
Counsel,
PGI
(2017-2018)
Counsel,
PLIC
since
2006
John
L.
Sullivan
Assistant
Counsel
and
Assistant
Secretary
Des
Moines,
IA
50392
1970
Counsel,
PGI
since
2020
Counsel,
PLIC
since
2019
Prior
thereto,
Attorney
in
Private
Practice
Dan
L.
Westholm
Assistant
Treasurer
Des
Moines,
IA
50392
1966
Assistant
Vice
President-Treasury,
PGI
since
2013
Assistant
Vice
President-Treasury,
PFD
since
2013
Assistant
Vice
President-Treasury,
PLIC
since
2014
Assistant
Vice
President-Treasury,
PSI
since
2013
Assistant
Vice
President-Treasury,
PSS
since
2013
Beth
C.
Wilson
Vice
President
and
Secretary
Des
Moines,
IA
50392
1956
Director
and
Secretary
–
Funds,
PLIC
since
2007
25
The
15(c)
Committee’s
primary
purpose
is
to
assist
the
Board
in
performing
the
annual
review
of
the
Fund’s
advisory
and
sub-advisory
agreements
pursuant
to
Section
15(c)
of
the
1940
Act.
The
Committee
responsibilities
include
requesting
and
reviewing
related
materials.
The
Audit
Committee’s
primary
purpose
is
to
assist
the
Board
by
serving
as
an
independent
and
objective
party
to
monitor
the
Fund
Complex’s
accounting
policies,
financial
reporting
and
internal
control
system,
as
well
as
the
work
of
the
independent
registered
public
accountants.
The
Audit
Committee
assists
Board
oversight
of
1)
the
integrity
of
the
Fund
Complex’s
financial
statements;
2)
the
Fund
Complex’s
compliance
with
certain
legal
and
regulatory
requirements;
3)
the
independent
registered
public
accountants’
qualifications
and
independence;
and
4)
the
performance
of
the
Fund
Complex’s
independent
registered
public
accountants.
The
Audit
Committee
also
provides
an
open
avenue
of
communication
among
the
independent
registered
public
accountants,
the
Manager’s
internal
auditors,
Fund
Complex
management,
and
the
Board.
The
Executive
Committee’s
primary
purpose
is
to
exercise
certain
powers
of
the
Board
when
the
Board
is
not
in
session.
When
the
Board
is
not
in
session,
the
Committee
may
exercise
all
powers
of
the
Board
in
the
management
of
the
Fund
Complex's
business
except
the
power
to
1)
issue
stock,
except
as
permitted
by
law;
2)
recommend
to
the
stockholders
any
action
which
requires
stockholder
approval;
3)
amend
the
bylaws;
or
4)
approve
any
merger
or
share
exchange
which
does
not
require
stockholder
approval.
The
Nominating
and
Governance
Committee’s
primary
purpose
is
to
oversee
the
structure
and
efficiency
of
the
Board
and
the
committees.
The
Committee
is
responsible
for
evaluating
Board
membership
and
functions,
committee
membership
and
functions,
insurance
coverage,
and
legal
matters.
The
Committee's
nominating
functions
include
selecting
and
nominating
Independent
Board
Member
candidates
for
election
to
the
Board.
Generally,
the
Committee
requests
nominee
suggestions
from
Board
Members
and
management.
In
addition,
the
Committee
considers
candidates
recommended
by
shareholders
of
the
Fund
Complex.
Recommendations
should
be
submitted
in
writing
to
the
Principal
Funds
Complex
Secretary,
in
care
of
the
Principal
Funds
Complex,
711
High
Street,
Des
Moines,
IA
50392.
Such
recommendations
must
include
all
information
specified
in
the
Committee’s
charter
and
must
conform
with
the
procedures
set
forth
in
Appendix
A
thereto,
which
can
Name,
Position
Held
with
the
Fund
Complex,
Address,
and
Year
of
Birth
Principal
Occupation(s)
During
past
5
years
Clint
L.
Woods
Counsel,
Vice
President,
and
Assistant
Secretary
Des
Moines,
IA
50392
1961
Of
Counsel
(2015-2018)
Vice
President
(2016-2017)
Counsel
(2015-2017)
Vice
President,
Associate
General
Counsel
and
Assistant
Secretary,
PGI
since
2021
Vice
President,
Associate
General
Counsel,
and
Secretary,
PGI
(2020-2021)
PSI
since
2021
PSS
since
2021
Vice
President,
Associate
General
Counsel,
Governance
Officer
and
Secretary,
PREI
since
2020
Vice
President,
Associate
General
Counsel,
Governance
Officer
and
Assistant
Corporate
Secretary,
PGI
(2018-2020)
PFSI
since
2015
PLIC
since
2015
PREI
(2020)
Vice
President,
Associate
General
Counsel
and
Assistant
Corporate
Secretary,
PFD
since
2019
PSI
(2019-2021)
PSS
(2019-2021)
RobustWealth,
Inc.
since
2019
Secretary,
Post
(2020-2021)
Spectrum
(2020-2021)
Assistant
Secretary,
Post
since
2021
Spectrum
since
2021
Jared
A.
Yepsen
Assistant
Tax
Counsel
Des
Moines,
IA
50392
1981
Counsel,
PGI
(2017-2019)
Counsel,
PLIC
since
2015
26
be
found
at
https://www.principalglobal.com/documentdownload/160950.
Examples
of
such
information
include
the
nominee’s
biographical
information;
relevant
educational
and
professional
background
of
the
nominee;
the
number
of
shares
of
each
Fund
owned
of
record
and
beneficially
by
the
nominee
and
by
the
recommending
shareholder;
any
other
information
regarding
the
nominee
that
would
be
required
to
be
disclosed
in
a
proxy
statement
or
other
filing
required
to
be
made
in
connection
with
the
solicitation
of
proxies
for
the
election
of
board
members;
whether
the
nominee
is
an
“interested
person”
of
the
Fund
as
defined
in
the
1940
Act;
and
the
written
consent
of
the
nominee
to
be
named
as
a
nominee
and
serve
as
a
board
member
if
elected.
When
evaluating
a
potential
nominee
for
Independent
Board
Member,
the
Committee
may
consider,
among
other
factors:
educational
background;
relevant
business
and
industry
experience;
whether
the
person
is
an
"interested
person"
of
the
Fund
as
defined
in
the
1940
Act;
and
whether
the
person
is
willing
to
serve,
and
willing
and
able
to
commit
the
time
necessary
to
attend
meetings
and
perform
the
duties
of
an
Independent
Board
Member. In
addition,
the
Committee
may
consider
whether
a
candidate’s
background,
experience,
skills
and
views
would
complement
