Due to size constraints, this filing is being made in two related submissions. This submission is the second of the two related submissions.
The accession number of the previous related submissions is as follows: 0000898745-19-000484
Principal Funds: Equity & Fixed-Income Funds Class A & C Shares
Semiannual Report
April 30, 2019
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 PrincipalFunds but through a brokerage firm, please contact yourbroker for electronic delivery options available.
Beginning on May 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, papercopies of the Fund’s annual and semi-annual shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the report from the Fund or your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and providedwith a website link to access the report.
If you already elected to receive such reports electronically, you will not be affected by this change and you do not need to take any action. If you have not previously elected electronic delivery, you may elect to receive reports and other communications from the Fund electronically by visiting our website at www.principalfunds.com/edelivery for instructionson enrolling in eDelivery or calling 800-222-5852. If you own these shares through a financial intermediary, you may contact your financial intermediary.
You may elect to receive all future reports in paper free of charge. If you wish to continue receiving paper copies of yourreports, you can inform the Fund by calling 800-222-5852. If you own these shares through a financial intermediary, you may contact your financial intermediary or follow instructions included with this disclosure to elect to continue to receivepaper copies of reports. Your election to receive reports in paper will apply to all funds with the Fund complex or to theshares you own through your financial intermediary.
Table of Contents | |
Letter from the President | 1 |
Financial Statements | 2 |
Notes to Financial Statements | 62 |
Schedules of Investments | 96 |
Financial Highlights (includes performance information) | 278 |
Shareholder Expense Example | 304 |
Supplemental Information | 308 |
Not FDIC or NCUA insured
May lose value • Not a deposit • No bank or credit union guarantee Not insured by any Federal government agency
GLOBAL INVESTMENT MANAGEMENT • ASSET ALLOCATION EXPERTISE • RETIREMENT LEADERSHIP
Mike Beer
President, Principal Funds
Inflation has been subdued for so long, it’s no wonder investors think it will stay that way forever.
But the forces for disinflation are fading. This year’s soft inflation was likely related to last year’s world economic slowdown, which seems to be ending. Labor markets are tight and wage growth is accelerating in the United States as well as the United Kingdom, Europe, and Japan. As businesses regain some pricing power, those healthy wage gains will turn into moderately higher inflation. We expect the “lower for longer” consensus will slowly crumble over the next couple of years and a larger premium for future inflation will gradually creep back into long-term bond yields.
There were plenty of long-term investment trends to ride during the last decade. A transition, though, hints at a period without major trends. The U.S. Federal Reserve’s about-face in response to December’s market plunge intimates that it’s mitigating the downside. Stock market downdrafts may be somewhat limited in scope. Conversely, with U.S. equity valuations back to nosebleed levels, the upside may also be constrained. As we’ve been noting for more than a year, good financial returns may be hard to find.
Because markets tend to fluctuate, we believe the most prudent approach for investing is to select a portfolio allocation that’s broadly diversified both across and within asset classes. We encourage you to work closely with your financial professional to select and monitor those investments best suited to helping you realize your financial goals.1Our focus at Principal Funds has always been on consistent, long-term performance for our investors. Our investment strategies cover a wide range of asset classes to help you diversify your portfolio as you save for the future—whether you’re investing for goals that are years down the road or closer at hand.
Mike Beer
President, Principal Funds
* All data cited, unless otherwise indicated from Bloomberg. Commentary taken from April 2019 Economic Insights by Robert F. Baur and the economic committee, available at principalfunds.com/commentary.
1Asset allocation and diversification do not ensure a profit or protect against a loss. Past performance does not guarantee future results.
1
Statement of Assets and Liabilities | ||||||||||
Principal Funds, Inc. | ||||||||||
April 30, 2019 (unaudited) | ||||||||||
California Municipal | Diversified | |||||||||
Amounts in thousands, except per share amounts | Fund | Core Plus Bond Fund | International Fund | |||||||
Investment in securities--at cost | $ | 413,807 | $ | 3,230,252 | $ | 10,141,771 | ||||
Investment in affiliated Funds--at cost | $ | – | $ | 135,401 | $ | 409,913 | ||||
Foreign currency--at cost | $ | – | $ | 822 | $ | 3,503 | ||||
Assets | ||||||||||
Investment in securities--at value | $ | 427,684 | $ | 3,238,980 | $ | 11,444,986 | ||||
Investment in affiliated Funds--at value | – | 135,401 | 409,913 | |||||||
Foreign currency--at value | – | 816 | 3,393 | |||||||
Cash | 4,595 | 141 | 793 | |||||||
Deposits with counterparty | – | 621 | – | |||||||
Receivables: | ||||||||||
Dividends and interest | 5,439 | 22,586 | 62,318 | |||||||
Expense reimbursement from Manager | 4 | 162 | 972 | |||||||
Expense reimbursement from Distributor | – | 3 | 4 | |||||||
Foreign currency contracts . | – | 836 | – | |||||||
Fund shares sold | 4,248 | 8,468 | 839 | |||||||
Investment securities sold | 790 | 20,355 | 24,725 | |||||||
Variation margin on futures | – | 159 | – | |||||||
Other assets | – | 7 | 5 | |||||||
Total Assets | 442,760 | 3,428,535 | 11,947,948 | |||||||
Liabilities | ||||||||||
Accrued management and investment advisory fees | 157 | 1,297 | 7,887 | |||||||
Accrued administrative service fees | – | 3 | 3 | |||||||
Accrued distribution fees | 89 | 41 | 82 | |||||||
Accrued service fees | – | 16 | 18 | |||||||
Accrued transfer agent fees | 39 | 143 | 229 | |||||||
Accrued chief compliance officer fees | – | – | 1 | |||||||
Accrued directors' expenses | 2 | 4 | 23 | |||||||
Accrued professional fees | 16 | 28 | 21 | |||||||
Accrued other expenses | 7 | 39 | 587 | |||||||
Deposits from counterparty | – | 620 | – | |||||||
Payables: | ||||||||||
Dividends payable | 1,015 | 8,165 | – | |||||||
Foreign currency contracts | – | 281 | – | |||||||
Fund shares redeemed | 418 | 5,201 | 8,162 | |||||||
Interest expense and fees payable | 64 | – | – | |||||||
Investment securities purchased | 2,991 | 286,619 | 23,129 | |||||||
Variation margin on futures | – | 18 | – | |||||||
Variation margin on swaps | – | 23 | – | |||||||
Floating rate notes issued | 6,554 | – | – | |||||||
Total Liabilities | 11,352 | 302,498 | 40,142 | |||||||
Net Assets Applicable to Outstanding Shares | $ | 431,408 | $ | 3,126,037 | $ | 11,907,806 | ||||
Net Assets Consist of: | ||||||||||
Capital shares and additional paid-in-capital | $ | 429,171 | $ | 3,200,216 | $ | 10,870,289 | ||||
Total distributable earnings (accumulated loss) | 2,237 | (74,179 | ) | 1,037,517 | ||||||
Total Net Assets | $ | 431,408 | $ | 3,126,037 | $ | 11,907,806 |
See accompanying notes.
2
Statement of Assets and Liabilities | ||||||||||
Principal Funds, Inc. | ||||||||||
April 30, 2019 (unaudited) | ||||||||||
California Municipal | Diversified | |||||||||
Amounts in thousands, except per share amounts | Fund | Core Plus Bond Fund | International Fund | |||||||
Capital Stock (par value: $.01 per share): | ||||||||||
Shares authorized | 450,000 | 985,000 | 2,075,000 | |||||||
Net Asset Value Per Share: | ||||||||||
Class A: Net Assets | $ | 300,928 | $ | 85,914 | $ | 223,350 | ||||
Shares Issued and Outstanding | 28,671 | 8,009 | 18,165 | |||||||
Net Asset Value per share | $ | 10.50 | $ | 10.73 | $ | 12.30 | ||||
Maximum Offering Price | $ | 10.91 | $ | 11.15 | $ | 13.02 | ||||
Class C: Net Assets | $ | 34,772 | N/A | $ | 12,115 | |||||
Shares Issued and Outstanding | 3,306 | 984 | ||||||||
Net Asset Value per share | $ | 10.52 | (a) | $ | 12.31 | (a) | ||||
Class J: Net Assets | N/A | $ | 133,731 | $ | 157,903 | |||||
Shares Issued and Outstanding | 12,380 | 13,007 | ||||||||
Net Asset Value per share | $ | 10.80 | (a) | $ | 12.14 | (a) | ||||
Institutional: Net Assets | $ | 95,708 | $ | 2,830,321 | $ | 308,855 | ||||
Shares Issued and Outstanding | 9,113 | 264,017 | 25,282 | |||||||
Net Asset Value per share | $ | 10.50 | $ | 10.72 | $ | 12.22 | ||||
R-1: Net Assets | N/A | $ | 4,339 | $ | 4,012 | |||||
Shares Issued and Outstanding | 405 | 327 | ||||||||
Net Asset Value per share | $ | 10.72 | $ | 12.26 | ||||||
R-2: Net Assets | N/A | $ | 3,993 | $ | 3,871 | |||||
Shares Issued and Outstanding | 376 | 317 | ||||||||
Net Asset Value per share | $ | 10.61 | $ | 12.22 | ||||||
R-3: Net Assets | N/A | $ | 17,425 | $ | 14,853 | |||||
Shares Issued and Outstanding | 1,636 | 1,211 | ||||||||
Net Asset Value per share | $ | 10.65 | $ | 12.26 | ||||||
R-4: Net Assets | N/A | $ | 10,173 | $ | 18,811 | |||||
Shares Issued and Outstanding | 936 | 1,514 | ||||||||
Net Asset Value per share | $ | 10.87 | $ | 12.42 | ||||||
R-5: Net Assets | N/A | $ | 40,141 | $ | 45,192 | |||||
Shares Issued and Outstanding | 3,763 | 3,648 | ||||||||
Net Asset Value per share | $ | 10.67 | $ | 12.39 | ||||||
R-6: Net Assets | N/A | N/A | $ | 11,118,844 | ||||||
Shares Issued and Outstanding | 910,151 | |||||||||
Net Asset Value per share | $ | 12.22 |
(a) | Redemption price per share is equal to net asset value per share less any applicable contingent deferred sales charge. |
See accompanying notes.
3
Statement of Assets and Liabilities | |||||||||
Principal Funds, Inc. | |||||||||
April 30, 2019 (unaudited) | |||||||||
Finisterre | |||||||||
Unconstrained | |||||||||
Emerging Markets | Global Diversified | ||||||||
Amounts in thousands, except per share amounts | Equity Income Fund | Bond Fund | Income Fund | ||||||
Investment in securities--at cost | $ | 4,486,184 | $ | 105,986 | $ | 7,428,256 | |||
Investment in affiliated Funds--at cost | $ | 110,759 | $ | – | $ | 171,921 | |||
Foreign currency--at cost | $ | – | $ | 240 | $ | 3,211 | |||
Assets | |||||||||
Investment in securities--at value | $ | 7,303,138 | $ | 106,344 | $ | 7,452,454 | |||
Investment in affiliated Funds--at value | 110,759 | – | 171,921 | ||||||
Foreign currency--at value | – | 241 | 3,183 | ||||||
Cash | 3 | 3,602 | 3,068 | ||||||
Deposits with counterparty | – | 4,411 | 2,583 | ||||||
Receivables: | |||||||||
Dividends and interest | 18,089 | 1,040 | 89,143 | ||||||
Expense reimbursement from Manager | 38 | 2 | 818 | ||||||
Expense reimbursement from Distributor | 2 | – | – | ||||||
Foreign currency contracts . | – | 267 | 618 | ||||||
Fund shares sold | 2,616 | 69 | 9,917 | ||||||
Investment securities sold | – | – | 61,403 | ||||||
OTC swap agreements--at value(premiums paid $0, $1,682 and $354) | – | 2,167 | 609 | ||||||
Variation margin on swaps | – | – | 10 | ||||||
Other assets | 30 | – | – | ||||||
Total Assets | 7,434,675 | 118,143 | 7,795,727 | ||||||
Liabilities | |||||||||
Accrued management and investment advisory fees | 3,024 | 71 | 4,581 | ||||||
Accrued administrative service fees | 6 | – | – | ||||||
Accrued distribution fees | 377 | – | 1,590 | ||||||
Accrued service fees | 49 | – | – | ||||||
Accrued transfer agent fees | 443 | 2 | 1,607 | ||||||
Accrued chief compliance officer fees | – | – | 2 | ||||||
Accrued directors' expenses | 12 | 1 | 9 | ||||||
Accrued professional fees | 19 | 18 | 50 | ||||||
Accrued other expenses | 15 | 12 | 622 | ||||||
Deposits from counterparty | – | – | 700 | ||||||
Payables: | |||||||||
Foreign currency contracts | – | 110 | 2,753 | ||||||
Fund shares redeemed | 7,359 | – | 6,869 | ||||||
Investment securities purchased | – | 1,546 | 69,239 | ||||||
OTC swap agreements--at value(premiums received $0, $1,148 and $0) | – | 1,415 | – | ||||||
Unrealized loss on unfunded loan commitments | – | – | 7 | ||||||
Total Liabilities | 11,304 | 3,175 | 88,029 | ||||||
Net Assets Applicable to Outstanding Shares | $ | 7,423,371 | $ | 114,968 | $ | 7,707,698 | |||
Net Assets Consist of: | |||||||||
Capital shares and additional paid-in-capital | $ | 4,539,817 | $ | 115,305 | $ | 8,091,199 | |||
Total distributable earnings (accumulated loss) | 2,883,554 | (337 | ) | (383,501 | ) | ||||
Total Net Assets | $ | 7,423,371 | $ | 114,968 | $ | 7,707,698 |
See accompanying notes.
4
Statement of Assets and Liabilities | |||||||||
Principal Funds, Inc. | |||||||||
April 30, 2019 (unaudited) | |||||||||
Finisterre | |||||||||
Unconstrained | |||||||||
Emerging Markets | Global Diversified | ||||||||
Amounts in thousands, except per share amounts | Equity Income Fund | Bond Fund | Income Fund | ||||||
Capital Stock (par value: $.01 per share): | |||||||||
Shares authorized | 1,600,000 | 200,000 | 1,950,000 | ||||||
Net Asset Value Per Share: | |||||||||
Class A: Net Assets | $ | 1,161,697 | $ | 1,377 | $ | 1,387,723 | |||
Shares Issued and Outstanding | 36,466 | 138 | 102,134 | ||||||
Net Asset Value per share | $ | 31.86 | $ | 9.98 | $ | 13.59 | |||
Maximum Offering Price | $ | 33.71 | $ | 10.37 | $ | 14.12 | |||
Class C: Net Assets | $ | 149,217 | N/A | $ | 1,579,787 | ||||
Shares Issued and Outstanding | 4,817 | 117,035 | |||||||
Net Asset Value per share | $ | 30.98 | (a) | $ | 13.50 | (a) | |||
Class J: Net Assets | $ | 66,654 | N/A | N/A | |||||
Shares Issued and Outstanding | 2,090 | ||||||||
Net Asset Value per share | $ | 31.89 | (a) | ||||||
Institutional: Net Assets | $ | 5,803,322 | $ | 113,591 | $ | 4,522,876 | |||
Shares Issued and Outstanding | 181,867 | 11,339 | 334,486 | ||||||
Net Asset Value per share | $ | 31.91 | $ | 10.02 | $ | 13.52 | |||
R-1: Net Assets | $ | 3,142 | N/A | N/A | |||||
Shares Issued and Outstanding | 99 | ||||||||
Net Asset Value per share | $ | 31.71 | |||||||
R-2: Net Assets | $ | 5,113 | N/A | N/A | |||||
Shares Issued and Outstanding | 161 | ||||||||
Net Asset Value per share | $ | 31.85 | |||||||
R-3: Net Assets | $ | 36,713 | N/A | N/A | |||||
Shares Issued and Outstanding | 1,156 | ||||||||
Net Asset Value per share | $ | 31.75 | |||||||
R-4: Net Assets | $ | 36,942 | N/A | N/A | |||||
Shares Issued and Outstanding | 1,161 | ||||||||
Net Asset Value per share | $ | 31.82 | |||||||
R-5: Net Assets | $ | 160,571 | N/A | N/A | |||||
Shares Issued and Outstanding | 5,039 | ||||||||
Net Asset Value per share | $ | 31.86 | |||||||
R-6: Net Assets | N/A | N/A | $ | 217,312 | |||||
Shares Issued and Outstanding | 16,084 | ||||||||
Net Asset Value per share | $ | 13.51 |
(a) | Redemption price per share is equal to net asset value per share less any applicable contingent deferred sales charge. |
See accompanying notes.
5
Statement of Assets and Liabilities | ||||||||||
Principal Funds, Inc. | ||||||||||
April 30, 2019 (unaudited) | ||||||||||
Global Real Estate | Government & High | |||||||||
Amounts in thousands, except per share amounts | Securities Fund | Quality Bond Fund | High Yield Fund | |||||||
Investment in securities--at cost | $ | 3,196,289 | $ | 1,477,591 | $ | 2,928,403 | ||||
Investment in affiliated Funds--at cost | $ | 23,301 | $ | 39,796 | $ | 78,036 | ||||
Foreign currency--at cost | $ | 9,391 | $ | – | $ | – | ||||
Assets | ||||||||||
Investment in securities--at value | $ | 3,581,553 | $ | 1,459,411 | $ | 2,840,503 | ||||
Investment in affiliated Funds--at value | 23,301 | 39,796 | 78,036 | |||||||
Foreign currency--at value | 9,432 | – | – | |||||||
Cash | – | – | 13 | |||||||
Receivables: | ||||||||||
Dividends and interest | 9,063 | 6,022 | 43,480 | |||||||
Expense reimbursement from Manager | 303 | 17 | 67 | |||||||
Expense reimbursement from Distributor | – | 3 | – | |||||||
Fund shares sold | 227,674 | 3,946 | 15,872 | |||||||
Investment securities sold | 16,012 | 11,014 | 23,020 | |||||||
Other assets | – | 19 | – | |||||||
Prepaid expenses | – | 7 | – | |||||||
Total Assets | 3,867,338 | 1,520,235 | 3,000,991 | |||||||
Liabilities | ||||||||||
Accrued management and investment advisory fees | 2,541 | 611 | 1,229 | |||||||
Accrued administrative service fees | – | 2 | – | |||||||
Accrued distribution fees | 49 | 71 | 314 | |||||||
Accrued service fees | – | 10 | – | |||||||
Accrued transfer agent fees | 903 | 132 | 830 | |||||||
Accrued directors' expenses | 3 | 4 | 3 | |||||||
Accrued professional fees | 21 | 18 | 26 | |||||||
Accrued other expenses | 142 | – | 153 | |||||||
Cash overdraft | – | 11 | – | |||||||
Deposits from counterparty | – | – | – | |||||||
Payables: | ||||||||||
Dividends payable | – | 3,359 | 13,999 | |||||||
Fund shares redeemed | 1,692 | 853 | 6,727 | |||||||
Investment securities purchased | 36,358 | 20,377 | 40,313 | |||||||
Total Liabilities | 41,709 | 25,448 | 63,594 | |||||||
Net Assets Applicable to Outstanding Shares | $ | 3,825,629 | $ | 1,494,787 | $ | 2,937,397 | ||||
Net Assets Consist of: | ||||||||||
Capital shares and additional paid-in-capital | $ | 3,438,471 | $ | 1,600,284 | $ | 3,156,536 | ||||
Total distributable earnings (accumulated loss) | 387,158 | (105,497 | ) | (219,139 | ) | |||||
Total Net Assets | $ | 3,825,629 | $ | 1,494,787 | $ | 2,937,397 |
See accompanying notes.
6
Statement of Assets and Liabilities | |||||||||
Principal Funds, Inc. | |||||||||
April 30, 2019 (unaudited) | |||||||||
Global Real Estate | Government & High | ||||||||
Amounts in thousands, except per share amounts | Securities Fund | Quality Bond Fund | High Yield Fund | ||||||
Capital Stock (par value: $.01 per share): | |||||||||
Shares authorized | 1,050,000 | 1,025,000 | 1,550,000 | ||||||
Net Asset Value Per Share: | |||||||||
Class A: Net Assets | $ | 110,127 | $ | 222,757 | $ | 701,332 | |||
Shares Issued and Outstanding | 11,738 | 21,738 | 97,507 | ||||||
Net Asset Value per share | $ | 9.38 | $ | 10.25 | $ | 7.20 | |||
Maximum Offering Price | $ | 9.93 | $ | 10.49 | $ | 7.48 | |||
Class C: Net Assets | $ | 31,717 | $ | 31,708 | $ | 205,172 | |||
Shares Issued and Outstanding | 3,504 | 3,095 | 28,211 | ||||||
Net Asset Value per share | $ | 9.05 | (a) | $ | 10.25 | (a) | $ | 7.28 | (a) |
Class J: Net Assets | N/A | $ | 102,588 | N/A | |||||
Shares Issued and Outstanding | 9,986 | ||||||||
Net Asset Value per share | $ | 10.27 | (a) | ||||||
Institutional: Net Assets | $ | 2,757,874 | $ | 1,089,577 | $ | 1,534,907 | |||
Shares Issued and Outstanding | 273,185 | 106,158 | 214,944 | ||||||
Net Asset Value per share | $ | 10.10 | $ | 10.26 | $ | 7.14 | |||
R-1: Net Assets | N/A | $ | 2,622 | N/A | |||||
Shares Issued and Outstanding | 255 | ||||||||
Net Asset Value per share | $ | 10.27 | |||||||
R-2: Net Assets | N/A | $ | 4,149 | N/A | |||||
Shares Issued and Outstanding | 404 | ||||||||
Net Asset Value per share | $ | 10.27 | |||||||
R-3: Net Assets | $ | 289 | $ | 9,796 | N/A | ||||
Shares Issued and Outstanding | 29 | 954 | |||||||
Net Asset Value per share | $ | 10.08 | $ | 10.27 | |||||
R-4: Net Assets | $ | 40 | $ | 9,129 | N/A | ||||
Shares Issued and Outstanding | 4 | 888 | |||||||
Net Asset Value per share | $ | 10.08 | $ | 10.28 | |||||
R-5: Net Assets | $ | 21 | $ | 22,461 | N/A | ||||
Shares Issued and Outstanding | 2 | 2,185 | |||||||
Net Asset Value per share | $ | 10.10 | $ | 10.28 | |||||
R-6: Net Assets | $ | 925,561 | N/A | $ | 495,986 | ||||
Shares Issued and Outstanding | 91,669 | 69,471 | |||||||
Net Asset Value per share | $ | 10.10 | $ | 7.14 |
(a) | Redemption price per share is equal to net asset value per share less any applicable contingent deferred sales charge. |
See accompanying notes.
7
Statement of Assets and Liabilities | |||||||||
Principal Funds, Inc. | |||||||||
April 30, 2019 (unaudited) | |||||||||
Inflation Protection | |||||||||
Amounts in thousands, except per share amounts | High Yield Fund I | Income Fund | Fund | ||||||
Investment in securities--at cost | $ | 3,400,243 | $ | 2,810,299 | $ | 1,570,372 | |||
Investment in affiliated Funds--at cost | $ | 69,870 | $ | 79,183 | $ | 15,541 | |||
Foreign currency--at cost | $ | – | $ | – | $ | 2,732 | |||
Assets | |||||||||
Investment in securities--at value | $ | 3,396,979 | $ | 2,843,488 | $ | 1,586,298 | |||
Investment in affiliated Funds--at value | 69,870 | 79,183 | 15,541 | ||||||
Foreign currency--at value | – | – | 2,737 | ||||||
Cash | 1,352 | – | – | ||||||
Deposits with counterparty | 7,895 | – | 5,604 | ||||||
Receivables: | |||||||||
Dividends and interest | 51,743 | 24,639 | 2,971 | ||||||
Expense reimbursement from Manager | 2 | 7 | 3 | ||||||
Expense reimbursement from Distributor | – | 2 | – | ||||||
Foreign currency contracts . | – | – | 1,668 | ||||||
Fund shares sold | 98 | 9,744 | 107 | ||||||
Investment securities sold | 11,019 | – | 27,226 | ||||||
Variation margin on futures | – | – | 390 | ||||||
Variation margin on swaps | – | – | 1,103 | ||||||
Total Assets | 3,538,958 | 2,957,063 | 1,643,648 | ||||||
Liabilities | |||||||||
Accrued management and investment advisory fees | 1,772 | 1,160 | 492 | ||||||
Accrued administrative service fees | – | 6 | 1 | ||||||
Accrued distribution fees | 1 | 114 | 5 | ||||||
Accrued service fees | – | 20 | 3 | ||||||
Accrued transfer agent fees | 13 | 165 | 11 | ||||||
Accrued directors' expenses | 1 | 3 | 3 | ||||||
Accrued professional fees | 25 | 20 | 18 | ||||||
Accrued other expenses | 1 | 21 | 14 | ||||||
Cash overdraft | – | – | 16 | ||||||
Deposits from counterparty | – | – | 1,723 | ||||||
Payables: | |||||||||
Dividends payable | – | 8,219 | – | ||||||
Foreign currency contracts | – | – | 452 | ||||||
Fund shares redeemed | 3,569 | 2,560 | 1,780 | ||||||
Investment securities purchased | 10,082 | – | 45,247 | ||||||
Options and swaptions contracts written (premiums received $0, $0 and $6,936) | – | – | 5,872 | ||||||
Unrealized loss on unfunded loan commitments | 4 | – | – | ||||||
Variation margin on futures | – | – | 245 | ||||||
Variation margin on swaps | – | – | 1,156 | ||||||
Total Liabilities | 15,468 | 12,288 | 57,038 | ||||||
Net Assets Applicable to Outstanding Shares | $ | 3,523,490 | $ | 2,944,775 | $ | 1,586,610 | |||
Net Assets Consist of: | |||||||||
Capital shares and additional paid-in-capital | $ | 3,609,321 | $ | 2,963,312 | $ | 1,634,286 | |||
Total distributable earnings (accumulated loss) | (85,831 | ) | (18,537 | ) | (47,676 | ) | |||
Total Net Assets | $ | 3,523,490 | $ | 2,944,775 | $ | 1,586,610 |
See accompanying notes.
8
Statement of Assets and Liabilities | ||||||||||
Principal Funds, Inc. | ||||||||||
April 30, 2019 (unaudited) | ||||||||||
Inflation Protection | ||||||||||
Amounts in thousands, except per share amounts | High Yield Fund I | Income Fund | Fund | |||||||
Capital Stock (par value: $.01 per share): | ||||||||||
Shares authorized | 600,000 | 1,300,000 | 950,000 | |||||||
Net Asset Value Per Share: | ||||||||||
Class A: Net Assets | $ | 6,225 | $ | 241,490 | $ | 11,110 | ||||
Shares Issued and Outstanding | 650 | 25,518 | 1,345 | |||||||
Net Asset Value per share | $ | 9.57 | $ | 9.46 | $ | 8.26 | ||||
Maximum Offering Price | $ | 9.94 | $ | 9.68 | $ | 8.58 | ||||
Class C: Net Assets | N/A | $ | 49,645 | N/A | ||||||
Shares Issued and Outstanding | 5,213 | |||||||||
Net Asset Value per share | $ | 9.52 | (a) | |||||||
Class J: Net Assets | N/A | $ | 91,028 | $ | 6,091 | |||||
Shares Issued and Outstanding | 9,594 | 757 | ||||||||
Net Asset Value per share | $ | 9.49 | (a) | $ | 8.05 | (a) | ||||
Institutional: Net Assets | $ | 3,517,265 | $ | 458,343 | $ | 1,557,211 | ||||
Shares Issued and Outstanding | 367,265 | 48,282 | 184,473 | |||||||
Net Asset Value per share | $ | 9.58 | $ | 9.49 | $ | 8.44 | ||||
R-1: Net Assets | N/A | $ | 15,056 | $ | 1,098 | |||||
Shares Issued and Outstanding | 1,586 | 139 | ||||||||
Net Asset Value per share | $ | 9.50 | $ | 7.89 | ||||||
R-2: Net Assets | N/A | $ | 2,246 | $ | 509 | |||||
Shares Issued and Outstanding | 236 | 64 | ||||||||
Net Asset Value per share | $ | 9.51 | $ | 7.96 | ||||||
R-3: Net Assets | N/A | $ | 28,190 | $ | 6,227 | |||||
Shares Issued and Outstanding | 2,964 | 771 | ||||||||
Net Asset Value per share | $ | 9.51 | $ | 8.07 | ||||||
R-4: Net Assets | N/A | $ | 18,089 | $ | 1,212 | |||||
Shares Issued and Outstanding | 1,903 | 148 | ||||||||
Net Asset Value per share | $ | 9.50 | $ | 8.19 | ||||||
R-5: Net Assets | N/A | $ | 34,659 | $ | 3,152 | |||||
Shares Issued and Outstanding | 3,654 | 381 | ||||||||
Net Asset Value per share | $ | 9.48 | $ | 8.28 | ||||||
R-6: Net Assets | N/A | $ | 2,006,029 | N/A | ||||||
Shares Issued and Outstanding | 211,519 | |||||||||
Net Asset Value per share | $ | 9.48 |
(a) | Redemption price per share is equal to net asset value per share less any applicable contingent deferred sales charge. |
See accompanying notes.
9
Statement of Assets and Liabilities | ||||||||||
Principal Funds, Inc. | ||||||||||
April 30, 2019 (unaudited) | ||||||||||
International Emerging | LargeCap Growth | |||||||||
Amounts in thousands, except per share amounts | Markets Fund | International Fund I | Fund | |||||||
Investment in securities--at cost | $ | 650,510 | $ | 336,096 | $ | 438,643 | ||||
Investment in affiliated Funds--at cost | $ | 9,294 | $ | 2,604 | $ | 13,450 | ||||
Foreign currency--at cost | $ | 4,110 | $ | 41 | $ | – | ||||
Assets | ||||||||||
Investment in securities--at value | $ | 721,599 | $ | 381,051 | $ | 560,383 | ||||
Investment in affiliated Funds--at value | 9,294 | 2,604 | 13,450 | |||||||
Foreign currency--at value | 4,120 | 42 | – | |||||||
Cash | 89 | – | 21 | |||||||
Receivables: | ||||||||||
Dividends and interest | 971 | 1,860 | 243 | |||||||
Expense reimbursement from Manager | 127 | 58 | – | |||||||
Expense reimbursement from Distributor | 2 | – | 2 | |||||||
Foreign tax refund | 491 | – | – | |||||||
Fund shares sold | 170 | 111 | 226 | |||||||
Investment securities sold | 11,273 | – | 7,396 | |||||||
Other assets | – | – | 12 | |||||||
Total Assets | 748,136 | 385,726 | 581,733 | |||||||
Liabilities | ||||||||||
Accrued management and investment advisory fees | 770 | 284 | 315 | |||||||
Accrued administrative service fees | 2 | 1 | 2 | |||||||
Accrued distribution fees | 40 | 4 | 93 | |||||||
Accrued service fees | 6 | 3 | 12 | |||||||
Accrued transfer agent fees | 102 | 35 | 164 | |||||||
Accrued directors' expenses | 2 | 2 | 2 | |||||||
Accrued professional fees | 13 | 28 | 16 | |||||||
Accrued other expenses | 153 | 10 | 59 | |||||||
Deposits from counterparty | – | – | – | |||||||
Payables: | ||||||||||
Deferred foreign tax | 279 | – | – | |||||||
Expense reimbursement to Manager | – | – | 1 | |||||||
Fund shares redeemed | 699 | 1,531 | 482 | |||||||
Investment securities purchased | 18,077 | – | 9,697 | |||||||
Total Liabilities | 20,143 | 1,898 | 10,843 | |||||||
Net Assets Applicable to Outstanding Shares | $ | 727,993 | $ | 383,828 | $ | 570,890 | ||||
Net Assets Consist of: | ||||||||||
Capital shares and additional paid-in-capital | $ | 672,671 | $ | 345,773 | $ | 460,525 | ||||
Total distributable earnings (accumulated loss) | 55,322 | 38,055 | 110,365 | |||||||
Total Net Assets | $ | 727,993 | $ | 383,828 | $ | 570,890 |
See accompanying notes.
10
Statement of Assets and Liabilities | |||||||||
Principal Funds, Inc. | |||||||||
April 30, 2019 (unaudited) | |||||||||
International Emerging | LargeCap Growth | ||||||||
Amounts in thousands, except per share amounts | Markets Fund | International Fund I | Fund | ||||||
Capital Stock (par value: $.01 per share): | |||||||||
Shares authorized | 875,000 | 700,000 | 1,110,000 | ||||||
Net Asset Value Per Share: | |||||||||
Class A: Net Assets | $ | 84,223 | $ | 10,038 | $ | 392,137 | |||
Shares Issued and Outstanding | 3,287 | 702 | 67,049 | ||||||
Net Asset Value per share | $ | 25.62 | $ | 14.30 | $ | 5.85 | |||
Maximum Offering Price | $ | 27.11 | $ | 15.13 | $ | 6.19 | |||
Class C: Net Assets | $ | 9,510 | N/A | N/A | |||||
Shares Issued and Outstanding | 391 | ||||||||
Net Asset Value per share | $ | 24.30 | (a) | ||||||
Class J: Net Assets | $ | 96,579 | N/A | $ | 81,276 | ||||
Shares Issued and Outstanding | 3,919 | 16,020 | |||||||
Net Asset Value per share | $ | 24.64 | (a) | $ | 5.07 | (a) | |||
Institutional: Net Assets | $ | 109,746 | $ | 134,506 | $ | 40,246 | |||
Shares Issued and Outstanding | 4,332 | 9,360 | 6,169 | ||||||
Net Asset Value per share | $ | 25.34 | $ | 14.37 | $ | 6.52 | |||
R-1: Net Assets | $ | 2,203 | $ | 1,943 | $ | 3,792 | |||
Shares Issued and Outstanding | 87 | 135 | 742 | ||||||
Net Asset Value per share | $ | 25.31 | $ | 14.35 | $ | 5.11 | |||
R-2: Net Assets | $ | 1,965 | $ | 1,868 | $ | 1,217 | |||
Shares Issued and Outstanding | 78 | 130 | 226 | ||||||
Net Asset Value per share | $ | 25.19 | $ | 14.42 | $ | 5.39 | |||
R-3: Net Assets | $ | 6,102 | $ | 3,090 | $ | 5,929 | |||
Shares Issued and Outstanding | 241 | 215 | 877 | ||||||
Net Asset Value per share | $ | 25.34 | $ | 14.36 | $ | 6.76 | |||
R-4: Net Assets | $ | 5,671 | $ | 4,847 | $ | 5,129 | |||
Shares Issued and Outstanding | 223 | 338 | 760 | ||||||
Net Asset Value per share | $ | 25.44 | $ | 14.36 | $ | 6.75 | |||
R-5: Net Assets | $ | 12,668 | $ | 3,151 | $ | 41,164 | |||
Shares Issued and Outstanding | 498 | 219 | 6,223 | ||||||
Net Asset Value per share | $ | 25.42 | $ | 14.36 | $ | 6.62 | |||
R-6: Net Assets | $ | 399,326 | $ | 224,385 | N/A | ||||
Shares Issued and Outstanding | 15,751 | 15,624 | |||||||
Net Asset Value per share | $ | 25.35 | $ | 14.36 |
(a) | Redemption price per share is equal to net asset value per share less any applicable contingent deferred sales charge. |
See accompanying notes.
11
Statement of Assets and Liabilities | ||||||||||
Principal Funds, Inc. | ||||||||||
April 30, 2019 (unaudited) | ||||||||||
LargeCap Growth | LargeCap S&P 500 | |||||||||
Amounts in thousands, except per share amounts | Fund I | Index Fund | MidCap Fund | |||||||
Investment in securities--at cost | $ | 5,679,227 | $ | 3,131,396 | $ | 10,475,163 | ||||
Investment in affiliated Funds--at cost | $ | 207,578 | $ | 148,863 | $ | 938 | ||||
Assets | ||||||||||
Investment in securities--at value | $ | 8,835,390 | $ | 5,881,386 | $ | 16,102,657 | ||||
Investment in affiliated Funds--at value | 207,680 | 148,863 | 938 | |||||||
Cash | – | – | 166 | |||||||
Deposits with counterparty | 2,722 | 6,558 | – | |||||||
Receivables: | ||||||||||
Dividends and interest | 1,564 | 5,312 | 2,728 | |||||||
Expense reimbursement from Manager | 118 | 1 | – | |||||||
Expense reimbursement from Distributor | 5 | 17 | 8 | |||||||
Fund shares sold | 1,128 | 3,224 | 16,092 | |||||||
Investment securities sold | 3,108 | – | 19,232 | |||||||
Variation margin on futures | 124 | 299 | – | |||||||
Other assets | – | 3 | 6 | |||||||
Total Assets | 9,051,839 | 6,045,663 | 16,141,827 | |||||||
Liabilities | ||||||||||
Accrued management and investment advisory fees | 4,404 | 732 | 7,547 | |||||||
Accrued administrative service fees | 14 | 24 | 36 | |||||||
Accrued distribution fees | 66 | 250 | 626 | |||||||
Accrued service fees | 101 | 142 | 135 | |||||||
Accrued transfer agent fees | 457 | 234 | 2,950 | |||||||
Accrued chief compliance officer fees | – | – | 1 | |||||||
Accrued directors' expenses | 9 | 7 | 15 | |||||||
Accrued professional fees | 22 | 20 | 29 | |||||||
Accrued other expenses | 13 | 69 | 666 | |||||||
Deposits from counterparty | – | – | – | |||||||
Payables: | ||||||||||
Expense reimbursement to Manager | – | – | 29 | |||||||
Fund shares redeemed | 9,071 | 6,744 | 22,046 | |||||||
Investment securities purchased | 10,751 | – | 19,454 | |||||||
Total Liabilities | 24,908 | 8,222 | 53,534 | |||||||
Net Assets Applicable to Outstanding Shares | $ | 9,026,931 | $ | 6,037,441 | $ | 16,088,293 | ||||
Net Assets Consist of: | ||||||||||
Capital shares and additional paid-in-capital | $ | 5,424,968 | $ | 3,230,144 | $ | 10,051,181 | ||||
Total distributable earnings (accumulated loss) | 3,601,963 | 2,807,297 | 6,037,112 | |||||||
Total Net Assets | $ | 9,026,931 | $ | 6,037,441 | $ | 16,088,293 |
See accompanying notes.
12
Statement of Assets and Liabilities | |||||||||
Principal Funds, Inc. | |||||||||
April 30, 2019 (unaudited) | |||||||||
LargeCap Growth | LargeCap S&P 500 | ||||||||
Amounts in thousands, except per share amounts | Fund I | Index Fund | MidCap Fund | ||||||
Capital Stock (par value: $.01 per share): | |||||||||
Shares authorized | 1,495,000 | 950,000 | 1,650,000 | ||||||
Net Asset Value Per Share: | |||||||||
Class A: Net Assets | $ | 47,018 | $ | 426,496 | $ | 1,609,226 | |||
Shares Issued and Outstanding | 3,119 | 23,205 | 57,766 | ||||||
Net Asset Value per share | $ | 15.07 | $ | 18.38 | $ | 27.86 | |||
Maximum Offering Price | $ | 15.95 | $ | 18.66 | $ | 29.48 | |||
Class C: Net Assets | N/A | $ | 66,774 | $ | 251,282 | ||||
Shares Issued and Outstanding | 3,721 | 10,124 | |||||||
Net Asset Value per share | $ | 17.94 | (a) | $ | 24.82 | (a) | |||
Class J: Net Assets | $ | 200,885 | $ | 689,338 | $ | 312,171 | |||
Shares Issued and Outstanding | 16,005 | 37,910 | 11,667 | ||||||
Net Asset Value per share | $ | 12.55 | (a) | $ | 18.18 | (a) | $ | 26.76 | (a) |
Institutional: Net Assets | $ | 2,377,966 | $ | 4,158,540 | $ | 11,253,106 | |||
Shares Issued and Outstanding | 152,289 | 226,390 | 393,509 | ||||||
Net Asset Value per share | $ | 15.61 | $ | 18.37 | $ | 28.60 | |||
R-1: Net Assets | $ | 7,991 | $ | 15,354 | $ | 92,771 | |||
Shares Issued and Outstanding | 611 | 837 | 3,626 | ||||||
Net Asset Value per share | $ | 13.08 | $ | 18.33 | $ | 25.59 | |||
R-2: Net Assets | $ | 8,704 | $ | 21,537 | $ | 24,065 | |||
Shares Issued and Outstanding | 684 | 1,165 | 923 | ||||||
Net Asset Value per share | $ | 12.73 | $ | 18.49 | $ | 26.07 | |||
R-3: Net Assets | $ | 100,518 | $ | 186,833 | $ | 95,974 | |||
Shares Issued and Outstanding | 7,176 | 10,147 | 3,533 | ||||||
Net Asset Value per share | $ | 14.01 | $ | 18.41 | $ | 27.17 | |||
R-4: Net Assets | $ | 87,259 | $ | 150,214 | $ | 98,562 | |||
Shares Issued and Outstanding | 6,089 | 8,135 | 3,474 | ||||||
Net Asset Value per share | $ | 14.33 | $ | 18.47 | $ | 28.37 | |||
R-5: Net Assets | $ | 288,012 | $ | 322,355 | $ | 356,689 | |||
Shares Issued and Outstanding | 19,244 | 17,296 | 12,654 | ||||||
Net Asset Value per share | $ | 14.97 | $ | 18.64 | $ | 28.19 | |||
R-6: Net Assets | $ | 5,908,578 | N/A | $ | 1,994,447 | ||||
Shares Issued and Outstanding | 378,703 | 69,834 | |||||||
Net Asset Value per share | $ | 15.60 | $ | 28.56 |
(a) | Redemption price per share is equal to net asset value per share less any applicable contingent deferred sales charge. |
See accompanying notes.
13
Statement of Assets and Liabilities | ||||||||||
Principal Funds, Inc. | ||||||||||
April 30, 2019 (unaudited) | ||||||||||
Principal Capital | ||||||||||
Amounts in thousands, except per share amounts | MidCap Value Fund I | Money Market Fund | Appreciation Fund | |||||||
Investment in securities--at cost | $ | 2,343,505 | $ | 503,390 | $ | 967,478 | ||||
Investment in affiliated Funds--at cost | $ | 53,802 | $ | – | $ | 47,625 | ||||
Assets | ||||||||||
Investment in securities--at value | $ | 2,477,559 | $ | 503,390 | $ | 1,794,158 | ||||
Investment in affiliated Funds--at value | 53,817 | – | 47,625 | |||||||
Cash | 76 | 16 | – | |||||||
Deposits with counterparty | 527 | – | – | |||||||
Receivables: | ||||||||||
Dividends and interest | 1,353 | 233 | 1,167 | |||||||
Expense reimbursement from Manager | 64 | 22 | 25 | |||||||
Expense reimbursement from Distributor | 3 | 33 | – | |||||||
Fund shares sold | 343 | 1,953 | 328 | |||||||
Investment securities sold | 12,898 | – | 13,258 | |||||||
Variation margin on futures | 15 | – | – | |||||||
Other assets | – | 26 | 5 | |||||||
Total Assets | 2,546,655 | 505,673 | 1,856,566 | |||||||
Liabilities | ||||||||||
Accrued management and investment advisory fees | 936 | 167 | 714 | |||||||
Accrued administrative service fees | 2 | – | 3 | |||||||
Accrued distribution fees | 22 | 33 | 241 | |||||||
Accrued service fees | 12 | – | 16 | |||||||
Accrued transfer agent fees | 115 | 117 | 242 | |||||||
Accrued directors' expenses | 4 | 2 | 3 | |||||||
Accrued professional fees | 27 | 18 | 17 | |||||||
Accrued other expenses | 35 | 53 | 9 | |||||||
Deposits from counterparty | – | – | – | |||||||
Payables: | ||||||||||
Dividends payable | – | 836 | – | |||||||
Fund shares redeemed | 2,169 | 1,336 | 1,780 | |||||||
Investment securities purchased | 11,644 | – | 9,394 | |||||||
Total Liabilities | 14,966 | 2,562 | 12,419 | |||||||
Net Assets Applicable to Outstanding Shares | $ | 2,531,689 | $ | 503,111 | $ | 1,844,147 | ||||
Net Assets Consist of: | ||||||||||
Capital shares and additional paid-in-capital | $ | 2,389,914 | $ | 503,015 | $ | 918,737 | ||||
Total distributable earnings (accumulated loss) | 141,775 | 96 | 925,410 | |||||||
Total Net Assets | $ | 2,531,689 | $ | 503,111 | $ | 1,844,147 |
See accompanying notes.
14
Statement of Assets and Liabilities | |||||||||
Principal Funds, Inc. | |||||||||
April 30, 2019 (unaudited) | |||||||||
Principal Capital | |||||||||
Amounts in thousands, except per share amounts | MidCap Value Fund I | Money Market Fund | Appreciation Fund | ||||||
Capital Stock (par value: $.01 per share): | |||||||||
Shares authorized | 825,000 | 5,800,000 | 850,000 | ||||||
Net Asset Value Per Share: | |||||||||
Class A: Net Assets | $ | 25,618 | $ | 240,405 | $ | 988,709 | |||
Shares Issued and Outstanding | 1,830 | 240,360 | 20,584 | ||||||
Net Asset Value per share | $ | 14.00 | $ | 1.00 | $ | 48.03 | |||
Maximum Offering Price | $ | 14.81 | $ | 1.00 | $ | 50.83 | |||
Class C: Net Assets | N/A | N/A | $ | 42,704 | |||||
Shares Issued and Outstanding | 1,327 | ||||||||
Net Asset Value per share | $ | 32.18 | (a) | ||||||
Class J: Net Assets | $ | 157,857 | $ | 262,706 | N/A | ||||
Shares Issued and Outstanding | 11,411 | 262,655 | |||||||
Net Asset Value per share | $ | 13.83 | (a) | $ | 1.00 | (a) | |||
Institutional: Net Assets | $ | 211,195 | N/A | $ | 733,920 | ||||
Shares Issued and Outstanding | 15,108 | 14,861 | |||||||
Net Asset Value per share | $ | 13.98 | $ | 49.38 | |||||
R-1: Net Assets | $ | 3,306 | N/A | $ | 2,196 | ||||
Shares Issued and Outstanding | 247 | 46 | |||||||
Net Asset Value per share | $ | 13.38 | $ | 48.01 | |||||
R-2: Net Assets | $ | 3,411 | N/A | $ | 2,814 | ||||
Shares Issued and Outstanding | 252 | 58 | |||||||
Net Asset Value per share | $ | 13.53 | $ | 48.19 | |||||
R-3: Net Assets | $ | 15,340 | N/A | $ | 16,783 | ||||
Shares Issued and Outstanding | 1,112 | 349 | |||||||
Net Asset Value per share | $ | 13.80 | $ | 48.13 | |||||
R-4: Net Assets | $ | 12,813 | N/A | $ | 16,196 | ||||
Shares Issued and Outstanding | 927 | 333 | |||||||
Net Asset Value per share | $ | 13.83 | $ | 48.67 | |||||
R-5: Net Assets | $ | 31,852 | N/A | $ | 40,825 | ||||
Shares Issued and Outstanding | 2,292 | 835 | |||||||
Net Asset Value per share | $ | 13.90 | $ | 48.90 | |||||
R-6: Net Assets | $ | 2,070,297 | N/A | N/A | |||||
Shares Issued and Outstanding | 147,849 | ||||||||
Net Asset Value per share | $ | 14.00 |
(a) | Redemption price per share is equal to net asset value per share less any applicable contingent deferred sales charge. |
See accompanying notes.
15
Statement of Assets and Liabilities | ||||||||||
Principal Funds, Inc. | ||||||||||
April 30, 2019 (unaudited) | ||||||||||
Real Estate Securities | Short-Term Income | |||||||||
Amounts in thousands, except per share amounts | Fund | Fund | SmallCap Fund | |||||||
Investment in securities--at cost | $ | 3,324,734 | $ | 4,708,296 | $ | 566,625 | ||||
Investment in affiliated Funds--at cost | $ | 33,335 | $ | 90,634 | $ | 21,498 | ||||
Assets | ||||||||||
Investment in securities--at value | $ | 4,417,190 | $ | 4,731,838 | $ | 672,569 | ||||
Investment in affiliated Funds--at value | 33,335 | 90,634 | 21,498 | |||||||
Cash | 13 | 7 | – | |||||||
Receivables: | ||||||||||
Dividends and interest | 959 | 24,297 | 88 | |||||||
Expense reimbursement from Manager | 52 | – | 4 | |||||||
Expense reimbursement from Distributor | 4 | 3 | 5 | |||||||
Fund shares sold | 9,576 | 16,760 | 297 | |||||||
Investment securities sold | – | – | 565 | |||||||
Other assets | – | – | 1 | |||||||
Total Assets | 4,461,129 | 4,863,539 | 695,027 | |||||||
Liabilities | ||||||||||
Accrued management and investment advisory fees | 2,913 | 1,599 | 417 | |||||||
Accrued administrative service fees | 7 | 1 | 3 | |||||||
Accrued distribution fees | 137 | 105 | 102 | |||||||
Accrued service fees | 46 | 7 | 13 | |||||||
Accrued transfer agent fees | 664 | 147 | 127 | |||||||
Accrued directors' expenses | 6 | 9 | 2 | |||||||
Accrued professional fees | 18 | 20 | 15 | |||||||
Accrued other expenses | 40 | 35 | 56 | |||||||
Deposits from counterparty | – | – | – | |||||||
Payables: | ||||||||||
Dividends payable | – | 9,895 | – | |||||||
Fund shares redeemed | 2,877 | 4,550 | 488 | |||||||
Investment securities purchased | 2,353 | 28,702 | 1,547 | |||||||
Total Liabilities | 9,061 | 45,070 | 2,770 | |||||||
Net Assets Applicable to Outstanding Shares | $ | 4,452,068 | $ | 4,818,469 | $ | 692,257 | ||||
Net Assets Consist of: | ||||||||||
Capital shares and additional paid-in-capital | $ | 3,334,447 | $ | 4,820,399 | $ | 575,743 | ||||
Total distributable earnings (accumulated loss) | 1,117,621 | (1,930 | ) | 116,514 | ||||||
Total Net Assets | $ | 4,452,068 | $ | 4,818,469 | $ | 692,257 |
See accompanying notes.
16
Statement of Assets and Liabilities | |||||||||
Principal Funds, Inc. | |||||||||
April 30, 2019 (unaudited) | |||||||||
Real Estate Securities | Short-Term Income | ||||||||
Amounts in thousands, except per share amounts | Fund | Fund | SmallCap Fund | ||||||
Capital Stock (par value: $.01 per share): | |||||||||
Shares authorized | 875,000 | 895,000 | 700,000 | ||||||
Net Asset Value Per Share: | |||||||||
Class A: Net Assets | $ | 305,152 | $ | 293,640 | $ | 232,784 | |||
Shares Issued and Outstanding | 11,890 | 24,127 | 11,019 | ||||||
Net Asset Value per share | $ | 25.66 | $ | 12.17 | $ | 21.13 | |||
Maximum Offering Price | $ | 27.15 | $ | 12.45 | $ | 22.36 | |||
Class C: Net Assets | $ | 47,654 | $ | 58,674 | $ | 30,192 | |||
Shares Issued and Outstanding | 1,893 | 4,818 | 1,625 | ||||||
Net Asset Value per share | $ | 25.18 | (a) | $ | 12.18 | (a) | $ | 18.57 | (a) |
Class J: Net Assets | $ | 163,661 | $ | 127,470 | $ | 199,742 | |||
Shares Issued and Outstanding | 6,574 | 10,479 | 9,950 | ||||||
Net Asset Value per share | $ | 24.89 | (a) | $ | 12.16 | (a) | $ | 20.07 | (a) |
Institutional: Net Assets | $ | 2,120,065 | $ | 4,305,743 | $ | 96,871 | |||
Shares Issued and Outstanding | 82,520 | 353,978 | 4,233 | ||||||
Net Asset Value per share | $ | 25.69 | $ | 12.16 | $ | 22.88 | |||
R-1: Net Assets | $ | 4,014 | $ | 545 | $ | 2,555 | |||
Shares Issued and Outstanding | 158 | 45 | 129 | ||||||
Net Asset Value per share | $ | 25.34 | $ | 12.17 | $ | 19.85 | |||
R-2: Net Assets | $ | 13,785 | $ | 1,575 | $ | 3,622 | |||
Shares Issued and Outstanding | 566 | 129 | 180 | ||||||
Net Asset Value per share | $ | 24.37 | $ | 12.17 | $ | 20.12 | |||
R-3: Net Assets | $ | 39,611 | $ | 13,839 | $ | 11,290 | |||
Shares Issued and Outstanding | 1,584 | 1,137 | 536 | ||||||
Net Asset Value per share | $ | 25.01 | $ | 12.17 | $ | 21.07 | |||
R-4: Net Assets | $ | 35,181 | $ | 2,683 | $ | 26,852 | |||
Shares Issued and Outstanding | 1,423 | 221 | 1,218 | ||||||
Net Asset Value per share | $ | 24.73 | $ | 12.16 | $ | 22.04 | |||
R-5: Net Assets | $ | 130,675 | $ | 14,300 | $ | 21,134 | |||
Shares Issued and Outstanding | 5,274 | 1,175 | 934 | ||||||
Net Asset Value per share | $ | 24.78 | $ | 12.17 | $ | 22.62 | |||
R-6: Net Assets | $ | 1,592,270 | N/A | $ | 67,215 | ||||
Shares Issued and Outstanding | 61,987 | 2,939 | |||||||
Net Asset Value per share | $ | 25.69 | $ | 22.87 |
(a) | Redemption price per share is equal to net asset value per share less any applicable contingent deferred sales charge. |
See accompanying notes.
17
Statement of Assets and Liabilities
Principal Funds, Inc.
April 30, 2019 (unaudited)
SmallCap Value Fund | |||||||
Amounts in thousands, except per share amounts | II | Tax-Exempt Bond Fund | |||||
Investment in securities--at cost | $ | 980,477 | $ | 431,119 | |||
Investment in affiliated Funds--at cost | $ | 45,210 | $ | – | |||
Assets | |||||||
Investment in securities--at value | $ | 1,051,677 | $ | 441,862 | |||
Investment in affiliated Funds--at value | 45,242 | – | |||||
Cash | – | 6,494 | |||||
Deposits with counterparty | 153 | – | |||||
Receivables: | |||||||
Dividends and interest | 333 | 5,975 | |||||
Expense reimbursement from Manager | 43 | 7 | |||||
Expense reimbursement from Distributor | 1 | – | |||||
Fund shares sold | 122 | 2,490 | |||||
Investment securities sold | 3,270 | 414 | |||||
Other assets | – | 9 | |||||
Total Assets | 1,100,841 | 457,251 | |||||
Liabilities | |||||||
Accrued management and investment advisory fees | 882 | 158 | |||||
Accrued administrative service fees | 1 | – | |||||
Accrued distribution fees | 7 | 88 | |||||
Accrued service fees | 8 | – | |||||
Accrued transfer agent fees | 57 | 42 | |||||
Accrued directors' expenses | 2 | 1 | |||||
Accrued professional fees | 17 | 16 | |||||
Accrued other expenses | 39 | 8 | |||||
Deposits from counterparty | – | – | |||||
Payables: | |||||||
Dividends payable | – | 1,116 | |||||
Fund shares redeemed | 1,022 | 410 | |||||
Interest expense and fees payable | – | 83 | |||||
Investment securities purchased | 2,624 | 9,010 | |||||
Variation margin on futures | 19 | – | |||||
Floating rate notes issued | – | 12,823 | |||||
Total Liabilities | 4,678 | 23,755 | |||||
Net Assets Applicable to Outstanding Shares | $ | 1,096,163 | $ | 433,496 | |||
Net Assets Consist of: | |||||||
Capital shares and additional paid-in-capital | $ | 1,060,392 | $ | 429,285 | |||
Total distributable earnings (accumulated loss) | 35,771 | 4,211 | |||||
Total Net Assets | $ | 1,096,163 | $ | 433,496 |
See accompanying notes.
18
Statement of Assets and Liabilities
Principal Funds, Inc.
April 30, 2019 (unaudited)
SmallCap Value Fund | ||||||
Amounts in thousands, except per share amounts | II | Tax-Exempt Bond Fund | ||||
Capital Stock (par value: $.01 per share): | ||||||
Shares authorized | 775,000 | 450,000 | ||||
Net Asset Value Per Share: | ||||||
Class A: Net Assets | $ | 7,813 | $ | 302,933 | ||
Shares Issued and Outstanding | 744 | 41,828 | ||||
Net Asset Value per share | $ | 10.50 | $ | 7.24 | ||
Maximum Offering Price | $ | 11.11 | $ | 7.52 | ||
Class C: Net Assets | N/A | $ | 31,999 | |||
Shares Issued and Outstanding | 4,404 | |||||
Net Asset Value per share | $ | 7.27 | (a) | |||
Class J: Net Assets | $ | 17,735 | N/A | |||
Shares Issued and Outstanding | 1,721 | |||||
Net Asset Value per share | $ | 10.31 | (a) | |||
Institutional: Net Assets | $ | 139,442 | $ | 98,564 | ||
Shares Issued and Outstanding | 13,104 | 13,598 | ||||
Net Asset Value per share | $ | 10.64 | $ | 7.25 | ||
R-1: Net Assets | $ | 921 | N/A | |||
Shares Issued and Outstanding | 98 | |||||
Net Asset Value per share | $ | 9.44 | ||||
R-2: Net Assets | $ | 1,689 | N/A | |||
Shares Issued and Outstanding | 175 | |||||
Net Asset Value per share | $ | 9.66 | ||||
R-3: Net Assets | $ | 8,054 | N/A | |||
Shares Issued and Outstanding | 796 | |||||
Net Asset Value per share | $ | 10.12 | ||||
R-4: Net Assets | $ | 4,906 | N/A | |||
Shares Issued and Outstanding | 476 | |||||
Net Asset Value per share | $ | 10.30 | ||||
R-5: Net Assets | $ | 21,405 | N/A | |||
Shares Issued and Outstanding | 2,052 | |||||
Net Asset Value per share | $ | 10.43 | ||||
R-6: Net Assets | $ | 894,198 | N/A | |||
Shares Issued and Outstanding | 84,100 | |||||
Net Asset Value per share | $ | 10.63 |
(a) | Redemption price per share is equal to net asset value per share less any applicable contingent deferred sales charge. |
See accompanying notes.
19
Statement of Operations Principal Funds, Inc.
Six Months Ended April 30, 2019 (unaudited)
California Municipal | Diversified | ||||||||
Amounts in thousands | Fund | Core Plus Bond Fund(a) | International Fund(b) | ||||||
Net Investment Income (Loss) | |||||||||
Income: | |||||||||
Dividends from affiliated Funds | $ | – | $ | 1,399 | $ | 2,614 | |||
Dividends | 1 | 214 | 166,646 | ||||||
Withholding tax | – | – | (15,307 | ) | |||||
Interest | 8,537 | 58,970 | 32 | ||||||
Total Income | 8,538 | 60,583 | 153,985 | ||||||
Expenses: | |||||||||
Management and investment advisory fees | 908 | 7,869 | 44,544 | ||||||
Distribution fees -Class A | 353 | 102 | 266 | ||||||
Distribution fees -Class C | 165 | 13 | 65 | ||||||
Distribution fees -Class J | N/A | 98 | 114 | ||||||
Distribution fees -R-1 | N/A | 8 | 7 | ||||||
Distribution fees -R-2 | N/A | 6 | 6 | ||||||
Distribution fees -R-3 | N/A | 21 | 19 | ||||||
Distribution fees -R-4 | N/A | 5 | 11 | ||||||
Administrative service fees - R-1 | N/A | 6 | 6 | ||||||
Administrative service fees - R-2 | N/A | 4 | 4 | ||||||
Administrative service fees - R-3 | N/A | 6 | 5 | ||||||
Administrative service fees - R-4 | N/A | 1 | 3 | ||||||
Administrative service fees - R-5 | N/A | 2 | 2 | ||||||
Registration fees - Class A | 9 | 8 | 10 | ||||||
Registration fees - Class C | 8 | 3 | 7 | ||||||
Registration fees - Class J | N/A | 7 | 7 | ||||||
Registration fees -Institutional | 9 | 11 | 12 | ||||||
Registration fees - R-6 | N/A | N/A | 3 | ||||||
Service fees -R-1 | N/A | 5 | 5 | ||||||
Service fees -R-2 | N/A | 5 | 5 | ||||||
Service fees -R-3 | N/A | 20 | 18 | ||||||
Service fees -R-4 | N/A | 13 | 28 | ||||||
Service fees -R-5 | N/A | 51 | 53 | ||||||
Shareholder meeting expense -Class A | 2 | 3 | 8 | ||||||
Shareholder meeting expense -Class J | N/A | 5 | 5 | ||||||
Shareholder meeting expense - Institutional | 1 | – | 1 | ||||||
Shareholder reports -Class A | 4 | 16 | 35 | ||||||
Shareholder reports -Class C | 1 | – | 3 | ||||||
Shareholder reports -Class J | N/A | 45 | 46 | ||||||
Shareholder reports - Institutional | 1 | 1 | 2 | ||||||
Transfer agentfees -Class A | 73 | 88 | 230 | ||||||
Transfer agentfees -Class C | 13 | 4 | 19 | ||||||
Transfer agentfees -Class J | N/A | 132 | 145 | ||||||
Transfer agentfees - Institutional | 32 | 138 | 126 | ||||||
Chief compliance officer expenses | – | 2 | 7 | ||||||
Custodian fees | – | 22 | 797 | ||||||
Directors' expenses | 5 | 34 | 120 | ||||||
Interest expense and fees | 80 | – | – | ||||||
Professional fees | 17 | 27 | 61 | ||||||
Other expenses | 5 | 13 | 43 | ||||||
Total Gross Expenses | 1,686 | 8,794 | 46,848 | ||||||
Less: Reimbursement from Manager | – | 933 | 3,694 | ||||||
Less: Reimbursement from Manager - Class A | – | 42 | – | ||||||
Less: Reimbursement from Manager - Class C | – | 3 | 14 | ||||||
Less: Reimbursement from Manager -Institutional | 23 | – | – | ||||||
Less: Reimbursement from Distributor - Class J | N/A | 20 | 23 | ||||||
Total Net Expenses | 1,663 | 7,796 | 43,117 | ||||||
Net Investment Income (Loss) | 6,875 | 52,787 | 110,868 |
See accompanying notes.
20
Statement of Operations | |||||||||
Principal Funds, Inc. | |||||||||
Six Months Ended April 30, 2019 (unaudited) | |||||||||
California Municipal | Diversified | ||||||||
Amounts in thousands | Fund | Core Plus Bond Fund(a) | International Fund(b) | ||||||
Net Realized and Unrealized Gain (Loss) on Investments, Foreign currencies, Futures | |||||||||
and Swap agreements | |||||||||
Net realized gain (loss) from: | |||||||||
Investment transactions | (1,131 | ) | (14,122 | ) | (281,477 | ) | |||
Foreign currency contracts | – | 664 | – | ||||||
Foreign currency transactions | – | (30 | ) | (4,337 | ) | ||||
Futures contracts | – | 290 | – | ||||||
Swap agreements | – | (3,162 | ) | – | |||||
Net change in unrealized appreciation/depreciation of: | |||||||||
Investments | 16,156 | 127,023 | 963,509 | ||||||
Foreign currency contracts | – | (186 | ) | – | |||||
Futures contracts | – | 955 | – | ||||||
Swap agreements | – | (2,951 | ) | – | |||||
Translation of assets and liabilities in foreign currencies | – | 31 | 29 | ||||||
Net Realized and Unrealized Gain (Loss) on Investments, Foreign currencies, Futures | |||||||||
and Swap agreements | 15,025 | 108,512 | 677,724 | ||||||
Net Increase (Decrease) in Net Assets Resulting from Operations$ | 21,900 | $ | 161,299 | $ | 788,592 |
(a) | Class C shares discontinued operations and converted to ClassAshares on January 11, 2019. |
(b) | Class R-6 commenced operations on March 1, 2019. |
See accompanying notes.
21
Statement of Operations Principal Funds, Inc.
Six Months Ended April 30, 2019 (unaudited)
Finisterre | |||||||||
Unconstrained | |||||||||
Emerging Markets | Global Diversified | ||||||||
Amounts in thousands | Equity Income Fund | Bond Fund | Income Fund | ||||||
Net Investment Income (Loss) | |||||||||
Income: | |||||||||
Dividends from affiliated Funds | $ | 1,097 | $ | – | $ | 2,574 | |||
Dividends | 104,598 | 13 | 24,536 | ||||||
Withholding tax | (2,965 | ) | (20 | ) | (1,220 | ) | |||
Interest | 18 | 1,400 | 222,612 | ||||||
Total Income | 102,748 | 1,393 | 248,502 | ||||||
Expenses: | |||||||||
Management and investment advisory fees | 17,573 | 240 | 27,930 | ||||||
Distribution fees -Class A | 1,368 | 2 | 1,726 | ||||||
Distribution fees -Class C | 789 | N/A | 8,138 | ||||||
Distribution fees -Class J | 46 | N/A | N/A | ||||||
Distribution fees -R-1 | 5 | N/A | N/A | ||||||
Distribution fees -R-2 | 7 | N/A | N/A | ||||||
Distribution fees -R-3 | 47 | N/A | N/A | ||||||
Distribution fees -R-4 | 17 | N/A | N/A | ||||||
Administrative service fees - R-1 | 4 | N/A | N/A | ||||||
Administrative service fees - R-2 | 5 | N/A | N/A | ||||||
Administrative service fees - R-3 | 13 | N/A | N/A | ||||||
Administrative service fees - R-4 | 5 | N/A | N/A | ||||||
Administrative service fees - R-5 | 6 | N/A | N/A | ||||||
Registration fees - Class A | 17 | 9 | 27 | ||||||
Registration fees - Class C | 9 | N/A | 18 | ||||||
Registration fees - Class J | 11 | N/A | N/A | ||||||
Registration fees -Institutional | 35 | 9 | 59 | ||||||
Registration fees - R-6 | N/A | N/A | 10 | ||||||
Service fees -R-1 | 3 | N/A | N/A | ||||||
Service fees -R-2 | 6 | N/A | N/A | ||||||
Service fees -R-3 | 47 | N/A | N/A | ||||||
Service fees -R-4 | 42 | N/A | N/A | ||||||
Service fees -R-5 | 161 | N/A | N/A | ||||||
Shareholder meeting expense -Class A | 16 | – | 23 | ||||||
Shareholder meeting expense -Class C | 2 | N/A | 34 | ||||||
Shareholder meeting expense -Class J | 2 | N/A | N/A | ||||||
Shareholder meeting expense - Institutional | 4 | – | 98 | ||||||
Shareholder reports -Class A | 68 | – | 75 | ||||||
Shareholder reports -Class C | 13 | N/A | 131 | ||||||
Shareholder reports -Class J | 8 | N/A | N/A | ||||||
Shareholder reports - Institutional | 15 | 1 | 263 | ||||||
Transfer agentfees -Class A | 656 | 6 | 610 | ||||||
Transfer agentfees -Class C | 84 | N/A | 746 | ||||||
Transfer agentfees -Class J | 56 | N/A | N/A | ||||||
Transfer agentfees - Institutional | 415 | 4 | 1,916 | ||||||
Chief compliance officer expenses | 4 | – | 6 | ||||||
Custodian fees | 79 | 5 | 429 | ||||||
Directors' expenses | 76 | 1 | 88 | ||||||
Dividends and interest on securities sold short | – | – | 4 | ||||||
Professional fees | 31 | 19 | 53 | ||||||
Short sale fees | – | – | 61 | ||||||
Other expenses | 27 | 2 | 91 | ||||||
Total Gross Expenses | 21,772 | 298 | 42,536 | ||||||
Less: Reimbursement from Manager | – | 15 | 2,147 | ||||||
Less: Reimbursement from Manager - Class A | – | 14 | – | ||||||
Less: Reimbursement from Manager -Institutional | 238 | 15 | 1,874 | ||||||
Less: Reimbursement from Manager - R-6 | N/A | N/A | 6 | ||||||
Less: Reimbursement from Distributor - Class J | 9 | N/A | N/A | ||||||
Total Net Expenses | 21,525 | 254 | 38,509 | ||||||
Net Investment Income (Loss) | 81,223 | 1,139 | 209,993 |
See accompanying notes.
22
Statement of Operations | |||||||||
Principal Funds, Inc. | |||||||||
Six Months Ended April 30, 2019 (unaudited) | |||||||||
Finisterre | |||||||||
Unconstrained | |||||||||
Emerging Markets | Global Diversified | ||||||||
Amounts in thousands | Equity Income Fund | Bond Fund | Income 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 | 32,300 | 90 | (223,635 | ) | |||||
Foreign currency contracts | – | (578 | ) | 753 | |||||
Foreign currency transactions | – | (42 | ) | (1,914 | ) | ||||
Futures contracts | – | (89 | ) | (282 | ) | ||||
Options and swaptions | – | – | 12,290 | ||||||
Short sales | – | – | (105 | ) | |||||
Swap agreements | – | (106 | ) | 1,228 | |||||
Net change in unrealized appreciation/depreciation of: | |||||||||
Investments | 535,113 | 1,076 | 417,524 | ||||||
Foreign currency contracts | – | 51 | (1,808 | ) | |||||
Futures contracts | – | 9 | (1,033 | ) | |||||
Options and swaptions | – | – | (8,184 | ) | |||||
Swap agreements | – | 235 | 2,099 | ||||||
Translation of assets and liabilities in foreign currencies | – | 5 | 498 | ||||||
Net Realized and Unrealized Gain (Loss) on Investments, Foreign currencies, Futures, | |||||||||
Options and Swaptions, Short sales and Swap agreements | 567,413 | 651 | 197,431 | ||||||
Net Increase (Decrease) in Net Assets Resulting from Operations$ | 648,636 | $ | 1,790 | $ | 407,424 |
See accompanying notes.
23
Statement of Operations Principal Funds, Inc.
Six Months Ended April 30, 2019 (unaudited)
Global Real Estate | Government & High | ||||||||
Amounts in thousands | Securities Fund | Quality Bond Fund | High Yield Fund | ||||||
Net Investment Income (Loss) | |||||||||
Income: | |||||||||
Dividends from affiliated Funds | $ | 533 | $ | 181 | $ | 799 | |||
Dividends | 49,222 | – | 25 | ||||||
Withholding tax | (2,303 | ) | – | – | |||||
Interest | 3 | 21,246 | 93,048 | ||||||
Total Income | 47,455 | 21,427 | 93,872 | ||||||
Expenses: | |||||||||
Management and investment advisory fees | 14,072 | 3,616 | 7,289 | ||||||
Distribution fees -Class A | 125 | 239 | 812 | ||||||
Distribution fees -Class C | 154 | 170 | 1,126 | ||||||
Distribution fees -Class J | N/A | 76 | N/A | ||||||
Distribution fees -R-1 | N/A | 5 | N/A | ||||||
Distribution fees -R-2 | N/A | 6 | N/A | ||||||
Distribution fees -R-3 | 1 | 13 | N/A | ||||||
Distribution fees -R-4 | – | 5 | N/A | ||||||
Administrative service fees - R-1 | N/A | 4 | N/A | ||||||
Administrative service fees - R-2 | N/A | 4 | N/A | ||||||
Administrative service fees - R-3 | – | 4 | N/A | ||||||
Administrative service fees - R-4 | – | 1 | N/A | ||||||
Administrative service fees - R-5 | – | 1 | N/A | ||||||
Registration fees - Class A | 11 | 9 | 20 | ||||||
Registration fees - Class C | 8 | 7 | 10 | ||||||
Registration fees - Class J | N/A | 8 | N/A | ||||||
Registration fees -Institutional | 30 | 12 | 30 | ||||||
Registration fees - R-6 | 67 | N/A | 2 | ||||||
Service fees -R-1 | N/A | 3 | N/A | ||||||
Service fees -R-2 | N/A | 5 | N/A | ||||||
Service fees -R-3 | 1 | 13 | N/A | ||||||
Service fees -R-4 | – | 12 | N/A | ||||||
Service fees -R-5 | – | 27 | N/A | ||||||
Shareholder meeting expense -Class A | 2 | 5 | 22 | ||||||
Shareholder meeting expense -Class C | 1 | – | 7 | ||||||
Shareholder meeting expense -Class J | N/A | 3 | N/A | ||||||
Shareholder meeting expense - Institutional | 75 | 1 | 50 | ||||||
Shareholder meeting expense -R-6 | – | N/A | 1 | ||||||
Shareholder reports -Class A | 10 | 24 | 63 | ||||||
Shareholder reports -Class C | 4 | 4 | 23 | ||||||
Shareholder reports -Class J | N/A | 28 | N/A | ||||||
Shareholder reports - Institutional | 277 | 3 | 118 | ||||||
Shareholder reports -R-6 | – | N/A | 3 | ||||||
Transfer agentfees -Class A | 75 | 157 | 428 | ||||||
Transfer agentfees -Class C | 21 | 24 | 120 | ||||||
Transfer agentfees -Class J | N/A | 87 | N/A | ||||||
Transfer agentfees - Institutional | 1,616 | 161 | 799 | ||||||
Chief compliance officer expenses | 2 | 1 | 2 | ||||||
Custodian fees | 90 | 3 | 5 | ||||||
Directors' expenses | 35 | 16 | 31 | ||||||
Professional fees | 35 | 18 | 26 | ||||||
Other expenses | 12 | 7 | 16 | ||||||
Total Gross Expenses | 16,724 | 4,782 | 11,003 | ||||||
Less: Reimbursement from Manager - Class C | – | 16 | – | ||||||
Less: Reimbursement from Manager -Institutional | 1,160 | 51 | 289 | ||||||
Less: Reimbursement from Manager - R-1 | N/A | 1 | N/A | ||||||
Less: Reimbursement from Manager - R-2 | N/A | 2 | N/A | ||||||
Less: Reimbursement from Manager - R-3 | – | 5 | N/A | ||||||
Less: Reimbursement from Manager - R-4 | – | 5 | N/A | ||||||
Less: Reimbursement from Manager - R-5 | – | 10 | N/A | ||||||
Less: Reimbursement from Manager - R-6 | 24 | N/A | – | ||||||
Less: Reimbursement from Distributor - Class A | – | 73 | – | ||||||
Less: Reimbursement from Distributor - Class J | N/A | 15 | N/A | ||||||
Total Net Expenses | 15,540 | 4,604 | 10,714 | ||||||
Net Investment Income (Loss) | 31,915 | 16,823 | 83,158 |
See accompanying notes.
24
Statement of Operations | |||||||||
Principal Funds, Inc. | |||||||||
Six Months Ended April 30, 2019 (unaudited) | |||||||||
Global Real Estate | Government & High | ||||||||
Amounts in thousands | Securities Fund | Quality Bond Fund | High Yield Fund | ||||||
Net Realized and Unrealized Gain (Loss) on Investments, Foreign currencies and Swap | |||||||||
agreements | |||||||||
Net realized gain (loss) from: | |||||||||
Investment transactions | 37,008 | (2,453 | ) | (24,242 | ) | ||||
Foreign currency transactions | (98 | ) | – | (2 | ) | ||||
Swap agreements | – | – | 382 | ||||||
Net change in unrealized appreciation/depreciation of: | |||||||||
Investments | 315,262 | 50,094 | 60,051 | ||||||
Translation of assets and liabilities in foreign currencies | 4 | – | – | ||||||
Net Realized and Unrealized Gain (Loss) on Investments, Foreign currencies and Swap | |||||||||
agreements | 352,176 | 47,641 | 36,189 | ||||||
Net Increase (Decrease) in Net Assets Resulting from Operations$ | 384,091 | $ | 64,464 | $ | 119,347 |
See accompanying notes.
25
Statement of Operations | |||||||||
Principal Funds, Inc. | |||||||||
Six Months Ended April 30, 2019 (unaudited) | |||||||||
Inflation Protection | |||||||||
Amounts in thousands | High Yield Fund I | Income Fund | Fund(a) | ||||||
Net Investment Income (Loss) | |||||||||
Income: | |||||||||
Dividends from affiliated Funds | $ | 1,121 | $ | 377 | $ | 169 | |||
Dividends | 26 | (5,749)(b) | – | ||||||
Interest | 126,668 | 55,435 | 7,964 | ||||||
Total Income | 127,815 | 50,063 | 8,133 | ||||||
Expenses: | |||||||||
Management and investment advisory fees | 10,954 | 6,939 | 2,944 | ||||||
Distribution fees - Class A | 7 | 286 | 14 | ||||||
Distribution fees - Class C | N/A | 253 | 6 | ||||||
Distribution fees - Class J | N/A | 65 | 4 | ||||||
Distribution fees - R-1 | N/A | 28 | 2 | ||||||
Distribution fees - R-2 | N/A | 3 | 1 | ||||||
Distribution fees - R-3 | N/A | 35 | 8 | ||||||
Distribution fees - R-4 | N/A | 9 | 1 | ||||||
Administrative service fees - R-1 | N/A | 22 | 2 | ||||||
Administrative service fees - R-2 | N/A | 2 | 1 | ||||||
Administrative service fees - R-3 | N/A | 10 | 2 | ||||||
Administrative service fees - R-4 | N/A | 3 | – | ||||||
Administrative service fees - R-5 | N/A | 1 | – | ||||||
Registration fees - Class A | 10 | 10 | 8 | ||||||
Registration fees - Class C | N/A | 9 | 3 | ||||||
Registration fees - Class J | N/A | 8 | 7 | ||||||
Registration fees - Institutional | 13 | 14 | 9 | ||||||
Registration fees - R-6 | N/A | 20 | N/A | ||||||
Service fees - R-1 | N/A | 20 | 1 | ||||||
Service fees - R-2 | N/A | 2 | 1 | ||||||
Service fees - R-3 | N/A | 34 | 8 | ||||||
Service fees - R-4 | N/A | 24 | 2 | ||||||
Service fees - R-5 | N/A | 42 | 4 | ||||||
Shareholder meeting expense - Class A | – | 4 | 1 | ||||||
Shareholder meeting expense - Class C | N/A | 1 | N/A | ||||||
Shareholder meeting expense - Class J | N/A | 2 | – | ||||||
Shareholder meeting expense - Institutional | – | 1 | – | ||||||
Shareholder reports - Class A | 1 | 21 | 2 | ||||||
Shareholder reports - Class C | N/A | 7 | – | ||||||
Shareholder reports - Class J | N/A | 12 | 3 | ||||||
Shareholder reports - Institutional | 2 | 4 | – | ||||||
Transfer agent fees - Class A | 8 | 137 | 14 | ||||||
Transfer agent fees - Class C | N/A | 37 | 3 | ||||||
Transfer agent fees - Class J | N/A | 43 | 10 | ||||||
Transfer agent fees - Institutional | 31 | 238 | 2 | ||||||
Chief compliance officer expenses | 2 | 2 | 1 | ||||||
Custodian fees | 31 | 2 | 16 | ||||||
Directors' expenses | 35 | 31 | 17 | ||||||
Professional fees | 25 | 19 | 18 | ||||||
Other expenses | 9 | 13 | 8 | ||||||
Total Gross Expenses | 11,128 | 8,413 | 3,123 | ||||||
Less: Reimbursement from Manager - Class A | 14 | – | 10 | ||||||
Less: Reimbursement from Manager - Class C | N/A | – | 4 | ||||||
Less: Reimbursement from Manager - Institutional | – | 52 | – | ||||||
Less: Reimbursement from Distributor - Class J | N/A | 13 | 1 | ||||||
Total Net Expenses | 11,114 | 8,348 | 3,108 | ||||||
Net Investment Income (Loss) | 116,701 | 41,715 | 5,025 |
See accompanying notes.
26
Statement of Operations | |||||||||
Principal Funds, Inc. | |||||||||
Six Months Ended April 30, 2019 (unaudited) | |||||||||
Inflation Protection | |||||||||
Amounts in thousands | High Yield Fund I | Income Fund | 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 | (39,987 | ) | 12,385 | (6,268 | ) | ||||
Foreign currency contracts | – | – | 816 | ||||||
Foreign currency transactions | – | – | (132 | ) | |||||
Futures contracts | – | – | (4,378 | ) | |||||
Options andswaptions | – | – | (335 | ) | |||||
Swap agreements | 2,360 | – | (1,688 | ) | |||||
Net change in unrealized appreciation/depreciation of: | |||||||||
Investments | 83,280 | 85,592 | 76,171 | ||||||
Foreign currency contracts | – | – | 183 | ||||||
Futures contracts | – | – | (954 | ) | |||||
Options andswaptions | – | – | 608 | ||||||
Swap agreements | 1,331 | – | (1,479 | ) | |||||
Translation of assets and liabilities in foreign currencies | – | – | 42 | ||||||
Net Realized and Unrealized Gain (Loss) on Investments, Foreign currencies, Futures, | |||||||||
Options andSwaptions and Swap agreements | 46,984 | 97,977 | 62,586 | ||||||
Net Increase (Decrease) in Net Assets Resulting from Operations$ | 163,685 | $ | 139,692 | $ | 67,611 |
(a) | Class C shares discontinued operations and converted to ClassAshares on January 11, 2019. |
(b) | Contra-income is a result of a prior year dividend income adjustment for return of capital. |
See accompanying notes.
27
Statement of Operations Principal Funds, Inc.
Six Months Ended April 30, 2019 (unaudited)
International | |||||||||
Emerging Markets | LargeCap Growth | ||||||||
Amounts in thousands | Fund | International Fund I | Fund(a) | ||||||
Net Investment Income (Loss) | |||||||||
Income: | |||||||||
Dividends from affiliated Funds | $ | 155 | $ | 49 | $ | 100 | |||
Dividends | 5,821 | 4,808 | 2,188 | ||||||
Withholding tax | (558 | ) | (303 | ) | – | ||||
Interest | 9 | – | 1 | ||||||
Total Income | 5,427 | 4,554 | 2,289 | ||||||
Expenses: | |||||||||
Management and investment advisory fees | 4,542 | 1,628 | 1,827 | ||||||
Distribution fees - Class A | 101 | 11 | 452 | ||||||
Distribution fees - Class C | 50 | N/A | 29 | ||||||
Distribution fees - Class J | 70 | N/A | 57 | ||||||
Distribution fees - R-1 | 4 | 3 | 7 | ||||||
Distribution fees - R-2 | 3 | 3 | 2 | ||||||
Distribution fees - R-3 | 8 | 4 | 8 | ||||||
Distribution fees - R-4 | 3 | 2 | 3 | ||||||
Administrative service fees - R-1 | 3 | 3 | 5 | ||||||
Administrative service fees - R-2 | 2 | 2 | 1 | ||||||
Administrative service fees - R-3 | 2 | 1 | 3 | ||||||
Administrative service fees - R-4 | 1 | 1 | 1 | ||||||
Administrative service fees - R-5 | 1 | – | 2 | ||||||
Registration fees - Class A | 9 | 8 | 11 | ||||||
Registration fees - Class C | 7 | N/A | 3 | ||||||
Registration fees - Class J | 7 | N/A | 8 | ||||||
Registration fees - Institutional | 8 | 9 | 8 | ||||||
Registration fees - R-6 | 10 | 12 | N/A | ||||||
Service fees - R-1 | 3 | 3 | 5 | ||||||
Service fees - R-2 | 2 | 2 | 1 | ||||||
Service fees - R-3 | 8 | 4 | 8 | ||||||
Service fees - R-4 | 8 | 6 | 8 | ||||||
Service fees - R-5 | 16 | 4 | 51 | ||||||
Shareholder meeting expense - Class A | 4 | – | 10 | ||||||
Shareholder meeting expense - Class J | 4 | N/A | 2 | ||||||
Shareholder meeting expense - Institutional | – | 1 | – | ||||||
Shareholder reports - Class A | 19 | 2 | 61 | ||||||
Shareholder reports -Class C | 3 | N/A | 1 | ||||||
Shareholder reports - Class J | 34 | N/A | 14 | ||||||
Shareholder reports - Institutional | 2 | 2 | 1 | ||||||
Transfer agent fees - Class A | 103 | 13 | 293 | ||||||
Transfer agent fees - Class C | 18 | N/A | 7 | ||||||
Transfer agent fees - Class J | 102 | N/A | 43 | ||||||
Transfer agent fees - Institutional | 57 | 59 | 4 | ||||||
Chief compliance officer expenses | 1 | – | – | ||||||
Custodian fees | 150 | 56 | 1 | ||||||
Directors' expenses | 10 | 5 | 7 | ||||||
Professional fees | 47 | 35 | 11 | ||||||
Other expenses | 26 | 7 | 4 | ||||||
Total Gross Expenses | 5,448 | 1,886 | 2,959 | ||||||
Less: Reimbursement from Manager | 382 | 181 | – | ||||||
Less: Reimbursement from Manager - Class A | 66 | 13 | – | ||||||
Less: Reimbursement from Manager - Class C | 8 | N/A | – | ||||||
Less: Reimbursement from Manager - Class J | 76 | N/A | – | ||||||
Less: Reimbursement from Manager - Institutional | 25 | 22 | 15 | ||||||
Less: Reimbursement from Manager - R-6 | 44 | 31 | N/A | ||||||
Less: Reimbursement from Distributor - Class J | 14 | N/A | 11 | ||||||
Total Net Expenses | 4,833 | 1,639 | 2,933 | ||||||
Net Investment Income (Loss) | 594 | 2,915 | (644 | ) |
See accompanying notes.
28
Statement of Operations | |||||||||
Principal Funds, Inc. | |||||||||
Six Months Ended April 30, 2019 (unaudited) | |||||||||
International | |||||||||
Emerging Markets | LargeCap Growth | ||||||||
Amounts in thousands | Fund | International Fund I | Fund(a) | ||||||
Net Realized and Unrealized Gain (Loss) on Investments and Foreign currencies | |||||||||
Net realized gain (loss) from: | |||||||||
Investment transactions | (5,626 | ) | (8,658 | ) | (10,365 | ) | |||
Foreign currency transactions | (1,429 | ) | (261 | ) | – | ||||
Net change in unrealized appreciation/depreciation of: | |||||||||
Investments (net of foreign taxes of$279, $0 and $0, respectively) | 80,066 | 39,248 | 59,217 | ||||||
Translation of assets and liabilities in foreign currencies | 128 | 24 | – | ||||||
Net Realized and Unrealized Gain (Loss) on Investments and Foreign currencies | 73,139 | 30,353 | 48,852 | ||||||
Net Increase (Decrease) in Net Assets Resulting from Operations$ | 73,733 | $ | 33,268 | $ | 48,208 |
(a) | Class C shares discontinued operations and converted to ClassAshares on January 11, 2019. |
See accompanying notes.
29
Statement of Operations Principal Funds, Inc.