the
background,
experience,
skills
and
views
of
other
Board
Members
and
would
contribute
to
the
diversity
of
the
Board. The
Committee
meets
with
nominees
and
conducts
a
reference
check.
The
final
decision
is
based
on
a
combination
of
factors,
including
the
strengths
and
the
experience
an
individual
may
bring
to
the
Board. 
The
Board
does
not
regularly
use
the
services
of
professional
search
firms
to
identify
or
evaluate
potential
candidates
or
nominees.
The
Operations
Committee’s
primary
purpose
is
to
oversee
the
provision
of
administrative
and
distribution
services
to
the
Fund
Complex,
communications
with
the
Fund
Complex’s
shareholders,
and
review
and
oversight
of
the
Fund
Complex’s
operations.
Additional
information
about
the
Fund
is
available
in
the
Prospectuses
and
the
Statement
of
Additional
Information
dated
December
31,
2021
and
as
supplemented.
These
documents
may
be
obtained
free
of
charge
by
writing
Principal
Funds,
Inc.,
P.O.
Box
8024,
Boston,
MA
02266-8024
or
telephoning
1-800-222-5852.
The
prospectus
may
be
viewed
at
www.PrincipalFunds.com/prospectuses.
27
PROXY
VOTING
POLICIES
A
description
of
the
policies
and
procedures
the
Fund
uses
to
determine
how
to
vote
proxies
relating
to
portfolio
securities
and
the
results
of
the
proxy
votes
for
the
most
recent
twelve
months
ended
June
30
may
be
obtained
free
of
charge
by
telephoning
1-800-222-5852,
or
on
the
SEC
website
at
www.sec.gov.
SCHEDULES
OF
INVESTMENTS
The
Fund
files
complete
schedules
of
investments
with
the
Securities
and
Exchange
Commission
for
the
first
and
third
quarters
of
each
fiscal
year
as
an
exhibit
to
its
reports
on
Form
N-PORT.
The
Fund’s
Form
N-PORT
reports
are available
on the
Commission’s
website
at
www.
sec.gov and
www.PrincipalFunds.com.
28
BOARD
CONSIDERATION
OF
INVESTMENT
ADVISORY
CONTRACTS
During
the
period
covered
by
this
report,
the
Board
of
Directors
of
Principal
Funds,
Inc.
(“PFI”)
approved
the
annual
review
and
renewal
of
the
Management
Agreement
and
various
sub-advisory
agreements
for
all
Funds;(2)
a
sub-advisory
agreement
between
Principal
Global
Investors
LLC
(“PGI”)
and
Impax
Asset
Management
Limited
related
to
a
sleeve
of
the
Diversified
Real
Asset
Fund;
(3)
an
amended
sub-
advisory
agreement
between
PGI
and
Nuveen
Asset
Management,
LLC
related
to
the
Diversified
Real
Asset
Fund;
and
(4)
a
sub-advisory
agreement
between
PGI
and
Wellington
Management
Company
LLP
related
to
a
sleeve
of
the
Diversified
Real
Asset
Fund.
Annual
Review
and
Renewal
of
Management
Agreement
and
Sub-Advisory
Agreements
At
its
September
14,
2021
meeting,
the
Board
performed
its
annual
review
and
renewal
process
relating
to
the
Management
Agreement
and
the
Sub-Advisory
Agreements
for
all
Funds.
Section
15(c)
of
the
Investment
Company
Act
of
1940
(the
“1940
Act”)
requires
the
Board,
including
a
majority
of
the
Directors
who
have
no
direct
or
indirect
interest
in
the
investment
advisory
agreements
and
who
are
not
“interested
persons”
of
PFI,
as
defined
in
the
1940
Act
(the
“Board”),
annually
to
review
and
to
consider
the
continuation
of:
(1)
the
Management
Agreement
between
Principal
Global
Investors,
LLC
(the
“Manager”)
and
PFI,
on
behalf
of
each
of
the
thirteen
(13)
series
of
PFI
(each
series
is
referred
to
as
a
“Fund”)
(2)
the
Sub-Advisory
Agreements
between
the
Manager
and
each
of
BlackRock
Financial
Management,
Inc.;
BlackRock
International
Limited;
ClearBridge
Investments
(North
America)
Pty
Limited;
Credit
Suisse
Asset
Management,
LLC;
Delaware
Investments
Fund
Advisers;
Gotham
Asset
Management,
LLC;
Graham
Capital
Management,
L.P.;
Impax
Asset
Management
Limited;
Loomis,
Sayles
&
Company,
L.P.;
Los
Angeles
Capital
Management
LLC;
Newton
Investment
Management
North
America
LLC;
Nuveen
Asset
Management
LLC;
Origin
Asset
Management
LLP;
Pictet
Asset
Management
SA;
Principal
Real
Estate
Investors,
LLC;
Sound
Point
Capital
Management,
LP;
Spectrum
Asset
Management,
Inc.;
Wellington
Management
Company
LLP;
and
Westchester
Capital
Management,
LLC
(collectively,
the
“Sub-Advisors”).
The
Management
Agreement
and
the
Sub-Advisory
Agreements
are
collectively
referred
to
as
the
“Advisory
Agreements.”
The
Board
considered
the
factors
and
reached
the
conclusions
described
below
relating
to
the
continuation
of
the
Advisory
Agreements.
In
evaluating
the
Advisory
Agreements,
the
Board
reviewed
a
broad
range
of
information
requested
for
this
purpose,
including,
among
other
information,
information
regarding
performance,
advisory
fees,
total
expenses,
profitability
from
the
Advisory
Agreements
to
the
Manager
and
information
about
economies
of
scale.
The
Board
reviewed
the
materials
provided
and
concluded
that
it
was
provided
all
information
reasonably
necessary
to
evaluate
the
Advisory
Agreements.
Management
Agreement
The
Board
considered,
among
other
factors,
that
the
Manager,
that
the
Manager
and
its
affiliates
have
demonstrated
a
long-term
commitment
to
support
the
Funds,
including
undertakings
to
cap
Fund
expenses
and/or
waive
management
fees
for
certain
Funds.
The
Board
concluded
that
a
relationship
with
a
capable
and
conscientious
investment
adviser
is
in
the
best
interests
of
each
Fund.
In
addition,
the
Board
considered
various
factors,
including
the
following
factors
for
each
of
the
Funds.
Nature,
Quality
and
Extent
of
Services
The
Board
considered
the
nature,
quality
and
extent
of
the
services
provided
under
the
Management
Agreement,
including
accounting
and
administrative
services,
as
applicable.
The
Board
considered
the
experience
and
skills
of
senior
management
leading
Fund
operations,
the
experience
and
skills
of
the
personnel