Six Months Ended April 30, 2019 (unaudited)
LargeCap Growth | LargeCap S&P 500 | ||||||||
Amounts in thousands | Fund I | Index Fund | MidCap Fund | ||||||
Net Investment Income (Loss) | |||||||||
Income: | |||||||||
Dividends from affiliated Funds | $ | 1,681 | $ | 988 | $ | 62 | |||
Dividends | 37,614 | 61,533 | 61,626 | ||||||
Withholding tax | (193 | ) | – | (1,895 | ) | ||||
Interest | 53 | 42 | 1 | ||||||
Total Income | 39,155 | 62,563 | 59,794 | ||||||
Expenses: | |||||||||
Management and investment advisory fees | 24,825 | 4,124 | 42,275 | ||||||
Distribution fees -Class A | 52 | 290 | 1,807 | ||||||
Distribution fees -Class C | N/A | 315 | 1,187 | ||||||
Distribution fees -Class J | 138 | 482 | 210 | ||||||
Distribution fees -R-1 | 13 | 27 | 145 | ||||||
Distribution fees -R-2 | 12 | 31 | 33 | ||||||
Distribution fees -R-3 | 120 | 223 | 121 | ||||||
Distribution fees -R-4 | 40 | 73 | 44 | ||||||
Administrative service fees - R-1 | 11 | 21 | 116 | ||||||
Administrative service fees - R-2 | 8 | 21 | 22 | ||||||
Administrative service fees - R-3 | 33 | 62 | 34 | ||||||
Administrative service fees - R-4 | 12 | 22 | 13 | ||||||
Administrative service fees - R-5 | 14 | 16 | 17 | ||||||
Registration fees - Class A | 10 | 14 | 12 | ||||||
Registration fees - Class C | N/A | 9 | 8 | ||||||
Registration fees - Class J | 11 | 11 | 7 | ||||||
Registration fees -Institutional | 11 | 15 | 94 | ||||||
Registration fees - R-6 | 58 | N/A | 16 | ||||||
Service fees -R-1 | 9 | 19 | 103 | ||||||
Service fees -R-2 | 10 | 26 | 28 | ||||||
Service fees -R-3 | 120 | 223 | 121 | ||||||
Service fees -R-4 | 100 | 181 | 110 | ||||||
Service fees -R-5 | 342 | 399 | 410 | ||||||
Shareholder meeting expense -Class A | 1 | 8 | 37 | ||||||
Shareholder meeting expense -Class C | N/A | 1 | 5 | ||||||
Shareholder meeting expense -Class J | 2 | 8 | 6 | ||||||
Shareholder meeting expense - Institutional | 3 | 2 | 315 | ||||||
Shareholder meeting expense -R-6 | 1 | N/A | 5 | ||||||
Shareholder reports -Class A | 3 | 39 | 101 | ||||||
Shareholder reports -Class C | N/A | 5 | 16 | ||||||
Shareholder reports -Class J | 19 | 73 | 37 | ||||||
Shareholder reports - Institutional | 11 | 5 | 773 | ||||||
Shareholder reports -R-6 | 4 | N/A | 10 | ||||||
Transfer agentfees -Class A | 29 | 227 | 944 | ||||||
Transfer agentfees -Class C | N/A | 34 | 109 | ||||||
Transfer agentfees -Class J | 66 | 233 | 120 | ||||||
Transfer agentfees - Institutional | 962 | 138 | 4,814 | ||||||
Chief compliance officer expenses | 5 | 4 | 10 | ||||||
Custodian fees | 16 | 5 | 6 | ||||||
Directors' expenses | 87 | 58 | 156 | ||||||
Professional fees | 15 | 14 | 19 | ||||||
Other expenses | 32 | 51 | 214 | ||||||
Total Gross Expenses | 27,205 | 7,509 | 54,630 | ||||||
Less: Reimbursement from Manager | 662 | – | – | ||||||
Less: Reimbursement from Manager - Class C | N/A | 5 | – | ||||||
Less: Reimbursement from Manager -Institutional | – | – | 272 | ||||||
Less: Reimbursement from Distributor - Class J | 28 | 96 | 42 | ||||||
Total Net Expenses | 26,515 | 7,408 | 54,316 | ||||||
Net Investment Income (Loss) | 12,640 | 55,155 | 5,478 |
See accompanying notes.
30
Statement of Operations | |||||||||
Principal Funds, Inc. | |||||||||
Six Months Ended April 30, 2019 (unaudited) | |||||||||
LargeCap Growth | LargeCap S&P 500 | ||||||||
Amounts in thousands | Fund I | Index Fund | MidCap Fund | ||||||
Net Realized and Unrealized Gain (Loss) on Investments, Foreign currencies and Futures | |||||||||
Net realized gain (loss) from: | |||||||||
Investment transactions | 455,319 | 42,221 | 399,035 | ||||||
Investment transactions in affiliated Funds | (11 | ) | – | – | |||||
Futures contracts | (1,083 | ) | 4,073 | – | |||||
Net change in unrealized appreciation/depreciation of: | |||||||||
Investments | 627,281 | 420,161 | 2,111,762 | ||||||
Investments in affiliated Funds | 102 | – | – | ||||||
Investment in affiliated securities | – | – | 79,001 | ||||||
Futures contracts | 1,269 | 9,924 | – | ||||||
Net Realized and Unrealized Gain (Loss) on Investments, Foreign currencies and Futures | 1,082,877 | 476,379 | 2,589,798 | ||||||
Net Increase (Decrease) in Net Assets Resulting from Operations$ | 1,095,517 | $ | 531,534 | $ | 2,595,276 |
See accompanying notes.
31
Statement of Operations | |||||||||
Principal Funds, Inc. | |||||||||
Six Months Ended April 30, 2019 (unaudited) | |||||||||
MidCap Value Fund | Principal Capital | ||||||||
Amounts in thousands | I(a) | Money Market Fund | Appreciation Fund | ||||||
Net Investment Income (Loss) | |||||||||
Income: | |||||||||
Dividends from affiliated Funds | $ | 195 | $ | – | $ | 425 | |||
Dividends | 9,379 | 257 | 16,901 | ||||||
Withholding tax | (1 | ) | – | (8 | ) | ||||
Interest | 4 | 6,144 | 4 | ||||||
Total Income | 9,577 | 6,401 | 17,322 | ||||||
Expenses: | |||||||||
Management and investment advisory fees | 4,668 | 1,009 | 4,185 | ||||||
Distribution fees - Class A | 3 | – | 1,155 | ||||||
Distribution fees - Class C | N/A | N/A | 224 | ||||||
Distribution fees - Class J | 53 | 199 | N/A | ||||||
Distribution fees - R-1 | 5 | N/A | 4 | ||||||
Distribution fees - R-2 | 4 | N/A | 4 | ||||||
Distribution fees - R-3 | 12 | N/A | 20 | ||||||
Distribution fees - R-4 | 4 | N/A | 8 | ||||||
Administrative service fees - R-1 | 4 | N/A | 3 | ||||||
Administrative service fees - R-2 | 3 | N/A | 3 | ||||||
Administrative service fees - R-3 | 3 | N/A | 6 | ||||||
Administrative service fees - R-4 | 1 | N/A | 2 | ||||||
Administrative service fees - R-5 | 1 | N/A | 2 | ||||||
Registration fees - Class A | 1 | 23 | 37 | ||||||
Registration fees - Class C | N/A | N/A | 8 | ||||||
Registration fees - Class J | 8 | 16 | N/A | ||||||
Registration fees - Institutional | 21 | N/A | 19 | ||||||
Registration fees - R-6 | 2 | N/A | N/A | ||||||
Service fees - R-1 | 4 | N/A | 3 | ||||||
Service fees - R-2 | 3 | N/A | 4 | ||||||
Service fees - R-3 | 11 | N/A | 20 | ||||||
Service fees - R-4 | 10 | N/A | 21 | ||||||
Service fees - R-5 | 31 | N/A | 46 | ||||||
Shareholder meeting expense - Class A | N/A | 6 | 13 | ||||||
Shareholder meeting expense - Class C | N/A | N/A | 1 | ||||||
Shareholder meeting expense - Class J | 4 | 6 | N/A | ||||||
Shareholder meeting expense - Institutional | 2 | N/A | 1 | ||||||
Shareholder reports - Class A | – | 27 | 69 | ||||||
Shareholder reports - Class C | N/A | N/A | 6 | ||||||
Shareholder reports - Class J | 13 | 58 | N/A | ||||||
Shareholder reports - Institutional | 4 | N/A | 3 | ||||||
Transfer agent fees - Class A | 2 | 177 | 460 | ||||||
Transfer agent fees - Class C | N/A | N/A | 34 | ||||||
Transfer agent fees - Class J | 51 | 150 | N/A | ||||||
Transfer agent fees - Institutional | 71 | N/A | 71 | ||||||
Chief compliance officer expenses | 1 | – | 1 | ||||||
Custodian fees | 20 | 6 | 1 | ||||||
Directors' expenses | 11 | 6 | 19 | ||||||
Professional fees | 12 | 15 | 12 | ||||||
Other expenses | 5 | 3 | 9 | ||||||
Total Gross Expenses | 5,048 | 1,701 | 6,474 | ||||||
Less: Reimbursement from Manager | 513 | – | – | ||||||
Less: Reimbursement from Manager - Class A | – | 127 | – | ||||||
Less: Reimbursement from Manager - Institutional | 3 | N/A | 155 | ||||||
Less: Reimbursement from Distributor - Class J | 11 | 199 | N/A | ||||||
Total Net Expenses | 4,521 | 1,375 | 6,319 | ||||||
Net Investment Income (Loss) | 5,056 | 5,026 | 11,003 |
See accompanying notes.
32
Statement of Operations | |||||||||
Principal Funds, Inc. | |||||||||
Six Months Ended April 30, 2019 (unaudited) | |||||||||
MidCap Value Fund | Principal Capital | ||||||||
Amounts in thousands | I(a) | Money Market Fund | Appreciation Fund | ||||||
Net Realized and Unrealized Gain (Loss) on Investments, Foreign currencies and Futures | |||||||||
Net realized gain (loss) from: | |||||||||
Investment transactions | 10,653 | 126 | 98,102 | ||||||
Investment transactions in affiliated Funds | 13 | – | – | ||||||
Futures contracts | 312 | – | – | ||||||
Net change in unrealized appreciation/depreciation of: | |||||||||
Investments | 70,070 | – | 81,556 | ||||||
Investments in affiliated Funds | 15 | – | – | ||||||
Futures contracts | 380 | – | – | ||||||
Net Realized and Unrealized Gain (Loss) on Investments, Foreign currencies and Futures | 81,443 | 126 | 179,658 | ||||||
Net Increase (Decrease) in Net Assets Resulting from Operations$ | 86,499 | $ | 5,152 | $ | 190,661 | ||||
(a)Class A and R-6 commenced operations on April 2, 2019. |
See accompanying notes.
33
Statement of Operations Principal Funds, Inc.
Six Months Ended April 30, 2019 (unaudited)
Real Estate Securities | Short-Term Income | ||||||||
Amounts in thousands | Fund | Fund | SmallCap Fund | ||||||
Net Investment Income (Loss) | |||||||||
Income: | |||||||||
Dividends from affiliated Funds | $ | 519 | $ | 626 | $ | 146 | |||
Dividends | 51,121 | – | 3,774 | ||||||
Withholding tax | – | – | (7 | ) | |||||
Interest | 3 | 69,940 | – | ||||||
Total Income | 51,643 | 70,566 | 3,913 | ||||||
Expenses: | |||||||||
Management and investment advisory fees | 15,489 | 9,608 | 2,373 | ||||||
Distribution fees -Class A | 358 | 222 | 270 | ||||||
Distribution fees -Class C | 234 | 322 | 154 | ||||||
Distribution fees -Class J | 116 | 94 | 141 | ||||||
Distribution fees -R-1 | 7 | 1 | 4 | ||||||
Distribution fees -R-2 | 21 | 2 | 5 | ||||||
Distribution fees -R-3 | 48 | 17 | 14 | ||||||
Distribution fees -R-4 | 18 | 2 | 11 | ||||||
Administrative service fees - R-1 | 5 | 1 | 3 | ||||||
Administrative service fees - R-2 | 14 | 1 | 4 | ||||||
Administrative service fees - R-3 | 13 | 5 | 4 | ||||||
Administrative service fees - R-4 | 6 | 1 | 3 | ||||||
Administrative service fees - R-5 | 8 | 1 | 1 | ||||||
Registration fees - Class A | 15 | 15 | 10 | ||||||
Registration fees - Class C | 8 | 8 | 8 | ||||||
Registration fees - Class J | 7 | 10 | 7 | ||||||
Registration fees -Institutional | 24 | 27 | 10 | ||||||
Registration fees - R-6 | 12 | N/A | 9 | ||||||
Service fees -R-1 | 5 | 1 | 3 | ||||||
Service fees -R-2 | 17 | 2 | 4 | ||||||
Service fees -R-3 | 48 | 17 | 14 | ||||||
Service fees -R-4 | 45 | 6 | 28 | ||||||
Service fees -R-5 | 189 | 15 | 28 | ||||||
Shareholder meeting expense -Class A | 7 | 3 | 7 | ||||||
Shareholder meeting expense -Class C | 1 | 1 | 1 | ||||||
Shareholder meeting expense -Class J | 4 | 2 | 4 | ||||||
Shareholder meeting expense - Institutional | 24 | 3 | 1 | ||||||
Shareholder meeting expense -R-6 | 2 | N/A | – | ||||||
Shareholder reports -Class A | 37 | 17 | 31 | ||||||
Shareholder reports -Class C | 7 | 6 | 5 | ||||||
Shareholder reports -Class J | 37 | 17 | 37 | ||||||
Shareholder reports - Institutional | 98 | 11 | 5 | ||||||
Shareholder reports -R-6 | 2 | N/A | – | ||||||
Transfer agentfees -Class A | 230 | 148 | 175 | ||||||
Transfer agentfees -Class C | 37 | 38 | 27 | ||||||
Transfer agentfees -Class J | 116 | 58 | 119 | ||||||
Transfer agentfees - Institutional | 899 | 322 | 41 | ||||||
Chief compliance officer expenses | 2 | 3 | – | ||||||
Custodian fees | 1 | 6 | 2 | ||||||
Directors' expenses | 40 | 52 | 8 | ||||||
Professional fees | 12 | 18 | 11 | ||||||
Other expenses | 16 | 19 | 4 | ||||||
Total Gross Expenses | 18,279 | 11,102 | 3,586 | ||||||
Less: Reimbursement from Manager -Institutional | 184 | – | 16 | ||||||
Less: Reimbursement from Manager - R-6 | – | N/A | 6 | ||||||
Less: Reimbursement from Distributor - Class J | 23 | 19 | 28 | ||||||
Total Net Expenses | 18,072 | 11,083 | 3,536 | ||||||
Net Investment Income (Loss) | 33,571 | 59,483 | 377 | ||||||
Net Realized and Unrealized Gain (Loss) on Investments | |||||||||
Net realized gain (loss) from: | |||||||||
Investment transactions | 49,712 | (238 | ) | 11,339 | |||||
Net change in unrealized appreciation/depreciation of: | |||||||||
Investments | 420,331 | 64,404 | 45,057 | ||||||
Net Realized and Unrealized Gain (Loss) on Investments | 470,043 | 64,166 | 56,396 | ||||||
Net Increase (Decrease) in Net Assets Resulting from Operations$ | 503,614 | $ | 123,649 | $ | 56,773 |
See accompanying notes.
34
Statement of Operations Principal Funds, Inc.
Six Months Ended April 30, 2019 (unaudited)
SmallCap Value Fund | Tax-Exempt Bond | |||||
Amounts in thousands | II | Fund | ||||
Net Investment Income (Loss) | ||||||
Income: | ||||||
Dividends from affiliated Funds | $ | 329 | $ | – | ||
Dividends | 9,816 | 10 | ||||
Withholding tax | (5 | ) | – | |||
Interest | 5 | 8,878 | ||||
Total Income | 10,145 | 8,888 | ||||
Expenses: | ||||||
Management and investment advisory fees | 5,160 | 888 | ||||
Distribution fees -Class A | 9 | 354 | ||||
Distribution fees -Class C | N/A | 151 | ||||
Distribution fees -Class J | 13 | N/A | ||||
Distribution fees -R-1 | 2 | N/A | ||||
Distribution fees -R-2 | 3 | N/A | ||||
Distribution fees -R-3 | 10 | N/A | ||||
Distribution fees -R-4 | 2 | N/A | ||||
Administrative service fees - R-1 | 1 | N/A | ||||
Administrative service fees - R-2 | 2 | N/A | ||||
Administrative service fees - R-3 | 3 | N/A | ||||
Administrative service fees - R-4 | 1 | N/A | ||||
Administrative service fees - R-5 | 1 | N/A | ||||
Registration fees - Class A | 8 | 18 | ||||
Registration fees - Class C | N/A | 11 | ||||
Registration fees - Class J | 10 | N/A | ||||
Registration fees -Institutional | 7 | 14 | ||||
Registration fees - R-6 | 14 | N/A | ||||
Service fees -R-1 | 1 | N/A | ||||
Service fees -R-2 | 2 | N/A | ||||
Service fees -R-3 | 10 | N/A | ||||
Service fees -R-4 | 6 | N/A | ||||
Service fees -R-5 | 27 | N/A | ||||
Shareholder meeting expense -Class A | – | 2 | ||||
Shareholder meeting expense -Class J | 1 | N/A | ||||
Shareholder meeting expense - Institutional | – | 1 | ||||
Shareholder reports -Class A | 1 | 6 | ||||
Shareholder reports -Class C | N/A | 1 | ||||
Shareholder reports -Class J | 3 | N/A | ||||
Shareholder reports - Institutional | 2 | 1 | ||||
Shareholder reports -R-6 | 3 | N/A | ||||
Transfer agentfees -Class A | 12 | 74 | ||||
Transfer agentfees -Class C | N/A | 15 | ||||
Transfer agentfees -Class J | 17 | N/A | ||||
Transfer agentfees - Institutional | 58 | 32 | ||||
Chief compliance officer expenses | 1 | – | ||||
Custodian fees | 36 | – | ||||
Directors' expenses | 13 | 5 | ||||
Interest expense and fees | – | 175 | ||||
Professional fees | 12 | 16 | ||||
Other expenses | 6 | 4 | ||||
Total Gross Expenses | 5,457 | 1,768 | ||||
Less: Reimbursement from Manager | 211 | – | ||||
Less: Reimbursement from Manager - Class A | 14 | – | ||||
Less: Reimbursement from Manager - Class C | N/A | 6 | ||||
Less: Reimbursement from Manager -Institutional | 50 | 26 | ||||
Less: Reimbursement from Distributor - Class J | 3 | N/A | ||||
Total Net Expenses | 5,179 | 1,736 | ||||
Net Investment Income (Loss) | 4,966 | 7,152 | ||||
Net Realized and Unrealized Gain (Loss) on Investments, Foreign currencies and Futures | ||||||
Net realized gain (loss) from: | ||||||
Investment transactions | (29,087 | ) | 934 | |||
Futures contracts | 76 | – | ||||
Net change in unrealized appreciation/depreciation of: | ||||||
Investments | 84,533 | 15,121 | ||||
Investments in affiliated Funds | 33 | – | ||||
Futures contracts | 553 | – | ||||
Net Realized and Unrealized Gain (Loss) on Investments, Foreign currencies and Futures | 56,108 | 16,055 | ||||
Net Increase (Decrease) in Net Assets Resulting from Operations$ | 61,074 | $ | 23,207 |
See accompanying notes.
35
Statement of Changes in Net Assets | ||||||||
Principal Funds, Inc. | ||||||||
(unaudited) | ||||||||
Amounts in thousands | California Municipal Fund | |||||||
Period Ended | Year Ended | |||||||
April 30, 2019 | October 31, 2018 | |||||||
Operations | ||||||||
Net investment income (loss) | $ | 6,875 | $ | 14,308 | ||||
Net realized gain (loss) on investments . | (1,131 | ) | (3,470 | ) | ||||
Net change in unrealized appreciation/depreciation of investments | 16,156 | (15,591 | ) | |||||
Net Increase (Decrease) in Net Assets Resulting from Operations | 21,900 | (4,753 | ) | |||||
Dividends and Distributions to Shareholders | ||||||||
From net investment income and net realized gain on investments | (6,178 | ) | (13,090 | ) | ||||
Total Dividends and Distributions | (6,178 | ) | (13,090 | ) | ||||
Capital Share Transactions | ||||||||
Net increase (decrease) in capital share transactions | 2,571 | 8,798 | ||||||
Total Increase (Decrease) in Net Assets | 18,293 | (9,045 | ) | |||||
Net Assets | ||||||||
Beginning of period | 413,115 | 422,160 | ||||||
End of period | $ | 431,408 | $ | 413,115 | ||||
Class A | Class C | Institutional | ||||||
Capital Share Transactions: | ||||||||
Period EndedApril 30, 2019 | ||||||||
Dollars: | ||||||||
Sold | $ | 53,295 | $ | 5,265 | $ | 32,839 | ||
Reinvested | 4,049 | 333 | 1,094 | |||||
Redeemed | (51,120 | ) | (5,438 | ) | (37,746 | ) | ||
Net Increase (Decrease) | $ | 6,224 | $ | 160 | $ | (3,813 | ) | |
Shares: | ||||||||
Sold | 5,168 | 509 | 3,194 | |||||
Reinvested | 392 | 32 | 106 | |||||
Redeemed | (4,983 | ) | (529 | ) | (3,695 | ) | ||
Net Increase (Decrease) | 577 | 12 | (395 | ) | ||||
Year EndedOctober 31, 2018 | ||||||||
Dollars: | ||||||||
Sold | $ | 85,275 | $ | 7,518 | $ | 64,156 | ||
Reinvested | 8,359 | 744 | 2,357 | |||||
Redeemed | (89,935 | ) | (12,686 | ) | (56,990 | ) | ||
Net Increase (Decrease) | $ | 3,699 | $ | (4,424 | ) $ | 9,523 | ||
Shares: | ||||||||
Sold | 8,208 | 725 | 6,179 | |||||
Reinvested | 808 | 72 | 227 | |||||
Redeemed | (8,668 | ) | (1,222 | ) | (5,505 | ) | ||
Net Increase (Decrease) | 348 | (425 | ) | 901 | ||||
Distributions: | ||||||||
Period EndedApril 30, 2019 | ||||||||
From net investment income and net realized gain on investments | $ | (4,342 | ) $ | (368 | ) $ | (1,468 | ) | |
Total Dividends and Distributions | $ | (4,342 | ) $ | (368 | ) $ | (1,468 | ) | |
Year Ended October 31, 2018 | ||||||||
From net investment income and net realized gain on investments | $ | (9,089 | ) $ | (839 | ) $ | (3,162 | ) | |
Total Dividends and Distributions | $ | (9,089 | ) $ | (839 | ) $ | (3,162 | ) |
See accompanying notes.
36
Statement of Changes in Net Assets | |||||||||||||||||||
Principal Funds, Inc. | |||||||||||||||||||
(unaudited) | |||||||||||||||||||
Amounts in thousands | Core Plus Bond Fund | ||||||||||||||||||
Period Ended | Year Ended | ||||||||||||||||||
April 30, 2019 | October 31, 2018 | ||||||||||||||||||
Operations | |||||||||||||||||||
Net investment income (loss) | $ | 52,787 | $ | 103,854 | |||||||||||||||
Net realized gain (loss) on investments, Foreign currencies, Futuresand Swap agreements | (16,360 | ) | (40,293 | ) | |||||||||||||||
Net change in unrealized appreciation/depreciation of investments, Foreign currencies, Futures, Swap agreementsand | |||||||||||||||||||
Translation of assets & liabilities in foreign currencies | 124,872 | (144,026 | ) | ||||||||||||||||
Net Increase (Decrease) in Net Assets Resulting from Operations | 161,299 | (80,465 | ) | ||||||||||||||||
Dividends and Distributions to Shareholders | |||||||||||||||||||
From net investment income and net realized gain on investments | (52,458 | ) | (111,339 | ) | |||||||||||||||
Total Dividends and Distributions | (52,458 | ) | (111,339 | ) | |||||||||||||||
Capital Share Transactions | |||||||||||||||||||
Net increase (decrease) in capital share transactions | (204,226 | ) | (157,162 | ) | |||||||||||||||
Total Increase (Decrease) in Net Assets | (95,385 | ) | (348,966 | ) | |||||||||||||||
Net Assets | |||||||||||||||||||
Beginning of period | 3,221,422 | 3,570,388 | |||||||||||||||||
End of period | $ | 3,126,037 | $ | 3,221,422 | |||||||||||||||
Class A | Class C | Class J | Institutional | R-1 | R-2 | R-3 | R-4 | R-5 | |||||||||||
Capital Share Transactions: | |||||||||||||||||||
Period EndedApril 30, 2019(a) | |||||||||||||||||||
Dollars: | |||||||||||||||||||
Sold | $ | 10,248 | $ | 216 | $ | 2,878 | $ | 78,322 | $ | 370 | $ | 355 | $ | 2,148 | $ | 974 | $ | 5,080 | |
Reinvested | 1,166 | 25 | 1,941 | 48,111 | 56 | 52 | 235 | 150 | 645 | ||||||||||
Redeemed | (6,588 | ) | (6,814 | ) | (7,597) | (320,618) | (550 | ) | (517 | ) | (1,845 | ) | (1,949 | ) | (10,720 | ) | |||
Net Increase (Decrease) | $ | 4,826 | $ | (6,573 | ) $ | (2,778) | $ (194,185) $ | (124 | ) $ | (110 | ) $ | 538 | $ | (825 | ) $ | (4,995 | ) | ||
Shares: | |||||||||||||||||||
Sold | 977 | 21 | 271 | 7,440 | 35 | 34 | 204 | 91 | 484 | ||||||||||
Reinvested | 111 | 2 | 183 | 4,567 | 6 | 5 | 23 | 14 | 62 | ||||||||||
Redeemed | (626 | ) | (651 | ) | (717 | ) | (30,607 | ) | (52 | ) | (50 | ) | (177 | ) | (183 | ) | (1,029 | ) | |
Net Increase (Decrease) | 462 | (628 | ) | (263 | ) | (18,600 | ) | (11 | ) | (11 | ) | 50 | (78 | ) | (483 | ) | |||
Year EndedOctober 31, 2018 | |||||||||||||||||||
Dollars: | |||||||||||||||||||
Sold | $ | 5,163 | $ | 821 | $ | 5,668 | $ 537,028 $ | 1,136 | $ | 732 | $ | 3,276 | $ | 4,166 | $ | 7,125 | |||
Reinvested | 2,426 | 157 | 4,251 | 101,620 | 117 | 129 | 532 | 398 | 1,537 | ||||||||||
Redeemed | (15,171 | ) | (2,603 | ) | (18,269) | (759,454) | (1,637 | ) | (3,062 | ) | (7,343 | ) | (8,975 | ) | (16,930 | ) | |||
Net Increase (Decrease) | $ | (7,582 | ) $ | (1,625 | ) $ | (8,350) | $ (120,806) $ | (384 | ) $ | (2,201 | ) $ | (3,535 | ) $ | (4,411 | ) $ | (8,268 | ) | ||
Shares: | |||||||||||||||||||
Sold | 480 | 77 | 524 | 50,618 | 106 | 69 | 308 | 385 | 667 | ||||||||||
Reinvested | 228 | 15 | 396 | 9,536 | 11 | 12 | 50 | 37 | 145 | ||||||||||
Redeemed | (1,420 | ) | (245 | ) | (1,696 | ) | (70,817 | ) | (153 | ) | (287 | ) | (689 | ) | (830 | ) | (1,585 | ) | |
Net Increase (Decrease) | (712 | ) | (153 | ) | (776 | ) | (10,663 | ) | (36 | ) | (206 | ) | (331 | ) | (408 | ) | (773 | ) | |
Distributions: | |||||||||||||||||||
Period EndedApril 30, 2019(a) | |||||||||||||||||||
From net investment income and net realized | |||||||||||||||||||
gain on investments | $ | (1,220 | ) $ | (30 | ) $ | (1,957 | ) $ | (48,112 | ) $ | (56 | ) $ | (53 | ) $ | (235 | ) $ | (150 | ) $ | (645 | ) |
Total Dividends and Distributions | $ | (1,220 | ) $ | (30 | ) $ | (1,957 | ) $ | (48,112 | ) $ | (56 | ) $ | (53 | ) $ | (235 | ) $ | (150 | ) $ | (645 | ) |
Year Ended October 31, 2018 | |||||||||||||||||||
From net investment income and net realized | |||||||||||||||||||
gain on investments | $ | (2,550 | ) $ | (166 | ) $ | (4,284) | $ (101,621) $ | (117 | ) $ | (131 | ) $ | (533 | ) $ | (399 | ) $ | (1,538 | ) | ||
Total Dividends and Distributions | $ | (2,550 | ) $ | (166 | ) $ | (4,284) | $ (101,621) $ | (117 | ) $ | (131 | ) $ | (533 | ) $ | (399 | ) $ | (1,538 | ) |
(a) | Class C shares discontinued operations and converted to ClassAshares on January 11, 2019. |
See accompanying notes.
37
Statement of Changes in Net Assets | ||||||||||||||||||||||
Principal Funds, Inc. | ||||||||||||||||||||||
(unaudited) | ||||||||||||||||||||||
Amounts in thousands | Diversified International Fund | |||||||||||||||||||||
Period Ended | Year Ended | |||||||||||||||||||||
April 30, 2019 | October 31, 2018 | |||||||||||||||||||||
Operations | ||||||||||||||||||||||
Net investment income (loss) | $ | 110,868 | $ | 232,314 | ||||||||||||||||||
Net realized gain (loss) on investmentsand Foreign currencies | (285,814 | ) | 545,332 | |||||||||||||||||||
Net change in unrealized appreciation/depreciation of investments and Translation of assets & liabilities in foreign currencies | 963,538 | (2,091,430 | ) | |||||||||||||||||||
Net Increase (Decrease) in Net Assets Resulting from Operations | 788,592 | (1,313,784 | ) | |||||||||||||||||||
Dividends and Distributions to Shareholders | ||||||||||||||||||||||
From net investment income and net realized gain on investments | (700,745 | ) | (217,968 | ) | ||||||||||||||||||
Total Dividends and Distributions | (700,745 | ) | (217,968 | ) | ||||||||||||||||||
Capital Share Transactions | ||||||||||||||||||||||
Net increase (decrease) in capital share transactions | 926,601 | 323,553 | ||||||||||||||||||||
Total Increase (Decrease) in Net Assets | 1,014,448 | (1,208,199 | ) | |||||||||||||||||||
Net Assets | ||||||||||||||||||||||
Beginning of period | 10,893,358 | 12,101,557 | ||||||||||||||||||||
End of period | $ | 11,907,806 | $ | 10,893,358 | ||||||||||||||||||
Class A | Class C | Class J | Institutional | R-1 | R-2 | R-3 | R-4 | R-5 | R-6 | |||||||||||||
Capital Share Transactions: | ||||||||||||||||||||||
Period EndedApril 30, 2019(a), | ||||||||||||||||||||||
Dollars: | ||||||||||||||||||||||
Sold | $ | 9,362 | $ | 1,404 | $ | 2,007 | $ | 541,576 | $ | 195 | $ | 431 | $ | 1,029 | $ | 1,316 | $ | 5,675 | $ 10,788,598 | |||
Reinvested | 11,298 | 719 | 9,369 | 672,196 | 221 | 209 | 858 | 1,638 | 2,757 | – | ||||||||||||
Redeemed | (16,364 | ) | (5,035) | (10,026) | (1.0,969,257) | (438 | ) | (844 | ) | (2,553 | ) | (11,203 | ) | (10,472 | ) | (98,065 | ) | |||||
Net Increase (Decrease) | $ | 4,296 | $ | (2,912 | ) $ | 1,350 | $ | (9,755,485 | ) $ | (22 | ) $ | (204 | ) $ | (666 | ) $ | (8,249 | ) $ | (2,040) | $ 10,690,533 | |||
Shares: | ||||||||||||||||||||||
Sold | 811 | 124 | 172 | 47,824 | 17 | 38 | 87 | 112 | 475 | 918,312 | ||||||||||||
Reinvested | 1,040 | 66 | 873 | 62,212 | 20 | 19 | 79 | 149 | 252 | – | ||||||||||||
Redeemed | (1,389 | ) | (437 | ) | (862 | ) | (935,609 | ) | (38 | ) | (74 | ) | (215 | ) | (981 | ) | (914 | ) | (8,161 | ) | ||
Net Increase (Decrease) | 462 | (247 | ) | 183 | (825,573 | ) | (1 | ) | (17 | ) | (49 | ) | (720 | ) | (187 | ) | 910,151 | |||||
Year EndedOctober 31, 2018 | ||||||||||||||||||||||
Dollars: | ||||||||||||||||||||||
Sold | $ | 22,242 | $ | 4,460 | $ | 9,991 | $ | 1,673,945 | $ | 901 | $ | 944 | $ | 2,294 | $ | 7,994 | $ | 8,818 | N/A | |||
Reinvested | 3,063 | 111 | 2,918 | 209,591 | 44 | 69 | 310 | 581 | 870 | N/A | ||||||||||||
Redeemed | (34,515 | ) | (3,681) | (28,201) | (1,507,800 | ) | (1,351 | ) | (3,411 | ) | (11,415 | ) | (19,008 | ) | (16,211 | ) | N/A | |||||
Net Increase (Decrease) | $ | (9,210 | ) $ | 890 | $ (15,292) $ | 375,736 | $ | (406 | ) $ | (2,398 | ) $ | (8,811 | ) $ | (10,433 | ) $ | (6,523 | ) | N/A | ||||
Shares: | ||||||||||||||||||||||
Sold | 1,607 | 318 | 723 | 121,127 | 66 | 67 | 167 | 572 | 630 | N/A | ||||||||||||
Reinvested | 219 | 8 | 212 | 15,111 | 3 | 5 | 22 | 41 | 62 | N/A | ||||||||||||
Redeemed | (2,510 | ) | (268 | ) | (2,070 | ) | (110,767 | ) | (98 | ) | (245 | ) | (829 | ) | (1,353 | ) | (1,159 | ) | N/A | |||
Net Increase (Decrease) | (684 | ) | 58 | (1,135 | ) | 25,471 | (29 | ) | (173 | ) | (640 | ) | (740 | ) | (467 | ) | N/A | |||||
Distributions: | ||||||||||||||||||||||
Period EndedApril 30, 2019(a) | ||||||||||||||||||||||
From net investment income and | ||||||||||||||||||||||
net realized gain on investments. $ | (12,672 | ) $ | (749 | ) $ | (9,375 | ) $ | (672,250 | ) $ | (221 | ) $ | (225 | ) $ | (858 | ) $ | (1,638 | ) $ | (2,757 | ) $ | – | |||
Total Dividends and | ||||||||||||||||||||||
Distributions | $ | (12,672 | ) $ | (749) | $ (9,375) $ | (672,250 | ) $ | (221 | ) $ | (225 | ) $ | (858 | ) $ | (1,638 | ) $ | (2,757 | ) $ | – | ||||
Year Ended October 31, 2018 | ||||||||||||||||||||||
From net investment income and | ||||||||||||||||||||||
net realized gain on investments. $ | (3,447 | ) $ | (115 | ) $ | (2,920 | ) $ | (209,607 | ) $ | (44 | ) $ | (74 | ) $ | (310 | ) $ | (581 | ) $ | (870 | ) | N/A | |||
Total Dividends and | ||||||||||||||||||||||
Distributions | $ | (3,447 | ) $ | (115) | $ (2,920) $ | (209,607 | ) $ | (44 | ) $ | (74 | ) $ | (310 | ) $ | (581 | ) $ | (870 | ) | N/A |
(a) | Period from March 1, 2019, date operations commenced, throughApril 30, 2019 for Class R-6 shares. |
See accompanying notes.
38
Statement of Changes in Net Assets | ||||||||||||||||||||
Principal Funds, Inc. | ||||||||||||||||||||
(unaudited) | ||||||||||||||||||||
Amounts in thousands | Equity Income Fund | |||||||||||||||||||
Period Ended | Year Ended | |||||||||||||||||||
April 30, 2019 | October 31, 2018 | |||||||||||||||||||
Operations | ||||||||||||||||||||
Net investment income (loss) | $ | 81,223 | $ | 157,955 | ||||||||||||||||
Net realized gain (loss) on investments . | 32,300 | 347,545 | ||||||||||||||||||
Net change in unrealized appreciation/depreciation of investments | 535,113 | (173,363 | ) | |||||||||||||||||
Net Increase (Decrease) in Net Assets Resulting from Operations | 648,636 | 332,137 | ||||||||||||||||||
Dividends and Distributions to Shareholders | ||||||||||||||||||||
From net investment income and net realized gain on investments | (406,875 | ) | (461,806 | ) | ||||||||||||||||
Total Dividends and Distributions | (406,875 | ) | (461,806 | ) | ||||||||||||||||
Capital Share Transactions | ||||||||||||||||||||
Net increase (decrease) in capital share transactions | 176,204 | 575,190 | ||||||||||||||||||
Total Increase (Decrease) in Net Assets | 417,965 | 445,521 | ||||||||||||||||||
Net Assets | ||||||||||||||||||||
Beginning of period | 7,005,406 | 6,559,885 | ||||||||||||||||||
End of period | $ | 7,423,371 | $ | 7,005,406 | ||||||||||||||||
Class A | Class C | Class J | Institutional | R-1 | R-2 | R-3 | R-4 | R-5 | ||||||||||||
Capital Share Transactions: | ||||||||||||||||||||
Period EndedApril 30, 2019 | ||||||||||||||||||||
Dollars: | ||||||||||||||||||||
Sold | $ | 92,421 | $ | 18,299 | $ | 2,199 | $ | 289,785 | $ | 308 | $ | 424 | $ | 3,094 | $ | 3,544 | $ | 48,545 | ||
Reinvested | 60,016 | 9,116 | 3,546 | 318,822 | 159 | 169 | 2,239 | 1,914 | 6,916 | |||||||||||
Redeemed | (125,312) | (59,664 | ) | (3,524) | (466,036) | (327 | ) | (908 | ) | (10,070 | ) | (3,200 | ) | (16,271 | ) | |||||
Net Increase (Decrease) | $ | 27,125 | $ | (32,249 | ) $ | 2,221 | $ | 142,571 | $ | 140 | $ | (315 | ) $ | (4,737 | ) $ | 2,258 | $ | 39,190 | ||
Shares: | ||||||||||||||||||||
Sold | 3,146 | 641 | 74 | 9,691 | 10 | 15 | 103 | 116 | 1,601 | |||||||||||
Reinvested | 2,146 | 337 | 127 | 11,371 | 6 | 6 | 80 | 68 | 247 | |||||||||||
Redeemed | (4,149 | ) | (2,094 | ) | (118 | ) | (15,583 | ) | (11 | ) | (31 | ) | (345 | ) | (108 | ) | (555 | ) | ||
Net Increase (Decrease) | 1,143 | (1,116 | ) | 83 | 5,479 | 5 | (10 | ) | (162 | ) | 76 | 1,293 | ||||||||
Year EndedOctober 31, 2018(a) | ||||||||||||||||||||
Dollars: | ||||||||||||||||||||
Sold | $ | 75,745 | $ | 21,324 | $ | 379 | $ 1,050,036 $ | 365 | $ | 1,079 | $ | 5,537 | $ | 4,596 | $ | 9,398 | ||||
Issued in acquisitions | 181,444 | 6,157 | 63,092 | 14,639 | 1,010 | 1,556 | 2,368 | 1,070 | 3,012 | |||||||||||
Reinvested | 60,728 | 10,661 | – | 371,170 | 155 | 177 | 2,947 | 2,696 | 8,400 | |||||||||||
Redeemed | (167,906) | (45,157 | ) | (481) | (1,042,113) | (1,121 | ) | (1,895 | ) | (19,561 | ) | (16,894 | ) | (29,423 | ) | |||||
Net Increase (Decrease) | $ | 150,011 | $ | (7,015 | ) $ | 62,990 | $ | 393,732 | $ | 409 | $ | 917 | $ | (8,709 | ) $ | (8,532 | ) $ | (8,613 | ) | |
Shares: | ||||||||||||||||||||
Sold | 2,378 | 686 | 12 | 33,020 | 12 | 34 | 172 | 146 | 297 | |||||||||||
Issued in acquisitions | 5,790 | 202 | 2,011 | 466 | 32 | 50 | 76 | 34 | 96 | |||||||||||
Reinvested | 1,927 | 348 | – | 11,758 | 5 | 5 | 94 | 86 | 267 | |||||||||||
Redeemed | (5,298 | ) | (1,460 | ) | (16 | ) | (32,878 | ) | (36 | ) | (59 | ) | (617 | ) | (525 | ) | (922 | ) | ||
Net Increase (Decrease) | 4,797 | (224 | ) | 2,007 | 12,366 | 13 | 30 | (275 | ) | (259 | ) | (262 | ) | |||||||
Distributions: | ||||||||||||||||||||
Period EndedApril 30, 2019 | ||||||||||||||||||||
From net investment income and net realized | ||||||||||||||||||||
gain on investments | $ | (61,660 | ) $ | (9,643 | ) $ | (3,551) $ (320,499) $ | (159 | ) $ | (281 | ) $ | (2,252 | ) $ | (1,914 | ) $ | (6,916 | ) | ||||
Total Dividends and Distributions | $ | (61,660 | ) $ | (9,643 | ) $ | (3,551) $ (320,499) $ | (159 | ) $ | (281 | ) $ | (2,252 | ) $ | (1,914 | ) $ | (6,916 | ) | ||||
Year Ended October 31, 2018(a) | ||||||||||||||||||||
From net investment income and net realized | ||||||||||||||||||||
gain on investments | $ | (63,230 | ) $ | (11,279 | ) $ | – $ (372,825) $ | (155 | ) $ | (270 | ) $ | (2,951 | ) $ | (2,696 | ) $ | (8,400 | ) | ||||
Total Dividends and Distributions | $ | (63,230 | ) $ | (11,279 | ) $ | – $ (372,825) $ | (155 | ) $ | (270 | ) $ | (2,951 | ) $ | (2,696 | ) $ | (8,400 | ) |
(a) | Period from October 9, 2018, date operations commenced, through October 31, 2018 for Class J shares. |
See accompanying notes.
39
Statement of Changes in Net Assets | |||||||
Principal Funds, Inc. | |||||||
(unaudited) | |||||||
Finisterre Unconstrained Emerging | |||||||
Amounts in thousands | Markets Bond Fund | ||||||
Period Ended | Year Ended | ||||||
April 30, 2019 | October 31, 2018 | ||||||
Operations | |||||||
Net investment income (loss) | $ | 1,139 | $ | 1,053 | |||
Net realized gain (loss) on investments, Foreign currencies, Futuresand Swap agreements | (725 | ) | (348 | ) | |||
Net change in unrealized appreciation/depreciation of investments, Foreign currencies, Futures, Swap agreementsand | |||||||
Translation of assets & liabilities in foreign currencies | 1,376 | (991 | ) | ||||
Net Increase (Decrease) in Net Assets Resulting from Operations | 1,790 | (286 | ) | ||||
Dividends and Distributions to Shareholders | |||||||
From net investment income and net realized gain on investments | (1,465 | ) | (1,559 | ) | |||
Total Dividends and Distributions | (1,465 | ) | (1,559 | ) | |||
Capital Share Transactions | |||||||
Net increase (decrease) in capital share transactions | 84,849 | 4,634 | |||||
Total Increase (Decrease) in Net Assets | 85,174 | 2,789 | |||||
Net Assets | |||||||
Beginning of period | 29,794 | 27,005 | |||||
End of period | $ | 114,968 | $ | 29,794 | |||
Class A Institutional | |||||||
Capital Share Transactions: | |||||||
Period EndedApril 30, 2019 | |||||||
Dollars: | |||||||
Sold | $ | 18 | $ | 84,058 | |||
Reinvested | 46 | 1,415 | |||||
Redeemed | (296 | ) | (392 | ) | |||
Net Increase (Decrease) | $ | (232 | ) $ | 85,081 | |||
Shares: | |||||||
Sold | 2 | 8,358 | |||||
Reinvested | 5 | 144 | |||||
Redeemed | (30 | ) | (39 | ) | |||
Net Increase (Decrease) | (23 | ) | 8,463 | ||||
Year EndedOctober 31, 2018 | |||||||
Dollars: | |||||||
Sold | $ | 1,503 | $ | 3,434 | |||
Reinvested | 38 | 1,518 | |||||
Redeemed | (387 | ) | (1,472 | ) | |||
Net Increase (Decrease) | $ | 1,154 | $ | 3,480 | |||
Shares: | |||||||
Sold | 149 | 339 | |||||
Reinvested | 4 | 150 | |||||
Redeemed | (39 | ) | (146 | ) | |||
Net Increase (Decrease) | 114 | 343 | |||||
Distributions: | |||||||
Period EndedApril 30, 2019 | |||||||
From net investment income and net realized gain on investments | $ | (46 | ) $ | (1,419 | ) | ||
Total Dividends and Distributions | $ | (46 | ) $ | (1,419 | ) | ||
Year Ended October 31, 2018 | |||||||
From net investment income and net realized gain on investments | $ | (38 | ) $ | (1,521 | ) | ||
Total Dividends and Distributions | $ | (38 | ) $ | (1,521 | ) |
See accompanying notes.
40
Statement of Changes in Net Assets | ||||||||||||||
Principal Funds, Inc. | ||||||||||||||
(unaudited) | ||||||||||||||
Amounts in thousands | Global Diversified Income Fund | |||||||||||||
Period Ended | Year Ended | |||||||||||||
April 30, 2019 | October 31, 2018 | |||||||||||||
Operations | ||||||||||||||
Net investment income (loss) | $ | 209,993 | $ | 568,538 | ||||||||||
Net realized gain (loss) on investments , Foreign currencies, Futures, Options and Swaptions, Short sales and Swap | ||||||||||||||
agreements | (211,665 | ) | (175,382 | ) | ||||||||||
Net change in unrealized appreciation/depreciation of investments, Foreign currencies, Futures, Options and Swaptions, Swap | ||||||||||||||
agreements and Translation of assets & liabilities in foreign currencies | 409,096 | (652,121 | ) | |||||||||||
Net Increase (Decrease) in Net Assets Resulting from Operations | 407,424 | (258,965 | ) | |||||||||||
Dividends and Distributions to Shareholders | ||||||||||||||
From net investment income and net realized gain on investments | (198,732) | (501,972 | ) | |||||||||||
From tax return of capital | – | (20,943 | ) | |||||||||||
Total Dividends and Distributions | (198,732) | (522,915 | ) | |||||||||||
Capital Share Transactions | ||||||||||||||
Net increase (decrease) in capital share transactions | (926,240) | (3,118,967 | ) | |||||||||||
Total Increase (Decrease) in Net Assets | (717,548) | (3,900,847 | ) | |||||||||||
Net Assets | ||||||||||||||
Beginning of period | 8,425,246 | 12,326,093 | ||||||||||||
End of period | $ | 7,707,698 | $ | 8,425,246 | ||||||||||
Class A | Class C | Class T | Institutional | R-6 | ||||||||||
Capital Share Transactions: | ||||||||||||||
Period EndedApril 30, 2019 | ||||||||||||||
Dollars: | ||||||||||||||
Sold | $ 118,785 $ | 45,597 | N/A$ | 560,257 | $ | 10,853 | ||||||||
Reinvested | 32,465 | 30,614 | N/A | 105,631 | 5,721 | |||||||||
Redeemed | (275,117) | (302,831) | N/A | (1,242,106) | (16,109 | ) | ||||||||
Net Increase (Decrease) | $ (123,867) $ | (226,620) | N/A$ | (576,218 | ) $ | 465 | ||||||||
Shares: | ||||||||||||||
Sold | 8,931 | 3,463 | N/A | 42,350 | 819 | |||||||||
Reinvested | 2,459 | 2,336 | N/A | 8,041 | 435 | |||||||||
Redeemed | (20,890 | ) | (23,061 | ) | N/A | (94,716 | ) | (1,224 | ) | |||||
Net Increase (Decrease) | (9,500 | ) | (17,262 | ) | N/A | (44,325 | ) | 30 | ||||||
Year EndedOctober 31, 2018(a) | ||||||||||||||
Dollars: | ||||||||||||||
Sold | $ 287,074 | $ 136,472 $ | – | $ 1,447,370 $ | 619,414 | |||||||||
Reinvested | 69,798 | 63,628 | – | 223,347 | 107,915 | |||||||||
Redeemed | (681,371) | (562,145) | (10) | (2,114,647) | (2,715,812 | ) | ||||||||
Net Increase (Decrease) | $ | (324,499) | $ (362,045) $ | (10) | $ (443,930) $ | (1,988,483 | ) | |||||||
Shares: | ||||||||||||||
Sold | 20,554 | 9,822 | – | 104,285 | 44,856 | |||||||||
Reinvested | 5,045 | 4,628 | – | 16,229 | 7,828 | |||||||||
Redeemed | (49,319 | ) | (41,005 | ) | (1 | ) | (153,925 | ) | (202,249 | ) | ||||
Net Increase (Decrease) | (23,720 | ) | (26,555 | ) | (1 | ) | (33,411 | ) | (149,565 | ) | ||||
Distributions: | ||||||||||||||
Period EndedApril 30, 2019 | ||||||||||||||
From net investment income and net realized gain on investments | $ | (35,094 | ) $ | (35,357 | ) | N/A$ | (122,560 | ) $ | (5,721 | ) | ||||
Total Dividends and Distributions | $ | (35,094 | ) $ | (35,357 | ) | N/A$ | (122,560 | ) $ | (5,721 | ) | ||||
Year Ended October 31, 2018(a) | ||||||||||||||
From net investment income and net realized gain on investments | $ | (73,401 | ) $ | (71,516 | ) $ | – $ | (253,462 | ) $ | (103,593 | ) | ||||
From tax return of capital | (3,062 | ) | (2,984 | ) | – | (10,575 | ) | (4,322 | ) | |||||
Total Dividends and Distributions | $ | (76,463 | ) $ | (74,500 | ) $ | – $ | (264,037 | ) $ | (107,915 | ) | ||||
(a)Class T shares discontinued operations on August 24, 2018. |
See accompanying notes.
41
Statement of Changes in Net Assets | |||||||||||||||
Principal Funds, Inc. | |||||||||||||||
(unaudited) | |||||||||||||||
Amounts in thousands | Global Real Estate Securities Fund | ||||||||||||||
Period Ended | Year Ended | ||||||||||||||
April 30, 2019 | October 31, 2018 | ||||||||||||||
Operations | |||||||||||||||
Net investment income (loss) | $ | 31,915 | $ | 60,155 | |||||||||||
Net realized gain (loss) on investmentsand Foreign currencies | 36,910 | 48,544 | |||||||||||||
Net change in unrealized appreciation/depreciation of investments and Translation of assets & liabilities in foreign currencies | 315,266 | (72,130 | ) | ||||||||||||
Net Increase (Decrease) in Net Assets Resulting from Operations | 384,091 | 36,569 | |||||||||||||
Dividends and Distributions to Shareholders | |||||||||||||||
From net investment income and net realized gain on investments | (90,725 | ) | (120,361 | ) | |||||||||||
Total Dividends and Distributions | (90,725 | ) | (120,361 | ) | |||||||||||
Capital Share Transactions | |||||||||||||||
Net increase (decrease) in capital share transactions | 487,794 | 786,923 | |||||||||||||
Total Increase (Decrease) in Net Assets | 781,160 | 703,131 | |||||||||||||
Net Assets | |||||||||||||||
Beginning of period | 3,044,469 | 2,341,338 | |||||||||||||
End of period | $ | 3,825,629 | $ | 3,044,469 | |||||||||||
Class A | Class C | Institutional | R-3 | R-4 | R-5 | R-6 | |||||||||
Capital Share Transactions: | |||||||||||||||
Period EndedApril 30, 2019 | |||||||||||||||
Dollars: | |||||||||||||||
Sold | $ | 19,336 | $ | 2,357 | $ | 728,724 | $ | 32 | $ | 1 | $ | 7 | $ | 186,492 | |
Reinvested | 2,423 | 776 | 58,956 | 10 | 1 | – | 21,553 | ||||||||
Redeemed | (21,723 | ) | (4,928) | (416,877) | (145 | ) | (30 | ) | – | (89,171 | ) | ||||
Net Increase (Decrease) | $ | 36 | $ | (1,795 | ) $ | 370,803 | $ | (103 | ) $ | (28 | ) $ | 7 | $ | 118,874 | |
Shares: | |||||||||||||||
Sold | 2,123 | 273 | 74,547 | 4 | – | 1 | 18,906 | ||||||||
Reinvested | 288 | 96 | 6,491 | 1 | – | – | 2,374 | ||||||||
Redeemed | (2,439 | ) | (572 | ) | (43,047 | ) | (15 | ) | (2 | ) | – | (9,133 | ) | ||
Net Increase (Decrease) | (28 | ) | (203 | ) | 37,991 | (10 | ) | (2 | ) | 1 | 12,147 | ||||
Year EndedOctober 31, 2018 | |||||||||||||||
Dollars: | |||||||||||||||
Sold | $ | 54,600 | $ | 4,738 | $ 1,025,220 $ | 207 | $ | 9 | $ | – $ | 312,152 | ||||
Reinvested | 3,976 | 1,408 | 79,252 | 9 | 2 | 1 | 25,632 | ||||||||
Redeemed | (89,566 | ) | (10,986) | (555,167) | (42 | ) | (1 | ) | – | (64,521 | ) | ||||
Net Increase (Decrease) | $ | (30,990 | ) $ | (4,840 | ) $ | 549,305 | $ | 174 | $ | 10 | $ | 1 | $ | 273,263 | |
Shares: | |||||||||||||||
Sold | 6,112 | 553 | 108,297 | 23 | 1 | – | 32,329 | ||||||||
Reinvested | 448 | 164 | 8,323 | 1 | – | – | 2,691 | ||||||||
Redeemed | (9,996 | ) | (1,283 | ) | (58,679 | ) | (5 | ) | – | – | (6,756 | ) | |||
Net Increase (Decrease) | (3,436 | ) | (566 | ) | 57,941 | 19 | 1 | – | 28,264 | ||||||
Distributions: | |||||||||||||||
Period EndedApril 30, 2019 | |||||||||||||||
From net investment income and net realized gain on investments | $ | (2,813 | ) $ | (807 | ) $ | (65,343 | ) $ | (10 | ) $ | (1 | ) $ | – $ | (21,751 | ) | |
Total Dividends and Distributions | $ | (2,813 | ) $ | (807 | ) $ | (65,343 | ) $ | (10 | ) $ | (1 | ) $ | – $ | (21,751 | ) | |
Year Ended October 31, 2018 | |||||||||||||||
From net investment income and net realized gain on investments | $ | (4,678 | ) $ | (1,463 | ) $ | (88,466 | ) $ | (9 | ) $ | (2 | ) $ | (1 | ) $ | (25,742 | ) |
Total Dividends and Distributions | $ | (4,678 | ) $ | (1,463 | ) $ | (88,466 | ) $ | (9 | ) $ | (2 | ) $ | (1 | ) $ | (25,742 | ) |
See accompanying notes.
42
Statement of Changes in Net Assets | |||||||||||||||||||
Principal Funds, Inc. | |||||||||||||||||||
(unaudited) | |||||||||||||||||||
Amounts in thousands | Government & High Quality Bond Fund | ||||||||||||||||||
Period Ended | Year Ended | ||||||||||||||||||
April 30, 2019 | October 31, 2018 | ||||||||||||||||||
Operations | |||||||||||||||||||
Net investment income (loss) | $ | 16,823 | $ | 33,694 | |||||||||||||||
Net realized gain (loss) on investments . | (2,453 | ) | (40,571 | ) | |||||||||||||||
Net change in unrealized appreciation/depreciation of investments | 50,094 | (21,277 | ) | ||||||||||||||||
Net Increase (Decrease) in Net Assets Resulting from Operations | 64,464 | (28,154 | ) | ||||||||||||||||
Dividends and Distributions to Shareholders | |||||||||||||||||||
From net investment income and net realized gain on investments | (20,191 | ) | (42,502 | ) | |||||||||||||||
Total Dividends and Distributions | (20,191 | ) | (42,502 | ) | |||||||||||||||
Capital Share Transactions | |||||||||||||||||||
Net increase (decrease) in capital share transactions | (20,785 | ) | 805 | ||||||||||||||||
Total Increase (Decrease) in Net Assets | 23,488 | (69,851 | ) | ||||||||||||||||
Net Assets | |||||||||||||||||||
Beginning of period | 1,471,299 | 1,541,150 | |||||||||||||||||
End of period | $ | 1,494,787 | $ | 1,471,299 | |||||||||||||||
Class A | Class C | Class J | Institutional | R-1 | R-2 | R-3 | R-4 | R-5 | |||||||||||
Capital Share Transactions: | |||||||||||||||||||
Period EndedApril 30, 2019 | |||||||||||||||||||
Dollars: | |||||||||||||||||||
Sold | $ | 12,127 | $ | 2,156 | $ | 7,536 | $ | 111,460 | $ | 443 | $ | 1,591 | $ | 1,051 | $ | 1,879 | $ | 3,181 | |
Reinvested | 2,769 | 297 | 1,281 | 14,749 | 27 | 22 | 128 | 127 | 295 | ||||||||||
Redeemed | (26,763 | ) | (7,927 | ) | (9,862) | (127,216) | (336 | ) | (1,993 | ) | (2,329 | ) | (3,299 | ) | (2,179 | ) | |||
Net Increase (Decrease) | $ | (11,867 | ) $ | (5,474 | ) $ | (1,045 | ) $ | (1,007 | ) $ | 134 | $ | (380 | ) $ | (1,150 | ) $ | (1,293 | ) $ | 1,297 | |
Shares: | |||||||||||||||||||
Sold | 1,194 | 212 | 741 | 10,916 | 43 | 157 | 103 | 185 | 311 | ||||||||||
Reinvested | 272 | 29 | 126 | 1,448 | 3 | 2 | 13 | 12 | 29 | ||||||||||
Redeemed | (2,652 | ) | (781 | ) | (969 | ) | (12,546 | ) | (33 | ) | (196 | ) | (228 | ) | (324 | ) | (213 | ) | |
Net Increase (Decrease) | (1,186 | ) | (540 | ) | (102 | ) | (182 | ) | 13 | (37 | ) | (112 | ) | (127 | ) | 127 | |||
Year EndedOctober 31, 2018 | |||||||||||||||||||
Dollars: | |||||||||||||||||||
Sold | $ | 21,286 | $ | 2,501 | $ | 8,314 | $ | 180,591 | $ | 693 | $ | 2,038 | $ | 2,727 | $ | 4,955 | $ | 7,813 | |
Reinvested | 6,316 | 756 | 2,791 | 30,487 | 51 | 43 | 281 | 353 | 546 | ||||||||||
Redeemed | (60,974 | ) | (14,235 | ) | (23,076) | (142,060) | (662 | ) | (10,590 | ) | (4,519 | ) | (10,621 | ) | (5,000 | ) | |||
Net Increase (Decrease) | $ | (33,372 | ) $ | (10,978 | ) $ | (11,971 | ) $ | 69,018 | $ | 82 | $ | (8,509 | ) $ | (1,511 | ) $ | (5,313 | ) $ | 3,359 | |
Shares: | |||||||||||||||||||
Sold | 2,096 | 245 | 815 | 17,746 | 68 | 199 | 267 | 487 | 767 | ||||||||||
Reinvested | 622 | 75 | 274 | 3,001 | 5 | 4 | 28 | 35 | 54 | ||||||||||
Redeemed | (6,009 | ) | (1,402 | ) | (2,263 | ) | (14,005 | ) | (65 | ) | (1,032 | ) | (442 | ) | (1,044 | ) | (491 | ) | |
Net Increase (Decrease) | (3,291 | ) | (1,082 | ) | (1,174 | ) | 6,742 | 8 | (829 | ) | (147 | ) | (522 | ) | 330 | ||||
Distributions: | |||||||||||||||||||
Period EndedApril 30, 2019 | |||||||||||||||||||
From net investment income and net realized | |||||||||||||||||||
gain on investments | $ | (2,879 | ) $ | (307 | ) $ | (1,291 | ) $ | (15,089 | ) $ | (27 | ) $ | (47 | ) $ | (128 | ) $ | (128 | ) $ | (295 | ) |
Total Dividends and Distributions | $ | (2,879 | ) $ | (307 | ) $ | (1,291 | ) $ | (15,089 | ) $ | (27 | ) $ | (47 | ) $ | (128 | ) $ | (128 | ) $ | (295 | ) |
Year Ended October 31, 2018 | |||||||||||||||||||
From net investment income and net realized | |||||||||||||||||||
gain on investments | $ | (6,597 | ) $ | (781 | ) $ | (2,814 | ) $ | (30,903 | ) $ | (51 | ) $ | (175 | ) $ | (282 | ) $ | (353 | ) $ | (546 | ) |
Total Dividends and Distributions | $ | (6,597 | ) $ | (781 | ) $ | (2,814 | ) $ | (30,903 | ) $ | (51 | ) $ | (175 | ) $ | (282 | ) $ | (353 | ) $ | (546 | ) |
See accompanying notes.
43
Statement of Changes in Net Assets | |||||||||||
Principal Funds, Inc. | |||||||||||
(unaudited) | |||||||||||
Amounts in thousands | High Yield Fund | ||||||||||
Period Ended | Year Ended | ||||||||||
April 30, 2019 | October 31, 2018 | ||||||||||
Operations | |||||||||||
Net investment income (loss) | $ | 83,158 | $ | 182,598 | |||||||
Net realized gain (loss) on investments, Foreign currenciesand Swap agreements | (23,862 | ) | 19,686 | ||||||||
Net change in unrealized appreciation/depreciation of investments | 60,051 | (211,806 | ) | ||||||||
Net Increase (Decrease) in Net Assets Resulting from Operations | 119,347 | (9,522 | ) | ||||||||
Dividends and Distributions to Shareholders | |||||||||||
From net investment income and net realized gain on investments | (87,248 | ) | (189,083 | ) | |||||||
Total Dividends and Distributions | (87,248 | ) | (189,083 | ) | |||||||
Capital Share Transactions | |||||||||||
Net increase (decrease) in capital share transactions | (97,962 | ) | (402,708 | ) | |||||||
Total Increase (Decrease) in Net Assets | (65,863 | ) | (601,313 | ) | |||||||
Net Assets | |||||||||||
Beginning of period | 3,003,260 | 3,604,573 | |||||||||
End of period | $ | 2,937,397 | $ | 3,003,260 | |||||||
Class A | Class C | Class T | Institutional | R-6 | |||||||
Capital Share Transactions: | |||||||||||
Period EndedApril 30, 2019 | |||||||||||
Dollars: | |||||||||||
Sold | $ | 205,910 | $ | 7,631 | N/A | $ 219,474 $ | 76,035 | ||||
Reinvested | 17,951 | 5,474 | N/A | 44,726 | 14,641 | ||||||
Redeemed | (141,759) | (69,127 | ) | N/A | (430,092) | (48,826 | ) | ||||
Net Increase (Decrease) | $ | 82,102 | $ | (56,022 | ) | N/A | $ (165,892) $ | 41,850 | |||
Shares: | |||||||||||
Sold | 29,343 | 1,078 | N/A | 31,601 | 11,090 | ||||||
Reinvested | 2,556 | 773 | N/A | 6,420 | 2,101 | ||||||
Redeemed | (20,173 | ) | (9,775 | ) | N/A | (61,903 | ) | (7,075 | ) | ||
Net Increase (Decrease) | 11,726 | (7,924 | ) | N/A | (23,882 | ) | 6,116 | ||||
Year EndedOctober 31, 2018(a) | |||||||||||
Dollars: | |||||||||||
Sold | $ | 237,771 | $ | 11,650 | $ | – | $ 709,536 $ | 81,784 | |||
Reinvested | 36,333 | 13,287 | – | 101,213 | 26,998 | ||||||
Redeemed | (473,058) | (87,011 | ) | (10) | (977,770) | (83,431 | ) | ||||
Net Increase (Decrease) | $ (198,954) $ | (62,074 | ) $ | (10) | $ (167,021) $ | 25,351 | |||||
Shares: | |||||||||||
Sold | 32,246 | 1,562 | – | 96,823 | 11,186 | ||||||
Reinvested | 4,953 | 1,793 | – | 13,897 | 3,710 | ||||||
Redeemed | (64,145 | ) | (11,711 | ) | (1) | (133,898) | (11,459 | ) | |||
Net Increase (Decrease) | (26,946 | ) | (8,356 | ) | (1 | ) | (23,178 | ) | 3,437 | ||
Distributions: | |||||||||||
Period EndedApril 30, 2019 | |||||||||||
From net investment income and net realized gain on investments | $ | (19,147 | ) $ | (5,794 | ) | N/A$ | (47,519 | ) $ | (14,788 | ) | |
Total Dividends and Distributions | $ | (19,147 | ) $ | (5,794 | ) | N/A$ | (47,519 | ) $ | (14,788 | ) | |
Year Ended October 31, 2018(a) | |||||||||||
From net investment income and net realized gain on investments | $ | (39,571 | ) $ | (14,256 | ) $ | – | $ (108,134) $ | (27,122 | ) | ||
Total Dividends and Distributions | $ | (39,571 | ) $ | (14,256 | ) $ | – | $ (108,134) $ | (27,122 | ) | ||
(a)Class T shares discontinued operations on August 24, 2018. |
See accompanying notes.
44
Statement of Changes in Net Assets | |||||||
Principal Funds, Inc. | |||||||
(unaudited) | |||||||
Amounts in thousands | High Yield Fund I | ||||||
Period Ended | Year Ended | ||||||
April 30, 2019 | October 31, 2018 | ||||||
Operations | |||||||
Net investment income (loss) | $ | 116,701 | $ | 79,620 | |||
Net realized gain (loss) on investments and Swap agreements | (37,627 | ) | (8,658 | ) | |||
Net change in unrealized appreciation/depreciation of investments and Swap agreements | 84,611 | (91,612 | ) | ||||
Net Increase (Decrease) in Net Assets Resulting from Operations | 163,685 | (20,650 | ) | ||||
Dividends and Distributions to Shareholders | |||||||
From net investment income and net realized gain on investments | (117,859 | ) | (79,675 | ) | |||
Total Dividends and Distributions | (117,859 | ) | (79,675 | ) | |||
Capital Share Transactions | |||||||
Net increase (decrease) in capital share transactions | (283,896 | ) | 2,698,073 | ||||
Total Increase (Decrease) in Net Assets | (238,070 | ) | 2,597,748 | ||||
Net Assets | |||||||
Beginning of period | 3,761,560 | 1,163,812 | |||||
End of period | $ | 3,523,490 | $ | 3,761,560 | |||
Class A | Institutional | ||||||
Capital Share Transactions: | |||||||
Period EndedApril 30, 2019 | |||||||
Dollars: | |||||||
Sold | $ | 1,684 | $ 260,656 | ||||
Reinvested | 172 | 117,665 | |||||
Redeemed | (2,078) | (661,995) | |||||
Net Increase (Decrease) | $ | (222) | $ (283,674) | ||||
Shares: | |||||||
Sold | 179 | 27,884 | |||||
Reinvested | 18 | 12,613 | |||||
Redeemed | (222 | ) | (70,501 | ) | |||
Net Increase (Decrease) | (25 | ) | (30,004 | ) | |||
Year EndedOctober 31, 2018 | |||||||
Dollars: | |||||||
Sold | $ | 3,005 | $ 2,894,537 | ||||
Reinvested | 361 | 79,258 | |||||
Redeemed | (2,667) | (276,421) | |||||
Net Increase (Decrease) | $ | 699 | $ 2,697,374 | ||||
Shares: | |||||||
Sold | 307 | 301,395 | |||||
Reinvested | 37 | 8,201 | |||||
Redeemed | (274 | ) | (28,392 | ) | |||
Net Increase (Decrease) | 70 | 281,204 | |||||
Distributions: | |||||||
Period EndedApril 30, 2019 | |||||||
From net investment income and net realized gain on investments | $ | (173) | $ (117,686) | ||||
Total Dividends and Distributions | $ | (173) | $ (117,686) | ||||
Year Ended October 31, 2018 | |||||||
From net investment income and net realized gain on investments | $ | (362 | ) $ | (79,313 | ) | ||
Total Dividends and Distributions | $ | (362 | ) $ | (79,313 | ) |
See accompanying notes.
45
Statement of Changes in Net Assets | |||||||||||||||||||||
Principal Funds, Inc. | |||||||||||||||||||||
(unaudited) | |||||||||||||||||||||
Amounts in thousands | Income Fund | ||||||||||||||||||||
Period Ended | Year Ended | ||||||||||||||||||||
April 30, 2019 | October 31, 2018 | ||||||||||||||||||||
Operations | |||||||||||||||||||||
Net investment income (loss) | $ | 41,715 | $ | 103,007 | |||||||||||||||||
Net realized gain (loss) on investments . | 12,385 | 18,243 | |||||||||||||||||||
Net change in unrealized appreciation/depreciation of investments | 85,592 | (145,242 | ) | ||||||||||||||||||
Net Increase (Decrease) in Net Assets Resulting from Operations | 139,692 | (23,992 | ) | ||||||||||||||||||
Dividends and Distributions to Shareholders | |||||||||||||||||||||
From net investment income and net realized gain on investments | (50,191 | ) | (105,983 | ) | |||||||||||||||||
Total Dividends and Distributions | (50,191 | ) | (105,983 | ) | |||||||||||||||||
Capital Share Transactions | |||||||||||||||||||||
Net increase (decrease) in capital share transactions | (56,726 | ) | (207,857 | ) | |||||||||||||||||
Total Increase (Decrease) in Net Assets | 32,775 | (337,832 | ) | ||||||||||||||||||
Net Assets | |||||||||||||||||||||
Beginning of period | 2,912,000 | 3,249,832 | |||||||||||||||||||
End of period | $ | 2,944,775 | $ | 2,912,000 | |||||||||||||||||
Class A | Class C | Class J | Institutional | R-1 | R-2 | R-3 | R-4 | R-5 | R-6 | ||||||||||||
Capital Share Transactions: | |||||||||||||||||||||
Period EndedApril 30, 2019 | |||||||||||||||||||||
Dollars: | |||||||||||||||||||||
Sold | $ | 48,049 | $ | 7,360 | $ | 10,217 | $ | 106,928 | $ | 539 | $ | 274 | $ | 2,099 | $ | 2,120 | $ | 3,860 | $ | 44,271 | |
Reinvested | 3,508 | 573 | 1,412 | 7,316 | 212 | 20 | 415 | 303 | 554 | 35,466 | |||||||||||
Redeemed | (43,646 | ) | (11,890 | ) | (8,386 | ) | (82,981 | ) | (2,600 | ) | (211 | ) | (3,075 | ) | (4,617 | ) | (4,698) | (170,118) | |||
Net Increase (Decrease) | $ | 7,911 | $ | (3,957 | ) $ | 3,243 | $ | 31,263 | $ | (1,849 | ) $ | 83 | $ | (561 | ) $ | (2,194 | ) $ | (284 | ) $ | (90,381 | ) |
Shares: | |||||||||||||||||||||
Sold | 5,168 | 788 | 1,092 | 11,486 | 57 | 30 | 226 | 226 | 413 | 4,734 | |||||||||||
Reinvested | 376 | 61 | 150 | 782 | 23 | 2 | 44 | 32 | 59 | 3,795 | |||||||||||
Redeemed | (4,699 | ) | (1,271 | ) | (899 | ) | (8,906 | ) | (278 | ) | (23 | ) | (330 | ) | (492 | ) | (505 | ) | (18,296 | ) | |
Net Increase (Decrease) | 845 | (422 | ) | 343 | 3,362 | (198 | ) | 9 | (60 | ) | (234 | ) | (33 | ) | (9,767 | ) | |||||
Year EndedOctober 31, 2018 | |||||||||||||||||||||
Dollars: | |||||||||||||||||||||
Sold | $ | 47,256 | $ | 7,654 | $ | 12,707 | $ | 142,846 | $ | 1,565 | $ | 307 | $ | 6,326 | $ | 4,900 | $ | 7,212 | $ 165,731 | ||
Reinvested | 7,092 | 1,256 | 2,873 | 13,927 | 471 | 47 | 820 | 820 | 1,438 | 76,428 | |||||||||||
Redeemed | (72,810 | ) | (16,537 | ) | (22,725) | (141,936) | (4,262 | ) | (885 | ) | (7,929 | ) | (14,784 | ) | (21,993) | (405,672) | |||||
Net Increase (Decrease) | $ | (18,462 | ) $ | (7,627 | ) $ | (7,145 | ) $ | 14,837 | $ | (2,226 | ) $ | (531 | ) $ | (783 | ) $ | (9,064 | ) $ | (13,343) | $ (163,513) | ||
Shares: | |||||||||||||||||||||
Sold | 5,040 | 811 | 1,350 | 15,194 | 166 | 32 | 672 | 519 | 762 | 17,537 | |||||||||||
Reinvested | 757 | 133 | 306 | 1,483 | 50 | 5 | 87 | 87 | 153 | 8,143 | |||||||||||
Redeemed | (7,770 | ) | (1,754 | ) | (2,413 | ) | (15,121 | ) | (454 | ) | (94 | ) | (840 | ) | (1,572 | ) | (2,344 | ) | (43,376 | ) | |
Net Increase (Decrease) | (1,973 | ) | (810 | ) | (757 | ) | 1,556 | (238 | ) | (57 | ) | (81 | ) | (966 | ) | (1,429 | ) | (17,696 | ) | ||
Distributions: | |||||||||||||||||||||
Period EndedApril 30, 2019 | |||||||||||||||||||||
From net investment income and | |||||||||||||||||||||
net realized gain on investments. $ | (3,639 | ) $ | (594 | ) $ | (1,425 | ) $ | (7,553 | ) $ | (212 | ) $ | (30 | ) $ | (415 | ) $ | (303 | ) $ | (554 | ) $ | (35,466 | ) | |
Total Dividends and | |||||||||||||||||||||
Distributions | $ | (3,639 | ) $ | (594 | ) $ | (1,425 | ) $ | (7,553 | ) $ | (212 | ) $ | (30 | ) $ | (415 | ) $ | (303 | ) $ | (554 | ) $ | (35,466 | ) |
Year Ended October 31, 2018 | |||||||||||||||||||||
From net investment income and | |||||||||||||||||||||
net realized gain on investments. $ | (7,462 | ) $ | (1,306 | ) $ | (2,907 | ) $ | (14,262 | ) $ | (471 | ) $ | (69 | ) $ | (820 | ) $ | (820 | ) $ | (1,438 | ) $ | (76,428 | ) | |
Total Dividends and | |||||||||||||||||||||
Distributions | $ | (7,462 | ) $ | (1,306 | ) $ | (2,907 | ) $ | (14,262 | ) $ | (471 | ) $ | (69 | ) $ | (820 | ) $ | (820 | ) $ | (1,438 | ) $ | (76,428 | ) |
See accompanying notes.
46
Statement of Changes in Net Assets | |||||||||||||||||||
Principal Funds, Inc. | |||||||||||||||||||
(unaudited) | |||||||||||||||||||
Amounts in thousands | Inflation Protection Fund | ||||||||||||||||||
Period Ended | Year Ended | ||||||||||||||||||
April 30, 2019 | October 31, 2018 | ||||||||||||||||||
Operations | |||||||||||||||||||
Net investment income (loss) | $ | 5,025 | $ | 39,037 | |||||||||||||||
Net realized gain (loss) on investments, Foreign currencies, Futures, Options and Swaptions and Swap agreements | (11,985 | ) | 7,219 | ||||||||||||||||
Net change in unrealized appreciation/depreciation of investments, Foreign currencies, Futures, Options and Swaptions, Swap | |||||||||||||||||||
agreementsand Translation of assets & liabilities in foreign currencies | 74,571 | (65,165 | ) | ||||||||||||||||
Net Increase (Decrease) in Net Assets Resulting from Operations | 67,611 | (18,909 | ) | ||||||||||||||||
Dividends and Distributions to Shareholders | |||||||||||||||||||
From net investment income and net realized gain on investments | (45,507 | ) | (31,991 | ) | |||||||||||||||
Total Dividends and Distributions | (45,507 | ) | (31,991 | ) | |||||||||||||||
Capital Share Transactions | |||||||||||||||||||
Net increase (decrease) in capital share transactions | (10,317 | ) | 62,634 | ||||||||||||||||
Total Increase (Decrease) in Net Assets | 11,787 | 11,734 | |||||||||||||||||
Net Assets | |||||||||||||||||||
Beginning of period | 1,574,823 | 1,563,089 | |||||||||||||||||
End of period | $ | 1,586,610 | $ | 1,574,823 | |||||||||||||||
Class A | Class C | Class J | Institutional | R-1 | R-2 | R-3 | R-4 | R-5 | |||||||||||
Capital Share Transactions: | |||||||||||||||||||
Period EndedApril 30, 2019(a) | |||||||||||||||||||
Dollars: | |||||||||||||||||||
Sold | $ | 3,635 | $ | 5 | $ | 667 | $ | 77,999 | $ | 95 | $ | 72 | $ | 606 | $ | 370 | $ | 629 | |
Reinvested | 280 | 79 | 179 | 44,579 | 29 | 7 | 186 | 44 | 109 | ||||||||||
Redeemed | (3,030 | ) | (2,994 | ) | (1,027) | (129,477) | (25 | ) | (68 | ) | (1,420 | ) | (801 | ) | (1,045 | ) | |||
Net Increase (Decrease) | $ | 885 | $ | (2,910 | ) $ | (181 | ) $ | (6,899 | ) $ | 99 | $ | 11 | $ | (628 | ) $ | (387 | ) $ | (307 | ) |
Shares: | |||||||||||||||||||
Sold | 451 | 1 | 84 | 9,431 | 12 | 9 | 76 | 45 | 77 | ||||||||||
Reinvested | 35 | 10 | 23 | 5,483 | 4 | 1 | 24 | 6 | 14 | ||||||||||
Redeemed | (372 | ) | (394 | ) | (130 | ) | (15,646 | ) | (3 | ) | (8 | ) | (178 | ) | (99 | ) | (129 | ) | |
Net Increase (Decrease) | 114 | (383 | ) | (23 | ) | (732 | ) | 13 | 2 | (78 | ) | (48 | ) | (38 | ) | ||||
Year EndedOctober 31, 2018 | |||||||||||||||||||
Dollars: | |||||||||||||||||||
Sold | $ | 2,834 | $ | 1,055 | $ | 1,183 | $ | 293,894 | $ | 181 | $ | 349 | $ | 2,137 | $ | 645 | $ | 1,413 | |
Reinvested | 201 | 51 | 135 | 31,288 | 19 | 10 | 112 | 42 | 71 | ||||||||||
Redeemed | (4,325 | ) | (1,298 | ) | (2,237) | (260,906) | (192 | ) | (513 | ) | (1,075 | ) | (1,100 | ) | (1,340 | ) | |||
Net Increase (Decrease) | $ | (1,290 | ) $ | (192 | ) $ | (919 | ) $ | 64,276 | $ | 8 | $ | (154 | ) $ | 1,174 | $ | (413 | ) $ | 144 | |
Shares: | |||||||||||||||||||
Sold | 341 | 134 | 146 | 34,697 | 23 | 43 | 263 | 78 | 169 | ||||||||||
Reinvested | 24 | 7 | 17 | 3,681 | 2 | 1 | 14 | 5 | 8 | ||||||||||
Redeemed | (519 | ) | (164 | ) | (276 | ) | (30,718 | ) | (24 | ) | (64 | ) | (132 | ) | (134 | ) | (161 | ) | |
Net Increase (Decrease) | (154 | ) | (23 | ) | (113 | ) | 7,660 | 1 | (20 | ) | 145 | (51 | ) | 16 | |||||
Distributions: | |||||||||||||||||||
Period EndedApril 30, 2019(a) | |||||||||||||||||||
From net investment income and net realized | |||||||||||||||||||
gain on investments | $ | (286 | ) $ | (81 | ) $ | (179 | ) $ | (44,579 | ) $ | (29 | ) $ | (14 | ) $ | (186 | ) $ | (44 | ) $ | (109 | ) |
Total Dividends and Distributions | $ | (286 | ) $ | (81 | ) $ | (179 | ) $ | (44,579 | ) $ | (29 | ) $ | (14 | ) $ | (186 | ) $ | (44 | ) $ | (109 | ) |
Year Ended October 31, 2018 | |||||||||||||||||||
From net investment income and net realized | |||||||||||||||||||
gain on investments | $ | (219 | ) $ | (54 | ) $ | (135 | ) $ | (31,325 | ) $ | (19 | ) $ | (14 | ) $ | (112 | ) $ | (42 | ) $ | (71 | ) |
Total Dividends and Distributions | $ | (219 | ) $ | (54 | ) $ | (135 | ) $ | (31,325 | ) $ | (19 | ) $ | (14 | ) $ | (112 | ) $ | (42 | ) $ | (71 | ) |
(a) | Class C shares discontinued operations and converted to ClassAshares on January 11, 2019. |
See accompanying notes.
47
Statement of Changes in Net Assets | |||||||||||||||||||||
Principal Funds, Inc. | |||||||||||||||||||||
(unaudited) | |||||||||||||||||||||
Amounts in thousands | International Emerging Markets Fund | ||||||||||||||||||||
Period Ended | Year Ended | ||||||||||||||||||||
April 30, 2019 | October 31, 2018 | ||||||||||||||||||||
Operations | |||||||||||||||||||||
Net investment income (loss) | $ | 594 | $ | 10,150 | |||||||||||||||||
Net realized gain (loss) on investmentsand Foreign currencies | (7,055 | ) | 73,600 | ||||||||||||||||||
Net change in unrealized appreciation/depreciation of investments and Translation of assets & liabilities in foreign currencies | 80,194 | (236,555 | ) | ||||||||||||||||||
Net Increase (Decrease) in Net Assets Resulting from Operations | 73,733 | (152,805 | ) | ||||||||||||||||||
Dividends and Distributions to Shareholders | |||||||||||||||||||||
From net investment income and net realized gain on investments | (23,854 | ) | (11,083 | ) | |||||||||||||||||
Total Dividends and Distributions | (23,854 | ) | (11,083 | ) | |||||||||||||||||
Capital Share Transactions | |||||||||||||||||||||
Net increase (decrease) in capital share transactions | (73,668 | ) | (62,904 | ) | |||||||||||||||||
Total Increase (Decrease) in Net Assets | (23,789 | ) | (226,792 | ) | |||||||||||||||||
Net Assets | |||||||||||||||||||||
Beginning of period | 751,782 | 978,574 | |||||||||||||||||||
End of period | $ | 727,993 | $ | 751,782 | |||||||||||||||||
Class A | Class C | Class J | Institutional | R-1 | R-2 | R-3 | R-4 | R-5 | R-6 | ||||||||||||
Capital Share Transactions: | |||||||||||||||||||||
Period EndedApril 30, 2019 | |||||||||||||||||||||
Dollars: | |||||||||||||||||||||
Sold | $ | 5,112 | $ | 584 | $ | 2,159 | $ | 14,461 | $ | 252 | $ | 251 | $ | 629 | $ | 333 | $ | 1,393 | $ | 27,338 | |
Reinvested | 2,192 | 240 | 2,793 | 3,215 | 49 | 42 | 161 | 179 | 405 | 14,553 | |||||||||||
Redeemed | (8,283 | ) | (2,905 | ) | (7,362 | ) | (13,502 | ) | (312 | ) | (502 | ) | (1,840 | ) | (2,246 | ) | (3,492) | (109,565) | |||
Net Increase (Decrease) | $ | (979 | ) $ | (2,081 | ) $ | (2,410 | ) $ | 4,174 | $ | (11 | ) $ | (209 | ) $ | (1,050 | ) $ | (1,734 | ) $ | (1,694 | ) $ | (67,674 | ) |
Shares: | |||||||||||||||||||||
Sold | 212 | 25 | 91 | 598 | 11 | 10 | 26 | 14 | 58 | 1,136 | |||||||||||
Reinvested | 96 | 11 | 127 | 142 | 2 | 2 | 7 | 8 | 18 | 644 | |||||||||||
Redeemed | (338 | ) | (127 | ) | (313 | ) | (561 | ) | (13 | ) | (21 | ) | (75 | ) | (94 | ) | (148 | ) | (4,390 | ) | |
Net Increase (Decrease) | (30 | ) | (91 | ) | (95 | ) | 179 | – | (9 | ) | (42 | ) | (72 | ) | (72 | ) | (2,610 | ) | |||
Year EndedOctober 31, 2018 | |||||||||||||||||||||
Dollars: | |||||||||||||||||||||
Sold | $ | 22,054 | $ | 3,772 | $ | 17,606 | $ | 54,526 | $ | 514 | $ | 707 | $ | 2,081 | $ | 2,566 | $ | 7,266 | $ 110,919 | ||
Reinvested | 894 | 4 | 1,349 | 1,096 | 14 | 23 | 85 | 106 | 191 | 7,308 | |||||||||||
Redeemed | (24,129 | ) | (3,391 | ) | (35,797 | ) | (33,691 | ) | (984 | ) | (2,963 | ) | (5,336 | ) | (6,467 | ) | (9,741) | (173,486) | |||
Net Increase (Decrease) | $ | (1,181 | ) $ | 385 | $ | (16,842 | ) $ | 21,931 | $ | (456 | ) $ | (2,233 | ) $ | (3,170 | ) $ | (3,795 | ) $ | (2,284 | ) $ | (55,259 | ) |
Shares: | |||||||||||||||||||||
Sold | 732 | 130 | 600 | 1,914 | 17 | 25 | 71 | 86 | 252 | 4,056 | |||||||||||
Reinvested | 30 | – | 48 | 37 | – | 1 | 3 | 4 | 6 | 249 | |||||||||||
Redeemed | (828 | ) | (123 | ) | (1,284 | ) | (1,174 | ) | (34 | ) | (101 | ) | (187 | ) | (229 | ) | (331 | ) | (6,280 | ) | |
Net Increase (Decrease) | (66 | ) | 7 | (636 | ) | 777 | (17 | ) | (75 | ) | (113 | ) | (139 | ) | (73 | ) | (1,975 | ) | |||
Distributions: | |||||||||||||||||||||
Period EndedApril 30, 2019 | |||||||||||||||||||||
From net investment income and | |||||||||||||||||||||
net realized gain on investments. $ | (2,210 | ) $ | (241 | ) $ | (2,795 | ) $ | (3,216 | ) $ | (49 | ) $ | (45 | ) $ | (161 | ) $ | (179 | ) $ | (405 | ) $ | (14,553 | ) | |
Total Dividends and | |||||||||||||||||||||
Distributions | $ | (2,210 | ) $ | (241 | ) $ | (2,795 | ) $ | (3,216 | ) $ | (49 | ) $ | (45 | ) $ | (161 | ) $ | (179 | ) $ | (405 | ) $ | (14,553 | ) |
Year Ended October 31, 2018 | |||||||||||||||||||||
From net investment income and | |||||||||||||||||||||
net realized gain on investments. $ | (906 | ) $ | (4 | ) $ | (1,349 | ) $ | (1,096 | ) $ | (14 | ) $ | (24 | ) $ | (85 | ) $ | (106 | ) $ | (191 | ) $ | (7,308 | ) | |
Total Dividends and | |||||||||||||||||||||
Distributions | $ | (906 | ) $ | (4 | ) $ | (1,349 | ) $ | (1,096 | ) $ | (14 | ) $ | (24 | ) $ | (85 | ) $ | (106 | ) $ | (191 | ) $ | (7,308 | ) |
See accompanying notes.