performing
the
functions
under
the
Management
Agreement
and
the
resources
made
available
to
such
personnel,
the
ability
of
the
Manager
to
attract
and
retain
high-quality
personnel
and
the
organizational
depth
and
stability
of
the
Manager.
The
Board
concluded
that
appropriate
resources
were
provided
under
the
Management
Agreement.
The
Board
also
considered
that
for
certain
Funds,
during
the
periods
reviewed,
the
Manager
had
delegated
day-to-day
portfolio
management
responsibility
to
the
Sub-Advisors.
The
Board
noted
that
the
Manager’s
process
for
the
selection
of
sub-advisors
emphasizes
the
selection
of
Principal-affiliated
sub-advisors
that
are
determined
to
be
qualified
under
the
Manager’s
due
diligence
process,
but
that
the
Manager
will
select
an
unaffiliated
sub-advisor
to
manage
all
or
a
portion
of
a
Fund’s
investment
portfolio
when
deemed
necessary
or
appropriate
based
upon
a
consideration
of
the
Fund’s
investment
mandate
and
available
expertise
and
resources
within
the
Principal
organization.
With
respect
to
Funds
with
unaffiliated
sub-advisors,
the
Board
considered
the
due
diligence
process
developed
by
the
Manager
for
purposes
of
selecting
a
qualified
unaffiliated
sub-advisor
for
a
Fund.
The
Board
considered
the
Manager’s
due
diligence
process
for
monitoring
and
replacing
sub-
advisors
and
for
monitoring
the
investment
performance
of
the
Manager.
The
Board
also
considered
the
compliance
program
established
by
the
Manager
for
the
Funds,
the
quality
of
that
program
and
the
level
of
compliance
attained
by
the
Funds.
The
Board
noted
that
they
had
previously
reviewed
annual
best
execution
and
soft
dollar
reports
and
information
regarding
the
research
payment
accounts
for
applicable
Funds
and
included
this
information
in
their
consideration
of
the
renewal
of
the
Advisory
Agreements.
Based
upon
all
relevant
factors,
the
Board
concluded
that
the
nature,
quality
and
extent
of
the
services
provided
by
the
Manager
to
the
Funds
under
each
Management
Agreement
were
satisfactory.
29
Investment
Performance
The
Board
reviewed
each
Fund’s
investment
performance
over
longer-term
periods,
reviewing
both
the
investment
return
during
the
three-
year
period
ended
March
31,
2021
and
the
blended
investment
return
(50%/50%)
of
the
three-
and
five-year
periods
ended
March
31,
2021,
and
compared
those
returns
to
various
agreed-upon
performance
measures,
including,
for
all
Funds
peer-group
data
based
upon
a
broad-
based,
industry
category
determined
using
Morningstar
Direct
data
(“Performance
Universe”).
For
Funds
or
Sub-Advisors
that
did
not
have
a
five-year
performance
history,
the
Board
reviewed
performance
for
a
three-year
period
ended
March
31,
2021,
if
available.
For
Funds
or
Sub-Advisors
that
did
not
have
a
three-year
performance
history,
the
Board
reviewed
performance
for
a
one-year
period
ended
March
31,
2021,
if
available.
The
Board
also
compared
each
Fund’s
investment
performance
over
the
one-,
three-
and
five-year
periods
ended
March
31,
2021,
as
available,
to
one
or
more
relevant
benchmark
indices.
The
Board
noted
that
certain
Funds
had
commenced
operations
recently
and,
accordingly,
no
or
limited
performance
information
was
considered.
The
Board
also
considered
whether
investment
results
were
consistent
with
a
Fund’s
investment
objective(s)
and
policies.
For
most
Funds,
the
Board
concluded
that
the
Fund’s
investment
returns
met
acceptable
levels
of
investment
performance.
There
were
certain
Funds,
and
certain
Sub-Advisors
for
multi-
manager
Funds,that
had
not
attained
during
the
relevant
period(s)
a
level
of
investment
performance
considered
satisfactory
by
the
Board.
For
such
Funds,
the
Board
also
considered
other
factors,
such
as
the
longer-term
performance
of
each
such
Fund
or
Sub-Advisor,
remedial
efforts
being
undertaken
to
improve
performance
and/or
the
Manager’s
explanation
for
the
performance
of
such
Fund
or
Sub-Advisor.
The
Board
considered
the
Manager’s
due
diligence
process
for
evaluating
the
performance
of
all
Funds
and
all
Sub-Advisors,
for
which
they
receive
regular
reporting,
and
concluded
that
the
Manager
has
in
place
an
effective
due
diligence
process
to
monitor
investment
performance,
to
encourage
remedial
action
and
to
make
changes
in
the
Sub-Advisors
at
the
appropriate
time,
if
necessary.
The
Board
considered
the
Manager’s
due
diligence
process
for
evaluating
the
performance
of
all
Funds
and
all
Subadvisors,
for
which
they
receive
regular
reporting,
and
concluded
that
the
Manager
has
in
place
an
effective
due
diligence
process
to
monitor
investment
performance,
to
encourage
remedial
action
and
to
make
changes
in
the
Subadvisors
at
the
appropriate
time,
if
necessary,
subject
to
Board
oversight.
Investment
Management
Fees
and
Expenses
The
Board
considered
each
Fund’s
contractual
and
effective
management
fee
rates.
For
each
Fund,
other
than
as
noted
below,
the
Board
received
certain
information
from
Broadridge.
For
Funds
the
Board
received
information
comparing
each
Fund’s
(1)
contractual
management
fee
rate
at
current
asset
levels
and
at
theoretical
asset
levels,
(2)
effective
net
management
fee
rate
(after
any
fee
waivers)
at
average
fiscal-
year
asset
levels,
(3)
actual
non-management
expense
rate
at
average
fiscal-year
asset
levels
and
(4)
total
net
expense
ratio
(including,
as
applicable,
acquired
fund
fees
and
expenses
and
after
any
expense
caps
or
fee
waivers)
at
average
fiscal-year
asset
levels
for
Institutional
Class
shares
for
each
PFI
Fund,
except
PFI
Capital
Securities
Fund,
as
described
below,
to
investment
advisory
fee
rates,
non-management
expense
rates
and
expense