48
Statement of Changes in Net Assets | |||||||||||||||||
Principal Funds, Inc. | |||||||||||||||||
(unaudited) | |||||||||||||||||
Amounts in thousands | International Fund I | ||||||||||||||||
Period Ended | Year Ended | ||||||||||||||||
April 30, 2019 | October 31, 2018 | ||||||||||||||||
Operations | |||||||||||||||||
Net investment income (loss) | $ | 2,915 | $ | 8,533 | |||||||||||||
Net realized gain (loss) on investmentsand Foreign currencies | (8,919 | ) | 30,157 | ||||||||||||||
Net change in unrealized appreciation/depreciation of investments and Translation of assets & liabilities in foreign currencies | 39,272 | (105,606 | ) | ||||||||||||||
Net Increase (Decrease) in Net Assets Resulting from Operations | 33,268 | (66,916 | ) | ||||||||||||||
Dividends and Distributions to Shareholders | |||||||||||||||||
From net investment income and net realized gain on investments | (25,275 | ) | (4,941 | ) | |||||||||||||
Total Dividends and Distributions | (25,275 | ) | (4,941 | ) | |||||||||||||
Capital Share Transactions | |||||||||||||||||
Net increase (decrease) in capital share transactions | (6,113 | ) | 1,978 | ||||||||||||||
Total Increase (Decrease) in Net Assets | 1,880 | (69,879 | ) | ||||||||||||||
Net Assets | |||||||||||||||||
Beginning of period | 381,948 | 451,827 | |||||||||||||||
End of period | $ | 383,828 | $ | 381,948 | |||||||||||||
Class A Institutional | R-1 | R-2 | R-3 | R-4 | R-5 | R-6 | |||||||||||
Capital Share Transactions: | |||||||||||||||||
Period EndedApril 30, 2019 | |||||||||||||||||
Dollars: | |||||||||||||||||
Sold | $ | 2,852 | $ | 23,894 | $ | 182 | $ | 149 | $ | 350 | $ | 387 | $ | 442 | $ | 4,688 | |
Reinvested | 520 | 8,361 | 127 | 85 | 261 | 341 | 207 | 15,349 | |||||||||
Redeemed | (1,415 | ) | (41,934 | ) | (442 | ) | (266 | ) | (1,587 | ) | (968 | ) | (672 | ) | (17,024 | ) | |
Net Increase (Decrease) | $ | 1,957 | $ | (9,679 | ) $ | (133 | ) $ | (32 | ) $ | (976 | ) $ | (240 | ) $ | (23 | ) $ | 3,013 | |
Shares: | |||||||||||||||||
Sold | 215 | 1,798 | 13 | 11 | 26 | 30 | 33 | 352 | |||||||||
Reinvested | 43 | 687 | 10 | 7 | 22 | 28 | 17 | 1,261 | |||||||||
Redeemed | (107 | ) | (3,108 | ) | (32 | ) | (20 | ) | (118 | ) | (74 | ) | (48 | ) | (1,292 | ) | |
Net Increase (Decrease) | 151 | (623 | ) | (9 | ) | (2 | ) | (70 | ) | (16 | ) | 2 | 321 | ||||
Year EndedOctober 31, 2018 | |||||||||||||||||
Dollars: | |||||||||||||||||
Sold | $ | 5,743 | $ | 112,266 | $ | 420 | $ | 509 | $ | 947 | $ | 3,080 | $ | 970 | $ | 13,092 | |
Reinvested | 50 | 1,280 | 9 | 13 | 34 | 31 | 47 | 3,475 | |||||||||
Redeemed | (3,276 | ) | (51,818 | ) | (722 | ) | (2,549 | ) | (1,899 | ) | (1,236 | ) | (2,736 | ) | (75,752 | ) | |
Net Increase (Decrease) | $ | 2,517 | $ | 61,728 | $ | (293 | ) $ | (2,027 | ) $ | (918 | ) $ | 1,875 | $ | (1,719 | ) $ | (59,185 | ) |
Shares: | |||||||||||||||||
Sold | 339 | 6,559 | 25 | 31 | 56 | 183 | 57 | 758 | |||||||||
Reinvested | 3 | 75 | 1 | 1 | 2 | 2 | 3 | 204 | |||||||||
Redeemed | (205 | ) | (3,200 | ) | (44 | ) | (150 | ) | (113 | ) | (73 | ) | (166 | ) | (4,412 | ) | |
Net Increase (Decrease) | 137 | 3,434 | (18 | ) | (118 | ) | (55 | ) | 112 | (106 | ) | (3,450 | ) | ||||
Distributions: | |||||||||||||||||
Period EndedApril 30, 2019 | |||||||||||||||||
From net investment income and net realized gain on | |||||||||||||||||
investments | $ | (520 | ) $ | (8,361 | ) $ | (127 | ) $ | (109 | ) $ | (261 | ) $ | (341 | ) $ | (207 | ) $ | (15,349 | ) |
Total Dividends and Distributions | $ | (520 | ) $ | (8,361 | ) $ | (127 | ) $ | (109 | ) $ | (261 | ) $ | (341 | ) $ | (207 | ) $ | (15,349 | ) |
Year Ended October 31, 2018 | |||||||||||||||||
From net investment income and net realized gain on | |||||||||||||||||
investments | $ | (50 | ) $ | (1,280 | ) $ | (9 | ) $ | (15 | ) $ | (34 | ) $ | (31 | ) $ | (47 | ) $ | (3,475 | ) |
Total Dividends and Distributions | $ | (50 | ) $ | (1,280 | ) $ | (9 | ) $ | (15 | ) $ | (34 | ) $ | (31 | ) $ | (47 | ) $ | (3,475 | ) |
See accompanying notes.
49
Statement of Changes in Net Assets | ||||||||||||||||||||
Principal Funds, Inc. | ||||||||||||||||||||
(unaudited) | ||||||||||||||||||||
Amounts in thousands | LargeCap Growth Fund | |||||||||||||||||||
Period Ended | Year Ended | |||||||||||||||||||
April 30, 2019 | October 31, 2018 | |||||||||||||||||||
Operations | ||||||||||||||||||||
Net investment income (loss) | $ | (644 | ) | $ | (2,121 | ) | ||||||||||||||
Net realized gain (loss) on investments . | (10,365 | ) | 290,054 | |||||||||||||||||
Net change in unrealized appreciation/depreciation of investments | 59,217 | (226,046 | ) | |||||||||||||||||
Net Increase (Decrease) in Net Assets Resulting from Operations | 48,208 | 61,887 | ||||||||||||||||||
Dividends and Distributions to Shareholders | ||||||||||||||||||||
From net investment income and net realized gain on investments | (216,398 | ) | (159,915 | ) | ||||||||||||||||
Total Dividends and Distributions | (216,398 | ) | (159,915 | ) | ||||||||||||||||
Capital Share Transactions | ||||||||||||||||||||
Net increase (decrease) in capital share transactions | 173,842 | (553,746 | ) | |||||||||||||||||
Total Increase (Decrease) in Net Assets | 5,652 | (651,774 | ) | |||||||||||||||||
Net Assets | ||||||||||||||||||||
Beginning of period | 565,238 | 1,217,012 | ||||||||||||||||||
End of period | $ | 570,890 | $ | 565,238 | ||||||||||||||||
Class A | Class C | Class J | Institutional | R-1 | R-2 | R-3 | R-4 | R-5 | ||||||||||||
Capital Share Transactions: | ||||||||||||||||||||
Period EndedApril 30, 2019(a) | ||||||||||||||||||||
Dollars: | ||||||||||||||||||||
Sold | $ | 19,162 | $ | 221 | $ | 3,162 | $ | 32,526 | $ | 202 | $ | 107 | $ | 771 | $ | 531 | $ | 2,307 | ||
Reinvested | 134,290 | 6,306 | 31,939 | 19,856 | 1,589 | 475 | 2,378 | 2,728 | 14,507 | |||||||||||
Redeemed | (30,652 | ) | (15,080 | ) | (9,955 | ) | (29,233 | ) | (607 | ) | (273 | ) | (2,758 | ) | (3,791 | ) | (6,866 | ) | ||
Net Increase (Decrease) | $ | 122,800 | $ | (8,553 | ) $ | 25,146 | $ | 23,149 | $ | 1,184 | $ | 309 | $ | 391 | $ | (532 | ) $ | 9,948 | ||
Shares: | ||||||||||||||||||||
Sold | 3,616 | 53 | 582 | 3,967 | 33 | 20 | 108 | 90 | 358 | |||||||||||
Reinvested | 28,094 | 1,782 | 7,696 | 3,718 | 380 | 108 | 430 | 495 | 2,686 | |||||||||||
Redeemed | (5,089 | ) | (3,865 | ) | (1,855 | ) | (5,004 | ) | (124 | ) | (53 | ) | (395 | ) | (625 | ) | (1,062 | ) | ||
Net Increase (Decrease) | 26,621 | (2,030 | ) | 6,423 | 2,681 | 289 | 75 | 143 | (40 | ) | 1,982 | |||||||||
Year EndedOctober 31, 2018 | ||||||||||||||||||||
Dollars: | ||||||||||||||||||||
Sold | $ | 21,149 | $ | 4,399 | $ | 24,099 | $ | 71,630 | $ | 863 | $ | 596 | $ | 2,225 | $ | 2,299 | $ | 6,356 | ||
Reinvested | 61,735 | 2,836 | 12,970 | 70,789 | 788 | 240 | 1,666 | 1,260 | 6,412 | |||||||||||
Redeemed | (45,275 | ) | (4,616 | ) | (17,968) | (751,475) | (1,812 | ) | (864 | ) | (7,071 | ) | (5,266 | ) | (11,711 | ) | ||||
Net Increase (Decrease) | $ | 37,609 | $ | 2,620 | $ | 19,101 | $ (609,056) $ | (161 | ) $ | (28 | ) $ | (3,180 | ) $ | (1,707 | ) $ | 1,057 | ||||
Shares: | ||||||||||||||||||||
Sold | 2,140 | 522 | 2,667 | 6,441 | 94 | 63 | 204 | 215 | 605 | |||||||||||
Reinvested | 6,829 | 366 | 1,557 | 7,359 | 94 | 28 | 169 | 128 | 660 | |||||||||||
Redeemed | (4,585 | ) | (547 | ) | (1,988 | ) | (71,346 | ) | (197 | ) | (93 | ) | (654 | ) | (485 | ) | (1,080 | ) | ||
Net Increase (Decrease) | 4,384 | 341 | 2,236 | (57,546 | ) | (9 | ) | (2 | ) | (281 | ) | (142 | ) | 185 | ||||||
Distributions: | ||||||||||||||||||||
Period EndedApril 30, 2019(a) | ||||||||||||||||||||
From net investment income and net realized | ||||||||||||||||||||
gain on investments | $ (135,785) $ | (6,451 | ) $ | (32,067 | ) $ | (20,381 | ) $ | (1,589 | ) $ | (512 | ) $ | (2,378 | ) $ | (2,728 | ) $ | (14,507 | ) | |||
Total Dividends and Distributions | $ (135,785) $ | (6,451 | ) $ | (32,067 | ) $ | (20,381 | ) $ | (1,589 | ) $ | (512 | ) $ | (2,378 | ) $ | (2,728 | ) $ | (14,507 | ) | |||
Year Ended October 31, 2018 | ||||||||||||||||||||
From net investment income and net realized | ||||||||||||||||||||
gain on investments | $ | (62,605 | ) $ | (2,951 | ) $ | (12,987 | ) $ | (70,974 | ) $ | (788 | ) $ | (272 | ) $ | (1,666 | ) $ | (1,260 | ) $ | (6,412 | ) | |
Total Dividends and Distributions | $ | (62,605 | ) $ | (2,951 | ) $ | (12,987 | ) $ | (70,974 | ) $ | (788 | ) $ | (272 | ) $ | (1,666 | ) $ | (1,260 | ) $ | (6,412 | ) |
(a) | Class C shares discontinued operations and converted to ClassAshares on January 11, 2019. |
See accompanying notes.
50
Statement of Changes in Net Assets | |||||||||||||||||||
Principal Funds, Inc. | |||||||||||||||||||
(unaudited) | |||||||||||||||||||
Amounts in thousands | LargeCap Growth Fund I | ||||||||||||||||||
Period Ended | Year Ended | ||||||||||||||||||
April 30, 2019 | October 31, 2018 | ||||||||||||||||||
Operations | |||||||||||||||||||
Net investment income (loss) | $ | 12,640 | $ | 4,712 | |||||||||||||||
Net realized gain (loss) on investments, Foreign currencies and Futures | 454,225 | 1,058,086 | |||||||||||||||||
Net change in unrealized appreciation/depreciation of investmentsand Futures | 628,652 | (10,189 | ) | ||||||||||||||||
Net Increase (Decrease) in Net Assets Resulting from Operations | 1,095,517 | 1,052,609 | |||||||||||||||||
Dividends and Distributions to Shareholders | |||||||||||||||||||
From net investment income and net realized gain on investments | (916,938 | ) | (745,957 | ) | |||||||||||||||
Total Dividends and Distributions | (916,938 | ) | (745,957 | ) | |||||||||||||||
Capital Share Transactions | |||||||||||||||||||
Net increase (decrease) in capital share transactions | 593,831 | 136,987 | |||||||||||||||||
Total Increase (Decrease) in Net Assets | 772,410 | 443,639 | |||||||||||||||||
Net Assets | |||||||||||||||||||
Beginning of period | 8,254,521 | 7,810,882 | |||||||||||||||||
End of period | $ | 9,026,931 | $ | 8,254,521 | |||||||||||||||
Class A | Class J | Institutional | R-1 | R-2 | R-3 | R-4 | R-5 | R-6 | |||||||||||
Capital Share Transactions: | |||||||||||||||||||
Period EndedApril 30, 2019 | |||||||||||||||||||
Dollars: | |||||||||||||||||||
Sold | $ | 8,992 | $ | 13,523 | $ | 145,183 | $ | 415 | $ | 605 | $ | 5,554 | $ | 10,608 | $ | 8,607 | $ 153,139 | ||
Reinvested | 4,354 | 23,966 | 238,645 | 1,023 | 962 | 11,543 | 9,233 | 31,612 | 594,475 | ||||||||||
Redeemed | (6,787 | ) | (18,022) | (232,317) | (1,443 | ) | (818 | ) | (15,898 | ) | (11,536 | ) | (37,843) | (343,944) | |||||
Net Increase (Decrease) | $ | 6,559 | $ | 19,467 | $ | 151,511 | $ | (5 | ) $ | 749 | $ | 1,199 | $ | 8,305 | $ | 2,376 | $ | 403,670 | |
Shares: | |||||||||||||||||||
Sold | 648 | 1,138 | 9,997 | 34 | 51 | 421 | 786 | 617 | 10,745 | ||||||||||
Reinvested | 352 | 2,330 | 18,635 | 95 | 92 | 1,005 | 786 | 2,577 | 46,428 | ||||||||||
Redeemed | (481 | ) | (1,530 | ) | (16,630 | ) | (124 | ) | (69 | ) | (1,214 | ) | (856 | ) | (2,801 | ) | (24,356 | ) | |
Net Increase (Decrease) | 519 | 1,938 | 12,002 | 5 | 74 | 212 | 716 | 393 | 32,817 | ||||||||||
Year EndedOctober 31, 2018 | |||||||||||||||||||
Dollars: | |||||||||||||||||||
Sold | $ | 22,788 | $ | 48,556 | $ | 250,868 | $ | 2,175 | $ | 2,494 | $ | 19,083 | $ | 23,476 | $ | 33,613 | $ 683,030 | ||
Reinvested | 2,542 | 16,727 | 199,549 | 732 | 961 | 10,590 | 7,645 | 28,388 | 478,109 | ||||||||||
Redeemed | (10,036 | ) | (29,481) | (544,088) | (2,344 | ) | (6,414 | ) | (50,589 | ) | (41,605) | (104,086) | (905,696) | ||||||
Net Increase (Decrease) | $ | 15,294 | $ | 35,802 | $ | (93,671 | ) $ | 563 | $ | (2,959 | ) $ | (20,916 | ) $ | (10,484 | ) $ | (42,085 | ) $ | 255,443 | |
Shares: | |||||||||||||||||||
Sold | 1,460 | 3,693 | 16,006 | 157 | 189 | 1,303 | 1,618 | 2,200 | 43,506 | ||||||||||
Reinvested | 172 | 1,334 | 13,275 | 56 | 76 | 773 | 547 | 1,963 | 31,808 | ||||||||||
Redeemed | (655 | ) | (2,266 | ) | (34,609 | ) | (173 | ) | (483 | ) | (3,551 | ) | (2,838 | ) | (6,926 | ) | (58,152 | ) | |
Net Increase (Decrease) | 977 | 2,761 | (5,328 | ) | 40 | (218 | ) | (1,475 | ) | (673 | ) | (2,763 | ) | 17,162 | |||||
Distributions: | |||||||||||||||||||
Period EndedApril 30, 2019 | |||||||||||||||||||
From net investment income and net realized | |||||||||||||||||||
gain on investments | $ | (4,468 | ) $ | (23,976) | $ (239,570) $ | (1,023 | ) $ | (1,037 | ) $ | (11,544 | ) $ | (9,233 | ) $ | (31,612) | $ (594,475) | ||||
Total Dividends and Distributions | $ | (4,468 | ) $ | (23,976) | $ (239,570) $ | (1,023 | ) $ | (1,037 | ) $ | (11,544 | ) $ | (9,233 | ) $ | (31,612) | $ (594,475) | ||||
Year Ended October 31, 2018 | |||||||||||||||||||
From net investment income and net realized | |||||||||||||||||||
gain on investments | $ | (2,554 | ) $ | (16,730) | $ (200,190) $ | (732 | ) $ | (1,019 | ) $ | (10,590 | ) $ | (7,645 | ) $ | (28,388) | $ (478,109) | ||||
Total Dividends and Distributions | $ | (2,554 | ) $ | (16,730) | $ (200,190) $ | (732 | ) $ | (1,019 | ) $ | (10,590 | ) $ | (7,645 | ) $ | (28,388) | $ (478,109) |
See accompanying notes.
51
Statement of Changes in Net Assets | |||||||||||||||||||
Principal Funds, Inc. | |||||||||||||||||||
(unaudited) | |||||||||||||||||||
Amounts in thousands | LargeCap S&P 500 Index Fund | ||||||||||||||||||
Period Ended | Year Ended | ||||||||||||||||||
April 30, 2019 | October 31, 2018 | ||||||||||||||||||
Operations | |||||||||||||||||||
Net investment income (loss) | �� | $ | 55,155 | $ | 99,090 | ||||||||||||||
Net realized gain (loss) on investments, Foreign currencies and Futures | 46,294 | 300,226 | |||||||||||||||||
Net change in unrealized appreciation/depreciation of investmentsand Futures | 430,085 | (26,802 | ) | ||||||||||||||||
Net Increase (Decrease) in Net Assets Resulting from Operations | 531,534 | 372,514 | |||||||||||||||||
Dividends and Distributions to Shareholders | |||||||||||||||||||
From net investment income and net realized gain on investments | (352,546 | ) | (377,859 | ) | |||||||||||||||
Total Dividends and Distributions | (352,546 | ) | (377,859 | ) | |||||||||||||||
Capital Share Transactions | |||||||||||||||||||
Net increase (decrease) in capital share transactions | 332,171 | 37,862 | |||||||||||||||||
Total Increase (Decrease) in Net Assets | 511,159 | 32,517 | |||||||||||||||||
Net Assets | |||||||||||||||||||
Beginning of period | 5,526,282 | 5,493,765 | |||||||||||||||||
End of period | $ | 6,037,441 | $ | 5,526,282 | |||||||||||||||
Class A | Class C | Class J | Institutional | R-1 | R-2 | R-3 | R-4 | R-5 | |||||||||||
Capital Share Transactions: | |||||||||||||||||||
Period EndedApril 30, 2019 | |||||||||||||||||||
Dollars: | |||||||||||||||||||
Sold | $ | 43,122 | $ | 7,569 | $ | 20,750 | $ | 496,944 | $ | 1,449 | $ | 1,491 | $ | 10,932 | $ | 15,694 | $ | 21,613 | |
Reinvested | 23,705 | 3,594 | 41,668 | 239,122 | 873 | 1,250 | 10,837 | 9,363 | 21,590 | ||||||||||
Redeemed | (33,987 | ) | (11,405 | ) | (45,175) | (401,493) | (3,081 | ) | (3,030 | ) | (32,441 | ) | (30,967 | ) | (77,816 | ) | |||
Net Increase (Decrease) | $ | 32,840 | $ | (242 | ) $ | 17,243 | $ | 334,573 | $ | (759 | ) $ | (289 | ) $ | (10,672 | ) $ | (5,910 | ) $ | (34,613 | ) |
Shares: | |||||||||||||||||||
Sold | 2,541 | 462 | 1,219 | 29,904 | 82 | 86 | 633 | 912 | 1,246 | ||||||||||
Reinvested | 1,509 | 235 | 2,682 | 15,236 | 56 | 79 | 689 | 594 | 1,356 | ||||||||||
Redeemed | (1,984 | ) | (699 | ) | (2,662 | ) | (23,819 | ) | (175 | ) | (177 | ) | (1,869 | ) | (1,831 | ) | (4,636 | ) | |
Net Increase (Decrease) | 2,066 | (2 | ) | 1,239 | 21,321 | (37 | ) | (12 | ) | (547 | ) | (325 | ) | (2,034 | ) | ||||
Year EndedOctober 31, 2018 | |||||||||||||||||||
Dollars: | |||||||||||||||||||
Sold | $ | 65,548 | $ | 15,212 | $ | 64,091 | $ | 766,423 | $ | 3,038 | $ | 2,922 | $ | 32,476 | $ | 33,106 | $ | 48,358 | |
Reinvested | 22,928 | 3,346 | 43,141 | 253,052 | 1,116 | 1,758 | 13,546 | 12,541 | 25,718 | ||||||||||
Redeemed | (64,223 | ) | (10,136 | ) | (96,503) | (884,979) | (8,113 | ) | (14,991 | ) | (76,985 | ) | (88,574) | (125,954) | |||||
Net Increase (Decrease) | $ | 24,253 | $ | 8,422 | $ | 10,729 | $ | 134,496 | $ | (3,959 | ) $ | (10,311 | ) $ | (30,963 | ) $ | (42,927 | ) $ | (51,878 | ) |
Shares: | |||||||||||||||||||
Sold | 3,615 | 856 | 3,557 | 41,637 | 168 | 160 | 1,768 | 1,806 | 2,627 | ||||||||||
Reinvested | 1,291 | 193 | 2,452 | 14,240 | 63 | 99 | 762 | 704 | 1,429 | ||||||||||
Redeemed | (3,537 | ) | (573 | ) | (5,368 | ) | (49,313 | ) | (451 | ) | (813 | ) | (4,235 | ) | (4,882 | ) | (6,884 | ) | |
Net Increase (Decrease) | 1,369 | 476 | 641 | 6,564 | (220 | ) | (554 | ) | (1,705 | ) | (2,372 | ) | (2,828 | ) | |||||
Distributions: | |||||||||||||||||||
Period EndedApril 30, 2019 | |||||||||||||||||||
From net investment income and net realized | |||||||||||||||||||
gain on investments | $ | (24,106 | ) $ | (3,663 | ) $ | (41,712) | $ (239,126) $ | (873 | ) $ | (1,250 | ) $ | (10,837 | ) $ | (9,377 | ) $ | (21,602 | ) | ||
Total Dividends and Distributions | $ | (24,106 | ) $ | (3,663 | ) $ | (41,712) | $ (239,126) $ | (873 | ) $ | (1,250 | ) $ | (10,837 | ) $ | (9,377 | ) $ | (21,602 | ) | ||
Year Ended October 31, 2018 | |||||||||||||||||||
From net investment income and net realized | |||||||||||||||||||
gain on investments | $ | (23,496 | ) $ | (3,422 | ) $ | (43,205) | $ (253,057) $ | (1,116 | ) $ | (1,758 | ) $ | (13,546 | ) $ | (12,541 | ) $ | (25,718 | ) | ||
Total Dividends and Distributions | $ | (23,496 | ) $ | (3,422 | ) $ | (43,205) | $ (253,057) $ | (1,116 | ) $ | (1,758 | ) $ | (13,546 | ) $ | (12,541 | ) $ | (25,718 | ) |
See accompanying notes.
52
Statement of Changes in Net Assets | |||||||||||||||||||||||
Principal Funds, Inc. | |||||||||||||||||||||||
(unaudited) | |||||||||||||||||||||||
Amounts in thousands | MidCap Fund | ||||||||||||||||||||||
Period Ended | Year Ended | ||||||||||||||||||||||
April 30, 2019 | October 31, 2018 | ||||||||||||||||||||||
Operations | |||||||||||||||||||||||
Net investment income (loss) | $ | 5,478 | $ | 11,253 | |||||||||||||||||||
Net realized gain (loss) on investments . | 399,035 | 1,612,043 | |||||||||||||||||||||
Net change in unrealized appreciation/depreciation of investments | 2,190,763 | (1,419,728 | ) | ||||||||||||||||||||
Net Increase (Decrease) in Net Assets Resulting from Operations | 2,595,276 | 203,568 | |||||||||||||||||||||
Dividends and Distributions to Shareholders | |||||||||||||||||||||||
From net investment income and net realized gain on investments | (1,485,719 | ) | (516,388 | ) | |||||||||||||||||||
Total Dividends and Distributions | (1,485,719 | ) | (516,388 | ) | |||||||||||||||||||
Capital Share Transactions | |||||||||||||||||||||||
Net increase (decrease) in capital share transactions | 223,744 | (177,308 | ) | ||||||||||||||||||||
Total Increase (Decrease) in Net Assets | 1,333,301 | (490,128 | ) | ||||||||||||||||||||
Net Assets | |||||||||||||||||||||||
Beginning of period | 14,754,992 | 15,245,120 | |||||||||||||||||||||
End of period | $ | 16,088,293 | $ | 14,754,992 | |||||||||||||||||||
Class A | Class C | Class J | Institutional | R-1 | R-2 | R-3 | R-4 | R-5 | R-6 | ||||||||||||||
Capital Share Transactions: | |||||||||||||||||||||||
Period EndedApril 30, 2019 | |||||||||||||||||||||||
Dollars: | |||||||||||||||||||||||
Sold | $ | 76,419 | $ | 4,435 | $ | 1,151 | $ | 1,248,281 | $ | 2,596 | $ | 1,613 | $ | 5,805 | $ | 7,481 | $ | 29,745 | $ 558,017 | ||||
Reinvested | 136,988 | 24,372 | 29,463 | 884,102 | 9,032 | 2,262 | 10,368 | 8,952 | 34,089 | 77,955 | |||||||||||||
Redeemed | (160,595 | ) | (38,841) | (15,922) | (2,388,536 | ) | (6,415 | ) | (4,291 | ) | (26,550 | ) | (12,504 | ) | (68,312) | (207,416) | |||||||
Net Increase (Decrease) | $ | 52,812 | $ | (10,034) | $ 14,692 $ | (256,153 | ) $ | 5,213 | $ | (416 | ) $ | (10,377 | ) $ | 3,929 | $ | (4,478 | ) $ | 428,556 | |||||
Shares: | |||||||||||||||||||||||
Sold | 3,112 | 218 | 47 | 49,673 | 114 | 69 | 234 | 292 | 1,165 | 20,788 | |||||||||||||
Reinvested | 6,224 | 1,240 | 1,395 | 39,155 | 446 | 110 | 483 | 399 | 1,532 | 3,454 | |||||||||||||
Redeemed | (6,411 | ) | (1,774 | ) | (662 | ) | (94,717 | ) | (277 | ) | (181 | ) | (1,068 | ) | (503 | ) | (2,769 | ) | (8,190 | ) | |||
Net Increase (Decrease) | 2,925 | (316 | ) | 780 | (5,889 | ) | 283 | (2 | ) | (351 | ) | 188 | (72 | ) | 16,052 | ||||||||
Year EndedOctober 31, 2018 | |||||||||||||||||||||||
Dollars: | |||||||||||||||||||||||
Sold | $ 144,494 $ | 6,765 | $ | 2,907 | $ | 2,734,530 | $ | 5,868 | $ | 3,858 | $ | 16,566 | $ | 18,902 | $ | 80,394 | $ 892,863 | ||||||
Reinvested | 51,569 | 9,428 | 10,400 | 305,570 | 3,148 | 900 | 4,076 | 4,138 | 12,603 | 23,657 | |||||||||||||
Redeemed | (441,299 | ) | (61,607) | (34,555) | (3,522,116 | ) | (11,521 | ) | (9,547 | ) | (41,398 | ) | (61,502) | (127,061) | (199,338) | ||||||||
Net Increase (Decrease) | $ | (245,236 | ) $ | (45,414) | $ (21,248) $ | (482,016 | ) $ | (2,505 | ) $ | (4,789 | ) $ | (20,756 | ) $ | (38,462 | ) $ | (34,064 | ) $ | 717,182 | |||||
Shares: | |||||||||||||||||||||||
Sold | 5,294 | 272 | 110 | 97,951 | 232 | 148 | 618 | 681 | 2,915 | 31,465 | |||||||||||||
Reinvested | 1,934 | 388 | 405 | 11,217 | 127 | 36 | 156 | 153 | 468 | 869 | |||||||||||||
Redeemed | (16,118 | ) | (2,471 | ) | (1,309 | ) | (125,086 | ) | (456 | ) | (373 | ) | (1,544 | ) | (2,230 | ) | (4,617 | ) | (7,158 | ) | |||
Net Increase (Decrease) | (8,890 | ) | (1,811 | ) | (794 | ) | (15,918 | ) | (97 | ) | (189 | ) | (770 | ) | (1,396 | ) | (1,234 | ) | 25,176 | ||||
Distributions: | |||||||||||||||||||||||
Period EndedApril 30, 2019 | |||||||||||||||||||||||
From net investment income and | |||||||||||||||||||||||
net realized gain on investments. | $ (147,100) $ | (27,873) | $ (29,473) $ | (1,070,000 | ) $ | (9,037 | ) $ | (2,417 | ) $ | (10,369 | ) $ | (8,955 | ) $ | (34,190) | $ (146,305) | ||||||||
Total Dividends and | |||||||||||||||||||||||
Distributions | $ (147,100) $ | (27,873) | $ (29,473) $ | (1,070,000 | ) $ | (9,037 | ) $ | (2,417 | ) $ | (10,369 | ) $ | (8,955 | ) $ | (34,190) | $ (146,305) | ||||||||
Year Ended October 31, 2018 | |||||||||||||||||||||||
From net investment income and | |||||||||||||||||||||||
net realized gain on investments.$ | (56,155 | ) $ | (10,861) | $ (10,410) $ | (386,935 | ) $ | (3,150 | ) $ | (1,023 | ) $ | (4,076 | ) $ | (4,138 | ) $ | (12,606 | ) $ | (27,034 | ) | |||||
Total Dividends and | |||||||||||||||||||||||
Distributions | $ | (56,155 | ) $ | (10,861) | $ (10,410) $ | (386,935 | ) $ | (3,150 | ) $ | (1,023 | ) $ | (4,076 | ) $ | (4,138 | ) $ | (12,606 | ) $ | (27,034 | ) |
See accompanying notes.
53
Statement of Changes in Net Assets | |||||||||||||||||||
Principal Funds, Inc. | |||||||||||||||||||
(unaudited) | |||||||||||||||||||
Amounts in thousands | MidCap Value Fund I | ||||||||||||||||||
Period Ended | Year Ended | ||||||||||||||||||
April 30, 2019 | October 31, 2018 | ||||||||||||||||||
Operations | |||||||||||||||||||
Net investment income (loss) | $ | 5,056 | $ | 9,042 | |||||||||||||||
Net realized gain (loss) on investments, Foreign currencies and Futures | 10,978 | 101,903 | |||||||||||||||||
Net change in unrealized appreciation/depreciation of investmentsand Futures | 70,465 | (100,003 | ) | ||||||||||||||||
Net Increase (Decrease) in Net Assets Resulting from Operations | 86,499 | 10,942 | |||||||||||||||||
Dividends and Distributions to Shareholders | |||||||||||||||||||
From net investment income and net realized gain on investments | (99,895 | ) | (69,194 | ) | |||||||||||||||
Total Dividends and Distributions | (99,895 | ) | (69,194 | ) | |||||||||||||||
Capital Share Transactions | |||||||||||||||||||
Net increase (decrease) in capital share transactions | 1,604,382 | (67,518 | ) | ||||||||||||||||
Total Increase (Decrease) in Net Assets | 1,590,986 | (125,770 | ) | ||||||||||||||||
Net Assets | |||||||||||||||||||
Beginning of period | 940,703 | 1,066,473 | |||||||||||||||||
End of period | $ | 2,531,689 | $ | 940,703 | |||||||||||||||
Class A | Class J | Institutional | R-1 | R-2 | R-3 | R-4 | R-5 | R-6 | |||||||||||
Capital Share Transactions: | |||||||||||||||||||
Period EndedApril 30, 2019(a) | |||||||||||||||||||
Dollars: | |||||||||||||||||||
Sold | $ | 272 | $ | 895 | $ | 27,002 | $ | 125 | $ | 117 | $ | 669 | $ | 1,405 | $ | 1,311 | $ 1,231,433 | ||
Issued in acquisitions | 25,751 | 90,458 | 56,528 | 251 | 957 | 6,863 | 4,747 | 8,965 | 820,438 | ||||||||||
Reinvested | – | 6,856 | 87,757 | 331 | 258 | 912 | 871 | 2,803 | – | ||||||||||
Redeemed | (650 | ) | (4,772) | (747,521) | (486 | ) | (403 | ) | (2,016 | ) | (2,560 | ) | (7,656 | ) | (7,529 | ) | |||
Net Increase (Decrease) | $ | 25,373 | $ | 93,437 | $ (576,234) $ | 221 | $ | 929 | $ | 6,428 | $ | 4,463 | $ | 5,423 | $ 2,044,342 | ||||
Shares: | |||||||||||||||||||
Sold | 19 | 65 | 2,090 | 9 | 9 | 51 | 106 | 95 | 89,212 | ||||||||||
Issued in acquisitions | 1,858 | 6,604 | 4,084 | 19 | 71 | 502 | 347 | 651 | 59,180 | ||||||||||
Reinvested | – | 579 | 7,312 | 29 | 22 | 78 | 73 | 236 | – | ||||||||||
Redeemed | (47 | ) | (359 | ) | (54,754 | ) | (39 | ) | (33 | ) | (152 | ) | (195 | ) | (595 | ) | (543 | ) | |
Net Increase (Decrease) | 1,830 | 6,889 | (41,268 | ) | 18 | 69 | 479 | 331 | 387 | 147,849 | |||||||||
Year EndedOctober 31, 2018 | |||||||||||||||||||
Dollars: | |||||||||||||||||||
Sold | N/A$ | 2,092 | $ | 125,208 | $ | 422 | $ | 340 | $ | 1,497 | $ | 1,364 | $ | 3,288 | N/A | ||||
Reinvested | N/A | 4,705 | 59,888 | 264 | 275 | 918 | 861 | 2,208 | N/A | ||||||||||
Redeemed | N/A | (10,371) | (227,345) | (1,484 | ) | (3,174 | ) | (8,674 | ) | (8,026 | ) | (11,774 | ) | N/A | |||||
Net Increase (Decrease) | N/A$ | (3,574 | ) $ | (42,249 | ) $ | (798 | ) $ | (2,559 | ) $ | (6,259 | ) $ | (5,801 | ) $ | (6,278 | ) | N/A | |||
Shares: | |||||||||||||||||||
Sold | N/A | 138 | 7,980 | 29 | 23 | 100 | 91 | 217 | N/A | ||||||||||
Reinvested | N/A | 315 | 3,958 | 18 | 19 | 62 | 58 | 147 | N/A | ||||||||||
Redeemed | N/A | (686 | ) | (14,859 | ) | (101 | ) | (212 | ) | (574 | ) | (529 | ) | (771 | ) | N/A | |||
Net Increase (Decrease) | N/A | (233 | ) | (2,921 | ) | (54 | ) | (170 | ) | (412 | ) | (380 | ) | (407 | ) | N/A | |||
Distributions: | |||||||||||||||||||
Period EndedApril 30, 2019(a) | |||||||||||||||||||
From net investment income and net realized | |||||||||||||||||||
gain on investments | $ | – $ | (6,867 | ) $ | (87,845 | ) $ | (331 | ) $ | (266 | ) $ | (912 | ) $ | (871 | ) $ | (2,803 | ) $ | – | ||
Total Dividends and Distributions | $ | – $ | (6,867 | ) $ | (87,845 | ) $ | (331 | ) $ | (266 | ) $ | (912 | ) $ | (871 | ) $ | (2,803 | ) $ | – | ||
Year Ended October 31, 2018 | |||||||||||||||||||
From net investment income and net realized | |||||||||||||||||||
gain on investments | N/A$ | (4,712 | ) $ | (59,947 | ) $ | (264 | ) $ | (284 | ) $ | (918 | ) $ | (861 | ) $ | (2,208 | ) | N/A | |||
Total Dividends and Distributions | N/A$ | (4,712 | ) $ | (59,947 | ) $ | (264 | ) $ | (284 | ) $ | (918 | ) $ | (861 | ) $ | (2,208 | ) | N/A |
(a) | Period fromApril 2, 2019, date operations commenced, throughApril 30, 2019 for ClassAand R-6 shares. |
See accompanying notes.
54
Statement of Changes in Net Assets | |||||||||
Principal Funds, Inc. | |||||||||
(unaudited) | |||||||||
Amounts in thousands | Money Market Fund | ||||||||
Period Ended | Year Ended | ||||||||
April 30, 2019 | October 31, 2018 | ||||||||
Operations | |||||||||
Net investment income (loss) | $ | 5,026 | $ | 6,284 | |||||
Net realized gain (loss) on investments . | 126 | 33 | |||||||
Net change in unrealized appreciation/depreciation of investments | – | – | |||||||
Net Increase (Decrease) in Net Assets Resulting from Operations | 5,152 | 6,317 | |||||||
Dividends and Distributions to Shareholders | |||||||||
From net investment income and net realized gain on investments | (5,056 | ) | (6,317 | ) | |||||
Total Dividends and Distributions | (5,056 | ) | (6,317 | ) | |||||
Capital Share Transactions | |||||||||
Net increase (decrease) in capital share transactions | 13,433 | (14,074 | ) | ||||||
Total Increase (Decrease) in Net Assets | 13,529 | (14,074 | ) | ||||||
Net Assets | |||||||||
Beginning of period | 489,582 | 503,656 | |||||||
End of period | $ | 503,111 | $ | 489,582 | |||||
Class A | Class C | Class J | Institutional | ||||||
Capital Share Transactions: | |||||||||
Period EndedApril 30, 2019 | |||||||||
Dollars: | |||||||||
Sold | $ | 111,082 | N/A$ | 80,782 | N/A | ||||
Reinvested | 2,408 | N/A | 2,567 | N/A | |||||
Redeemed | (104,974) | N/A | (78,432 | ) | N/A | ||||
Net Increase (Decrease) | $ | 8,516 | N/A$ | 4,917 | N/A | ||||
Shares: | |||||||||
Sold | 111,082 | N/A | 80,782 | N/A | |||||
Reinvested | 2,408 | N/A | 2,567 | N/A | |||||
Redeemed | (104,974) | N/A | (78,432 | ) | N/A | ||||
Net Increase (Decrease) | 8,516 | N/A | 4,917 | N/A | |||||
Year EndedOctober 31, 2018(a) | |||||||||
Dollars: | |||||||||
Sold | $ 194,918 $ | 1,698 | $ 152,066 $ | 10 | |||||
Reinvested | 3,057 | 32 | 3,109 | 1 | |||||
Redeemed | (211,308) | (16,611) | (140,632) | (414 | ) | ||||
Net Increase (Decrease) | $ | (13,333 | ) $ | (14,881 | ) $ | 14,543 | $ | (403 | ) |
Shares: | |||||||||
Sold | 194,918 | 1,698 | 152,066 | 10 | |||||
Reinvested | 3,057 | 32 | 3,109 | 1 | |||||
Redeemed | (211,308) | (16,611) | (140,632) | (414 | ) | ||||
Net Increase (Decrease) | (13,333 | ) | (14,881 | ) | 14,543 | (403 | ) | ||
Distributions: | |||||||||
Period EndedApril 30, 2019 | |||||||||
From net investment income and net realized gain on investments | $ | (2,451 | ) | N/A$ | (2,605 | ) | N/A | ||
Total Dividends and Distributions | $ | (2,451 | ) | N/A$ | (2,605 | ) | N/A | ||
Year Ended October 31, 2018(a) | |||||||||
From net investment income and net realized gain on investments | $ | (3,116 | ) $ | (44 | ) $ | (3,156 | ) $ | (1 | ) |
Total Dividends and Distributions | $ | (3,116 | ) $ | (44 | ) $ | (3,156 | ) $ | (1 | ) |
(a)Class C and Institutional shares discontinued operations on March 23, 2018. |
See accompanying notes.
55
Statement of Changes in Net Assets | |||||||||||||||||
Principal Funds, Inc. | |||||||||||||||||
(unaudited) | |||||||||||||||||
Amounts in thousands | Principal Capital Appreciation Fund | ||||||||||||||||
Period Ended | Year Ended | ||||||||||||||||
April 30, 2019 | October 31, 2018 | ||||||||||||||||
Operations | |||||||||||||||||
Net investment income (loss) | $ | 11,003 | $ | 27,251 | |||||||||||||
Net realized gain (loss) on investments . | 98,102 | 643,990 | |||||||||||||||
Net change in unrealized appreciation/depreciation of investments | 81,556 | (512,291 | ) | ||||||||||||||
Net Increase (Decrease) in Net Assets Resulting from Operations | 190,661 | 158,950 | |||||||||||||||
Dividends and Distributions to Shareholders | |||||||||||||||||
From net investment income and net realized gain on investments | (547,640 | ) | (166,375 | ) | |||||||||||||
Total Dividends and Distributions | (547,640 | ) | (166,375 | ) | |||||||||||||
Capital Share Transactions | |||||||||||||||||
Net increase (decrease) in capital share transactions | 438,052 | (734,019 | ) | ||||||||||||||
Total Increase (Decrease) in Net Assets | 81,073 | (741,444 | ) | ||||||||||||||
Net Assets | |||||||||||||||||
Beginning of period | 1,763,074 | 2,504,518 | |||||||||||||||
End of period | $ | 1,844,147 | $ | 1,763,074 | |||||||||||||
Class A | Class C | Institutional | R-1 | R-2 | R-3 | R-4 | R-5 | ||||||||||
Capital Share Transactions: | |||||||||||||||||
Period EndedApril 30, 2019 | |||||||||||||||||
Dollars: | |||||||||||||||||
Sold | $ | 26,474 | $ | 2,147 | $ | 107,823 | $ | 101 | $ | 388 | $ | 854 | $ | 1,097 | $ | 4,834 | |
Reinvested | 278,304 | 19,350 | 223,236 | 666 | 575 | 4,983 | 5,398 | 10,526 | |||||||||
Redeemed | (85,966 | ) | (15,218) | (134,357) | (519 | ) | (855 | ) | (2,897 | ) | (4,568 | ) | (4,324 | ) | |||
Net Increase (Decrease) | $ | 218,812 | $ | 6,279 | $ | 196,702 | $ | 248 | $ | 108 | $ | 2,940 | $ | 1,927 | $ | 11,036 | |
Shares: | |||||||||||||||||
Sold | 580 | 67 | 1,912 | 2 | 9 | 18 | 22 | 106 | |||||||||
Reinvested | 6,805 | 704 | 5,300 | 16 | 13 | 122 | 131 | 253 | |||||||||
Redeemed | (1,832 | ) | (505 | ) | (2,948 | ) | (10 | ) | (16 | ) | (61 | ) | (102 | ) | (85 | ) | |
Net Increase (Decrease) | 5,553 | 266 | 4,264 | 8 | 6 | 79 | 51 | 274 | |||||||||
Year EndedOctober 31, 2018 | |||||||||||||||||
Dollars: | |||||||||||||||||
Sold | $ | 36,346 | $ | 6,104 | $ | 43,919 | $ | 297 | $ | 510 | $ | 2,735 | $ | 2,478 | $ | 4,595 | |
Reinvested | 70,187 | 4,588 | 82,826 | 174 | 205 | 1,701 | 1,492 | 3,132 | |||||||||
Redeemed | (121,508) | (10,038) | (827,086) | (623 | ) | (1,280 | ) | (11,658 | ) | (8,520 | ) | (14,595 | ) | ||||
Net Increase (Decrease) | $ | (14,975 | ) $ | 654 | $ (700,341) $ | (152 | ) $ | (565 | ) $ | (7,222 | ) $ | (4,550 | ) $ | (6,868 | ) | ||
Shares: | |||||||||||||||||
Sold | 569 | 122 | 673 | 5 | 8 | 44 | 39 | 71 | |||||||||
Reinvested | 1,127 | 95 | 1,304 | 3 | 4 | 27 | 24 | 50 | |||||||||
Redeemed | (1,900 | ) | (202 | ) | (12,743 | ) | (10 | ) | (20 | ) | (183 | ) | (130 | ) | (227 | ) | |
Net Increase (Decrease) | (204 | ) | 15 | (10,766 | ) | (2 | ) | (8 | ) | (112 | ) | (67 | ) | (106 | ) | ||
Distributions: | |||||||||||||||||
Period EndedApril 30, 2019 | |||||||||||||||||
From net investment income and net realized gain on | |||||||||||||||||
investments | $ (282,367) $ | (19,604) | $ (223,276) $ | (666 | ) $ | (820 | ) $ | (4,983 | ) $ | (5,398 | ) $ | (10,526 | ) | ||||
Total Dividends and Distributions | $ (282,367) $ | (19,604) | $ (223,276) $ | (666 | ) $ | (820 | ) $ | (4,983 | ) $ | (5,398 | ) $ | (10,526 | ) | ||||
Year Ended October 31, 2018 | |||||||||||||||||
From net investment income and net realized gain on | |||||||||||||||||
investments | $ | (71,966 | ) $ | (4,660 | ) $ | (82,986 | ) $ | (174 | ) $ | (264 | ) $ | (1,701 | ) $ | (1,492 | ) $ | (3,132 | ) |
Total Dividends and Distributions | $ | (71,966 | ) $ | (4,660 | ) $ | (82,986 | ) $ | (174 | ) $ | (264 | ) $ | (1,701 | ) $ | (1,492 | ) $ | (3,132 | ) |
See accompanying notes.
56
Statement of Changes in Net Assets | |||||||||||||||||||||
Principal Funds, Inc. | |||||||||||||||||||||
(unaudited) | |||||||||||||||||||||
Amounts in thousands | Real Estate Securities Fund | ||||||||||||||||||||
Period Ended | Year Ended | ||||||||||||||||||||
April 30, 2019 | October 31, 2018 | ||||||||||||||||||||
Operations | |||||||||||||||||||||
Net investment income (loss) | $ | 33,571 | $ | 66,029 | |||||||||||||||||
Net realized gain (loss) on investments . | 49,712 | 88,081 | |||||||||||||||||||
Net change in unrealized appreciation/depreciation of investments | 420,331 | (58,776 | ) | ||||||||||||||||||
Net Increase (Decrease) in Net Assets Resulting from Operations | 503,614 | 95,334 | |||||||||||||||||||
Dividends and Distributions to Shareholders | |||||||||||||||||||||
From net investment income and net realized gain on investments | (101,792 | ) | (151,297 | ) | |||||||||||||||||
Total Dividends and Distributions | (101,792 | ) | (151,297 | ) | |||||||||||||||||
Capital Share Transactions | |||||||||||||||||||||
Net increase (decrease) in capital share transactions | 389,548 | (2,030 | ) | ||||||||||||||||||
Total Increase (Decrease) in Net Assets | 791,370 | (57,993 | ) | ||||||||||||||||||
Net Assets | |||||||||||||||||||||
Beginning of period | 3,660,698 | 3,718,691 | |||||||||||||||||||
End of period | $ | 4,452,068 | $ | 3,660,698 | |||||||||||||||||
Class A | Class C | Class J | Institutional | R-1 | R-2 | R-3 | R-4 | R-5 | R-6 | ||||||||||||
Capital Share Transactions: | |||||||||||||||||||||
Period EndedApril 30, 2019 | |||||||||||||||||||||
Dollars: | |||||||||||||||||||||
Sold | $ | 37,855 | $ | 3,114 | $ | 4,224 | $ | 738,011 | $ | 299 | $ | 1,592 | $ | 5,000 | $ | 3,906 | $ | 16,220 | $ 200,342 | ||
Reinvested | 5,559 | 1,020 | 4,087 | 41,674 | 90 | 216 | 969 | 1,034 | 4,267 | 31,028 | |||||||||||
Redeemed | (45,738 | ) | (8,516 | ) | (10,922) | (376,049) | (600 | ) | (4,350 | ) | (7,015 | ) | (12,788 | ) | (60,177) | (184,804) | |||||
Net Increase (Decrease) | $ | (2,324 | ) $ | (4,382 | ) $ | (2,611 | ) $ | 403,636 | $ | (211 | ) $ | (2,542 | ) $ | (1,046 | ) $ | (7,848 | ) $ | (39,690 | ) $ | 46,566 | |
Shares: | |||||||||||||||||||||
Sold | 1,577 | 134 | 178 | 30,019 | 12 | 70 | 214 | 166 | 702 | 8,428 | |||||||||||
Reinvested | 245 | 46 | 185 | 1,823 | 4 | 10 | 44 | 47 | 194 | 1,361 | |||||||||||
Redeemed | (1,891 | ) | (365 | ) | (469 | ) | (15,663 | ) | (25 | ) | (191 | ) | (298 | ) | (559 | ) | (2,523 | ) | (7,889 | ) | |
Net Increase (Decrease) | (69 | ) | (185 | ) | (106 | ) | 16,179 | (9 | ) | (111 | ) | (40 | ) | (346 | ) | (1,627 | ) | 1,900 | |||
Year EndedOctober 31, 2018 | |||||||||||||||||||||
Dollars: | |||||||||||||||||||||
Sold | $ | 74,413 | $ | 10,309 | $ | 5,987 | $ | 793,282 | $ | 662 | $ | 5,187 | $ | 9,380 | $ | 12,242 | $ | 32,666 | $ 693,712 | ||
Reinvested | 8,955 | 1,506 | 6,829 | 59,681 | 168 | 435 | 1,732 | 2,196 | 6,686 | 45,543 | |||||||||||
Redeemed | (98,448 | ) | (13,746 | ) | (30,221) | (983,485) | (2,578 | ) | (10,326 | ) | (23,613 | ) | (32,076 | ) | (44,991) | (534,117) | |||||
Net Increase (Decrease) | $ | (15,080 | ) $ | (1,931 | ) $ | (17,405) | $ (130,522) $ | (1,748 | ) $ | (4,704 | ) $ | (12,501 | ) $ | (17,638 | ) $ | (5,639 | ) $ | 205,138 | |||
Shares: | |||||||||||||||||||||
Sold | 3,220 | 452 | 266 | 34,428 | 29 | 233 | 414 | 553 | 1,472 | 29,276 | |||||||||||
Reinvested | 383 | 66 | 300 | 2,547 | 7 | 19 | 76 | 97 | 295 | 1,943 | |||||||||||
Redeemed | (4,224 | ) | (605 | ) | (1,346 | ) | (41,865 | ) | (111 | ) | (465 | ) | (1,048 | ) | (1,427 | ) | (1,995 | ) | (22,487 | ) | |
Net Increase (Decrease) | (621 | ) | (87 | ) | (780 | ) | (4,890 | ) | (75 | ) | (213 | ) | (558 | ) | (777 | ) | (228 | ) | 8,732 | ||
Distributions: | |||||||||||||||||||||
Period EndedApril 30, 2019 | |||||||||||||||||||||
From net investment income and | |||||||||||||||||||||
net realized gain on investments. $ | (7,146 | ) $ | (1,050 | ) $ | (4,090 | ) $ | (44,198 | ) $ | (90 | ) $ | (353 | ) $ | (970 | ) $ | (1,034 | ) $ | (4,269 | ) $ | (38,592 | ) | |
Total Dividends and | |||||||||||||||||||||
Distributions | $ | (7,146 | ) $ | (1,050 | ) $ | (4,090 | ) $ | (44,198 | ) $ | (90 | ) $ | (353 | ) $ | (970 | ) $ | (1,034 | ) $ | (4,269 | ) $ | (38,592 | ) |
Year Ended October 31, 2018 | |||||||||||||||||||||
From net investment income and | |||||||||||||||||||||
net realized gain on investments. $ | (11,306 | ) $ | (1,553 | ) $ | (6,838 | ) $ | (72,239 | ) $ | (168 | ) $ | (727 | ) $ | (1,732 | ) $ | (2,196 | ) $ | (6,688 | ) $ | (47,850 | ) | |
Total Dividends and | |||||||||||||||||||||
Distributions | $ | (11,306 | ) $ | (1,553 | ) $ | (6,838 | ) $ | (72,239 | ) $ | (168 | ) $ | (727 | ) $ | (1,732 | ) $ | (2,196 | ) $ | (6,688 | ) $ | (47,850 | ) |
See accompanying notes.
57
Statement of Changes in Net Assets | |||||||||||||||||||||
Principal Funds, Inc. | |||||||||||||||||||||
(unaudited) | |||||||||||||||||||||
Amounts in thousands | Short-Term Income Fund | ||||||||||||||||||||
Period Ended | Year Ended | ||||||||||||||||||||
April 30, 2019 | October 31, 2018 | ||||||||||||||||||||
Operations | |||||||||||||||||||||
Net investment income (loss) | $ | 59,483 | $ | 96,137 | |||||||||||||||||
Net realized gain (loss) on investments . | (238 | ) | (26,939 | ) | |||||||||||||||||
Net change in unrealized appreciation/depreciation of investments | 64,404 | (46,143 | ) | ||||||||||||||||||
Net Increase (Decrease) in Net Assets Resulting from Operations | 123,649 | 23,055 | |||||||||||||||||||
Dividends and Distributions to Shareholders | |||||||||||||||||||||
From net investment income and net realized gain on investments | (59,053 | ) | (95,412 | ) | |||||||||||||||||
Total Dividends and Distributions | (59,053 | ) | (95,412 | ) | |||||||||||||||||
Capital Share Transactions | |||||||||||||||||||||
Net increase (decrease) in capital share transactions | (32,527 | ) | 643,789 | ||||||||||||||||||
Total Increase (Decrease) in Net Assets | 32,069 | 571,432 | |||||||||||||||||||
Net Assets | |||||||||||||||||||||
Beginning of period | 4,786,400 | 4,214,968 | |||||||||||||||||||
End of period | $ | 4,818,469 | $ | 4,786,400 | |||||||||||||||||
Class A | Class C | Class J | Class T | Institutional | R-1 | R-2 | R-3 | R-4 | R-5 | ||||||||||||
Capital Share Transactions: | |||||||||||||||||||||
Period EndedApril 30, 2019 | |||||||||||||||||||||
Dollars: | |||||||||||||||||||||
Sold | $ | 79,803 | $ | 20,093 | $ | 14,061 | N/A$ | 492,047 | $ | 636 | $ | 175 | $ | 1,425 | $ | 2,256 | $ | 7,772 | |||
Reinvested | 2,841 | 412 | 1,429 | N/A | 52,522 | 5 | 13 | 134 | 50 | 145 | |||||||||||
Redeemed | (85,533 | ) | (25,900 | ) | (13,601 | ) | N/A | (567,869) | (946 | ) | (531 | ) | (2,161 | ) | (8,062 | ) | (3,743 | ) | |||
Net Increase (Decrease) | $ | (2,889 | ) $ | (5,395 | ) $ | 1,889 | N/A$ | (23,300 | ) $ | (305 | ) $ | (343 | ) $ | (602 | ) $ | (5,756 | ) $ | 4,174 | |||
Shares: | |||||||||||||||||||||
Sold | 6,624 | 1,672 | 1,167 | N/A | 40,781 | 53 | 14 | 119 | 188 | 647 | |||||||||||
Reinvested | 235 | 34 | 118 | N/A | 4,349 | 1 | 1 | 11 | 4 | 12 | |||||||||||
Redeemed | (7,089 | ) | (2,146 | ) | (1,128 | ) | N/A | (47,137 | ) | (79 | ) | (44 | ) | (180 | ) | (670 | ) | (311 | ) | ||
Net Increase (Decrease) | (230 | ) | (440 | ) | 157 | N/A | (2,007 | ) | (25 | ) | (29 | ) | (50 | ) | (478 | ) | 348 | ||||
Year EndedOctober 31, 2018(a) | |||||||||||||||||||||
Dollars: | |||||||||||||||||||||
Sold | $ 131,418 $ | 13,182 | $ | 21,688 | $ | – | $ 1,528,497 $ | 1,336 | $ | 442 | $ | 6,176 | $ | 3,169 | $ | 2,627 | |||||
Reinvested | 5,188 | 688 | 2,520 | – | 84,820 | 7 | 30 | 231 | 174 | 192 | |||||||||||
Redeemed | (165,029) | (26,789 | ) | (37,898 | ) | (10) | (914,674) | (996 | ) | (962 | ) | (5,584 | ) | (3,975 | ) | (2,679 | ) | ||||
Net Increase (Decrease) | $ | (28,423 | ) $ | (12,919 | ) $ | (13,690 | ) $ | (10 | ) $ | 698,643 | $ | 347 | $ | (490 | ) $ | 823 | $ | (632 | ) $ | 140 | |
Shares: | |||||||||||||||||||||
Sold | 10,883 | 1,090 | 1,796 | – | 126,637 | 111 | 37 | 510 | 262 | 217 | |||||||||||
Reinvested | 430 | 57 | 209 | – | 7,033 | 1 | 2 | 19 | 14 | 16 | |||||||||||
Redeemed | (13,655 | ) | (2,216 | ) | (3,136 | ) | (1 | ) | (75,770 | ) | (83 | ) | (80 | ) | (461 | ) | (329 | ) | (221 | ) | |
Net Increase (Decrease) | (2,342 | ) | (1,069 | ) | (1,131 | ) | (1 | ) | 57,900 | 29 | (41 | ) | 68 | (53 | ) | 12 | |||||
Distributions: | |||||||||||||||||||||
Period EndedApril 30, 2019 | |||||||||||||||||||||
From net investment income and | |||||||||||||||||||||
net realized gain on investments. $ | (3,389 | ) $ | (448 | ) $ | (1,438 | ) | N/A$ | (53,428 | ) $ | (5 | ) $ | (14 | ) $ | (134 | ) $ | (52 | ) $ | (145 | ) | ||
Total Dividends and | |||||||||||||||||||||
Distributions | $ | (3,389 | ) $ | (448 | ) $ | (1,438 | ) | N/A$ | (53,428 | ) $ | (5 | ) $ | (14 | ) $ | (134 | ) $ | (52 | ) $ | (145 | ) | |
Year Ended October 31, 2018(a) | |||||||||||||||||||||
From net investment income and | |||||||||||||||||||||
net realized gain on investments. $ | (5,814 | ) $ | (736 | ) $ | (2,542 | ) $ | – $ | (85,682 | ) $ | (8 | ) $ | (33 | ) $ | (231 | ) $ | (174 | ) $ | (192 | ) | ||
Total Dividends and | |||||||||||||||||||||
Distributions | $ | (5,814 | ) $ | (736 | ) $ | (2,542 | ) $ | – $ | (85,682 | ) $ | (8 | ) $ | (33 | ) $ | (231 | ) $ | (174 | ) $ | (192 | ) | |
(a)Class T shares discontinued operations on August 24, 2018. |
See accompanying notes.
58
Statement of Changes in Net Assets | |||||||||||||||||||||
Principal Funds, Inc. | |||||||||||||||||||||
(unaudited) | |||||||||||||||||||||
Amounts in thousands | SmallCap Fund | ||||||||||||||||||||
Period Ended | Year Ended | ||||||||||||||||||||
April 30, 2019 | October 31, 2018 | ||||||||||||||||||||
Operations | |||||||||||||||||||||
Net investment income (loss) | $ | 377 | $ | 868 | |||||||||||||||||
Net realized gain (loss) on investments . | 11,339 | 87,791 | |||||||||||||||||||
Net change in unrealized appreciation/depreciation of investments | 45,057 | (81,274 | ) | ||||||||||||||||||
Net Increase (Decrease) in Net Assets Resulting from Operations | 56,773 | 7,385 | |||||||||||||||||||
Dividends and Distributions to Shareholders | |||||||||||||||||||||
From net investment income and net realized gain on investments | (83,738 | ) | (51,557 | ) | |||||||||||||||||
Total Dividends and Distributions | (83,738 | ) | (51,557 | ) | |||||||||||||||||
Capital Share Transactions | |||||||||||||||||||||
Net increase (decrease) in capital share transactions | 76,797 | 60,137 | |||||||||||||||||||
Total Increase (Decrease) in Net Assets | 49,832 | 15,965 | |||||||||||||||||||
Net Assets | |||||||||||||||||||||
Beginning of period | 642,425 | 626,460 | |||||||||||||||||||
End of period | $ | 692,257 | $ | 642,425 | |||||||||||||||||
Class A | Class C | Class J | Institutional | R-1 | R-2 | R-3 | R-4 | R-5 | R-6 | ||||||||||||
Capital Share Transactions: | |||||||||||||||||||||
Period EndedApril 30, 2019 | |||||||||||||||||||||
Dollars: | |||||||||||||||||||||
Sold | $ | 12,600 | $ | 1,451 | $ | 2,837 | $ | 30,748 | $ | 131 | $ | 596 | $ | 1,054 | $ | 8,916 | $ | 5,358 | $ | 16,549 | |
Reinvested | 27,519 | 4,816 | 25,797 | 9,936 | 328 | 209 | 1,454 | 2,552 | 2,996 | 6,629 | |||||||||||
Redeemed | (17,179 | ) | (7,949 | ) | (11,094 | ) | (31,937 | ) | (188 | ) | (735 | ) | (2,077 | ) | (2,687 | ) | (8,793 | ) | (3,040 | ) | |
Net Increase (Decrease) | $ | 22,940 | $ | (1,682 | ) $ | 17,540 | $ | 8,747 | $ | 271 | $ | 70 | $ | 431 | $ | 8,781 | $ | (439 | ) $ | 20,138 | |
Shares: | |||||||||||||||||||||
Sold | 635 | 80 | 147 | 1,433 | 7 | 33 | 52 | 421 | 236 | 742 | |||||||||||
Reinvested | 1,579 | 314 | 1,556 | 525 | 20 | 12 | 83 | 140 | 160 | 350 | |||||||||||
Redeemed | (861 | ) | (467 | ) | (579 | ) | (1,495 | ) | (10 | ) | (38 | ) | (102 | ) | (127 | ) | (402 | ) | (142 | ) | |
Net Increase (Decrease) | 1,353 | (73 | ) | 1,124 | 463 | 17 | 7 | 33 | 434 | (6 | ) | 950 | |||||||||
Year EndedOctober 31, 2018 | |||||||||||||||||||||
Dollars: | |||||||||||||||||||||
Sold | $ | 33,280 | $ | 10,098 | $ | 7,815 | $ | 51,471 | $ | 412 | $ | 2,439 | $ | 3,440 | $ | 7,643 | $ | 9,927 | $ | 30,295 | |
Reinvested | 17,812 | 2,854 | 17,111 | 5,542 | 247 | 199 | 1,134 | 1,256 | 1,589 | 2,160 | |||||||||||
Redeemed | (46,262 | ) | (6,990 | ) | (24,197 | ) | (32,839 | ) | (1,018 | ) | (11,472 | ) | (6,847 | ) | (5,733 | ) | (7,664 | ) | (3,565 | ) | |
Net Increase (Decrease) | $ | 4,830 | $ | 5,962 | $ | 729 | $ | 24,174 | $ | (359 | ) $ | (8,834 | ) $ | (2,273 | ) $ | 3,166 | $ | 3,852 | $ | 28,890 | |
Shares: | |||||||||||||||||||||
Sold | 1,345 | 452 | 329 | 1,956 | 18 | 108 | 139 | 299 | 380 | 1,123 | |||||||||||
Reinvested | 778 | 138 | 781 | 226 | 11 | 9 | 50 | 53 | 66 | 88 | |||||||||||
Redeemed | (1,916 | ) | (321 | ) | (1,044 | ) | (1,282 | ) | (43 | ) | (472 | ) | (279 | ) | (229 | ) | (302 | ) | (131 | ) | |
Net Increase (Decrease) | 207 | 269 | 66 | 900 | (14 | ) | (355 | ) | (90 | ) | 123 | 144 | 1,080 | ||||||||
Distributions: | |||||||||||||||||||||
Period EndedApril 30, 2019 | |||||||||||||||||||||
From net investment income and | |||||||||||||||||||||
net realized gain on investments. $ | (27,830 | ) $ | (4,846 | ) $ | (25,813 | ) $ | (10,800 | ) $ | (328 | ) $ | (490 | ) $ | (1,454 | ) $ | (2,552 | ) $ | (2,996 | ) $ | (6,629 | ) | |
Total Dividends and | |||||||||||||||||||||
Distributions | $ | (27,830 | ) $ | (4,846 | ) $ | (25,813 | ) $ | (10,800 | ) $ | (328 | ) $ | (490 | ) $ | (1,454 | ) $ | (2,552 | ) $ | (2,996 | ) $ | (6,629 | ) |
Year Ended October 31, 2018 | |||||||||||||||||||||
From net investment income and | |||||||||||||||||||||
net realized gain on investments. $ | (18,155 | ) $ | (2,877 | ) $ | (17,115 | ) $ | (6,027 | ) $ | (247 | ) $ | (997 | ) $ | (1,134 | ) $ | (1,256 | ) $ | (1,589 | ) $ | (2,160 | ) | |
Total Dividends and | |||||||||||||||||||||
Distributions | $ | (18,155 | ) $ | (2,877 | ) $ | (17,115 | ) $ | (6,027 | ) $ | (247 | ) $ | (997 | ) $ | (1,134 | ) $ | (1,256 | ) $ | (1,589 | ) $ | (2,160 | ) |
See accompanying notes.
59
Statement of Changes in Net Assets | |||||||||||||||||||
Principal Funds, Inc. | |||||||||||||||||||
(unaudited) | |||||||||||||||||||
Amounts in thousands | SmallCap Value Fund II | ||||||||||||||||||
Period Ended | Year Ended | ||||||||||||||||||
April 30, 2019 | October 31, 2018 | ||||||||||||||||||
Operations | |||||||||||||||||||
Net investment income (loss) | $ | 4,966 | $ | 6,024 | |||||||||||||||
Net realized gain (loss) on investments, Foreign currencies and Futures | (29,011 | ) | 185,437 | ||||||||||||||||
Net change in unrealized appreciation/depreciation of investmentsand Futures | 85,119 | (217,421 | ) | ||||||||||||||||
Net Increase (Decrease) in Net Assets Resulting from Operations | 61,074 | (25,960 | ) | ||||||||||||||||
Dividends and Distributions to Shareholders | |||||||||||||||||||
From net investment income and net realized gain on investments | (165,869 | ) | (119,641 | ) | |||||||||||||||
Total Dividends and Distributions | (165,869 | ) | (119,641 | ) | |||||||||||||||
Capital Share Transactions | |||||||||||||||||||
Net increase (decrease) in capital share transactions | 120,505 | (11,059 | ) | ||||||||||||||||
Total Increase (Decrease) in Net Assets | 15,710 | (156,660 | ) | ||||||||||||||||
Net Assets | |||||||||||||||||||
Beginning of period | 1,080,453 | 1,237,113 | |||||||||||||||||
End of period | $ | 1,096,163 | $ | 1,080,453 | |||||||||||||||
Class A | Class J | Institutional | R-1 | R-2 | R-3 | R-4 | R-5 | R-6 | |||||||||||
Capital Share Transactions: | |||||||||||||||||||
Period EndedApril 30, 2019 | |||||||||||||||||||
Dollars: | |||||||||||||||||||
Sold | $ | 1,156 | $ | 725 | $ | 17,244 | $ | 109 | $ | 662 | $ | 835 | $ | 546 | $ | 2,038 | $ | 25,432 | |
Reinvested | 1,126 | 2,679 | 19,931 | 153 | 198 | 1,350 | 748 | 3,622 | 135,952 | ||||||||||
Redeemed | (1,264 | ) | (1,139 | ) | (16,067 | ) | (218 | ) | (987 | ) | (2,318 | ) | (730 | ) | (4,899 | ) | (66,379 | ) | |
Net Increase (Decrease) | $ | 1,018 | $ | 2,265 | $ | 21,108 | $ | 44 | $ | (127 | ) $ | (133 | ) $ | 564 | $ | 761 | $ | 95,005 | |
Shares: | |||||||||||||||||||
Sold | 112 | 72 | 1,743 | 12 | 73 | 85 | 53 | 195 | 2,501 | ||||||||||
Reinvested | 126 | 305 | 2,196 | 19 | 24 | 157 | 85 | 408 | 14,977 | ||||||||||
Redeemed | (123 | ) | (114 | ) | (1,558 | ) | (23 | ) | (104 | ) | (230 | ) | (72 | ) | (504 | ) | (6,467 | ) | |
Net Increase (Decrease) | 115 | 263 | 2,381 | 8 | (7 | ) | 12 | 66 | 99 | 11,011 | |||||||||
Year EndedOctober 31, 2018 | |||||||||||||||||||
Dollars: | |||||||||||||||||||
Sold | $ | 3,583 | $ | 1,228 | $ | 46,901 | $ | 337 | $ | 664 | $ | 1,732 | $ | 1,161 | $ | 3,416 | $ 111,373 | ||
Reinvested | 722 | 1,861 | 16,095 | 123 | 256 | 1,122 | 626 | 2,879 | 95,329 | ||||||||||
Redeemed | (2,808 | ) | (2,941) | (103,475) | (507 | ) | (2,523 | ) | (4,733 | ) | (3,140 | ) | (11,459) | (168,881) | |||||
Net Increase (Decrease) | $ | 1,497 | $ | 148 | $ | (40,479 | ) $ | (47 | ) $ | (1,603 | ) $ | (1,879 | ) $ | (1,353 | ) $ | (5,164 | ) $ | 37,821 | |
Shares: | |||||||||||||||||||
Sold | 272 | 95 | 3,588 | 28 | 53 | 135 | 89 | 259 | 8,289 | ||||||||||
Reinvested | 54 | 143 | 1,204 | 10 | 21 | 88 | 48 | 219 | 7,134 | ||||||||||
Redeemed | (211 | ) | (226 | ) | (7,632 | ) | (43 | ) | (203 | ) | (366 | ) | (240 | ) | (876 | ) | (12,662 | ) | |
Net Increase (Decrease) | 115 | 12 | (2,840 | ) | (5 | ) | (129 | ) | (143 | ) | (103 | ) | (398 | ) | 2,761 | ||||
Distributions: | |||||||||||||||||||
Period EndedApril 30, 2019 | |||||||||||||||||||
From net investment income and net realized | |||||||||||||||||||
gain on investments | $ | (1,127 | ) $ | (2,679 | ) $ | (19,931 | ) $ | (153 | ) $ | (307 | ) $ | (1,350 | ) $ | (748 | ) $ | (3,622) $ | (135,952) | ||
Total Dividends and Distributions | $ | (1,127 | ) $ | (2,679 | ) $ | (19,931 | ) $ | (153 | ) $ | (307 | ) $ | (1,350 | ) $ | (748 | ) $ | (3,622) $ | (135,952) | ||
Year Ended October 31, 2018 | |||||||||||||||||||
From net investment income and net realized | |||||||||||||||||||
gain on investments | $ | (723 | ) $ | (1,861 | ) $ | (16,621 | ) $ | (123 | ) $ | (357 | ) $ | (1,122 | ) $ | (626 | ) $ | (2,879 | ) $ | (95,329 | ) |
Total Dividends and Distributions | $ | (723 | ) $ | (1,861 | ) $ | (16,621 | ) $ | (123 | ) $ | (357 | ) $ | (1,122 | ) $ | (626 | ) $ | (2,879 | ) $ | (95,329 | ) |
See accompanying notes.
60
Statement of Changes in Net Assets | ||||||||
Principal Funds, Inc. | ||||||||
(unaudited) | ||||||||
Amounts in thousands | Tax-Exempt Bond Fund | |||||||
Period Ended | Year Ended | |||||||
April 30, 2019 | October 31, 2018 | |||||||
Operations | ||||||||
Net investment income (loss) | $ | 7,152 | $ | 13,635 | ||||
Net realized gain (loss) on investments . | 934 | (2,506 | ) | |||||
Net change in unrealized appreciation/depreciation of investments | 15,121 | (13,427 | ) | |||||
Net Increase (Decrease) in Net Assets Resulting from Operations | 23,207 | (2,298 | ) | |||||
Dividends and Distributions to Shareholders | ||||||||
From net investment income and net realized gain on investments | (6,625 | ) | (12,885 | ) | ||||
Total Dividends and Distributions | (6,625 | ) | (12,885 | ) | ||||
Capital Share Transactions | ||||||||
Net increase (decrease) in capital share transactions | 50,296 | 36,930 | ||||||
Total Increase (Decrease) in Net Assets | 66,878 | 21,747 | ||||||
Net Assets | ||||||||
Beginning of period | 366,618 | 344,871 | ||||||
End of period | $ | 433,496 | $ | 366,618 | ||||
Class A | Class C | Institutional | ||||||
Capital Share Transactions: | ||||||||
Period EndedApril 30, 2019 | ||||||||
Dollars: | ||||||||
Sold | $ | 58,911 | $ | 10,911 | $ | 44,071 | ||
Reinvested | 4,177 | 327 | 1,272 | |||||
Redeemed | (41,499 | ) | (6,841 | ) | (21,033 | ) | ||
Net Increase (Decrease) | $ | 21,589 | $ | 4,397 | $ | 24,310 | ||
Shares: | ||||||||
Sold | 8,338 | 1,545 | 6,210 | |||||
Reinvested | 588 | 46 | 179 | |||||
Redeemed | (5,870 | ) | (965 | ) | (2,977 | ) | ||
Net Increase (Decrease) | 3,056 | 626 | 3,412 | |||||
Year EndedOctober 31, 2018 | ||||||||
Dollars: | ||||||||
Sold | $ | 70,532 | $ | 6,780 | $ | 55,240 | ||
Reinvested | 8,818 | 629 | 1,791 | |||||
Redeemed | (75,608 | ) | (7,098 | ) | (24,154 | ) | ||
Net Increase (Decrease) | $ | 3,742 | $ | 311 | $ | 32,877 | ||
Shares: | ||||||||
Sold | 9,854 | 947 | 7,752 | |||||
Reinvested | 1,235 | 88 | 252 | |||||
Redeemed | (10,591 | ) | (990 | ) | (3,397 | ) | ||
Net Increase (Decrease) | 498 | 45 | 4,607 | |||||
Distributions: | ||||||||
Period EndedApril 30, 2019 | ||||||||
From net investment income and net realized gain on investments | $ | (4,777 | ) $ | (384 | ) $ | (1,464 | ) | |
Total Dividends and Distributions | $ | (4,777 | ) $ | (384 | ) $ | (1,464 | ) | |
Year Ended October 31, 2018 | ||||||||
From net investment income and net realized gain on investments | $ | (10,120 | ) $ | (744 | ) $ | (2,021 | ) | |
Total Dividends and Distributions | $ | (10,120 | ) $ | (744 | ) $ | (2,021 | ) |
See accompanying notes.
61
Notes to Financial Statements
Principal Funds, Inc.
April 30, 2019 (unaudited)
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 California Municipal Fund, Core Plus Bond Fund, Diversified International Fund, Equity Income Fund, Finisterre Unconstrained Emerging Markets Bond Fund, Global Diversified Income Fund, Global Real Estate Securities Fund, Government & High Quality Bond Fund, High Yield Fund, High Yield Fund I, Income Fund, Inflation Protection Fund, International Emerging Markets Fund, International Fund I, LargeCap Growth Fund, LargeCap Growth Fund I, LargeCap S&P 500 Index Fund, MidCap Fund, MidCap Value Fund I, Money Market Fund, Principal Capital Appreciation Fund, Real Estate Securities Fund, Short-Term Income Fund, SmallCap Fund, SmallCap Value Fund II and Tax-Exempt Bond Fund (known as the "Funds") are presented herein. The Funds may offer up to ten classes of shares: Class A, Class C, Class J, Institutional, R-1, R-2, R-3, R-4, R-5, and R-6. Information presented in these financial statements pertains to Class A and Class C shares. Certain detailed financial information for Class J, Institutional, R-1, R-2, R-3, R-4, R-5, and R-6 classes of shares is provided separately.
Each of the Funds is an investment company and applies specialized accounting and reporting under Accounting Standards Codification 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 March 23, 2018, Money Market Fund Class C and Institutional Class shares were redeemed and discontinued operations. Effective August 24, 2018, Class T shares were discontinued and liquidated.
Effective October 9, 2018, the initial purchase of $10,000 of Class J shares of Equity Income Fund was made by Principal Global Investors, LLC (the “Manager”).
Effective October 12, 2018, Equity Income Fund acquired all the assets and assumed all the liabilities of LargeCap Value Fund, a series of the Fund, pursuant to a plan of reorganization approved by shareholders October 1, 2018. The purpose of the acquisition was to combine two accounts managed by the Manager with similar investment objectives, principal policies, and risks. The acquisition was accomplished by a tax-free exchange of 40,486,000 shares from LargeCap Value Fund for 8,756,000 shares valued at $274,348,000 of Equity Income Fund at an approximate exchange rate of .22, .21, .21, .22, .22, .22, .22, .21 and .22 for Class A, Class C, Class J, Institutional, R-1, R-2, R-3, R-4 and R-5 classes of shares, respectively. The investment securities of LargeCap Value Fund, with a fair value of approximately $273,482,000 and a cost of $285,580,000 and $997,000 cash were the primary assets acquired by Equity Income Fund on October 12, 2018. For financial reporting purposes, assets received and shares issued by Equity Income Fund were recorded at fair value; however, the cost basis of the investments received from LargeCap Value Fund were maintained through the reorganization. The net assets of LargeCap Value Fund and Equity Income Fund immediately prior to the acquisition in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) were approximately $274,418,000 ($167,993,000 of accumulated realized gain) and $6,697,654,000, respectively. The aggregate net assets of Equity Income Fund immediately following the acquisition was $6,972,072,000. In accordance with Sections 381-384 of the Internal Revenue Code, a portion of accumulated realized losses may be subject to limitation.
Assuming the acquisition had been completed on November 1, 2017, the beginning of the fiscal year for Equity Income Fund, Equity Income Fund’s pro forma results of operations for the year ended October 31, 2018, would have been $167,345,000 of net investment income, $232,111,000 of net realized and unrealized gain on investments, and $399,456,000 of net increase in net assets resulting from operations. Because the combined investment portfolios have been managed as a single integrated portfolio since the acquisition was completed, it is not practicable to separate the amounts of revenue and earnings of LargeCap Value Fund that have been included in Equity Income Fund’s statement of operations since October 12, 2018.
Effective January 11, 2019, Class C shares discontinued and converted into Class A shares for Core Plus Bond Fund, Inflation Protection Fund, and LargeCap Growth Fund.
Effective March 1, 2019, the initial purchase of $10,000 of R-6 shares of Diversified International Fund was made by the Manager. Effective April 2, 2019, the initial purchases of $10,000 of Class A and R-6 shares of MidCap Value Fund I were made by the Manager. Effective April 12, 2019, MidCap Value Fund I acquired all the assets and assumed all the liabilities of MidCap Value Fund III, a series of the Fund, pursuant to a plan of reorganization approved by shareholders April 5, 2019. The purpose of the acquisition was to combine two accounts managed by the Manager with similar investment objectives, principal policies, and risks. The acquisition was accomplished by a tax-free exchange of 57,375,000 shares from MidCap Value Fund III for 73,317,000 shares valued at $1,014,959,000 of MidCap Value Fund I at an approximate exchange rate of 1.27, 1.28, 1.21, 1.27, 1.26, 1.22, 1.20, 1.21, and 1.29 for Class A, Class C, Class J, Institutional,
62
Notes to Financial Statements
Principal Funds, Inc.
April 30, 2019 (unaudited)
1. Organization (continued)
R-1, R-2, R-3, R-4, R-5, and R-6 classes of shares, respectively. The investment securities of MidCap Value Fund III, with a fair value of approximately $978,380,000 and a cost of $943,248,000 and $35,891,000 cash were the primary assets acquired by MidCap Value Fund I on April 12, 2019. For financial reporting purposes, assets received and shares issued by MidCap Value Fund I were recorded at fair value; however, the cost basis of the investments received from MidCap Value Fund III were maintained through the reorganization. The net assets of MidCap Value Fund III and MidCap Value Fund I immediately prior to the acquisition in accordance with U.S. GAAP were approximately $1,015,084,000 ($6,857,000 of accumulated realized loss) and $951,721,000, respectively. The aggregate net assets of MidCap Value Fund I immediately following the acquisition were $1,966,805,000. In accordance with Sections 381-384 of the Internal Revenue Code, a portion of accumulated realized losses may be subject to limitation.
Assuming the acquisition had been completed on November 1, 2018, the beginning of the fiscal year for MidCap Value Fund I, MidCap Value Fund I’s pro forma results of operations for the period ended April 30, 2019, would have been $11,379,000 of net investment income, $119,522,000 of net realized and unrealized gain on investments, and $130,901,000 of net increase in net assets resulting from operations. Because the combined investment portfolios have been managed as a single integrated portfolio since the acquisition was completed, it is not practicable to separate the amounts of revenue and earnings of MidCap Value Fund III that have been included in MidCap Value Fund I’s statement of operations since April 12, 2019.
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. 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.Certain of the Funds invest in Institutional Class shares of other series of Principal Funds, Inc. (the “Underlying Funds”). Investments in the Underlying Funds are valued at the closing net asset value per share of each Underlying Fund on the day of valuation.
The Funds (with the exception of Money Market Fund) value securities 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 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 as determined in good faith by the Manager under procedures established and periodically reviewed by the Fund’s Board of Directors. 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 inAmerican depository receipts (“ADRs”), futures contracts, industry indices, general indices, and foreign currencies.
To the extent the Funds invest in foreign securities listed on foreign exchanges which trade on days on which the Funds do not determine net asset values, for example weekends and other customary national U.S. holidays, the Funds’ net asset values could be significantly affected on days when shareholders cannot purchase or redeem shares.
Certain securities issued by companies in emerging market countries may have more than one quoted valuation at any given point in time, sometimes referred to as a “local” price and a “premium” price. The premium price is often a negotiated price, which may not consistently represent a price at which a specific transaction can be effected. It is the policy of the Funds to value such securities at prices at which it is
63
Notes to Financial Statements
Principal Funds, Inc.
April 30, 2019 (unaudited)
2. Significant Accounting Policies (continued)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.
Money Market Fund qualifies as a retail money market fund. This fund values securities, other than holdings of other publicly traded investment funds, at amortized cost as permitted under Rule 2a-7 of the Investment Company Act of 1940. Under the amortized cost method, a security is valued by applying a constant yield to maturity of the difference between the principal amount due at maturity and the cost of the security to the Funds.
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 April 30, 2019:
Finisterre Unconstrained Emerging | |||||||||||
Diversified International Fund | Markets Bond Fund | Global Real Estate Securities Fund | |||||||||
Euro | 18.2 | % | Euro | 7.0 | % | Japanese Yen | 11.0 | % | |||
Japanese Yen | 14.0 | Indonesian Rupiah | 6.0 | Euro | 9.8 | ||||||
British Pound Sterling | 12.0 | Peruvian Nuevo Sol | 5.3 | Hong Kong Dollar | 6.7 | ||||||
Swiss Franc | 8.5 | ||||||||||
Canadian Dollar | 8.1 |
International Emerging Markets Fund | International Fund I | ||||||
Hong Kong Dollar | 20.5 | % | British Pound Sterling | 17.3 | % | ||
New Taiwan Dollar | 11.8 | Hong Kong Dollar | 15.5 | ||||
Indian Rupee | 11.4 | Japanese Yen | 11.3 | ||||
South Korean Won | 10.6 | Euro | 10.4 | ||||
Brazilian Real | 7.3 | Canadian Dollar | 7.7 | ||||
South African Rand | 5.7 | Swiss Franc | 5.8 | ||||
New Taiwan Dollar | 5.2 |
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. Discounts and premiums on securities are accreted/amortized, respectively, on the level yield method over the expected lives of the respective securities. 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 (number of settled shares outstanding for Money Market Fund) 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.
Management fees are allocated daily to each class of shares based upon the relative proportion of the value of shares outstanding (number of settled shares outstanding for Money Market Fund) 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.
64
Notes to Financial Statements
Principal Funds, Inc.
April 30, 2019 (unaudited)
2. Significant Accounting Policies (continued)
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 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.
Distributions to Shareholders.With respect to Money Market Fund, all net investment income and any realized gains from investment transactions are declared as dividends daily to settled shares of record as of that day. With respect to California Municipal Fund, Core Plus Bond Fund, Government & High Quality Bond Fund, High Yield Fund, Income Fund, Short-Term Income Fund and Tax-Exempt Bond 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 net operating losses, foreign currency transactions, inverse floating rate securities, 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.
Distributions from REITs may be characterized as ordinary income, net capital gain, or a return of capital to the Funds. The proper characterization of REIT distributions is generally not known until after the end of each calendar year. As such, estimates are used in reporting the character of income and distributions for financial statement purposes. Global Real Estate Securities Fund and Real Estate Securities Fund receive substantial distributions from holdings in REITs.
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 endedApril 30, 2019, the Funds did not record any such tax benefit or expense in the accompanying financial statements. The statute of limitations remains open for the fiscal years from 2015-2017.
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 foreign dividends 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 and timing of these reclaims, a corresponding receivable will only be recorded when both the amount is known and there are no significant uncertainties regarding collectability.
Gains realized upon the disposition of certain foreign securities held by certain of the Funds may be subject to capital gains tax, payable prior to repatriation of sale proceeds. The tax is computed on certain net realized gains and, if any, is shown on the statement of operations. Realized losses in excess of gains may be carried forward to offset future gains. In addition, the Funds accrue an estimated deferred tax liability for future gains on certain foreign securities. Any accrued tax liability is shown on the statement of assets and liabilities. At April30, 2019, International Emerging Markets Fund had a foreign tax refund receivable of $491,000 and had a deferred tax liability of $279,000 relating to foreign securities.
Recent Accounting Pronouncements.In August 2018, the Financial Accounting Standards Board issued Accounting Standards Update (“ASU”) No. 2018-13,Fair Value Measurement (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement,which amends and eliminates certain disclosure requirements for fair value as part of its framework project. The ASU is effective for annual and interim periods beginning after December 15, 2019. The early adoption of the removal or modification of disclosures and delay of adoption of the additional disclosures is permitted. As of October 31, 2018, the Funds have adopted the removal and modification of applicable disclosures.
65
Notes to Financial Statements
Principal Funds, Inc.
April 30, 2019 (unaudited)
2. Significant Accounting Policies (continued)
In March 2017, the Financial Accounting Standards Board issued ASU No. 2017-08,Premium Amortization on Purchased Callable Debt Securities, which amends the accounting standards to shorten the amortization period of certain purchased callable debt securities to the earliest call date. The ASU is effective for annual and interim periods beginning after December 15, 2018. The Funds will adopt the new amendments for periods beginning after December 15, 2018.
3. Operating Policies
Borrowings.Pursuant to an exemptive order issued by 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 higher of (i) the Federal Funds Rate or (ii) the One Month London Interbank Offered Rate (“LIBOR”) rate plus 1.00%). There were no outstanding borrowings as of April30, 2019. 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.