ratios
of
funds
in
a
peer
group
selected
by
Broadridge
(“Expense
Group”)
and
a
broad-based,
industry
category
defined
by
Broadridge
(“Expense
Universe”).
With
regard
to
the
Capital
Securities
Fund,
the
Board
considered
that
the
Fund
does
not
pay
a
management
fee
or
any
other
Fund-level
expenses
and
therefore
did
not
consider
comparative
fee
and
expense
information.
In
evaluating
the
contractual
and
effective
management
fee
rates,
the
Board
considered
a
variety
of
factors,
including
the
contractual
and
effective
fee
rates,
breakpoints,
comparisons
to
fee
rates
of
peer
group
funds
and
other
funds
and
non-fund
accounts
managed
by
the
Manager,
sub-advisory
fee
rates
paid,
services
provided,
investment
performance,
total
net
expense
ratios,
profitability,
the
existence
and
sharing
of
economies
of
scale,
fall-out
benefits
and
expense
caps
and
fee
waivers.
The
Board
considered
the
impact
of
changes
in
sub-advisory
fee
rates
put
into
effect
since
September
2020.
The
Board
considered
that
certain
PFI
Funds
with
similar
investment
strategies
and
policies
have
different
management
fee
schedules
and
noted
the
reasons
cited
by
the
Manager
for
the
differing
fee
rates.
In
reviewing
the
fee
rates
of
other
accounts
managed
by
the
Manager,
the
Board
considered
information
provided
by
the
Manager
regarding
differences
between
the
services
provided
to
the
Funds
and
the
services
provided
to
such
other
accounts.
For
most
Funds,
effective
net
management
fee
rates
were
within
the
third
quartile
or
better
when
compared
to
the
applicable
Expense
Group.
For
some
Funds,
although
effective
net
management
fee
rates
were
higher
than
the
third
quartile,
total
net
expense
ratios
were
within
the
third
quartile
or
better.
Discussion
is
set
forth
below
regarding
specific
factors
relevant
to
the
Board’s
review
of
certain
other
Funds.
With
regard
to
Small-MidCap
Dividend
Income
Fund,
the
Board
noted
that
the
effective
net
management
fee
rate
and
the
total
net
expense
ratio
on
the
basis
of
Institutional
Class
shares
were
higher
than
third
quartile
(87th
and
93rd
percentiles,
respectively)
in
the
Expense
Group.
The
Board
also
noted
the
Fund’s
performance
in
fourth
quartile
of
its
Performance
Universe
for
the
three-year
and
blended
three-
and
five-
year
periods
ended
March
31,
2021
(93rd
and
83rd
percentiles,
respectively).
Considering
all
relevant
factors,
including
management’s
discussion
of
the
Fund’s
performance
and
certain
characteristics
of
the
funds
in
the
Expense
Group,
including
that
the
majority
of
the
funds
in
the
Expense
Group
focus
on
large-capitalization
stocks
rather
than
small-
or
mid-capitalization
stocks,
the
Board
concluded
that
the
Management
Agreement
should
be
renewed.
The
Board
also
considered
the
expense
caps
and
fee
waivers
that
would
be
in
place
with
respect
to
certain
Funds
and
share
classes.
The
list
of
agreed
upon
expense
caps
and
fee
waivers
is
the
result
of
the
Manager’s
proposals
to
extend
the
expense
caps
and
fee
waivers
for
certain
Funds
and
share
classes
and
to
terminate
the
expense
caps
and
fee
waivers
for
other
Funds
and
share
classes
that
are
projected
to
continue
to
operate
below
current
applicable
expense
caps.
In
addition,
the
Board
accepted
management’s
proposal
to
reduce
the
management
fee
30
waiver
for
Blue
Chip
Fund,
even
though
this
proposal
would
have
the
effect
of
increasing
expenses
for
certain
share
classes.
In
accepting
this
proposal,
the
Board
noted
the
pro
forma
effect
of
the
proposal
on
the
rankings
of
the
Fund’s
net
management
fee
rate
and
total
net
expense
ratio
on
the
basis
of
Institutional
Class
shares
in
the
Fund’s
Expense
Group,
noting
that
the
Fund’s
net
management
fee
rate
and
total
net
expense
ratio
would
remain
in
the
first
and
second
quartiles,
respectively
(13th
and
27th
percentiles,
respectively).
The
list
of
agreed
upon
expense
caps
and
fee
waivers
also
reflects
new
or
revised
expense
caps
for
Class
J
shares
of
Bond
Market
Index
Fund,
Institutional
Class
shares
of
International
Small
Company
Fund,
and
Class
A
shares
of
Origin
Emerging
Markets
Fund
to
be
effective
from
December
31,
2021
through
December
30,
2022.
With
regard
to
each
of
Spectrum
Preferred
and
Capital
Securities
Income
Fund
and
Blue
Chip
Fund,
the
Board
accepted
management’s
proposal
to
amend
the
Management
Agreement
for
the
Fund
to
add
one
or
more
new
breakpoints
to
the
management
fee
schedule
and
considered
the
new
breakpoint
or
breakpoints
in
concluding
that
the
Management
Agreement,
as
amended,
should
be
renewed.
With
regard
to
each
of
Global
Multi-Strategy
Fund
and
Small-MidCap
Dividend
Income
Fund,
each
of
which
is
permitted
to
invest
in
unaffiliated
exchange-traded
funds
in
excess
of
the
limits
set
forth
in
Section
12(d)(1)
of
the
Investment
Company
Act
of
1940,
as
amended,
in
accordance
with
exemptive
orders
issued
to
such
exchange-traded
funds
and
procedures
previously
adopted
by
the
Board,
the
Board
considered
information
provided
by
the
Manager
relating
to
the
non-duplicative
nature
of
the
Fund’s
management
fees
and
found
that
the
management
fees
charged
by
the
Manager
under
the
Management
Agreement
for
the
Fund
are
for
services
provided
in
addition
to,
and
are
not
duplicative
of,
services
provided
under
the
investment
advisory
contract(s)
of
the
exchange-traded
funds
in
which
the
Fund
may
invest.
Profitability
The
Board
reviewed
detailed
information
regarding
revenues
the
Manager
received
under
the
Management
Agreement
and
the
estimated
direct
and
indirect
costs
incurred
in
providing
to
each
Fund
the
services
described
in
the
Management
Agreement
for
the
year
ended
December
31,
2020.