During the period ended April 30, 2019, funds lending to the Facility were as follows (amounts in thousands):
Average Daily | Weighted Average Annual | ||||
Amount Loaned | Interest Rate | ||||
Core Plus Bond Fund | $ | 562 | 2.95 | % | |
Diversified International Fund | 1,472 | 3.08 | |||
Equity Income Fund | 780 | 1.99 | |||
Finisterre Unconstrained Emerging Markets Bond Fund | 30 | 3.00 | |||
Global Diversified Income Fund | 773 | 2.94 | |||
Global Real Estate Securities Fund | 247 | 3.01 | |||
Government & High Quality Bond Fund | 26 | 3.02 | |||
High Yield Fund | 126 | 2.86 | |||
High Yield Fund I | 330 | 2.93 | |||
Income Fund | 212 | 2.94 | |||
International Emerging Markets Fund | 235 | 1.99 | |||
International Fund I | 34 | 2.98 | |||
LargeCap Growth Fund | 36 | 2.84 | |||
LargeCap Growth Fund I | 1,383 | 2.94 | |||
LargeCap S&P 500 Index Fund | 235 | 2.94 | |||
Principal Capital Appreciation Fund | 151 | 2.90 | |||
Real Estate Securities Fund | 211 | 2.84 | |||
Short-Term Income Fund | 535 | 2.98 | |||
SmallCap Fund | 19 | 2.97 |
During the period ended April 30, 2019, funds borrowing from the Facility were as follows (amounts in thousands):
Average Daily | Weighted Average | ||||
Outstanding Balance | Annual Interest Rate | ||||
California Municipal Fund | $ | 177 | 2.93 | % | |
Finisterre Unconstrained Emerging Markets Bond Fund | 80 | 2.98 | |||
Global Diversified Income Fund | 2,223 | 2.98 | |||
High Yield Fund | 69 | 2.80 | |||
International Emerging Markets Fund | 348 | 3.00 | |||
International Fund I | 339 | 2.92 | |||
LargeCap Growth Fund I | 37 | 3.35 | |||
MidCap Fund | 10,002 | 3.01 | |||
Principal Capital Appreciation Fund | 23 | 3.11 | |||
Real Estate Securities Fund | 47 | 3.31 | |||
Short Term Income Fund | 7 | 2.97 |
In addition, the Funds (with the exception of High Yield Fund I) 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 $100 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 One Month LIBOR rate plus 1.00%. 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
66
Notes to Financial Statements
Principal Funds, Inc.
April 30, 2019 (unaudited)
3. Operating Policies (continued)on average net assets. The interest expense associated with these borrowings is included in other expenses on the statements of operations. There were no outstanding borrowings against the line of credit as of April 30, 2019.
During the period endedApril 30, 2019, the funds borrowing against the line of credit were as follows (amounts in thousands):
Average Daily | Weighted Average Annual | ||||
Amount Loaned | Interest Rate | ||||
Global Diversified Income Fund | $ | 307 | 3.55 | % | |
Inflation Protection Fund | 42 | 3.55 | |||
MidCap Fund | 469 | 3.55 | |||
Tax-Exempt Bond Fund | 81 | 3.51 |
Credit Linked Notes.Global Diversified Income Fund invests in structured notes whose market values are primarily derived from changes in the value of various credit 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.Finisterre Unconstrained Emerging Markets Bond Fund and Global Diversified Income Fund 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, 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.
Core Plus Bond Fund, Finisterre Unconstrained Emerging Markets Bond Fund, Global Diversified Income Fund and Inflation Protection Fund have financial instruments that are subject to Master Netting Agreements or similar agreements.
67
Notes to Financial Statements
Principal Funds, Inc.
April 30, 2019 (unaudited)
3. Operating Policies (continued)
As of April 30, 2019, financial assets and liabilities subject to Master Netting Agreements or similar agreements were as follows (amounts in thousands):
Net Market Value of OTC | Collateral (Received)/ | |||||||||||||||
Assets* | Liabilities* | Derivatives | Pledged | Net Exposure | ||||||||||||
Core Plus Bond Fund | ||||||||||||||||
Barclays Bank PLC | ||||||||||||||||
Foreign Currency Contracts | $ | 138 | $ | (87 | ) | $ | 51 | |||||||||
$ | 138 | $ | (87 | ) | $ | 51 | $ | — | $ | 51 | ||||||
Goldman Sachs & Co | ||||||||||||||||
Foreign Currency Contracts | 698 | (194 | ) | 504 | ||||||||||||
$ | 698 | $ | (194 | ) | $ | 504 | $ | — | $ | 504 | ||||||
Total OTC | $ | 836 | $ | (281 | ) | $ | 555 | $ | — | $ | 555 | |||||
Finisterre Unconstrained Emerging Markets Bond Fund | ||||||||||||||||
Barclays Bank PLC | ||||||||||||||||
Credit Default Swaps | — | (211 | ) | (211 | ) | |||||||||||
Foreign Currency Contracts | 1 | — | 1 | |||||||||||||
$ | 1 | $ | (211 | ) | $ | (210 | ) | $ | 210 | ^^ | $ | — | ||||
Citigroup Inc | ||||||||||||||||
Credit Default Swaps | 112 | — | 112 | |||||||||||||
Foreign Currency Contracts | 88 | — | 88 | |||||||||||||
$ | 200 | $ | — | $ | 200 | $ | — | $ | 200 | |||||||
Goldman Sachs & Co | ||||||||||||||||
Credit Default Swaps | 1,027 | (1,204 | ) | (177 | ) | |||||||||||
$ | 1,027 | $ | (1,204 | ) | $ | (177 | ) | $ | 177 | ^^ | $ | — | ||||
HSBC Securities Inc | ||||||||||||||||
Credit Default Swaps | 853 | — | 853 | |||||||||||||
Foreign Currency Contracts | 13 | (69 | ) | (56 | ) | |||||||||||
Total Return Swaps | 175 | — | 175 | |||||||||||||
$ | 1,041 | $ | (69 | ) | $ | 972 | $ | — | $ | 972 | ||||||
JPMorgan Chase | ||||||||||||||||
Foreign Currency Contracts | 165 | (41 | ) | 124 | ||||||||||||
$ | 165 | $ | (41 | ) | $ | 124 | $ | — | $ | 124 | ||||||
Total OTC | $ | 2,434 | $ | (1,525 | ) | $ | 909 | $ | — | $ | 909 | |||||
Global Diversified Income Fund | ||||||||||||||||
Barclays Bank PLC | ||||||||||||||||
Foreign Currency Contracts | 57 | — | 57 | |||||||||||||
$ | 57 | $ | — | $ | 57 | $ | — | $ | 57 | |||||||
Credit Suisse | ||||||||||||||||
Credit Default Swaps | 37 | — | 37 | |||||||||||||
$ | 37 | $ | — | $ | 37 | $ | (37 | )^ | $ | — | ||||||
Goldman Sachs & Co | ||||||||||||||||
Credit Default Swaps | 572 | — | 572 | |||||||||||||
Foreign Currency Contracts | — | (760 | ) | (760 | ) | |||||||||||
$ | 572 | $ | (760 | ) | $ | (188 | ) | $ | — | $ | (188 | ) | ||||
JPMorgan Chase | ||||||||||||||||
Foreign Currency Contracts | 426 | (1,833 | ) | (1,407 | ) | |||||||||||
$ | 426 | $ | (1,833 | ) | $ | (1,407 | ) | $ | 1,407 | ^^ | $ | — | ||||
Standard Chartered Bank, Hong Kong | ||||||||||||||||
Foreign Currency Contracts | 135 | (148 | ) | (13 | ) | |||||||||||
$ | 135 | $ | (148 | ) | $ | (13 | ) | $ | — | $ | (13 | ) | ||||
Toronto Dominion Bank | ||||||||||||||||
Foreign Currency Contracts | — | (12 | ) | (12 | ) | |||||||||||
$ | — | $ | (12 | ) | $ | (12 | ) | $ | — | $ | (12 | ) | ||||
Total OTC | $ | 1,227 | $ | (2,753 | ) | $ | (1,526 | ) | $ | 1,370 | ^^ | $ | (156 | ) | ||
Inflation Protection Fund | ||||||||||||||||
Australia and New Zealand Banking Group | ||||||||||||||||
Foreign Currency Contracts | 9 | (20 | ) | (11 | ) | |||||||||||
$ | 9 | $ | (20 | ) | $ | (11 | ) | $ | — | $ | (11 | ) | ||||
Bank of America NA | ||||||||||||||||
Foreign Currency Contracts | — | (20 | ) | (20 | ) | |||||||||||
$ | — | $ | (20 | ) | $ | (20 | ) | $ | — | $ | (20 | ) | ||||
Barclays Bank PLC | ||||||||||||||||
Purchased Interest Rate Swaptions | 2,373 | — | 2,373 | |||||||||||||
Written Interest Rate Swaptions | — | (1,984 | ) | (1,984 | ) | |||||||||||
$ | 2,373 | $ | (1,984 | ) | $ | 389 | $ | (389 | )^ | $ | — |
68
Notes to Financial Statements | |||||||||||||||||
Principal Funds, Inc. | |||||||||||||||||
April 30, 2019 (unaudited) | |||||||||||||||||
3. Operating Policies (continued) | |||||||||||||||||
Net Market Value of OTC | Collateral (Received)/ | ||||||||||||||||
Assets* | Liabilities* | Derivatives | Pledged | Net Exposure | |||||||||||||
Inflation Protection Fund (continued) | |||||||||||||||||
Citigroup Inc | |||||||||||||||||
Foreign Currency Contracts | $ | 80 | $ | (42 | ) | $ | 38 | ||||||||||
$ | 80 | $ | (42 | ) | $ | 38 | $ | — | $ | 38 | |||||||
Deutsche Bank AG | |||||||||||||||||
Foreign Currency Contracts | 379 | — | 379 | ||||||||||||||
Purchased Interest Rate Swaptions | 586 | — | 586 | ||||||||||||||
Written Interest Rate Swaptions | — | (2,942 | ) | (2,942 | ) | ||||||||||||
$ | 965 | $ | (2,942 | ) | $ | (1,977 | ) | $ | 6 | ^^ | $ | (1,971 | ) | ||||
Goldman Sachs & Co | |||||||||||||||||
Foreign Currency Contracts | 70 | (85 | ) | (15 | ) | ||||||||||||
$ | 70 | $ | (85 | ) | $ | (15 | ) | $ | — | $ | (15 | ) | |||||
HSBC Securities Inc | |||||||||||||||||
Foreign Currency Contracts | 669 | (20 | ) | 649 | |||||||||||||
$ | 669 | $ | (20 | ) | $ | 649 | $ | — | $ | 649 | |||||||
JPMorgan Chase | |||||||||||||||||
Foreign Currency Contracts | 225 | (243 | ) | (18 | ) | ||||||||||||
Purchased Interest Rate Swaptions | 918 | — | 918 | ||||||||||||||
Written Interest Rate Swaptions | — | (665 | ) | (665 | ) | ||||||||||||
$ | 1,143 | $ | (908 | ) | $ | 235 | $ | (230 | )^ | $ | 5 | ||||||
Morgan Stanley & Co | |||||||||||||||||
Foreign Currency Contracts | — | (4 | ) | (4 | ) | ||||||||||||
Purchased Interest Rate Swaptions | 1,154 | — | 1,154 | ||||||||||||||
Written Interest Rate Swaptions | — | (117 | ) | (117 | ) | ||||||||||||
$ | 1,154 | $ | (121 | ) | $ | 1,033 | $ | (1,029 | )^ | $ | 4 | ||||||
Nomura Securities | |||||||||||||||||
Foreign Currency Contracts | — | (1 | ) | (1 | ) | ||||||||||||
$ | — | $ | (1 | ) | $ | (1 | ) | $ | — | $ | (1 | ) | |||||
Royal Bank of Scotland | |||||||||||||||||
Foreign Currency Contracts | 1 | — | 1 | ||||||||||||||
$ | 1 | $ | — | $ | 1 | $ | — | $ | 1 | ||||||||
UBS AG | |||||||||||||||||
Foreign Currency Contracts | 224 | — | 224 | ||||||||||||||
$ | 224 | $ | — | $ | 224 | $ | — | $ | 224 | ||||||||
Westpac Banking Corporation | |||||||||||||||||
Foreign Currency Contracts | 11 | (17 | ) | (6 | ) | ||||||||||||
$ | 11 | $ | (17 | ) | $ | (6 | ) | $ | — | $ | (6 | ) | |||||
Total OTC | $ | 6,699 | $ | (6,160 | ) | $ | 539 | $ | (539 | )^ | $ | — |
*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 statement of assets and liabilities.
^The counterparty has pledged cash or securities to the fund as collateral in a segregated account which is not included in the assets of the fund.
^^The fund has pledged securities or cash to the counterparty as collateral which may be in excess of the amount owed to the counterparty.
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 also include collateral provisions. Collateral received and pledged are generally settled daily with each counterparty.
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 OTC Derivatives. Certain of the Funds may pledge cash to a broker for securities sold short.
As of April 30, 2019, deposits with counterparty were as follows (amounts in thousands):
FCM (Futures | Total Deposits with | |||||
and Cleared Swaps) | ISDA (OTC Derivatives) | Counterparty | ||||
Core Plus Bond Fund | $ | — | $ | 621 | $ | 621 |
Finisterre Unconstrained Emerging Markets Bond Fund | 151 | 4,260 | 4,411 | |||
Global Diversified Income Fund | 723 | 1,860 | 2,583 | |||
High Yield Fund I | 7,895 | — | 7,895 |
69
Notes to Financial Statements | |||
Principal Funds, Inc. | |||
April 30, 2019 (unaudited) | |||
3. Operating Policies (continued) | |||
FCM (Futures | Total Deposits with | ||
and Cleared Swaps) | ISDA (OTC Derivatives) | Counterparty | |
Inflation Protection Fund | 5,598 | 6 | 5,604 |
LargeCap Growth Fund I | 2,722 | — | 2,722 |
LargeCap S&P 500 Index Fund | 6,558 | — | 6,558 |
MidCap Value Fund I | 527 | — | 527 |
SmallCap Value Fund II | 153 | — | 153 |
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 fund by the broker is received in the fund’s custodian account.
As of April 30, 2019, deposits from counterparty were as follows (amounts in thousands):
Total Deposits from | ||||
ISDA (OTC Derivatives) | Counterparty | |||
Core Plus Bond Fund | $ | 620 | $ | 620 |
Global Diversified Income Fund | 700 | 700 | ||
Inflation Protection Fund | 1,723 | 1,723 |
Floating Rate Notes Issued in Conjunction with Securities Held.California Municipal Fund and Tax-Exempt Bond Fund have 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 floating rate securities. 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 floating rate securities) include the right of the fund (1) to cause the holders of the floating rate notes to tender their notes at par at the next interest rate reset date, and (2) to transfer the fixed rate bond from the trusts to the 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 statement of assets and liabilities. The fund holds the ‘floating rate notes issued’ in which the carrying value, including accrued interest, approximates fair value for financial statement purposes. As of period end, the “floating rate notes issued” payable is categorized as Level 2 within the disclosure hierarchy. The balances of the floating rate notes issued as of April 30, 2019 were $6,554,000 and $12,823,000 for California Municipal Fund and Tax-Exempt Bond Fund, respectively. The average outstanding balances for the liability during the period ended April 30, 2019 were $7,247,000 and $14,968,000 at weighted average annual interest rates of 2.20% and 2.34% for California Municipal Fund and Tax-Exempt Bond Fund, respectively. 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.
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 (with the exception of Money Market Fund) 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, 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. Futures contracts are marked to market daily at the closing settlement price or in the absence of such a
70
Notes to Financial Statements
Principal Funds, Inc.
April 30, 2019 (unaudited)
3. Operating Policies (continued)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.
Illiquid Securities.Illiquid securities generally cannot be sold or disposed of in the ordinary course of business (within seven calendar days) at approximately the value at which each of the Funds has valued the investments. This may have an adverse effect on each of the Funds’ ability to dispose of particular illiquid securities at fair value and may limit each of the Funds’ ability to obtain accurate market quotations for purposes of valuing the securities.
Indemnification.Under the Fund’s by-laws, present and past officers, directors, and employees are indemnified against certain liabilities arising out of the performance of their duties. In addition, in the normal course of business, the Fund may enter into a variety of contracts that may contain representations and warranties which provide general indemnifications. The Fund’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund.
Inflation-Indexed Bonds.Certain of the Funds may invest in inflation-indexed bonds. Inflation-indexed bonds are fixed-income securities whose principal value is periodically adjusted to the rate of inflation. The interest rate on these bonds is generally fixed at issuance at a rate lower than typical bonds. Over the life of an inflation-indexed bond, however, interest will be paid based on a principal value, which is adjusted for inflation. Any increase or decrease in the principal amount of an inflation-indexed bond will be included as interest income on the statements of operations, even though the Funds would not receive the principal until maturity.
Mortgage Dollar Rolls.Certain of the Funds have entered into mortgage-dollar-roll transactions on “to-be-announced” (“TBA”) securities, in which the Funds sell mortgage-backed securities and simultaneously agree to purchase similar securities in the future at a predetermined price. The proceeds of the securities sold in mortgage-dollar-roll transactions are invested in additional securities. The Funds forgo principal and interest paid on the securities, and are compensated by interest earned on the proceeds of the initial sale and by a lower price on the securities to be repurchased. The Funds treat mortgage-dollar-roll transactions as purchases and sales; as such, these transactions may increase the Funds’ portfolio turnover ratio. Amounts to be received or paid in connection with open mortgage-dollar-rolls are included in Investment securities sold and Investment securities purchased on the statements of assets and liabilities.
Options Contracts.During the period, Global Diversified Income Fund and Inflation Protection Fund wrote call and put options on futures, swaps, securities, indices and currencies they own or in which they may invest and inflation floors 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, a put option, or an inflation floor, 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. An inflation floor can give downside protection to investments in inflation-linked products. 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 future, 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 future, 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 future, 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 schedule 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 future, 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.
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.
71
Notes to Financial Statements
Principal Funds, Inc.
April 30, 2019 (unaudited)
3. Operating Policies (continued)
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 Funds’ 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.
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.
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”), 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 (“commitments”). All or a portion of the commitments may be unfunded. The Funds are obligated to fund these commitments at the Borrower’s discretion. Therefore, the Funds must have funds sufficient to cover its contractual 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 commitments on the statements of assets and liabilities as applicable. As of April 30, 2019, the commitments were as follows (amounts in thousands):
Unfunded Loan Commitment | Unrealized Gain/(Loss) | ||||
Global Diversified Income Fund | $ | 43,711 | $ | (7 | ) |
High Yield Fund I | 33,397 | (4 | ) |
Short Sales.Global Diversified Income Fund and LargeCap Growth Fund I 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.Core Plus Bond Fund, Finisterre Unconstrained Emerging Markets Bond Fund, Global Diversified Income Fund, High Yield Fund, High Yield Fund I, and Inflation Protection Fund 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
72
Notes to Financial Statements
Principal Funds, Inc.
April 30, 2019 (unaudited)
3. Operating Policies (continued)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; changes in value are recorded as unrealized gain or loss. These unrealized gains or losses are included as a component of total distributable earnings (accumulated loss) on the statements of assets and liabilities.
Upon termination of swap agreements, the Funds recognize a realized gain or loss. Net periodic payments to be received or paid are accrued daily and are recorded in the statements of operations as realized gains or losses.
Payments received or made at the beginning of the measurement period are reflected as such on the statements of assets and liabilities and represent payments made or received upon entering into the swap agreement to compensate for differences between the stated terms of the swap agreement and prevailing market conditions (credit spreads, interest rates, and other relevant factors). These upfront payments are amortized daily over the term of the swap agreement as realized gains or losses on the statements of operations.
Notional principal amounts are used to express the extent of involvement in these agreements. Risks may exceed amounts shown on the statements of assets and liabilities. These risks include changes in the returns of the underlying instruments, unfavorable interest rate fluctuation, that the counterparty to the agreements may default on its obligation to perform or disagree as to the meaning of contractual terms in the agreements, and the possible lack of liquidity with respect to the swap agreements.
The Funds and any counterparty are required to maintain an agreement that requires the Funds and that counterparty to monitor the net fair value of all derivative transactions entered into pursuant to the contract between the Funds and such counterparty. If the net fair value of such derivatives transactions between the Funds and that counterparty exceeds a certain threshold (as defined in the agreement), the Funds or the counterparty are required to post cash and/or securities as collateral. Fair values of derivatives transactions presented in the financial statements are not netted with the fair values of other derivatives transactions or with any collateral amounts posted by the Funds or any counterparty.
Credit default swaps involve commitments to pay a fixed rate at a predetermined frequency in exchange for a lump sum payment if a “credit event”, as defined in the agreement, affecting a third party occurs. Credit events may include a failure to pay interest, bankruptcy, restructuring, or other event as defined in the agreement. A “buyer” of credit protection agrees to pay a counterparty to assume the credit risk of an issuer upon the occurrence of a credit event. The “seller” of the protection receives periodic payments and agrees to assume the credit risk of an issuer upon the occurrence of a credit event. As the seller of credit protection, a fund would add leverage to its portfolio because, in addition to its total net assets, a fund would be subject to investment exposure on the notional amount of the swap.
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
73
Notes to Financial Statements
Principal Funds, Inc.
April 30, 2019 (unaudited)
3. Operating Policies (continued)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 April 30, 2019 for which a fund is the seller of protection are disclosed in the footnotes to the schedules of investments. These potential amounts would be partially offset by any recovery values of the respective referenced obligations, upfront payments received upon entering into the agreement, or net amounts received from the settlement of buy protection credit default swap agreements entered into by a fund for the same referenced entity or entities.
Currency swap agreements involve the commitment to exchange cash flows on a notional amount based on changes in the relative values of the specified currencies.
Interest rate swaps involve the commitment to exchange fixed or floating rate cash flows based on changes in the value of a specific reference rate.
Certain collateral amounts relate to exchange cleared swaps which are not subject to master netting agreements with counterparties.
To Be Announced Securities.The Funds may trade portfolio securities on a TBAor when-issued basis. In a TBAor 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. and some of the Underlying Funds. Principal Real Estate Investors, LLC serves as sub-advisor to some of the Underlying Funds. The Manager is committed to minimizing the potential impact of Underlying Fund risk on Underlying Funds 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.
74
Notes to Financial Statements
Principal Funds, Inc.
April 30, 2019 (unaudited)
3. Operating Policies (continued)
As of April 30, 2019, series of the Fund and Principal Variable Contracts Funds, Inc. owned the following percentages, in aggregate, of the outstanding shares of the Funds listed below:
Total Percentage of | Total Percentage of | |||||||
Fund | Outstanding Shares Owned | Fund | Outstanding Shares Owned | |||||
Core Plus Bond Fund | 81.62 | % | International Emerging Markets Fund | 26.58 | % | |||
Diversified International Fund | 32.59 | International Fund I | 0.01 | |||||
Equity Income Fund | 33.85 | LargeCap Growth Fund I | 21.22 | |||||
Global Diversified Income Fund | 2.46 | LargeCap S&P 500 Index Fund | 49.68 | |||||
Global Real Estate Securities Fund | 13.95 | MidCap Fund | 3.93 | |||||
Government & High Quality Bond Fund | 51.87 | MidCap Value Fund I | 32.55 | |||||
High Yield Fund | 8.56 | Real Estate Securities Fund | 4.53 | |||||
High Yield Fund I | 31.33 | Short-Term Income Fund | 39.46 | |||||
Income Fund | 50.98 | SmallCap Value Fund II | 34.58 | |||||
Inflation Protection Fund | 46.22 |
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 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 FNMApurchases conventional residential mortgages from a list of approved seller/servicers which include state and federally chartered savings and loan associations, mutual savings banks, commercial banks, credit unions, and mortgage bankers. Pass-through securities issued by the FNMA are guaranteed as to the timely payment of principal and interest by the FNMA, but are not backed by the full faith and credit of the U.S. Government. The FHLMC issues Participation Certificates which are pass-through securities, each representing an undivided interest in a pool of residential mortgages. The FHLMC guarantees the timely payment of interest and ultimate collection of principal, but Participation Certificates are not backed by the full faith and credit of the U.S. Government.
Derivatives.The following tables provide information about where in the statements of assets and liabilities and statements of operations information about derivatives can be found (amounts in thousands):
Asset Derivatives April 30, 2019 | Liability Derivatives April 30, 2019 | ||||||
Derivatives not accounted for | |||||||
as hedging instruments | Statement of Assets and Liabilities Location | Fair Value Statement of Assets and Liabilities Location | Fair Value | ||||
Core Plus Bond Fund | |||||||
Credit contracts | Receivables, Total distributable earnings (accumulated$ | —Payables, Total distributable earnings (accumulated | $ | 1,296 | * | ||
loss) | loss) | ||||||
Foreign exchange contracts | Receivables | $ | 836Payables | $ | 281 | ||
Interest rate contracts | Receivables, Total distributable earnings (accumulated$ | 529*Payables, Total distributable earnings (accumulated | $ | — | |||
loss) | loss) | ||||||
Total | $ | 1,365 | $ | 1,577 | |||
Finisterre Unconstrained Emerging Markets Bond Fund | |||||||
Credit contracts | Receivables, Total distributable earnings (accumulated$ | 1,992Payables, Total distributable earnings (accumulated | $ | 1,415 | |||
loss) | loss) | ||||||
Foreign exchange contracts | Receivables | $ | 267Payables | $ | 110 | ||
Interest rate contracts | Receivables, Total distributable earnings (accumulated$ | 175Payables, Total distributable earnings (accumulated | $ | — | |||
loss) | loss) | ||||||
Total | $ | 2,434 | $ | 1,525 | |||
Global Diversified Income Fund | |||||||
Credit contracts | Receivables, Total distributable earnings (accumulated$ | 609Payables, Total distributable earnings (accumulated | $ | — | |||
loss) | loss) | ||||||
Foreign exchange contracts | Receivables | $ | 618Payables | $ | 2,753 | ||
Interest rate contracts | Receivables, Total distributable earnings (accumulated$ | —Payables, Total distributable earnings (accumulated | $ | 84 | * | ||
loss) | loss) | ||||||
Total | $ | 1,227 | $ | 2,837 |
75
Notes to Financial Statements | ||||||||||
Principal Funds, Inc. | ||||||||||
April 30, 2019 (unaudited) | ||||||||||
3. Operating Policies (continued) | ||||||||||
Asset Derivatives April 30, 2019 | Liability Derivatives April 30, 2019 | |||||||||
Derivatives not accounted for | ||||||||||
as hedging instruments | Statement of Assets and Liabilities Location | Fair Value Statement of Assets and Liabilities Location | Fair Value | |||||||
High Yield Fund I | ||||||||||
Credit contracts | Receivables, Total distributable earnings (accumulated$ | 708*Payables, Total distributable earnings (accumulated | $ | — | ||||||
loss) | loss) | |||||||||
Inflation Protection Fund | ||||||||||
Foreign exchange contracts | Receivables | $1,668Payables | $ | 452 | ||||||
Interest rate contracts | Receivables, Total distributable earnings (accumulated | $11,301*Payables, Total distributable earnings (accumulated | $ | 16,933 | * | |||||
loss) | loss) | |||||||||
Total | $ | 12,969 | $ | 17,385 | ||||||
LargeCap Growth Fund I | ||||||||||
Equity contracts | Receivables, Total distributable earnings (accumulated$ | 572*Payables, Total distributable earnings (accumulated | $ | — | ||||||
loss) | loss) | |||||||||
LargeCap S&P 500 Index Fund | ||||||||||
Equity contracts | Receivables, Total distributable earnings (accumulated$ | 5,971*Payables, Total distributable earnings (accumulated | $ | — | ||||||
loss) | loss) | |||||||||
MidCap Value Fund I | ||||||||||
Equity contracts | Receivables, Total distributable earnings (accumulated$ | 47*Payables, Total distributable earnings (accumulated | $ | — | ||||||
loss) | loss) | |||||||||
SmallCap Value Fund II | ||||||||||
Equity contracts | Receivables, Total distributable earnings (accumulated$ | 51*Payables, Total distributable earnings (accumulated | $ | — | ||||||
loss) | loss) |
*Includes cumulative unrealized appreciation/depreciation of 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.
Net Realized Gain or (Loss) on | Net Change in Unrealized Appreciation/ | ||||||||
Derivatives not accounted for | Location of Gain or (Loss) on Derivatives | Derivatives Recognized in Statement of | (Depreciation) of Derivatives Recognized | ||||||
as hedging instruments | Recognized in Statement of Operations | Operations | in Statement of Operations | ||||||
Core Plus Bond Fund | |||||||||
Credit contracts | Net realized gain (loss) from Swap | $ | (3,162 | ) | $ | (2,951 | ) | ||
agreements/Net change in unrealized | |||||||||
appreciation/(depreciation) of Swap | |||||||||
agreements | |||||||||
Foreign exchange contracts | Net realized gain (loss) from Foreign | $ | 664 | $ | (186 | ) | |||
currency contracts /Net change in unrealized | |||||||||
appreciation/(depreciation) of Foreign | |||||||||
currency contracts | |||||||||
Interest rate contracts | Net realized gain (loss) from Futures | $ | 290 | $ | 955 | ||||
contracts /Net change in unrealized | |||||||||
appreciation/(depreciation) of Futures | |||||||||
contracts | |||||||||
Total | $ | (2,208 | ) | $ | (2,182 | ) | |||
Finisterre Unconstrained Emerging Markets Bond Fund | |||||||||
Credit contracts | Net realized gain (loss) from Swap | $ | (209 | ) | $ | 60 | |||
agreements/Net change in unrealized | |||||||||
appreciation/(depreciation) of Swap | |||||||||
agreements | |||||||||
Foreign exchange contracts | Net realized gain (loss) from Foreign | $ | (578 | ) | $ | 51 | |||
currency contracts/Net change in unrealized | |||||||||
appreciation/(depreciation) of Foreign | |||||||||
currency contracts | |||||||||
Interest rate contracts | Net realized gain (loss) from Futures | $ | 14 | $ | 184 | ||||
contracts and Swap agreements/Net change | |||||||||
in unrealized appreciation/(depreciation) of | |||||||||
Futures contracts and Swap agreements | |||||||||
Total | $ | (773 | ) | $ | 295 |
76
Notes to Financial Statements | |||||||||
Principal Funds, Inc. | |||||||||
April 30, 2019 (unaudited) | |||||||||
3. Operating Policies (continued) | |||||||||
Net Realized Gain or (Loss) on | Net Change in Unrealized Appreciation/ | ||||||||
Derivatives not accounted for | Location of Gain or (Loss) on Derivatives | Derivatives Recognized in Statement of | (Depreciation) of Derivatives Recognized | ||||||
as hedging instruments | Recognized in Statement of Operations | Operations | in Statement of Operations | ||||||
Global Diversified Income Fund | |||||||||
Credit contracts | Net realized gain (loss) from Swap | $ | 742 | $ | 146 | ||||
agreements/Net change in unrealized | |||||||||
appreciation/(depreciation) of Swap | |||||||||
agreements | |||||||||
Equity contracts | Net realized gain (loss) from Investment | $ | 5,504 | $ | (2,994 | ) | |||
transactions and Options andswaptions / | |||||||||
Net change in unrealized appreciation/ | |||||||||
(depreciation) of Investments and Options | |||||||||
andswaptions | |||||||||
Foreign exchange contracts | Net realized gain (loss) from Foreign | $ | 1,220 | $ | (590 | ) | |||
currency contracts and Swap agreements/ | |||||||||
Net change in unrealized appreciation/ | |||||||||
(depreciation) of Foreign currency contracts | |||||||||
and Swap agreements | |||||||||
Interest rate contracts | Net realized gain (loss) from Futures | $ | (263 | ) | $ | (298 | ) | ||
contracts and Swap agreements/Net change | |||||||||
in unrealized appreciation/(depreciation) of | |||||||||
Futures contracts and Swap agreements | |||||||||
Total | $ | 7,203 | $ | (3,736 | ) | ||||
High Yield Fund | |||||||||
Credit contracts | Net realized gain (loss) from Swap | $ | 382 | $ | — | ||||
agreements/Net change in unrealized | |||||||||
appreciation/(depreciation) of Swap | |||||||||
agreements | |||||||||
High Yield Fund I | |||||||||
Credit contracts | Net realized gain (loss) from Swap | $ | 2,360 | $ | 1,331 | ||||
agreements/Net change in unrealized | |||||||||
appreciation/(depreciation) of Swap | |||||||||
agreements | |||||||||
Inflation Protection Fund | |||||||||
Foreign exchange contracts | Net realized gain (loss) from Foreign | $ | 816 | $ | 183 | ||||
currency contracts/Net change in unrealized | |||||||||
appreciation/(depreciation) of Foreign | |||||||||
currency contracts | |||||||||
Interest rate contracts | Net realized gain (loss) from Investment | $ | (5,913 | ) | $ | (1,113 | ) | ||
transactions, Futures contracts, Options and | |||||||||
swaptions, and Swap agreements/Net change | |||||||||
in unrealized appreciation/(depreciation) of | |||||||||
Investments, Futures contracts, Options and | |||||||||
swaptions, and Swap agreements | |||||||||
Total | $ | (5,097 | ) | $ | (930 | ) | |||
LargeCap Growth Fund I | |||||||||
Equity contracts | Net realized gain (loss) from Futures | $ | (1,083 | ) | $ | 1,269 | |||
contracts/Net change in unrealized | |||||||||
appreciation/(depreciation) of Futures | |||||||||
contracts | |||||||||
LargeCap S&P 500 Index Fund | |||||||||
Equity contracts | Net realized gain (loss) from Futures | $ | 4,073 | $ | 9,924 | ||||
contracts /Net change in unrealized | |||||||||
appreciation/(depreciation) of Futures | |||||||||
contracts | |||||||||
MidCap Value Fund I | |||||||||
Equity contracts | Net realized gain (loss) from Futures | $ | 312 | $ | 380 | ||||
contracts /Net change in unrealized | |||||||||
appreciation/(depreciation) of Futures | |||||||||
contracts | |||||||||
SmallCap Value Fund II | |||||||||
Equity contracts | Net realized gain (loss) from Futures | $ | 76 | $ | 553 | ||||
contracts /Net change in unrealized | |||||||||
appreciation/(depreciation) of Futures | |||||||||
contracts |
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
77
Notes to Financial Statements
Principal Funds, Inc.
April 30, 2019 (unaudited)
3. Operating Policies (continued)contracts are used to obtain interest rate exposure in order to manage duration of Core Plus Bond Fund, Finisterre Unconstrained Emerging Markets Bond Fund, Global Diversified Income Fund and Inflation Protection Fund. The notional values of the futures contracts will vary in accordance with changing duration of these funds.
The following table includes a summary of the average quarterly outstanding notional by derivative instrument type for the period ended April 30, 2019 (amounts in thousands):
Contract Type | Derivative Type | Average Notional | |
Core Plus Bond Fund | |||
Credit Contracts | Exchange Cleared Credit Default Swaps - Buy Protection | $ | 62,439 |
Foreign Exchange Contracts | Foreign Currency Contracts - Contracts to Accept | 26,107 | |
Foreign Currency Contracts - Contracts to Deliver | 51,077 | ||
Interest Rate Contracts | Futures - Long | 134,428 | |
Futures - Short | 50,747 | ||
Finisterre Unconstrained Emerging | |||
Markets Bond Fund | |||
Credit Contracts | Credit Default Swaps - Buy Protection | 14,941 | |
Credit Default Swaps - Sell Protection | 4,225 | ||
Foreign Exchange Contracts | Foreign Currency Contracts - Contracts to Accept | 10,929 | |
Foreign Currency Contracts - Contracts to Deliver | 12,349 | ||
Interest Rate Contracts | Futures - Short | 908 | |
Total Return Swaps - Receive Floating Rate | 5,058 | ||
Global Diversified Income Fund | |||
Credit Contracts | Credit Default Swaps - Buy Protection | 2,538 | |
Credit Default Swaps - Sell Protection | 6,700 | ||
Equity Contracts | Purchased Options | 242 | |
Written Options | 2,358 | ||
Foreign Exchange Contracts | Currency Swaps – Contracts to Accept | 17,913 | |
Currency Swaps – Contracts to Deliver | 17,570 | ||
Foreign Currency Contracts - Contracts to Accept | 193,672 | ||
Foreign Currency Contracts - Contracts to Deliver | 100,694 | ||
Interest Rate Contacts | Exchange Cleared Interest Rate Swaps – Pay Floating Rate | 26,952 | |
Futures - Short | 126,909 | ||
High Yield Fund | |||
Credit Contracts | Exchange Cleared Credit Default Swaps - Sell Protection | 24,500 | |
Foreign Exchange Contracts | Foreign Currency Contracts - Contracts to Deliver | 3 | |
High Yield Fund I | |||
Credit Contracts | Exchange Cleared Credit Default Swaps - Sell Protection | 66,348 | |
Inflation Protection Fund | |||
Foreign Exchange Contracts | Foreign Currency Contracts - Contracts to Accept | 131,931 | |
Foreign Currency Contracts - Contracts to Deliver | 254,085 | ||
Interest Rate Contracts | Exchange Cleared Interest Rate Swaps - Pay Floating Rate | 1,281,871 | |
Exchange Cleared Interest Rate Swaps - Receive Floating Rate | 782,311 | ||
Futures - Long | 202,290 | ||
Futures - Short | 229,733 | ||
Interest Rate Swaps - Pay Floating Rate | 3,666 | ||
Interest Rate Swaps - Receive Floating Rate | 38,472 | ||
Purchased Capped Options | 126,675 | ||
Purchased Interest Rate Swaptions | 397,490 | ||
Purchased Options | 2,531 | ||
Written Capped Options | 93,350 | ||
Written Interest Rate Swaptions | 1,662,124 | ||
Written Options | 2,147 | ||
LargeCap Growth Fund I | |||
Equity Contracts | Futures - Long | 40,019 | |
LargeCap S&P 500 Index Fund | |||
Equity Contracts | Futures - Long | 103,394 | |
MidCap Value Fund I | |||
Equity Contracts | Futures - Long | 7,581 | |
SmallCap Value Fund II | |||
Equity Contracts | Futures - Long | 4,085 |
78
Notes to Financial Statements
Principal Funds, Inc.
April 30, 2019 (unaudited)
4. Fair Valuation
Fair value is defined as the price that the Funds 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 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. The type of securities included in Level 1 includes 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, senior floating rate interests, municipal bonds, 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, corporate bonds, mortgage backed securities 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 indicative 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 prepayment rates, probability of default, or loss severity in the event of default. Significant increases in any of those inputs in isolation would result 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, accidents, conflicts, etc.).
Fair value of these investments is determined in good faith by the Manager under procedures established and periodically reviewed by the Fund’s Board of Directors. The Manager has established a valuation committee (“Valuation Committee”) of senior officers and employees, with the responsibility of overseeing the pricing and valuation of all securities, including securities where market quotations are not readily available. The Valuation Committee meets at least monthly and reports directly to the Board of Directors. A pricing group (the “Pricing Group”), who reports to the Valuation Committee, relies on the established pricing policies to determine fair valuation. Included in the
79
Notes to Financial Statements
Principal Funds, Inc.
April 30, 2019 (unaudited)
4. Fair Valuation (continued)pricing policies is an overview of the approved valuation approaches established for each asset class. The Pricing Group will consider all appropriate information available when determining fair valuation.
The Pricing Group relies on externally provided valuation inputs to determine the value of Level 3 securities. Security values are updated as new information becomes available. Valuation data and changes in valuation amounts are reviewed on a daily basis based on specified criteria for the security, asset class, and other factors. In addition, valuation data is periodically compared to actual transactions executed by the Funds (i.e., purchases/sales) and differences between transaction prices and prior period valuation data are investigated based on specified tolerances.
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those instruments. For example, short-term securities held in Money Market Fund are valued using amortized cost, as permitted under Rule 2a-7 of the Investment Company Act of 1940. Generally, amortized cost approximates the current fair value of these securities, but because the value is not obtained from a quoted price in an active market, such securities are reflected as Level 2.
The following is a summary of the inputs used as of April 30, 2019 in valuing the Funds' securities carried at value (amounts in thousands):
Level 2 - Other | ||||||||||||
Level 1 - Quoted | Significant Observable | Level 3 - Significant | ||||||||||
Fund | Prices | Inputs | Unobservable Inputs | Totals (Level 1,2,3) | ||||||||
California Municipal Fund | ||||||||||||
Investment Companies | $ | 60 | $ | — | $ | — | $ | 60 | ||||
Municipal Bonds* | — | 427,624 | — | 427,624 | ||||||||
Total investments in securities $ | 60 | $ | 427,624 | $ | — | $ | 427,684 | |||||
Core Plus Bond Fund | ||||||||||||
Bonds* | — | 1,943,986 | 2,700 | 1,946,686 | ||||||||
Common Stocks | ||||||||||||
Consumer, Cyclical | — | — | 139 | 139 | ||||||||
Energy | 827 | — | — | 827 | ||||||||
Investment Companies | 136,188 | — | — | 136,188 | ||||||||
Preferred Stocks | ||||||||||||
Consumer, Cyclical | — | — | 60 | 60 | ||||||||
Consumer, Non-cyclical | — | — | 315 | 315 | ||||||||
Government | 3,619 | — | — | 3,619 | ||||||||
Senior Floating Rate Interests* | — | 27,644 | — | 27,644 | ||||||||
U.S. Government & Government Agency Obligations* | — | 1,258,903 | — | 1,258,903 | ||||||||
Total investments in securities $ | 140,634 | $ | 3,230,533 | $ | 3,214 | $ | 3,374,381 | |||||
Assets | ||||||||||||
Foreign Exchange Contracts | ||||||||||||
Foreign Currency Contracts | — | 836 | — | 836 | ||||||||
Interest Rate Contracts | ||||||||||||
Futures** | 529 | — | — | 529 | ||||||||
Liabilities | ||||||||||||
Credit Contracts | ||||||||||||
Exchange Cleared Credit Default Swaps** | — | (1,296 | ) | — | (1,296 | ) | ||||||
Foreign Exchange Contracts | ||||||||||||
Foreign Currency Contracts | — | (281 | ) | — | (281 | ) | ||||||
Diversified International Fund | ||||||||||||
Common Stocks | ||||||||||||
Basic Materials | 101,130 | 370,290 | — | 471,420 | ||||||||
Communications | 230,270 | 720,031 | — | 950,301 | ||||||||
Consumer, Cyclical | 287,728 | 1,713,631 | — | 2,001,359 | ||||||||
Consumer, Non-cyclical | 98,453 | 1,840,307 | — | 1,938,760 | ||||||||
Energy | 175,225 | 638,630 | — | 813,855 | ||||||||
Financial | 584,378 | 2,396,059 | — | 2,980,437 | ||||||||
Industrial | 202,696 | 754,130 | — | 956,826 | ||||||||
Technology | — | 1,024,641 | — | 1,024,641 | ||||||||
Utilities | — | 261,865 | — | 261,865 | ||||||||
Investment Companies | 409,913 | — | — | 409,913 | ||||||||
Preferred Stocks | 45,522 | — | — | 45,522 | ||||||||
Total investments in securities $ | 2,135,315 | $ | 9,719,584 | $ | — | $ | 11,854,899 |
80
Notes to Financial Statements | ||||||||||||
Principal Funds, Inc. | ||||||||||||
April 30, 2019 (unaudited) | ||||||||||||
4. Fair Valuation (continued) | ||||||||||||
Level 2 - Other | ||||||||||||
Level 1 - Quoted | Significant Observable | Level 3 - Significant | ||||||||||
Fund | Prices | Inputs | Unobservable Inputs | Totals (Level 1,2,3) | ||||||||
Equity Income Fund | ||||||||||||
Common Stocks* | $ | 7,303,138 | $ | — | $ | — | $ | 7,303,138 | ||||
Investment Companies | 110,759 | — | — | 110,759 | ||||||||
Total investments in securities $ | 7,413,897 | $ | — | $ | — | $ | 7,413,897 | |||||
Finisterre Unconstrained Emerging Markets Bond Fund | ||||||||||||
Bonds* | — | 95,712 | — | 95,712 | ||||||||
Convertible Bonds* | — | 3,801 | — | 3,801 | ||||||||
U.S. Government & Government Agency Obligations* | — | 6,831 | — | 6,831 | ||||||||
Total investments in securities $ | — | $ | 106,344 | $ | — | $ | 106,344 | |||||
Assets | ||||||||||||
Credit Contracts | ||||||||||||
Credit Default Swaps | — | 1,992 | — | 1,992 | ||||||||
Foreign Exchange Contracts | ||||||||||||
Foreign Currency Contracts | — | 267 | — | 267 | ||||||||
Interest Rate Contracts | ||||||||||||
Total Return Swaps | — | 175 | — | 175 | ||||||||
Liabilities | ||||||||||||
Credit Contracts | ||||||||||||
Credit Default Swaps | — | (1,415 | ) | — | (1,415 | ) | ||||||
Foreign Exchange Contracts | ||||||||||||
Foreign Currency Contracts | — | (110 | ) | — | (110 | ) | ||||||
Global Diversified Income Fund | ||||||||||||
Bonds* | — | 5,407,378 | 103,175 | 5,510,553 | ||||||||
Common Stocks | ||||||||||||
Basic Materials | 17,021 | 19,540 | 36,245 | 72,806 | ||||||||
Communications | 86,954 | 14,167 | — | 101,121 | ||||||||
Consumer, Cyclical | 54,696 | 32,337 | 9,625 | 96,658 | ||||||||
Consumer, Non-cyclical | 26,937 | 22,883 | — | 49,820 | ||||||||
Diversified | — | 1,504 | — | 1,504 | ||||||||
Energy | 126,593 | 7,939 | 191 | 134,723 | ||||||||
Financial | 255,131 | 156,432 | — | 411,563 | ||||||||
Industrial | 31,213 | 30,222 | — | 61,435 | ||||||||
Technology | 26,285 | 6,663 | — | 32,948 | ||||||||
Utilities | 265,179 | 5,709 | — | 270,888 | ||||||||
Convertible Bonds* | — | 696 | — | 696 | ||||||||
Convertible Preferred Stocks | ||||||||||||
Financial | 5,192 | — | — | 5,192 | ||||||||
Credit Linked Structured Notes* | — | 17,068 | 2,519 | 19,587 | ||||||||
Investment Companies | 175,530 | — | — | 175,530 | ||||||||
Preferred Stocks | ||||||||||||
Communications | 2,564 | 2,185 | — | 4,749 | ||||||||
Consumer, Non-cyclical | — | 1,482 | — | 1,482 | ||||||||
Financial | 35,478 | 10,739 | — | 46,217 | ||||||||
Government | 724 | 10,611 | — | 11,335 | ||||||||
Utilities | 18,443 | — | — | 18,443 | ||||||||
Senior Floating Rate Interests* | — | 551,763 | 35,440 | 587,203 | ||||||||
U.S. Government & Government Agency Obligations* | — | 9,922 | — | 9,922 | ||||||||
Total investments in securities $ | 1,127,940 | $ | 6,309,240 | $ | 187,195 | $ | 7,624,375 | |||||
Assets | ||||||||||||
Credit Contracts | ||||||||||||
Credit Default Swaps | — | 609 | — | 609 | ||||||||
Foreign Exchange Contracts | ||||||||||||
Foreign Currency Contracts | — | 618 | — | 618 | ||||||||
Liabilities | ||||||||||||
Foreign Exchange Contracts | ||||||||||||
Foreign Currency Contracts | — | (2,753 | ) | — | (2,753 | ) | ||||||
Interest Rate Contracts | ||||||||||||
Exchange Cleared Interest Rate Swaps** | — | (84 | ) | — | (84 | ) | ||||||
Global Real Estate Securities Fund | ||||||||||||
Common Stocks | ||||||||||||
Consumer, Cyclical | 85,579 | 49,522 | — | 135,101 |
81
Notes to Financial Statements | ||||||||||
Principal Funds, Inc. | ||||||||||
April 30, 2019 (unaudited) | ||||||||||
4. Fair Valuation (continued) | ||||||||||
Level 2 - Other | ||||||||||
Level 1 - Quoted | Significant Observable | Level 3 - Significant | ||||||||
Fund | Prices | Inputs | Unobservable Inputs | Totals (Level 1,2,3) | ||||||
Global Real Estate Securities Fund | ||||||||||
Financial | $ | 1,894,330 | $ | 1,501,728 | $ | — | $ | 3,396,058 | ||
Technology | 50,394 | — | — | 50,394 | ||||||
Investment Companies | 23,301 | — | — | 23,301 | ||||||
Total investments in securities $ | 2,053,604 | $ | 1,551,250 | $ | — | $ | 3,604,854 | |||
Government & High Quality Bond Fund | ||||||||||
Bonds* | — | 427,196 | — | 427,196 | ||||||
Investment Companies | 39,796 | — | — | 39,796 | ||||||
U.S. Government & Government Agency Obligations* | — | 1,032,215 | — | 1,032,215 | ||||||
Total investments in securities $ | 39,796 | $ | 1,459,411 | $ | — | $ | 1,499,207 | |||
High Yield Fund | ||||||||||
Bonds* | — | 2,459,273 | — | 2,459,273 | ||||||
Common Stocks | ||||||||||
Consumer, Cyclical | — | — | 2,422 | 2,422 | ||||||
Energy | 11,466 | — | — | 11,466 | ||||||
Convertible Bonds* | — | — | — | — | ||||||
Investment Companies | 78,036 | — | — | 78,036 | ||||||
Preferred Stocks | ||||||||||
Consumer, Cyclical | — | — | 1,039 | 1,039 | ||||||
Consumer, Non-cyclical | — | — | 3,900 | 3,900 | ||||||
Senior Floating Rate Interests* | — | 337,802 | — | 337,802 | ||||||
U.S. Government & Government Agency Obligations* | — | 24,601 | — | 24,601 | ||||||
Total investments in securities $ | 89,502 | $ | 2,821,676 | $ | 7,361 | $ | 2,918,539 | |||
High Yield Fund I | ||||||||||
Bonds* | — | 2,968,133 | 17,408 | 2,985,541 | ||||||
Common Stocks | ||||||||||
Communications | — | — | — | — | ||||||
Consumer, Cyclical | — | — | 2,525 | 2,525 | ||||||
Energy | — | 10 | — | 10 | ||||||
Utilities | — | — | — | — | ||||||
Investment Companies | 69,870 | — | — | 69,870 | ||||||
Preferred Stocks | ||||||||||
Communications | — | — | 5 | 5 | ||||||
Senior Floating Rate Interests* | — | 408,898 | — | 408,898 | ||||||
Total investments in securities $ | 69,870 | $ | 3,377,041 | $ | 19,938 | $ | 3,466,849 | |||
Assets | ||||||||||
Credit Contracts | ||||||||||
Exchange Cleared Credit Default Swaps** | — | 708 | — | 708 | ||||||
Income Fund | ||||||||||
Bonds* | — | 1,822,705 | — | 1,822,705 | ||||||
Common Stocks | ||||||||||
Energy | 5,343 | — | — | 5,343 | ||||||
Financial | — | — | — | — | ||||||
Industrial | — | — | 27,831 | 27,831 | ||||||
Utilities | — | — | 3,244 | 3,244 | ||||||
Investment Companies | 79,183 | — | — | 79,183 | ||||||
Senior Floating Rate Interests* | — | 20,446 | — | 20,446 | ||||||
U.S. Government & Government Agency Obligations* | — | 963,919 | — | 963,919 | ||||||
Total investments in securities $ | 84,526 | $ | 2,807,070 | $ | 31,075 | $ | 2,922,671 | |||
Inflation Protection Fund | ||||||||||
Bonds* | — | 144,811 | — | 144,811 | ||||||
Investment Companies | 15,541 | — | — | 15,541 | ||||||
U.S. Government & Government Agency Obligations* | — | 1,436,195 | — | 1,436,195 | ||||||
Purchased Interest Rate Swaptions | — | 5,031 | — | 5,031 | ||||||
Purchased Capped Options | — | 79 | — | 79 | ||||||
Purchased Options | 182 | — | — | 182 | ||||||
Total investments in securities $ | 15,723 | $ | 1,586,116 | $ | — | $ | 1,601,839 | |||
Assets | ||||||||||
Foreign Exchange Contracts | ||||||||||
Foreign Currency Contracts | — | 1,668 | — | 1,668 |
82
Notes to Financial Statements | |||||||||||||
Principal Funds, Inc. | |||||||||||||
April 30, 2019 (unaudited) | |||||||||||||
4. Fair Valuation (continued) | |||||||||||||
Level 2 - Other | |||||||||||||
Level 1 - Quoted | Significant Observable | Level 3 - Significant | |||||||||||
Fund | Prices | Inputs | Unobservable Inputs | Totals (Level 1,2,3) | |||||||||
Inflation Protection Fund | |||||||||||||
Interest Rate Contracts | |||||||||||||
Exchange Cleared Interest Rate Swaps** | $ | — | $ | 5,083 | $ | — | $ | 5,083 | |||||
Futures** | 926 | — | — | 926 | |||||||||
Liabilities | |||||||||||||
Foreign Exchange Contracts | |||||||||||||
Foreign Currency Contracts | — | (452 | ) | — | (452 | ) | |||||||
Interest Rate Contracts | |||||||||||||
Capped Options | — | (26 | ) | — | (26 | ) | |||||||
Exchange Cleared Interest Rate Swaps** | — | (8,667 | ) | — | (8,667 | ) | |||||||
Futures** | (2,394 | ) | — | — | (2,394 | ) | |||||||
Interest Rate Swaptions | — | (5,708 | ) | — | (5,708 | ) | |||||||
Written Options | (138 | ) | — | — | (138 | ) | |||||||
International Emerging Markets Fund | |||||||||||||
Common Stocks | |||||||||||||
Basic Materials | 15,240 | 13,849 | — | 29,089 | |||||||||
Communications | 48,414 | 76,869 | — | 125,283 | |||||||||
Consumer, Cyclical | 28,565 | 50,194 | — | 78,759 | |||||||||
Consumer, Non-cyclical | 16,049 | 39,614 | — | 55,663 | |||||||||
Energy | 3,031 | 71,640 | — | 74,671 | |||||||||
Financial | 31,406 | 160,746 | — | 192,152 | |||||||||
Industrial | — | 38,732 | — | 38,732 | |||||||||
Technology | 11,219 | 94,979 | — | 106,198 | |||||||||
Utilities | — | 9,486 | — | 9,486 | |||||||||
Investment Companies | 9,294 | — | — | 9,294 | |||||||||
Preferred Stocks | 11,566 | — | — | 11,566 | |||||||||
Total investments in securities $ | 174,784 | $ | 556,109 | $ | — | $ | 730,893 | ||||||
International Fund I | |||||||||||||
Common Stocks | |||||||||||||
Basic Materials | 4,010 | 36,550 | — | 40,560 | |||||||||
Communications | 16,668 | 15,910 | — | 32,578 | |||||||||
Consumer, Cyclical | 6,019 | 53,709 | — | 59,728 | |||||||||
Consumer, Non-cyclical | 4,605 | 34,527 | — | 39,132 | |||||||||
Energy | 2,470 | 19,412 | — | 21,882 | |||||||||
Financial | 14,075 | 69,299 | — | 83,374 | |||||||||
Industrial | 3,787 | 39,048 | — | 42,835 | |||||||||
Technology | 17,988 | 34,824 | — | 52,812 | |||||||||
Utilities | — | 8,150 | — | 8,150 | |||||||||
Investment Companies | 2,604 | — | — | 2,604 | |||||||||
Total investments in securities $ | 72,226 | $ | 311,429 | $ | — | $ | 383,655 | ||||||
LargeCap Growth Fund | |||||||||||||
Common Stocks* | 560,383 | — | — | 560,383 | |||||||||
Investment Companies | 13,450 | — | — | 13,450 | |||||||||
Total investments in securities $ | 573,833 | $ | — | $ | — | $ | 573,833 | ||||||
LargeCap Growth Fund I | |||||||||||||
Common Stocks | |||||||||||||
Basic Materials | 138,454 | — | — | 138,454 | |||||||||
Communications | 1,871,309 | — | 185 | 1,871,494 | |||||||||
Consumer, Cyclical | 610,846 | — | — | 610,846 | |||||||||
Consumer, Non-cyclical | 2,264,441 | — | — | 2,264,441 | |||||||||
Energy | 27,006 | — | — | 27,006 | |||||||||
Financial | 763,175 | — | — | 763,175 | |||||||||
Industrial | 931,882 | — | — | 931,882 | |||||||||
Technology | 2,134,473 | — | — | 2,134,473 | |||||||||
Utilities | 47,169 | — | — | 47,169 | |||||||||
Convertible Preferred Stocks | |||||||||||||
Communications | — | — | 32,255 | 32,255 | |||||||||
Investment Companies | 207,680 | — | — | 207,680 | |||||||||
Preferred Stocks | |||||||||||||
Communications | — | 3,026 | — | 3,026 |
83
Notes to Financial Statements | ||||||||||
Principal Funds, Inc. | ||||||||||
April 30, 2019 (unaudited) | ||||||||||
4. Fair Valuation (continued) | ||||||||||
Level 2 - Other | ||||||||||
Level 1 - Quoted | Significant Observable | Level 3 - Significant | ||||||||
Fund | Prices | Inputs | Unobservable Inputs | Totals (Level 1,2,3) | ||||||
LargeCap Growth Fund I | ||||||||||
Technology | $ | — | $ | 6,611 | $ | 4,558 | $ | 11,169 | ||
Total investments in securities $ | 8,996,435 | $ | 9,637 | $ | 36,998 | $ | 9,043,070 | |||
Assets | ||||||||||
Equity Contracts | ||||||||||
Futures** | 572 | — | — | $ | 572 | |||||
LargeCap S&P 500 Index Fund | ||||||||||
Common Stocks* | 5,856,527 | — | — | 5,856,527 | ||||||
Investment Companies | 173,722 | — | — | 173,722 | ||||||
Total investments in securities $ | 6,030,249 | $ | — | $ | — | $ | 6,030,249 | |||
Assets | ||||||||||
Equity Contracts | ||||||||||
Futures** | 5,971 | — | — | 5,971 | ||||||
MidCap Fund | ||||||||||
Common Stocks* | 16,102,657 | — | — | 16,102,657 | ||||||
Investment Companies | 938 | — | — | 938 | ||||||
Total investments in securities $ | 16,103,595 | $ | — | $ | — | $ | 16,103,595 | |||
MidCap Value Fund I | ||||||||||
Common Stocks* | 2,477,559 | — | — | 2,477,559 | ||||||
Investment Companies | 53,817 | — | — | 53,817 | ||||||
Total investments in securities $ | 2,531,376 | $ | — | $ | — | $ | 2,531,376 | |||
Assets | ||||||||||
Equity Contracts | ||||||||||
Futures** | 47 | — | — | 47 | ||||||
Money Market Fund | ||||||||||
Bonds* | — | 38,708 | — | 38,708 | ||||||
Commercial Paper* | — | 381,687 | — | 381,687 | ||||||
Investment Companies | 20,840 | — | — | 20,840 | ||||||
Municipal Bonds* | — | 30,155 | — | 30,155 | ||||||
Repurchase Agreements* | — | 32,000 | — | 32,000 | ||||||
Total investments in securities $ | 20,840 | $ | 482,550 | $ | — | $ | 503,390 | |||
Principal Capital Appreciation Fund | ||||||||||
Common Stocks* | 1,794,158 | — | — | 1,794,158 | ||||||
Investment Companies | 47,625 | — | — | 47,625 | ||||||
Total investments in securities $ | 1,841,783 | $ | — | $ | — | $ | 1,841,783 | |||
Real Estate Securities Fund | ||||||||||
Common Stocks* | 4,417,190 | — | — | 4,417,190 | ||||||
Investment Companies | 33,335 | — | — | 33,335 | ||||||
Total investments in securities $ | 4,450,525 | $ | — | $ | — | $ | 4,450,525 | |||
Short-Term Income Fund | ||||||||||
Bonds* | — | 4,650,437 | — | 4,650,437 | ||||||
Investment Companies | 90,634 | — | — | 90,634 | ||||||
U.S. Government & Government Agency Obligations* | — | 81,401 | — | 81,401 | ||||||
Total investments in securities $ | 90,634 | $ | 4,731,838 | $ | — | $ | 4,822,472 | |||
SmallCap Fund | ||||||||||
Common Stocks* | 672,569 | — | — | 672,569 | ||||||
Investment Companies | 21,498 | — | — | 21,498 | ||||||
Total investments in securities $ | 694,067 | $ | — | $ | — | $ | 694,067 | |||
SmallCap Value Fund II | ||||||||||
Common Stocks | ||||||||||
Basic Materials | 29,420 | 3 | — | 29,423 | ||||||
Communications | 49,620 | — | 1 | 49,621 | ||||||
Consumer, Cyclical | 113,617 | — | — | 113,617 | ||||||
Consumer, Non-cyclical | 125,537 | — | — | 125,537 | ||||||
Energy | 71,193 | — | — | 71,193 | ||||||
Financial | 369,135 | 13 | — | 369,148 |
84
Notes to Financial Statements | |||||||||||
Principal Funds, Inc. | |||||||||||
April 30, 2019 (unaudited) | |||||||||||
4. Fair Valuation (continued) | |||||||||||
Level 2 - Other | |||||||||||
Level 1 - Quoted | Significant Observable | Level 3 - Significant | |||||||||
Fund | Prices | Inputs | Unobservable Inputs | Totals (Level 1,2,3) | |||||||
SmallCap Value Fund II | |||||||||||
Industrial | $ | 162,237 | $ | — | $ | — | $ | 162,237 | |||
Technology | 81,374 | — | — | 81,374 | |||||||
Utilities | 49,516 | — | — | 49,516 | |||||||
Investment Companies | 45,242 | — | — | 45,242 | |||||||
Preferred Stocks | 11 | — | — | 11 | |||||||
Total investments in securities $ | 1,096,902 | $ | 16 | $ | 1 | $ | 1,096,919 | ||||
Assets | |||||||||||
Equity Contracts | |||||||||||
Futures** | 51 | — | — | 51 | |||||||
Tax-Exempt Bond Fund | |||||||||||
Investment Companies | 6,581 | — | — | 6,581 | |||||||
Municipal Bonds* | — | 435,281 | — | 435,281 | |||||||
Total investments in securities $ | 6,581 | $ | 435,281 | $ | — | $ | 441,862 |
*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.
Certain detailed information is provided for those Funds with significant investments in Level 3 securities. Quantitative information about the significant unobservable inputs used in the fair value measurements categorized within Level 3 of the fair value hierarchy is as follows (amounts in thousands):
Fair Value as of | ||||||||
Fund | Asset Type | April 30, 2019 | Valuation Technique | Unobservable Input | Input Valuations | |||
Global Diversified Income Fund | Bonds | $ 103,174 | Yield Analysis | Yield to Maturity | 9.0 – 16.8 | % | ||
Common Stocks | 45,833 | Enterprise Valuation Model | EBITDA Multiples | 5.5 – 7.75 | x | |||
Discounted Cash Flow | Discount Rate | 13.2 – 15.6 | % | |||||
Common Stocks | 191 | Liquidation Analysis | Available Cash | $ | 10,200,000 | |||
Common Stocks | 38 | Indicative Market Quotations Broker Quote | $ | 0.90 | ||||
Credit Linked | ||||||||
Structured Notes | 2,519 | Indicative Market Quotations Broker Quote | $ | 0.65 | ||||
Senior Floating Rate | ||||||||
Interests | 35,440 | Yield Analysis | Yield to Maturity | 0.0 – 10.8 | % | |||
$ | 187,195 | |||||||
Income Fund | Common Stocks | 27,831 | Enterprise Valuation Model | EBITDA Multiples | 0.95 – 1.15 | x | ||
Common Stocks | 3,244 | Indicative Market Quotations Broker Quote | $ | 140.00 | ||||
$ | 31,075 |
85
Notes to Financial Statements
Principal Funds, Inc.
April 30, 2019 (unaudited)
4. Fair Valuation (continued)
The changes in investments measured at fair value for which Level 3 inputs have been used to determine fair value are as follows (amounts in thousands):
Accrued | |||||||||||||||||||||||
Discounts/ | Net Change in | ||||||||||||||||||||||
Premiums | Unrealized Appreciation/ | ||||||||||||||||||||||
Value | Realized | and Change | Transfers | (Depreciation) on | |||||||||||||||||||
October | Gain/ | in Unrealized | Proceeds | into Level | Transfers Out of | Value April | Investments Held at April | ||||||||||||||||
Fund | 31, 2018 | (Loss) | Gain/ (Loss) | Purchases | from Sales | 3 | * | Level 3** | 30, 2019 | 30, 2019 | |||||||||||||
Global Diversified Income Fund | |||||||||||||||||||||||
Bonds | $ | 111,011 | $ | (18 | ) | $ | 23 | $ | — | $ | (7,842 | ) | $ | — | $ | — | $ | 103,174 | $ | 69 | |||
Common Stock | |||||||||||||||||||||||
Basic Materials | 46,459 | 4,544 | (9,422 | ) | — | (5,335 | ) | — | — | 36,246 | (9,422 | ) | |||||||||||
Consumer, | |||||||||||||||||||||||
sssCyclical | 68 | — | 3,168 | 6,389 | — | — | — | 9,625 | 3,168 | ||||||||||||||
Energy | 189 | — | 2 | — | — | — | — | 191 | 2 | ||||||||||||||
Credit Linked | |||||||||||||||||||||||
Structured Notes | 2,764 | (10 | ) | (30 | ) | — | (205 | ) | — | — | 2,519 | (68 | ) | ||||||||||
Senior Floating | |||||||||||||||||||||||
Rate Interests | 35,440 | — | — | — | — | — | — | 35,440 | — | ||||||||||||||
Total | $ | 195,931 | $ | 4,516 | $ | (6,259 | ) | $ | 6,389 | $ | (13,382 | ) | $ | — | $ | — | $ | 187,195 | $ | (6,251 | ) | ||
Income Fund | |||||||||||||||||||||||
Common Stock | |||||||||||||||||||||||
Financial | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||
Industrial | 29,866 | — | (2,035 | ) | — | — | — | — | 27,831 | (2,035 | ) | ||||||||||||
Utilities | — | — | 705 | 2,539 | — | — | — | 3,244 | 705 | ||||||||||||||
Total | $ | 29,866 | $ | — | $ | (1,330 | ) | $ | 2,539 | $ | — | $ | — | $ | — | $ | 31,075 | $ | (1,330 | ) |
*Securities are transferred into Level 3 for a variety of reasons including, but not limited to: 1. Securities where trading has been halted 2. Securities that have certain restrictions on trading 3. Instances in which a security is not priced by a pricing services
**Securities are transferred out of Level 3 for a variety of reasons including, but not limited to: 1. Securities where trading resumes 2. Securities where trading restrictions have expired 3. Instances in which a price becomes available from a pricing service
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, except as noted above.
5. Management Agreement and Transactions with Affiliates
Management Services.The Funds have agreed to pay investment advisory and management fees to the Manager computed at an annual percentage rate of each fund’s 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:
Net Assets of Fund | Net assets of Fund (in | ||||||||||||||||
billions) | |||||||||||||||||
First | Next | Next | Over | ||||||||||||||
$ | 500 | $ | 500 | $ | 500 | $ | 1.5 | ||||||||||
million | million | million | billion | First $1 | Over $1 | ||||||||||||
Finisterre Unconstrained | California Municipal | ||||||||||||||||
Emerging Markets Bond Fund | .75 | % | .74 | % | .73 | % | .72 | % | Fund | .45 | % | .40 | % | ||||
SmallCapFund | .75 | .73 | .71 | .70 | |||||||||||||
Tax-Exempt Bond Fund | .45 | .43 | .41 | .40 |
86
Notes to Financial Statements | ||||||||||||||||||
Principal Funds, Inc. | ||||||||||||||||||
April 30, 2019 (unaudited) | ||||||||||||||||||
5. Management Agreement and Transactions with Affiliates (continued) | ||||||||||||||||||
Net Assets of Fund | ||||||||||||||||||
First | Next | Next | Next | |||||||||||||||
$ | 500 | $ | 500 | $ | 500 | $ | 500 | Next $1 | Over $3 | |||||||||
million | million | million | million | billion | billion | |||||||||||||
Core Plus Bond Fund | .55 | % | .53 | % | .51 | % | .50 | % | .48 | % | .45 | % | ||||||
Global Diversified Income Fund | .80 | .78 | .76 | .75 | .73 | .70 | ||||||||||||
Global Real Estate Securities Fund | .90 | .88 | .86 | .85 | .84 | .83 | ||||||||||||
High Yield Fund I | .65 | .63 | .61 | .60 | .59 | .58 | ||||||||||||
Inflation Protection Fund | .40 | .38 | .36 | .35 | .34 | .33 | ||||||||||||
International Emerging Markets Fund | 1.20 | 1.18 | 1.16 | 1.15 | 1.14 | 1.13 | ||||||||||||
International Fund I | .90 | .88 | .86 | .85 | .84 | .83 | ||||||||||||
LargeCap Growth Fund I | .66 | .64 | .62 | .61 | .60 | .59 | ||||||||||||
MidCapValue Fund I | .68 | .66 | .64 | .63 | .62 | .61 | ||||||||||||
Money Market Fund | .40 | .39 | .38 | .37 | .36 | .35 | ||||||||||||
Real Estate Securities Fund | .85 | .83 | .81 | .80 | .79 | .78 | ||||||||||||
SmallCapValue Fund II | 1.00 | .98 | .96 | .95 | .94 | .93 | ||||||||||||
Net Assets of Fund | ||||||||||||||||||
First | Next | Next | Next | |||||||||||||||
$ | 500 | $ | 500 | $ | 500 | $ | 500 | Next $1 | Next $7 | Over $10 | ||||||||
million | million | million | million | billion | billion | billion | ||||||||||||
Diversified International Fund | .90 | % | .88 | % | .86 | % | .85 | % | .83 | % | .80 | % | .79 | % |
Net Assets of Fund | ||||||||||||||||||||||||||||||||||||
First | Next | Next | Next | |||||||||||||||||||||||||||||||||
$ | 500 | $ | 500 | $ | 500 | $ | 500 | Next $1 | Next $9.5 | Next $2.5 | Over $15 | |||||||||||||||||||||||||
million | million | million | million | billion | billion | billion | billion | |||||||||||||||||||||||||||||
MidCapFund | .65 | % | .63 | % | .61 | % | .60 | % | .59 | % | .58 | % | .57 | % | .56 | % | ||||||||||||||||||||
Net Assets of Fund (in millions) | Net Assets of Fund (in billions) | |||||||||||||||||||||||||||||||||||
First $250 | Over $250 | First $2 | Next $1 | Over $3 | ||||||||||||||||||||||||||||||||
High Yield Fund | .625 | % | .50 | % | Income Fund | .50 | % | .44 | % | .43 | % | |||||||||||||||||||||||||
Net Assets of Fund (in millions) | Net Assets of Fund | |||||||||||||||||||||||||||||||||||
First | Next | Over | First | Next | Over | |||||||||||||||||||||||||||||||
$ | 200 | $ | 300 | $ | 500 | $500 million | $500 million | $1 billion | ||||||||||||||||||||||||||||
Short-Term Income Fund | .50 | % | .45 | % | .40 | % | Principal Capital Appreciation Fund | .625 | % | .50 | % | .375 | % | |||||||||||||||||||||||
Net Assets of Fund (in billions) | Net Assets of Fund (in millions) | |||||||||||||||||||||||||||||||||||
First $2 | Over $2 | First $250 | Next $250 | Over $500 | ||||||||||||||||||||||||||||||||
Government & High Quality Bond Fund | .50 | % | .45 | % | Equity Income Fund | .60 | % | .55 | % | .50 | % | |||||||||||||||||||||||||
Net Assets of Fund | ||||||||||||||||||||||||||||||||||||
First | Next | |||||||||||||||||||||||||||||||||||
$ | 500 | $ | 500 | Next | Next | Over | ||||||||||||||||||||||||||||||
million | million | $1 billion | $1 billion | $3 billion | ||||||||||||||||||||||||||||||||
LargeCap Growth Fund | .68 | % | .65 | % | .62 | % | .58 | % | .55 | % | ||||||||||||||||||||||||||
All Net Assets | ||||||||||||||||||||||||||||||||||||
LargeCap S&P 500 Index Fund | .15 | % |
In addition to the management fee, R-1, R-2, 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%, .25%, and .25% and the annual rates for the administrative service fee are .28%, .20%, .07%, .03%, and .01% for R-1, R-2, R-3, R-4, and R-5, respectively. Class A, Class C, and Institutional shares of the Funds reimburse Principal Shareholder Services, Inc. (the “Transfer Agent”) (wholly owned by the Manager) for transfer agent services. Class J shares pays the Transfer Agent a fee for the services provided in an amount that includes a profit.
87
Notes to Financial Statements
Principal Funds, Inc.
April 30, 2019 (unaudited)
5. Management Agreement and Transactions with Affiliates (continued)
The Manager has contractually agreed to limit the expenses (excluding interest expense, expenses related to fund investments, acquired fund fees and 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 operating expense limits are as follows:
Period from November 1, 2018 through April 30, 2019 | ||||||||
Class A | Class C | Class J | Institutional | Expiration | ||||
California Municipal Fund | N/A | N/A | N/A | .51 | % | February 29, 2020 | ||
Core Plus Bond Fund | .88 | % | N/A | N/A | N/A | February 29, 2020 | ||
Diversified International Fund | N/A | 1.98 | %* | N/A | .85 | February 29, 2020 | ||
Equity Income Fund | N/A | N/A | N/A | .52 | February 29, 2020 | |||
Finisterre Unconstrained Emerging Markets | ||||||||
Bond Fund | 1.20 | ** | N/A | N/A | .85 | ** | February 28, 2021 | |
Global Diversified Income Fund | N/A | N/A | N/A | .68 | *** | February 29, 2020 | ||
Global Real Estate Securities Fund | N/A | 2.20 | ^ | N/A | .94 | February 29, 2020 | ||
Government & High Quality Bond Fund | .88 | ^ | 1.63 | N/A | .53 | February 29, 2020 | ||
High Yield Fund | N/A | N/A | N/A | .61 | February 29, 2020 | |||
High Yield Fund I | 1.05 | N/A | N/A | N/A | February 29, 2020 | |||
Income Fund | N/A | N/A | N/A | .58 | February 29, 2020 | |||
Inflation Protection Fund | .90 | N/A | N/A | N/A | February 29, 2020 | |||
International Emerging Markets Fund | 1.55 | ^^ | 2.51 | ^^ | 1.37^^ | 1.20 | ^^ | February 29, 2020 |
International Fund I | 1.30 | ^^^ | N/A | N/A | .90 | ^^^ | February 29, 2020 | |
LargeCap Growth Fund | N/A | N/A | N/A | .68 | February 29, 2020 | |||
LargeCap Growth Fund I | N/A | N/A | N/A | .69 | February 29, 2020 | |||
LargeCap S&P 500 Index Fund | N/A | 1.30 | N/A | N/A | February 29, 2020 | |||
MidCapFund | N/A | N/A | N/A | .70 | February 29, 2020 | |||
MidCapValue Fund I | N/A | N/A | N/A | .72 | # | February 28, 2021 | ||
Money Market Fund | .50 | N/A | .65 | N/A | February 29, 2020 | |||
Principal Capital Appreciation Fund | N/A | N/A | N/A | .47 | February 29, 2020 | |||
Real Estate Securities Fund | N/A | N/A | N/A | .91 | February 29, 2020 | |||
Short-Term Income Fund | N/A | N/A | N/A | .43 | February 29, 2020 | |||
SmallCapFund | N/A | 2.08 | ^ | N/A | .85 | February 29, 2020 | ||
SmallCapValue Fund II | 1.45 | N/A | N/A | .99 | February 29, 2020 | |||
Tax-Exempt Bond Fund | N/A | 1.60 | N/A | .52 | February 29, 2020 |
* Prior to January 1, 2019, the contractual expense limit was 2.08%.
** Prior to January 1, 2019, the contractual expense limit was 1.47% and 1.12% for Class A and Institutional shares, respectively. From January 1, 2019 through March 31, 2019, the contractual expense limit was 1.34% and .99% for Class A and Institutional shares, respectively.
*** Prior to January 1, 2019, the contractual expense limit was .75%. ^ Contractual expense limit expired February 28, 2019.
^^ Prior to January 1, 2019, the contractual expense limit was 1.61%, 2.66%, 1.52%, and 1.29% for Class A, Class C, Class J, and Institutional shares, respectively. ^^^ Prior to January 1, 2019, the contractual expense limit was 1.45% and 1.00% for Class A and Institutional shares, respectively.
#Contractual expense limit effective April 12, 2019.
Period from November 1, 2018 through April 30, 2019 | |||||||||||
R-1 | R-2 | R-3 | R-4 | R-5 | Expiration | ||||||
Government & High Quality Bond Fund | 1.29 | % | 1.16 | % | .98 | % | .79 | % | .67 | % | February 29, 2020 |
Short-Term Income Fund | 1.30 | 1.18 | .99 | .79 | .68 | February 29, 2020 |
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 fund fees and 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:
Period from November 1, 2018 through April 30, 2019 | |||
R-6 | Expiration | ||
Diversified International Fund | .04 | %* | February 29, 2020 |
Global Diversified Income Fund | .02 | February 29, 2020 | |
Global Real Estate Securities Fund | .02 | February 29, 2020 | |
High Yield Fund | .02 | February 29, 2020 |
88
Notes to Financial Statements | |
Principal Funds, Inc. | |
April 30, 2019 (unaudited) | |
5. Management Agreement and Transactions with Affiliates (continued) |
Period from November 1, 2018 through April 30, 2019 | |||
R-6 | Expiration | ||
Income Fund | .01 | February 29, 2020 | |
International Emerging Markets Fund | .04 | ^ | February 29, 2020 |
International Fund I | .04 | ^ | February 29, 2020 |
LargeCap Growth Fund I | .02 | February 29, 2020 | |
MidCap Fund | .02 | February 29, 2020 | |
MidCap Value Fund I | .02 | * | February 28, 2021 |
Real Estate Securities Fund | .02 | February 29, 2020 | |
SmallCap Fund | .02 | February 29, 2020 | |
SmallCap Value Fund II | .02 | February 29, 2020 |
* | Period from March 1, 2019 (share class inception date) throughApril 30, 2019. |
^ | Prior to March 1, 2019, the expense limit was .02%. |
In addition, the Manager has contractually agreed to limit certain of the Funds’management and investment advisory fees. The expense limit will reduce the Fund’s management and investment advisory fees by the following amounts:
Expiration | |||
Core Plus Bond Fund | .060 | % | February 29, 2020 |
Diversified International Fund | .100 | ^ | February 29, 2020 |
Finisterre Unconstrained Emerging | |||
Markets Bond Fund | .130 | ^ | March 31, 2019 |
Global Diversified Income Fund | .080 | ^^ | February 29, 2020 |
International Emerging Markets Fund .150^ | February 29, 2020 | ||
International Fund I | .150 | ^ | February 29, 2020 |
LargeCap Growth Fund I | .016 | February 29, 2020 | |
MidCapValue Fund I | .020 | # | February 28, 2021 |
SmallCapValue Fund II | .040 | February 29, 2020 |
^ Prior to January 1, 2019, there was no contractual expense reduction.
^^Prior to January 1, 2019, the contractual expense reduction was .010%.
#Prior to April 12, 2019, the contractual expense reduction was .120%.
The Manager has also voluntarily agreed to limit Money Market Fund’s expenses for all classes of shares to the extent necessary to maintain a minimum yield. 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 statement 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-2, 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%, .30%, .25%, and .10% for Class A, Class C, Class J, R-1, R-2, R-3, and R-4 classes of shares, respectively, except the following classes of shares:
Government & High Quality Bond Fund | Class A | .15 | %^ |
LargeCap S&P 500 Index Fund | Class A | .15 | % |
Money Market Fund | Class A | N/A | |
Short-Term Income Fund | Class A | .15 |
^ Prior to March 1, 2019, the Distributor had voluntarily agreed to limit the distribution fees. The limit maintained the level of distribution fees not to exceed .15%.
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 (with the exception of Money Market Fund). The limit will maintain the level of distribution fees not to exceed .12% for Class J shares. The voluntary expense limit may be terminated at any time.
The Distributor has contractually agreed to limit Money Market Fund’s distribution fees attributable to Class J shares. This waiver will reduce the distribution fees by .15%. The expense limit expires February 29, 2020.
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 periodically.
Chief Compliance Officer Expenses.The Funds pay certain expenses associated with the Chief Compliance Officer (“CCO”). This expense is allocated based on the relative net assets of each fund and is shown on the statements of operations.
89
Notes to Financial Statements
Principal Funds, Inc.
April 30, 2019 (unaudited)
5. Management Agreement and Transactions with Affiliates (continued)
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% (.25% for LargeCap S&P 500 Index Fund) 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 1.50% for LargeCap S&P 500 Index Fund, 2.25% for Government & High Quality Bond Fund, Income Fund and Short-Term Income Fund, 3.75% for California Municipal Fund, Core Plus Bond Fund, Finisterre Unconstrained Emerging Markets Bond Fund, Global Diversified Income Fund, High Yield Fund, High Yield Fund I, Inflation Protection Fund, and Tax-Exempt Bond Fund, and 5.50% for all other Funds (except Money Market Fund which does not carry a sales charge). The aggregate amounts of these charges retained by the Distributor for the period ended April 30, 2019, were as follows (amounts in thousands):
Class A | Class C | Class J | |||
California Municipal Fund | $ | 14 | $ | 2 | N/A |
Core Plus Bond Fund | 17 | – | $– | ||
Diversified International Fund | 50 | 1 | 1 | ||
Equity Income Fund | 165 | 5 | N/A | ||
Finisterre Unconstrained Emerging Markets Bond Fund | – | N/A | N/A | ||
Global Diversified Income Fund | 119 | 47 | N/A | ||
Global Real Estate Securities Fund | 18 | 2 | N/A | ||
Government & High Quality Bond Fund | 29 | 1 | – | ||
High Yield Fund | 34 | 4 | N/A | ||
High Yield Fund I | 6 | N/A | N/A | ||
Income Fund | 31 | 1 | 3 | ||
Inflation Protection Fund | 2 | – | – | ||
International Emerging Markets Fund | 37 | 1 | 4 | ||
International Fund I | 24 | N/A | N/A | ||
LargeCap Growth Fund | 72 | 1 | 1 | ||
LargeCap Growth Fund I | 43 | N/A | 6 | ||
LargeCap S&P 500 Index Fund | 122 | 2 | 12 | ||
MidCapFund | 113 | 1 | 1 | ||
MidCapValue Fund I | N/A | N/A | 2 | ||
Money Market Fund | – | N/A | 32 | ||
Principal Capital Appreciation Fund | 107 | – | N/A | ||
Real Estate Securities Fund | 58 | 2 | 1 | ||
Short-Term Income Fund | 61 | 3 | 1 | ||
SmallCapFund | 75 | 2 | 1 | ||
SmallCapValue Fund II | 8 | N/A | – | ||
Tax-Exempt Bond Fund | 29 | 1 | N/A |
Effective January 22, 2019, Class C shares automatically convert into Class A shares, based on relative net asset value (without a sales charge), 10 years after purchase.
Affiliated Ownership.At April 30, 2019, Principal Life Insurance Company (an affiliate of the Manager), the Manager, the Distributor, Principal Securities, Inc., Collective Investment Trusts sponsored by Principal Trust Company, benefit plans and separate accounts sponsored on behalf of Principal Life Insurance Company, and other affiliated entities owned shares of the Funds as follows (amounts in thousands):
Class A Class J | Institutional | R-1 | R-2 | R-3 | R-4 | R-5 | R-6 | ||
California Municipal Fund | – | N/A | – | N/A | N/A | N/A | N/A | N/A | N/A |
Core Plus Bond Fund | – | – | 2,374 | – | – | – | – | – | N/A |
Diversified International Fund | – | – | 252 | – | – | – | – | – | 1 |
Equity Income Fund | – | – | 67,889 | – | – | – | – | – | N/A |
Finisterre Unconstrained Emerging Markets | |||||||||
Bond Fund | 11 | N/A | 10,230 | N/A | N/A | N/A | N/A | N/A | N/A |
Global Diversified Income Fund | – | N/A | 51 | N/A | N/A | N/A | N/A | N/A | 1,102 |
Global Real Estate Securities Fund | – | N/A | 571 | N/A | N/A | – | 1 | 1 | 4,557 |
Government & High Quality Bond Fund | – | – | 23 | – | – | – | – | – | N/A |
High Yield Fund | – | N/A | 449 | N/A | N/A | N/A | N/A | N/A | 18,273 |
High Yield Fund I | – | N/A | 26,939 | N/A | N/A | N/A | N/A | N/A | N/A |
Income Fund | – | – | 86 | – | – | – | – | – | 50,851 |
Inflation Protection Fund | – | – | 11,008 | – | – | – | – | – | N/A |
International Emerging Markets Fund | – | – | 32 | – | – | – | – | – | — |
International Fund I | – | N/A | – | – | – | – | – | – | 15,601 |
90
Notes to Financial Statements | ||||||||||
Principal Funds, Inc. | ||||||||||
April 30, 2019 (unaudited) | ||||||||||
5. Management Agreement and Transactions with Affiliates (continued) | ||||||||||
Class A | Class J | Institutional | R-1 | R-2 | R-3 | R-4 | R-5 | R-6 | ||
LargeCap Growth Fund | – | – | – | – | – | – | – | – | N/A | |
LargeCap Growth Fund I | – | – | – | – | – | – | – | – | 240,749 | |
LargeCap S&P 500 Index Fund | – | – | 2,732 | – | – | – | – | – | N/A | |
MidCapFund | – | – | 405 | – | – | – | – | – | — | |
MidCapValue Fund I | 1 | – | – | – | – | – | – | – | — | |
Money Market Fund | – | – | N/A | N/A | N/A | N/A | N/A | N/A | N/A | |
Principal Capital Appreciation Fund | – | N/A | 10,789 | – | – | – | – | – | N/A | |
Real Estate Securities Fund | – | – | 196 | – | – | – | – | – | 15,789 | |
Short-Term Income Fund | – | – | 21,920 | – | – | – | – | – | N/A | |
SmallCapFund | – | – | 105 | – | – | – | – | – | 393 | |
SmallCapValue Fund II | – | – | – | – | – | – | – | – | 42,576 |
Affiliated Brokerage Commissions.With respect to Global Diversified Income Fund, $2,000 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 April 30, 2019.
6. Capital Share Transactions
The following table reflects the conversion of Class C shares into Class A shares (reflected in the statements of changes in net assets as Class C shares and dollars redeemed and Class A dollars sold) for the period ended April 30, 2019 (amounts in thousands).
Shares | Dollars | |||
Core Plus Bond Fund | 624 | $ | 6,532 | |
Inflation Protection Fund | 382 | 2,899 | ||
LargeCap Growth Fund | 3,473 | 13,066 | ||
7. Investment Transactions |
For the period ended April 30, 2019, 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):
Purchases | Sales | |||
California Municipal Fund | $ | 83,398 | $ | 84,215 |
Core Plus Bond Fund | 1,771,828 | 1,977,878 | ||
Diversified International Fund | 3,710,331 | 3,565,226 | ||
Equity Income Fund | 523,331 | 688,895 | ||
Finisterre Unconstrained Emerging Markets | ||||
Bond Fund | 154,572 | 83,216 | ||
Global Diversified Income Fund | 3,290,389 | 4,167,329 | ||
Global Real Estate Securities Fund | 655,939 | 420,458 | ||
Government & High Quality Bond Fund | 100,219 | 123,742 | ||
High Yield Fund | 601,531 | 773,037 | ||
High Yield Fund I | 639,345 | 924,546 | ||
Income Fund | 101,339 | 202,696 | ||
Inflation Protection Fund | 40,398 | 32,171 | ||
International Emerging Markets Fund | 673,084 | 742,103 | ||
International Fund I | 154,913 | 182,493 | ||
LargeCap Growth Fund | 264,176 | 299,061 | ||
LargeCap Growth Fund I | 1,221,510 | 1,589,646 | ||
LargeCap S&P 500 Index Fund | 78,029 | 70,959 | ||
MidCapFund | 996,435 | 2,242,214 | ||
Principal Capital Appreciation Fund | 447,861 | 546,704 | ||
Real Estate Securities Fund | 729,634 | 370,592 | ||
Short-Term Income Fund | 998,773 | 1,073,472 | ||
SmallCapFund | 122,101 | 131,300 | ||
SmallCapValue Fund II | 383,722 | 434,368 | ||
Tax-Exempt Bond Fund | 184,047 | 132,834 |
In addition, Global Diversified Income Fund had $24,733,000 of covers on securities sold short and $24,240,000 of securities sold short.
91
Notes to Financial Statements
Principal Funds, Inc.
April 30, 2019 (unaudited)
7. Investment Transactions (continued)
For the period ended April 30, 2019, 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):
Purchases | Sales | ||||
Core Plus Bond Fund | $ | 646,819 | $ | 645,756 | |
Global Diversified Income Fund | 33,927 | 84,794 | |||
Government & High Quality Bond Fund | 8,695 | 25,769 | |||
Income Fund | 29,462 | 29,961 | |||
Inflation Protection Fund | 534,413 | 575,480 | |||
Short-Term Income Fund | 100,866 | 53,897 | |||
8. Federal Tax Information |
Distributions to Shareholders.The federal income tax character of distributions paid for the periods ended April 30, 2019 and October 31, 2018 were as follows (amounts in thousands):
Long-Term Capital | ||||||||||||||||||||||
Ordinary Income | Tax-Exempt Income | Gain | Return of Capital | Section 1250 Gain | ||||||||||||||||||
2019 | 2018 | 2019 | 2018 | * | 2019 | 2018 | ^ | 2019 | 2018 | 2019 | 2018 | ** | ||||||||||
California Municipal Fund | $ | —$ | 21 | $ | 6,178 | $ | 13,069 | $ | —$ | —$ | —$ | —$ | —$ | — | ||||||||
Core Plus Bond Fund | 52,458 | 111,339 | — | — | — | — | — | — | — | — | ||||||||||||
Diversified International Fund | 199,986 | 217,968 | — | — | 500,759 | — | — | — | — | — | ||||||||||||
Equity Income Fund | 134,633 | 160,121 | — | — | 272,242 | 301,685 | — | — | — | — | ||||||||||||
Finisterre Unconstrained Emerging | ||||||||||||||||||||||
Markets Bond Fund | 1,465 | 1,470 | — | — | — | 89 | — | — | — | — | ||||||||||||
Global Diversified Income Fund | 198,732 | 501,972 | — | — | — | — | — | 20,943 | — | — | ||||||||||||
Global Real Estate Securities Fund | 69,728 | 81,910 | — | — | 20,997 | 38,451 | — | — | — | — | ||||||||||||
Government & High Quality Bond Fund | 20,191 | 42,502 | — | — | — | — | — | — | — | — | ||||||||||||
High Yield Fund | 87,248 | 189,083 | — | — | — | — | — | — | — | — | ||||||||||||
High Yield Fund I | 117,859 | 79,675 | — | — | — | — | — | — | — | — | ||||||||||||
Income Fund | 50,191 | 105,983 | — | — | — | — | — | — | — | — | ||||||||||||
Inflation Protection Fund | 45,507 | 31,991 | — | — | — | — | — | — | — | — | ||||||||||||
International Emerging Markets Fund | 7,818 | 11,083 | — | — | 16,036 | — | — | — | — | — | ||||||||||||
International Fund I | 8,609 | 4,941 | — | — | 16,666 | — | — | — | — | — | ||||||||||||
LargeCap Growth Fund | 59,551 | 33,442 | — | — | 156,847 | 126,473 | — | — | — | — | ||||||||||||
LargeCap Growth Fund I | 42,164 | 46,194 | — | — | 874,774 | 699,763 | — | — | — | — | ||||||||||||
LargeCap S&P 500 Index Fund | 101,827 | 95,324 | — | — | 250,719 | 282,535 | — | — | — | — | ||||||||||||
MidCapFund | 30,995 | 6,793 | — | — | 1,454,724 | 509,595 | — | — | — | — | ||||||||||||
MidCapValue Fund I | 21,033 | 41,882 | — | — | 78,862 | 27,312 | — | — | — | — | ||||||||||||
Money Market Fund | 5,056 | 6,317 | — | — | — | — | — | — | — | — | ||||||||||||
Principal Capital Appreciation Fund | 48,045 | 26,468 | — | — | 499,595 | 139,907 | — | — | — | — | ||||||||||||
Real Estate Securities Fund | 46,907 | 83,554 | — | — | 45,033 | 61,791 | — | — | 9,852 | 5,952 | ||||||||||||
Short-Term Income Fund | 59,053 | 95,412 | — | — | — | — | — | — | — | — | ||||||||||||
SmallCapFund | 20,127 | 8,544 | — | — | 63,611 | 43,013 | — | — | — | — | ||||||||||||
SmallCapValue Fund II | 29,939 | 34,197 | — | — | 135,930 | 85,444 | — | — | — | — | ||||||||||||
Tax-Exempt Bond Fund | — | 16 | 6,625 | 12,869 | — | — | — | — | — | — |
* The Funds designate these distributions as exempt interest per 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).
**Unrecaptured Section 1250 gains are gains from the sale of depreciable property that are subject to a maximum tax rate of 25%.
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.
92
Notes to Financial Statements
Principal Funds, Inc.
April 30, 2019 (unaudited)
8. Federal Tax Information (continued)
Distributable Earnings.As of October 31, 2018, the components of total distributable earnings (accumulated loss) on a federal tax basis were as follows (amounts in thousands):
Total | ||||||||||||||||||||||
Undistributed | Undistributed | Undistributed | Net Unrealized | Other | Accumulated | |||||||||||||||||
Ordinary | Tax-Exempt | Long-Term | Accumulated | Appreciation | Temporary | Earnings | ||||||||||||||||
Income | Income | Capital Gains | Losses | (Depreciation) | Differences* | (Deficit) | ||||||||||||||||
California Municipal Fund | $ | — | $ | 163 | $ | — | $ | (13,568 | ) | $ | (80 | ) | $ | — | $ | (13,485 | ) | |||||
Core Plus Bond Fund | 3,984 | — | — | (68,930 | ) | (119,298 | ) | 1,224 | (183,020 | ) | ||||||||||||
Diversified International Fund | 181,939 | — | 500,741 | — | 266,990 | — | 949,670 | |||||||||||||||
Equity Income Fund | 66,784 | — | 272,240 | — | 2,302,769 | — | 2,641,793 | |||||||||||||||
Finisterre Unconstrained Emerging Markets | ||||||||||||||||||||||
Bond Fund | 380 | — | — | (201 | ) | (844 | ) | 3 | (662 | ) | ||||||||||||
Global Diversified Income Fund | — | — | — | (156,087 | ) | (424,946 | ) | (11,160 | ) | (592,193 | ) | |||||||||||
Global Real Estate Securities Fund | 39,867 | — | 20,967 | — | 32,958 | — | 93,792 | |||||||||||||||
Government & High Quality Bond Fund | 160 | — | — | (74,468 | ) | (75,462 | ) | — | (149,770 | ) | ||||||||||||
High Yield Fund | 4,430 | — | — | (97,270 | ) | (152,471 | ) | (5,927 | ) | (251,238 | ) | |||||||||||
High Yield Fund I | 1,690 | — | — | (42,984 | ) | (89,680 | ) | (683 | ) | (131,657 | ) | |||||||||||
Income Fund | 6,818 | — | — | (48,115 | ) | (67,023 | ) | 282 | (108,038 | ) | ||||||||||||
Inflation Protection Fund | 40,082 | — | — | (30,397 | ) | (72,580 | ) | (6,885 | ) | (69,780 | ) | |||||||||||
International Emerging Markets Fund | 7,465 | — | 16,035 | — | (17,532 | ) | (525 | ) | 5,443 | |||||||||||||
International Fund I | 7,791 | — | 16,665 | — | 5,606 | — | 30,062 | |||||||||||||||
LargeCap Growth Fund | 59,350 | — | 156,842 | — | 62,363 | — | 278,555 | |||||||||||||||
LargeCap Growth Fund I | 29,604 | — | 748,323 | — | 2,519,047 | — | 3,296,974 | |||||||||||||||
LargeCap S&P 500 Index Fund | 79,307 | — | 250,701 | — | 2,298,301 | — | 2,628,309 | |||||||||||||||
MidCapFund | 22,993 | — | 1,454,711 | — | 3,449,851 | — | 4,927,555 | |||||||||||||||
MidCapValue Fund I | 18,431 | — | 79,080 | — | 22,527 | — | 120,038 | |||||||||||||||
Principal Capital Appreciation Fund | 41,981 | — | 499,594 | — | 740,814 | — | 1,282,389 | |||||||||||||||
Real Estate Securities Fund | 11,614 | ^ | — | 54,829 | — | 649,356 | — | 715,799 | ||||||||||||||
Short-Term Income Fund | 1,660 | — | — | (27,028 | ) | (41,158 | ) | — | (66,526 | ) | ||||||||||||
SmallCapFund | 19,527 | — | 63,576 | — | 60,376 | — | 143,479 | |||||||||||||||
SmallCapValue Fund II | 26,204 | — | 135,928 | — | (21,566 | ) | — | 140,566 | ||||||||||||||
Tax-Exempt Bond Fund | — | 170 | — | (9,502 | ) | (3,039 | ) | — | (12,371 | ) |
* | Represents book-to-tax accounting differences. |
^ | Undistributed Ordinary Income reported includes $9,092 of undistributed Section 1250 Capital Gains. |
Distributable earnings reflect certain limitations imposed by Sections 381-384 of the Internal Revenue Code.
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. At October 31, 2018, the Funds had approximate net capital loss carryforwards as follows (amounts in thousands):
No Expiration | ||||||||
Expiring in 2019 Short-Term Long-Term | Total | |||||||
California Municipal Fund | $ | 6,663 | $ | 5,279 | $ | 1,626 | $ | 13,568 |
Core Plus Bond Fund | 20,017 | 40,325 | 8,588 | 68,930 | ||||
Finisterre Unconstrained Emerging | ||||||||
Markets Bond Fund | — | 201 | — | 201 | ||||
Global Diversified Income Fund | — | 140,218 | 15,869 | 156,087 | ||||
Government & High Quality Bond | ||||||||
Fund | — | 6,405 | 68,063 | 74,468 | ||||
High Yield Fund | — | 4,781 | 92,489 | 97,270 | ||||
High Yield Fund I | — | 4,817 | 38,167 | 42,984 | ||||
Income Fund | 13,420 | 1,533 | 33,162 | 48,115 | ||||
Inflation Protection Fund | — | 1,430 | 28,967 | 30,397 | ||||
Short-Term Income Fund | — | 15,590 | 11,438 | 27,028 | ||||
Tax-Exempt Bond Fund | 2,371 | 6,074 | 1,057 | 9,502 |
Capital losses generated in taxable years beginning after the enactment date of the Regulated Investment Company Modernization Act of 2010 on December 22, 2010, will be carried forward with no expiration and with the character of the loss retained. These capital losses must by fully utilized before the pre-enactment capital loss carryforwards with expiration years listed in the table above.
As of October 31, 2018, the following funds had expired and utilized capital loss carryforwards as follows (amounts in thousands):
Expired | Utilized | |||
California Municipal Fund | $ | 3,189 | $ | — |
93
Notes to Financial Statements | ||||
Principal Funds, Inc. | ||||
April 30, 2019 (unaudited) | ||||
8. Federal Tax Information (continued) | ||||
Expired | Utilized | |||
Global Real Estate Securities Fund | – | 118 | ||
High Yield Fund | – | 15,755 | ||
Income Fund | 8,587 | 8,365 | ||
International Emerging Markets Fund | – | 55,476 | ||
International Fund I | – | 9,782 | ||
Tax-Exempt Bond Fund | 3,432 | — |
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. For the taxable year ended October 31, 2018, 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 statement of changes in net assets as from net investment income and net realized gain on investments or from capital depending on the type of book and tax differences that exist. For the year ended October 31, 2018, the Funds recorded reclassifications as follows (amounts in thousands):
Total Distributable | |||||||
Earnings (Accumulated | Capital Shares and | ||||||
Loss) | Additional Paid-in-Capital | ||||||
California Municipal Fund | $ | 3,189 | $ | (3,189 | ) | ||
Diversified International Fund | (46,116 | ) | 46,116 | ||||
Equity Income Fund | (31,983 | ) | 31,983 | ||||
Global Real Estate Securities Fund | (1,716 | ) | 1,716 | ||||
Income Fund | 8,587 | (8,587 | ) | ||||
International Emerging Markets Fund | (4,891 | ) | 4,891 | ||||
International Fund I | (3,360 | ) | 3,360 | ||||
LargeCap Growth Fund | (143,280 | ) | 143,280 | ||||
LargeCap Growth Fund I | (51,371 | ) | 51,371 | ||||
LargeCap S&P 500 Index Fund | (34,917 | ) | 34,917 | ||||
MidCapFund | (122,103 | ) | 122,103 | ||||
MidCapValue Fund I | (10,448 | ) | 10,448 | ||||
Principal Capital Appreciation Fund | (121,154 | ) | 121,154 | ||||
Real Estate Securities Fund | (18,800 | ) | 18,800 | ||||
SmallCapFund | (5,494 | ) | 5,494 | ||||
SmallCapValue Fund II | 22,932 | (22,932 | ) | ||||
Tax-Exempt Bond Fund | 3,432 | (3,432 | ) |
Federal Income Tax Basis.At April 30, 2019, the net federal income tax unrealized appreciation (depreciation) and federal tax cost of investments held by the Funds were as follows (amounts in thousands):
Cost for Federal | ||||||||||
Unrealized | Unrealized | Net Unrealized | Income Tax | |||||||
Appreciation | (Depreciation) | Appreciation/(Depreciation) | Purposes | |||||||
California Municipal Fund* | $ | 17,698 | $ | (1,416 | ) | $ | 16,282 | $ | 404,847 | |
Core Plus Bond Fund | 48,613 | (43,031 | ) | 5,582 | 3,368,587 | |||||
Diversified International Fund | 1,570,914 | (339,844 | ) | 1,231,070 | 10,623,829 | |||||
Equity Income Fund | 2,957,459 | (119,578 | ) | 2,837,881 | 4,576,016 | |||||
Finisterre Unconstrained Emerging Markets Bond Fund | 1,632 | (1,091 | ) | 541 | 106,197 | |||||
Global Diversified Income Fund | 278,370 | (294,004 | ) | (15,634 | ) | 7,638,038 | ||||
Global Real Estate Securities Fund | 440,768 | (92,527 | ) | 348,241 | 3,256,613 | |||||
Government & High Quality Bond Fund | 16,739 | (41,770 | ) | (25,031 | ) | 1,524,238 | ||||
High Yield Fund | 66,577 | (158,998 | ) | (92,421 | ) | 3,010,960 | ||||
High Yield Fund I | 65,982 | (71,050 | ) | (5,068 | ) | 3,472,621 | ||||
Income Fund | 80,367 | (61,040 | ) | 19,327 | 2,903,344 | |||||
Inflation Protection Fund | 35,934 | (33,939 | ) | 1,995 | 1,597,072 | |||||
International Emerging Markets Fund | 81,953 | (21,301 | ) | 60,652 | 670,241 | |||||
International Fund I | 56,573 | (11,674 | ) | 44,899 | 338,756 | |||||
LargeCap Growth Fund | 128,002 | (6,423 | ) | 121,579 | 452,254 | |||||
LargeCap Growth Fund I | 3,262,562 | (114,863 | ) | 3,147,699 | 5,895,943 | |||||
LargeCap S&P 500 Index Fund | 2,920,845 | (192,459 | ) | 2,728,386 | 3,307,834 | |||||
MidCapFund | 5,819,978 | (179,364 | ) | 5,640,614 | 10,462,981 |
94
Notes to Financial Statements | ||||||||
Principal Funds, Inc. | ||||||||
April 30, 2019 (unaudited) | ||||||||
8. Federal Tax Information (continued) | ||||||||
Cost for Federal | ||||||||
Unrealized | Unrealized | Net Unrealized | Income Tax | |||||
Appreciation | (Depreciation) | Appreciation/(Depreciation) | Purposes | |||||
MidCapValue Fund I | $ | 181,900 | $ | (61,306 | ) $ | 120,594 | $ | 2,410,829 |
Money Market Fund | — | — | — | 503,390 | ||||
Principal Capital Appreciation Fund | 835,380 | (12,805 | ) | 822,575 | 1,019,208 | |||
Real Estate Securities Fund | 1,131,169 | (61,484 | ) | 1,069,685 | 3,380,840 | |||
Short-Term Income Fund | 41,695 | (18,449 | ) | 23,246 | 4,799,226 | |||
SmallCapFund | 151,779 | (46,346 | ) | 105,433 | 588,634 | |||
SmallCapValue Fund II | 136,058 | (72,504 | ) | 63,554 | 1,033,416 | |||
Tax-Exempt Bond Fund* | 15,363 | (3,004 | ) | 12,359 | 416,667 |
* The Fund holds floating rate securities which are accounted for differently for U.S. GAAP vs. federal income tax purposes. This causes a difference in cost basis and fair market value of investments for tax and U.S. GAAP purposes.
9. Subsequent Events
Management has evaluated events and transactions that have occurred through the date the financial statements were issued that would merit recognition or disclosure in the financial statements. On June 11, 2019, the Board of Directors approved a Proposed Merger of the LargeCap Growth Fund by the LargeCap Growth Fund I. The Proposed Merger, if approved by shareholders, is expected to occur on October 11, 2019. There were no additional items requiring adjustment of the financial statements or additional disclosure.
95
Schedule of Investments | |||||||||||
California Municipal Fund | |||||||||||
April 30, 2019 (unaudited) | |||||||||||
INVESTMENT COMPANIES - 0.02% | Shares Held Value (000's) | Principal | |||||||||
Exchange-Traded Funds - 0.02% | MUNICIPAL BONDS (continued) | Amount (000’s) Value (000’s) | |||||||||
iShares California Muni Bond ETF | 1,000 | $ | 60 | California (continued) | |||||||
TOTAL INVESTMENT COMPANIES | $ | 60 | California Statewide Communities Development | ||||||||
Principal | Authority (continued) | ||||||||||
MUNICIPAL BONDS - 99.12% | Amount (000's) Value (000's) | 5.00%, 02/01/2030 | $ | 2,775 | $ | 3,103 | |||||
California - 98.22% | 5.00%, 11/01/2032(d) | 1,135 | 1,309 | ||||||||
Abag Finance Authority for Nonprofit Corps | 5.00%, 05/15/2034 | 4,855 | 5,522 | ||||||||
5.00%, 08/01/2043 | $ | 1,500 | $ | 1,656 | 5.00%, 12/01/2036(d) | 5,000 | 5,492 | ||||
Alameda Community Improvement Commission | 5.00%, 09/02/2038 | 3,000 | 3,342 | ||||||||
Successor Agency (credit support fromBAM) | 5.00%, 09/02/2039(e) | 1,000 | 1,117 | ||||||||
5.00%, 09/01/2031(a) | 1,000 | 1,142 | 5.00%, 05/15/2040 | 3,500 | 3,923 | ||||||
Alameda Corridor Transportation Authority | 5.00%, 12/01/2041(d) | 1,000 | 1,091 | ||||||||
5.00%, 10/01/2034 | 8,805 | 9,981 | 5.00%, 09/02/2048(e) | 1,000 | 1,101 | ||||||
5.00%, 10/01/2036 | 4,250 | 4,792 | 5.25%, 12/01/2034 | 3,500 | 3,876 | ||||||
Alameda Unified School District-Alameda | 5.25%, 12/01/2038(d) | 1,000 | 1,140 | ||||||||
County/CA | 5.25%, 12/01/2043(d) | 2,000 | 2,255 | ||||||||
5.00%, 08/01/2032 | 1,795 | 2,097 | 7.25%, 11/15/2041(d) | 1,500 | 1,541 | ||||||
Alum Rock Union Elementary School District | California Statewide Communities Development | ||||||||||
5.25%, 08/01/2043 | 1,000 | 1,120 | Authority (credit support fromFHA INS) | ||||||||
California Educational Facilities Authority | 6.25%, 08/01/2024(a) | 775 | 784 | ||||||||
5.00%, 10/01/2036 | 1,000 | 1,161 | California Statewide Financing Authority | ||||||||
5.00%, 10/01/2045 | 1,000 | 1,140 | 6.00%, 05/01/2043 | 2,050 | 2,062 | ||||||
5.00%, 05/01/2049 | 1,450 | 2,030 | 6.00%, 05/01/2043 | 1,550 | 1,559 | ||||||
5.38%, 04/01/2034 | 1,000 | 1,036 | Chino Valley Unified School District | ||||||||
California Health Facilities Financing Authority | 5.25%, 08/01/2047 | 2,000 | 2,380 | ||||||||
5.00%, 08/15/2031 | 2,700 | 3,233 | City of Atwater CA Wastewater Revenue (credit | ||||||||
5.00%, 08/15/2033 | 1,750 | 2,060 | support fromAGM) | ||||||||
5.00%, 08/15/2034 | 2,000 | 2,369 | 5.00%, 05/01/2043(a) | 1,000 | 1,162 | ||||||
5.00%, 02/01/2035 | 2,000 | 2,250 | City of Compton CA Water Revenue | ||||||||
5.00%, 11/15/2046(b) | 4,504 | 5,090 | 6.00%, 08/01/2039 | 1,250 | 1,259 | ||||||
5.00%, 11/15/2048 | 2,785 | 3,225 | City of Irvine CA | ||||||||
5.75%, 09/01/2039 | 2,000 | 2,028 | 5.00%, 09/01/2049 | 2,000 | 2,154 | ||||||
6.00%, 07/01/2039 | 2,000 | 2,014 | City of Los Angeles CA Wastewater System | ||||||||
California Health Facilities Financing | Revenue | ||||||||||
Authority (credit support fromCA MTG INS) | 5.00%, 06/01/2034 | 2,000 | 2,331 | ||||||||
5.00%, 07/01/2035(a) | 1,000 | 1,156 | City of Los Angeles Department of Airports | ||||||||
California Municipal Finance Authority | 5.00%, 05/15/2026 | 1,000 | 1,182 | ||||||||
5.00%, 05/15/2033 | 1,000 | 1,171 | 5.00%, 05/15/2026 | 3,500 | 4,210 | ||||||
5.00%, 05/15/2034 | 1,000 | 1,167 | 5.00%, 05/15/2028 | 3,000 | 3,717 | ||||||
5.00%, 12/31/2034 | 3,550 | 4,134 | 5.00%, 05/15/2036 | 1,500 | 1,704 | ||||||
5.00%, 12/31/2036 | 3,000 | 3,470 | 5.00%, 05/15/2042 | 1,200 | 1,365 | ||||||
5.25%, 11/01/2036 | 4,000 | 4,469 | 5.00%, 05/15/2044(b) | 3,100 | 3,595 | ||||||
California Pollution Control Financing Authority | 5.00%, 05/15/2047 | 3,500 | 4,021 | ||||||||
3.00%, 11/01/2025 | 10,500 | 10,771 | City of Oroville CA | ||||||||
3.25%, 12/01/2027(c) | 2,000 | 2,083 | 5.25%, 04/01/2039 | 1,000 | 1,146 | ||||||
4.30%, 07/01/2040 | 3,400 | 3,643 | 5.25%, 04/01/2049 | 2,500 | 2,827 | ||||||
5.00%, 07/01/2029(d) | 1,000 | 1,243 | 5.25%, 04/01/2054 | 3,000 | 3,383 | ||||||
5.00%, 07/01/2030(d) | 2,000 | 2,151 | City of Riverside CA Sewer Revenue | ||||||||
5.00%, 07/01/2037(d) | 10,000 | 10,611 | 5.00%, 08/01/2040 | 4,000 | 4,577 | ||||||
5.00%, 07/01/2039(d) | 1,000 | 1,162 | City of San Francisco CA Public Utilities | ||||||||
5.00%, 11/21/2045(d) | 1,500 | 1,724 | Commission Water Revenue | ||||||||
California Public Finance Authority | 5.00%, 11/01/2034 | 1,800 | 2,155 | ||||||||
2.08%, 08/01/2052(c) | 6,000 | 6,000 | 5.00%, 11/01/2036 | 2,010 | 2,181 | ||||||
5.00%, 07/01/2047(d) | 1,000 | 1,031 | City of Vernon CA Electric System Revenue | ||||||||
California School Finance Authority | 5.13%, 08/01/2021 | 280 | 283 | ||||||||
5.00%, 07/01/2035(d) | 1,925 | 2,132 | 5.13%, 08/01/2021 | 805 | 811 | ||||||
5.00%, 08/01/2036(d) | 1,170 | 1,282 | Coachella Valley Unified School District/ | ||||||||
5.00%, 08/01/2038(d) | 1,000 | 1,129 | CA (credit support fromAGM) | ||||||||
California State Public Works Board | 0.00%, 08/01/2039(a),(f) | 4,000 | 1,984 | ||||||||
5.00%, 11/01/2037 | 1,375 | 1,509 | Compton Public Finance Authority | ||||||||
5.00%, 10/01/2039 | 4,500 | 5,071 | 4.50%, 09/01/2032(d) | 8,000 | 8,178 | ||||||
California State University | County of Sacramento CA Airport System | ||||||||||
5.00%, 11/01/2037 | 2,000 | 2,373 | Revenue | ||||||||
5.25%, 11/01/2038 | 2,000 | 2,000 | 5.00%, 07/01/2036 | 1,350 | 1,574 | ||||||
California Statewide Communities Development | 5.00%, 07/01/2037 | 2,000 | 2,364 | ||||||||
Authority | Dinuba Redevelopment Agency (credit support | ||||||||||
4.00%, 02/01/2022 | 830 | 862 | fromBAM) | ||||||||
4.00%, 02/01/2025 | 940 | 1,010 | 5.00%, 09/01/2033(a) | 2,000 | 2,294 | ||||||
4.00%, 07/01/2048 | 1,800 | 1,867 | |||||||||
5.00%, 10/01/2028 | 1,875 | 2,128 |
See accompanying notes.
96
Schedule of Investments California Municipal Fund April 30, 2019 (unaudited)
Principal | Principal | ||||||||||
MUNICIPAL BONDS (continued) | Amount (000’s) Value (000’s) | MUNICIPAL BONDS (continued) | Amount (000’s) Value (000’s) | ||||||||
California (continued) | California (continued) | ||||||||||
East Bay Municipal Utility District Water System | Pomona Unified School District (credit support | ||||||||||
Revenue | fromNATL) | ||||||||||
3.00%, 06/01/2037 | $ | 10 | $ | 10 | 6.15%, 08/01/2030(a) | $ | 1,000 | $ | 1,133 | ||
5.00%, 06/01/2036 | 1,000 | 1,039 | Port Commission of the City & County of San | ||||||||
El Monte Union High School District (credit | Francisco | ||||||||||
support fromAGC) | 4.00%, 03/01/2035 | 1,000 | 1,048 | ||||||||
5.50%, 06/01/2034(a) | 2,000 | 2,007 | Port of Los Angeles | ||||||||
Escondido Union High School District | 5.00%, 08/01/2032 | 1,740 | 1,980 | ||||||||
0.00%, 08/01/2041(f) | 1,000 | 451 | Poway Unified School District | ||||||||
Foothill-De Anza Community College District | 0.00%, 08/01/2036(f) | 4,000 | 2,366 | ||||||||
5.00%, 08/01/2040 | 1,500 | 1,621 | Regents of the University of California Medical | ||||||||
Golden State Tobacco Securitization Corp | Center Pooled Revenue | ||||||||||
5.00%, 06/01/2026 | 1,000 | 1,160 | 2.05%, 05/15/2047(c) | 5,000 | 5,000 | ||||||
5.00%, 06/01/2028 | 7,000 | 8,140 | 5.00%, 05/15/2035 | 4,540 | 5,296 | ||||||
5.25%, 06/01/2047 | 7,500 | 7,546 | Rialto Redevelopment Agency | ||||||||
5.30%, 06/01/2037 | 9,000 | 9,157 | 5.00%, 09/01/2037 | 1,000 | 1,191 | ||||||
Golden State Tobacco Securitization Corp (credit | Richmond Joint Powers Financing Authority | ||||||||||
support fromST APPROP) | 6.25%, 07/01/2024 | 1,000 | 1,008 | ||||||||
5.00%, 06/01/2033(a) | 2,000 | 2,290 | Ripon Unified School District (credit support | ||||||||
Indio Redevelopment Agency Successor Agency | fromBAM) | ||||||||||
5.63%, 08/15/2035 | 330 | 331 | 0.00%, 08/01/2033(a),(f) | 855 | 465 | ||||||
Inland Valley Development Agency | Ripon Unified School District - | ||||||||||
5.25%, 09/01/2037 | 1,000 | 1,133 | Unrefunded (credit support fromBAM) | ||||||||
La Verne Public Financing Authority | 0.00%, 08/01/2033(a),(f) | 255 | 134 | ||||||||
7.25%, 09/01/2026 | 650 | 652 | Riverside Community Properties Development | ||||||||
Lancaster Redevelopment Agency Successor | Inc | ||||||||||
Agency | 6.00%, 10/15/2038 | 1,000 | 1,196 | ||||||||
6.88%, 08/01/2039 | 545 | 552 | Riverside County Public Financing | ||||||||
Long Beach Bond Finance Authority | Authority (credit support fromBAM) | ||||||||||
5.00%, 11/15/2035 | 2,915 | 3,656 | 5.00%, 10/01/2029(a) | 1,500 | 1,773 | ||||||
5.50%, 11/15/2030 | 1,010 | 1,288 | Riverside County Transportation Commission | ||||||||
Los Angeles County Public Works Financing | 5.00%, 06/01/2032 | 1,500 | 1,557 | ||||||||
Authority | Sacramento Area Flood Control Agency | ||||||||||
5.00%, 12/01/2033 | 2,000 | 2,328 | 5.00%, 10/01/2033 | 2,000 | 2,379 | ||||||
5.00%, 08/01/2042 | 1,400 | 1,529 | Salinas Valley Solid Waste Authority (credit | ||||||||
5.00%, 12/01/2045(b) | 5,500 | 6,230 | support fromAGM) | ||||||||
Los Angeles County Sanitation Districts | 5.50%, 08/01/2031(a) | 1,500 | 1,741 | ||||||||
Financing Authority | San Diego Association of Governments South | ||||||||||
5.00%, 10/01/2035 | 4,500 | 5,209 | Bay Expressway Revenue | ||||||||
Los Angeles Department of Water & Power | 5.00%, 07/01/2036 | 1,500 | 1,777 | ||||||||
Power System Revenue (credit support from LOS | 5.00%, 07/01/2037 | 2,300 | 2,717 | ||||||||
ANGELES CALIF WTR & PWR RE) | San Diego Convention Center Expansion | ||||||||||
2.00%, 07/01/2034(a),(c) | 8,500 | 8,500 | Financing Authority | ||||||||
Los Angeles Unified School District/CA | 5.00%, 04/15/2025 | 5,000 | 5,497 | ||||||||
5.00%, 07/01/2029 | 2,000 | 2,011 | San Diego County Regional Airport Authority | ||||||||
Marin Healthcare District | 5.00%, 07/01/2042 | 5,000 | 5,743 | ||||||||
5.00%, 08/01/2034 | 1,000 | 1,171 | San Diego Public Facilities Financing Authority | ||||||||
Merced Union High School District | 5.38%, 08/01/2034 | 2,000 | 2,019 | ||||||||
0.00%, 08/01/2032(f) | 3,380 | 2,313 | San Diego Redevelopment Agency Successor | ||||||||
Norco Community Redevelopment Agency | Agency | ||||||||||
Successor Agency (credit support fromBAM) | 6.40%, 09/01/2019 | 275 | 276 | ||||||||
5.00%, 03/01/2032(a) | 1,000 | 1,133 | San Francisco Bay Area Rapid Transit District | ||||||||
Norco Financing Authority (credit support from | Sales Tax Revenue | ||||||||||
AGM) | 5.00%, 07/01/2028 | 1,755 | 1,827 | ||||||||
5.63%, 10/01/2034(a) | 1,000 | 1,016 | San Francisco City & County Airport Comm-San | ||||||||
Norman Y MinetaSan Jose International Airport | Francisco International Airport | ||||||||||
SJC | 5.00%, 05/01/2031 | 1,000 | 1,187 | ||||||||
5.00%, 03/01/2041 | 6,000 | 6,875 | 5.00%, 05/01/2042 | 1,500 | 1,731 | ||||||
5.00%, 03/01/2047 | 1,500 | 1,730 | San Francisco City & County Redevelopment | ||||||||
Oakland Unified School District/Alameda County | Financing Authority | ||||||||||
5.00%, 08/01/2040 | 3,400 | 3,815 | 6.50%, 08/01/2039 | 1,000 | 1,013 | ||||||
Pittsburg Successor Agency Redevelopment | San Joaquin Hills Transportation Corridor Agency | ||||||||||
Agency (credit support fromAGM) | 5.00%, 01/15/2034 | 6,185 | 6,950 | ||||||||
5.00%, 09/01/2028(a) | 1,000 | 1,192 | San Luis Obispo County Financing | ||||||||
5.00%, 09/01/2029(a) | 1,000 | 1,188 | Authority (credit support fromAGM) | ||||||||
Pittsburg Unified School District | 5.00%, 08/01/2030(a) | 1,000 | 1,068 | ||||||||
5.00%, 08/01/2043 | 2,900 | 3,276 |
See accompanying notes.
97
Schedule of Investments California Municipal Fund April 30, 2019 (unaudited)
Principal | (a) | Credit support indicates investments that benefit from credit enhancement or | ||||||||
MUNICIPAL BONDS (continued) | Amount (000’s) Value (000’s) | liquidity support provided by a third party bank, institution, or government | ||||||||
California (continued) | agency. | |||||||||
San Luis Obispo County Financing | (b) | Security or portion of underlying security related to Inverse Floaters | ||||||||
Authority (credit support fromBAM) | entered into by the Fund. See Notes to Financial Statements for additional | |||||||||
5.00%, 09/01/2037(a) | $ | 1,000 | $ | 1,150 | information. | |||||
Semitropic Improvement District | (c) | Certain variable rate securities are not based on a published reference rate | ||||||||
5.00%, 12/01/2038 | 2,000 | 2,040 | and spread but are determined by the issuer or agent and are based on current | |||||||
Southern California Public Power Authority | market conditions. These securities do not indicate a reference rate and | |||||||||
5.00%, 11/01/2028 | 2,000 | 2,381 | spread in their description. Rate shown is the rate in effect as of period end. | |||||||
5.00%, 11/01/2029 | 2,480 | 2,971 | (d) | Security exempt from registration under Rule 144A of the Securities Act of | ||||||
5.25%, 07/01/2029 | 695 | 746 | 1933. These securities may be resold in transactions exempt from registration, | |||||||
5.25%, 07/01/2031 | 695 | 746 | normally to qualified institutional buyers. At the end of the period, the value of | |||||||
State of California | these securities totaled $43,471 or 10.08% of net assets. | |||||||||
2.45%, 12/01/2031 | 620 | 615 | (e) | Security purchased on a when-issued basis. | ||||||
4.00%, 09/01/2033 | 2,080 | 2,286 | (f) | Non-income producing security | ||||||
5.00%, 09/01/2034 | 5,000 | 5,941 | (g) | Floating rate securities. The interest rate(s) shown reflect the rates in effect at | ||||||
5.00%, 02/01/2038 | 1,450 | 1,596 | April 30, 2019. | |||||||
5.00%, 04/01/2043 | 3,380 | 3,724 | ||||||||
5.25%, 11/01/2040 | 1,500 | 1,571 | Portfolio Summary (unaudited) | |||||||
6.00%, 03/01/2033 | 2,000 | 2,074 | Sector | Percent | ||||||
Stockton East Water District (credit support from | Revenue Bonds | 72.19 | % | |||||||
NATL) | General Obligation Unlimited | 9.28 | % | |||||||
5.25%, 04/01/2022(a) | 1,780 | 1,785 | Insured | 9.20 | % | |||||
Stockton Unified School District (credit support | Prerefunded | 6.01 | % | |||||||
fromAGM) | Special Assessment | 1.32 | % | |||||||
5.00%, 08/01/2038(a) | 1,500 | 1,686 | Tax Allocation | 0.62 | % | |||||
Tobacco Securitization Authority of Southern | Special Tax | 0.50 | % | |||||||
California | Investment Companies | 0.02 | % | |||||||
5.13%, 06/01/2046 | 1,500 | 1,502 | Liability For Floating Rate Notes Issued | (1.52 | )% | |||||
Travis Unified School District (credit support | Other Assets and Liabilities | 2.38 | % | |||||||
fromAGM) | TOTAL NET ASSETS | 100.00 | % | |||||||
5.00%, 09/01/2029(a) | 1,000 | 1,178 | ||||||||
Tulare County Transportation Authority | ||||||||||
5.00%, 02/01/2029 | 1,000 | 1,150 | ||||||||
Tustin Public Financing Authority | ||||||||||
5.00%, 04/01/2041 | 1,000 | 1,069 | ||||||||
University of California | ||||||||||
5.00%, 05/15/2044 | 1,000 | 1,119 | ||||||||
Walnut Energy Center Authority | ||||||||||
5.00%, 01/01/2035 | 1,225 | 1,250 | ||||||||
West Valley-Mission Community College District | ||||||||||
4.00%, 08/01/2044 | 3,000 | 3,266 | ||||||||
Western Municipal Water District Facilities | ||||||||||
Authority | ||||||||||
5.00%, 10/01/2034 | 1,700 | 1,724 | ||||||||
Woodland-Davis Clean Water Agency (credit | ||||||||||
support fromAGM) | ||||||||||
5.00%, 03/01/2039(a) | 1,500 | 1,724 | ||||||||
$ | 423,742 | |||||||||
Guam - 0.90% | ||||||||||
Guam Government Waterworks Authority | ||||||||||
5.00%, 01/01/2046 | 2,525 | 2,755 | ||||||||
Port Authority of Guam | ||||||||||
5.00%, 07/01/2048 | 1,000 | 1,127 | ||||||||
$ | 3,882 | |||||||||
TOTAL MUNICIPAL BONDS | $ | 427,624 | ||||||||
Total Investments | $ | 427,684 | ||||||||
Liability for Floating Rate Notes Issued in Conjunction with | ||||||||||
Securities Held - (1.52)% | ||||||||||
Notes with interest rates of 2.10% - 2.18% at | $ | (6,554 | ) | (6,554 | ) | |||||
April 30, 2019 and contractual maturity of | ||||||||||
collateral of 2023-2025.(g) | ||||||||||
Total Net Investments | $ | 421,130 | ||||||||
Other Assets and Liabilities - 2.38% | 10,278 | |||||||||
TOTAL NET ASSETS - 100.00% | $ | 431,408 |
See accompanying notes.
98
Schedule of Investments | |||||||||||||
Core Plus Bond Fund | |||||||||||||
April 30, 2019 (unaudited) | |||||||||||||
COMMON STOCKS - 0.03% | Shares Held Value (000's) | Principal | |||||||||||
Oil & Gas - 0.02% | BONDS (continued) | Amount (000’s) Value (000’s) | |||||||||||
Chaparral EnergyInc- A Shares(a) | 73,263 | $ | 510 | Aerospace & Defense (continued) | |||||||||
Oil & Gas Services - 0.01% | United Technologies Corp (continued) | ||||||||||||
Patterson-UTI EnergyInc | 23,284 | 317 | 4.63%, 11/16/2048 | $ | 1,105 | $ | 1,171 | ||||||
Retail - 0.00% | 5.40%, 05/01/2035 | 585 | 659 | ||||||||||
Claire's Holdings LLC(a),(b),(c) | 232 | 139 | $ | 46,236 | |||||||||
TOTAL COMMON STOCKS | $ | 966 | Agriculture - 1.07% | ||||||||||
INVESTMENT COMPANIES - 4.36% | Shares Held Value (000's) | Altria GroupInc | |||||||||||
Exchange-Traded Funds - 0.03% | 3.13%, 06/15/2031 | EUR | 350 | 411 | |||||||||
iShares iBoxxHigh Yield Corporate Bond ETF | 3,000 | 261 | 4.00%, 01/31/2024 | $ | 165 | 170 | |||||||
SPDR Bloomberg Barclays High Yield Bond ETF | 14,500 | 526 | 4.50%, 05/02/2043 | 580 | 529 | ||||||||
$ | 787 | 4.80%, 02/14/2029 | 960 | 998 | |||||||||
Money Market Funds - 4.33% | 5.80%, 02/14/2039 | 955 | 1,021 | ||||||||||
Principal Government Money Market Fund | 135,401,015 | 135,401 | 5.95%, 02/14/2049 | 595 | 643 | ||||||||
2.38%(d),(e) | Aragvi Finance International DAC | ||||||||||||
TOTAL INVESTMENT COMPANIES | $ | 136,188 | 12.00%, 04/09/2024(g) | 1,150 | 1,147 | ||||||||
PREFERRED STOCKS - 0.13% | Shares Held Value (000's) | BAT Capital Corp | |||||||||||
3.22%, 08/15/2024 | 1,890 | 1,850 | |||||||||||
Agriculture - 0.01% | 3.28%, 08/14/2020 | 110 | 110 | ||||||||||
Pinnacle Operating Corp 0.00%(a),(b),(c) | 925,862 | $ | 315 | 3 Month USD LIBOR + 0.59% | |||||||||
Retail - 0.00% | 4.54%, 08/15/2047 | 25 | 22 | ||||||||||
Claire's Stores 0.00%(a),(b),(c) | 62 | 60 | BAT International Finance PLC | ||||||||||
Sovereign - 0.12% | 0.88%, 10/13/2023 | EUR | 250 | 284 | |||||||||
CoBank ACB 6.20%, 01/01/2025(f) | 35,000 | 3,619 | 2.25%, 01/16/2030 | 600 | 667 | ||||||||
3 Month USD LIBOR + 3.74% | 6.00%, 11/24/2034 | GBP | 200 | 332 | |||||||||
TOTAL PREFERRED STOCKS | $ | 3,994 | Imperial Brands Finance PLC | ||||||||||
Principal | 3.38%, 02/26/2026 | EUR | 150 | 189 | |||||||||
BONDS - 62.27% | Amount (000's) Value (000's) | 3.75%, 07/21/2022(g) | $ | 3,065 | 3,107 | ||||||||
Advertising - 0.01% | 4.88%, 06/07/2032 | GBP | 150 | 223 | |||||||||
Lamar Media Corp | 5.50%, 09/28/2026 | 100 | 152 | ||||||||||
5.00%, 05/01/2023 | $ | 155 | $ | 157 | JBS Investments II GmbH | ||||||||
OutfrontMedia Capital LLC /Outfront Media | 7.00%, 01/15/2026(g) | $ | 1,635 | 1,701 | |||||||||
Capital Corp | Philip Morris International Inc | ||||||||||||
5.25%, 02/15/2022 | 115 | 116 | 1.88%, 02/25/2021 | 1,750 | 1,725 | ||||||||
$ | 273 | 2.38%, 08/17/2022 | 1,745 | 1,721 | |||||||||
Aerospace & Defense - 1.48% | 4.38%, 11/15/2041 | 280 | 277 | ||||||||||
Air 2 US | Pinnacle Operating Corp | ||||||||||||
8.63%, 10/01/2020(g) | 19 | 19 | 9.00%, 05/15/2023(g) | 1,329 | 572 | ||||||||
ArconicInc | Reynolds AmericanInc | ||||||||||||
5.40%, 04/15/2021 | 250 | 258 | 5.70%, 08/15/2035 | 3,035 | 3,207 | ||||||||
Boeing Co/The | 5.85%, 08/15/2045 | 480 | 497 | ||||||||||
2.70%, 05/01/2022(c),(h) | 2,100 | 2,096 | 6.88%, 05/01/2020 | 9,940 | 10,300 | ||||||||
3.10%, 05/01/2026(c),(h) | 1,970 | 1,964 | 7.00%, 08/04/2041 | 1,475 | 1,660 | ||||||||
3.20%, 03/01/2029 | 2,200 | 2,189 | $ | 33,515 | |||||||||
3.50%, 03/01/2039 | 1,490 | 1,419 | Airlines - 0.85% | ||||||||||
3.63%, 03/01/2048 | 1,620 | 1,531 | American Airlines 2013-1 Class B Pass Through | ||||||||||
3.90%, 05/01/2049(c),(h) | 1,645 | 1,617 | Trust | ||||||||||
BombardierInc | 5.63%, 07/15/2022(g) | 197 | 201 | ||||||||||
6.13%, 01/15/2023(g) | 1,480 | 1,482 | American Airlines 2013-2 Class A Pass Through | ||||||||||
7.50%, 03/15/2025(g) | 1,445 | 1,450 | Trust | ||||||||||
7.88%, 04/15/2027(g) | 410 | 413 | 4.95%, 07/15/2024 | 5,474 | 5,674 | ||||||||
Lockheed Martin Corp | American Airlines 2014-1 Class A Pass Through | ||||||||||||
2.90%, 03/01/2025 | 3,775 | 3,748 | Trust | ||||||||||
3.35%, 09/15/2021 | 2,360 | 2,397 | 3.70%, 04/01/2028 | 1,301 | 1,308 | ||||||||
3.55%, 01/15/2026 | 1,155 | 1,186 | American Airlines 2015-1 Class A Pass Through | ||||||||||
4.09%, 09/15/2052 | 1,345 | 1,362 | Trust | ||||||||||
Rockwell CollinsInc | 3.38%, 11/01/2028 | 3,085 | 3,045 | ||||||||||
3.50%, 03/15/2027 | 150 | 149 | American Airlines 2015-1 Class B Pass Through | ||||||||||
TransDigmInc | Trust | ||||||||||||
6.25%, 03/15/2026(g) | 720 | 750 | 3.70%, 11/01/2024 | 184 | 182 | ||||||||
6.50%, 07/15/2024 | 110 | 111 | American Airlines 2016-3 Class A Pass Through | ||||||||||
Triumph GroupInc | Trust | ||||||||||||
5.25%, 06/01/2022 | 385 | 380 | 3.25%, 04/15/2030 | 1,148 | 1,110 | ||||||||
7.75%, 08/15/2025 | 1,680 | 1,676 | American Airlines 2017-1 Class AA Pass Through | ||||||||||
United Technologies Corp | Trust | ||||||||||||
2.80%, 05/04/2024 | 3,130 | 3,097 | 3.65%, 08/15/2030 | 2,025 | 2,043 | ||||||||
3.10%, 06/01/2022 | 2,320 | 2,336 | Avianca Holdings SA / Avianca Leasing LLC / | ||||||||||
3.95%, 08/16/2025 | 4,235 | 4,425 | Grupo TacaHoldings Ltd | ||||||||||
4.13%, 11/16/2028 | 6,550 | 6,833 | 8.38%, 05/10/2020 | 250 | 247 | ||||||||
4.45%, 11/16/2038 | 1,455 | 1,518 |
See accompanying notes.
99
Schedule of Investments Core Plus Bond Fund April 30, 2019 (unaudited)
Principal | Principal | ||||||||||||
BONDS (continued) | Amount (000’s) Value (000’s) | BONDS (continued) | Amount (000’s) Value (000’s) | ||||||||||
Airlines (continued) | Automobile Asset Backed Securities (continued) | ||||||||||||
Continental Airlines 2007-1 Class A Pass Through | Drive Auto Receivables Trust 2019-1 | ||||||||||||
Trust | 2.86%, 09/15/2021 | $ | 5,000 | $ | 5,002 | ||||||||
5.98%, 10/19/2023 | $ | 1,383 | $ | 1,457 | 1.00 x 1 Month USD LIBOR + 0.39% | ||||||||
Continental Airlines 2012-1 Class A Pass Through | Enterprise Fleet Financing LLC | ||||||||||||
Trust | 2.13%, 05/22/2023(g) | 1,265 | 1,258 | ||||||||||
4.15%, 10/11/2025 | 3,597 | 3,693 | Ford Credit Auto Owner Trust 2016-A | ||||||||||
United Airlines 2014-2 Class A Pass Through | 1.39%, 07/15/2020 | 29 | 29 | ||||||||||
Trust | Ford Credit Auto Owner Trust 2017-REV2 | ||||||||||||
3.75%, 03/03/2028 | 1,948 | 1,969 | 2.36%, 03/15/2029(g) | 500 | 493 | ||||||||
United Airlines 2016-1 Class AA Pass Through | GM Financial Automobile Leasing Trust 2016-3 | ||||||||||||
Trust | 1.97%, 05/20/2020 | 575 | 575 | ||||||||||
3.10%, 01/07/2030 | 866 | 851 | 2.38%, 05/20/2020 | 1,250 | 1,249 | ||||||||
United Airlines 2018-1 Class A Pass Through | GM Financial Automobile Leasing Trust 2017-1 | ||||||||||||
Trust | 2.48%, 08/20/2020 | 3,500 | 3,493 | ||||||||||
3.70%, 09/01/2031 | 2,235 | 2,175 | 2.74%, 08/20/2020 | 3,600 | 3,599 | ||||||||
United Airlines 2018-1 Class AA Pass Through | GM Financial Automobile Leasing Trust 2017-3 | ||||||||||||
Trust | 2.73%, 01/21/2020 | 153 | 153 | ||||||||||
3.50%, 09/01/2031 | 1,474 | 1,463 | 1.00 x 1 Month USD LIBOR + 0.24% | ||||||||||
US Airways 2001-1G Pass Through Trust | GM Financial Automobile Leasing Trust 2018-2 | ||||||||||||
7.08%, 09/20/2022 | 48 | 51 | 2.71%, 07/20/2020 | 3,601 | 3,602 | ||||||||
US Airways 2013-1 Class A Pass Through Trust | 1.00 x 1 Month USD LIBOR + 0.22% | ||||||||||||
3.95%, 05/15/2027 | 1,038 | 1,057 | GM Financial Automobile Leasing Trust 2019-2 | ||||||||||
$ | 26,526 | 3.12%, 03/20/2023(c),(h) | 2,725 | 2,725 | |||||||||
Apparel - 0.01% | GM Financial Consumer Automobile Receivables | ||||||||||||
HanesbrandsInc | Trust 2018-2 | ||||||||||||
4.88%, 05/15/2026(g) | 35 | 35 | 3.31%, 12/18/2023 | 2,250 | 2,262 | ||||||||
Under ArmourInc | Hertz Fleet Lease Funding LP | ||||||||||||
3.25%, 06/15/2026 | 15 | 14 | 2.98%, 05/10/2032(g) | 5,500 | 5,504 | ||||||||
William Carter Co/The | 1.00 x 1 Month USD LIBOR + 0.50% | ||||||||||||
5.63%, 03/15/2027(g) | 300 | 310 | 3.13%, 04/10/2031(g) | 6,180 | 6,188 | ||||||||
$ | 359 | 1.00 x 1 Month USD LIBOR + 0.65% | |||||||||||
Automobile Asset Backed Securities - 4.64% | Hyundai Auto Lease Securitization Trust 2017-C | ||||||||||||
AmeriCredit Automobile Receivables 2015-4 | 2.64%, 03/16/2020(g) | 2,172 | 2,172 | ||||||||||
2.11%, 01/08/2021 | 179 | 178 | 1.00 x 1 Month USD LIBOR + 0.17% | ||||||||||
2.88%, 07/08/2021 | 1,950 | 1,951 | Santander Drive Auto Receivables Trust 2016-2 | ||||||||||
AmeriCredit Automobile Receivables 2016-1 | 2.66%, 11/15/2021 | 2,702 | 2,701 | ||||||||||
2.89%, 01/10/2022 | 5,700 | 5,703 | Santander Drive Auto Receivables Trust 2017-1 | ||||||||||
Americredit Automobile Receivables Trust 2016-4 | 2.58%, 05/16/2022 | 5,775 | 5,766 | ||||||||||
2.41%, 07/08/2022 | 7,000 | 6,975 | Santander Drive Auto Receivables Trust 2018-2 | ||||||||||
AmeriCredit Automobile Receivables Trust | 2.72%, 10/15/2020 | 556 | 556 | ||||||||||
2017-1 | 1.00 x 1 Month USD LIBOR + 0.25% | ||||||||||||
2.71%, 08/18/2022 | 3,000 | 3,000 | 3.35%, 07/17/2023 | 2,000 | 2,011 | ||||||||
AmeriCredit Automobile Receivables Trust | Santander Drive Auto Receivables Trust 2018-3 | ||||||||||||
2017-4 | 2.74%, 03/15/2021 | 4,537 | 4,538 | ||||||||||
2.66%, 05/18/2021 | 1,672 | 1,672 | 1.00 x 1 Month USD LIBOR + 0.27% | ||||||||||
1.00 x 1 Month USD LIBOR + 0.18% | Santander Drive Auto Receivables Trust 2018-5 | ||||||||||||
Americredit Automobile Receivables Trust 2018-2 | 2.70%, 07/15/2021 | 14,442 | 14,444 | ||||||||||
2.86%, 11/18/2021 | 5,878 | 5,884 | 1.00 x 1 Month USD LIBOR + 0.23% | ||||||||||
Capital Auto Receivables Asset Trust 2018-2 | Santander Drive Auto Receivables Trust 2019-1 | ||||||||||||
3.02%, 02/22/2021(g) | 1,325 | 1,327 | 2.74%, 01/18/2022 | 6,525 | 6,527 | ||||||||
CarMax Auto Owner Trust | 1.00 x 1 Month USD LIBOR + 0.27% | ||||||||||||
2.67%, 10/15/2021 | 7,126 | 7,123 | 3.42%, 04/15/2025 | 4,000 | 4,036 | ||||||||
1.00 x 1 Month USD LIBOR + 0.20% | Santander Retail Auto Lease Trust 2017-A | ||||||||||||
CarMax Auto Owner Trust 2017-1 | 2.68%, 01/20/2022(g) | 2,625 | 2,620 | ||||||||||
1.98%, 11/15/2021 | 142 | 142 | 2.76%, 03/20/2020(g) | 1,923 | 1,923 | ||||||||
Carmax Auto Owner Trust 2018-4 | 1.00 x 1 Month USD LIBOR + 0.27% | ||||||||||||
2.67%, 02/15/2022 | 5,100 | 5,100 | Tesla Auto Lease Trust 2018-A | ||||||||||
1.00 x 1 Month USD LIBOR + 0.20% | 2.97%, 04/20/2020(g) | 500 | 500 | ||||||||||
Chesapeake Funding II LLC | 3.30%, 05/20/2020(g) | 563 | 563 | ||||||||||
3.62%, 03/15/2028(g) | 997 | 998 | Tesla Auto Lease Trust 2018-B | ||||||||||
1.00 x 1 Month USD LIBOR + 1.15% | 3.71%, 08/20/2021(g) | 2,260 | 2,284 | ||||||||||
Drive Auto Receivables Trust | 4.12%, 10/20/2021(g) | 3,000 | 3,032 | ||||||||||
3.00%, 11/15/2021 | 1,617 | 1,618 | World Omni Auto Receivables Trust 2019-A | ||||||||||
Drive Auto Receivables Trust 2018-5 | 3.02%, 04/15/2022 | 7,000 | 7,027 | ||||||||||
2.79%, 07/15/2021 | 6,394 | 6,396 | $ | 144,899 | |||||||||
1.00 x 1 Month USD LIBOR + 0.32% |
See accompanying notes.
100
Schedule of Investments Core Plus Bond Fund April 30, 2019 (unaudited)
Principal | Principal | ||||||||||||
BONDS (continued) | Amount (000’s) Value (000’s) | BONDS (continued) | Amount (000’s) Value (000’s) | ||||||||||
Automobile Floor Plan Asset Backed Securities - 0.73% | Banks (continued) | ||||||||||||
Ford Credit Floorplan Master Owner Trust A | Bank of America Corp | ||||||||||||
3.04%, 01/15/2022 | $ | 5,400 | $ | 5,414 | 3.46%, 03/15/2025(k) | $ | 3,960 | $ | 4,000 | ||||
1.00 x 1 Month USD LIBOR + 0.57% | 3 Month USD LIBOR + 0.97% | ||||||||||||
GMF Floorplan Owner Revolving Trust | 3.50%, 05/17/2022(k) | 1,300 | 1,315 | ||||||||||
1.96%, 05/17/2021(g) | 250 | 250 | 3 Month USD LIBOR + 0.63% | ||||||||||
2.79%, 09/15/2022(g) | 17,000 | 17,014 | 3.97%, 02/07/2030(k) | 4,815 | 4,919 | ||||||||
1.00 x 1 Month USD LIBOR + 0.32% | 3 Month USD LIBOR + 1.21% | ||||||||||||
$ | 22,678 | 4.10%, 07/24/2023 | 1,975 | 2,065 | |||||||||
Automobile Manufacturers - 0.79% | 4.20%, 08/26/2024 | 6,800 | 7,055 | ||||||||||
BCD AcquisitionInc | 4.27%, 07/23/2029(k) | 2,330 | 2,435 | ||||||||||
9.63%, 09/15/2023(g) | 90 | 96 | 3 Month USD LIBOR + 1.31% | ||||||||||
Daimler Finance North America LLC | Barclays PLC | ||||||||||||
2.25%, 03/02/2020(g) | 2,940 | 2,925 | 3.25%, 01/17/2033 | GBP | 150 | 186 | |||||||
2.70%, 08/03/2020(g) | 5,470 | 5,456 | 4.84%, 05/09/2028 | $ | 910 | 912 | |||||||
2.85%, 01/06/2022(g) | 2,025 | 2,020 | 7.75%, 12/31/2049(f),(k) | 380 | 393 | ||||||||
Ford Motor Credit Co LLC | USD Swap Semi-Annual 5 Year + 4.84% | ||||||||||||
2.60%, 11/04/2019 | 1,275 | 1,274 | BDOUnibankInc | ||||||||||
3.34%, 03/28/2022 | 1,725 | 1,706 | 2.95%, 03/06/2023 | 415 | 408 | ||||||||
General Motors Co | BPCE SA | ||||||||||||
6.25%, 10/02/2043 | 1,020 | 1,075 | 2.50%, 07/15/2019 | 5,495 | 5,492 | ||||||||
6.60%, 04/01/2036 | 1,820 | 1,993 | 5.25%, 04/16/2029 | GBP | 200 | 306 | |||||||
General Motors Financial CoInc | CIT GroupInc | ||||||||||||
3.59%, 01/05/2023 | 5,485 | 5,390 | 4.13%, 03/09/2021 | $ | 385 | 390 | |||||||
3 Month USD LIBOR + 0.99% | 5.25%, 03/07/2025 | 185 | 197 | ||||||||||
3.85%, 01/05/2028 | 1,055 | 1,008 | 5.80%, 12/31/2049(f),(k) | 1,225 | 1,230 | ||||||||
3.95%, 04/13/2024 | 150 | 152 | 3 Month USD LIBOR + 3.97% | ||||||||||
Navistar International Corp | 6.13%, 03/09/2028 | 825 | 919 | ||||||||||
6.63%, 11/01/2025(g) | 1,443 | 1,470 | CitigroupInc | ||||||||||
TeslaInc | 1.50%, 07/24/2026(k) | EUR | 500 | 580 | |||||||||
5.30%, 08/15/2025(g) | 80 | 68 | 3 Month Euro Interbank Offered Rate + | ||||||||||
Toyota Motor Credit Corp | 1.07% | ||||||||||||
2.95%, 04/13/2021 | 150 | 151 | 3.52%, 10/27/2028(k) | $ | 3,630 | 3,583 | |||||||
$ | 24,784 | 3 Month USD LIBOR + 1.15% | |||||||||||
Automobile Parts & Equipment - 0.05% | 4.13%, 07/25/2028 | 2,045 | 2,077 | ||||||||||
American Axle & ManufacturingInc | 4.65%, 07/23/2048 | 2,260 | 2,438 | ||||||||||
6.25%, 04/01/2025 | 130 | 131 | Cooperatieve Rabobank UA | ||||||||||
Dana Inc | 4.63%, 05/23/2029 | GBP | 250 | 369 | |||||||||
5.50%, 12/15/2024 | 115 | 116 | 4.75%, 01/15/2020(g) | $ | 5,966 | 6,051 | |||||||
Goodyear Tire & Rubber Co/The | 5.50%, 12/31/2049(f),(k) | EUR | 425 | 499 | |||||||||
5.13%, 11/15/2023 | 135 | 137 | EUR Swap Annual (VS 6 Month) 5 Year | ||||||||||
IHOVerwaltungs GmbH | + 5.25% | ||||||||||||
4.75%, PIK 5.50%, 09/15/2026(g),(i),(j) | 5 | 5 | Credit Suisse AG | ||||||||||
Panther BF Aggregator 2 LP / Panther Finance | 5.75%, 09/18/2025(k) | 450 | 540 | ||||||||||
CoInc | EUR Swap Annual (VS 6 Month) 5 Year | ||||||||||||
6.25%, 05/15/2026(g) | 290 | 302 | + 4.00% | ||||||||||
SchaefflerFinance BV | Credit Suisse Group AG | ||||||||||||
4.75%, 05/15/2023(g) | 445 | 450 | 2.13%, 09/12/2025(k) | GBP | 150 | 191 | |||||||
Titan InternationalInc | GBP Swap SA (VS 6 Month) 1 Year + | ||||||||||||
6.50%, 11/30/2023 | 60 | 58 | 1.23% | ||||||||||
Weichai International Hong Kong Energy Group | DBS Group Holdings Ltd | ||||||||||||
Co Ltd | 4.52%, 12/11/2028(g),(k) | $ | 4,155 | 4,313 | |||||||||
3.75%, 12/31/2049(f),(k) | 390 | 376 | USD Swap Rate NY 5 Year + 1.59% | ||||||||||
US Treasury Yield Curve Rate T Note | Deutsche Bank AG | ||||||||||||
Constant Maturity 5 Year + 6.08% | 4.50%, 04/01/2025 | 400 | 374 | ||||||||||
$ | 1,575 | Discover Bank | |||||||||||
Banks - 6.74% | 3.10%, 06/04/2020 | 450 | 451 | ||||||||||
AKCB Finance Ltd | First Republic Bank/CA | ||||||||||||
4.75%, 10/09/2023 | 450 | 465 | 4.38%, 08/01/2046 | 950 | 915 | ||||||||
Banco General SA | 4.63%, 02/13/2047 | 5,100 | 5,118 | ||||||||||
4.13%, 08/07/2027(g) | 350 | 346 | Goldman Sachs GroupInc/The | ||||||||||
Banco Santander SA | 1.38%, 05/15/2024 | EUR | 500 | 576 | |||||||||
2.50%, 03/18/2025 | EUR | 100 | 118 | 2.91%, 06/05/2023(k) | $ | 140 | 139 | ||||||
5.48%, 12/31/2049(f),(k) | 600 | 672 | 3 Month USD LIBOR + 1.05% | ||||||||||
EUR Swap Annual (VS 6 Month) 5 Year | 3.63%, 02/20/2024 | 4,785 | 4,870 | ||||||||||
+ 5.41% | 3.85%, 01/26/2027 | 5,463 | 5,504 | ||||||||||
4.25%, 01/29/2026 | GBP | 200 | 286 | ||||||||||
5.75%, 01/24/2022 | $ | 8,865 | 9,508 | ||||||||||
6.75%, 10/01/2037 | 2,865 | 3,536 |
See accompanying notes.
101
Schedule of Investments Core Plus Bond Fund April 30, 2019 (unaudited)
Principal | Principal | ||||||||||||
BONDS (continued) | Amount (000’s) Value (000’s) | BONDS (continued) | Amount (000’s) Value (000’s) | ||||||||||
Banks (continued) | Banks (continued) | ||||||||||||
HBOS PLC | State Street Corp | ||||||||||||
4.50%, 03/18/2030(k) | EUR | 500 | $ | 637 | 4.14%, 12/03/2029(k) | $ | 3,875 | $ | 4,147 | ||||
3 Month Euro Interbank Offered Rate + | 3 Month USD LIBOR + 1.03% | ||||||||||||
1.37 | % | SunTrust Bank/Atlanta GA | |||||||||||
HSBC Holdings PLC | 4.05%, 11/03/2025 | 1,835 | 1,930 | ||||||||||
3.80%, 03/11/2025(k) | $ | 3,200 | 3,260 | Svenska Handelsbanken AB | |||||||||
3 Month USD LIBOR + 1.21% | 3.90%, 11/20/2023 | 3,875 | 4,033 | ||||||||||
4.25%, 03/14/2024 | 400 | 412 | Synchrony Bank | ||||||||||
Industrial & Commercial Bank of China Ltd | 3.00%, 06/15/2022 | 4,525 | 4,493 | ||||||||||
4.88%, 09/21/2025 | 200 | 211 | Toronto-Dominion Bank/The | ||||||||||
Intesa SanpaoloSpA | 4.86%, 03/04/2031(k) | CAD | 275 | 227 | |||||||||
3.93%, 09/15/2026 | EUR | 300 | 354 | Canada Bankers Acceptances 3 Month + | |||||||||
JPMorgan Chase & Co | 3.49% | ||||||||||||
3.21%, 04/01/2023(k) | $ | 3,970 | 3,996 | Turkiye Halk Bankasi AS | |||||||||
3 Month USD LIBOR + 0.70% | 5.00%, 07/13/2021 | $ | 350 | 311 | |||||||||
3.70%, 05/06/2030(h),(k) | 3,075 | 3,082 | TurkiyeIsBankasi AS | ||||||||||
3 Month USD LIBOR + 1.16% | 5.50%, 04/21/2022 | 200 | 183 | ||||||||||
3.96%, 11/15/2048(k) | 1,055 | 1,029 | Turkiye Vakiflar Bankasi TAO | ||||||||||
3 Month USD LIBOR + 1.38% | 5.50%, 10/27/2021 | 200 | 188 | ||||||||||
4.35%, 08/15/2021 | 685 | 709 | UBS AG | ||||||||||
4.62%, 12/31/2049(f),(k) | 825 | 782 | 4.75%, 02/12/2026(k) | EUR | 250 | 300 | |||||||
3 Month USD LIBOR + 2.58% | EUR Swap Annual (VS 6 Month) 5 Year | ||||||||||||
4.95%, 06/01/2045 | 1,130 | 1,257 | + 3.40% | ||||||||||
5.00%, 12/31/2049(f),(k) | 40 | 40 | UBS AG/London | ||||||||||
3 Month USD LIBOR + 3.32% | 4.50%, 06/26/2048(g) | $ | 1,450 | 1,614 | |||||||||
5.50%, 10/15/2040 | 2,995 | 3,587 | UBS AG/Stamford CT | ||||||||||
JPMorgan Chase Bank NA | 2.35%, 03/26/2020 | 5,135 | 5,121 | ||||||||||
2.60%, 02/01/2021(k) | 470 | 469 | UBS Group Funding Switzerland AG | ||||||||||
3 Month USD LIBOR + 0.28% | 5.75%, 12/31/2049(f),(k) | EUR | 675 | 835 | |||||||||
KeyBank NA/Cleveland OH | EUR Swap Annual (VS 6 Month) 5 Year | ||||||||||||
3.30%, 02/01/2022 | 2,250 | 2,284 | + 5.29% | ||||||||||
Morgan Stanley | 6.87%, 12/31/2049(f),(k) | $ | 4,365 | 4,506 | |||||||||
4.43%, 01/23/2030(k) | 2,380 | 2,519 | USD Swap Rate NY 5 Year + 5.50% | ||||||||||
3 Month USD LIBOR + 1.63% | US Bancorp | ||||||||||||
5.00%, 11/24/2025 | 3,395 | 3,670 | 3.38%, 02/05/2024 | 1,860 | 1,911 | ||||||||
5.55%, 12/31/2049(f),(k) | 1,651 | 1,687 | Wells Fargo & Co | ||||||||||
3 Month USD LIBOR + 3.81% | 3.75%, 01/24/2024 | 5,410 | 5,567 | ||||||||||
5.75%, 01/25/2021 | 3,035 | 3,180 | 4.15%, 01/24/2029 | 4,455 | 4,633 | ||||||||
6.38%, 07/24/2042 | 1,790 | 2,342 | 4.40%, 06/14/2046 | 1,565 | 1,572 | ||||||||
MUFG Union Bank NA | Zions Bancorp NA | ||||||||||||
3.15%, 04/01/2022 | 3,000 | 3,028 | 3.50%, 08/27/2021 | 5,982 | 6,054 | ||||||||
Popular Inc | $ | 210,778 | |||||||||||
6.13%, 09/14/2023 | 295 | 307 | Beverages - 0.70% | ||||||||||
Royal Bank of Canada | Anheuser-Busch Cos LLC / Anheuser-Busch | ||||||||||||
3.70%, 10/05/2023 | 5,945 | 6,142 | InBevWorldwideInc | ||||||||||
Royal Bank of Scotland Group PLC | 3.65%, 02/01/2026(g) | 1,280 | 1,284 | ||||||||||
2.87%, 09/19/2026(k) | GBP | 200 | 261 | 4.90%, 02/01/2046(g) | 3,505 | 3,556 | |||||||
GBP Swap SA (VS 6 Month) 1 Year + | Anheuser-BuschInBevSA/NV | ||||||||||||
1.49% | 2.75%, 03/17/2036 | EUR | 500 | 624 | |||||||||
4.27%, 03/22/2025(k) | $ | 4,650 | 4,741 | 2.85%, 05/25/2037 | GBP | 200 | 252 | ||||||
3 Month USD LIBOR + 1.76% | Anheuser-BuschInBevWorldwideInc | ||||||||||||
5.13%, 05/28/2024 | 7,254 | 7,540 | 4.38%, 04/15/2038 | $ | 1,605 | 1,564 | |||||||
7.50%, 12/31/2049(f),(k) | 6,291 | 6,472 | 4.75%, 04/15/2058 | 800 | 784 | ||||||||
USD Swap Semi-Annual 5 Year + 5.80% | 5.45%, 01/23/2039 | 2,360 | 2,573 | ||||||||||
Santander UK Group Holdings PLC | 5.55%, 01/23/2049 | 3,070 | 3,410 | ||||||||||
7.38%, 12/31/2049(f),(k) | GBP | 200 | 277 | Central American Bottling Corp | |||||||||
GBP Swap SA (VS 6 Month) 5 Year + | 5.75%, 01/31/2027 | 75 | 77 | ||||||||||
5.54% | Coca-Cola Co/The | ||||||||||||
Santander UK PLC | 1.25%, 03/08/2031 | EUR | 400 | 459 | |||||||||
5.00%, 11/07/2023(g) | $ | 5,235 | 5,438 | Constellation BrandsInc | |||||||||
Skandinaviska Enskilda Banken AB | 3.88%, 11/15/2019 | $ | 320 | 321 | |||||||||
2.50%, 05/28/2026(k) | EUR | 250 | 289 | 4.40%, 11/15/2025 | 2,285 | 2,415 | |||||||
EUR Swap Annual (VS 6 Month) 5 Year | 5.25%, 11/15/2048 | 1,085 | 1,182 | ||||||||||
+ 1.45% | Corp Lindley SA | ||||||||||||
2.63%, 03/15/2021 | $ | 250 | 249 | 6.75%, 11/23/2021(g) | 14 | 15 | |||||||
5.75%, 12/31/2049(f),(k) | 7,197 | 7,161 | 6.75%, 11/23/2021 | 14 | 15 | ||||||||
USD Swap Semi-Annual 5 Year + 3.85% | Diageo Capital PLC | ||||||||||||
3.50%, 09/18/2023 | 1,775 | 1,826 |
See accompanying notes.
102
Schedule of Investments Core Plus Bond Fund April 30, 2019 (unaudited)
Principal | Principal | ||||||||||||
BONDS (continued) | Amount (000’s) Value (000’s) | BONDS (continued) | Amount (000’s) Value (000’s) | ||||||||||
Beverages (continued) | Chemicals (continued) | ||||||||||||
KeurigDr Pepper Inc | SASOL Financing USA LLC | ||||||||||||
3.55%, 05/25/2021(g) | $ | 1,385 | $ | 1,401 | 5.88%, 03/27/2024 | $ | 500 | $ | 531 | ||||
Molson Coors Brewing Co | $ | 20,224 | |||||||||||
1.25%, 07/15/2024 | EUR | 175 | 200 | Commercial Mortgage Backed Securities - 5.18% | |||||||||
$ | 21,958 | BANK 2017-BNK5 | |||||||||||
Biotechnology - 0.13% | 3.39%, 06/15/2060 | 2,350 | 2,387 | ||||||||||
AmgenInc | BANK 2017-BNK9 | ||||||||||||
2.20%, 05/11/2020 | $ | 3,780 | 3,764 | 4.03%, 11/15/2054(i) | 2,000 | 2,039 | |||||||
Celgene Corp | BENCHMARK 2018-B4 | ||||||||||||
5.25%, 08/15/2043 | 115 | 124 | 4.12%, 07/15/2051 | 1,250 | 1,336 | ||||||||
Gilead SciencesInc | BENCHMARK 2018-B6 Mortgage Trust | ||||||||||||
1.85%, 09/20/2019 | 65 | 65 | 4.77%, 10/10/2051(i) | 2,250 | 2,424 | ||||||||
$ | 3,953 | 4.77%, 10/10/2051(i) | 2,000 | 2,084 | |||||||||
Building Materials - 0.07% | Benchmark 2018-B8 Mortgage Trust | ||||||||||||
BMC East LLC | 4.53%, 01/15/2052(i) | 2,000 | 2,168 | ||||||||||
5.50%, 10/01/2024(g) | 545 | 546 | CFCRE Commercial Mortgage Trust 2011-C2 | ||||||||||
CEMEX Finance LLC | 5.95%, 12/15/2047(g),(i) | 1,125 | 1,193 | ||||||||||
6.00%, 04/01/2024 | 435 | 448 | Citigroup Commercial Mortgage Trust | ||||||||||
Cemex SAB de CV | 2015-GC29 | ||||||||||||
6.13%, 05/05/2025(g) | 525 | 548 | 4.28%, 04/10/2048(i) | 2,000 | 2,019 | ||||||||
Johnson Controls International plc | Citigroup Commercial Mortgage Trust | ||||||||||||
1.00%, 09/15/2023 | EUR | 400 | 456 | 2015-GC35 | |||||||||
Masco Corp | 3.82%, 11/10/2048 | 1,000 | 1,044 | ||||||||||
3.50%, 04/01/2021 | $ | 50 | 50 | Citigroup Commercial Mortgage Trust | |||||||||
Standard Industries Inc/NJ | 2016-GC37 | ||||||||||||
6.00%, 10/15/2025(g) | 150 | 157 | 3.58%, 04/10/2049 | 1,750 | 1,778 | ||||||||
$ | 2,205 | Citigroup Commercial Mortgage Trust 2017-C4 | |||||||||||
Chemicals - 0.65% | 1.26%, 10/12/2050(i),(l) | 12,892 | 872 | ||||||||||
Aruba InvestmentsInc | COMM 2012-CCRE5 Mortgage Trust | ||||||||||||
8.75%, 02/15/2023(g) | 1,310 | 1,317 | 3.22%, 12/10/2045(g) | 2,000 | 2,023 | ||||||||
Ashland LLC | COMM 2013-CCRE11 Mortgage Trust | ||||||||||||
4.75%, 08/15/2022 | 60 | 61 | 1.10%, 08/10/2050(i),(l) | 51,860 | 1,857 | ||||||||
Blue CubeSpincoLLC | 4.72%, 08/10/2050(i) | 5,000 | 5,325 | ||||||||||
9.75%, 10/15/2023 | 410 | 458 | COMM 2013-CCRE6 Mortgage Trust | ||||||||||
BraskemFinance Ltd | 4.22%, 03/10/2046(g),(i) | 500 | 493 | ||||||||||
6.45%, 02/03/2024 | 1,675 | 1,827 | COMM 2013-CCRE8 Mortgage Trust | ||||||||||
CF IndustriesInc | 4.09%, 06/10/2046(g),(i) | 3,000 | 3,080 | ||||||||||
7.13%, 05/01/2020 | 243 | 252 | COMM 2014-CCRE16 Mortgage Trust | ||||||||||
CNAC HK Finbridge Co Ltd | 4.05%, 04/10/2047 | 600 | 629 | ||||||||||
4.63%, 03/14/2023 | 350 | 362 | COMM 2014-CCRE17 Mortgage Trust | ||||||||||
Consolidated Energy Finance SA | 4.92%, 05/10/2047(i) | 2,400 | 2,489 | ||||||||||
6.36%, 06/15/2022(g) | 250 | 249 | COMM 2014-LC17 Mortgage Trust | ||||||||||
3 Month USD LIBOR + 3.75% | 4.49%, 10/10/2047(i) | 5,000 | 5,220 | ||||||||||
6.50%, 05/15/2026(g) | 1,060 | 1,081 | COMM 2014-UBS5 Mortgage Trust | ||||||||||
6.88%, 06/15/2025(g) | 2,430 | 2,503 | 1.16%, 09/10/2047(i),(l) | 67,634 | 1,972 | ||||||||
Dow Chemical Co/The | COMM 2015-CCRE22 Mortgage Trust | ||||||||||||
5.55%, 11/30/2048(g) | 595 | 678 | 4.26%, 03/10/2048(i) | 1,611 | 1,653 | ||||||||
DowDuPontInc | COMM 2015-LC19 Mortgage Trust | ||||||||||||
5.32%, 11/15/2038 | 2,105 | 2,382 | 3.83%, 02/10/2048(i) | 1,075 | 1,091 | ||||||||
5.42%, 11/15/2048 | 1,465 | 1,691 | COMM 2015-LC23 Mortgage Trust | ||||||||||
Equate Petrochemical BV | 3.77%, 10/10/2048 | 2,000 | 2,085 | ||||||||||
3.00%, 03/03/2022(g) | 925 | 915 | COMM 2015-PC1 Mortgage Trust | ||||||||||
3.00%, 03/03/2022 | 375 | 371 | 4.29%, 07/10/2050(i) | 2,000 | 2,116 | ||||||||
EurochemFinance DAC | COMM 2018-COR3 Mortgage Trust | ||||||||||||
5.50%, 03/13/2024(g) | 1,675 | 1,697 | 4.23%, 05/10/2051 | 5,000 | 5,351 | ||||||||
Israel Chemicals Ltd | Credit Suisse Commercial Mortgage Trust Series | ||||||||||||
6.38%, 05/31/2038(g) | 100 | 109 | 2006-C5 | ||||||||||
MexichemSAB de CV | 1.09%, 12/15/2039(i),(l) | 662 | 1 | ||||||||||
5.88%, 09/17/2044 | 700 | 702 | CSAIL 2018-CX11 Commercial Mortgage Trust | ||||||||||
NOVA Chemicals Corp | 4.03%, 04/15/2051(i) | 1,000 | 1,056 | ||||||||||
5.25%, 08/01/2023(g) | 385 | 388 | DBUBS 2011-LC2 Mortgage Trust | ||||||||||
5.25%, 06/01/2027(g) | 870 | 855 | 5.71%, 07/10/2044(g),(i) | 5,000 | 5,199 | ||||||||
Olin Corp | GS Mortgage Securities Trust 2011-GC5 | ||||||||||||
5.13%, 09/15/2027 | 270 | 274 | 1.50%, 08/10/2044(g),(i),(l) | 89,541 | 2,066 | ||||||||
Petkim Petrokimya Holding AS | GS Mortgage Securities Trust 2012-GCJ7 | ||||||||||||
5.88%, 01/26/2023 | 200 | 184 | 2.36%, 05/10/2045(i),(l) | 12,002 | 476 | ||||||||
SABIC Capital II BV | |||||||||||||
4.00%, 10/10/2023(g) | 1,300 | 1,337 |
See accompanying notes.
103
Schedule of Investments | ||||||||||||
Core Plus Bond Fund | ||||||||||||
April 30, 2019 (unaudited) | ||||||||||||
Principal | Principal | |||||||||||
BONDS (continued) | Amount (000’s) Value (000’s) | BONDS (continued) | Amount (000’s) Value (000’s) | |||||||||
Commercial Mortgage Backed Securities (continued) | Commercial Mortgage Backed Securities (continued) | |||||||||||
GS Mortgage Securities Trust 2013-GC16 | Morgan Stanley Bank of America Merrill Lynch | |||||||||||
1.22%, 11/10/2046(i),(l) | $ | 20,543 | $ | 818 | Trust 2014-C15 | |||||||
5.49%, 11/10/2046(i) | 800 | 864 | 1.14%, 04/15/2047(i),(l) | $ | 44,514 | $ | 1,731 | |||||
GS Mortgage Securities Trust 2013-GCJ12 | 4.05%, 04/15/2047 | 3,000 | 3,153 | |||||||||
3.78%, 06/10/2046(i) | 555 | 562 | Morgan Stanley Bank of America Merrill Lynch | |||||||||
GS Mortgage Securities Trust 2014-GC26 | Trust 2014-C16 | |||||||||||
1.16%, 11/10/2047(i),(l) | 46,287 | 1,999 | 1.25%, 06/15/2047(i),(l) | 22,969 | 823 | |||||||
GS Mortgage Securities Trust 2015-GC34 | 4.92%, 06/15/2047(i) | 4,250 | 4,211 | |||||||||
3.51%, 10/10/2048 | 1,482 | 1,520 | Morgan Stanley Bank of America Merrill Lynch | |||||||||
GS Mortgage Securities Trust 2015-GS1 | Trust 2014-C18 | |||||||||||
3.73%, 11/10/2048 | 3,000 | 3,104 | 4.58%, 10/15/2047(i) | 3,864 | 4,032 | |||||||
JP Morgan Chase Commercial Mortgage | Morgan Stanley Bank of America Merrill Lynch | |||||||||||
Securities Trust 2010-C1 | Trust 2015-C20 | |||||||||||
5.95%, 06/15/2043(g) | 2,585 | 2,621 | 3.61%, 02/15/2048 | 2,000 | 2,047 | |||||||
JP Morgan Chase Commercial Mortgage | 4.16%, 02/15/2048 | 1,975 | 2,029 | |||||||||
Securities Trust 2011-C5 | Morgan Stanley Bank of America Merrill Lynch | |||||||||||
5.55%, 08/15/2046(g),(i) | 800 | 832 | Trust 2015-C26 | |||||||||
JP Morgan Chase Commercial Mortgage | 3.89%, 10/15/2048(i) | 3,000 | 3,086 | |||||||||
Securities Trust 2012-LC9 | Morgan Stanley Bank of America Merrill Lynch | |||||||||||
1.66%, 12/15/2047(i),(l) | 13,531 | 534 | Trust 2016-C30 | |||||||||
JP Morgan Chase Commercial Mortgage | 3.18%, 09/15/2049 | 1,571 | 1,537 | |||||||||
Securities Trust 2013-C16 | Morgan Stanley Capital I 2017-HR2 | |||||||||||
1.11%, 12/15/2046(i),(l) | 8,838 | 315 | 3.59%, 12/15/2050 | 1,000 | 1,027 | |||||||
JP Morgan Chase Commercial Mortgage | Morgan Stanley Capital I Trust 2016-UBS9 | |||||||||||
Securities Trust 2016-JP4 | 3.59%, 03/15/2049 | 1,500 | 1,543 | |||||||||
3.65%, 12/15/2049(i) | 1,600 | 1,651 | MSBAM Commercial Mortgage Securities Trust | |||||||||
JPMBB Commercial Mortgage Securities Trust | 2012-CKSV | |||||||||||
2013-C15 | 1.22%, 10/15/2030(g),(i),(l) | 22,108 | 670 | |||||||||
1.25%, 11/15/2045(i),(l) | 23,429 | 940 | UBS Commercial Mortgage Trust 2012-C1 | |||||||||
JPMBB Commercial Mortgage Securities Trust | 3.40%, 05/10/2045 | 486 | 494 | |||||||||
2014-C18 | UBS-Barclays Commercial Mortgage Trust | |||||||||||
4.98%, 02/15/2047(i) | 1,000 | 1,061 | 2012-C3 | |||||||||
4.98%, 02/15/2047(i) | 2,700 | 2,808 | 3.09%, 08/10/2049 | 1,210 | 1,222 | |||||||
JPMBB Commercial Mortgage Securities Trust | 5.20%, 08/10/2049(g),(i) | 1,500 | 1,553 | |||||||||
2014-C19 | UBS-Barclays Commercial Mortgage Trust | |||||||||||
1.14%, 04/15/2047(i),(l) | 25,015 | 603 | 2012-C4 | |||||||||
JPMBB Commercial Mortgage Securities Trust | 1.78%, 12/10/2045(g),(i),(l) | 19,855 | 917 | |||||||||
2014-C24 | 3.32%, 12/10/2045(g) | 2,300 | 2,318 | |||||||||
1.11%, 11/15/2047(i),(l) | 8,756 | 290 | UBS-Barclays Commercial Mortgage Trust | |||||||||
4.04%, 11/15/2047(g),(i) | 1,000 | 912 | 2013-C5 | |||||||||
4.54%, 11/15/2047(i) | 4,350 | 4,447 | 4.21%, 03/10/2046(g),(i) | 1,090 | 1,024 | |||||||
JPMBB Commercial Mortgage Securities Trust | Wells Fargo Commercial Mortgage Trust | |||||||||||
2015-C28 | 2015-NXS1 | |||||||||||
3.99%, 10/15/2048 | 7,000 | 7,133 | 3.66%, 05/15/2048(i) | 2,665 | 2,676 | |||||||
JPMBB Commercial Mortgage Securities Trust | Wells Fargo Commercial Mortgage Trust | |||||||||||
2015-C31 | 2015-NXS3 | |||||||||||
1.09%, 08/15/2048(i),(l) | 41,213 | 1,738 | 4.64%, 09/15/2057(i) | 1,400 | 1,470 | |||||||
JPMCC Commercial Mortgage Securities Trust | Wells Fargo Commercial Mortgage Trust | |||||||||||
2017-JP7 | 2016-C36 | |||||||||||
3.80%, 09/15/2050(i) | 2,500 | 2,439 | 3.07%, 11/15/2059 | 750 | 744 | |||||||
JPMCC Commercial Mortgage Securities Trust | Wells Fargo Commercial Mortgage Trust | |||||||||||
2019-COR4 | 2017-C38 | |||||||||||
4.03%, 03/10/2052 | 4,500 | 4,763 | 3.45%, 07/15/2050 | 3,000 | 3,049 | |||||||
LB-UBS Commercial Mortgage Trust 2005-C3 | Wells Fargo Commercial Mortgage Trust | |||||||||||
1.00%, 07/15/2040(g),(i),(l) | 2,372 | 4 | 2018-C44 | |||||||||
LB-UBS Commercial Mortgage Trust 2007-C1 | 4.21%, 05/15/2051 | 2,500 | 2,680 | |||||||||
0.35%, 02/15/2040(i),(l) | 268 | — | WFRBS Commercial Mortgage Trust 2013-C12 | |||||||||
LB-UBS Commercial Mortgage Trust 2007-C6 | 1.41%, 03/15/2048(g),(i),(l) | 44,681 | 1,714 | |||||||||
6.11%, 07/15/2040(i) | 89 | 89 | WFRBS Commercial Mortgage Trust 2014-C22 | |||||||||
Morgan Stanley Bank of America Merrill Lynch | 4.07%, 09/15/2057(i) | 5,000 | 5,211 | |||||||||
Trust 2013-C11 | 4.37%, 09/15/2057(i) | 2,000 | 2,078 | |||||||||
0.44%, 08/15/2046(i),(l) | 20,829 | 257 | WFRBS Commercial Mortgage Trust 2014-C23 | |||||||||
Morgan Stanley Bank of America Merrill Lynch | 0.74%, 10/15/2057(i),(l) | 51,395 | 1,301 | |||||||||
Trust 2013-C9 | $ | 161,979 | ||||||||||
3.46%, 05/15/2046 | 1,781 | 1,809 | Commercial Services - 0.28% | |||||||||
Ahern RentalsInc | ||||||||||||
7.38%, 05/15/2023(g) | 1,360 | 1,210 |
See accompanying notes.