The
Board
also
considered
the
returns
on
revenue
generated
in
connection
with
the
payment
of
sub-advisory
fees
to
affiliated
Sub-
Advisors
(Origin
Asset
Management
LLP,
Principal
Real
Estate
Investors
LLC
and
Spectrum
Asset
Management,
Inc.)
and
the
aggregated
return
on
revenue
to
the
Manager
and
its
affiliates
for
the
year
ended
December
31,
2020.
The
Board
concluded
that,
for
each
Fund,
the
profitability
to
the
Manager
of
the
Management
Agreement
was
not
unreasonable.
Economies
of
Scale
The
Board
considered
whether
there
are
economies
of
scale
with
respect
to
the
management
of
each
Fund
and
whether
the
Funds
benefit
from
any
such
economies
of
scale.
The
Board
considered
the
Manager’s
biennial
breakpoint
study
that
was
received
by
the
Board
in
March
2020
and
the
Manager’s
representation
that
Funds
are
initially
priced
as
though
the
Fund
had
reached
scale,
reflecting
a
sharing
of
economies
of
scale.
The
Board
then
reviewed
the
levels
at
which
breakpoints
occur,
the
incremental
declines
in
management
fee
rates
at
each
breakpoint
and
the
amount
of
fee
reductions
that
had
been
provided
to
shareholders
as
a
result
of
these
breakpoints.
The
Board
considered
cost
saving
passed
along
to
the
Funds
as
a
result
of
certain
expense
caps
and
fee
waivers.
The
Board
considered
whether
the
effective
management
fee
rate
for
each
Fund
under
the
Management
Agreement
is
reasonable
in
relation
to
the
asset
size
of
such
Fund.
The
Board
also
noted
management’s
explanation
of
efficiencies
in
the
Manager’s
cost
structure.
The
Board
concluded
that
the
fee
schedule
for
each
Fund,
taking
into
account
the
proposed
amendments
described
above,
reflects
an
appropriate
level
of
sharing
of
any
economies
of
scale.
The
Board
noted
that
the
Capital
Securities
Fund
does
not
pay
management
fees,
although
shareholders
pay
a
separately
managed
account-
level
fee
that
covers,
among
other
things,
the
expenses
of
the
Fund’s
Subadvisor.
The
Board
also
noted
that
the
management
fee
schedules
for
Bond
Market
Index
Fund
and
International
Equity
Index
Fund
do
not
include
breakpoints,
but
each
such
Fund
has
a
relatively
low
management
fee
rate
(25
basis
points
or
less)
on
all
Fund
assets.
Considering
all
relevant
factors,
including
each
such
Fund’s
fee
rate
and
current
asset
level,
the
Board
determined
that
no
breakpoints
were
necessary
at
this
time.
Other
Benefits
to
Manager
The
Board
also
considered
the
character
and
amount
of
other
incidental
benefits
received
by
the
Manager
and
its
affiliates
from
their
relationships
with
the
Funds.
The
Board
noted
that
the
Manager
uses
Fund
commissions
to
buy
Section
28(e)
eligible
products
and
services.
The
Independent
Board
Members
concluded
that,
on
the
basis
of
the
information
provided,
the
incidental
benefits
received
by
the
Manager
and
its
affiliates
were
appropriate.
Sub-advisory
Agreements
Nature,
Quality
and
Extent
of
Services
The
Board
considered
the
nature,
quality
and
extent
of
the
services
provided
under
each
Sub-Advisory
Agreement.
The
Board
considered
the
reputation,
qualifications
and
background
of
the
Sub-Advisor,
the
investment
approach
of
the
Sub-Advisor,
the
experience
and
skills
of
investment
personnel
responsible
for
the
day-to-day
management
of
each
Fund
and
the
resources
made
available
to
such
personnel.
The
Board
also
considered
the
Sub-Advisors’
compliance
with
investment
policies
and
general
legal
compliance.
Based
upon
all
relevant
factors,
31
the
Board
concluded
that
the
nature,
quality
and
extent
of
the
services
provided
by
the
Sub-Advisors
to
the
sub-advised
Funds
under
the
Sub-Advisory
Agreements
are
satisfactory.
Investment
Performance
As
to
each
sub-advised
Fund,
the
Manager
had
advised
the
Board
that
the
investment
services
delivered
by
each
Sub-Advisor
to
the
Fund
were
reasonable.
Based
upon
all
relevant
factors,
the
Board
concluded
that
each
Sub-Advisor
is
qualified
and
that
either:
(1)
the
investment
performance
of
the
Sub-Advisor
met
acceptable
levels
of
investment
performance;
or
(2)
although
the
Fund
experienced
underperformance
from
the
applicable
Sub-Advisor,
based
upon
that
Fund’s
particular
circumstances
or
in
light
of
remedial
efforts
being
taken
to
improve
performance,
as
applicable,
it
was
in
the
best
interests
of
the
Fund
to
continue
to
closely
monitor
performance
and
to
renew
the
Sub-Advisory
Agreement.
In
each
case
involving
underperformance,
the
Board
concluded
that
the
Manager
was
providing
effective
monitoring.
Fees,
Economies
of
Scale
and
Profitability
For
each
sub-advised
Fund,
the
Board
considered
the
sub-advisory
fee
rates,
noting
that
the
Manager
compensates
each
Sub-Advisor
from
its
own
management
fee,
so
that
shareholders
pay
only
the
management
fee.
For
each
sub-advised
Fund,
the
Board
received
certain
information
from
Broadridge
comparing
each
such
Fund’s
sub-advisory
fee
rate
at
current
asset
levels
and
at
theoretical
asset
levels
to
sub-advisory
fee
rates
of
sub-advised
funds
in
the
Expense
Group
and,
if
available,
the
Expense
Universe.
The
Board
considered
that
Capital
Securities
Fund’s
Sub-Advisor
does
not
receive
a
sub-advisory
fee
and
therefore
did
not
consider
comparative
sub-advisory
fee
information.
The
Board
considered
whether
there
are
economies
of
scale
with
respect
to
the
sub-advisory
services
provided
to
each
sub-advised
Fund
and,
if
so,
whether
the
sub-advisory
fees
reflect
such
economies
of
scale
through
breakpoints
in
fee
schedules
or
whether
the
sub-advisory
fee
schedule
is
otherwise
appropriate
at
current
asset
levels.
In
addition,
in
evaluating
the
sub-advisory
fee
rates
and
the
factor
of
profitability,
with
respect
to
unaffiliated
Sub-Advisors,
the
Board
considered
that
the
sub-advisory
fee
rate
was
negotiated
at
arm’s
length
between
the
Manager
and
the
Sub-Advisor.
The
Board
considered
the
profitability
of
the
affiliated
Sub-Advisors
in
conjunction
with
their
review
of
the
profitability
of
the
Manager.
Other
Benefits
to
Sub-Advisors
The
Board
also
considered
the
character
and
amount
of
other
incidental
benefits
received
by
each
Sub-Advisor
when
evaluating
the
sub-
advisory
fees.
The
Board
considered
as
a
part
of
this
analysis
each
Sub-Advisor’s
brokerage
practices,
soft
dollar
practices
and
use
of
research
payment
accounts.
The
Board
concluded
that
the
incidental
benefits
received
by
each
Sub-Advisor
were
appropriate.
Overall
Conclusions
Based
upon
all
of
the
information
considered
and
the
conclusions
reached,
the
Board
determined
that
the
terms
of
each
Advisory
Agreement,
including
the
fee
rate
payable
thereunder,
continue
to
be
fair
and
reasonable
and
that
the
continuation
of
each
Advisory
Agreement,
with
the
actions
proposed
by
the
Manager,
is
in
the
best
interests
of
each
Fund.
Approval
of
New
Sub-Advisory
Agreement
for
Diversified
Real
Asset
Fund
On
September
14,
2021,
the
Board
met
to
consider
for
the
Diversified
Real
Asset
Fund
(the
“Fund”)
the
approval
of
a
sub-advisory
agreement
(the
“Sub-Advisory
Agreement”)
between
Principal
Global
Investors,
LLC
(the
“Manager”)
and
Impax
Asset
Management
Limited
(the
“Sub-Advisor”)
with
respect
to
a
new
climate
change
investment
sleeve
of
the
Fund.
Based
upon
their
review,
the
Board
concluded
that
it
was
in
the
best
interests
of
the
Fund
to
approve
the
Sub-Advisory
Agreement
and,
accordingly,
recommended
the
approval
of
the
Sub-Advisory
Agreement.
In
reaching
this
conclusion,
no
single
factor
was
determinative
in
the
Board’s
analysis,
but
rather
the
Board
considered
a
variety
of
factors.
The
Board
considered
various
factors,
including
the
following,
and
made
certain
findings
and
conclusions
with
regard
thereto,
in
approving
the
Sub-Advisory
Agreement.
Nature,
Quality
and
Extent
of
Services
The
Board
considered
the
nature,
quality
and
extent
of
the
services
expected
to
be
provided
under
the
Sub-Advisory
Agreement.
The
Board
considered
the
reputation,
qualifications
and
background
of
the
Sub-Advisor,
the
investment
approach
of
the
Sub-Advisor,
the
experience
and
skills
of
the
Sub-Advisor’s
investment
personnel
who
would
be
responsible
for
the
day-to-day
management
of
the
Fund
and
the
resources
made
available
to
such
personnel.
The
Board
considered
the
Manager’s
program
for
recommending,
monitoring
and
replacing
sub-advisors
and
that
the
Manager
recommended
the
Sub-Advisor
based
upon
that
program.
32
Investment
Performa
nce
The
Board
reviewed
the
historical
one
year,
three-year
and
since
inception
(January
1,
2018)
performance
returns,
gross
and
net
of
proposed
fees,
as
of
June
30,
2021
of
the
Sub-Advisor
in
a
composite
managed
in
the
proposed
investment
strategy
for
the
climate
change
investment
sleeve
of
the
Fund
that
the
Sub-Advisor
is
proposed
to
manage,
as
compared
to
the
historical
performance
returns
of
a
relevant
benchmark
index
for
the
sleeve.
The
Board
concluded,
based
upon
the
information
provided,
that
the
Sub-Advisor
is
qualified.
Fees,
Economies
of
Scale
and
Profitability
The
Board
considered
the
proposed
sub-advisory
fee,
noting
that
the
Manager
compensates
sub-advisors
from
its
own
management
fee
so
that
shareholders
pay
only
the
management
fee.
The
Board
considered
whether
there
are
economies
of
scale
with
respect
to
the
sub-advisory
services
to
be
provided
to
the
Fund
under
the
Sub-Advisory
Agreement.
The
Board
noted
that
the
proposed
sub-advisory
fee
schedule
includes
breakpoints.
The
Board
considered
the
Manager’s
statement
that
it
found
the
proposed
sub-advisory
fee
schedule
to
be
competitive.
On
the
basis
of
the
information
provided,
the
Board
concluded
that
the
proposed
sub-advisory
fee
was
reasonable.
Other
Benefits
The
Board
also
considered
the
character
and
amount
of
other
fall-out
benefits
to
be
received
by
the
Sub-Advisor.
The
Board
noted
the
Subadivsor’s
statement
that
it
does
not
intend
to
use
soft
dollars
in
the
climate
change
strategy.
The
Board
further
noted
the
Manager’s
statement
that
there
would
be
no
known
fall-out
benefits
to
the
Sub-Advisor
from
its
relationship
to
the
Fund.
Overall
Conclusions
Based
upon
all
of
the
information
considered
and
the
conclusions
reached,
the
Board
determined
that
the
terms
of
the
Sub-Advisory
Agreement
are
fair
and
reasonable
and
that
approval
of
the
Sub-Advisory
Agreement
is
in
the
best
interests
of
the
Fund.
Approval
of
Amended
Sub-Advisory
Agreement
for
Diversified
Real
Asset
Fund
On
December
13,
2021,
the
Board
met
to
consider
for
Diversified
Real
Asset
Fund
(the
“Fund”)
the
approval
of
an
amended
sub-advisory
agreement
(a
“Sub-Advisory
Agreement”)
between
Principal
Global
Investors,
LLC
(the
“Manager”)
and
Nuveen
Asset
Management,
LLC
(the
“Sub-Advisor”)
in
connection
with
a
proposal
to
amend
the
sub-advisory
fee
schedule
to
reduce
the
sub-advisory
fee
rate
payable
at
all
asset
levels.
The
Board
reviewed
materials
received
from
the
Manager
regarding
the
proposed
amendment
to
the
Fund’s
Sub-Advisory
Agreement
and
noted
that
because
the
sub-advisory
fees
were
paid
by
the
Manager,
the
amendment
would
not
change
the
management
fee
rate
paid
by
the
Fund.
The
Board
considered
the
Manager’s
representation
that
the
amendments
would
not
reduce
the
quality
or
quantity
of
the
services
the
Sub-Advisor
provides
to
the
Fund
and
that
the
Sub-Advisor’s
obligations
under
the
Sub-Advisory
Agreement
would
remain