104
Schedule of Investments Core Plus Bond Fund April 30, 2019 (unaudited)
Principal | Principal | ||||||||||
BONDS (continued) | Amount (000’s) Value (000’s) | BONDS (continued) | Amount (000’s) Value (000’s) | ||||||||
Commercial Services (continued) | Consumer Products (continued) | ||||||||||
Avis Budget Car Rental LLC / Avis Budget | Spectrum Brands Inc | ||||||||||
Finance Inc | 5.75%, 07/15/2025 | $ | 170 | $ | 174 | ||||||
5.50%, 04/01/2023 | $ | 45 | $ | 46 | 6.63%, 11/15/2022 | 187 | 191 | ||||
China Merchants Finance Co Ltd | $ | 783 | |||||||||
4.75%, 08/03/2025 | 290 | 304 | Cosmetics & Personal Care - 0.00% | ||||||||
DP World PLC | Avon International OperationsInc | ||||||||||
6.85%, 07/02/2037 | 540 | 657 | 7.88%, 08/15/2022(g) | 80 | 83 | ||||||
Garda World Security Corp | Credit Card Asset Backed Securities - 0.70% | ||||||||||
8.75%, 05/15/2025(g) | 945 | 891 | Capital One Multi-Asset Execution Trust | ||||||||
Garda World Security Corp/Old | 2.98%, 09/16/2024 | 510 | 514 | ||||||||
7.25%, 11/15/2021(g) | 220 | 220 | 1.00 x 1 Month USD LIBOR + 0.51% | ||||||||
Hertz Corp/The | 3.10%, 02/15/2024 | 1,900 | 1,915 | ||||||||
7.63%, 06/01/2022(g) | 70 | 72 | 1.00 x 1 Month USD LIBOR + 0.63% | ||||||||
Jaguar Holding Co II / Pharmaceutical Product | Chase Issuance Trust | ||||||||||
Development LLC | 1.58%, 08/15/2021 | 3,000 | 2,991 | ||||||||
6.38%, 08/01/2023(g) | 65 | 66 | 2.77%, 01/15/2022 | 4,500 | 4,507 | ||||||
Nielsen Finance LLC / Nielsen Finance Co | 1.00 x 1 Month USD LIBOR + 0.30% | ||||||||||
5.00%, 04/15/2022(g) | 155 | 154 | 2.88%, 05/15/2021 | 2,100 | 2,100 | ||||||
Prime Security Services Borrower LLC / Prime | 1.00 x 1 Month USD LIBOR + 0.41% | ||||||||||
Finance Inc | Discover Card Execution Note Trust | ||||||||||
9.25%, 05/15/2023(g) | 34 | 36 | 1.88%, 02/15/2023 | 935 | 927 | ||||||
Refinitiv US HoldingsInc | First National Master Note Trust 2018-1 | ||||||||||
8.25%, 11/15/2026(g) | 560 | 568 | 2.93%, 10/15/2024 | 9,000 | 9,002 | ||||||
Service Corp International/US | 1.00 x 1 Month USD LIBOR + 0.46% | ||||||||||
5.38%, 05/15/2024 | 205 | 210 | $ | 21,956 | |||||||
8.00%, 11/15/2021 | 225 | 245 | Distribution & Wholesale - 0.16% | ||||||||
Star Merger SubInc | American Builders & Contractors Supply CoInc | ||||||||||
10.25%, 02/15/2027(g) | 110 | 115 | 5.75%, 12/15/2023(g) | 885 | 917 | ||||||
TMS International Corp | 5.88%, 05/15/2026(g) | 470 | 484 | ||||||||
7.25%, 08/15/2025(g) | 1,530 | 1,499 | Ferguson Finance PLC | ||||||||
United Rentals North AmericaInc | 4.50%, 10/24/2028(g) | 3,360 | 3,411 | ||||||||
4.63%, 10/15/2025 | 910 | 903 | H&E Equipment ServicesInc | ||||||||
4.88%, 01/15/2028 | 310 | 308 | 5.63%, 09/01/2025 | 130 | 132 | ||||||
5.88%, 09/15/2026 | 700 | 732 | $ | 4,944 | |||||||
6.50%, 12/15/2026 | 340 | 364 | |||||||||
$ | 8,600 | Diversified Financial Services- 1.49% | |||||||||
AerCap Ireland Capital DAC / AerCap Global | |||||||||||
Computers - 1.18% | Aviation Trust | ||||||||||
AppleInc | 4.63%, 10/30/2020 | 265 | 271 | ||||||||
0.88%, 05/24/2025 | EUR | 420 | 489 | AircastleLtd | |||||||
2.75%, 01/13/2025 | $ | 2,275 | 2,264 | 5.13%, 03/15/2021 | 220 | 227 | |||||
2.85%, 05/11/2024 | 5,745 | 5,760 | Ally FinancialInc | ||||||||
3.00%, 02/09/2024 | 4,950 | 4,997 | 4.25%, 04/15/2021 | 305 | 309 | ||||||
3.05%, 07/31/2029 | GBP | 125 | 180 | 5.75%, 11/20/2025 | 1,665 | 1,804 | |||||
3.35%, 02/09/2027 | $ | 6,795 | 6,920 | 8.00%, 11/01/2031 | 220 | 282 | |||||
4.25%, 02/09/2047 | 65 | 69 | Avation Capital SA | ||||||||
4.65%, 02/23/2046 | 1,390 | 1,544 | 6.50%, 05/15/2021(g) | 200 | 200 | ||||||
Dell Inc | BlackRockInc | ||||||||||
4.63%, 04/01/2021 | 460 | 467 | 3.25%, 04/30/2029 | 4,880 | 4,898 | ||||||
Dell International LLC / EMC Corp | Blackstone Holdings Finance Co LLC | ||||||||||
4.00%, 07/15/2024(g) | 350 | 354 | 2.00%, 05/19/2025 | EUR | 250 | 297 | |||||
4.90%, 10/01/2026(g) | 4,600 | 4,712 | Brookfield FinanceInc | ||||||||
5.30%, 10/01/2029(g) | 390 | 402 | 3.90%, 01/25/2028 | $ | 2,895 | 2,837 | |||||
5.88%, 06/15/2021(g) | 365 | 372 | 4.00%, 04/01/2024 | 8,468 | 8,694 | ||||||
7.13%, 06/15/2024(g) | 3,664 | 3,876 | 4.70%, 09/20/2047 | 4,870 | 4,736 | ||||||
8.35%, 07/15/2046(g) | 3,210 | 3,951 | 4.85%, 03/29/2029 | 1,110 | 1,167 | ||||||
EMC Corp | Credit Acceptance Corp | ||||||||||
2.65%, 06/01/2020 | 155 | 154 | 6.13%, 02/15/2021 | 950 | 951 | ||||||
West Corp | 6.63%, 03/15/2026(g) | 2,120 | 2,231 | ||||||||
8.50%, 10/15/2025(g) | 300 | 264 | 7.38%, 03/15/2023 | 1,505 | 1,560 | ||||||
Western Digital Corp | Credito Real SAB de CV SOFOM ER | ||||||||||
4.75%, 02/15/2026 | 100 | 97 | 7.25%, 07/20/2023 | 250 | 259 | ||||||
$ | 36,872 | Doric Nimrod Air Finance Alpha Ltd 2012-1 | |||||||||
Consumer Products - 0.03% | Class B Pass Through Trust | ||||||||||
Prestige Brands Inc | 6.50%, 05/30/2021(g) | 179 | 182 | ||||||||
5.38%, 12/15/2021(g) | 415 | 418 | E*TRADE Financial Corp | ||||||||
5.30%, 12/31/2049(f),(k) | 1,940 | 1,889 | |||||||||
3 Month USD LIBOR + 3.16% |
See accompanying notes.
105
Schedule of Investments Core Plus Bond Fund April 30, 2019 (unaudited)
Principal | Principal | ||||||||||||
BONDS (continued) | Amount (000’s) Value (000’s) | BONDS (continued) | Amount (000’s) Value (000’s) | ||||||||||
Diversified Financial Services (continued) | Electric (continued) | ||||||||||||
GE Capital International Funding Co Unlimited | Enel Chile SA | ||||||||||||
Co | 4.88%, 06/12/2028 | $ | 960 | $ | 1,017 | ||||||||
2.34%, 11/15/2020 | $ | 200 | $ | 198 | Exelon Corp | ||||||||
4.42%, 11/15/2035 | 2,045 | 1,915 | 3.50%, 06/01/2022 | 2,865 | 2,905 | ||||||||
GE Capital UK Funding Unlimited Co | 5.10%, 06/15/2045 | 60 | 68 | ||||||||||
4.13%, 09/13/2023 | GBP | 120 | 167 | Fortis Inc/Canada | |||||||||
ILFC E-Capital Trust II | 2.10%, 10/04/2021 | 100 | 98 | ||||||||||
4.85%, 12/21/2065(g),(i) | $ | 155 | 119 | 3.06%, 10/04/2026 | 1,124 | 1,080 | |||||||
NasdaqInc | Georgia Power Co | ||||||||||||
1.75%, 03/28/2029 | EUR | 600 | 687 | 4.30%, 03/15/2043 | 1,080 | 1,067 | |||||||
National Rural Utilities Cooperative Finance Corp | Indiantown Cogeneration LP | ||||||||||||
2.40%, 04/25/2022 | $ | 145 | 144 | 9.77%, 12/15/2020 | 266 | 275 | |||||||
4.75%, 04/30/2043(k) | 855 | 838 | Louisville Gas & Electric Co | ||||||||||
3 Month USD LIBOR + 2.91% | 4.25%, 04/01/2049 | 1,105 | 1,163 | ||||||||||
NavientCorp | MexicoGeneradorade Energia S de rl | ||||||||||||
6.13%, 03/25/2024 | 1,395 | 1,427 | 5.50%, 12/06/2032 | 336 | 345 | ||||||||
6.63%, 07/26/2021 | 625 | 655 | MidAmerican Energy Co | ||||||||||
6.75%, 06/15/2026 | 1,110 | 1,118 | 4.25%, 07/15/2049 | 550 | 587 | ||||||||
Nuveen LLC | NextEra Energy Capital HoldingsInc | ||||||||||||
4.00%, 11/01/2028(g) | 3,550 | 3,777 | 3.50%, 04/01/2029 | 3,200 | 3,201 | ||||||||
Quicken LoansInc | NRG EnergyInc | ||||||||||||
5.75%, 05/01/2025(g) | 120 | 122 | 6.25%, 05/01/2024 | 1,145 | 1,182 | ||||||||
Springleaf Finance Corp | 6.63%, 01/15/2027 | 260 | 278 | ||||||||||
5.63%, 03/15/2023 | 480 | 499 | 7.25%, 05/15/2026 | 620 | 675 | ||||||||
6.88%, 03/15/2025 | 1,740 | 1,866 | OncorElectric Delivery Co LLC | ||||||||||
8.25%, 12/15/2020 | 145 | 156 | 2.15%, 06/01/2019 | 190 | 190 | ||||||||
VantivLLC /VantivIssuer Corp | 5.25%, 09/30/2040 | 40 | 47 | ||||||||||
4.38%, 11/15/2025(g) | 235 | 241 | PacifiCorp | ||||||||||
$ | 46,723 | 3.50%, 06/15/2029 | 3,525 | 3,598 | |||||||||
Electric - 2.60% | 3.85%, 06/15/2021 | 50 | 51 | ||||||||||
Abu Dhabi National Energy Co PJSC | Pampa EnergiaSA | ||||||||||||
4.38%, 06/22/2026(g) | 675 | 696 | 7.38%, 07/21/2023 | 250 | 224 | ||||||||
Alabama Power Co | PPL Electric Utilities Corp | ||||||||||||
3.85%, 12/01/2042 | 30 | 29 | 3.95%, 06/01/2047 | 40 | 40 | ||||||||
Calpine Corp | 4.75%, 07/15/2043 | 1,375 | 1,527 | ||||||||||
5.75%, 01/15/2025 | 95 | 94 | PPL WEM Ltd / Western Power Distribution Ltd | ||||||||||
CMS Energy Corp | 5.38%, 05/01/2021(g) | 5,425 | 5,600 | ||||||||||
3.00%, 05/15/2026 | 1,725 | 1,678 | Public Service Co of Colorado | ||||||||||
4.70%, 03/31/2043 | 910 | 940 | 4.05%, 09/15/2049 | 1,305 | 1,351 | ||||||||
4.88%, 03/01/2044 | 1,835 | 2,013 | Public Service Electric & Gas Co | ||||||||||
Commonwealth Edison Co | 3.65%, 09/01/2042 | 20 | 19 | ||||||||||
3.80%, 10/01/2042 | 905 | 884 | Southern California Edison Co | ||||||||||
4.00%, 03/01/2049 | 2,155 | 2,185 | 4.13%, 03/01/2048 | 1,215 | 1,149 | ||||||||
Consolidated Edison Co of New YorkInc | 4.20%, 03/01/2029 | 3,000 | 3,092 | ||||||||||
4.63%, 12/01/2054 | 1,940 | 2,061 | 4.88%, 03/01/2049 | 2,175 | 2,307 | ||||||||
4.65%, 12/01/2048 | 120 | 133 | Southern Co/The | ||||||||||
Dominion EnergyInc | 2.95%, 07/01/2023 | 1,010 | 1,009 | ||||||||||
2.58%, 07/01/2020 | 10,740 | 10,695 | 4.25%, 07/01/2036 | 60 | 60 | ||||||||
3.90%, 10/01/2025 | 1,670 | 1,737 | 5.50%, 03/15/2057(k) | 730 | 745 | ||||||||
4.25%, 06/01/2028 | 3,490 | 3,664 | 3 Month USD LIBOR + 3.63% | ||||||||||
DTE Electric Co | State Grid Overseas Investment 2016 Ltd | ||||||||||||
3.95%, 03/01/2049 | 1,665 | 1,702 | 3.50%, 05/04/2027 | 1,600 | 1,595 | ||||||||
DTE Energy Co | Tucson Electric Power Co | ||||||||||||
6.38%, 04/15/2033 | 921 | 1,148 | 4.85%, 12/01/2048 | 710 | 782 | ||||||||
Duke Energy Florida LLC | Virginia Electric & Power Co | ||||||||||||
3.80%, 07/15/2028 | 3,230 | 3,373 | 3.80%, 04/01/2028 | 1,875 | 1,947 | ||||||||
Duke Energy OhioInc | 4.45%, 02/15/2044 | 60 | 64 | ||||||||||
3.65%, 02/01/2029 | 375 | 388 | 4.60%, 12/01/2048 | 1,020 | 1,119 | ||||||||
Electricitede France SA | 4.65%, 08/15/2043 | 70 | 76 | ||||||||||
2.35%, 10/13/2020(g) | 155 | 154 | VistraEnergy Corp | ||||||||||
5.63%, 12/31/2049(f),(g),(k) | 2,940 | 2,969 | 7.38%, 11/01/2022 | 130 | 134 | ||||||||
USD Swap Semi-Annual 10 Year + 3.04% | 8.13%, 01/30/2026(g) | 200 | 218 | ||||||||||
6.00%, 12/29/2049(f),(k) | GBP | 100 | 137 | VistraOperations Co LLC | |||||||||
GBP Swap SA (VS 6 Month) 13 Year + | 5.50%, 09/01/2026(g) | 865 | 891 | ||||||||||
3.96% | 5.63%, 02/15/2027(g) | 760 | 780 | ||||||||||
Elwood Energy LLC | WEC Energy GroupInc | ||||||||||||
8.16%, 07/05/2026 | $ | 490 | 532 | 3.10%, 03/08/2022 | 1,475 | 1,486 |
See accompanying notes.
106
Schedule of Investments Core Plus Bond Fund April 30, 2019 (unaudited)
Principal | Principal | ||||||||||
BONDS (continued) | Amount (000’s) Value (000’s) | BONDS (continued) | Amount (000’s) Value (000’s) | ||||||||
Electric (continued) | Environmental Control - 0.11% | ||||||||||
Western Power Distribution West Midlands PLC | Clean HarborsInc | ||||||||||
5.75%, 04/16/2032 | GBP | 100 | $ | 173 | 5.13%, 06/01/2021 | $ | 320 | $ | 320 | ||
$ | 81,427 | Covanta Holding Corp | |||||||||
Electrical Components & Equipment - 0.03% | 6.00%, 01/01/2027 | 125 | 127 | ||||||||
Energizer HoldingsInc | GFL EnvironmentalInc | ||||||||||
5.50%, 06/15/2025(g) | $ | 580 | 586 | 7.00%, 06/01/2026(g) | 125 | 122 | |||||
6.38%, 07/15/2026(g) | 334 | 345 | Waste ConnectionsInc | ||||||||
$ | 931 | 4.25%, 12/01/2028 | 2,770 | 2,932 | |||||||
Electronics - 0.03% | $ | 3,501 | |||||||||
ADT Security Corp/The | Food - 1.02% | ||||||||||
6.25%, 10/15/2021 | 205 | 216 | Albertsons Cos LLC / SafewayInc/ New | ||||||||
Ingram Micro Inc | Albertsons LP / Albertson's LLC | ||||||||||
5.45%, 12/15/2024 | 200 | 199 | 7.50%, 03/15/2026(g) | 1,210 | 1,283 | ||||||
Sanmina Corp | Cencosud SA | ||||||||||
4.38%, 06/01/2019(g) | 155 | 155 | 4.38%, 07/17/2027(g) | 345 | 329 | ||||||
SensataTechnologies BV | General MillsInc | ||||||||||
5.00%, 10/01/2025(g) | 145 | 149 | 1.00%, 04/27/2023 | EUR | 500 | 577 | |||||
Tech Data Corp | 4.55%, 04/17/2038 | $ | 2,540 | 2,559 | |||||||
3.70%, 02/15/2022 | 80 | 80 | Gruma SAB de CV | ||||||||
Tyco Electronics Group SA | 4.88%, 12/01/2024(g) | 1,175 | 1,237 | ||||||||
7.13%, 10/01/2037 | 105 | 138 | JBS Investments GmbH | ||||||||
$ | 937 | 7.25%, 04/03/2024(g) | 350 | 363 | |||||||
Energy - Alternate Sources - 0.01% | JBS USA LUX SA / JBS USA FinanceInc | ||||||||||
Rio Energy SA / UGEN SA / UENSA SA | 5.75%, 06/15/2025(g) | 1,290 | 1,319 | ||||||||
6.88%, 02/01/2025 | 175 | 114 | 7.25%, 06/01/2021(g) | 1,775 | 1,779 | ||||||
TerraForm Power Operating LLC | JBS USA LUX SA / JBS USA Food Co / JBS | ||||||||||
5.00%, 01/31/2028(g) | 125 | 123 | USA FinanceInc | ||||||||
$ | 237 | 6.50%, 04/15/2029(g) | 1,160 | 1,230 | |||||||
Engineering & Construction - 0.06% | Kraft Heinz Foods Co | ||||||||||
AeropuertoInternacional deTocumen SA | 2.80%, 07/02/2020 | 270 | 270 | ||||||||
6.00%, 11/18/2048(g) | 975 | 1,097 | 5.00%, 07/15/2035 | 1,470 | 1,462 | ||||||
Delhi International Airport Ltd | Lamb Weston HoldingsInc | ||||||||||
6.13%, 10/31/2026 | 200 | 207 | 4.88%, 11/01/2026(g) | 80 | 81 | ||||||
MasTecInc | McCormick & CoInc/MD | ||||||||||
4.88%, 03/15/2023 | 120 | 121 | 3.15%, 08/15/2024 | 3,580 | 3,571 | ||||||
Zhaohai Investment BVI Ltd | 3.40%, 08/15/2027 | 2,590 | 2,556 | ||||||||
4.00%, 07/23/2020 | 415 | 405 | Nestle Holdings Inc | ||||||||
$ | 1,830 | 3.35%, 09/24/2023(g) | 3,215 | 3,295 | |||||||
3.50%, 09/24/2025(g) | 2,775 | 2,872 | |||||||||
Entertainment - 0.30% | New Albertsons LP | ||||||||||
AMC Entertainment HoldingsInc | 7.45%, 08/01/2029 | 50 | 46 | ||||||||
5.75%, 06/15/2025 | 50 | 48 | Post Holdings Inc | ||||||||
Boyne USAInc | 5.00%, 08/15/2026(g) | 2,275 | 2,266 | ||||||||
7.25%, 05/01/2025(g) | 1,015 | 1,101 | 5.75%, 03/01/2027(g) | 15 | 15 | ||||||
Caesars Resort Collection LLC / CRCFinco Inc | TreeHouseFoods Inc | ||||||||||
5.25%, 10/15/2025(g) | 1,785 | 1,745 | 4.88%, 03/15/2022 | 340 | 343 | ||||||
CCM MergerInc | Want Want China Finance Ltd | ||||||||||
6.00%, 03/15/2022(g) | 1,435 | 1,473 | 2.88%, 04/27/2022 | 1,700 | 1,678 | ||||||
Cedar Fair LP / Canada's Wonderland Co / | Wm Wrigley Jr Co | ||||||||||
Magnum Management Corp / Millennium Op | 3.38%, 10/21/2020(g) | 2,745 | 2,772 | ||||||||
5.38%, 04/15/2027 | 40 | 41 | $ | 31,903 | |||||||
Cinemark USAInc | |||||||||||
4.88%, 06/01/2023 | 50 | 51 | Forest Products & Paper - 0.14% | ||||||||
Eldorado ResortsInc | Domtar Corp | ||||||||||
6.00%, 04/01/2025 | 10 | 10 | 6.25%, 09/01/2042 | 1,550 | 1,569 | ||||||
6.00%, 09/15/2026 | 890 | 923 | FibriaOverseas Finance Ltd | ||||||||
7.00%, 08/01/2023 | 690 | 721 | 5.50%, 01/17/2027 | 80 | 84 | ||||||
Enterprise Development Authority/The | International Paper Co | ||||||||||
12.00%, 07/15/2024(g) | 1,130 | 1,158 | 4.35%, 08/15/2048 | 1,885 | 1,735 | ||||||
Lions Gate Capital Holdings LLC | Suzano Austria GmbH | ||||||||||
5.88%, 11/01/2024(g) | 1,000 | 1,020 | 6.00%, 01/15/2029(g) | 875 | 936 | ||||||
6.38%, 02/01/2024(g) | 745 | 780 | $ | 4,324 | |||||||
Scientific Games InternationalInc | Gas - 0.26% | ||||||||||
8.25%, 03/15/2026(g) | 100 | 104 | AmeriGas Partners LP / AmeriGas Finance Corp | ||||||||
10.00%, 12/01/2022 | 161 | 169 | 5.50%, 05/20/2025 | 95 | 97 | ||||||
Six Flags Entertainment Corp | Boston Gas Co | ||||||||||
4.88%, 07/31/2024(g) | 90 | 90 | 3.15%, 08/01/2027(g) | 125 | 123 | ||||||
$ | 9,434 | Dominion Energy Gas Holdings LLC | |||||||||
2.80%, 11/15/2020 | 3,640 | 3,644 |
See accompanying notes.
107
Schedule of Investments Core Plus Bond Fund April 30, 2019 (unaudited)
Principal | Principal | |||||||||||
BONDS (continued) | Amount (000’s) Value (000’s) | BONDS (continued) | Amount (000’s) Value (000’s) | |||||||||
Gas (continued) | Healthcare - Services (continued) | |||||||||||
NGL Energy Partners LP / NGL Energy Finance | Tenet Healthcare Corp | |||||||||||
Corp | 4.63%, 07/15/2024 | $ | 1,125 | $ | 1,128 | |||||||
7.50%, 04/15/2026(g) | $ | 400 | $ | 413 | 6.00%, 10/01/2020 | 455 | 471 | |||||
Southern Co Gas Capital Corp | UnitedHealth GroupInc | |||||||||||
4.40%, 05/30/2047 | 2,245 | 2,237 | 3.88%, 12/15/2028 | 3,095 | 3,233 | |||||||
Talent Yield Investments Ltd | WellCareHealth Plans Inc | |||||||||||
4.50%, 04/25/2022(g) | 1,500 | 1,540 | 5.25%, 04/01/2025 | 3,015 | 3,113 | |||||||
$ | 8,054 | $ | 19,160 | |||||||||
Healthcare - Products - 0.83% | Home Builders - 0.18% | |||||||||||
Abbott Laboratories | Beazer Homes USAInc | |||||||||||
2.90%, 11/30/2021 | 1,745 | 1,753 | 8.75%, 03/15/2022 | 65 | 68 | |||||||
3.75%, 11/30/2026 | 1,840 | 1,917 | Century CommunitiesInc | |||||||||
4.75%, 11/30/2036 | 215 | 239 | 5.88%, 07/15/2025 | 2,010 | 1,995 | |||||||
4.90%, 11/30/2046 | 3,560 | 4,058 | KB Home | |||||||||
AvantorInc | 7.00%, 12/15/2021 | 300 | 321 | |||||||||
9.00%, 10/01/2025(g) | 40 | 43 | Lennar Corp | |||||||||
Becton Dickinson and Co | 4.50%, 04/30/2024 | 61 | 62 | |||||||||
1.40%, 05/24/2023 | EUR | 600 | 695 | 4.75%, 11/15/2022 | 50 | 51 | ||||||
3.02%, 05/24/2025 | GBP | 200 | 268 | 8.38%, 01/15/2021 | 65 | 70 | ||||||
3.36%, 06/06/2024 | $ | 2,065 | 2,070 | LGI HomesInc | ||||||||
3.64%, 06/06/2022 | 2,235 | 2,249 | 6.88%, 07/15/2026(g) | 690 | 699 | |||||||
3 Month USD LIBOR + 1.03% | PulteGroupInc | |||||||||||
3.70%, 06/06/2027 | 3,265 | 3,251 | 5.50%, 03/01/2026 | 90 | 95 | |||||||
4.69%, 12/15/2044 | 1,705 | 1,746 | Taylor Morrison CommunitiesInc/ Taylor | |||||||||
Boston Scientific Corp | Morrison Holdings II Inc | |||||||||||
4.00%, 03/01/2029 | 2,610 | 2,690 | 5.63%, 03/01/2024(g) | 730 | 737 | |||||||
4.70%, 03/01/2049 | 2,095 | 2,203 | Toll Brothers Finance Corp | |||||||||
Kinetic ConceptsInc/ KCI USAInc | 4.88%, 03/15/2027 | 60 | 60 | |||||||||
7.88%, 02/15/2021(g) | 954 | 974 | TRI Pointe GroupInc | |||||||||
Mallinckrodt International Finance SA / | 4.88%, 07/01/2021 | 315 | 320 | |||||||||
Mallinckrodt CB LLC | TRI Pointe GroupInc/ TRI Pointe HomesInc | |||||||||||
5.75%, 08/01/2022(g) | 95 | 88 | 5.88%, 06/15/2024 | 65 | 66 | |||||||
Medtronic Global Holdings SCA | Williams Scotsman InternationalInc | |||||||||||
1.13%, 03/07/2027 | EUR | 240 | 277 | 7.88%, 12/15/2022(g) | 985 | 1,032 | ||||||
Medtronic Inc | $ | 5,576 | ||||||||||
3.50%, 03/15/2025 | $ | 240 | 247 | Home Equity Asset Backed Securities - 0.03% | ||||||||
4.38%, 03/15/2035 | 990 | 1,066 | First NLC Trust 2005-1 | |||||||||
4.63%, 03/15/2045 | 187 | 210 | 2.67%, 05/25/2035 | 232 | 217 | |||||||
Ortho-Clinical DiagnosticsInc/ Ortho-Clinical | 1.00 x 1 Month USD LIBOR + 0.50% | |||||||||||
Diagnostics SA | JP Morgan Mortgage Acquisition Trust | |||||||||||
6.63%, 05/15/2022(g) | 60 | 59 | 2006-CW2 | |||||||||
$ | 26,103 | 2.63%, 08/25/2036 | 120 | 119 | ||||||||
Healthcare - Services - 0.61% | 1.00 x 1 Month USD LIBOR + 0.15% | |||||||||||
Acadia Healthcare CoInc | Saxon Asset Securities Trust 2004-1 | |||||||||||
5.63%, 02/15/2023 | 115 | 116 | 3.44%, 03/25/2035 | 275 | 149 | |||||||
AHP Health PartnersInc | 1.00 x 1 Month USD LIBOR + 1.70% | |||||||||||
9.75%, 07/15/2026(g) | 1,675 | 1,815 | Specialty Underwriting & Residential Finance | |||||||||
Centene Corp | Trust Series 2004-BC1 | |||||||||||
4.75%, 05/15/2022 | 300 | 306 | 3.24%, 02/25/2035 | 303 | 303 | |||||||
5.38%, 06/01/2026(g) | 1,305 | 1,358 | 1.00 x 1 Month USD LIBOR + 0.77% | |||||||||
5.63%, 02/15/2021 | 450 | 457 | $ | 788 | ||||||||
6.13%, 02/15/2024 | 655 | 686 | Housewares - 0.01% | |||||||||
DaVita Inc | TurkiyeSise veCam Fabrikalari AS | |||||||||||
5.13%, 07/15/2024 | 165 | 165 | 4.25%, 05/09/2020 | 200 | 198 | |||||||
HCA HealthcareInc | Insurance - 2.37% | |||||||||||
6.25%, 02/15/2021 | 575 | 603 | AegonNV | |||||||||
HCAInc | 4.00%, 04/25/2044(k) | EUR | 250 | 302 | ||||||||
4.50%, 02/15/2027 | 160 | 164 | 3 Month Euro Interbank Offered Rate + | |||||||||
4.75%, 05/01/2023 | 2,100 | 2,194 | 3.35% | |||||||||
5.00%, 03/15/2024 | 70 | 74 | AIA Group Ltd | |||||||||
5.25%, 04/15/2025 | 115 | 123 | 3.20%, 03/11/2025(g) | $ | 2,655 | 2,650 | ||||||
5.25%, 06/15/2026 | 350 | 374 | 3.60%, 04/09/2029(g) | 3,400 | 3,411 | |||||||
5.50%, 06/15/2047 | 490 | 519 | 3.90%, 04/06/2028(g) | 4,485 | 4,616 | |||||||
5.88%, 03/15/2022 | 10 | 11 | Allianz SE | |||||||||
5.88%, 02/01/2029 | 1,390 | 1,496 | 2.24%, 07/07/2045(k) | EUR | 500 | 586 | ||||||
MPH Acquisition Holdings LLC | 3 Month Euro Interbank Offered Rate + | |||||||||||
7.13%, 06/01/2024(g) | 750 | 754 | 2.65% |
See accompanying notes.
108
Schedule of Investments Core Plus Bond Fund April 30, 2019 (unaudited)
Principal | Principal | |||||||||||
BONDS (continued) | Amount (000’s) Value (000’s) | BONDS (continued) | Amount (000’s) Value (000’s) | |||||||||
Insurance (continued) | Investment Companies - 0.01% | |||||||||||
American International GroupInc | Bright Galaxy International Ltd | |||||||||||
3.30%, 03/01/2021 | $ | 2,140 | $ | 2,155 | 3.38%, 11/03/2021 | $ | 420 | $ | 409 | |||
3.90%, 04/01/2026 | 8,740 | 8,842 | Iron & Steel - 0.13% | |||||||||
4.50%, 07/16/2044 | 4,858 | 4,744 | AK Steel Corp | |||||||||
Arch Capital Finance LLC | 6.38%, 10/15/2025 | 800 | 670 | |||||||||
4.01%, 12/15/2026 | 2,845 | 2,961 | 7.50%, 07/15/2023 | 475 | 487 | |||||||
5.03%, 12/15/2046 | 1,205 | 1,333 | 7.63%, 10/01/2021 | 645 | 642 | |||||||
Catlin Insurance Co Ltd | Allegheny TechnologiesInc | |||||||||||
5.57%, 07/29/2049(f),(g) | 2,105 | 2,066 | 7.88%, 08/15/2023 | 65 | 70 | |||||||
3 Month USD LIBOR + 2.98% | ArcelorMittal | |||||||||||
Chubb INA HoldingsInc | 5.50%, 03/01/2021 | 220 | 230 | |||||||||
1.55%, 03/15/2028 | EUR | 650 | 759 | Big River Steel LLC / BRS Finance Corp | ||||||||
CNO Financial GroupInc | 7.25%, 09/01/2025(g) | 95 | 101 | |||||||||
4.50%, 05/30/2020 | $ | 310 | 313 | Cleveland-CliffsInc | ||||||||
5.25%, 05/30/2025 | 70 | 73 | 4.88%, 01/15/2024(g) | 35 | 35 | |||||||
Genworth HoldingsInc | CSN Resources SA | |||||||||||
7.63%, 09/24/2021 | 400 | 390 | 6.50%, 07/21/2020 | 435 | 441 | |||||||
Liberty Mutual GroupInc | Evraz PLC | |||||||||||
5.52%, 03/07/2067(g) | 1,860 | 1,767 | 5.25%, 04/02/2024(g) | 650 | 658 | |||||||
3 Month USD LIBOR + 2.91% | Metinvest BV | |||||||||||
Manulife Financial Corp | 7.75%, 04/23/2023 | 200 | 196 | |||||||||
3.05%, 08/20/2029(k) | CAD | 325 | 245 | United States Steel Corp | ||||||||
Canada Bankers Acceptances 3 Month + | 6.25%, 03/15/2026 | 75 | 67 | |||||||||
1.05 | % | Vale Overseas Ltd | ||||||||||
Markel Corp | 6.88%, 11/21/2036 | 279 | 324 | |||||||||
3.50%, 11/01/2027 | $ | 1,600 | 1,529 | $ | 3,921 | |||||||
4.30%, 11/01/2047 | 1,265 | 1,142 | Leisure Products & Services - 0.01% | |||||||||
5.00%, 04/05/2046 | 3,655 | 3,670 | NCL Corp Ltd | |||||||||
Nuveen Finance LLC | 4.75%, 12/15/2021(g) | 213 | 215 | |||||||||
4.13%, 11/01/2024(g) | 7,085 | 7,456 | Lodging - 0.10% | |||||||||
Swiss Re Finance Luxembourg SA | Boyd Gaming Corp | |||||||||||
5.00%, 04/02/2049(g),(k) | 3,200 | 3,300 | 6.38%, 04/01/2026 | 60 | 63 | |||||||
US Treasury Yield Curve Rate T Note | Jack Ohio Finance LLC / Jack Ohio Finance 1 | |||||||||||
Constant Maturity 5 Year + 3.58% | Corp | |||||||||||
Voya FinancialInc | 6.75%, 11/15/2021(g) | 180 | 186 | |||||||||
5.65%, 05/15/2053(k) | 4,365 | 4,376 | MGM Resorts International | |||||||||
3 Month USD LIBOR + 3.58% | 6.00%, 03/15/2023 | 415 | 443 | |||||||||
6.13%, 12/31/2049(f),(k) | 250 | 260 | 6.63%, 12/15/2021 | 150 | 161 | |||||||
US Treasury Yield Curve Rate T Note | Sands China Ltd | |||||||||||
Constant Maturity 5 Year + 3.36% | 5.40%, 08/08/2028 | 375 | 397 | |||||||||
XLIT Ltd | Wyndham DestinationsInc | |||||||||||
4.45%, 03/31/2025 | 9,205 | 9,551 | 5.75%, 04/01/2027 | 100 | 100 | |||||||
5.05%, 12/31/2049(f) | 1,230 | 1,196 | Wynn Las Vegas LLC / Wynn Las Vegas Capital | |||||||||
3 Month USD LIBOR + 2.46% | Corp | |||||||||||
5.50%, 03/31/2045 | 4,020 | 4,446 | 5.25%, 05/15/2027(g) | 1,400 | 1,367 | |||||||
$ | 74,139 | 5.50%, 03/01/2025(g) | 490 | 496 | ||||||||
Internet - 0.18% | $ | 3,213 | ||||||||||
Alibaba Group Holding Ltd | Machinery - Diversified- 0.06% | |||||||||||
3.40%, 12/06/2027 | 475 | 465 | Cloud Crane LLC | |||||||||
3.60%, 11/28/2024 | 250 | 256 | 10.13%, 08/01/2024(g) | 1,530 | 1,645 | |||||||
Baidu Inc | CNH Industrial Capital LLC | |||||||||||
4.38%, 05/14/2024 | 375 | 390 | 4.88%, 04/01/2021 | 330 | 340 | |||||||
Match GroupInc | $ | 1,985 | ||||||||||
5.00%, 12/15/2027(g) | 60 | 60 | ||||||||||
NetflixInc | Media - 2.98% | |||||||||||
5.38%, 02/01/2021 | 200 | 207 | Altice Financing SA | |||||||||
5.88%, 11/15/2028 | 135 | 143 | 6.63%, 02/15/2023(g) | 1,400 | 1,435 | |||||||
Symantec Corp | 7.50%, 05/15/2026(g) | 250 | 254 | |||||||||
5.00%, 04/15/2025(g) | 55 | 56 | AlticeFincoSA | |||||||||
TencentHoldings Ltd | 8.13%, 01/15/2024(g) | 1,300 | 1,345 | |||||||||
3.58%, 04/11/2026(g) | 320 | 320 | Altice Luxembourg SA | |||||||||
3.80%, 02/11/2025(g) | 1,200 | 1,222 | 7.75%, 05/15/2022(g) | 3,230 | 3,291 | |||||||
3.98%, 04/11/2029(g) | 1,300 | 1,310 | AMC NetworksInc | |||||||||
Zayo Group LLC / Zayo CapitalInc | 4.75%, 12/15/2022 | 310 | 313 | |||||||||
5.75%, 01/15/2027(g) | 65 | 66 | 5.00%, 04/01/2024 | 95 | 96 | |||||||
6.00%, 04/01/2023 | 1,200 | 1,220 | Cablevision Systems Corp | |||||||||
$ | 5,715 | 5.88%, 09/15/2022 | 130 | 135 |
See accompanying notes.
109
Schedule of Investments Core Plus Bond Fund April 30, 2019 (unaudited)
Principal | Principal | ||||||||||
BONDS (continued) | Amount (000’s) Value (000’s) | BONDS (continued) | Amount (000’s) Value (000’s) | ||||||||
Media (continued) | Media (continued) | ||||||||||
CCO Holdings LLC / CCO Holdings Capital Corp | Walt Disney Co/The | ||||||||||
5.13%, 02/15/2023 | $ | 270 | $ | 274 | 3.00%, 09/15/2022(g) | $ | 1,845 | $ | 1,859 | ||
5.13%, 05/01/2023(g) | 3,520 | 3,608 | 4.75%, 09/15/2044(g) | 15 | 17 | ||||||
5.13%, 05/01/2027(g) | 270 | 274 | 5.40%, 10/01/2043(g) | 1,555 | 1,910 | ||||||
5.25%, 09/30/2022 | 490 | 498 | 6.15%, 02/15/2041(g) | 605 | 798 | ||||||
5.50%, 05/01/2026(g) | 5 | 5 | 6.20%, 12/15/2034(g) | 215 | 279 | ||||||
Charter Communications Operating LLC / Charter | 6.40%, 12/15/2035(g) | 1,845 | 2,428 | ||||||||
Communications Operating Capital | Warner Media LLC | ||||||||||
3.58%, 07/23/2020 | 3,445 | 3,468 | 1.95%, 09/15/2023 | EUR | 250 | 297 | |||||
5.75%, 04/01/2048 | 1,475 | 1,555 | 2.10%, 06/01/2019 | $ | 1,080 | 1,079 | |||||
6.48%, 10/23/2045 | 950 | 1,076 | 3.60%, 07/15/2025 | 2,780 | 2,788 | ||||||
Clear Channel Worldwide HoldingsInc | 3.88%, 01/15/2026 | 2,515 | 2,560 | ||||||||
6.50%, 11/15/2022 | 75 | 77 | 4.05%, 12/15/2023 | 3,670 | 3,822 | ||||||
Comcast Corp | 5.38%, 10/15/2041 | 1,065 | 1,141 | ||||||||
3.38%, 02/15/2025 | 6,605 | 6,718 | ZiggoBond Co BV | ||||||||
3.95%, 10/15/2025 | 2,230 | 2,336 | 6.00%, 01/15/2027(g) | 1,480 | 1,450 | ||||||
4.15%, 10/15/2028 | 7,945 | 8,409 | Ziggo BV | ||||||||
4.20%, 08/15/2034 | 1,900 | 1,988 | 5.50%, 01/15/2027(g) | 950 | 948 | ||||||
4.60%, 10/15/2038 | 4,455 | 4,794 | $ | 93,147 | |||||||
4.60%, 08/15/2045 | 1,630 | 1,736 | Metal Fabrication & Hardware - 0.02% | ||||||||
4.70%, 10/15/2048 | 1,200 | 1,304 | Grinding MediaInc/ Moly-Cop AltaSteelLtd | ||||||||
5.50%, 11/23/2029 | GBP | 125 | 213 | 7.38%, 12/15/2023(g) | 105 | 103 | |||||
CSC Holdings LLC | NovelisCorp | ||||||||||
5.50%, 04/15/2027(g) | $ | 400 | 412 | 5.88%, 09/30/2026(g) | 90 | 91 | |||||
6.50%, 02/01/2029(g) | 1,206 | 1,295 | Park-Ohio IndustriesInc | ||||||||
6.63%, 10/15/2025(g) | 445 | 473 | 6.63%, 04/15/2027 | 480 | 480 | ||||||
6.75%, 11/15/2021 | 300 | 321 | $ | 674 | |||||||
7.75%, 07/15/2025(g) | 325 | 349 | Mining - 0.63% | ||||||||
Discovery Communications LLC | AngloGold Ashanti Holdings PLC | ||||||||||
1.90%, 03/19/2027 | EUR | 500 | 584 | 5.13%, 08/01/2022 | 365 | 379 | |||||
3.34%, 09/20/2019 | $ | 125 | 125 | BHP Billiton Finance USA Ltd | |||||||
3 Month USD LIBOR + 0.71% | 6.75%, 10/19/2075(g),(k) | 1,835 | 2,064 | ||||||||
DISH DBS Corp | USD Swap Semi-Annual 5 Year + 5.09% | ||||||||||
5.13%, 05/01/2020 | 795 | 800 | ConstelliumNV | ||||||||
5.88%, 07/15/2022 | 530 | 517 | 6.63%, 03/01/2025(g) | 1,245 | 1,295 | ||||||
5.88%, 11/15/2024 | 1,570 | 1,354 | Corp Nacional del Cobre de Chile | ||||||||
7.75%, 07/01/2026 | 1,125 | 1,007 | 5.63%, 09/21/2035(g) | 100 | 116 | ||||||
Fox Corp | First Quantum Minerals Ltd | ||||||||||
5.48%, 01/25/2039(g) | 1,215 | 1,353 | 7.00%, 02/15/2021(g) | 82 | 83 | ||||||
5.58%, 01/25/2049(g) | 95 | 108 | 7.00%, 02/15/2021 | 108 | 110 | ||||||
Grupo Televisa SAB | 7.50%, 04/01/2025(g) | 1,290 | 1,246 | ||||||||
6.63%, 01/15/2040 | 80 | 93 | FMG Resources August 2006 Pty Ltd | ||||||||
Meredith Corp | 5.13%, 03/15/2023(g) | 310 | 316 | ||||||||
6.88%, 02/01/2026 | 2,050 | 2,132 | 5.13%, 05/15/2024(g) | 80 | 81 | ||||||
NBCUniversal Media LLC | Freeport-McMoRanInc | ||||||||||
5.15%, 04/30/2020 | 4,935 | 5,051 | 3.88%, 03/15/2023 | 280 | 277 | ||||||
Nexstar Broadcasting Inc | Glencore Finance Canada Ltd | ||||||||||
5.63%, 08/01/2024(g) | 55 | 56 | 5.55%, 10/25/2042(g) | 167 | 163 | ||||||
Radiate Holdco LLC / Radiate FinanceInc | Glencore Finance Europe Ltd | ||||||||||
6.63%, 02/15/2025(g) | 760 | 747 | 1.88%, 09/13/2023 | EUR | 170 | 199 | |||||
6.88%, 02/15/2023(g) | 265 | 265 | Glencore Funding LLC | ||||||||
Sinclair Television GroupInc | 3.00%, 10/27/2022(g) | $ | 25 | 25 | |||||||
5.38%, 04/01/2021 | 130 | 130 | HudbayMinerals Inc | ||||||||
TEGNAInc | 7.25%, 01/15/2023(g) | 300 | 311 | ||||||||
6.38%, 10/15/2023 | 140 | 145 | IAMGOLD Corp | ||||||||
Time Warner Cable LLC | 7.00%, 04/15/2025(g) | 1,485 | 1,515 | ||||||||
5.88%, 11/15/2040 | 1,780 | 1,854 | IndonesiaAsahan AluminiumPerseroPT | ||||||||
Univision CommunicationsInc | 6.53%, 11/15/2028(g) | 300 | 341 | ||||||||
5.13%, 02/15/2025(g) | 100 | 94 | Newmont Goldcorp Corp | ||||||||
UPC Holding BV | 5.13%, 10/01/2019 | 1,800 | 1,816 | ||||||||
5.50%, 01/15/2028(g) | 655 | 662 | Petra Diamonds US Treasury PLC | ||||||||
Viacom Inc | 7.25%, 05/01/2022 | 420 | 408 | ||||||||
4.25%, 09/01/2023 | 1,310 | 1,363 | Southern Copper Corp | ||||||||
4.38%, 03/15/2043 | 4,575 | 4,154 | 6.75%, 04/16/2040 | 395 | 476 | ||||||
Virgin Media Finance PLC | TasekoMines Ltd | ||||||||||
5.75%, 01/15/2025(g) | 723 | 738 | 8.75%, 06/15/2022(g) | 1,140 | 1,096 | ||||||
Virgin Media Secured Finance PLC | |||||||||||
5.25%, 01/15/2026(g) | 380 | 387 |
See accompanying notes.
110
Schedule of Investments Core Plus Bond Fund April 30, 2019 (unaudited)
Principal | Principal | ||||||||||
BONDS (continued) | Amount (000’s) Value (000’s) | BONDS (continued) | Amount (000’s) Value (000’s) | ||||||||
Mining (continued) | Mortgage Backed Securities (continued) | ||||||||||
Teck Resources Ltd | Freddie Mac REMICS | ||||||||||
4.75%, 01/15/2022 | $ | 140 | $ | 144 | 2.00%, 02/15/2036 | $ | 504 | $ | 491 | ||
5.40%, 02/01/2043 | 1,405 | 1,402 | 2.93%, 05/15/2049(c) | 11,788 | 11,781 | ||||||
6.13%, 10/01/2035 | 1,390 | 1,517 | 1.00 x 1 Month USD LIBOR + 0.45% | ||||||||
6.25%, 07/15/2041 | 2,100 | 2,267 | 3.00%, 09/15/2025(l) | 1,288 | 30 | ||||||
8.50%, 06/01/2024(g) | 810 | 867 | 3.00%, 05/15/2027(l) | 3,211 | 210 | ||||||
Vedanta Resources Ltd | 3.00%, 10/15/2027(l) | 709 | 58 | ||||||||
6.38%, 07/30/2022(g) | 900 | 878 | 3.00%, 02/15/2029(l) | 4,571 | 333 | ||||||
VolcanCiaMineraSAA | 3.50%, 02/15/2028(l) | 2,712 | 234 | ||||||||
5.38%, 02/02/2022 | 240 | 247 | 3.50%, 01/15/2040(l) | 3,451 | 345 | ||||||
$ | 19,639 | 3.50%, 03/15/2041(l) | 4,719 | 571 | |||||||
Miscellaneous Manufacturers - 0.23% | 3.53%, 04/15/2046(l) | 17,217 | 3,359 | ||||||||
General Electric Co | (1.00) x 1 Month USD LIBOR + 6.00% | ||||||||||
1.25%, 05/26/2023 | EUR | 520 | 596 | 3.53%, 10/15/2046(l) | 10,866 | 2,057 | |||||
4.50%, 03/11/2044 | $ | 635 | 589 | (1.00) x 1 Month USD LIBOR + 6.00% | |||||||
5.30%, 02/11/2021 | 644 | 667 | 3.58%, 02/15/2046(l) | 8,629 | 1,522 | ||||||
5.55%, 01/05/2026 | 2,285 | 2,476 | (1.00) x 1 Month USD LIBOR + 6.05% | ||||||||
6.88%, 01/10/2039 | 400 | 473 | 4.00%, 04/15/2025(l) | 1,741 | 54 | ||||||
Ingersoll-Rand Luxembourg Finance SA | 4.18%, 05/15/2026(l) | 2,044 | 168 | ||||||||
3.80%, 03/21/2029 | 2,160 | 2,179 | (1.00) x 1 Month USD LIBOR + 6.65% | ||||||||
LSB Industries Inc | 4.28%, 09/15/2034(l) | 301 | 13 | ||||||||
9.63%, 05/01/2023(g) | 50 | 52 | (1.00) x 1 Month USD LIBOR + 6.75% | ||||||||
SiemensFinancieringsmaatschappijNV | Freddie Mac Structured Agency Credit Risk Debt | ||||||||||
2.70%, 03/16/2022(g) | 250 | 249 | Notes | ||||||||
$ | 7,281 | 3.03%, 04/25/2030 | 4,771 | 4,766 | |||||||
Mortgage Backed Securities - 5.44% | 1.00 x 1 Month USD LIBOR + 0.55% | ||||||||||
Fannie Mae Connecticut Avenue Securities | 5.33%, 04/25/2028 | 3,017 | 3,087 | ||||||||
3.08%, 07/25/2030 | 10,159 | 10,153 | 1.00 x 1 Month USD LIBOR + 2.85% | ||||||||
1.00 x 1 Month USD LIBOR + 0.60% | GinnieMae | ||||||||||
3.13%, 08/25/2030 | 2,929 | 2,927 | 1.75%, 10/16/2037 | 154 | 152 | ||||||
1.00 x 1 Month USD LIBOR + 0.65% | 2.81%, 10/20/2048 | 9,865 | 9,827 | ||||||||
3.23%, 02/25/2030 | 1,852 | 1,852 | 1.00 x 1 Month USD LIBOR + 0.33% | ||||||||
1.00 x 1 Month USD LIBOR + 0.75% | 2.83%, 12/20/2048 | 9,933 | 9,908 | ||||||||
3.93%, 01/25/2029 | 1,978 | 1,985 | 1.00 x 1 Month USD LIBOR + 0.35% | ||||||||
1.00 x 1 Month USD LIBOR + 1.45% | 3.17%, 08/16/2045(l) | 8,049 | 1,030 | ||||||||
Fannie Mae REMIC Trust 2005-W2 | (1.00) x 1 Month USD LIBOR + 5.65% | ||||||||||
2.68%, 05/25/2035 | 191 | 190 | 3.50%, 02/20/2040(l) | 2,898 | 286 | ||||||
1.00 x 1 Month USD LIBOR + 0.20% | 3.50%, 01/20/2043(l) | 4,509 | 982 | ||||||||
Fannie Mae REMICS | 3.57%, 11/20/2040(l) | 3,070 | 476 | ||||||||
2.25%, 07/25/2040 | 103 | 101 | (1.00) x 1 Month USD LIBOR + 6.05% | ||||||||
3.00%, 04/25/2027(l) | 2,721 | 222 | 3.57%, 08/20/2042(l) | 7,059 | 1,214 | ||||||
3.50%, 09/25/2027(l) | 4,425 | 404 | (1.00) x 1 Month USD LIBOR + 6.05% | ||||||||
3.50%, 11/25/2027(l) | 1,160 | 104 | 3.57%, 05/20/2046(l) | 5,658 | 982 | ||||||
3.50%, 05/25/2028(l) | 1,618 | 131 | (1.00) x 1 Month USD LIBOR + 6.05% | ||||||||
3.50%, 03/25/2031(l) | 2,821 | 193 | 3.62%, 11/20/2041(l) | 3,329 | 589 | ||||||
3.52%, 05/25/2046(l) | 9,919 | 1,839 | (1.00) x 1 Month USD LIBOR + 6.10% | ||||||||
(1.00) x 1 Month USD LIBOR + 6.00% | 3.62%, 02/20/2046(l) | 7,454 | 1,294 | ||||||||
3.52%, 10/25/2046(l) | 7,006 | 1,387 | (1.00) x 1 Month USD LIBOR + 6.10% | ||||||||
(1.00) x 1 Month USD LIBOR + 6.00% | 3.62%, 06/20/2046(l) | 7,422 | 1,318 | ||||||||
3.52%, 11/25/2046(l) | 8,179 | 1,586 | (1.00) x 1 Month USD LIBOR + 6.10% | ||||||||
(1.00) x 1 Month USD LIBOR + 6.00% | 3.62%, 06/20/2046(l) | 9,205 | 1,599 | ||||||||
3.57%, 03/25/2047(l) | 5,253 | 920 | (1.00) x 1 Month USD LIBOR + 6.10% | ||||||||
(1.00) x 1 Month USD LIBOR + 6.05% | 3.62%, 08/20/2046(l) | 10,104 | 1,911 | ||||||||
3.62%, 02/25/2043(l) | 4,269 | 713 | (1.00) x 1 Month USD LIBOR + 6.10% | ||||||||
(1.00) x 1 Month USD LIBOR + 6.10% | 3.62%, 09/20/2046(l) | 8,013 | 1,574 | ||||||||
3.62%, 09/25/2046(l) | 5,130 | 835 | (1.00) x 1 Month USD LIBOR + 6.10% | ||||||||
(1.00) x 1 Month USD LIBOR + 6.10% | 3.67%, 08/20/2044(l) | 2,708 | 483 | ||||||||
3.67%, 09/25/2047(l) | 9,585 | 1,832 | (1.00) x 1 Month USD LIBOR + 6.15% | ||||||||
(1.00) x 1 Month USD LIBOR + 6.15% | 3.67%, 03/20/2047(l) | 8,198 | 1,410 | ||||||||
3.72%, 10/25/2048(l) | 7,804 | 1,469 | (1.00) x 1 Month USD LIBOR + 6.15% | ||||||||
(1.00) x 1 Month USD LIBOR + 6.20% | 3.67%, 04/20/2047(l) | 7,197 | 1,325 | ||||||||
4.00%, 04/25/2043(l) | 623 | 83 | (1.00) x 1 Month USD LIBOR + 6.15% | ||||||||
4.02%, 12/25/2021(l) | 156 | 5 | 3.67%, 05/16/2047(l) | 5,796 | 1,042 | ||||||
(1.00) x 1 Month USD LIBOR + 6.50% | (1.00) x 1 Month USD LIBOR + 6.15% | ||||||||||
4.02%, 03/25/2022(l) | 165 | 7 | 3.72%, 08/20/2042(l) | 3,181 | 488 | ||||||
(1.00) x 1 Month USD LIBOR + 6.50% | (1.00) x 1 Month USD LIBOR + 6.20% | ||||||||||
15.23%, 08/25/2035(l) | 4 | — | 3.72%, 11/20/2045(l) | 5,458 | 937 | ||||||
(10.00) x 1 Month USD LIBOR + 40.00% | (1.00) x 1 Month USD LIBOR + 6.20% |
See accompanying notes.
111
Schedule of Investments Core Plus Bond Fund April 30, 2019 (unaudited)
Principal | Principal | |||||||||||
BONDS (continued) | Amount (000’s) Value (000’s) | BONDS (continued) | Amount (000’s) Value (000’s) | |||||||||
Mortgage Backed Securities (continued) | Mortgage Backed Securities (continued) | |||||||||||
Ginnie Mae (continued) | Merrill Lynch Mortgage Investors Trust Series | |||||||||||
3.72%, 06/20/2047(l) | $ | 8,053 | $ | 1,519 | 2005-A8 | |||||||
(1.00) x 1 Month USD LIBOR + 6.20% | 2.83%, 08/25/2036 | $ | 79 | $ | 79 | |||||||
3.72%, 07/20/2047(l) | 7,982 | 1,590 | 1.00 x 1 Month USD LIBOR + 0.35% | |||||||||
(1.00) x 1 Month USD LIBOR + 6.20% | Sequoia Mortgage Trust 2016-3 | |||||||||||
3.72%, 07/20/2047(l) | 6,327 | 1,109 | 3.50%, 11/25/2046(g),(i) | 3,155 | 3,156 | |||||||
(1.00) x 1 Month USD LIBOR + 6.20% | Sequoia Mortgage Trust 2018-CH4 | |||||||||||
3.72%, 08/20/2047(l) | 3,366 | 700 | 4.50%, 10/25/2048(g),(i) | 3,180 | 3,254 | |||||||
(1.00) x 1 Month USD LIBOR + 6.20% | Wells Fargo Mortgage Backed Securities 2005- | |||||||||||
3.72%, 08/20/2047(l) | 11,800 | 2,257 | AR16 Trust | |||||||||
(1.00) x 1 Month USD LIBOR + 6.20% | 5.12%, 03/25/2035(i) | 58 | 58 | |||||||||
3.72%, 08/20/2047(l) | 4,115 | 794 | $ | 170,136 | ||||||||
(1.00) x 1 Month USD LIBOR + 6.20% | Office & Business Equipment- 0.02% | |||||||||||
3.72%, 08/20/2047(l) | 6,387 | 1,411 | Xerox Corp | |||||||||
(1.00) x 1 Month USD LIBOR + 6.20% | 3.63%, 03/15/2023 | 640 | 634 | |||||||||
3.72%, 09/20/2047(l) | 9,035 | 1,737 | Oil & Gas - 3.11% | |||||||||
(1.00) x 1 Month USD LIBOR + 6.20% | Alta Mesa Holdings LP / Alta Mesa Finance | |||||||||||
3.72%, 09/20/2047(l) | 8,744 | 1,511 | Services Corp | |||||||||
(1.00) x 1 Month USD LIBOR + 6.20% | 7.88%, 12/15/2024 | 200 | 72 | |||||||||
3.72%, 11/20/2047(l) | 8,332 | 1,426 | Antero Resources Corp | |||||||||
(1.00) x 1 Month USD LIBOR + 6.20% | 5.13%, 12/01/2022 | 80 | 80 | |||||||||
3.77%, 06/20/2044(l) | 13,970 | 1,685 | Ascent Resources Utica Holdings LLC / ARU | |||||||||
(1.00) x 1 Month USD LIBOR + 6.25% | Finance Corp | |||||||||||
3.77%, 07/20/2045(l) | 5,738 | 1,059 | 7.00%, 11/01/2026(g) | 700 | 683 | |||||||
(1.00) x 1 Month USD LIBOR + 6.25% | 10.00%, 04/01/2022(g) | 1,336 | 1,460 | |||||||||
3.77%, 08/16/2045(l) | 5,090 | 960 | BP Capital Markets AmericaInc | |||||||||
(1.00) x 1 Month USD LIBOR + 6.25% | 3.02%, 01/16/2027 | 95 | 93 | |||||||||
3.77%, 10/20/2047(l) | 6,212 | 1,218 | 3.41%, 02/11/2026 | 2,275 | 2,317 | |||||||
(1.00) x 1 Month USD LIBOR + 6.25% | 4.23%, 11/06/2028 | 985 | 1,053 | |||||||||
4.00%, 03/16/2039(l) | 2,467 | 292 | BP Capital Markets PLC | |||||||||
4.00%, 09/20/2040(l) | 2,545 | 389 | 2.27%, 07/03/2026 | GBP | 100 | 134 | ||||||
4.12%, 07/20/2042(l) | 11,472 | 2,316 | Brazos Valley Longhorn LLC / Brazos Valley | |||||||||
(1.00) x 1 Month USD LIBOR + 6.60% | Longhorn Finance Corp | |||||||||||
4.12%, 07/20/2042(l) | 7,663 | 1,549 | 6.88%, 02/01/2025 | $ | 1,005 | 1,010 | ||||||
(1.00) x 1 Month USD LIBOR + 6.60% | Callon Petroleum Co | |||||||||||
4.17%, 12/20/2040(l) | 4,755 | 917 | 6.38%, 07/01/2026 | 100 | 102 | |||||||
(1.00) x 1 Month USD LIBOR + 6.65% | Canadian Natural Resources Ltd | |||||||||||
4.17%, 02/20/2042(l) | 4,398 | 889 | 3.85%, 06/01/2027 | 3,730 | 3,769 | |||||||
(1.00) x 1 Month USD LIBOR + 6.65% | 3.90%, 02/01/2025 | 585 | 603 | |||||||||
4.17%, 04/16/2042(l) | 3,435 | 708 | Carrizo Oil & GasInc | |||||||||
(1.00) x 1 Month USD LIBOR + 6.65% | 6.25%, 04/15/2023 | 50 | 49 | |||||||||
4.17%, 12/20/2042(l) | 11,074 | 2,368 | Centennial Resource Production LLC | |||||||||
(1.00) x 1 Month USD LIBOR + 6.65% | 6.88%, 04/01/2027(g) | 200 | 207 | |||||||||
4.27%, 11/20/2045(l) | 2,777 | 548 | Chesapeake Energy Corp | |||||||||
(1.00) x 1 Month USD LIBOR + 6.75% | 7.00%, 10/01/2024 | 775 | 766 | |||||||||
4.37%, 04/20/2041(l) | 1,588 | 327 | 8.00%, 06/15/2027 | 50 | 49 | |||||||
(1.10) x 1 Month USD LIBOR + 7.10% | Chesapeake Oil Op/Fin Escrow Shares | |||||||||||
4.50%, 05/16/2043(l) | 2,133 | 461 | 0.00%, 11/15/2019(a),(b),(c) | 1,385 | — | |||||||
4.50%, 04/16/2044(l) | 610 | 115 | Chevron Corp | |||||||||
GS Mortgage-Backed Securities Corp Trust | 1.99%, 03/03/2020 | 515 | 513 | |||||||||
2019-PJ1 | CNOOC Finance 2013 Ltd | |||||||||||
4.00%, 08/25/2049(g),(i) | 4,740 | 4,799 | 3.00%, 05/09/2023 | 1,850 | 1,832 | |||||||
JP Morgan Mortgage Trust 2014-1 | CNX Resources Corp | |||||||||||
3.50%, 01/25/2044(g),(i) | 1,188 | 1,188 | 5.88%, 04/15/2022 | 43 | 43 | |||||||
JP Morgan Mortgage Trust 2016-2 | Comstock ResourcesInc | |||||||||||
2.83%, 06/25/2046(g),(i) | 6,273 | 6,241 | 9.75%, 08/15/2026(g) | 85 | 77 | |||||||
JP Morgan Mortgage Trust 2016-3 | Concho ResourcesInc | |||||||||||
3.50%, 10/25/2046(g),(i) | 5,407 | 5,428 | 3.75%, 10/01/2027 | 95 | 95 | |||||||
JP Morgan Mortgage Trust 2017-3 | 4.38%, 01/15/2025 | 3,515 | 3,627 | |||||||||
3.50%, 08/25/2047(g),(i) | 4,196 | 4,209 | Continental ResourcesInc/OK | |||||||||
JP Morgan Mortgage Trust 2017-4 | 3.80%, 06/01/2024 | 8,378 | 8,455 | |||||||||
3.50%, 11/25/2048(g),(i) | 4,702 | 4,724 | 4.38%, 01/15/2028 | 4,150 | 4,259 | |||||||
JP Morgan Mortgage Trust 2017-6 | 4.50%, 04/15/2023 | 1,610 | 1,664 | |||||||||
3.50%, 12/25/2048(g),(i) | 5,094 | 5,110 | 4.90%, 06/01/2044 | 2,535 | 2,574 | |||||||
JP Morgan Mortgage Trust 2018-1 | 5.00%, 09/15/2022 | 148 | 149 | |||||||||
3.50%, 06/25/2048(g),(i) | 5,181 | 5,191 | Denbury ResourcesInc | |||||||||
7.50%, 02/15/2024(g) | 85 | 78 | ||||||||||
9.00%, 05/15/2021(g) | 40 | 41 |
See accompanying notes.
112
Schedule of Investments Core Plus Bond Fund April 30, 2019 (unaudited)
Principal | Principal | |||||||||||
BONDS (continued) | Amount (000’s) Value (000’s) | BONDS (continued) | Amount (000’s) Value (000’s) | |||||||||
Oil & Gas (continued) | Oil & Gas (continued) | |||||||||||
Diamond Offshore Drilling Inc | Southwestern Energy Co | |||||||||||
4.88%, 11/01/2043 | $ | 100 | $ | 64 | 7.75%, 10/01/2027 | $ | 1,735 | $ | 1,757 | |||
EcopetrolSA | Suncor EnergyInc | |||||||||||
5.88%, 05/28/2045 | 125 | 129 | 4.00%, 11/15/2047 | 1,045 | 1,021 | |||||||
7.38%, 09/18/2043 | 470 | 571 | Sunoco LP / Sunoco Finance Corp | |||||||||
Encana Corp | 4.88%, 01/15/2023 | 1,960 | 1,992 | |||||||||
5.15%, 11/15/2041 | 1,295 | 1,289 | 5.50%, 02/15/2026 | 975 | 992 | |||||||
6.50%, 05/15/2019 | 9,725 | 9,737 | 5.88%, 03/15/2028 | 50 | 51 | |||||||
EP Energy LLC / Everest Acquisition FinanceInc | Tengizchevroil Finance Co International Ltd | |||||||||||
7.75%, 05/15/2026(g) | 2,360 | 2,100 | 4.00%, 08/15/2026(g) | 1,175 | 1,170 | |||||||
9.38%, 05/01/2024(g) | 100 | 37 | Total Capital International SA | |||||||||
Extraction Oil & GasInc | 3.46%, 02/19/2029 | 2,485 | 2,539 | |||||||||
7.38%, 05/15/2024(g) | 745 | 671 | TransoceanInc | |||||||||
Exxon Mobil Corp | 9.00%, 07/15/2023(g) | 155 | 166 | |||||||||
2.22%, 03/01/2021 | 185 | 184 | Ultra ResourcesInc | |||||||||
Gazprom OAO Via Gaz Capital SA | 6.88%, 04/15/2022(g) | 820 | 267 | |||||||||
8.63%, 04/28/2034 | 140 | 184 | Whiting Petroleum Corp | |||||||||
Gulfport Energy Corp | 5.75%, 03/15/2021 | 1,115 | 1,143 | |||||||||
6.38%, 05/15/2025 | 2,080 | 1,830 | 6.25%, 04/01/2023 | 545 | 557 | |||||||
Marathon Oil Corp | 6.63%, 01/15/2026 | 670 | 669 | |||||||||
4.40%, 07/15/2027 | 1,160 | 1,199 | YPF SA | |||||||||
6.60%, 10/01/2037 | 4,905 | 5,907 | 6.95%, 07/21/2027 | 280 | 238 | |||||||
Marathon Petroleum Corp | 8.50%, 03/23/2021 | 155 | 151 | |||||||||
4.75%, 09/15/2044 | 222 | 223 | $ | 97,117 | ||||||||
MEG Energy Corp | Oil & Gas Services - 0.25% | |||||||||||
7.00%, 03/31/2024(g) | 75 | 71 | Archrock Partners LP / ArchrockPartners Finance | |||||||||
Murphy Oil Corp | Corp | |||||||||||
4.45%, 12/01/2022 | 105 | 105 | 6.00%, 10/01/2022 | 985 | 992 | |||||||
Nabors IndustriesInc | 6.88%, 04/01/2027(g) | 550 | 573 | |||||||||
5.00%, 09/15/2020 | 285 | 289 | Baker Hughes a GE Co LLC / Baker Hughes Co- | |||||||||
5.75%, 02/01/2025 | 2,025 | 1,843 | ObligorInc | |||||||||
Newfield Exploration Co | 2.77%, 12/15/2022 | 855 | 852 | |||||||||
5.38%, 01/01/2026 | 5,020 | 5,417 | 3.34%, 12/15/2027 | 1,055 | 1,034 | |||||||
Nexen Inc | 4.08%, 12/15/2047 | 1,795 | 1,670 | |||||||||
5.88%, 03/10/2035 | 170 | 202 | Nine Energy ServiceInc | |||||||||
Noble Holding International Ltd | 8.75%, 11/01/2023(g) | 80 | 83 | |||||||||
7.88%, 02/01/2026(g) | 200 | 194 | SESI LLC | |||||||||
Oasis Petroleum Inc | 7.13%, 12/15/2021 | 70 | 59 | |||||||||
6.25%, 05/01/2026(g) | 420 | 405 | USA Compression Partners LP / USA | |||||||||
6.88%, 01/15/2023 | 285 | 285 | Compression Finance Corp | |||||||||
Pacific Drilling SA | 6.88%, 04/01/2026 | 1,130 | 1,189 | |||||||||
8.38%, 10/01/2023(g) | 55 | 57 | 6.88%, 09/01/2027(g) | 1,220 | 1,284 | |||||||
Parsley Energy LLC / Parsley Finance Corp | Weatherford International Ltd | |||||||||||
5.38%, 01/15/2025(g) | 80 | 81 | 4.50%, 04/15/2022 | 110 | 76 | |||||||
Petrobras Global Finance BV | 9.88%, 02/15/2024 | 105 | 73 | |||||||||
6.00%, 01/27/2028 | 440 | 450 | $ | 7,885 | ||||||||
7.38%, 01/17/2027 | 2,150 | 2,399 | Other Asset Backed Securities - 1.20% | |||||||||
Petroleos Mexicanos | Chase Funding Trust Series 2003-5 | |||||||||||
6.50%, 03/13/2027 | 1,700 | 1,722 | 3.08%, 07/25/2033 | 612 | 597 | |||||||
6.50%, 01/23/2029 | 40 | 40 | 1.00 x 1 Month USD LIBOR + 0.60% | |||||||||
QEP ResourcesInc | Chase Funding Trust Series 2004-1 | |||||||||||
5.63%, 03/01/2026 | 90 | 84 | 2.94%, 12/25/2033 | 22 | 22 | |||||||
Range Resources Corp | 1.00 x 1 Month USD LIBOR + 0.46% | |||||||||||
5.00%, 03/15/2023 | 95 | 92 | Dell Equipment Finance Trust 2017-2 | |||||||||
Rowan CosInc | 2.79%, 02/24/2020(g) | 929 | 929 | |||||||||
4.88%, 06/01/2022 | 50 | 48 | 1.00 x 1 Month USD LIBOR + 0.30% | |||||||||
Sanchez Energy Corp | Dell Equipment Finance Trust 2018-1 | |||||||||||
6.13%, 01/15/2023 | 100 | 13 | 2.79%, 10/22/2020(g) | 7,982 | 7,983 | |||||||
7.25%, 02/15/2023(g) | 130 | 110 | 1.00 x 1 Month USD LIBOR + 0.30% | |||||||||
Saudi Arabian Oil Co | DLL Securitization Trust 2017-A | |||||||||||
3.50%, 04/16/2029(g) | 2,750 | 2,703 | 1.89%, 07/15/2020(g) | 2,570 | 2,567 | |||||||
4.25%, 04/16/2039(g) | 4,100 | 4,009 | Ocwen Master Advance Receivables Trust Series | |||||||||
Shell International Finance BV | 2018-T1 | |||||||||||
1.88%, 09/15/2025 | EUR | 350 | 434 | 3.30%, 08/15/2049(b),(c),(g) | 2,700 | 2,700 | ||||||
4.00%, 05/10/2046 | $ | 40 | 41 | Popular ABS Mortgage Pass-Through Trust | ||||||||
Sinopec Group Overseas Development 2017 Ltd | 2005-1 | |||||||||||
2.50%, 09/13/2022(g) | 3,400 | 3,331 | 2.75%, 05/25/2035 | 9 | 9 | |||||||
1.00 x 1 Month USD LIBOR + 0.27% |
See accompanying notes.
113
Schedule of Investments Core Plus Bond Fund April 30, 2019 (unaudited)
Principal | Principal | ||||||||||
BONDS (continued) | Amount (000’s) Value (000’s) | BONDS (continued) | Amount (000’s) Value (000’s) | ||||||||
Other Asset Backed Securities (continued) | Pharmaceuticals (continued) | ||||||||||
Verizon Owner Trust 2017-2 | CVS Health Corp | ||||||||||
1.92%, 12/20/2021(g) | $ | 3,111 | $ | 3,097 | 2.75%, 12/01/2022 | $ | 170 | $ | 168 | ||
Verizon Owner Trust 2017-3 | 3.70%, 03/09/2023 | 4,700 | 4,766 | ||||||||
2.06%, 04/20/2022(g) | 3,000 | 2,984 | 4.13%, 05/15/2021 | 130 | 133 | ||||||
2.76%, 04/20/2022(g) | 9,720 | 9,727 | 4.30%, 03/25/2028 | 640 | 647 | ||||||
1.00 x 1 Month USD LIBOR + 0.27% | 4.78%, 03/25/2038 | 2,065 | 2,009 | ||||||||
Volvo Financial Equipment LLC Series 2019-1 | 4.88%, 07/20/2035 | 1,355 | 1,353 | ||||||||
2.90%, 11/15/2021(g) | 7,000 | 7,014 | 5.00%, 12/01/2024 | 4,935 | 5,250 | ||||||
$ | 37,629 | 5.05%, 03/25/2048 | 70 | 69 | |||||||
Packaging & Containers - 0.37% | 5.13%, 07/20/2045 | 820 | 815 | ||||||||
Ardagh Packaging Finance PLC / Ardagh | Eli Lilly & Co | ||||||||||
Holdings USAInc | 3.88%, 03/15/2039 | 1,320 | 1,345 | ||||||||
4.63%, 05/15/2023(g) | 200 | 202 | 3.95%, 03/15/2049 | 1,060 | 1,079 | ||||||
6.00%, 02/15/2025(g) | 1,325 | 1,335 | 4.15%, 03/15/2059 | 885 | 908 | ||||||
7.25%, 05/15/2024(g) | 475 | 500 | Merck & CoInc | ||||||||
Ball Corp | 2.90%, 03/07/2024 | 1,505 | 1,524 | ||||||||
5.25%, 07/01/2025 | 100 | 106 | PfizerInc | ||||||||
Berry GlobalInc | 3.45%, 03/15/2029 | 3,800 | 3,864 | ||||||||
5.13%, 07/15/2023 | 120 | 122 | TevaPharmaceutical Finance Netherlands III BV | ||||||||
BWAY Holding Co | 3.15%, 10/01/2026 | 330 | 277 | ||||||||
5.50%, 04/15/2024(g) | 90 | 89 | 4.10%, 10/01/2046 | 140 | 99 | ||||||
7.25%, 04/15/2025(g) | 2,420 | 2,357 | Wyeth LLC | ||||||||
Crown Americas LLC / Crown Americas Capital | 6.00%, 02/15/2036 | 565 | 712 | ||||||||
Corp IV | Zoetis Inc | ||||||||||
4.50%, 01/15/2023 | 75 | 77 | 3.90%, 08/20/2028 | 3,455 | 3,530 | ||||||
Crown Americas LLC / Crown Americas Capital | 4.45%, 08/20/2048 | 1,030 | 1,067 | ||||||||
Corp V | $ | 42,861 | |||||||||
4.25%, 09/30/2026 | 443 | 431 | Pipelines - 1.96% | ||||||||
Crown Americas LLC / Crown Americas Capital | Abu Dhabi Crude Oil Pipeline LLC | ||||||||||
Corp VI | 3.65%, 11/02/2029(g) | 1,550 | 1,563 | ||||||||
4.75%, 02/01/2026 | 305 | 310 | Andeavor Logistics LP / Tesoro Logistics Finance | ||||||||
Crown Cork & Seal CoInc | Corp | ||||||||||
7.38%, 12/15/2026 | 1,615 | 1,809 | 3.50%, 12/01/2022 | 65 | 66 | ||||||
Flex Acquisition CoInc | 4.25%, 12/01/2027 | 1,190 | 1,210 | ||||||||
6.88%, 01/15/2025(g) | 1,230 | 1,147 | Blue Racer Midstream LLC / Blue Racer Finance | ||||||||
Klabin Austria GmbH | Corp | ||||||||||
7.00%, 04/03/2049(g) | 225 | 226 | 6.13%, 11/15/2022(g) | 55 | 55 | ||||||
Owens-Brockway Glass ContainerInc | Cheniere Corpus Christi Holdings LLC | ||||||||||
5.88%, 08/15/2023(g) | 45 | 47 | 5.88%, 03/31/2025 | 90 | 97 | ||||||
Packaging Corp of America | Crestwood Midstream Partners LP / Crestwood | ||||||||||
4.50%, 11/01/2023 | 425 | 449 | Midstream Finance Corp | ||||||||
Reynolds Group IssuerInc/ Reynolds | 5.63%, 05/01/2027(g) | 1,180 | 1,176 | ||||||||
Group Issuer LLC / Reynolds Group Issuer | DCP Midstream Operating LP | ||||||||||
(Luxembourg) S.A. | 5.35%, 03/15/2020(g) | 5,400 | 5,488 | ||||||||
5.13%, 07/15/2023(g) | 1,885 | 1,912 | EnbridgeInc | ||||||||
5.75%, 10/15/2020 | 262 | 262 | 6.00%, 01/15/2077(k) | 2,295 | 2,298 | ||||||
6.10%, 07/15/2021(g) | 225 | 226 | 3 Month USD LIBOR + 3.89% | ||||||||
3 Month USD LIBOR + 3.50% | Energy Transfer Operating LP | ||||||||||
$ | 11,607 | 4.90%, 03/15/2035 | 1,420 | 1,361 | |||||||
Pharmaceuticals - 1.37% | 5.15%, 03/15/2045 | 1,030 | 1,002 | ||||||||
AbbVieInc | 5.25%, 04/15/2029 | 2,505 | 2,697 | ||||||||
3.38%, 11/14/2021 | 365 | 369 | 6.25%, 04/15/2049 | 2,670 | 2,998 | ||||||
4.88%, 11/14/2048 | 15 | 15 | Enterprise Products Operating LLC | ||||||||
Bausch Health AmericasInc | 4.85%, 03/15/2044 | 100 | 106 | ||||||||
8.50%, 01/31/2027(g) | 935 | 1,018 | 5.38%, 02/15/2078(k) | 2,960 | 2,750 | ||||||
Bausch Health CosInc | 3 Month USD LIBOR + 2.57% | ||||||||||
5.88%, 05/15/2023(g) | 49 | 49 | Genesis Energy LP / Genesis Energy Finance | ||||||||
Bayer US Finance II LLC | Corp | ||||||||||
3.88%, 12/15/2023(g) | 2,070 | 2,088 | 6.75%, 08/01/2022 | 115 | 117 | ||||||
Cigna Corp | Hess Infrastructure Partners LP / Hess | ||||||||||
3.40%, 09/17/2021(g) | 255 | 258 | Infrastructure Partners Finance Corp | ||||||||
3.75%, 07/15/2023(g) | 2,110 | 2,148 | 5.63%, 02/15/2026(g) | 1,820 | 1,861 | ||||||
4.13%, 11/15/2025(g) | 3,725 | 3,850 | Kinder Morgan Energy Partners LP | ||||||||
4.38%, 10/15/2028(g) | 1,805 | 1,862 | 4.70%, 11/01/2042 | 2,625 | 2,544 | ||||||
4.90%, 12/15/2048(g) | 1,575 | 1,589 | Kinder MorganInc/DE | ||||||||
2.25%, 03/16/2027 | EUR | 275 | 334 | ||||||||
5.63%, 11/15/2023(g) | $ | 2,905 | 3,173 |
See accompanying notes.
114
Schedule of Investments Core Plus Bond Fund April 30, 2019 (unaudited)
Principal | Principal | ||||||||||
BONDS (continued) | Amount (000’s) Value (000’s) | BONDS (continued) | Amount (000’s) Value (000’s) | ||||||||
Pipelines (continued) | REITs (continued) | ||||||||||
MPLX LP | Essex Portfolio LP | ||||||||||
4.00%, 03/15/2028 | $ | 140 | $ | 140 | 4.00%, 03/01/2029 | $ | 1,980 | $ | 2,036 | ||
4.50%, 07/15/2023 | 3,995 | 4,189 | GLP Capital LP / GLP Financing IIInc | ||||||||
4.80%, 02/15/2029 | 1,325 | 1,409 | 4.38%, 04/15/2021 | 325 | 331 | ||||||
5.20%, 03/01/2047 | 50 | 51 | Hudson Pacific Properties LP | ||||||||
NuStar Logistics LP | 4.65%, 04/01/2029 | 2,520 | 2,597 | ||||||||
5.63%, 04/28/2027 | 110 | 110 | Iron Mountain Inc | ||||||||
ONEOK Partners LP | 4.38%, 06/01/2021(g) | 85 | 86 | ||||||||
3.80%, 03/15/2020 | 4,665 | 4,690 | 5.25%, 03/15/2028(g) | 100 | 98 | ||||||
Sabine Pass Liquefaction LLC | MGM Growth Properties Operating Partnership | ||||||||||
4.20%, 03/15/2028 | 785 | 795 | LP / MGP Finance Co-IssuerInc | ||||||||
5.00%, 03/15/2027 | 2,975 | 3,168 | 5.63%, 05/01/2024 | 50 | 52 | ||||||
5.75%, 05/15/2024 | 6,085 | 6,678 | 5.75%, 02/01/2027(g) | 10 | 11 | ||||||
Targa Resources Partners LP / Targa Resources | Mid-America Apartments LP | ||||||||||
Partners Finance Corp | 3.95%, 03/15/2029 | 2,540 | 2,600 | ||||||||
5.88%, 04/15/2026 | 385 | 405 | MPT Operating Partnership LP / MPT Finance | ||||||||
6.50%, 07/15/2027(g) | 1,521 | 1,629 | Corp | ||||||||
6.88%, 01/15/2029(g) | 251 | 271 | 6.38%, 03/01/2024 | 160 | 168 | ||||||
TransCanadaPipeLines Ltd | RHP Hotel Properties LP / RHP Finance Corp | ||||||||||
3.30%, 07/17/2025 | CAD | 320 | 246 | 5.00%, 04/15/2021 | 90 | 90 | |||||
4.63%, 03/01/2034 | $ | 25 | 26 | SBA Communications Corp | |||||||
5.00%, 10/16/2043 | 70 | 73 | 4.88%, 09/01/2024 | 125 | 127 | ||||||
Transportadora de Gas del Sur SA | SBA Tower Trust | ||||||||||
6.75%, 05/02/2025 | 170 | 154 | 2.90%, 10/15/2044(g) | 135 | 135 | ||||||
Western Midstream Operating LP | Trust F/1401 | ||||||||||
5.45%, 04/01/2044 | 750 | 779 | 5.25%, 01/30/2026 | 600 | 616 | ||||||
Williams CosInc/The | VEREIT Operating Partnership LP | ||||||||||
4.30%, 03/04/2024 | 1,420 | 1,480 | 4.13%, 06/01/2021 | 150 | 153 | ||||||
5.75%, 06/24/2044 | 3,840 | 4,181 | WelltowerInc | ||||||||
$ | 61,370 | 3.63%, 03/15/2024 | 3,525 | 3,598 | |||||||
Private Equity - 0.07% | 4.13%, 03/15/2029 | 1,780 | 1,826 | ||||||||
Icahn Enterprises LP / Icahn Enterprises Finance | $ | 38,040 | |||||||||
Corp | Retail - 0.53% | ||||||||||
6.25%, 02/01/2022 | 1,095 | 1,128 | 1011778 BC ULC / New Red FinanceInc | ||||||||
6.38%, 12/15/2025 | 900 | 938 | 5.00%, 10/15/2025(g) | 1,325 | 1,315 | ||||||
$ | 2,066 | Claire's Stores Escrow - GCB | |||||||||
Real Estate - 0.07% | 0.00%, 03/15/2019(a),(b),(c) | 400 | — | ||||||||
Alpha Star Holding III Ltd | FerrellgasLP /FerrellgasFinance Corp | ||||||||||
6.25%, 04/20/2022 | 200 | 191 | 6.50%, 05/01/2021 | 100 | 89 | ||||||
China Overseas Grand Oceans Finance IV | Golden NuggetInc | ||||||||||
Cayman Ltd | 6.75%, 10/15/2024(g) | 1,580 | 1,616 | ||||||||
4.88%, 06/01/2021 | 400 | 408 | Home Depot Inc/The | ||||||||
ChouzhouInternational Investment Ltd | 4.50%, 12/06/2048 | 65 | 71 | ||||||||
4.00%, 12/05/2020 | 410 | 407 | 5.88%, 12/16/2036 | 1,590 | 2,008 | ||||||
ForestarGroupInc | IRB Holding Corp | ||||||||||
8.00%, 04/15/2024(g) | 1,000 | 1,025 | 6.75%, 02/15/2026(g) | 790 | 784 | ||||||
Greystar Real Estate Partners LLC | JC Penney CorpInc | ||||||||||
5.75%, 12/01/2025(g) | 75 | 75 | 5.88%, 07/01/2023(g) | 40 | 34 | ||||||
$ | 2,106 | KFC Holding Co/Pizza Hut Holdings LLC/Taco | |||||||||
Regional Authority - 0.01% | Bell of America LLC | ||||||||||
Provinciade Buenos Aires/Argentina | �� | 5.25%, 06/01/2026(g) | 105 | 108 | |||||||
7.88%, 06/15/2027 | 700 | 466 | L Brands Inc | ||||||||
REITs - 1.22% | 5.25%, 02/01/2028 | 60 | 54 | ||||||||
Alexandria Real Estate EquitiesInc | 5.63%, 02/15/2022 | 205 | 213 | ||||||||
3.45%, 04/30/2025 | 11,095 | 11,130 | 6.69%, 01/15/2027 | 126 | 123 | ||||||
4.70%, 07/01/2030 | 2,575 | 2,777 | McDonald's Corp | ||||||||
Camden Property Trust | 1.13%, 05/26/2022 | EUR | 500 | 580 | |||||||
4.10%, 10/15/2028 | 5,135 | 5,398 | 2.75%, 12/09/2020 | $ | 110 | 110 | |||||
CC Holdings GS V LLC / Crown Castle GS III | 4.13%, 06/11/2054 | GBP | 100 | 160 | |||||||
Corp | 4.88%, 12/09/2045 | $ | 275 | 297 | |||||||
3.85%, 04/15/2023 | 2,320 | 2,381 | Staples Inc | ||||||||
EquinixInc | 10.75%, 04/15/2027(g) | 300 | 305 | ||||||||
5.38%, 04/01/2023 | 730 | 745 | WalmartInc | ||||||||
5.38%, 05/15/2027 | 50 | 53 | 2.85%, 07/08/2024 | 1,315 | 1,322 | ||||||
5.88%, 01/15/2026 | 925 | 977 | 3.05%, 07/08/2026 | 4,045 | 4,084 | ||||||
ESH HospitalityInc | 3.13%, 06/23/2021 | 1,075 | 1,088 | ||||||||
5.25%, 05/01/2025(g) | 55 | 55 | 3.95%, 06/28/2038 | 1,755 | 1,822 | ||||||
4.05%, 06/29/2048 | 115 | 121 |
See accompanying notes.