the
same
in
all
material
respects.
The
Board
also
considered
that
the
Manager
was
not
proposing
any
material
changes
to
the
terms
of
the
Sub-Advisory
Agreement
other
than
to
the
sub-advisory
fee
schedule.
The
Board
considered
that
they
had
last
approved
the
Sub-Advisory
Agreement
for
the
Fund
during
the
annual
contract
renewal
process
that
concluded
at
the
Board
of
Directors’
September
2021
meeting.
They
noted
that
during
the
annual
contract
renewal
process,
they
had
considered
the
nature,
quality
and
extent
of
the
services
provided
by
the
Sub-Advisor
under
the
Sub-Advisory
Agreement
and
had
concluded,
based
upon
the
information
provided,
that
the
terms
of
the
Sub-Advisory
Agreement
were
reasonable
and
that
approval
of
the
Sub-Advisory
Agreement
was
in
the
best
interests
of
the
Fund.
Based
upon
all
of
the
information
considered,
the
Board
concluded
that
it
was
in
the
best
interests
of
the
Fund
to
approve
the
applicable
amended
Sub-Advisory
Agreement
and,
accordingly,
recommended
to
the
Board
of
Directors
the
approval
of
the
amended
Sub-Advisory
Agreement.
Approval
of
New
Sub-Advisory
Agreement
for
Diversified
Real
Asset
Fund
On
December
13,
2021,
the
Board
met
to
consider
for
Diversified
Real
Asset
Fund
(the
“Fund”)
the
approval
of
a
sub-advisory
agreement
(the
“Sub-Advisory
Agreement”)
between
Principal
Global
Investors,
LLC
(the
“Manager”)
and
Wellington
Management
Company
LLP
(the
“Sub-Advisor”)
with
respect
to
the
commodities
investment
sleeve
of
the
Fund.
The
Board
reviewed
materials
received
from
the
Manager
regarding
the
Sub-Advisor.
Based
upon
their
review,
the
Board
concluded
that
it
was
in
the
best
interests
of
the
Fund
to
approve
the
Sub-Advisory
Agreement
and,
accordingly,
recommended
the
approval
of
the
Sub-
Advisory
Agreement.
In
reaching
this
conclusion,
no
single
factor
was
determinative
in
the
Board’s
analysis,
but
rather
the
Board
considered
a
variety
of
factors.
33
The
Board
considered
various
factors,
including
the
following,
and
made
certain
findings
and
conclusions
with
regard
thereto,
in
approving
the
Sub-Advisory
Agreement.
Nature,
Quality
and
Extent
of
Services
The
Board
considered
the
nature,
quality
and
extent
of
the
services
to
be
provided
under
the
Sub-Advisory
Agreement.
The
Board
considered
the
reputation,
qualifications
and
background
of
the
Sub-Advisor,
the
investment
approach
of
the
Sub-Advisor,
the
experience
and
skills
of
the
Sub-Advisor’s
investment
personnel
who
would
be
responsible
for
the
day-to-day
management
of
the
Fund
and
the
resources
made
available
to
such
personnel.
The
Board
noted
that
the
Sub-Advisor
currently
provides
sub-advisory
services
to
one
other
series
of
PFI,
and
that
the
Board
had
reviewed
and
had
approved
for
renewal
that
sub-advisory
agreement
at
its
September
2021
Board
meeting.
The
Board
considered
the
Manager’s
program
for
recommending,
monitoring
and
replacing
sub-advisors
and
that
the
Manager
recommended
the
Sub-
Advisor
based
upon
that
program.
Investment
Performance
The
Board
reviewed
the
historical
one
year,
three-year,
five-year
and
since
inception
(January
1,
2008)
performance
returns,
gross
and
net
of
proposed
fees,
as
of
September
30,
2021
of
the
Sub-Advisor
in
a
composite
managed
in
the
proposed
investment
strategy
for
the
commodities
investment
sleeve
of
the
Fund
that
the
Sub-Advisor
is
proposed
to
manage,
as
compared
to
the
historical
performance
returns
of
the
other
sub-advisor
to
the
commodities
investment
sleeve
of
the
Fund,
gross
and
net
of
fees,
a
relevant
benchmark
index
for
the
sleeve
and
a
relevant
Morningstar
category.
The
Board
concluded,
based
upon
the
information
provided,
that
the
Sub-Advisor
is
qualified.
Fees,
Economies
of
Scale
and
Profitability
The
Board
considered
the
proposed
sub-advisory
fee,
noting
that
the
Manager
compensates
sub-advisors
from
its
own
management
fee
so
that
shareholders
pay
only
the
management
fee.
The
Board
considered
whether
there
are
economies
of
scale
with
respect
to
the
sub-advisory
services
to
be
provided
to
the
Fund
under
the
Sub-Advisory
Agreement.
The
Board
noted
that
the
proposed
sub-advisory
fee
schedule
includes
breakpoints.
The
Board
considered
the
Manager’s
statement
that
it
found
the
proposed
sub-advisory
fee
schedule
under
the
Sub-
Advisory
Agreement
to
be
competitive.
On
the
basis
of
the
information
provided,
the
Board
concluded
that
the
proposed
sub-advisory
fee
schedule
was
reasonable.
Other
Benefits
The
Board
noted
the
Manager’s
statement
that
the
Sub-Advisor
intends
to
use
Fund
commissions
to
buy
Section
28(e)
eligible
products
and
services
consistent
with
its
use
of
commissions
for
the
other
equity
portfolios
it
currently
manages,
as
well
as
the
Manager’s
statement
that
there
would
be
no
known
fall-out
benefits
to
the
Sub-Advisor
in
connection
with
its
management
of
the
Fund
outside
the
use
of
soft
dollars.
The
Board
concluded
that,
on
the
basis
of
the
information
provided,
the
incidental
benefits
to
be
received
by
the
Sub-Advisor
were
appropriate.
Overall
Conclusions
Based
upon
all
of
the
information
considered
and
the
conclusions
reached,
the
Board
determined
that
the
terms
of
the
Sub-Advisory
Agreement
are
fair
and
reasonable
and
that
approval
of
the
Sub-Advisory
Agreement
is
in
the
best
interests
of
the
Fund.
Accordingly,
the
Board
recommended
approval
of
the
Sub-Advisory
Agreement.
Principal
Funds
Distributor,
Inc.
711
High
Street
Des
Moines,
IA
50392-6370
Do
not
use
this
address
for
business
correspondence
principalfunds.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.
©
2022
Principal
Financial
Services,
Inc.
|
FV908-07
|
02/2022
|
1517537