115
Schedule of Investments Core Plus Bond Fund April 30, 2019 (unaudited)
Principal | Principal | |||||||||||
BONDS (continued) | Amount (000’s) Value (000’s) | BONDS (continued) | Amount (000’s) Value (000’s) | |||||||||
Retail (continued) | Sovereign (continued) | |||||||||||
Walmart Inc (continued) | Brazilian Government International Bond | |||||||||||
5.25%, 09/28/2035 | GBP | 70 | $ | 129 | 7.13%, 01/20/2037 | $ | 235 | $ | 276 | |||
$ | 16,433 | CoBank ACB | ||||||||||
Savings & Loans - 0.02% | 6.25%, 12/31/2049(f),(k) | 1,270 | 1,333 | |||||||||
Nationwide Building Society | 3 Month USD LIBOR + 4.66% | |||||||||||
1.50%, 03/08/2026(k) | EUR | 550 | 627 | Colombia Government International Bond | ||||||||
3 Month Euro Interbank Offered Rate + | 3.88%, 04/25/2027 | 725 | 735 | |||||||||
0.93% | 4.50%, 01/28/2026 | 390 | 410 | |||||||||
Semiconductors - 0.46% | Croatia Government International Bond | |||||||||||
KLA-Tencor Corp | 5.50%, 04/04/2023 | 370 | 401 | |||||||||
4.10%, 03/15/2029 | $ | 1,610 | 1,656 | 6.63%, 07/14/2020 | 150 | 156 | ||||||
Lam Research Corp | Ecuador Government International Bond | |||||||||||
3.75%, 03/15/2026 | 2,275 | 2,336 | 10.75%, 01/31/2029(g) | 375 | 418 | |||||||
4.00%, 03/15/2029 | 870 | 901 | 10.75%, 03/28/2022 | 850 | 951 | |||||||
4.88%, 03/15/2049 | 1,050 | 1,133 | Egypt Government International Bond | |||||||||
NXP BV / NXP Funding LLC | 5.58%, 02/21/2023(g) | 825 | 817 | |||||||||
4.63%, 06/01/2023(g) | 3,675 | 3,834 | 7.60%, 03/01/2029(g) | 825 | 831 | |||||||
4.88%, 03/01/2024(g) | 455 | 481 | 8.70%, 03/01/2049(g) | 750 | 773 | |||||||
SensataTechnologies UK Financing Co PLC | Export-Import Bank of India | |||||||||||
6.25%, 02/15/2026(g) | 1,160 | 1,225 | 3.88%, 02/01/2028 | 420 | 414 | |||||||
XilinxInc | Export-Import Bank of Korea | |||||||||||
2.95%, 06/01/2024 | 2,830 | 2,811 | 3.46%, 01/25/2022 | 220 | 221 | |||||||
$ | 14,377 | 3 Month USD LIBOR + 0.88% | ||||||||||
Software - 0.58% | Guatemala Government Bond | |||||||||||
CDK GlobalInc | 5.75%, 06/06/2022 | 350 | 367 | |||||||||
4.88%, 06/01/2027 | 40 | 40 | Honduras Government International Bond | |||||||||
Epicor Software Corp | 6.25%, 01/19/2027 | 200 | 210 | |||||||||
9.84%, 06/30/2023(g) | 582 | 583 | 7.50%, 03/15/2024 | 700 | 763 | |||||||
3 Month USD LIBOR + 7.25% | Hungary Government International Bond | |||||||||||
First Data Corp | 5.38%, 02/21/2023 | 376 | 406 | |||||||||
5.00%, 01/15/2024(g) | 50 | 51 | Indonesia Government International Bond | |||||||||
Fiserv Inc | 5.38%, 10/17/2023(g) | 3,350 | 3,637 | |||||||||
3.80%, 10/01/2023 | 2,210 | 2,282 | 6.63%, 02/17/2037 | 330 | 410 | |||||||
Genesys Telecommunications Laboratories | InstitutoCostarricensede Electricidad | |||||||||||
Inc/GreenedenLux 3 Sarl | 6.95%, 11/10/2021 | 380 | 379 | |||||||||
10.00%, 11/30/2024(g) | 45 | 49 | Kazakhstan Government International Bond | |||||||||
Infor USInc | 5.13%, 07/21/2025 | 550 | 607 | |||||||||
6.50%, 05/15/2022 | 75 | 76 | Mexico Government International Bond | |||||||||
IQVIAInc | 4.15%, 03/28/2027 | 2,565 | 2,600 | |||||||||
4.88%, 05/15/2023(g) | 150 | 152 | 4.75%, 03/08/2044 | 440 | 433 | |||||||
Microsoft Corp | Morocco Government International Bond | |||||||||||
2.40%, 08/08/2026 | 3,060 | 2,963 | 4.25%, 12/11/2022 | 390 | 399 | |||||||
3.70%, 08/08/2046 | 2,950 | 2,958 | Nigeria Government International Bond | |||||||||
4.45%, 11/03/2045 | 1,060 | 1,184 | 7.14%, 02/23/2030 | 700 | 697 | |||||||
4.50%, 02/06/2057 | 1,140 | 1,282 | Oman Government International Bond | |||||||||
MSCIInc | 6.75%, 01/17/2048 | 200 | 181 | |||||||||
5.75%, 08/15/2025(g) | 65 | 68 | Panama Government International Bond | |||||||||
Open Text Corp | 3.88%, 03/17/2028 | 200 | 207 | |||||||||
5.88%, 06/01/2026(g) | 200 | 210 | PerusahaanPenerbitSBSN Indonesia III | |||||||||
Oracle Corp | 4.55%, 03/29/2026 | 390 | 407 | |||||||||
2.50%, 10/15/2022 | 773 | 767 | Peruvian Government International Bond | |||||||||
2.95%, 11/15/2024 | 2,145 | 2,147 | 5.63%, 11/18/2050 | 325 | 415 | |||||||
3.13%, 07/10/2025 | EUR | 350 | 458 | Philippine Government International Bond | ||||||||
4.00%, 11/15/2047 | $ | 110 | 109 | 9.50%, 02/02/2030 | 270 | 415 | ||||||
6.13%, 07/08/2039 | 1,985 | 2,549 | Qatar Government International Bond | |||||||||
Rackspace HostingInc | 3.25%, 06/02/2026 | 2,100 | 2,093 | |||||||||
8.63%, 11/15/2024(g) | 100 | 93 | 3.88%, 04/23/2023(g) | 1,775 | 1,832 | |||||||
Solera LLC / Solera FinanceInc | 4.82%, 03/14/2049(g) | 700 | 752 | |||||||||
10.50%, 03/01/2024(g) | 65 | 71 | Republic of Cameroon International Bond | |||||||||
$ | 18,092 | 9.50%, 11/19/2025 | 380 | 407 | ||||||||
Republic of Poland Government International | ||||||||||||
Sovereign - 1.36% | Bond | |||||||||||
Angolan Government International Bond | 3.25%, 04/06/2026 | 400 | 408 | |||||||||
8.25%, 05/09/2028 | 260 | 272 | Republic of South Africa Government | |||||||||
Argentine Republic Government International | International Bond | |||||||||||
Bond | 4.30%, 10/12/2028 | 875 | 816 | |||||||||
5.63%, 01/26/2022 | 3,345 | 2,604 | ||||||||||
Bahrain Government International Bond | ||||||||||||
6.75%, 09/20/2029 | 720 | 763 |
See accompanying notes.
116
Schedule of Investments Core Plus Bond Fund April 30, 2019 (unaudited)
Principal | Principal | ||||||||||||
BONDS (continued) | Amount (000’s) Value (000’s) | BONDS (continued) | Amount (000’s) Value (000’s) | ||||||||||
Sovereign (continued) | Telecommunications (continued) | ||||||||||||
Romanian Government International Bond | AnixterInc | ||||||||||||
4.88%, 01/22/2024 | $ | 250 | $ | 266 | 5.13%, 10/01/2021 | $ | 220 | $ | 227 | ||||
5.13%, 06/15/2048 | 160 | 161 | AT&TInc | ||||||||||
Russian Foreign Bond - Eurobond | 2.85%, 05/25/2024 | CAD | 325 | 242 | |||||||||
4.38%, 03/21/2029 | 400 | 402 | 3.15%, 09/04/2036 | EUR | 700 | 861 | |||||||
4.75%, 05/27/2026 | 3,000 | 3,116 | 4.30%, 02/15/2030 | $ | 7,996 | 8,190 | |||||||
Saudi Government International Bond | 4.35%, 03/01/2029 | 2,900 | 2,997 | ||||||||||
4.00%, 04/17/2025(g) | 3,275 | 3,390 | 4.75%, 05/15/2046 | 30 | 30 | ||||||||
4.38%, 04/16/2029(g) | 650 | 682 | 4.90%, 08/15/2037 | 4,665 | 4,812 | ||||||||
4.63%, 10/04/2047 | 420 | 422 | 5.15%, 03/15/2042 | 145 | 151 | ||||||||
Senegal Government International Bond | 5.20%, 11/18/2033 | GBP | 100 | 158 | |||||||||
6.25%, 05/23/2033 | 200 | 193 | 5.45%, 03/01/2047 | $ | 1,290 | 1,414 | |||||||
Turkey Government International Bond | 5.70%, 03/01/2057 | 2,055 | 2,314 | ||||||||||
5.75%, 03/22/2024 | 2,250 | 2,105 | 6.38%, 03/01/2041 | 725 | 868 | ||||||||
Ukraine Government International Bond | British Telecommunications PLC | ||||||||||||
9.75%, 11/01/2028(g) | 575 | 587 | 4.50%, 12/04/2023 | 1,425 | 1,496 | ||||||||
Uruguay Government International Bond | Cincinnati BellInc | ||||||||||||
5.10%, 06/18/2050 | 395 | 415 | 7.00%, 07/15/2024(g) | 75 | 69 | ||||||||
Vietnam Government International Bond | Cisco SystemsInc | ||||||||||||
4.80%, 11/19/2024 | 390 | 409 | 5.50%, 01/15/2040 | 20 | 25 | ||||||||
$ | 42,364 | Colombia Telecomunicaciones SA ESP | |||||||||||
Student Loan Asset Backed Securities - 1.58% | 8.50%, 12/31/2049(f),(k) | 310 | 321 | ||||||||||
NavientPrivate Education Loan Trust 2017-A | USD Swap Semi-Annual 5 Year + 6.96% | ||||||||||||
2.87%, 12/16/2058(g) | 2,759 | 2,761 | CommScopeInc | ||||||||||
1.00 x 1 Month USD LIBOR + 0.40% | 8.25%, 03/01/2027(g) | 250 | 270 | ||||||||||
NavientPrivate Education Loan Trust 2018-B | CommScope Technologies LLC | ||||||||||||
2.82%, 12/15/2059(g) | 4,417 | 4,416 | 6.00%, 06/15/2025(g) | 90 | 91 | ||||||||
1.00 x 1 Month USD LIBOR + 0.35% | Embarq Corp | ||||||||||||
NavientPrivate Education Refi Loan Trust | 8.00%, 06/01/2036 | 750 | 740 | ||||||||||
2018-C | Frontier Communications Corp | ||||||||||||
3.01%, 06/16/2042(g) | 616 | 618 | 8.50%, 04/01/2026(g) | 1,355 | 1,277 | ||||||||
NavientStudent Loan Trust 2017-3 | 11.00%, 09/15/2025 | 1,565 | 1,013 | ||||||||||
2.78%, 07/26/2066(g) | 1,295 | 1,295 | GTT CommunicationsInc | ||||||||||
1.00 x 1 Month USD LIBOR + 0.30% | 7.88%, 12/31/2024(g) | 840 | 792 | ||||||||||
3.08%, 07/26/2066(g) | 6,750 | 6,766 | HC2 HoldingsInc | ||||||||||
1.00 x 1 Month USD LIBOR + 0.60% | 11.50%, 12/01/2021(g) | 100 | 86 | ||||||||||
NavientStudent Loan Trust 2017-4 | Hughes Satellite Systems Corp | ||||||||||||
2.98%, 09/27/2066(g) | 3,500 | 3,500 | 6.63%, 08/01/2026 | 95 | 96 | ||||||||
1.00 x 1 Month USD LIBOR + 0.50% | Intelsat Jackson Holdings SA | ||||||||||||
NavientStudent Loan Trust 2018-1 | 5.50%, 08/01/2023 | 1,080 | 977 | ||||||||||
2.67%, 03/25/2067(g) | 713 | 713 | 8.00%, 02/15/2024(g) | 1,185 | 1,237 | ||||||||
1.00 x 1 Month USD LIBOR + 0.19% | 8.50%, 10/15/2024(g) | 115 | 114 | ||||||||||
NavientStudent Loan Trust 2019-1 | Level 3 Financing Inc | ||||||||||||
2.81%, 12/27/2067(g) | 11,949 | 11,949 | 5.13%, 05/01/2023 | 305 | 308 | ||||||||
1.00 x 1 Month USD LIBOR + 0.33% | 5.38%, 01/15/2024 | 25 | 25 | ||||||||||
SMB Private Education Loan Trust 2017-B | 5.38%, 05/01/2025 | 90 | 92 | ||||||||||
2.74%, 06/17/2024(g) | 2,469 | 2,469 | Level 3 Parent LLC | ||||||||||
1.00 x 1 Month USD LIBOR + 0.27% | 5.75%, 12/01/2022 | 20 | 20 | ||||||||||
SMB Private Education Loan Trust 2018-B | MillicomInternational Cellular SA | ||||||||||||
2.79%, 12/16/2024(g) | 9,023 | 9,017 | 6.25%, 03/25/2029(g) | 500 | 518 | ||||||||
1.00 x 1 Month USD LIBOR + 0.32% | 6.63%, 10/15/2026 | 450 | 482 | ||||||||||
Sofi Professional Loan Program 2016-A LLC | Nokia OYJ | ||||||||||||
4.23%, 08/25/2036(g) | 1,317 | 1,337 | 6.63%, 05/15/2039 | 70 | 75 | ||||||||
1.00 x 1 Month USD LIBOR + 1.75% | Orange SA | ||||||||||||
Sofi Professional Loan Program 2017-B LLC | 5.75%, 12/31/2049(f),(k) | GBP | 125 | 179 | |||||||||
1.83%, 05/25/2040(g) | 275 | 274 | GBP Swap SA (VS 6 Month) 5 Year + | ||||||||||
SoFiProfessional Loan Program 2017-D LLC | 3.35% | ||||||||||||
1.72%, 09/25/2040(g) | 218 | 217 | Rogers CommunicationsInc | ||||||||||
SoFiProfessional Loan Program 2017-E LLC | 4.35%, 05/01/2049 | $ | 2,650 | 2,671 | |||||||||
2.98%, 11/26/2040(g) | 1,759 | 1,759 | SES SA | ||||||||||
1.00 x 1 Month USD LIBOR + 0.50% | 4.62%, 12/31/2049(f),(k) | EUR | 300 | 355 | |||||||||
Sofi Professional Loan Program 2018-A LLC | EUR Swap Annual (VS 6 Month) 5 Year | ||||||||||||
2.83%, 02/25/2042(g) | 2,337 | 2,336 | + 4.66% | ||||||||||
1.00 x 1 Month USD LIBOR + 0.35% | Sprint Capital Corp | ||||||||||||
$ | 49,427 | 6.90%, 05/01/2019 | $ | 640 | 640 | ||||||||
Telecommunications - 2.12% | 8.75%, 03/15/2032 | 705 | 740 | ||||||||||
AmericaMovilSAB de CV | |||||||||||||
6.38%, 03/01/2035 | 100 | 123 |
See accompanying notes.
117
Schedule of Investments Core Plus Bond Fund April 30, 2019 (unaudited)
Principal | Principal | |||||||||||
BONDS (continued) | Amount (000’s) Value (000’s) | BONDS (continued) | Amount (000’s) Value (000’s) | |||||||||
Telecommunications (continued) | Transportation (continued) | |||||||||||
Sprint CommunicationsInc | Union Pacific Corp | |||||||||||
6.00%, 11/15/2022 | $ | 1,025 | $ | 1,031 | 3.20%, 06/08/2021 | $ | 140 | $ | 141 | |||
7.00%, 08/15/2020 | 40 | 42 | 3.50%, 06/08/2023 | 2,400 | 2,464 | |||||||
Sprint Corp | 4.30%, 03/01/2049 | 1,850 | 1,905 | |||||||||
7.13%, 06/15/2024 | 1,645 | 1,649 | 4.38%, 11/15/2065 | 35 | 34 | |||||||
7.63%, 03/01/2026 | 425 | 425 | XPO LogisticsInc | |||||||||
7.88%, 09/15/2023 | 1,730 | 1,802 | 6.50%, 06/15/2022(g) | 91 | 93 | |||||||
Telecom Argentina SA | $ | 13,290 | ||||||||||
6.50%, 06/15/2021 | 225 | 213 | Trucking & Leasing - 0.19% | |||||||||
Telecom Italia Capital SA | AvolonHoldings Funding Ltd | |||||||||||
6.38%, 11/15/2033 | 285 | 277 | 4.38%, 05/01/2026(g) | 520 | 517 | |||||||
7.72%, 06/04/2038 | 80 | 83 | 5.13%, 10/01/2023(g) | 625 | 648 | |||||||
Telecom Italia Finance SA | 5.25%, 05/15/2024(g) | 700 | 730 | |||||||||
7.75%, 01/24/2033 | EUR | 150 | 219 | 5.50%, 01/15/2023(g) | 1,975 | 2,064 | ||||||
Telecom Italia SpA/Milano | DAE Funding LLC | |||||||||||
5.30%, 05/30/2024(g) | $ | 680 | 677 | 4.50%, 08/01/2022(g) | 1,055 | 1,066 | ||||||
5.88%, 05/19/2023 | GBP | 100 | 141 | 5.25%, 11/15/2021(g) | 5 | 5 | ||||||
TelefonicaEmisionesSA | 5.75%, 11/15/2023(g) | 680 | 712 | |||||||||
5.21%, 03/08/2047 | $ | 1,765 | 1,821 | Park Aerospace Holdings Ltd | ||||||||
T-Mobile USAInc | 5.50%, 02/15/2024(g) | 315 | 332 | |||||||||
4.00%, 04/15/2022 | 205 | 207 | $ | 6,074 | ||||||||
4.50%, 02/01/2026 | 395 | 397 | TOTAL BONDS | $ | 1,946,686 | |||||||
5.13%, 04/15/2025 | 980 | 1,009 | SENIOR FLOATING RATE INTERESTS | Principal | ||||||||
5.38%, 04/15/2027 | 50 | 53 | - 0.88% | Amount (000's) Value (000's) | ||||||||
6.00%, 04/15/2024 | 345 | 359 | Automobile Manufacturers - 0.05% | |||||||||
6.50%, 01/15/2024 | 190 | 197 | Navistar Financial Corp | |||||||||
6.50%, 01/15/2026 | 1,515 | 1,621 | 6.25%, 07/30/2025(m) | $ | 687 | $ | 687 | |||||
TurkcellIletisimHizmetleri AS | US LIBOR + 3.75% | |||||||||||
5.75%, 10/15/2025 | 200 | 183 | Navistar Inc | |||||||||
VEON Holdings BV | 5.70%, 11/06/2024(m) | 887 | 886 | |||||||||
3.95%, 06/16/2021(g) | 1,175 | 1,172 | US LIBOR + 3.50% | |||||||||
Verizon CommunicationsInc | $ | 1,573 | ||||||||||
3.88%, 02/08/2029 | 2,940 | 3,042 | Automobile Parts & Equipment - 0.04% | |||||||||
4.50%, 08/10/2033 | 3,225 | 3,458 | Panther BF Aggregator 2 LP | |||||||||
5.01%, 08/21/2054 | 2,370 | 2,648 | 0.00%, 03/18/2026(m),(n) | 1,200 | 1,204 | |||||||
5.25%, 03/16/2037 | 3,030 | 3,448 | US LIBOR + 3.50% | |||||||||
Vodafone Group PLC | ||||||||||||
4.13%, 05/30/2025 | 2,280 | 2,352 | Chemicals - 0.01% | |||||||||
Wind Tre SpA | Emerald Performance Materials LLC | |||||||||||
5.00%, 01/20/2026(g) | 755 | 690 | 10.23%, 08/01/2022(m) | 405 | 397 | |||||||
$ | 66,312 | US LIBOR + 6.75% | ||||||||||
Textiles - 0.03% | Commercial Services - 0.05% | |||||||||||
Delta Merlin DuniaTekstil PT | Garda World Security Corp | |||||||||||
8.63%, 03/12/2024(g) | 1,000 | 1,029 | 6.12%, 05/24/2024(m) | 403 | 402 | |||||||
US LIBOR + 3.50% | ||||||||||||
Toys, Games & Hobbies - 0.00% | Refinitiv US HoldingsInc | |||||||||||
Mattel Inc | 6.23%, 09/18/2025(m) | 1,122 | 1,109 | |||||||||
6.75%, 12/31/2025(g) | 100 | 100 | US LIBOR + 3.75% | |||||||||
Transportation - 0.43% | $ | 1,511 | ||||||||||
Burlington Northern Santa Fe LLC | Computers - 0.02% | |||||||||||
4.38%, 09/01/2042 | 870 | 929 | McAfee LLC | |||||||||
CSX Corp | 10.98%, 09/29/2025(m) | 546 | 551 | |||||||||
4.75%, 11/15/2048 | 1,955 | 2,123 | US LIBOR + 8.50% | |||||||||
Eletson Holdings Inc/EletsonFinance US LLC / | ||||||||||||
Agathonissos Finance LLC | Consumer Products - 0.00% | |||||||||||
0.00%, 01/15/2022(a),(i) | 1,749 | 651 | Prestige Brands Inc | |||||||||
Kazakhstan Temir Zholy National Co JSC | 4.48%, 01/26/2024(m) | 11 | 11 | |||||||||
4.85%, 11/17/2027(g) | 650 | 672 | US LIBOR + 2.00% | |||||||||
NaviosMaritime Acquisition Corp /Navios | Diversified Financial Services- 0.05% | |||||||||||
Acquisition Finance USInc | Russell Investments US Institutional HoldcoInc | |||||||||||
8.13%, 11/15/2021(g) | 2,805 | 2,328 | 5.85%, 06/01/2023(m) | 1,597 | 1,592 | |||||||
Navios Maritime Holdings Inc/Navios Maritime | US LIBOR + 3.25% | |||||||||||
Finance II USInc | Electrical Components & Equipment - 0.04% | |||||||||||
7.38%, 01/15/2022(g) | 1,230 | 806 | Energizer HoldingsInc | |||||||||
11.25%, 08/15/2022(g) | 715 | 483 | 4.75%, 12/17/2025(m) | 1,287 | 1,287 | |||||||
NaviosSouth American LogisticsInc/Navios | US LIBOR + 2.25% | |||||||||||
Logistics Finance USInc | ||||||||||||
7.25%, 05/01/2022(g) | 720 | 661 |
See accompanying notes.
118
Schedule of Investments Core Plus Bond Fund April 30, 2019 (unaudited)
SENIOR FLOATING RATE INTERESTS | Principal | SENIOR FLOATING RATE INTERESTS | Principal | |||||||||
(continued) | Amount (000’s) Value (000’s) | (continued) | Amount (000’s) Value (000’s) | |||||||||
Entertainment - 0.06% | Retail (continued) | |||||||||||
CCM MergerInc | Claire's StoresInc | |||||||||||
4.73%, 08/06/2021(m) | $ | 268 | $ | 268 | 0.75%, 10/12/2022(m) | $ | 11 | $ | 11 | |||
US LIBOR + 2.25% | US LIBOR + 7.50% | |||||||||||
Eldorado ResortsInc | 9.94%, 10/12/2038(m) | 37 | 53 | |||||||||
4.75%, 04/17/2024(m) | 1,395 | 1,393 | US LIBOR + 7.50% | |||||||||
US LIBOR + 2.25% | IRB Holding Corp | |||||||||||
Lions Gate Capital Holdings LLC | 5.72%, 01/17/2025(m) | 333 | 332 | |||||||||
4.73%, 03/24/2025(m) | 310 | 308 | US LIBOR + 3.25% | |||||||||
US LIBOR + 2.25% | PetSmart Inc | |||||||||||
$ | 1,969 | 6.73%, 03/11/2022(m) | 1,079 | 1,039 | ||||||||
Environmental Control - 0.01% | US LIBOR + 3.00% | |||||||||||
Filtration Group Corp | $ | 2,138 | ||||||||||
5.48%, 03/31/2025(m) | 262 | 263 | Telecommunications - 0.08% | |||||||||
US LIBOR + 3.00% | AvayaInc | |||||||||||
Food - 0.03% | 6.72%, 12/16/2024(m) | 1,345 | 1,348 | |||||||||
JBS USA LUX SA | US LIBOR + 4.25% | |||||||||||
5.11%, 10/30/2022(m) | 1 | — | Level 3 Parent LLC | |||||||||
US LIBOR + 2.50% | 4.67%, 02/22/2024(m) | 60 | 60 | |||||||||
Post Holdings Inc | US LIBOR + 2.25% | |||||||||||
4.49%, 05/24/2024(m) | 920 | 920 | MaxarTechnologies Ltd | |||||||||
US LIBOR + 2.00% | 5.24%, 10/05/2024(m) | 1,506 | 1,211 | |||||||||
$ | 920 | US LIBOR + 2.75% | ||||||||||
Healthcare - Products - 0.00% | $ | 2,619 | ||||||||||
AgilitiHealth Inc | TOTAL SENIOR FLOATING RATE INTERESTS | $ | 27,644 | |||||||||
5.56%, 01/04/2026(m) | 10 | 10 | U.S. GOVERNMENT & GOVERNMENT | Principal | ||||||||
US LIBOR + 3.00% | AGENCY OBLIGATIONS - 40.27% | Amount (000's) Value (000's) | ||||||||||
Healthcare - Services - 0.06% | Federal Home Loan Mortgage Corporation (FHLMC) - 2.62% | |||||||||||
MPH Acquisition Holdings LLC | 3.00%, 01/01/2043 | $ | 2,783 | $ | 2,765 | |||||||
5.35%, 06/07/2023(m) | 1,770 | 1,751 | 3.00%, 02/01/2043 | 1,168 | 1,161 | |||||||
US LIBOR + 3.00% | 3.00%, 03/01/2043 | 487 | 484 | |||||||||
Insurance - 0.05% | 3.00%, 01/01/2047 | 22,050 | 21,869 | |||||||||
Asurion LLC | 3.50%, 11/01/2046 | 4,516 | 4,596 | |||||||||
5.48%, 11/03/2023(m) | 220 | 220 | 3.50%, 03/01/2048 | 1,063 | 1,078 | |||||||
US LIBOR + 3.00% | 4.00%, 02/01/2046 | 11,896 | 12,309 | |||||||||
Genworth HoldingsInc | 4.00%, 04/01/2048 | 94 | 96 | |||||||||
6.99%, 03/07/2023(m) | 1,275 | 1,285 | 4.00%, 08/01/2048 | 11,152 | 11,590 | |||||||
US LIBOR + 4.50% | 4.50%, 04/01/2031 | 794 | 834 | |||||||||
$ | 1,505 | 4.50%, 04/01/2041 | 5,042 | 5,358 | ||||||||
4.50%, 12/01/2043 | 4,374 | 4,615 | ||||||||||
Lodging - 0.02% | 4.50%, 09/01/2044 | 5,814 | 6,117 | |||||||||
Golden Nugget LLC | 4.50%, 03/01/2046 | 1,129 | 1,205 | |||||||||
5.23%, 10/04/2023(m) | 660 | 661 | 4.50%, 05/01/2048 | 227 | 238 | |||||||
US LIBOR + 2.75% | 5.00%, 06/01/2031 | 630 | 667 | |||||||||
Oil & Gas - 0.06% | 5.00%, 09/01/2039 | 1,681 | 1,810 | |||||||||
California Resources Corp | 5.11%, 01/01/2034 | 42 | 42 | |||||||||
7.23%, 12/31/2022(m) | 1,130 | 1,093 | 1.00 x US Treasury Yield Curve Rate T | |||||||||
US LIBOR + 4.75% | Note Constant Maturity 1 Year + 2.37% | |||||||||||
12.85%, 12/31/2021(m) | 930 | 955 | 5.50%, 08/01/2023 | 249 | 254 | |||||||
US LIBOR + 10.37% | 5.50%, 05/01/2033 | 54 | 59 | |||||||||
$ | 2,048 | 5.50%, 10/01/2033 | 43 | 46 | ||||||||
Pharmaceuticals - 0.18% | 5.50%, 12/01/2033 | 615 | 674 | |||||||||
Bausch Health AmericasInc | 5.50%, 11/01/2036 | 535 | 584 | |||||||||
5.22%, 11/14/2025(m) | 1,492 | 1,492 | 5.50%, 04/01/2038 | 175 | 193 | |||||||
US LIBOR + 2.75% | 5.50%, 08/01/2038 | 389 | 434 | |||||||||
5.47%, 05/19/2025(m) | 2,178 | 2,187 | 5.50%, 03/01/2040 | 604 | 660 | |||||||
US LIBOR + 3.00% | 6.00%, 03/01/2022 | 7 | 7 | |||||||||
Endo International PLC | 6.00%, 07/01/2023 | 117 | 127 | |||||||||
6.75%, 04/29/2024(m) | 1,980 | 1,955 | 6.00%, 06/01/2028 | 2 | 2 | |||||||
US LIBOR + 4.25% | 6.00%, 01/01/2029 | 1 | 1 | |||||||||
$ | 5,634 | 6.00%, 12/01/2031 | 26 | 29 | ||||||||
Retail - 0.07% | 6.00%, 12/01/2032 | 25 | 28 | |||||||||
Academy Ltd | 6.00%, 02/01/2033 | 122 | 132 | |||||||||
6.49%, 07/01/2022(m) | 949 | 703 | 6.00%, 12/01/2033 | 31 | 35 | |||||||
US LIBOR + 4.00% | 6.00%, 10/01/2036 | 198 | 220 | |||||||||
6.00%, 01/01/2038 | 12 | 13 | ||||||||||
6.00%, 01/01/2038 | 258 | 293 | ||||||||||
6.00%, 07/01/2038 | 1,064 | 1,207 | ||||||||||
6.50%, 03/01/2029 | 5 | 5 |
See accompanying notes.
119
Schedule of Investments Core Plus Bond Fund April 30, 2019 (unaudited)
U.S. GOVERNMENT & GOVERNMENT | Principal | U.S. GOVERNMENT & GOVERNMENT | Principal | ||||||||||
AGENCY OBLIGATIONS (continued) | Amount (000’s) Value (000’s) | AGENCY OBLIGATIONS (continued) | Amount (000’s) Value (000’s) | ||||||||||
Federal Home Loan Mortgage Corporation (FHLMC) (continued) | Federal National Mortgage Association (FNMA)/Federal Home Loan Mortgage | ||||||||||||
6.50%, 05/01/2029 | $ | 7 | $ | 8 | Corporation (FHLMC) Uniform Mortgage-Backed Security (continued) | ||||||||
6.50%, 04/01/2031 | 3 | 3 | 3.50%, 05/01/2043 | $ | 383 | $ | 391 | ||||||
6.50%, 09/01/2031 | 2 | 2 | 3.50%, 07/01/2043 | 1,550 | 1,580 | ||||||||
6.50%, 02/01/2032 | 2 | 2 | 3.50%, 09/01/2044 | 5,706 | 5,812 | ||||||||
6.50%, 05/01/2032 | 9 | 10 | 3.50%, 11/01/2044 | 4,215 | 4,281 | ||||||||
6.50%, 04/01/2035 | 67 | 76 | 3.50%, 03/01/2045 | 7,589 | 7,736 | ||||||||
6.50%, 10/01/2035 | 52 | 60 | 3.50%, 04/01/2045 | 3,756 | 3,817 | ||||||||
7.00%, 12/01/2029 | 5 | 6 | 3.50%, 08/01/2045 | 5,904 | 6,031 | ||||||||
7.00%, 06/01/2030 | 12 | 13 | 3.50%, 11/01/2045 | 11,999 | 12,246 | ||||||||
7.00%, 12/01/2030 | 4 | 4 | 3.50%, 01/01/2046 | 5,312 | 5,429 | ||||||||
7.00%, 09/01/2031 | 1 | 1 | 3.50%, 10/01/2046 | 4,566 | 4,639 | ||||||||
7.50%, 09/01/2030 | 1 | 1 | 3.50%, 11/01/2046 | 12,743 | 13,000 | ||||||||
7.50%, 01/01/2031 | 6 | 7 | 3.50%, 12/01/2046 | 7,922 | 8,048 | ||||||||
7.50%, 03/01/2031 | 2 | 2 | 3.50%, 12/01/2046 | 5,731 | 5,819 | ||||||||
7.50%, 02/01/2032 | 3 | 3 | 3.50%, 01/01/2047 | 14,661 | 14,977 | ||||||||
8.00%, 09/01/2030 | 46 | 48 | 3.50%, 01/01/2047 | 13,760 | 14,055 | ||||||||
$ | 82,083 | 3.50%, 04/01/2047 | 237 | 241 | |||||||||
Federal National Mortgage Association (FNMA) - 5.15% | 3.50%, 08/01/2047 | 14,998 | 15,292 | ||||||||||
3.00%, 05/01/2028(o) | 68,000 | 68,341 | 3.50%, 10/01/2047 | 1,330 | 1,355 | ||||||||
3.50%, 05/01/2030(o) | 5,000 | 5,106 | 3.50%, 10/01/2047 | 178 | 181 | ||||||||
3.50%, 05/01/2043(o) | 5,000 | 5,045 | 3.50%, 11/01/2047 | 5,883 | 5,991 | ||||||||
3.72%, 10/01/2034 | 48 | 49 | 3.50%, 11/01/2047 | 5,894 | 5,992 | ||||||||
1.00 x 6 Month USD LIBOR + 1.13% | 3.50%, 12/01/2047 | 10,878 | 11,077 | ||||||||||
4.00%, 05/01/2045(o) | 7,000 | 7,183 | 3.50%, 01/01/2048 | 12,040 | 12,248 | ||||||||
4.27%, 07/01/2033 | 502 | 521 | 3.50%, 03/01/2048 | 8,697 | 8,842 | ||||||||
1.00 x 12 Month USD LIBOR + 1.55% | 3.50%, 04/01/2048 | 14,529 | 14,780 | ||||||||||
4.49%, 08/01/2035 | 104 | 109 | 3.50%, 04/01/2048 | 13,898 | 14,129 | ||||||||
1.00 x 12 Month USD LIBOR + 1.74% | 4.00%, 08/01/2020 | 201 | 207 | ||||||||||
4.50%, 05/01/2045(o) | 57,000 | 59,310 | 4.00%, 02/01/2031 | 298 | 309 | ||||||||
4.51%, 04/01/2036 | 102 | 106 | 4.00%, 03/01/2034 | 746 | 778 | ||||||||
1.00 x 12 Month USD LIBOR + 1.58% | 4.00%, 04/01/2034 | 4,112 | 4,289 | ||||||||||
4.73%, 02/01/2036 | 16 | 17 | 4.00%, 04/01/2042 | 4,013 | 4,186 | ||||||||
1.00 x 12 Month USD LIBOR + 1.61% | 4.00%, 05/01/2044 | 3,972 | 4,125 | ||||||||||
4.85%, 01/01/2033 | 46 | 47 | 4.00%, 06/01/2044 | 6,312 | 6,527 | ||||||||
1.00 x US Treasury Yield Curve Rate T | 4.00%, 10/01/2045 | 5,114 | 5,295 | ||||||||||
Note Constant Maturity 1 Year + 2.14% | 4.00%, 04/01/2047 | 6,771 | 7,032 | ||||||||||
4.92%, 04/01/2033 | 73 | 77 | 4.00%, 05/01/2047 | 17,661 | 18,213 | ||||||||
1.00 x 6 Month USD LIBOR + 2.26% | 4.00%, 06/01/2047 | 17,856 | 18,530 | ||||||||||
4.94%, 03/01/2035 | 1,694 | 1,798 | 4.00%, 06/01/2047 | 1,757 | 1,812 | ||||||||
1.00 x US Treasury Yield Curve Rate T | 4.00%, 10/01/2047 | 6,714 | 6,924 | ||||||||||
Note Constant Maturity 1 Year + 2.62% | 4.00%, 11/01/2047 | 16,306 | 16,957 | ||||||||||
5.00%, 07/01/2044 | 2,529 | 2,699 | 4.00%, 04/01/2048 | 2,972 | 3,089 | ||||||||
5.00%, 05/01/2045(o) | 10,000 | 10,540 | 4.00%, 04/01/2048 | 20,090 | 20,885 | ||||||||
$ | 160,948 | 4.00%, 06/01/2048 | 46 | 47 | |||||||||
Federal National Mortgage Association (FNMA)/Federal Home Loan Mortgage | 4.00%, 10/01/2048 | 4,864 | 5,056 | ||||||||||
Corporation (FHLMC) Uniform Mortgage-Backed Security - 14.29% | 4.00%, 06/01/2049(o) | 11,500 | 11,794 | ||||||||||
2.50%, 04/01/2028 | 2,272 | 2,261 | 4.50%, 04/01/2024 | 825 | 849 | ||||||||
2.50%, 06/01/2028 | 157 | 156 | 4.50%, 09/01/2040 | 822 | 871 | ||||||||
2.50%, 09/01/2029 | 749 | 743 | 4.50%, 06/01/2044 | 963 | 1,019 | ||||||||
3.00%, 07/01/2028 | 3,999 | 4,027 | 4.50%, 12/01/2044 | 7,548 | 7,942 | ||||||||
3.00%, 10/01/2029 | 98 | 99 | 5.00%, 05/01/2040 | 4,432 | 4,767 | ||||||||
3.00%, 10/01/2030 | 4,066 | 4,096 | 5.00%, 11/01/2048 | 4,654 | 4,908 | ||||||||
3.00%, 08/01/2034 | 4,592 | 4,596 | 5.50%, 06/01/2020 | 21 | 21 | ||||||||
3.00%, 10/01/2034 | 2,367 | 2,369 | 5.50%, 09/01/2020 | 160 | 161 | ||||||||
3.00%, 12/01/2040 | 179 | 178 | 5.50%, 02/01/2023 | 23 | 24 | ||||||||
3.00%, 11/01/2042 | 557 | 553 | 5.50%, 06/01/2023 | 80 | 85 | ||||||||
3.00%, 04/01/2043 | 574 | 570 | 5.50%, 07/01/2023 | 2 | 2 | ||||||||
3.00%, 04/01/2043 | 22,507 | 22,358 | 5.50%, 07/01/2033 | 115 | 126 | ||||||||
3.00%, 05/01/2043 | 850 | 845 | 5.50%, 09/01/2033 | 152 | 167 | ||||||||
3.00%, 05/01/2043 | 4,920 | 4,887 | 5.50%, 08/01/2036 | 1,258 | 1,385 | ||||||||
3.00%, 08/01/2043 | 3,688 | 3,664 | 5.50%, 02/01/2037 | 41 | 44 | ||||||||
3.00%, 03/01/2048 | 12,486 | 12,364 | 5.50%, 04/01/2038 | 1,888 | 2,064 | ||||||||
3.50%, 04/01/2030 | 6,333 | 6,482 | 5.50%, 12/01/2038 | 1,057 | 1,161 | ||||||||
3.50%, 02/01/2033 | 43 | 44 | 5.50%, 05/01/2040 | 473 | 509 | ||||||||
3.50%, 10/01/2033 | 2,615 | 2,677 | 6.00%, 02/01/2023 | 9 | 9 | ||||||||
3.50%, 08/01/2034 | 1,917 | 1,963 | 6.00%, 11/01/2035 | 981 | 1,097 | ||||||||
3.50%, 08/01/2038 | 4,655 | 4,741 | 6.00%, 02/01/2038 | 425 | 466 | ||||||||
3.50%, 01/01/2041 | 243 | 247 | 6.00%, 05/01/2038 | 32 | 35 |
See accompanying notes.
120
Schedule of Investments Core Plus Bond Fund April 30, 2019 (unaudited)
U.S. GOVERNMENT & GOVERNMENT | Principal | U.S. GOVERNMENT & GOVERNMENT | Principal | ||||||||||
AGENCY OBLIGATIONS (continued) | Amount (000’s) Value (000’s) | AGENCY OBLIGATIONS (continued) | Amount (000’s) Value (000’s) | ||||||||||
Federal National Mortgage Association (FNMA)/Federal Home Loan Mortgage | Government National Mortgage Association (GNMA) (continued) | ||||||||||||
Corporation (FHLMC) Uniform Mortgage-Backed Security (continued) | 6.00%, 02/15/2033 | $ | 30 | $ | 33 | ||||||||
6.00%, 08/01/2038 | $ | 314 | $ | 345 | 6.00%, 12/15/2033 | 40 | 45 | ||||||
6.00%, 08/01/2038 | 220 | 238 | 6.50%, 03/20/2028 | 5 | 5 | ||||||||
6.00%, 03/01/2040 | 2,504 | 2,796 | 6.50%, 05/20/2029 | 5 | 5 | ||||||||
6.50%, 05/01/2022 | 3 | 3 | 6.50%, 10/15/2032 | 15 | 16 | ||||||||
6.50%, 12/01/2031 | 2 | 3 | 6.50%, 12/15/2032 | 51 | 55 | ||||||||
6.50%, 02/01/2032 | 2 | 2 | 7.00%, 06/15/2031 | 9 | 11 | ||||||||
6.50%, 02/01/2032 | 2 | 2 | 7.00%, 07/15/2031 | 1 | 2 | ||||||||
6.50%, 04/01/2032 | 7 | 7 | 7.00%, 06/15/2032 | 78 | 87 | ||||||||
6.50%, 06/01/2032 | 1 | 1 | 8.00%, 01/20/2031 | 4 | 4 | ||||||||
6.50%, 08/01/2032 | 7 | 8 | $ | 221,245 | |||||||||
6.50%, 07/01/2037 | 184 | 205 | U.S. Treasury - 10.80% | ||||||||||
6.50%, 07/01/2037 | 285 | 320 | 1.00%, 02/15/2049 | 55 | 56 | ||||||||
6.50%, 12/01/2037 | 250 | 287 | 1.25%, 10/31/2021 | 16,900 | 16,490 | ||||||||
6.50%, 02/01/2038 | 340 | 387 | 1.38%, 03/31/2020 | 115 | 114 | ||||||||
6.50%, 03/01/2038 | 99 | 109 | 1.50%, 01/31/2022 | 2,025 | 1,985 | ||||||||
6.50%, 09/01/2038 | 367 | 418 | 1.50%, 08/15/2026 | 1,000 | 939 | ||||||||
7.00%, 03/01/2032 | 22 | 24 | 1.63%, 10/31/2023 | 13,800 | 13,415 | ||||||||
7.50%, 08/01/2032 | 5 | 6 | 1.75%, 04/30/2022 | 125 | 123 | ||||||||
$ | 446,837 | 2.00%, 05/31/2021 | 4,540 | 4,515 | |||||||||
Government National Mortgage Association (GNMA) - 7.08% | 2.00%, 10/31/2022 | 35,000 | 34,701 | ||||||||||
3.00%, 06/20/2043 | 3,059 | 3,058 | 2.50%, 12/31/2020 | 35,000 | 35,108 | ||||||||
3.00%, 01/20/2045 | 1,532 | 1,532 | 2.50%, 05/15/2024 | 30,000 | 30,292 | ||||||||
3.00%, 01/20/2046 | 5,893 | 5,898 | 3.00%, 09/30/2025 | 26,000 | 26,960 | ||||||||
3.00%, 06/20/2046 | 842 | 842 | 3.00%, 11/15/2044(p) | 23,400 | 23,740 | ||||||||
3.00%, 07/20/2046 | 17,957 | 17,950 | 3.00%, 05/15/2045 | 35,045 | 35,562 | ||||||||
3.00%, 12/20/2046 | 2,650 | 2,649 | 3.00%, 11/15/2045 | 39,000 | 39,568 | ||||||||
3.00%, 11/20/2048 | 6,282 | 6,273 | 3.13%, 05/15/2048 | 13,750 | 14,244 | ||||||||
3.50%, 03/15/2042 | 1,218 | 1,246 | 3.75%, 11/15/2043(q) | 4,035 | 4,634 | ||||||||
3.50%, 04/15/2042 | 1,226 | 1,253 | 3.88%, 08/15/2040 | 44,545 | 52,097 | ||||||||
3.50%, 05/01/2043 | 29,500 | 29,986 | 4.75%, 02/15/2037 | 2,300 | 2,971 | ||||||||
3.50%, 09/20/2044 | 83 | 85 | $ | 337,514 | |||||||||
3.50%, 09/20/2047 | 1,687 | 1,721 | U.S. Treasury Inflation-Indexed Obligations- 0.33% | ||||||||||
3.50%, 03/20/2048 | 4,619 | 4,698 | 0.13%, 04/15/2021 | 901 | 894 | ||||||||
3.50%, 06/20/2048 | 9,286 | 9,445 | 0.13%, 01/15/2022 | 603 | 598 | ||||||||
3.75%, 07/20/2043 | 289 | 295 | 0.13%, 07/15/2022 | 236 | 235 | ||||||||
1.00 x US Treasury Yield Curve Rate T | 0.13%, 01/15/2023 | 1,305 | 1,292 | ||||||||||
Note Constant Maturity 1 Year + 1.50% | 0.13%, 07/15/2024 | 628 | 621 | ||||||||||
4.00%, 02/15/2042 | 870 | 903 | 0.13%, 07/15/2026 | 664 | 649 | ||||||||
4.00%, 05/01/2043 | 14,000 | 14,417 | 0.38%, 07/15/2023 | 467 | 469 | ||||||||
4.00%, 08/15/2045 | 3,453 | 3,568 | 0.38%, 07/15/2025 | 719 | 719 | ||||||||
4.00%, 06/20/2046 | 865 | 893 | 0.38%, 01/15/2027 | 664 | 657 | ||||||||
4.00%, 06/20/2047 | 5,904 | 6,094 | 0.38%, 07/15/2027 | 906 | 898 | ||||||||
4.00%, 01/20/2048 | 22,483 | 23,371 | 0.63%, 01/15/2024 | 368 | 372 | ||||||||
4.00%, 10/15/2048 | 7,675 | 7,966 | 0.75%, 02/15/2045 | 445 | 425 | ||||||||
4.50%, 06/20/2025 | 2,139 | 2,230 | 1.00%, 02/15/2046 | 245 | 248 | ||||||||
4.50%, 09/15/2039 | 335 | 356 | 1.00%, 02/15/2048 | 118 | 119 | ||||||||
4.50%, 03/15/2040 | 2,467 | 2,598 | 1.25%, 07/15/2020 | 458 | 464 | ||||||||
4.50%, 08/15/2040 | 4,422 | 4,656 | 1.38%, 02/15/2044 | 336 | 369 | ||||||||
4.50%, 05/01/2043 | 30,000 | 31,106 | 2.13%, 02/15/2041 | 196 | 245 | ||||||||
4.50%, 01/20/2048 | 5,049 | 5,251 | 3.38%, 04/15/2032 | 120 | 161 | ||||||||
4.50%, 06/20/2048 | 9,578 | 9,965 | 3.88%, 04/15/2029 | 638 | 841 | ||||||||
5.00%, 11/15/2033 | 1,695 | 1,818 | $ | 10,276 | |||||||||
5.00%, 06/15/2034 | 32 | 34 | TOTAL U.S. GOVERNMENT & GOVERNMENT AGENCY | ||||||||||
5.00%, 10/20/2039 | 141 | 150 | OBLIGATIONS | $ | 1,258,903 | ||||||||
5.00%, 07/20/2040 | 263 | 275 | Total Investments | $ | 3,374,381 | ||||||||
5.00%, 02/15/2042 | 1,191 | 1,276 | Other Assets and Liabilities - (7.94)% | (248,344 | ) | ||||||||
5.00%, 05/01/2043 | 15,000 | 15,652 | TOTAL NET ASSETS - 100.00% | $ | 3,126,037 | ||||||||
5.50%, 10/15/2033 | 589 | 651 | |||||||||||
5.50%, 05/20/2035 | 64 | 70 | |||||||||||
5.50%, 02/15/2038 | 560 | 619 | |||||||||||
6.00%, 07/20/2028 | 24 | 27 | |||||||||||
6.00%, 11/20/2028 | 23 | 25 | |||||||||||
6.00%, 01/20/2029 | 26 | 29 | |||||||||||
6.00%, 07/20/2029 | 6 | 7 | |||||||||||
6.00%, 08/15/2031 | 18 | 20 | |||||||||||
6.00%, 01/15/2032 | 3 | 3 | |||||||||||
6.00%, 02/15/2032 | 19 | 21 |
See accompanying notes.
121
Schedule of Investments Core Plus Bond Fund April 30, 2019 (unaudited)
(a) | Non-income producing security |
(b) | The value of these investments was determined using significant unobservableinputs. |
(c) | Fair value of these investments is determined in good faith by the Manager under procedures established and periodically reviewed by the Board of Directors. Certain inputs used in the valuation may be unobservable; however, each security is evaluated individually for purposes of ASC 820 which resultsin not all securities being identified as Level 3 of the fair value hierarchy. |
At the end of the period, the fair value of these securities totaled $23,397 or 0.75% of net assets. | |
(d) | Affiliated Security. Security is either an affiliate (and registered under the Investment Company Act of 1940) or an affiliate as defined by the Investment |
Company Act of 1940 (controls 5.0% or more of the outstanding votingshares of the security). Please see affiliated sub-schedule for transactionalinformation. | |
(e) | Current yield shown is as of period end. |
(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 ofperiod 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 ofthese securities totaled $516,699 or 16.53% of net assets. |
(h) | Security purchased on a when-issued basis. |
(i) | 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. |
(j) | Payment in kind; the issuer has the option of paying additional securities in lieu of cash. |
(k) | Rate shown is as of period end. The rate may be a variable or floating rate ora |
fixed rate which may convert to a variable or floating rate in the future. |
(l) | Security is an Interest Only Strip. |
(m) | Rate information disclosed is based on an average weighted rate of the underlying tranches as of period end. |
(n) | This Senior Floating Rate Note will settle after April 30, 2019, at which time the interest rate will be determined. |
(o) | Security was purchased in a "to-be-announced" ("TBA") transaction. See Notes to Financial Statements for additional information. |
(p) | 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 $2,014 or 0.06% of net assets. |
(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 $2,400 or 0.08% of net assets. |
Portfolio Summary (unaudited) | |||
Sector | Percent | ||
Mortgage Securities | 39.76 | % | |
Government | 12.62 | % | |
Financial | 12.09 | % | |
Asset Backed Securities | 8.88 | % | |
Consumer, Non-cyclical | 6.37 | % | |
Energy | 5.42 | % | |
Communications | 5.37 | % | |
Money Market Funds | 4.33 | % | |
Consumer, Cyclical | 3.26 | % | |
Industrial | 3.13 | % | |
Utilities | 2.86 | % | |
Technology | 2.26 | % | |
Basic Materials | 1.56 | % | |
Investment Companies | 0.03 | % | |
Other Assets and Liabilities | (7.94 | )% | |
TOTAL NET ASSETS | 100.00 | % |
Affiliated Securities | October 31, 2018 | Purchases | Sales | April 30, 2019 | ||||||||||||||
Value | Cost | Proceeds | Value | |||||||||||||||
Principal Government Money Market Fund 2.38% | $ | 193,677 | $ | 613,709 | $ | 671,985 | $ | 135,401 | ||||||||||
$ | 193,677 | $ | 613,709 | $ | 671,985 | $ | 135,401 | |||||||||||
Realized Gain/Loss | Realized Gain from | Change in Unrealized | ||||||||||||||||
Income | on Investments | Capital Gain Distributions | Gain/Loss | |||||||||||||||
Principal Government Money Market Fund 2.38% | $ | 1,399 | $ | —$ | —$ | — | ||||||||||||
$ | 1,399 | $ | —$ | —$ | — | |||||||||||||
Amounts in thousands | ||||||||||||||||||
Futures Contracts | ||||||||||||||||||
Description and Expiration Date | Type | Contracts | Notional Amount | Value and Unrealized Appreciation/(Depreciation) | ||||||||||||||
US 10 Year Note; June 2019 | Long | 88 | $ | 10,883 | $ | 92 | ||||||||||||
US 2 Year Note; June 2019 | Short | 118 | 25,135 | 27 | ||||||||||||||
US 5 Year Note; June 2019 | Short | 42 | 4,857 | — | ||||||||||||||
US Long Bond; June 2019 | Long | 185 | 27,282 | 239 | ||||||||||||||
US Ultra Bond; June 2019 | Long | 66 | 10,843 | 171 | ||||||||||||||
Total | $ | 529 | ||||||||||||||||
Amounts in thousands except contracts. | ||||||||||||||||||
Foreign Currency Contracts | ||||||||||||||||||
Unrealized Appreciation/(Depreciation) | ||||||||||||||||||
Counterparty | Settlement Date | Currency to Accept | Currency to Deliver | Asset | Liability | |||||||||||||
Barclays Bank PLC | 05/10/2019 | $ | 5,544 | GBP | 4,220 | $ | 39 | $ | — | |||||||||
Barclays Bank PLC | 05/10/2019 | GBP | 470$ | 617 | — | (4 | ) | |||||||||||
Barclays Bank PLC | 05/10/2019 | CAD | 5,300$ | 4,024 | — | (67 | ) | |||||||||||
Barclays Bank PLC | 05/10/2019 | $ | 5,011 | CAD | 6,600 | 83 | — | |||||||||||
Barclays Bank PLC | 05/10/2019 | CHF | 545$ | 551 | — | (16 | ) | |||||||||||
Barclays Bank PLC | 05/10/2019 | $ | 551 | CHF | 545 | 16 | — | |||||||||||
Goldman Sachs & Co | 05/10/2019 | $ | 26,142 | EUR | 22,700 | 665 | — | |||||||||||
Goldman Sachs & Co | 05/10/2019 | EUR | 5,500$ | 6,334 | — | (161 | ) | |||||||||||
Goldman Sachs & Co | 05/10/2019 | JPY | 155,500$ | 1,430 | — | (33 | ) |
See accompanying notes.
122
Schedule of Investments | |||||||||||||||
Core Plus Bond Fund | |||||||||||||||
April 30, 2019 (unaudited) | |||||||||||||||
Foreign Currency Contracts (continued) | |||||||||||||||
Unrealized Appreciation/(Depreciation) | |||||||||||||||
Counterparty | Settlement Date | Currency to Accept | Currency to Deliver | Asset | Liability | ||||||||||
Goldman Sachs & Co | 05/10/2019 | $ | 1,430 | JPY | 155,500 | $ | 33 | $ | — | ||||||
Total | $ | 836 | $ | (281 | ) | ||||||||||
Amounts in thousands. | |||||||||||||||
Exchange Cleared Credit Default Swaps | |||||||||||||||
Buy Protection | |||||||||||||||
Implied Credit | |||||||||||||||
Spread as | (Pay)/ | Upfront | Unrealized | ||||||||||||
ofApril 30, | Receive Fixed | Payment | Notional | Payments/ | Appreciation/ | ||||||||||
Reference Entity | 2019 | (a) | Rate | Frequency | Maturity Date | Amount | (Receipts) | (Depreciation) | Fair Value | ||||||
CDX.NA.HY.31 | N/A | (5.00)% | Quarterly | 12/20/2023 | $ | 45,105 | $ | (2,513 | )$ | (1,296 | )$ | (3,809 | ) | ||
Total | $ | (2,513 | )$ | (1,296 | )$ | (3,809 | ) | ||||||||
Amounts in thousands. |
(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 impliedcredit 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 definedunder the terms of the agreement.
See accompanying notes.
123
Schedule of Investments | |||||||||||
Diversified International Fund | |||||||||||
April 30, 2019 (unaudited) | |||||||||||
COMMON STOCKS - 95.73% | Shares Held Value (000's) | COMMON STOCKS (continued) | Shares Held Value (000’s) | ||||||||
Aerospace & Defense - 1.42% | Distribution & Wholesale - 3.33% | ||||||||||
CAEInc | 1,831,200 $ | 42,592 | Ferguson PLC | 1,256,723 | $ | 89,436 | |||||
SafranSA | 531,756 | 77,509 | ITOCHU Corp | 5,822,300 | 105,055 | ||||||
Thales SA | 406,793 | 48,603 | Mitsubishi Corp | 4,307,300 | 118,656 | ||||||
$ | 168,704 | Sumitomo Corp | 5,822,100 | 83,447 | |||||||
Agriculture - 0.47% | $ | 396,594 | |||||||||
Swedish Match AB | 1,145,466 | 55,852 | Diversified Financial Services- 1.58% | ||||||||
Apparel - 2.26% | Housing Development Finance Corp Ltd | 2,092,219 | 60,023 | ||||||||
Adidas AG | 249,043 | 64,151 | ORIX Corp | 6,033,990 | 85,477 | ||||||
Fila Korea Ltd | 484,212 | 34,244 | ShinhanFinancial Group Co Ltd | 1,142,172 | 43,168 | ||||||
LVMH Moet Hennessy Louis Vuitton SE | 363,435 | 142,691 | $ | 188,668 | |||||||
MonclerSpA | 681,167 | 28,006 | Electric - 2.20% | ||||||||
$ | 269,092 | Chubu Electric Power CoInc | 3,075,900 | 44,728 | |||||||
Automobile Manufacturers - 4.17% | EnelSpA | 13,805,987 | 87,422 | ||||||||
Ferrari NV | 525,561 | 71,283 | Iberdrola SA | 11,339,089 | 103,043 | ||||||
Honda Motor Co Ltd | 2,426,200 | 67,698 | Korea Electric Power Corp | 1,101,737 | 26,672 | ||||||
Isuzu Motors Ltd | 3,044,000 | 43,842 | $ | 261,865 | |||||||
Kia Motors Corp | 2,274,862 | 88,182 | Electrical Components & Equipment - 0.39% | ||||||||
MarutiSuzuki India Ltd | 673,018 | 64,488 | Delta Electronics Inc | 8,812,000 | 46,511 | ||||||
Toyota Motor Corp | 2,593,400 | 160,559 | Electronics - 1.24% | ||||||||
$ | 496,052 | HalmaPLC | 1,752,353 | 41,232 | |||||||
Banks - 10.52% | Hoya Corp | 1,510,004 | 106,648 | ||||||||
Banco do BrasilSA | 3,211,300 | 40,597 | $ | 147,880 | |||||||
Bangkok Bank PCL | 4,303,600 | 28,196 | Energy - Alternate Sources - 0.58% | ||||||||
BankLeumi Le-Israel BM | 8,836,317 | 60,511 | Vestas Wind Systems A/S | 768,503 | 69,537 | ||||||
CredicorpLtd | 339,899 | 80,522 | Engineering & Construction - 2.11% | ||||||||
DBS Group Holdings Ltd | 3,427,400 | 71,274 | ACS ActividadesdeConstruccion yServiciosSA | 2,122,642 | 97,613 | ||||||
DNB ASA | 3,751,207 | 72,133 | Larsen & Toubro Ltd | 2,285,981 | 44,335 | ||||||
ErsteGroup Bank AG | 1,765,414 | 70,645 | Vinci SA | 1,079,296 | 109,005 | ||||||
HDFC Bank Ltd ADR | 366,987 | 42,075 | $ | 250,953 | |||||||
Industrial Bank Co Ltd | 17,738,978 | 52,531 | Food - 5.00% | ||||||||
ING GroepNV | 6,383,493 | 81,454 | MEIJI Holdings Co Ltd | 573,600 | 45,215 | ||||||
Krung Thai Bank PCL | 71,181,700 | 42,165 | Nestle India Ltd | 148,648 | 23,289 | ||||||
Lloyds Banking Group PLC | 129,006,632 | 105,506 | Nestle SA | 2,874,409 | 276,741 | ||||||
Macquarie Group Ltd | 1,257,437 | 119,499 | Seven &iHoldings Co Ltd | 1,561,300 | 54,032 | ||||||
MediobancaBanca diCredito Finanziario SpA | 5,769,691 | 61,155 | Tesco PLC | 30,702,353 | 100,171 | ||||||
Skandinaviska Enskilda Banken AB | 4,465,337 | 42,633 | Uni-President Enterprises Corp | 28,142,000 | 66,884 | ||||||
Swedbank AB | 5,437,331 | 88,842 | X5 Retail Group NV | 961,890 | 29,211 | ||||||
Toronto-Dominion Bank/The | 2,472,500 | 141,038 | $ | 595,543 | |||||||
United Overseas Bank Ltd | 2,511,900 | 51,440 | |||||||||
$ | 1,252,216 | Food Service - 0.67% | |||||||||
Beverages - 2.69% | Compass Group PLC | 3,508,389 | 79,830 | ||||||||
Carlsberg A/S | 264,458 | 34,194 | Forest Products & Paper - 0.83% | ||||||||
Coca-Cola Bottlers Japan HoldingsInc | 1,487,700 | 36,734 | Mondi PLC | 3,085,403 | 67,803 | ||||||
Coca-Cola HBC AG(a) | 1,474,699 | 52,817 | Suzano SA | 2,949,400 | 30,764 | ||||||
Diageo PLC | 2,538,649 | 107,024 | $ | 98,567 | |||||||
Jiangsu YangheBrewery Joint-Stock Co Ltd | 3,436,246 | 60,046 | Hand & Machine Tools - 0.11% | ||||||||
Thai Beverage PCL | 47,257,300 | 29,191 | Techtronic Industries Co Ltd | 1,861,000 | 13,467 | ||||||
$ | 320,006 | Healthcare - Products - 0.99% | |||||||||
Biotechnology - 1.45% | AlconInc(a) | 394,811 | 22,737 | ||||||||
CSL Ltd | 702,369 | 98,516 | Carl ZeissMeditecAG | 431,963 | 42,488 | ||||||
Lonza Group AG(a) | 238,959 | 73,797 | SonovaHolding AG | 114,216 | 23,069 | ||||||
$ | 172,313 | StraumannHolding AG | 36,907 | 29,827 | |||||||
Building Materials - 0.26% | $ | 118,121 | |||||||||
Anhui Conch Cement Co Ltd | 5,165,825 | 30,677 | Healthcare - Services - 0.59% | ||||||||
Chemicals - 1.59% | ICON PLC(a) | 514,750 | 70,305 | ||||||||
KoninklijkeDSM NV | 589,208 | 67,389 | Home Builders - 0.75% | ||||||||
Nitto Denko Corp | 964,700 | 52,158 | Persimmon PLC | 1,499,861 | 43,815 | ||||||
Nutrien Ltd | 1,297,400 | 70,366 | Taylor Wimpey PLC | 19,321,867 | 45,809 | ||||||
$ | 189,913 | $ | 89,624 | ||||||||
Commercial Services - 0.55% | Home Furnishings - 1.22% | ||||||||||
Brambles Ltd | 4,343,624 | 36,911 | Howden Joinery Group PLC | 6,631,350 | 44,038 | ||||||
CCR SA | 9,337,800 | 28,148 | Sony Corp | 2,021,500 | 101,819 | ||||||
$ | 65,059 | $ | 145,857 | ||||||||
Computers - 1.63% | Insurance - 6.35% | ||||||||||
Capgemini SE | 310,220 | 37,647 | ASR Nederland NV | 1,279,811 | 56,944 | ||||||
Logitech International SA | 2,383,008 | 93,380 | BB Seguridade ParticipacoesSA | 7,103,550 | 51,486 | ||||||
Obic Co Ltd | 544,200 | 63,179 | Fairfax Financial Holdings Ltd | 107,900 | 51,456 | ||||||
$ | 194,206 | HannoverRueckSE | 420,354 | 63,478 |
See accompanying notes.
124
Schedule of Investments | |||||||||||
Diversified International Fund | |||||||||||
April 30, 2019 (unaudited) | |||||||||||
COMMON STOCKS (continued) | Shares Held Value (000’s) | COMMON STOCKS (continued) | Shares Held Value (000’s) | ||||||||
Insurance (continued) | Semiconductors - 3.43% | ||||||||||
Legal & General Group PLC | 30,163,466 $ | 109,691 | Samsung Electronics Co Ltd | 4,702,384 | $ | 184,885 | |||||
NN Group NV | 2,321,547 | 101,312 | Taiwan Semiconductor Manufacturing Co Ltd | 26,645,544 | 223,717 | ||||||
Prudential PLC | 5,239,342 | 119,045 | $ | 408,602 | |||||||
Swiss Life Holding AG | 241,190 | 113,390 | Software - 3.23% | ||||||||
TokioMarine Holdings Inc | 1,764,700 | 89,409 | Amadeus IT Group SA | 1,128,645 | 89,949 | ||||||
$ | 756,211 | Capcom Co Ltd | 1,692,900 | 38,198 | |||||||
Internet - 2.95% | DassaultSystemesSE | 494,013 | 78,234 | ||||||||
Alibaba Group Holding Ltd ADR(a) | 919,436 | 170,620 | NemetschekSE | 106,001 | 19,610 | ||||||
TencentHoldings Ltd | 3,654,832 | 180,138 | SimCorp A/S | 299,297 | 29,382 | ||||||
$ | 350,758 | Tech Mahindra Ltd | 4,659,718 | 56,048 | |||||||
Investment Companies - 1.00% | Ubisoft Entertainment SA(a) | 762,289 | 72,828 | ||||||||
EXOR NV | 483,938 | 32,270 | $ | 384,249 | |||||||
Investor AB | 1,809,759 | 86,311 | Telecommunications - 5.03% | ||||||||
$ | 118,581 | China Mobile Ltd | 7,009,000 | 66,876 | |||||||
Lodging - 0.22% | Deutsche Telekom AG | 4,425,226 | 74,145 | ||||||||
Huazhu Group Ltd ADR | 623,315 | 26,429 | Nice Ltd ADR(a) | 432,688 | 59,650 | ||||||
Machinery - Diversified- 1.16% | Orange SA | 3,237,025 | 50,590 | ||||||||
Amada Holdings Co Ltd | 3,681,200 | 41,267 | SK Telecom Co Ltd | 305,441 | 64,786 | ||||||
Keyence Corp | 94,200 | 58,855 | SoftBank Group Corp | 1,199,200 | 127,153 | ||||||
Valmet OYJ | 1,394,263 | 38,408 | TelefonaktiebolagetLM Ericsson | 10,559,810 | 104,459 | ||||||
$ | 138,530 | Telenor ASA | 2,581,048 | 51,884 | |||||||
Mining - 1.54% | $ | 599,543 | |||||||||
Anglo American PLC | 2,424,872 | 62,925 | Toys, Games & Hobbies - 0.60% | ||||||||
Rio Tinto Ltd | 1,780,573 | 120,015 | Nintendo Co Ltd | 207,400 | 71,432 | ||||||
$ | 182,940 | Transportation - 1.34% | |||||||||
Office & Business Equipment- 0.32% | Canadian National Railway Co | 1,723,648 | 160,104 | ||||||||
Konica MinoltaInc | 3,742,800 | 37,584 | TOTAL COMMON STOCKS | $ | 11,399,464 | ||||||
Oil & Gas - 5.63% | INVESTMENT COMPANIES - 3.44% | Shares Held Value (000's) | |||||||||
BP PLC | 24,005,982 | 174,565 | Money Market Funds - 3.44% | ||||||||
Husky EnergyInc | 2,397,900 | 26,025 | Principal Government Money Market Fund | 409,913,303 | 409,913 | ||||||
LUKOIL PJSC ADR | 746,213 | 63,359 | 2.38%(b),(c) | ||||||||
NesteOyj | 3,218,235 | 106,372 | TOTAL INVESTMENT COMPANIES | $ | 409,913 | ||||||
PTT PCL | 52,668,000 | 80,411 | PREFERRED STOCKS - 0.39% | Shares Held Value (000's) | |||||||
Reliance Industries Ltd | 7,207,251 | 144,386 | Investment Companies - 0.39% | ||||||||
Suncor EnergyInc | 2,290,300 | 75,528 | Itausa - Investimentos ItauSA 0.08% | 14,949,589 | $ | 45,522 | |||||
$ | 670,646 | TOTAL PREFERRED STOCKS | $ | 45,522 | |||||||
Pharmaceuticals - 4.55% | Total Investments | $ | 11,854,899 | ||||||||
Merck KGaA | 524,291 | 55,885 | Other Assets and Liabilities - 0.44% | 52,907 | |||||||
Novartis AG | 1,974,055 | 161,754 | TOTAL NET ASSETS - 100.00% | $ | 11,907,806 | ||||||
Novo Nordisk A/S | 2,124,358 | 104,082 | |||||||||
Roche Holding AG | 833,160 | 219,840 | (a) | Non-income producing security | |||||||
$ | 541,561 | (b) | Affiliated Security. Security is either an affiliate (and registered under the | ||||||||
Pipelines - 0.62% | Investment Company Act of 1940) or an affiliate as defined by the Investment | ||||||||||
TransCanada Corp | 1,543,600 | 73,672 | Company Act of 1940 (controls 5.0% or more of the outstanding voting | ||||||||
Private Equity - 2.90% | shares of the security). Please see affiliated sub-schedule for transactional | ||||||||||
3i Group PLC | 10,128,939 | 141,729 | information. | ||||||||
Brookfield Asset ManagementInc | 3,675,502 | 177,204 | (c) | Current yield shown is as of period end. | |||||||
Intermediate Capital Group PLC | 1,674,291 | 25,874 | |||||||||
$ | 344,807 | ||||||||||
Real Estate - 2.28% | |||||||||||
CK Asset Holdings Ltd | 6,943,500 | 55,829 | |||||||||
LEG Immobilien AG | 388,070 | 45,280 | |||||||||
Vonovia SE | 1,851,716 | 92,543 | |||||||||
Wharf Real Estate Investment Co Ltd | 10,243,000 | 78,505 | |||||||||
$ | 272,157 | ||||||||||
REITs - 0.40% | |||||||||||
Dexus | 5,413,746 | 47,797 | |||||||||
Retail - 3.58% | |||||||||||
Alimentation Couche-TardInc | 2,445,546 | 144,192 | |||||||||
ANTA Sports Products Ltd | 10,769,000 | 75,740 | |||||||||
Atacadao SA | 3,354,800 | 18,164 | |||||||||
Grafton Group PLC | 1,123,815 | 12,952 | |||||||||
Li Ning Co Ltd(a) | 20,383,500 | 37,031 | |||||||||
Pan Pacific International Holdings Corp | 611,800 | 39,427 | |||||||||
Wal-Mart de Mexico SAB de CV | 33,675,578 | 98,943 | |||||||||
$ | 426,449 |
See accompanying notes.
125
Schedule of Investments | ||||||||||||
Diversified International Fund | ||||||||||||
April 30, 2019 (unaudited) | ||||||||||||
Portfolio Summary (unaudited) | ||||||||||||
Country | Percent | |||||||||||
Japan | 14.05 | % | ||||||||||
United Kingdom | 11.68 | % | ||||||||||
Switzerland | 9.70 | % | ||||||||||
Canada | 8.08 | % | ||||||||||
China | 5.32 | % | ||||||||||
France | 5.19 | % | ||||||||||
Germany | 3.84 | % | ||||||||||
Korea, Republic Of | 3.70 | % | ||||||||||
India | 3.64 | % | ||||||||||
United States | 3.44 | % | ||||||||||
Sweden | 3.19 | % | ||||||||||
Netherlands | 2.84 | % | ||||||||||
Taiwan, Province Of China | 2.83 | % | ||||||||||
Australia | 2.54 | % | ||||||||||
Spain | 2.45 | % | ||||||||||
Italy | 2.07 | % | ||||||||||
Denmark | 1.99 | % | ||||||||||
Brazil | 1.81 | % | ||||||||||
Hong Kong | 1.80 | % | ||||||||||
Thailand | 1.52 | % | ||||||||||
Finland | 1.21 | % | ||||||||||
Norway | 1.05 | % | ||||||||||
Singapore | 1.03 | % | ||||||||||
Israel | 1.01 | % | ||||||||||
Mexico | 0.83 | % | ||||||||||
Russian Federation | 0.78 | % | ||||||||||
Ireland | 0.70 | % | ||||||||||
Peru | 0.68 | % | ||||||||||
Austria | 0.59 | % | ||||||||||
Other Assets and Liabilities | 0.44 | % | ||||||||||
TOTAL NET ASSETS | 100.00 | % | ||||||||||
Affiliated Securities | October 31, 2018 | Purchases | Sales | April 30, 2019 | ||||||||
Value | Cost | Proceeds | Value | |||||||||
Principal Government Money Market Fund 2.38% | $ | 269,817 | $ | 1,545,865 | $ | 1,405,769 | $ | 409,913 | ||||
$ | 269,817 | $ | 1,545,865 | $ | 1,405,769 | $ | 409,913 | |||||
Realized Gain/Loss | Realized Gain from | Change in Unrealized | ||||||||||
Income | on Investments | Capital Gain Distributions | Gain/Loss | |||||||||
Principal Government Money Market Fund 2.38% | $ | 2,614 | $ | —$ | —$ | — | ||||||
$ | 2,614 | $ | —$ | —$ | — | |||||||
Amounts in thousands |
See accompanying notes.
126
Schedule of Investments | ||||||||||||
Equity Income Fund | ||||||||||||
April 30, 2019 (unaudited) | ||||||||||||
COMMON STOCKS - 98.38% | Shares Held Value (000's) | COMMON STOCKS (continued) | Shares Held Value (000’s) | |||||||||
Aerospace & Defense - 0.40% | Miscellaneous Manufacturers - 1.90% | |||||||||||
Boeing Co/The | 77,680 | $ | 29,339 | 3M Co | 211,789 | $ | 40,136 | |||||
Airlines - 1.53% | Parker-Hannifin Corp | 558,690 | 101,168 | |||||||||
Delta Air LinesInc | 1,951,714 | 113,766 | $ | 141,304 | ||||||||
Apparel - 0.91% | Oil & Gas - 6.95% | |||||||||||
VF Corp | 714,724 | 67,477 | Chevron Corp | 763,476 | 91,663 | |||||||
Automobile Manufacturers - 1.57% | Cimarex Energy Co | 1,086,830 | 74,622 | |||||||||
PACCARInc | 1,627,910 | 116,672 | EOG ResourcesInc | 342,868 | 32,932 | |||||||
Automobile Parts & Equipment - 1.63% | Exxon Mobil Corp | 577,448 | 46,358 | |||||||||
Magna International Inc | 2,173,611 | 120,940 | Marathon Petroleum Corp | 1,858,806 | 113,146 | |||||||
Occidental Petroleum Corp | 468,788 | 27,602 | ||||||||||
Banks - 10.30% | Royal Dutch Shell PLC - B shares ADR | 1,996,862 | 129,576 | |||||||||
Bank of Nova Scotia/The | 2,150,115 | 118,385 | $ | 515,899 | ||||||||
JPMorgan Chase & Co | 1,847,865 | 214,445 | ||||||||||
PNC Financial Services GroupInc/The | 1,335,044 | 182,808 | Pharmaceuticals - 7.60% | |||||||||
SunTrust BanksInc | 1,528,712 | 100,100 | Johnson & Johnson | 260,866 | 36,834 | |||||||
US Bancorp | 2,793,874 | 148,969 | Merck & CoInc | 2,014,614 | 158,570 | |||||||
$ | 764,707 | Novartis AG ADR | 1,219,237 | 100,258 | ||||||||
PfizerInc | 3,090,424 | 125,502 | ||||||||||
Beverages - 0.93% | Roche Holding AG ADR | 4,316,267 | 142,696 | |||||||||
Coca-Cola Co/The | 1,409,336 | 69,142 | $ | 563,860 | ||||||||
Chemicals - 3.35% | Pipelines - 1.89% | |||||||||||
Air Products & ChemicalsInc | 397,510 | 81,804 | Enterprise Products Partners LP | 4,898,113 | 140,233 | |||||||
Albemarle Corp | 596,766 | 44,793 | ||||||||||
DowInc | 394,031 | 22,353 | Private Equity - 2.19% | |||||||||
DowDuPontInc | 1,182,094 | 45,452 | KKR & CoInc | 6,653,999 | 162,690 | |||||||
PPG IndustriesInc | 459,024 | 53,935 | REITs - 3.98% | |||||||||
$ | 248,337 | Alexandria Real Estate EquitiesInc | 408,374 | 58,148 | ||||||||
Computers - 3.28% | Digital Realty TrustInc | 1,076,684 | 126,736 | |||||||||
Accenture PLC - Class A | 322,575 | 58,925 | Simon Property GroupInc | 637,919 | 110,807 | |||||||
AppleInc | 918,008 | 184,217 | $ | 295,691 | ||||||||
$ | 243,142 | Retail - 3.52% | ||||||||||
Diversified Financial Services- 4.58% | Costco Wholesale Corp | 523,744 | 128,595 | |||||||||
BlackRockInc | 318,932 | 154,758 | Starbucks Corp | 1,708,289 | 132,700 | |||||||
Discover Financial Services | 2,272,472 | 185,184 | $ | 261,295 | ||||||||
$ | 339,942 | Semiconductors - 4.08% | ||||||||||
Electric - 7.23% | Applied MaterialsInc | 2,007,315 | 88,462 | |||||||||
EversourceEnergy | 1,413,149 | 101,266 | Microchip TechnologyInc | 1,272,769 | 127,137 | |||||||
NextEra EnergyInc | 492,827 | 95,825 | Taiwan Semiconductor Manufacturing Co Ltd | 1,997,510 | 87,531 | |||||||
Sempra Energy | 940,611 | 120,351 | ADR | |||||||||
WEC Energy GroupInc | 1,351,152 | 105,971 | $ | 303,130 | ||||||||
Xcel EnergyInc | 2,009,599 | 113,543 | Software - 3.23% | |||||||||
$ | 536,956 | Fidelity National Information ServicesInc | 665,536 | 77,155 | ||||||||
Electronics - 1.14% | Microsoft Corp | 739,891 | 96,630 | |||||||||
Honeywell InternationalInc | 489,578 | 85,006 | SAP SE ADR | 513,152 | 66,125 | |||||||
$ | 239,910 | |||||||||||
Food - 3.59% | Telecommunications - 3.45% | |||||||||||
Hormel Foods Corp | 2,212,075 | 88,350 | ||||||||||
Kroger Co/The | 3,298,754 | 85,042 | BCEInc | 2,799,213 | 125,237 | |||||||
Tyson FoodsInc | 1,239,819 | 92,999 | Verizon CommunicationsInc | 2,293,271 | 131,152 | |||||||
$ | 266,391 | $ | 256,389 | |||||||||
Healthcare - Products - 5.16% | Toys, Games & Hobbies - 2.26% | |||||||||||
Abbott Laboratories | 1,721,500 | 136,962 | HasbroInc | 1,647,182 | 167,782 | |||||||
Becton Dickinson and Co | 447,408 | 107,709 | Transportation - 1.33% | |||||||||
Medtronic PLC | 1,555,350 | 138,131 | Union Pacific Corp | 556,752 | 98,566 | |||||||
$ | 382,802 | TOTAL COMMON STOCKS | $ | 7,303,138 | ||||||||
Healthcare - Services - 1.09% | INVESTMENT COMPANIES - 1.49% | Shares Held Value (000's) | ||||||||||
HCA HealthcareInc | 635,383 | 80,840 | Money Market Funds - 1.49% | |||||||||
Insurance - 6.54% | Principal Government Money Market Fund | 110,759,391 | 110,759 | |||||||||
Allstate Corp/The | 1,052,390 | 104,250 | 2.38%(a),(b) | |||||||||
TOTAL INVESTMENT COMPANIES | $ | 110,759 | ||||||||||
Chubb Ltd | 1,121,443 | 162,833 | Total Investments | $ | 7,413,897 | |||||||
Fidelity National FinancialInc | 3,351,019 | 133,873 | Other Assets and Liabilities - 0.13% | 9,474 | ||||||||
Swiss Re AG ADR | 3,500,210 | 84,233 | TOTAL NET ASSETS - 100.00% | $ | 7,423,371 | |||||||
$ | 485,189 | |||||||||||
Machinery - Diversified- 1.12% | ||||||||||||
Deere & Co | 502,222 | 83,183 | (a)Affiliated Security. Security is either an affiliate (and registered under the | |||||||||
Media - 1.65% | Investment Company Act of 1940) or an affiliate as defined by the Investment | |||||||||||
Walt Disney Co/The | 894,778 | 122,558 | Company Act of 1940 (controls 5.0% or more of the outstanding voting | |||||||||
shares of the security). Please see affiliated sub-schedule for transactionalinformation. | ||||||||||||
(b)Current yield shown is as of period end. |
See accompanying notes.
127
Schedule of Investments | ||||||||||||
Equity Income Fund | ||||||||||||
April 30, 2019 (unaudited) | ||||||||||||
Portfolio Summary (unaudited) | ||||||||||||
Sector | Percent | |||||||||||
Financial | 27.59 | % | ||||||||||
Consumer, Non-cyclical | 18.37 | % | ||||||||||
Consumer, Cyclical | 11.42 | % | ||||||||||
Technology | 10.59 | % | ||||||||||
Energy | 8.84 | % | ||||||||||
Utilities | 7.23 | % | ||||||||||
Industrial | 5.89 | % | ||||||||||
Communications | 5.10 | % | ||||||||||
Basic Materials | 3.35 | % | ||||||||||
Money Market Funds | 1.49 | % | ||||||||||
Other Assets and Liabilities | 0.13 | % | ||||||||||
TOTAL NET ASSETS | 100.00 | % | ||||||||||
Affiliated Securities | October 31, 2018 | Purchases | Sales | April 30, 2019 | ||||||||
Value | Cost | Proceeds | Value | |||||||||
Principal Government Money Market Fund 2.38% | $ | 97,178 | $ | 428,448 | $ | 414,867 | $ | 110,759 | ||||
$ | 97,178 | $ | 428,448 | $ | 414,867 | $ | 110,759 | |||||
Realized Gain/Loss | Realized Gain from | Change in Unrealized | ||||||||||
Income | on Investments | Capital Gain Distributions | Gain/Loss | |||||||||
Principal Government Money Market Fund 2.38% | $ | 1,097 | $ | —$ | —$ | — | ||||||
$ | 1,097 | $ | —$ | —$ | — | |||||||
Amounts in thousands |
See accompanying notes.
128
Schedule of Investments
Finisterre Unconstrained Emerging Markets Bond Fund April 30, 2019 (unaudited)
Principal | Principal | |||||||||||||
BONDS - 83.25% | Amount (000's) Value (000's) | BONDS (continued) | Amount (000’s) Value (000’s) | |||||||||||
Agriculture - 0.90% | Sovereign (continued) | |||||||||||||
JBS Investments II GmbH | Qatar Government International Bond | |||||||||||||
7.00%, 01/15/2026(a) | $ | 1,000 | $ | 1,041 | 2.38%, 06/02/2021 | $ | 6,000 | $ | 5,929 | |||||
Banks - 2.82% | Russian Federal Bond - OFZ | |||||||||||||
HSBC Holdings PLC | 7.03%, 01/19/2028 | RUB | 237,100 | 3,471 | ||||||||||
6.25%, 12/31/2049(b),(c) | 3,170 | 3,241 | Saudi Government International Bond | |||||||||||
USD Swap Rate NY 5 Year + 3.45% | 2.38%, 10/26/2021 | $ | 5,000 | 4,927 | ||||||||||
Chemicals - 1.80% | 4.50%, 10/26/2046 | 3,375 | 3,328 | |||||||||||
SASOL Financing USA LLC | Ukraine Government International Bond | |||||||||||||
5.88%, 03/27/2024 | 1,950 | 2,069 | 7.75%, 09/01/2023 | 3,950 | 3,813 | |||||||||
Diversified Financial Services- 2.25% | $ | 53,175 | ||||||||||||
UnifinFinancieraSAB de CV SOFOM ENR | Supranational Bank - 1.57% | |||||||||||||
7.00%, 01/15/2025 | 1,625 | 1,547 | BanqueOuestAfricainede Developpement | |||||||||||
7.25%, 09/27/2023 | 1,025 | 1,035 | 5.00%, 07/27/2027(a) | 275 | 275 | |||||||||
$ | 2,582 | 5.00%, 07/27/2027 | 1,525 | 1,526 | ||||||||||
Entertainment - 2.16% | $ | 1,801 | ||||||||||||
Resorts World Las Vegas LLC / RWLV Capital | Telecommunications - 8.03% | |||||||||||||
Inc | Bharti Airtel International Netherlands BV | |||||||||||||
4.63%, 04/16/2029(a) | 2,500 | 2,480 | 5.35%, 05/20/2024 | 1,970 | 2,052 | |||||||||
Food - 4.32% | Bharti Airtel Ltd | |||||||||||||
JBS Investments GmbH | 4.38%, 06/10/2025 | 1,750 | 1,734 | |||||||||||
6.25%, 02/05/2023 | 2,980 | 3,025 | C&W Senior Financing DAC | |||||||||||
Marfrig Holdings Europe BV | 7.50%, 10/15/2026(a) | 400 | 415 | |||||||||||
8.00%, 06/08/2023 | 1,875 | 1,948 | 7.50%, 10/15/2026 | 1,200 | 1,245 | |||||||||
$ | 4,973 | DigicelInternational Finance Ltd /Digicel | ||||||||||||
Holdings Bermuda Ltd | ||||||||||||||
Iron & Steel - 2.44% | 8.75%, 05/25/2024(a) | 2,095 | 2,096 | |||||||||||
CSN Resources SA | MTN Mauritius Investments Ltd | |||||||||||||
7.63%, 04/17/2026(a) | 2,800 | 2,801 | 5.37%, 02/13/2022 | 1,675 | 1,693 | |||||||||
Oil & Gas - 10.71% | $ | 9,235 | ||||||||||||
Kosmos Energy Ltd | TOTAL BONDS | $ | 95,712 | |||||||||||
7.13%, 04/04/2026(a) | 2,190 | 2,195 | Principal | |||||||||||
OdebrechtDrillingNorbe VIII/IX Ltd | CONVERTIBLE BONDS - 3.31% | Amount (000's) Value (000's) | ||||||||||||
6.35%, 12/01/2021 | 1,616 | 1,596 | Investment Companies - 3.31% | |||||||||||
OdebrechtOffshore Drilling Finance Ltd | Aabar Investments PJSC | |||||||||||||
6.72%, 12/01/2022 | 1,087 | 1,035 | 0.50%, 03/27/2020 | EUR | 900 | 969 | ||||||||
Petroleos Mexicanos | 1.00%, 03/27/2022 | 2,800 | 2,832 | |||||||||||
6.35%, 02/12/2048 | 2,600 | 2,301 | $ | 3,801 | ||||||||||
Saudi Arabian Oil Co | TOTAL CONVERTIBLE BONDS | �� | $ | 3,801 | ||||||||||
2.88%, 04/16/2024(a) | 1,500 | 1,477 | U.S. GOVERNMENT & GOVERNMENT | Principal | ||||||||||
Tengizchevroil Finance Co International Ltd | AGENCY OBLIGATIONS - 5.94% | Amount (000's) Value (000's) | ||||||||||||
4.00%, 08/15/2026 | 3,725 | 3,710 | U.S. Treasury Bill - 5.94% | |||||||||||
$ | 12,314 | 2.37%, 06/13/2019(d) | $ | 6,850 | $ | 6,831 | ||||||||
Sovereign - 46.25% | TOTAL U.S. GOVERNMENT & GOVERNMENT AGENCY | |||||||||||||
1MDB Global Investments Ltd | OBLIGATIONS | $ | 6,831 | |||||||||||
4.40%, 03/09/2023 | 3,600 | 3,374 | Total Investments | $ | 106,344 | |||||||||
Costa Rica Government International Bond | Other Assets and Liabilities - 7.50% | 8,624 | ||||||||||||
4.37%, 05/22/2019 | 850 | 847 | TOTAL NET ASSETS - 100.00% | $ | 114,968 | |||||||||
Ecuador Government International Bond | ||||||||||||||
7.88%, 01/23/2028 | 2,570 | 2,477 | ||||||||||||
Egypt Government International Bond | (a) | Security exempt from registration under Rule 144A of the Securities Act of | ||||||||||||
4.75%, 04/11/2025(a) | EUR | 1,300 | 1,452 | 1933. These securities may be resold in transactions exempt from registration, | ||||||||||
5.58%, 02/21/2023 | $ | 1,269 | 1,256 | normally to qualified institutional buyers. At the end of the period, the value of | ||||||||||
7.60%, 03/01/2029(a) | 2,160 | 2,177 | these securities totaled $19,543 or 17.00% of net assets. | |||||||||||
Indonesia Treasury Bond | (b) | Perpetual security. Perpetual securities pay an indefinite stream of interest, | ||||||||||||
6.13%, 05/15/2028 | IDR | 24,765,000 | 1,560 | but they may be called by the issuer at an earlier date. Date shown, if any, | ||||||||||
8.38%, 03/15/2024 | 34,885,000 | 2,552 | reflects the next call date or final legal maturity date. Rate shown is as of | |||||||||||
8.38%, 03/15/2034 | 39,325,000 | 2,787 | period end. | |||||||||||
Iraq International Bond | (c) | Rate shown is as of period end. The rate may be a variable or floating rate or | ||||||||||||
6.75%, 03/09/2023 | $ | 1,530 | 1,553 | a fixed rate which may convert to a variable or floating rate in the future. | ||||||||||
Ivory Coast Government International Bond | (d) | Rate shown is the discount rate of the original purchase. | ||||||||||||
5.25%, 03/22/2030 | EUR | 2,610 | 2,782 | |||||||||||
Mexican Bonos | ||||||||||||||
7.50%, 06/03/2027 | MXN | 54,000 | 2,747 | |||||||||||
Peru Government Bond | ||||||||||||||
6.15%, 08/12/2032(a) | PEN | 8,550 | 2,723 | |||||||||||
Peruvian Government International Bond | ||||||||||||||
6.35%, 08/12/2028(a) | 1,250 | 411 | ||||||||||||
6.35%, 08/12/2028 | 9,150 | 3,009 |
See accompanying notes.