ITEM 2 – CODE OF ETHICS

 
Not applicable to semi-annual reports.
 

ITEM 3 – AUDIT COMMITTEE FINANCIAL EXPERT

 
Not applicable to semi-annual reports.
 

ITEM 4 – PRINCIPAL ACCOUNTANT FEES AND SERVICES

 
Not applicable to semi-annual reports.
 

ITEM 5 – AUDIT COMMITTEE OF LISTED REGISTRANTS

 
Not applicable.
 

ITEM 6 – SCHEDULE OF INVESTMENTS

 
Schedule of Investments is included as part of the Report to Shareholders filed under Item 1 of this form.
 
ITEM 7 – DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES
 
Not applicable.
 
ITEM 8 – PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES
 
Not applicable.
 
ITEM 9 – PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS
 
Not applicable.
 

ITEM 10 – SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

 

None.

 

ITEM 11 – 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 12 – DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES

 
Not applicable.
 
ITEM 13 – EXHIBITS
 
(a)(1) Code of Ethics - Not applicable to semi-annual reports.
 
(a)(2) Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 and Rule 30a-2(a) under the Investment Company Act of 1940 are attached hereto as
Exhibit 99.CERT
.
 
(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
.

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.
 
(Registrant)
Principal Funds, Inc.
 
 
 
By
/s/ Kamal Bhatia
 
            Kamal Bhatia, President and CEO
 
Date
4/7/2022
 
 
 
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.
 
 
 
By
/s/ Kamal Bhatia
 
            Kamal Bhatia, President and CEO
 
Date
4/7/2022
 
 
 
By
/s/ Michael Scholten
 
            Michael Scholten, Chief Financial Officer
 
Date
4/7/2022
 

 

Dates Referenced Herein   and   Documents Incorporated by Reference

This ‘N-CSRS’ Filing    Date    Other Filings
12/31/22
12/30/22
8/31/22
Filed on / Effective on:4/20/22
For Period end:2/28/22497K,  N-MFP2,  NPORT-P
12/31/21485BPOS,  N-MFP2
12/30/21497K
12/13/21497,  497K
9/30/21N-MFP2
9/14/21
9/1/21
8/31/2124F-2NT,  N-CEN,  N-CSR,  N-MFP2,  NPORT-P,  NPORT-P/A
6/30/21N-MFP2,  N-PX
3/31/21N-MFP2
3/1/21485BPOS,  497,  497K
2/23/21
12/31/20485BPOS,  497J,  N-MFP2
3/12/20
8/31/1924F-2NT,  N-CEN,  N-CSR,  N-CSR/A,  N-MFP2
6/12/19485BPOS
12/31/18485BPOS,  N-MFP2
8/31/1824F-2NT,  N-CEN,  N-CEN/A,  N-CSR,  N-MFP2
1/1/18
9/11/17485BPOS
8/31/1724F-2NT,  485BPOS,  CORRESP,  N-CSR,  N-MFP2,  NSAR-B
6/12/17485BPOS,  497K,  EFFECT
1/3/17
12/22/10EFFECT
1/1/08
 List all Filings 

2 Subsequent Filings that Reference this Filing

  As Of               Filer                 Filing    For·On·As Docs:Size             Issuer                      Filing Agent

 9/26/22  Principal Funds, Inc.             497         9/26/22    1:3.3M                                   Donn… Fin’l/ArcFiling/FA
 9/22/22  Principal Funds, Inc.             485BPOS     9/22/22   16:5.6M                                   Donn… Fin’l/ArcFiling/FA
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