129
Schedule of Investments | ||||||||||||||||||||||
Finisterre Unconstrained Emerging Markets Bond Fund | ||||||||||||||||||||||
April 30, 2019 (unaudited) | ||||||||||||||||||||||
Portfolio Summary (unaudited) | ||||||||||||||||||||||
Country | Percent | |||||||||||||||||||||
United States | 11.81 | % | ||||||||||||||||||||
Saudi Arabia | 8.46 | % | ||||||||||||||||||||
Mexico | 6.64 | % | ||||||||||||||||||||
Indonesia | 6.00 | % | ||||||||||||||||||||
Peru | 5.35 | % | ||||||||||||||||||||
Qatar | 5.16 | % | ||||||||||||||||||||
Egypt | 4.24 | % | ||||||||||||||||||||
Austria | 3.53 | % | ||||||||||||||||||||
Netherlands | 3.48 | % | ||||||||||||||||||||
Ukraine | 3.32 | % | ||||||||||||||||||||
United Arab Emirates | 3.31 | % | ||||||||||||||||||||
Bermuda | 3.23 | % | ||||||||||||||||||||
Russian Federation | 3.02 | % | ||||||||||||||||||||
Virgin Islands, British | 2.93 | % | ||||||||||||||||||||
United Kingdom | 2.82 | % | ||||||||||||||||||||
Luxembourg | 2.44 | % | ||||||||||||||||||||
Cote d'Ivoire | 2.42 | % | ||||||||||||||||||||
Cayman Islands | 2.29 | % | ||||||||||||||||||||
Ecuador | 2.15 | % | ||||||||||||||||||||
Saint Lucia | 1.82 | % | ||||||||||||||||||||
Supranational | 1.57 | % | ||||||||||||||||||||
India | 1.51 | % | ||||||||||||||||||||
Mauritius | 1.47 | % | ||||||||||||||||||||
Ireland | 1.44 | % | ||||||||||||||||||||
Iraq | 1.35 | % | ||||||||||||||||||||
Costa Rica | 0.74 | % | ||||||||||||||||||||
Other Assets and Liabilities | 7.50 | % | ||||||||||||||||||||
TOTAL NET ASSETS | 100.00 | % | ||||||||||||||||||||
Foreign Currency Contracts | ||||||||||||||||||||||
Unrealized Appreciation/(Depreciation) | ||||||||||||||||||||||
Counterparty | Settlement Date | Currency to Accept | Currency to Deliver | Asset | Liability | |||||||||||||||||
Barclays Bank PLC | 05/24/2019 | MXN | 53,750$ | 2,824 | $ | 1 | $ | — | ||||||||||||||
CitigroupInc | 05/03/2019 | $ | 7,043 | EUR | 6,200 | 88 | — | |||||||||||||||
HSBC SecuritiesInc | 05/03/2019 | EUR | 35$ | 39 | — | — | ||||||||||||||||
HSBC SecuritiesInc | 05/03/2019 | EUR | 723$ | 826 | — | (15 | ) | |||||||||||||||
HSBC SecuritiesInc | 05/03/2019 | $ | 1,936 | EUR | 1,714 | 13 | — | |||||||||||||||
HSBC SecuritiesInc | 05/24/2019 | COP | 10,800,000$ | 3,391 | — | (54 | ) | |||||||||||||||
JPMorgan Chase | 05/03/2019 | EUR | 2,578$ | 2,921 | — | (29 | ) | |||||||||||||||
JPMorgan Chase | 05/03/2019 | $ | 2,935 | EUR | 2,607 | 11 | — | |||||||||||||||
JPMorgan Chase | 05/15/2019 | $ | 2,830 | TRY | 16,200 | 137 | — | |||||||||||||||
JPMorgan Chase | 05/24/2019 | INR | 160,000$ | 2,279 | 13 | — | ||||||||||||||||
JPMorgan Chase | 05/24/2019 | $ | 2,813 | MXN | 53,750 | — | (12 | ) | ||||||||||||||
JPMorgan Chase | 05/24/2019 | PLN | 12,825$ | 3,356 | 4 | — | ||||||||||||||||
Total | $ | 267 | $ | (110 | ) | |||||||||||||||||
Amounts in thousands. | ||||||||||||||||||||||
Credit Default Swaps | ||||||||||||||||||||||
Buy Protection | ||||||||||||||||||||||
Implied Credit | ||||||||||||||||||||||
Spread as | (Pay)/ | Upfront | Unrealized | |||||||||||||||||||
ofApril 30, | Receive Fixed | Payment | Notional | Payments/ | Appreciation/ | Fair Value | ||||||||||||||||
Counterparty | Reference Entity | 2019 | (a) | Rate | Frequency | Maturity Date | Amount | (Receipts) | (Depreciation) | Asset--- -Liability | ||||||||||||
Barclays Bank PLC | ITRAXX.ASIA | 0.00 | % | (1.00)% Quarterly | 06/20/2024 | $ | 4,250 | $ | (53 | )$ | (20 | )$ | —$ | (73 | ) | |||||||
Barclays Bank PLC | ITRAXX.ASIA | 0.00 | % | (1.00)% Quarterly | 06/20/2024 | 8,100 | (103 | ) | (35 | ) | — | (138 | ) | |||||||||
CitigroupInc | Mexico Government | 1.13 | % | (1.00)% Quarterly | 06/20/2024 | 3,770 | 46 | (23 | ) | 23 | — | |||||||||||
International Bond, | ||||||||||||||||||||||
4.15%, 03/28/2027 | ||||||||||||||||||||||
CitigroupInc | Republic of South Africa | 1.87 | % | (1.00)% Quarterly | 06/20/2024 | 2,200 | 95 | (6 | ) | 89 | — | |||||||||||
Government International | ||||||||||||||||||||||
Bond, 5.50%, 03/09/2020 | ||||||||||||||||||||||
Goldman Sachs & Co | Turkey Government | 4.27 | % | (1.00)% Quarterly | 06/20/2021 | 15,800 | 717 | 310 | 1,027 | — | ||||||||||||
International Bond, | ||||||||||||||||||||||
11.88%, 01/15/2030 | ||||||||||||||||||||||
HSBC SecuritiesInc | Mexico Government | 1.13 | % | (1.00)% Quarterly | 06/20/2024 | 2,130 | 34 | (21 | ) | 13 | — | |||||||||||
International Bond, | ||||||||||||||||||||||
4.15%, 03/28/2027 |
See accompanying notes.
130
Schedule of Investments | ||||||||||||||||||||
Finisterre Unconstrained Emerging Markets Bond Fund | ||||||||||||||||||||
April 30, 2019 (unaudited) | ||||||||||||||||||||
Credit Default Swaps (continued) | ||||||||||||||||||||
Buy Protection (continued) | ||||||||||||||||||||
Implied Credit | ||||||||||||||||||||
Spread as | (Pay)/ | Upfront | Unrealized | |||||||||||||||||
of April 30, | Receive Fixed | Payment | Notional | Payments/ | Appreciation/ | Fair Value | ||||||||||||||
Counterparty | Reference Entity | 2019 | (a) | Rate | Frequency | Maturity Date | Amount | (Receipts) | (Depreciation) | Asset---- Liability | ||||||||||
HSBC SecuritiesInc | Republic of South Africa | 1.87 | % | (1.00)% Quarterly | 06/20/2024 | $ | 4,150 | $ | 177 | $ | (9 | )$ | 168 | $ | — | |||||
Government International | ||||||||||||||||||||
Bond, 5.50%, 03/09/2020 | ||||||||||||||||||||
HSBC SecuritiesInc | Turkey Government | 4.50 | % | (1.00)% Quarterly | 06/20/2024 | 4,525 | 613 | 59 | 672 | — | ||||||||||
International Bond, | ||||||||||||||||||||
11.88%, 01/15/2030 | ||||||||||||||||||||
Total | $ | 1,526 | $ | 255 | $ | 1,992 | $ | (211 | ) | |||||||||||
Sell Protection | ||||||||||||||||||||
Implied Credit | ||||||||||||||||||||
Spread as | (Pay)/ | Upfront | Unrealized | |||||||||||||||||
ofApril 30, | Receive Fixed | Payment | Notional | Payments/ | Appreciation/ | Fair Value(c) | ||||||||||||||
Counterparty | Reference Entity | 2019 | (a) | Rate | Frequency | Maturity Date | Amount (b) | (Receipts) | (Depreciation) | Asset ---- Liability | ||||||||||
Goldman Sachs & Co | Turkey Government | 4.50 | % | 1.00% Quarterly | 06/20/2024 | $ | 8,100 | $ | (992 | )$ | (212 | )$ | —$ | (1,204 | ) | |||||
International Bond, | ||||||||||||||||||||
11.88%, 01/15/2030 | ||||||||||||||||||||
Total | $ | (992 | )$ | (212 | )$ | —$ | (1,204 | ) | ||||||||||||
Amounts in thousands. |
(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 impliedcredit 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 definedunder 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 particularswap agreement is $8,100.
(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 riskand represent the likelihood of an expected liability (or profit) for the credit default swap as of the period end. Increasing market values, in absolute terms, when compared tothe 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 occurringas defined under the terms of the agreement.
Total Return Swaps | |||||||||||||||
Value and | |||||||||||||||
Unrealized | |||||||||||||||
Upfront | Appreciation/ | ||||||||||||||
Pay/Receive | Payment | Expiration | Notional | Payments/ | (Depreciation) | ||||||||||
Counterparty | Reference Entity | Contracts | Positive Return | Financing Rate | Frequency | Date | Amount | (Receipts) | Asset----Liability | ||||||
HSBC SecuritiesIncEgypt Treasury Bills, | 67,000,000 | Receive | 3 Month USD | Annual | 07/03/2019 | $ | 3,730 | $ | — | $ 61$ | — | ||||
0.00%, 07/02/2019 | LIBOR + 0.80% | ||||||||||||||
HSBC SecuritiesIncEgypt Treasury Bills, | 36,500,000 | Receive | 3 Month USD | Annual | 08/07/2019 | 2,000 | — | 31 | — | ||||||
0.00%, 08/06/2019 | LIBOR + 0.80% | ||||||||||||||
HSBC SecuritiesIncNigeria Treasury Bill, | 60,000,000 | Receive | 3 Month USD | Quarterly | 10/04/2019 | 152 | — | 4 | — | ||||||
0.00%, 10/03/2019 | LIBOR + 0.75% | ||||||||||||||
HSBC SecuritiesIncNigeria Treasury Bill, | 885,000,000 | Receive | 3 Month USD | Quarterly | 10/04/2019 | 2,294 | — | 21 | — | ||||||
0.00%, 10/03/2019 | LIBOR + 0.75% | ||||||||||||||
HSBC SecuritiesIncNigeria Treasury Bill, | 130,000,000 | Receive | 3 Month USD | Quarterly | 10/04/2019 | 337 | — | 3 | — | ||||||
0.00%, 10/03/2019 | LIBOR + 0.75% | ||||||||||||||
HSBC SecuritiesIncNigeria Treasury Bill, | 450,000,000 | Receive | 3 Month USD | Quarterly | 10/04/2019 | 1,121 | — | 55 | — | ||||||
0.00%, 10/03/2019 | LIBOR + 0.75% | ||||||||||||||
Total | $ | — | $ 175$ | — | |||||||||||
Amounts in thousands except contracts |
See accompanying notes.
131
Schedule of Investments
Global Diversified Income Fund
April 30, 2019 (unaudited)
COMMON STOCKS - 16.00% | Shares Held Value (000's) | COMMON STOCKS (continued) | Shares Held Value (000’s) | |||||||||
Advertising - 0.04% | Banks (continued) | |||||||||||
HakuhodoDY Holdings Inc | 17,800 | $ | 301 | BNP Paribas SA | 30,544 | $ | 1,626 | |||||
Interpublic Group of CosInc/The | 85,818 | 1,974 | Cathay General Bancorp | 23,435 | 862 | |||||||
Publicis Groupe SA | 17,292 | 1,028 | CIMB Group HoldingsBhd | 393,300 | 502 | |||||||
$ | 3,303 | CitigroupInc | 21,467 | 1,518 | ||||||||
Aerospace & Defense - 0.09% | Citizens Financial GroupInc | 68,434 | 2,478 | |||||||||
Boeing Co/The | 1,953 | 738 | ComericaInc | 24,412 | 1,919 | |||||||
CAEInc | 46,700 | 1,086 | CredicorpLtd | 2,145 | 508 | |||||||
DassaultAviation SA | 143 | 216 | Cullen/Frost BankersInc | 10,718 | 1,090 | |||||||
Elbit Systems Ltd | 268 | 37 | Danske Bank A/S | 40,970 | 728 | |||||||
General Dynamics Corp | 6,756 | 1,207 | DBS Group Holdings Ltd | 23,200 | 482 | |||||||
MeggittPLC | 116,996 | 833 | DNB ASA | 21,616 | 416 | |||||||
Raytheon Co | 5,250 | 932 | First CitizensBancShares Inc/NC | 400 | 179 | |||||||
Thales SA | 3,154 | 377 | Fukuoka Financial GroupInc | 19,800 | 462 | |||||||
TransDigm GroupInc(a) | 2,855 | 1,378 | Huntington Bancshares Inc/OH | 126,704 | 1,764 | |||||||
$ | 6,804 | ICICI Bank Ltd ADR | 42,948 | 492 | ||||||||
Agriculture - 0.09% | Investec PLC | 135,480 | 860 | |||||||||
Altria GroupInc | 57,470 | 3,122 | KeyCorp | 95,327 | 1,673 | |||||||
British American Tobacco PLC | 41,703 | 1,633 | MediobancaBanca diCredito Finanziario SpA | 120,379 | 1,276 | |||||||
Golden Agri-Resources Ltd | 1,274,500 | 271 | Mizrahi Tefahot Bank Ltd | 1,598 | 35 | |||||||
Imperial Brands PLC | 40,013 | 1,273 | Morgan Stanley | 34,337 | 1,657 | |||||||
Japan TobaccoInc | 35,600 | 823 | Northern Trust Corp | 11,752 | 1,158 | |||||||
$ | 7,122 | OFG Bancorp | 55,914 | 1,128 | ||||||||
Airlines - 0.07% | PacWest Bancorp | 30,098 | 1,190 | |||||||||
Copa Holdings SA | 22,066 | 1,837 | Paragon Banking Group PLC | 147,241 | 882 | |||||||
Delta Air LinesInc | 29,005 | 1,691 | PNC Financial Services GroupInc/The | 11,928 | 1,633 | |||||||
Deutsche Lufthansa AG | 32,589 | 788 | Regions Financial Corp | 59,409 | 923 | |||||||
International Consolidated Airlines Group SA | 99,138 | 701 | Royal Bank of Canada | 13,000 | 1,036 | |||||||
Southwest Airlines Co | 10,137 | 550 | Skandinaviska Enskilda Banken AB | 70,128 | 669 | |||||||
$ | 5,567 | State Street Corp | 18,133 | 1,227 | ||||||||
SunTrust BanksInc | 23,758 | 1,556 | ||||||||||
Apparel - 0.04% | Svenska Handelsbanken AB | 53,427 | 584 | |||||||||
Adidas AG | 1,170 | 301 | Swedbank AB | 48,668 | 795 | |||||||
Fila Korea Ltd | 7,405 | 524 | Synovus Financial Corp | 33,420 | 1,232 | |||||||
HanesbrandsInc | 91,357 | 1,651 | TCF Financial Corp | 108,969 | 2,411 | |||||||
Kering SA | 668 | 395 | UBS Group AG(a) | 144,365 | 1,936 | |||||||
Ralph Lauren Corp | 1,967 | 259 | Umpqua Holdings Corp | 130,549 | 2,266 | |||||||
TapestryInc | 11,115 | 359 | Union Bankshares Corp | 27,358 | 998 | |||||||
$ | 3,489 | United Overseas Bank Ltd | 21,900 | 448 | ||||||||
Automobile Manufacturers - 0.04% | Webster Financial Corp | 21,067 | 1,119 | |||||||||
Guangzhou Automobile Group Co Ltd | 452,000 | 487 | Westpac Banking Corp | 46,888 | 911 | |||||||
Honda Motor Co Ltd | 21,000 | 586 | ZionsBancorp NA | 41,755 | 2,059 | |||||||
Renault SA | 20,091 | 1,370 | $ | 52,550 | ||||||||
Volvo AB - B Shares | 24,773 | 397 | Beverages - 0.02% | |||||||||
$ | 2,840 | Asahi Group Holdings Ltd | 8,100 | 353 | ||||||||
Automobile Parts & Equipment - 0.13% | Coca-Cola European Partners PLC | 3,170 | 170 | |||||||||
Aisin Seiki Co Ltd | 15,100 | 584 | Constellation BrandsInc | 5,443 | 1,152 | |||||||
Allison Transmission HoldingsInc | 12,782 | 599 | $ | 1,675 | ||||||||
BorgWarnerInc | 21,697 | 906 | Biotechnology - 0.02% | |||||||||
Cie GeneraledesEtablissements Michelin SCA | 6,548 | 847 | AmgenInc | 7,879 | 1,413 | |||||||
Dana Inc | 58,870 | 1,148 | HLundbeck A/S | 6,202 | 261 | |||||||
Denso Corp | 14,700 | 642 | $ | 1,674 | ||||||||
FaureciaSA | 12,839 | 653 | ||||||||||
FCC Co Ltd | 28,000 | 580 | Building Materials - 0.15% | |||||||||
Koito Manufacturing Co Ltd | 4,600 | 275 | Buzzi Unicem SpA | 41,978 | 936 | |||||||
Lear Corp | 6,485 | 927 | Cie de Saint-Gobain | 26,628 | 1,092 | |||||||
Magna International Inc | 12,800 | 713 | Fortune Brands Home & SecurityInc | 19,434 | 1,026 | |||||||
Stanley Electric Co Ltd | 9,300 | 252 | HeidelbergCement AG | 9,336 | 755 | |||||||
Sumitomo Electric Industries Ltd | 38,900 | 518 | Ibstock PLC(b) | 295,843 | 1,008 | |||||||
Tower InternationalInc | 21,625 | 505 | LafargeHolcim Ltd(a) | 29,358 | 1,507 | |||||||
ValeoSA | 33,327 | 1,212 | Masco Corp | 44,058 | 1,721 | |||||||
$ | 10,361 | Summit Materials Inc(a) | 54,558 | 956 | ||||||||
US ConcreteInc(a) | 27,109 | 1,278 | ||||||||||
Banks - 0.68% | Xinyi Glass Holdings Ltd | 844,000 | 965 | |||||||||
Associated Banc-Corp | 62,139 | 1,410 | $ | 11,244 | ||||||||
BankHapoalim BM | 12,181 | 90 | ||||||||||
BankLeumi Le-Israel BM | 17,202 | 118 | Chemicals - 0.25% | |||||||||
Bank of America Corp | 35,468 | 1,085 | Akzo Nobel NV | 8,393 | 713 | |||||||
Bank of Queensland Ltd | 169,709 | 1,109 | Cabot Corp | 22,135 | 1,005 | |||||||
Bank OZK | 40,351 | 1,317 | Celanese Corp | 10,863 | 1,172 | |||||||
Bankinter SA | 91,677 | 733 | Chemours Co/The | 33,472 | 1,205 | |||||||
Covestro AG(b) | 17,966 | 987 |
See accompanying notes.
132
Schedule of Investments
Global Diversified Income Fund
April 30, 2019 (unaudited)
COMMON STOCKS (continued) | Shares Held Value (000’s) | COMMON STOCKS (continued) | Shares Held Value (000’s) | ||||||||||
Chemicals (continued) | Diversified Financial Services- 0.34% | ||||||||||||
Denka Co Ltd | 34,700 | $ | 1,048 | Aareal Bank AG | 9,082 | $ | 318 | ||||||
Huntsman Corp | 55,656 | 1,238 | Affiliated Managers GroupInc | 5,343 | 593 | ||||||||
Israel Chemicals Ltd | 8,039 | 43 | Alliance Data Systems Corp | 4,114 | 659 | ||||||||
KingboardLaminates Holdings Ltd | 551,000 | 580 | Amundi SA(b) | 14,866 | 1,070 | ||||||||
KoninklijkeDSM NV | 4,700 | 538 | Aruhi Corp | 44,900 | 802 | ||||||||
LG ChemLtd | 1,560 | 484 | BurfordCapital Ltd | 46,986 | 1,005 | ||||||||
LotteChemical Corp | 1,456 | 335 | Capital One Financial Corp | 12,052 | 1,119 | ||||||||
LyondellBasellIndustries NV | 28,779 | 2,539 | Discover Financial Services | 15,905 | 1,296 | ||||||||
MethanexCorp | 11,300 | 619 | Hana Financial GroupInc | 23,120 | 729 | ||||||||
Mitsubishi Chemical Holdings Corp | 105,300 | 751 | Hong Kong Exchanges & Clearing Ltd | 14,700 | 511 | ||||||||
Mitsubishi Gas Chemical CoInc | 46,300 | 695 | Intercontinental Exchange Inc | 8,487 | 690 | ||||||||
Nitto Denko Corp | 9,300 | 503 | Invesco Ltd | 168,643 | 3,705 | ||||||||
Shin-Etsu Chemical Co Ltd | 3,900 | 369 | Julius Baer Group Ltd(a) | 26,394 | 1,275 | ||||||||
Showa Denko KK | 13,500 | 461 | Legg Mason Inc | 79,954 | 2,674 | ||||||||
Sumitomo Bakelite Co Ltd | 24,700 | 964 | Mebuki Financial GroupInc | 201,500 | 514 | ||||||||
Sumitomo Chemical Co Ltd | 144,900 | 723 | ORIX Corp | 50,300 | 712 | ||||||||
Tosoh Corp | 42,700 | 688 | Raymond James FinancialInc | 9,182 | 841 | ||||||||
Valvoline Inc | 53,802 | 995 | SEI Investments Co | 11,914 | 649 | ||||||||
Westlake Chemical Corp | 10,348 | 722 | St James's Place PLC | 65,245 | 957 | ||||||||
$ | 19,377 | Standard Life Aberdeen PLC | 544,485 | 1,984 | |||||||||
Coal - 0.01% | Synchrony Financial | 38,596 | 1,338 | ||||||||||
Foresight Energy LP | 307,807 | 446 | Visa Inc | 2,207 | 363 | ||||||||
Commercial Services - 0.19% | Western Union Co/The | 125,231 | 2,434 | ||||||||||
Adecco Group AG | 33,299 | 1,913 | $ | 26,238 | |||||||||
Ashtead Group PLC | 44,534 | 1,237 | Electric - 2.72% | ||||||||||
Atlantia SpA | 54,797 | 1,496 | AGL Energy Ltd | 47,549 | 746 | ||||||||
CCR SA | 240,400 | 725 | Ameren Corp | 15,601 | 1,135 | ||||||||
CengageLearning Holdings II Inc(a) | 34,465 | 310 | CenterPoint EnergyInc | 34,140 | 1,058 | ||||||||
Cintas Corp | 2,527 | 549 | Clearway EnergyInc | 1,086,420 | 17,241 | ||||||||
H&R BlockInc | 89,320 | 2,430 | CMS Energy Corp | 363,016 | 20,166 | ||||||||
K12Inc(a) | 27,372 | 825 | Consolidated EdisonInc | 205,000 | 17,663 | ||||||||
ManpowerGroupInc | 14,975 | 1,438 | DTE Energy Co | 189,768 | 23,856 | ||||||||
PersolHoldings Co Ltd | 10,700 | 202 | EnelSpA | 197,313 | 1,249 | ||||||||
QinetiQ Group PLC | 186,888 | 736 | Entergy Corp | 18,674 | 1,810 | ||||||||
RandstadNV | 19,280 | 1,103 | FirstEnergy Corp | 143,131 | 6,016 | ||||||||
Robert Half InternationalInc | 13,014 | 808 | Fortis Inc/Canada | 635,000 | 23,472 | ||||||||
Sixt SE | 6,898 | 769 | HeraSpA | 242,692 | 864 | ||||||||
SohgoSecurity Services Co Ltd | 5,000 | 223 | Infraestructura EnergeticaNova SAB de CV | 170,000 | 743 | ||||||||
$ | 14,764 | Meridian Energy Ltd | 17,386 | 47 | |||||||||
Computers - 0.12% | NextEraEnergyInc | 102,000 | 19,833 | ||||||||||
AppenLtd | 27,006 | 484 | Portland General Electric Co | 22,195 | 1,161 | ||||||||
AppleInc | 5,125 | 1,028 | Public Service Enterprise GroupInc | 195,000 | 11,632 | ||||||||
Atos SE | 4,897 | 505 | RedElectricaCorp SA | 43,146 | 895 | ||||||||
Cognizant Technology Solutions Corp | 8,355 | 610 | Sempra Energy | 186,500 | 23,863 | ||||||||
CyberArk Software Ltd(a) | 7,316 | 943 | Southern Co/The | 325,000 | 17,296 | ||||||||
HP Inc | 78,144 | 1,559 | VistraEnergy Corp | 520,000 | 14,170 | ||||||||
Infosys Ltd ADR | 145,324 | 1,564 | WEC Energy GroupInc | 62,500 | 4,902 | ||||||||
NetAppInc | 17,329 | 1,262 | $ | 209,818 | |||||||||
Obic Co Ltd | 5,800 | 673 | Electrical Components & Equipment - 0.02% | ||||||||||
Perspecta Inc | 21,928 | 506 | Acuity BrandsInc | 1,616 | 236 | ||||||||
$ | 9,134 | Brother Industries Ltd | 27,700 | 547 | |||||||||
Consumer Products - 0.01% | Delta Electronics Inc | 219,000 | 1,156 | ||||||||||
Henkel AG & Co KGaA | 5,326 | 508 | $ | 1,939 | |||||||||
Cosmetics & Personal Care - 0.02% | Electronics - 0.07% | ||||||||||||
Kose Corp | 1,000 | 187 | Allegion PLC | 5,462 | 542 | ||||||||
PolaOrbisHoldings Inc | 15,600 | 493 | Alps Alpine Co Ltd | 18,000 | 381 | ||||||||
Unilever NV | 14,055 | 850 | Gentex Corp | 55,963 | 1,289 | ||||||||
$ | 1,530 | Hitachi High-Technologies Corp | 9,600 | 428 | |||||||||
Distribution & Wholesale - 0.20% | Honeywell InternationalInc | 6,938 | 1,204 | ||||||||||
ATD New HoldingsInc(a),(c),(d) | 385,347 | 9,587 | MINEBEA MITSUMIInc | 16,100 | 287 | ||||||||
Fastenal Co | 16,867 | 1,190 | Mycronic AB | 55,108 | 774 | ||||||||
ITOCHU Corp | 35,900 | 648 | Nippon Electric Glass Co Ltd | 21,000 | 577 | ||||||||
KAR Auction ServicesInc | 33,137 | 1,872 | $ | 5,482 | |||||||||
Marubeni Corp | 107,500 | 770 | Energy - Alternate Sources - 0.37% | ||||||||||
Mitsubishi Corp | 24,200 | 667 | NextEraEnergy Partners LP | 620,985 | 28,584 | ||||||||
Toyota Tsusho Corp | 15,200 | 505 | Engineering & Construction - 0.11% | ||||||||||
$ | 15,239 | ACS ActividadesdeConstruccion yServiciosSA | 25,767 | 1,185 | |||||||||
Auckland International Airport Ltd | 13,052 | 69 | |||||||||||
BadgerDaylightingLtd | 36,200 | 1,221 |
See accompanying notes.
133
Schedule of Investments
Global Diversified Income Fund
April 30, 2019 (unaudited)
COMMON STOCKS (continued) | Shares Held Value (000’s) | COMMON STOCKS (continued) | Shares Held Value (000’s) | |||||||||
Engineering & Construction (continued) | Home Builders - 0.12% | |||||||||||
China Communications Services Corp Ltd | 1,640,000 $ | 1,323 | Daiwa House Industry Co Ltd | 18,000 | $ | 505 | ||||||
CIMIC Group Ltd | 10,451 | 373 | Persimmon PLC | 90,703 | 2,649 | |||||||
CK Infrastructure Holdings Ltd | 93,000 | 754 | PulteGroupInc | 64,518 | 2,030 | |||||||
EiffageSA | 4,928 | 515 | Sekisui House Ltd | 53,800 | 867 | |||||||
Kajima Corp | 36,700 | 545 | Taylor Wimpey PLC | 199,157 | 472 | |||||||
Kyowa Exeo Corp | 36,900 | 1,009 | Thor IndustriesInc | 19,184 | 1,264 | |||||||
Obayashi Corp | 45,100 | 443 | Toll BrothersInc | 42,802 | 1,631 | |||||||
Shimizu Corp | 57,400 | 492 | $ | 9,418 | ||||||||
Taisei Corp | 9,300 | 409 | Home Furnishings - 0.01% | |||||||||
$ | 8,338 | Haier Electronics Group Co Ltd | 140,000 | 400 | ||||||||
Entertainment - 0.03% | Hoshizaki Corp | 2,700 | 175 | |||||||||
Aristocrat Leisure Ltd | 13,757 | 253 | Sony Corp | 2,000 | 101 | |||||||
GentingSingapore Ltd | 400,800 | 291 | Targus Group InternationalInc(a),(c),(d) | 75,880 | 38 | |||||||
GVC Holdings PLC | 106,647 | 910 | $ | 714 | ||||||||
Paddy PowerBetfairPLC | 9,284 | 778 | Housewares - 0.04% | |||||||||
$ | 2,232 | Newell BrandsInc | 183,780 | 2,643 | ||||||||
Food - 0.12% | Toro Co/The | 9,230 | 675 | |||||||||
CalbeeInc | 8,400 | 233 | $ | 3,318 | ||||||||
Dairy Farm International Holdings Ltd | 4,900 | 38 | Insurance - 0.43% | |||||||||
Ingredion Inc | 15,083 | 1,429 | AegonNV | 247,981 | 1,295 | |||||||
J Sainsbury PLC | 101,596 | 295 | Allstate Corp/The | 11,106 | 1,100 | |||||||
Jardine Strategic Holdings Ltd | 3,200 | 121 | American Financial GroupInc/OH | 15,441 | 1,599 | |||||||
Koninklijke Ahold Delhaize NV | 25,157 | 606 | Arthur J Gallagher & Co | 14,242 | 1,191 | |||||||
Kroger Co/The | 33,337 | 860 | ASR Nederland NV | 18,894 | 841 | |||||||
MondelezInternational Inc | 22,713 | 1,155 | Assured Guaranty Ltd | 19,311 | 921 | |||||||
Mowi ASA | 21,854 | 474 | AtheneHolding Ltd(a) | 14,497 | 655 | |||||||
SonaeSGPS SA | 786,131 | 877 | Aviva PLC | 211,825 | 1,190 | |||||||
Tyson FoodsInc | 18,684 | 1,402 | AXA SA | 52,043 | 1,388 | |||||||
Wesfarmers Ltd | 36,225 | 920 | Dai-ichi Life Holdings Inc | 33,200 | 479 | |||||||
WH Group Ltd(b) | 799,000 | 945 | Fidelity National FinancialInc | 38,025 | 1,519 | |||||||
$ | 9,355 | Great-WestLifeco Inc | 61,800 | 1,553 | ||||||||
Forest Products & Paper - 0.05% | Hanover Insurance GroupInc/The | 7,553 | 911 | |||||||||
InterforCorp(a) | 57,532 | 717 | Legal & General Group PLC | 266,925 | 971 | |||||||
Smurfit Kappa Group PLC | 28,915 | 848 | Loews Corp | 5,801 | 298 | |||||||
Stora Enso OYJ | 60,609 | 755 | Manulife Financial Corp | 68,100 | 1,254 | |||||||
UPM-KymmeneOYJ | 33,571 | 948 | MS&AD Insurance Group HoldingsInc | 22,900 | 712 | |||||||
West Fraser Timber Co Ltd | 6,000 | 309 | National General Holdings Corp | 46,742 | 1,152 | |||||||
$ | 3,577 | Progressive Corp/The | 24,892 | 1,945 | ||||||||
Gas - 0.79% | Prudential Financial Inc | 21,192 | 2,240 | |||||||||
Atmos Energy Corp | 4,555 | 466 | Reinsurance Group of AmericaInc | 5,797 | 878 | |||||||
Centrica PLC | 1,039,662 | 1,445 | SampoOyj | 29,805 | 1,365 | |||||||
NiSource Inc | 882,253 | 24,509 | Sompo Holdings Inc | 13,200 | 498 | |||||||
South Jersey IndustriesInc | 644,811 | 20,711 | Sun Life Financial Inc | 28,200 | 1,172 | |||||||
Southwest Gas HoldingsInc | 161,983 | 13,476 | Swiss Life Holding AG | 2,581 | 1,213 | |||||||
$ | 60,607 | TokioMarine Holdings Inc | 10,900 | 552 | ||||||||
Hand & Machine Tools - 0.03% | Travelers CosInc/The | 9,026 | 1,297 | |||||||||
RhiMagnesita NV | 8,622 | 559 | Unum Group | 38,076 | 1,406 | |||||||
Snap-on Inc | 7,276 | 1,224 | Zurich Insurance Group AG | 5,921 | 1,887 | |||||||
Techtronic Industries Co Ltd | 47,000 | 340 | $ | 33,482 | ||||||||
$ | 2,123 | Internet - 0.02% | ||||||||||
Healthcare - Products - 0.02% | CDW Corp/DE | 6,029 | 637 | |||||||||
Carl ZeissMeditecAG | 10,982 | 1,080 | Kakaku.comInc | 14,300 | 294 | |||||||
Fisher & Paykel Healthcare Corp Ltd | 7,767 | 82 | VeriSign Inc(a) | 4,025 | 795 | |||||||
STERIS PLC | 3,809 | 499 | $ | 1,726 | ||||||||
$ | 1,661 | Investment Companies - 0.01% | ||||||||||
Healthcare - Services - 0.05% | Wendel SA | 4,424 | 613 | |||||||||
Encompass Health Corp | 12,902 | 832 | Iron & Steel - 0.32% | |||||||||
Quest DiagnosticsInc | 20,778 | 2,002 | BlueScope Steel Ltd | 14,008 | 133 | |||||||
Ramsay Health Care Ltd | 6,220 | 287 | Material Sciences Corp - Warrants(a),(c),(d),(e) | 686,955 | 8,243 | |||||||
Ryman Healthcare Ltd | 5,427 | 44 | Reliance Steel & Aluminum Co | 10,574 | 972 | |||||||
UnitedHealth GroupInc | 3,094 | 721 | Specialty Steel Holdings, Inc.(a),(c),(d) | 87 | 13,818 | |||||||
$ | 3,886 | Steel DynamicsInc | 38,867 | 1,232 | ||||||||
Holding Companies - Diversified- 0.02% | $ | 24,398 | ||||||||||
CK Hutchison Holdings Ltd | 70,000 | 736 | Leisure Products & Services - 0.07% | |||||||||
Jardine Matheson Holdings Ltd | 3,200 | 211 | Brunswick Corp/DE | 15,134 | 775 | |||||||
Swire Pacific Ltd | 44,000 | 557 | Carnival PLC | 11,607 | 616 | |||||||
$ | 1,504 | Harley-DavidsonInc | 56,519 | 2,104 | ||||||||
Planet Fitness Inc(a) | 12,655 | 958 |
See accompanying notes.
134
Schedule of Investments
Global Diversified Income Fund
April 30, 2019 (unaudited)
COMMON STOCKS (continued) | Shares Held Value (000’s) | COMMON STOCKS (continued) | Shares Held Value (000’s) | ||||||||||
Leisure Products & Services (continued) | Oil & Gas (continued) | ||||||||||||
Yamaha Motor Co Ltd | 33,900 | $ | 699 | EOG ResourcesInc | 100,000 | $ | 9,605 | ||||||
$ | 5,152 | FronteraEnergy Corp | 71,984 | 636 | |||||||||
Lodging - 0.09% | Helmerich& PayneInc | 13,988 | 819 | ||||||||||
City Developments Ltd | 143,400 | 944 | Imperial Oil Ltd | 20,600 | 598 | ||||||||
Extended Stay AmericaInc | 174,629 | 3,127 | Marathon Oil Corp | 64,458 | 1,098 | ||||||||
Hilton Grand VacationsInc(a) | 20,338 | 652 | Marathon Petroleum Corp | 106,137 | 6,461 | ||||||||
Hilton Worldwide HoldingsInc | 18,176 | 1,581 | MilagroOil & GasInc(a),(c),(d) | 1,874 | 191 | ||||||||
MelcoResorts & Entertainment Ltd ADR | 3,581 | 90 | NesteOyj | 14,664 | 485 | ||||||||
Shangri-La Asia Ltd | 254,000 | 360 | Parsley EnergyInc(a) | 24,990 | 499 | ||||||||
$ | 6,754 | Phillips 66 | 18,134 | 1,709 | |||||||||
Machinery - Construction & Mining - 0.02% | Pioneer Natural Resources Co | 71,848 | 11,960 | ||||||||||
Oshkosh Corp | 20,420 | 1,686 | Royal Dutch Shell PLC ADR | 135,000 | 8,577 | ||||||||
Machinery - Diversified- 0.10% | Royal Dutch Shell PLC - A Shares | 105,317 | 3,355 | ||||||||||
Amada Holdings Co Ltd | 60,000 | 673 | Royal Dutch Shell PLC - B Shares | 34,682 | 1,119 | ||||||||
CumminsInc | 9,973 | 1,658 | Suncor EnergyInc | 25,100 | 828 | ||||||||
Deutz AG | 56,202 | 555 | TORC Oil & Gas Ltd | 136,000 | 487 | ||||||||
Dover Corp | 13,560 | 1,329 | Vermilion EnergyInc | 85,900 | 2,194 | ||||||||
Gates Industrial Corp PLC(a) | 50,670 | 815 | $ | 63,631 | |||||||||
GracoInc | 13,303 | 682 | Packaging & Containers - 0.01% | ||||||||||
KION Group AG | 8,091 | 557 | Westrock Co | 26,607 | 1,021 | ||||||||
NordsonCorp | 3,854 | 562 | Pharmaceuticals - 0.10% | ||||||||||
Roper TechnologiesInc | 1,308 | 470 | AbbVieInc | 33,102 | 2,628 | ||||||||
Sumitomo Heavy Industries Ltd | 12,600 | 448 | Allergan PLC | 8,047 | 1,183 | ||||||||
Yaskawa Electric Corp | 9,900 | 369 | AstellasPharma Inc | 23,900 | 324 | ||||||||
$ | 8,118 | McKesson Corp | 4,914 | 586 | |||||||||
Media - 0.84% | MiratiTherapeuticsInc(a) | 5,429 | 323 | ||||||||||
Altice USAInc | 1,180,000 | 27,801 | ReataPharmaceuticals Inc(a) | 4,557 | 358 | ||||||||
Charter CommunicationsInc(a) | 67,735 | 25,142 | Recordati SpA | 16,520 | 667 | ||||||||
Cogeco CommunicationsInc | 144,700 | 9,610 | Shionogi & Co Ltd | 3,300 | 193 | ||||||||
Comcast Corp - Class A | 26,743 | 1,164 | Towa Pharmaceutical Co Ltd | 42,900 | 1,056 | ||||||||
Walt Disney Co/The | 7,108 | 974 | Zoetis Inc | 3,212 | 327 | ||||||||
$ | 64,691 | $ | 7,645 | ||||||||||
Metal Fabrication & Hardware - 0.02% | Pipelines - 0.55% | ||||||||||||
NSK Ltd | 75,000 | 780 | Enterprise Products Partners LP | 438,300 | 12,548 | ||||||||
SKF AB | 24,538 | 455 | ONEOKInc | 97,276 | 6,608 | ||||||||
$ | 1,235 | Targa Resources Corp | 291,533 | 11,705 | |||||||||
Mining - 0.33% | Williams CosInc/The | 395,370 | 11,201 | ||||||||||
Alumina Ltd | 872,835 | 1,381 | $ | 42,062 | |||||||||
Anglo American PLC | 60,066 | 1,559 | Private Equity - 0.01% | ||||||||||
Boliden AB | 13,923 | 414 | Intermediate Capital Group PLC | 53,394 | 825 | ||||||||
LundinMining Corp | 318,700 | 1,711 | Real Estate - 0.66% | ||||||||||
Northern Star Resources Ltd | 155,498 | 900 | ADO Properties SA(b) | 15,836 | 832 | ||||||||
NRW Holdings Ltd | 410,999 | 852 | Aroundtown SA | 496,403 | 4,033 | ||||||||
Real Alloy HoldingInc(a),(c),(d) | 362 | 14,184 | Atrium European Real Estate Ltd(a) | 172,170 | 669 | ||||||||
Rio Tinto Ltd | 7,829 | 528 | Azrieli Group Ltd | 485 | 28 | ||||||||
Rio Tinto PLC | 16,161 | 943 | CA Immobilien Anlagen AG | 20,907 | 733 | ||||||||
South32 Ltd | 167,946 | 397 | Castellum AB | 97,602 | 1,755 | ||||||||
Southern Copper Corp | 62,244 | 2,391 | Daito Trust Construction Co Ltd | 4,800 | 643 | ||||||||
Teck Resources Ltd | 8,200 | 194 | DeutscheWohnenSE | 55,359 | 2,494 | ||||||||
$ | 25,454 | Echo Investment SA | 396,170 | 401 | |||||||||
Miscellaneous Manufacturers - 0.06% | EntraASA(b) | 61,243 | 889 | ||||||||||
AO Smith Corp | 15,610 | 821 | Fabege AB | 72,166 | 1,002 | ||||||||
Hexcel Corp | 5,814 | 411 | Future Land Development Holdings Ltd | 384,000 | 458 | ||||||||
Illinois Tool WorksInc | 9,024 | 1,404 | HongkongLand Holdings Ltd | 16,956 | 118 | ||||||||
Nikon Corp | 35,200 | 491 | Kerry Properties Ltd | 224,000 | 959 | ||||||||
Parker-Hannifin Corp | 5,155 | 933 | LEG Immobilien AG | 24,927 | 2,909 | ||||||||
WartsilaOYJAbp | 46,314 | 742 | Leopalace21 Corp | 550,600 | 933 | ||||||||
$ | 4,802 | Mitsubishi Estate Co Ltd | 452,700 | 7,655 | |||||||||
Oil & Gas - 0.83% | Mitsui Fudosan Co Ltd | 237,370 | 5,498 | ||||||||||
Aker BP ASA | 28,930 | 955 | New World Development Co Ltd | 3,482,580 | 5,770 | ||||||||
Beach Energy Ltd | 487,359 | 731 | Nexity SA | 9,823 | 459 | ||||||||
BP PLC ADR | 42,500 | 1,859 | Sun Hung Kai Properties Ltd | 293,500 | 5,065 | ||||||||
Cabot Oil & Gas Corp | 22,571 | 584 | SunacChina Holdings Ltd | 149,000 | 768 | ||||||||
Caltex Australia Ltd | 26,151 | 501 | TAG Immobilien AG | 21,193 | 477 | ||||||||
Canadian Natural Resources Ltd | 34,400 | 1,033 | Times China Holdings Ltd | 742,000 | 1,347 | ||||||||
Chevron Corp | 47,500 | 5,703 | TLG Immobilien AG | 54,781 | 1,614 | ||||||||
ConocoPhillips | 13,487 | 851 | Vonovia SE | 41,366 | 2,067 | ||||||||
DCC PLC | 8,862 | 793 | Wheelock & Co Ltd | 85,000 | 606 |
See accompanying notes.
135
Schedule of Investments | |||||||||||||
Global Diversified Income Fund | |||||||||||||
April 30, 2019 (unaudited) | |||||||||||||
COMMON STOCKS (continued) | Shares Held Value (000’s) | COMMON STOCKS (continued) | Shares Held Value (000’s) | ||||||||||
Real Estate (continued) | REITs (continued) | ||||||||||||
WihlborgsFastigheterAB | 63,439 | $ | 844 | Mitsui Fudosan Logistics ParkInc(a) | 477 | $ | 1,517 | ||||||
$ | 51,026 | New Residential Investment Corp | 82,063 | 1,379 | |||||||||
REITs - 3.20% | NewRiver REIT PLC | 482,781 | 1,447 | ||||||||||
AIMS APAC REIT | 512,590 | 535 | NexPointResidential TrustInc | 27,322 | 1,024 | ||||||||
Alexandria Real Estate EquitiesInc | 23,570 | 3,356 | Nomura Real Estate Master FundInc | 800 | 1,172 | ||||||||
Altarea SCA | 3,512 | 742 | Park Hotels & ResortsInc | 15,321 | 491 | ||||||||
American Homes 4 Rent | 150,040 | 3,598 | Pebblebrook Hotel Trust | 14,159 | 461 | ||||||||
Americold Realty Trust | 37,824 | 1,211 | Physicians Realty Trust | 239,224 | 4,320 | ||||||||
Apartment Investment & Management Co | 58,245 | 2,875 | PLA Administradora Industrial S de RL de CV | 876,435 | 1,463 | ||||||||
Apple Hospitality REITInc | 232,496 | 3,825 | Primary Health Properties PLC | 325,483 | 558 | ||||||||
Arena REIT | 888,094 | 1,833 | Prologis Inc | 109,456 | 8,392 | ||||||||
AvalonBay CommunitiesInc | 32,204 | 6,471 | Sabra Health Care REITInc | 136,846 | 2,677 | ||||||||
Blackstone Mortgage TrustInc | 31,942 | 1,137 | SegroPLC | 301,737 | 2,674 | ||||||||
Brandywine Realty Trust | 50,781 | 781 | Sekisui House ReitInc | 1,192 | 859 | ||||||||
Camden Property Trust | 4,623 | 465 | Simon Property GroupInc | 16,906 | 2,937 | ||||||||
Canadian Apartment Properties REIT | 30,158 | 1,079 | Spirit Realty CapitalInc | 77,764 | 3,146 | ||||||||
CapitaLand Commercial Trust | 833,200 | 1,190 | STAG IndustrialInc | 57,376 | 1,651 | ||||||||
CapitaLand Retail China Trust | 541,420 | 601 | STORE Capital Corp | 48,717 | 1,623 | ||||||||
CareTrust REITInc | 50,192 | 1,217 | Sun CommunitiesInc | 33,098 | 4,074 | ||||||||
Champion REIT | 986,090 | 835 | Sunstone Hotel Investors Inc | 61,093 | 880 | ||||||||
Charter Hall Group | 129,027 | 894 | Tanger Factory Outlet CentersInc | 138,417 | 2,500 | ||||||||
City Office REITInc | 332,290 | 3,855 | Taubman CentersInc | 61,454 | 3,030 | ||||||||
CoreSite Realty Corp | 127,500 | 13,950 | Two Harbors Investment Corp | 30,074 | 417 | ||||||||
Corporate Office Properties Trust | 91,040 | 2,538 | UNITE Group PLC/The | 95,375 | 1,172 | ||||||||
Covivio | 21,674 | 2,346 | Uniti GroupInc | 618,635 | 6,799 | ||||||||
Cromwell Property Group | 4,575,380 | 3,630 | VICI PropertiesInc | 199,403 | 4,546 | ||||||||
Crown Castle International Corp | 23,188 | 2,917 | WelltowerInc | 33,719 | 2,513 | ||||||||
CubeSmart | 106,690 | 3,404 | Weyerhaeuser Co | 49,342 | 1,322 | ||||||||
Daiwa Office Investment Corp | 139 | 938 | WPT Industrial Real Estate Investment Trust | 165,335 | 2,267 | ||||||||
Dexus | 231,943 | 2,048 | $ | 246,829 | |||||||||
Dream Global Real Estate Investment Trust | 84,000 | 865 | Retail - 0.37% | ||||||||||
Dream Industrial Real Estate Investment Trust | 495,930 | 4,264 | Advance Auto PartsInc | 4,309 | 717 | ||||||||
Duke Realty Corp | 33,706 | 1,049 | American Eagle OutfittersInc | 35,470 | 843 | ||||||||
EPR Properties | 49,730 | 3,922 | Best Buy CoInc | 26,393 | 1,964 | ||||||||
EquinixInc | 35,726 | 16,245 | Canadian Tire Corp Ltd | 6,400 | 704 | ||||||||
Essential Properties Realty TrustInc | 279,095 | 5,772 | Collins Foods Ltd | 104,196 | 548 | ||||||||
Essex Property TrustInc | 15,544 | 4,391 | Darden RestaurantsInc | 6,727 | 791 | ||||||||
Far East Hospitality Trust | 2,080,730 | 1,010 | Dick's Sporting GoodsInc | 31,040 | 1,148 | ||||||||
Gecina SA | 10,491 | 1,567 | Dollarama Inc | 4,500 | 135 | ||||||||
Goodman Group | 356,011 | 3,313 | Dufry AG(a) | 13,117 | 1,284 | ||||||||
HCPInc | 40,884 | 1,218 | Foot LockerInc | 20,498 | 1,173 | ||||||||
Healthcare Trust of AmericaInc | 124,292 | 3,428 | Harvey Norman Holdings Ltd | 416,964 | 1,226 | ||||||||
HighwoodsProperties Inc | 17,535 | 782 | Home Depot Inc/The | 6,325 | 1,288 | ||||||||
Hudson Pacific PropertiesInc | 46,952 | 1,637 | Industria de DisenoTextil SA | 17,707 | 536 | ||||||||
Independence Realty TrustInc | 658,526 | 6,974 | Kohl's Corp | 31,836 | 2,264 | ||||||||
Industrial & Infrastructure Fund Investment Corp | 681 | 774 | Lowe's CosInc | 8,814 | 997 | ||||||||
Industrial Logistics Properties Trust | 241,815 | 4,800 | MSC Industrial Direct CoInc | 17,872 | 1,495 | ||||||||
Inmobiliaria ColonialSocimiSA | 165,048 | 1,778 | Pandora A/S | 21,202 | 891 | ||||||||
Invincible Investment Corp | 3,099 | 1,568 | Penske Automotive GroupInc | 38,900 | 1,786 | ||||||||
Invitation Homes Inc | 268,305 | 6,670 | Restaurant Brands InternationalInc | 12,200 | 796 | ||||||||
Irish Residential Properties REIT PLC | 412,445 | 730 | Ross StoresInc | 5,266 | 514 | ||||||||
Japan Hotel REIT Investment Corp | 5,119 | 4,166 | Ruth's Hospitality GroupInc | 15,593 | 405 | ||||||||
Japan Rental Housing InvestmentsInc | 752 | 581 | Ryohin Keikaku Co Ltd | 1,000 | 191 | ||||||||
Kenedix Office Investment Corp | 172 | 1,151 | Starbucks Corp | 14,710 | 1,143 | ||||||||
Kenedix Residential Next Investment Corp | 226 | 365 | SundrugCo Ltd | 10,800 | 290 | ||||||||
Kenedix Retail REIT Corp | 482 | 1,167 | Tiffany & Co | 3,789 | 409 | ||||||||
Kilroy Realty Corp | 25,226 | 1,940 | Tractor Supply Co | 7,177 | 743 | ||||||||
Klepierre SA | 103,178 | 3,666 | TsuruhaHoldings Inc | 7,900 | 673 | ||||||||
Land Securities Group PLC | 78,158 | 942 | Walgreens Boots AllianceInc | 17,858 | 957 | ||||||||
Liberty Property Trust | 26,189 | 1,300 | Welcia Holdings Co Ltd | 5,300 | 209 | ||||||||
Link REIT | 366,900 | 4,287 | Wendy's Co/The | 62,198 | 1,157 | ||||||||
LondonMetricProperty PLC | 941,018 | 2,484 | Williams-SonomaInc | 26,756 | 1,530 | ||||||||
MacerichCo/The | 34,672 | 1,392 | $ | 28,807 | |||||||||
Macquarie Mexico Real Estate Management SA | 1,524,750 | 1,809 | Semiconductors - 0.22% | ||||||||||
de CV(a),(b) | Applied MaterialsInc | 28,637 | 1,262 | ||||||||||
MapletreeLogistics Trust | 2,229,830 | 2,430 | ASML Holding NV | 1,107 | 231 | ||||||||
MCUBS MidCity Investment Corp | 6,453 | 5,914 | Broadcom Inc | 5,482 | 1,746 | ||||||||
Merlin Properties SocimiSA | 304,541 | 4,154 | Cabot Microelectronics Corp | 10,582 | 1,336 | ||||||||
MintoApartment Real Estate Investment Trust | 51,416 | 742 | KLA-Tencor Corp | 11,835 | 1,509 |
See accompanying notes.
136
Schedule of Investments | ||||||||||||||
Global Diversified Income Fund | ||||||||||||||
April 30, 2019 (unaudited) | ||||||||||||||
COMMON STOCKS (continued) | Shares Held Value (000’s) | INVESTMENT COMPANIES - 2.28% | Shares Held Value (000's) | |||||||||||
Semiconductors (continued) | Exchange-Traded Funds - 0.05% | |||||||||||||
Lam Research Corp | 6,449 | $ | 1,338 | WisdomTree Trust - WisdomTreeInternational | 38,333 | $ | 1,573 | |||||||
Microchip TechnologyInc | 11,888 | 1,188 | High Dividend Fund | |||||||||||
MKS InstrumentsInc | 6,130 | 558 | WisdomTree US High Dividend Fund | 27,746 | 2,036 | |||||||||
Novatek Microelectronics Corp | 202,000 | 1,321 | $ | 3,609 | ||||||||||
NVIDIA Corp | 1,371 | 248 | Money Market Funds - 2.23% | |||||||||||
NXP Semiconductors NV | 8,144 | 860 | Principal Government Money Market Fund | 171,921,049 | 171,921 | |||||||||
Realtek Semiconductor Corp | 163,000 | 1,105 | 2.38%(f),(g) | |||||||||||
Skyworks SolutionsInc | 11,521 | 1,016 | TOTAL INVESTMENT COMPANIES | $ | 175,530 | |||||||||
SUMCO Corp | 59,000 | 778 | CONVERTIBLE PREFERRED STOCKS | |||||||||||
Texas InstrumentsInc | 13,073 | 1,540 | - 0.07% | Shares Held Value (000's) | ||||||||||
Tokyo Electron Ltd | 6,300 | 1,000 | Banks - 0.07% | |||||||||||
$ | 17,036 | Wells Fargo & Co 7.50%(h) | 3,971 | $ | 5,192 | |||||||||
Shipbuilding - 0.01% | TOTAL CONVERTIBLE PREFERRED STOCKS | $ | 5,192 | |||||||||||
Huntington Ingalls Industries Inc | 3,792 | 844 | PREFERRED STOCKS - 1.07% | Shares Held Value (000's) | ||||||||||
Yangzijiang Shipbuilding Holdings Ltd | 262,200 | 303 | Banks - 0.32% | |||||||||||
$ | 1,147 | AgriBank FCB 6.88%, 01/01/2024(h) | 33,000 | 3,527 | ||||||||||
Software - 0.09% | 3 Month USD LIBOR + 4.23% | |||||||||||||
Aspect SoftwareInc(a),(c),(d) | 514,301 | — | Bancodo Estado do Rio Grande doSulSA | 127,659 | 783 | |||||||||
Broadridge Financial Solutions Inc | 8,726 | 1,031 | 0.03% | |||||||||||
CDK GlobalInc | 9,382 | 566 | CitigroupInc6.88%, 11/15/2023(h) | 78,695 | 2,181 | |||||||||
Citrix SystemsInc | 1,655 | 167 | 3 Month USD LIBOR + 4.13% | |||||||||||
InterXionHolding NV(a) | 53,008 | 3,668 | Citizens Financial GroupInc6.35%, 04/06/2024 | 2,600 | 69 | |||||||||
SynopsysInc(a) | 6,447 | 780 | (h) | |||||||||||
TISInc | 12,400 | 566 | 3 Month USD LIBOR + 3.64% | |||||||||||
$ | 6,778 | Fifth Third Bancorp 6.63%, 12/31/2023(h) | 101,200 | 2,907 | ||||||||||
Storage & Warehousing - 0.03% | 3 Month USD LIBOR + 3.71% | |||||||||||||
SafestoreHoldings PLC | 275,917 | 2,319 | Goldman Sachs GroupInc/The 5.50%, | 32,200 | 837 | |||||||||
Telecommunications - 0.41% | 05/10/2023(h) | |||||||||||||
Bezeq The Israeli Telecommunication Corp Ltd | 23,680 | 16 | 3 Month USD LIBOR + 3.64% | |||||||||||
CITIC Telecom International Holdings Ltd | 1,835,000 | 760 | Huntington Bancshares Inc/OH 6.25%, | 70,000 | 1,821 | |||||||||
Cleveland UnlimitedInc(a),(c),(d) | 1 | — | 04/15/2021(h) | |||||||||||
Deutsche Telekom AG | 63,604 | 1,066 | KeyCorp 6.13%, 12/15/2026(h) | 40,000 | 1,092 | |||||||||
EutelsatCommunications SA | 86,519 | 1,564 | 3 Month USD LIBOR + 3.89% | |||||||||||
HKT Trust & HKT Ltd | 473,000 | 733 | Morgan Stanley 5.85%, 04/15/2027(h) | 60,000 | 1,576 | |||||||||
Juniper NetworksInc | 52,381 | 1,455 | 3 Month USD LIBOR + 3.49% | |||||||||||
KDDI Corp | 24,900 | 574 | PNC Financial Services GroupInc/The 6.13%, | 50,000 | 1,330 | |||||||||
LogMeIn Inc | 10,214 | 842 | 05/01/2022(h) | |||||||||||
Motorola Solutions Inc | 11,627 | 1,685 | 3 Month USD LIBOR + 4.07% | |||||||||||
Nippon Telegraph & Telephone Corp | 13,000 | 541 | Regions Financial Corp 5.70%, 05/15/2029(h) | 38,000 | 965 | |||||||||
NTT DOCOMOInc | 29,700 | 645 | 3 Month USD LIBOR + 3.15% | |||||||||||
Service Stream Ltd | 1,295,936 | 2,157 | Regions Financial Corp 6.38%, 09/15/2024(h) | 4,493 | 125 | |||||||||
Spark New Zealand Ltd | 24,901 | 61 | 3 Month USD LIBOR + 3.54% | |||||||||||
Telefonica Deutschland Holding AG | 640,899 | 2,081 | State Street Corp 5.35%, 03/15/2026(h) | 3,704 | 95 | |||||||||
Telstra Corp Ltd | 212,689 | 506 | 3 Month USD LIBOR + 3.71% | |||||||||||
TELUS Corp | 45,200 | 1,665 | State Street Corp 5.90%, 03/15/2024(h) | 65,000 | 1,711 | |||||||||
TELUS Corp | 350,000 | 12,887 | 3 Month USD LIBOR + 3.11% | |||||||||||
Ubiquiti NetworksInc | 1,893 | 323 | US Bancorp 6.50%, 01/15/2022(h) | 24,882 | 666 | |||||||||
Vodafone Group PLC | 991,985 | 1,840 | 3 Month USD LIBOR + 4.47% | |||||||||||
$ | 31,401 | Valley National Bancorp 6.25%, 06/30/2025(h) | 120,000 | 3,335 | ||||||||||
Toys, Games & Hobbies - 0.01% | 3 Month USD LIBOR + 3.85% | |||||||||||||
Nintendo Co Ltd | 1,300 | 448 | Wells Fargo & Co 5.63%, 06/15/2022(h) | 78,727 | 2,017 | |||||||||
Transportation - 0.10% | $ | 25,037 | ||||||||||||
Canadian Pacific Railway Ltd | 1,200 | 269 | Consumer Products - 0.01% | |||||||||||
CSX Corp | 8,968 | 714 | Henkel AG & Co KGaA 1.85% | 4,763 | 482 | |||||||||
Kamigumi Co Ltd | 12,200 | 292 | Diversified Financial Services- 0.02% | |||||||||||
Kuehne + Nagel International AG | 12,141 | 1,765 | Affiliated Managers GroupInc5.88%, | 3,000 | 76 | |||||||||
LandstarSystemInc | 2,873 | 313 | 03/30/2059 | |||||||||||
Old Dominion Freight Line Inc | 1,204 | 180 | Charles Schwab Corp/The 6.00%, 12/01/2020(h) | 59,400 | 1,558 | |||||||||
Royal Mail PLC | 408,035 | 1,346 | $ | 1,634 | ||||||||||
SankyuInc | 16,200 | 777 | Electric - 0.23% | |||||||||||
SITC International Holdings Co Ltd | 730,000 | 777 | Alabama Power Co 5.00%, 10/01/2022(h) | 75,000 | 1,979 | |||||||||
Union Pacific Corp | 6,006 | 1,063 | CMS Energy Corp 5.88%, 03/01/2079 | 200,000 | 5,230 | |||||||||
$ | 7,496 | Dominion EnergyInc5.25%, 07/30/2076 | 76,941 | 1,943 | ||||||||||
Water - 0.01% | DTE Energy Co 5.25%, 12/01/2077 | 35,000 | 892 | |||||||||||
Pennon Group PLC | 47,358 | 463 | Duke Energy Corp 5.75%, 06/15/2024(h) | 60,000 | 1,561 | |||||||||
TOTAL COMMON STOCKS | $ | 1,233,466 | Entergy Louisiana LLC 4.70%, 06/01/2063 | 99,900 | 2,472 | |||||||||
NextEraEnergy Capital HoldingsInc5.65%, | 120,000 | 3,084 | ||||||||||||
03/01/2079 |
See accompanying notes.
137
Schedule of Investments
Global Diversified Income Fund
April 30, 2019 (unaudited)
PREFERRED STOCKS (continued) | Shares Held Value (000’s) | Principal | |||||||||||
Electric (continued) | BONDS (continued) | Amount (000’s) Value (000’s) | |||||||||||
Southern Co/The 5.25%, 12/01/2077 | 31,100 | $ | 783 | Agriculture (continued) | |||||||||
$ | 17,944 | Kernel Holding SA | |||||||||||
Food - 0.01% | 8.75%, 01/31/2022 | $ | 1,500 | $ | 1,534 | ||||||||
Dairy Farmers of AmericaInc7.88%, | 10,000 | 1,000 | Philip Morris International Inc | ||||||||||
12/01/2025(b),(h) | 6.38%, 05/16/2038 | 1,500 | 1,883 | ||||||||||
Gas - 0.01% | Reynolds AmericanInc | ||||||||||||
Entergy New Orleans LLC 5.00%, 12/01/2052 | 20,000 | 499 | 4.00%, 06/12/2022 | 3,800 | 3,888 | ||||||||
Insurance - 0.09% | TereosFinanceGroupe I SA | ||||||||||||
Allstate Corp/The 6.63%, 07/15/2019(h) | 100,000 | 2,540 | 4.13%, 06/16/2023 | EUR | 5,600 | 5,338 | |||||||
Arch Capital Group Ltd 5.25%, 09/29/2021(h) | 30,800 | 721 | Vector Group Ltd | ||||||||||
Hartford Financial Services GroupInc/The | 100,000 | 2,765 | 6.13%, 02/01/2025(b) | $ | 1,500 | 1,346 | |||||||
7.88%, 04/15/2042 | $ | 27,276 | |||||||||||
3 Month USD LIBOR + 5.60% | Airlines - 0.16% | ||||||||||||
Reinsurance Group of AmericaInc6.20%, | 20,000 | 536 | Avianca Holdings SA / Avianca Leasing LLC / | ||||||||||
09/15/2042 | Grupo TacaHoldings Ltd | ||||||||||||
3 Month USD LIBOR + 4.37% | 8.38%, 05/10/2020 | 1,500 | 1,483 | ||||||||||
$ | 6,562 | GolFinance Inc | |||||||||||
REITs - 0.16% | 7.00%, 01/31/2025(b) | 8,869 | 8,426 | ||||||||||
Equity Residential 8.29%, 12/10/2026(h) | 20,702 | 1,294 | Latam Finance Ltd | ||||||||||
Kimco Realty Corp 5.25%, 12/20/2022(h) | 63,000 | 1,462 | 7.00%, 03/01/2026(b) | 2,650 | 2,713 | ||||||||
Prologis Inc8.54%, 11/13/2026(h) | 92,034 | 5,918 | $ | 12,622 | |||||||||
PS Business ParksInc5.75%, 06/04/2019(h) | 12,600 | 320 | Apparel - 0.01% | ||||||||||
Public Storage 5.05%, 08/09/2022(h) | 2,000 | 50 | Levi Strauss & Co | ||||||||||
Public Storage 5.60%, 03/11/2024(h) | 40,000 | 1,041 | 3.38%, 03/15/2027 | EUR | 200 | 235 | |||||||
Public Storage 5.88%, 12/02/2019(h) | 57,851 | 1,472 | PVH Corp | ||||||||||
Public Storage 6.00%, 06/04/2019(h) | 18,393 | 464 | 3.13%, 12/15/2027 | 500 | 592 | ||||||||
SITE Centers Corp 6.38%, 06/05/2022(h) | 15,702 | 400 | $ | 827 | |||||||||
$ | 12,421 | Automobile Manufacturers - 0.15% | |||||||||||
Savings & Loans - 0.01% | BMW US Capital LLC | ||||||||||||
People's United FinancialInc5.63%, 12/15/2026 | 21,800 | 563 | 3.10%, 04/12/2021(b) | $ | 4,000 | 4,031 | |||||||
(h) | Daimler AG | ||||||||||||
3 Month USD LIBOR + 4.02% | 1.40%, 01/12/2024 | EUR | 2,000 | 2,355 | |||||||||
Sovereign - 0.15% | Fiat Chrysler Finance Europe SA | ||||||||||||
CoBank ACB 3.76%, 07/10/2022(b),(h) | 8,000 | 5,320 | 4.75%, 07/15/2022 | 900 | 1,130 | ||||||||
3 Month USD LIBOR + 1.18% | General Motors Financial CoInc | ||||||||||||
CoBank ACB 6.20%, 01/01/2025(h) | 7,000 | 724 | 5.75%, 12/31/2049(h),(i) | $ | 1,000 | 935 | |||||||
3 Month USD LIBOR + 3.74% | 3 Month USD LIBOR + 3.60% | ||||||||||||
CoBank ACB 6.25%, 10/01/2022(h) | 51,000 | 5,291 | TeslaInc | ||||||||||
3 Month USD LIBOR + 4.56% | 5.30%, 08/15/2025(b) | 3,250 | 2,779 | ||||||||||
$ | 11,335 | $ | 11,230 | ||||||||||
Telecommunications - 0.06% | Automobile Parts & Equipment - 0.27% | ||||||||||||
Centaur Funding Corp 9.08%, 04/21/2020(b) | 2,071 | 2,185 | American Axle & ManufacturingInc | ||||||||||
Telephone & Data SystemsInc6.88%, | 10,496 | 268 | 6.25%, 04/01/2025 | 2,195 | 2,206 | ||||||||
11/15/2059 | Cie GeneraledesEtablissements Michelin SCA | ||||||||||||
Telephone & Data SystemsInc7.00%, | 90,412 | 2,296 | 1.75%, 09/03/2030 | EUR | 2,500 | 3,004 | |||||||
03/15/2060 | LKQ European Holdings BV | ||||||||||||
$ | 4,749 | 3.63%, 04/01/2026 | 600 | 703 | |||||||||
TOTAL PREFERRED STOCKS | $ | 82,226 | Panther BF Aggregator 2 LP / Panther Finance | ||||||||||
Principal | CoInc | ||||||||||||
BONDS - 71.49% | Amount (000's) Value (000's) | 6.25%, 05/15/2026(b) | $ | 8,125 | 8,460 | ||||||||
Truck HeroInc | |||||||||||||
Aerospace & Defense - 0.33% | 8.50%, 04/21/2024(b),(j) | 5,440 | 5,481 | ||||||||||
LeonardoSpA | Weichai International Hong Kong Energy Group | ||||||||||||
4.88%, 03/24/2025 | EUR | 500 | $ | 657 | Co Ltd | ||||||||
TransDigmInc | 3.75%, 12/31/2049(h),(i) | 700 | 676 | ||||||||||
6.00%, 07/15/2022 | $ | 5,975 | 6,057 | US Treasury Yield Curve Rate T Note | |||||||||
6.25%, 03/15/2026(b) | 7,700 | 8,018 | Constant Maturity 5 Year + 6.08% | ||||||||||
6.50%, 07/15/2024 | 8,875 | 8,992 | $ | 20,530 | |||||||||
United Technologies Corp | |||||||||||||
3.10%, 06/01/2022 | 1,800 | 1,812 | Banks - 5.69% | ||||||||||
$ | 25,536 | Australia & New Zealand Banking Group Ltd/ | |||||||||||
United Kingdom | |||||||||||||
Agriculture - 0.35% | 6.75%, 12/31/2049(b),(h),(i) | 4,000 | 4,335 | ||||||||||
Adecoagro SA | USD Swap Rate NY 5 Year + 5.17% | ||||||||||||
6.00%, 09/21/2027(b) | 8,042 | 7,475 | BancoBilbao Vizcaya Argentaria SA | ||||||||||
Altria GroupInc | 3.00%, 10/20/2020 | 1,500 | 1,504 | ||||||||||
3.88%, 09/16/2046 | 3,000 | 2,508 | Bancode Sabadell SA | ||||||||||
JBS Investments II GmbH | 5.38%, 12/12/2028(i) | EUR | 2,200 | 2,649 | |||||||||
7.00%, 01/15/2026(b) | 3,175 | 3,304 | EUR Swap Annual (VS 6 Month) 5 Year | ||||||||||
+ 5.10% |
See accompanying notes.
138
Schedule of Investments | |||||||||||||
Global Diversified Income Fund | |||||||||||||
April 30, 2019 (unaudited) | |||||||||||||
Principal | Principal | ||||||||||||
BONDS (continued) | Amount (000’s) Value (000’s) | BONDS (continued) | Amount (000’s) Value (000’s) | ||||||||||
Banks (continued) | Banks (continued) | ||||||||||||
Banco Mercantildel Norte SA/Grand Cayman | Credit Agricole SA | ||||||||||||
5.75%, 10/04/2031(b),(i) | $ | 6,705 | $ | 6,561 | 7.88%, 12/31/2049(b),(h),(i) | $ | 6,000 | $ | 6,517 | ||||
US Treasury Yield Curve Rate T Note | USD Swap Semi-Annual 5 Year + 4.90% | ||||||||||||
Constant Maturity 5 Year + 4.45% | Credit Suisse AG/New York NY | ||||||||||||
BancoSantander SA | 3.63%, 09/09/2024 | 1,900 | 1,946 | ||||||||||
2.75%, 09/12/2023 | GBP | 1,000 | 1,327 | Credit Suisse Group AG | |||||||||
7.50%, 12/31/2049(h),(i) | $ | 3,000 | 3,131 | 6.25%, 12/31/2049(b),(h),(i) | 3,000 | 3,061 | |||||||
USD Swap Semi-Annual 5 Year + 4.99% | USD Swap Semi-Annual 5 Year + 3.46% | ||||||||||||
Bank of America Corp | 7.50%, 12/31/2049(b),(h),(i) | 3,300 | 3,535 | ||||||||||
4.13%, 01/22/2024 | 3,000 | 3,144 | USD Swap Semi-Annual 5 Year + 4.60% | ||||||||||
6.25%, 12/31/2049(h),(i) | 5,000 | 5,387 | 7.50%, 12/31/2049(h),(i) | 5,000 | 5,356 | ||||||||
3 Month USD LIBOR + 3.71% | USD Swap Semi-Annual 5 Year + 4.60% | ||||||||||||
6.30%, 12/31/2049(h),(i) | 14,890 | 16,267 | Credit Suisse Group Funding Guernsey Ltd | ||||||||||
3 Month USD LIBOR + 4.55% | 1.25%, 04/14/2022 | EUR | 1,250 | 1,445 | |||||||||
Bank of Montreal | Development Bank of Kazakhstan JSC | ||||||||||||
1.61%, 10/28/2021 | CAD | 4,250 | 3,134 | 8.95%, 05/04/2023(b) | KZT | 1,078,750 | 2,764 | ||||||
Bank of New York Mellon Corp/The | DNB Bank ASA | ||||||||||||
4.62%, 12/31/2049(h),(i) | $ | 8,700 | 8,540 | 6.50%, 12/31/2049(h),(i) | $ | 3,000 | 3,109 | ||||||
3 Month USD LIBOR + 3.13% | USD Swap Semi-Annual 5 Year + 5.08% | ||||||||||||
4.95%, 12/31/2049(h),(i) | 4,420 | 4,481 | Dresdner Funding Trust I | ||||||||||
3 Month USD LIBOR + 3.42% | 8.15%, 06/30/2031(b) | 1,100 | 1,408 | ||||||||||
Barclays Bank PLC | Ecobank TransnationalInc | ||||||||||||
6.28%, 12/29/2049(h),(i) | 5,000 | 5,200 | 9.50%, 04/18/2024(b) | 3,170 | 3,249 | ||||||||
3 Month USD LIBOR + 1.55% | Fifth Third Bancorp | ||||||||||||
Barclays PLC | 5.10%, 12/31/2049(h),(i) | 15,000 | 14,756 | ||||||||||
3.65%, 03/16/2025 | 4,000 | 3,924 | 3 Month USD LIBOR + 3.03% | ||||||||||
7.88%, 12/31/2049(h),(i) | 10,300 | 10,854 | 8.25%, 03/01/2038 | 900 | 1,269 | ||||||||
USD Swap Semi-Annual 5 Year + 6.77% | FirstRand Bank Ltd | ||||||||||||
BNP Paribas SA | 6.25%, 04/23/2028(i) | 550 | 562 | ||||||||||
2.13%, 01/23/2027(i) | EUR | 1,000 | 1,194 | USD Swap Semi-Annual 5 Year + 3.56% | |||||||||
3 Month Euro Interbank Offered Rate + | Goldman Sachs GroupInc/The | ||||||||||||
1.80% | 2.60%, 12/27/2020 | 2,500 | 2,491 | ||||||||||
7.37%, 12/31/2049(b),(h),(i) | $ | 3,000 | 3,244 | 4.22%, 05/01/2029(i) | 1,750 | 1,788 | |||||||
USD Swap Semi-Annual 5 Year + 5.15% | 3 Month USD LIBOR + 1.30% | ||||||||||||
7.63%, 12/31/2049(b),(h),(i) | 5,000 | 5,269 | 5.38%, 12/31/2049(h),(i) | 22,575 | 23,100 | ||||||||
USD Swap Semi-Annual 5 Year + 6.31% | 3 Month USD LIBOR + 3.92% | ||||||||||||
CaixaBank SA | HSBC Capital Funding Dollar 1 LP | ||||||||||||
3.50%, 02/15/2027(i) | EUR | 1,500 | 1,779 | 10.18%, 12/29/2049(h),(i) | 2,800 | 4,193 | |||||||
EUR Swap Annual (VS 6 Month) 5 Year | 3 Month USD LIBOR + 4.98% | ||||||||||||
+ 3.35% | 10.18%, 12/29/2049(b),(h),(i) | 5,200 | 7,787 | ||||||||||
Canadian Imperial Bank of Commerce | 3 Month USD LIBOR + 4.98% | ||||||||||||
3.30%, 05/26/2025 | CAD | 700 | 547 | HSBC Holdings PLC | |||||||||
Capital One NA | 4.38%, 11/23/2026 | 3,800 | 3,907 | ||||||||||
2.25%, 09/13/2021 | $ | 850 | 838 | 6.87%, 12/31/2049(h),(i) | 11,600 | 12,165 | |||||||
CIT GroupInc | USD Swap Rate NY 5 Year + 5.51% | ||||||||||||
6.13%, 03/09/2028 | 295 | 329 | Huntington Bancshares Inc/OH | ||||||||||
Citibank NA | 5.70%, 12/31/2049(h),(i) | 4,300 | 4,311 | ||||||||||
2.13%, 10/20/2020 | 1,750 | 1,735 | 3 Month USD LIBOR + 2.88% | ||||||||||
Citigroup Capital III | Iccrea BancaSpA | ||||||||||||
7.63%, 12/01/2036 | 8,600 | 10,970 | 1.50%, 10/11/2022 | EUR | 3,500 | 3,924 | |||||||
CitigroupInc | ING GroepNV | ||||||||||||
4.65%, 07/23/2048 | 2,000 | 2,158 | 2.96%, 04/11/2028(i) | 1,000 | 1,200 | ||||||||
5.90%, 12/29/2049(h),(i) | 3,043 | 3,146 | EUR Swap Annual (VS 6 Month) 5 Year | ||||||||||
3 Month USD LIBOR + 4.23% | + 2.85% | ||||||||||||
5.95%, 12/29/2049(h),(i) | 900 | 933 | 6.50%, 12/31/2049(h),(i) | $ | 5,000 | 5,048 | |||||||
3 Month USD LIBOR + 4.07% | USD Swap Semi-Annual 5 Year + 4.45% | ||||||||||||
5.95%, 12/31/2049(h),(i) | 2,500 | 2,619 | 6.87%, 12/31/2049(h),(i) | 5,000 | 5,212 | ||||||||
3 Month USD LIBOR + 3.91% | USD Swap Semi-Annual 5 Year + 5.12% | ||||||||||||
6.13%, 12/31/2049(h),(i) | 4,025 | 4,168 | ItauUnibanco Holding SA/Cayman Island | ||||||||||
3 Month USD LIBOR + 4.48% | 6.13%, 12/31/2049(b),(h),(i) | 3,136 | 3,101 | ||||||||||
Citizens Financial GroupInc | US Treasury Yield Curve Rate T Note | ||||||||||||
5.50%, 12/31/2049(h),(i) | 6,750 | 6,784 | Constant Maturity 5 Year + 3.98% | ||||||||||
3 Month USD LIBOR + 3.96% | JPMorgan Chase & Co | ||||||||||||
6.38%, 12/31/2049(h),(i) | 10,930 | 11,258 | 4.50%, 01/24/2022 | 3,350 | 3,495 | ||||||||
3 Month USD LIBOR + 3.16% | 5.30%, 12/31/2049(h),(i) | 2,195 | 2,237 | ||||||||||
Cooperatieve Rabobank UA | 3 Month USD LIBOR + 3.80% | ||||||||||||
11.00%, 12/29/2049(b),(h),(i) | 3,700 | 3,745 | 6.75%, 12/31/2049(h),(i) | 11,200 | 12,407 | ||||||||
3 Month USD LIBOR + 10.87% | 3 Month USD LIBOR + 3.78% |
See accompanying notes.
139
Schedule of Investments | |||||||||||||
Global Diversified Income Fund | |||||||||||||
April 30, 2019 (unaudited) | |||||||||||||
Principal | Principal | ||||||||||||
BONDS (continued) | Amount (000’s) Value (000’s) | BONDS (continued) | Amount (000’s) Value (000’s) | ||||||||||
Banks (continued) | Banks (continued) | ||||||||||||
KeyCorp Capital III | Turkiye Vakiflar Bankasi TAO | ||||||||||||
7.75%, 07/15/2029 | $ | 795 | $ | 979 | 5.50%, 10/27/2021 | $ | 1,200 | $ | 1,126 | ||||
Lloyds Bank PLC | 8.13%, 03/28/2024(b) | 4,250 | 3,991 | ||||||||||
12.00%, 12/29/2049(h),(i) | 3,000 | 3,610 | UBS Group Funding Switzerland AG | ||||||||||
3 Month USD LIBOR + 11.76% | 6.88%, 12/31/2049(h),(i) | 7,150 | 7,386 | ||||||||||
12.00%, 12/29/2049(b),(h),(i) | 4,100 | 4,934 | USD Swap Semi-Annual 5 Year + 4.59% | ||||||||||
3 Month USD LIBOR + 11.76% | UniCredit SpA | ||||||||||||
Lloyds Banking Group PLC | 6.95%, 10/31/2022 | EUR | 2,500 | 3,251 | |||||||||
0.63%, 01/15/2024(i) | EUR | 2,100 | 2,339 | Unionedi Banche ItalianeSpA | |||||||||
EUR Swap Annual (VS 6 Month) 1 Year | 4.25%, 05/05/2026(i) | 2,000 | 2,258 | ||||||||||
+ 0.47% | EUR Swap Annual (VS 6 Month) 5 Year | ||||||||||||
2.25%, 10/16/2024 | GBP | 400 | 521 | + 4.18% | |||||||||
6.41%, 01/29/2049(b),(h),(i) | $ | 4,000 | 4,130 | Wells Fargo & Co | |||||||||
3 Month USD LIBOR + 1.50% | 5.87%, 12/31/2049(h),(i) | $ | 7,100 | 7,668 | |||||||||
6.66%, 01/29/2049(b),(h),(i) | 3,000 | 3,131 | 3 Month USD LIBOR + 3.99% | ||||||||||
3 Month USD LIBOR + 1.27% | Wells Fargo Bank NA | ||||||||||||
7.50%, 12/31/2049(h),(i) | 8,000 | 8,302 | 6.60%, 01/15/2038 | 1,750 | 2,302 | ||||||||
USD Swap Semi-Annual 5 Year + 4.50% | Woori Bank | ||||||||||||
M&T Bank Corp | 5.25%, 12/31/2049(h),(i) | 3,206 | 3,233 | ||||||||||
6.45%, 12/31/2049(h),(i) | 535 | 572 | US Treasury Yield Curve Rate T Note | ||||||||||
3 Month USD LIBOR + 3.61% | Constant Maturity 5 Year + 3.35% | ||||||||||||
Morgan Stanley | Yapi veKredi Bankasi AS | ||||||||||||
2.63%, 03/09/2027 | GBP | 1,600 | 2,100 | 5.50%, 12/06/2022 | 600 | 513 | |||||||
5.45%, 12/31/2049(h),(i) | $ | 1,593 | 1,595 | $ | 438,768 | ||||||||
3 Month USD LIBOR + 3.61% | Beverages - 0.06% | ||||||||||||
5.55%, 12/31/2049(h),(i) | 9,525 | 9,735 | Anheuser-BuschInBevSA/NV | ||||||||||
3 Month USD LIBOR + 3.81% | 1.50%, 04/18/2030 | EUR | 700 | 793 | |||||||||
National Australia Bank Ltd/New York | Anheuser-BuschInBevWorldwideInc | ||||||||||||
2.50%, 07/12/2026 | 2,000 | 1,901 | 4.60%, 04/15/2048 | $ | 2,000 | 1,952 | |||||||
NoorSukuk Co Ltd | Molson Coors Brewing Co | ||||||||||||
4.47%, 04/24/2023 | 700 | 715 | 2.10%, 07/15/2021 | 1,900 | 1,867 | ||||||||
Popular Inc | $ | 4,612 | |||||||||||
6.13%, 09/14/2023 | 5,000 | 5,200 | Biotechnology - 0.07% | ||||||||||
Provident Funding Associates LP / PFG Finance | Celgene Corp | ||||||||||||
Corp | 4.63%, 05/15/2044 | 2,000 | 2,018 | ||||||||||
6.38%, 06/15/2025(b) | 12,110 | 11,323 | Gilead SciencesInc | ||||||||||
QNB Finansbank AS | 3.65%, 03/01/2026 | 3,250 | 3,322 | ||||||||||
4.88%, 05/19/2022(b) | 3,475 | 3,274 | $ | 5,340 | |||||||||
6.88%, 09/07/2024(b) | 4,420 | 4,308 | Building Materials - 0.09% | ||||||||||
Royal Bank of Scotland Group PLC | Cemex SAB de CV | ||||||||||||
8.00%, 12/31/2049(h),(i) | 300 | 327 | 5.70%, 01/11/2025 | 1,400 | 1,438 | ||||||||
USD Swap Semi-Annual 5 Year + 5.72% | HeidelbergCement AG | ||||||||||||
8.62%, 12/29/2049(h),(i) | 7,000 | 7,525 | 2.25%, 03/30/2023 | EUR | 2,000 | 2,397 | |||||||
USD Swap Semi-Annual 5 Year + 7.60% | NCI Building SystemsInc | ||||||||||||
Santander UK Group Holdings PLC | 8.00%, 04/15/2026(b) | $ | 2,500 | 2,331 | |||||||||
3.82%, 11/03/2028(i) | 2,000 | 1,964 | Standard Industries Inc/NJ | ||||||||||
3 Month USD LIBOR + 1.40% | 4.75%, 01/15/2028(b) | 1,015 | 973 | ||||||||||
SocieteGenerale SA | $ | 7,139 | |||||||||||
7.88%, 12/31/2049(b),(h),(i) | 9,500 | 10,022 | |||||||||||
USD Swap Semi-Annual 5 Year + 4.98% | Chemicals - 0.55% | ||||||||||||
Standard Chartered PLC | Alpek SAB de CV | ||||||||||||
7.01%, 07/29/2049(b),(h),(i) | 750 | 810 | 4.50%, 11/20/2022 | 1,300 | 1,326 | ||||||||
3 Month USD LIBOR + 1.46% | Alpha 2 BV | ||||||||||||
7.75%, 12/31/2049(b),(h),(i) | 7,000 | 7,464 | 8.75%, PIK 9.50%, 06/01/2023(b),(k),(l) | 895 | 888 | ||||||||
USD Swap Semi-Annual 5 Year + 5.72% | Axalta Coating Systems Dutch Holding B BV | ||||||||||||
State Savings Bank of Ukraine Via SSB #1 PLC | 3.75%, 01/15/2025 | EUR | 400 | 462 | |||||||||
9.62%, 03/20/2025(k) | 10,836 | 10,837 | Braskem America Finance Co | ||||||||||
SunTrust BanksInc | 7.13%, 07/22/2041(b) | $ | 2,530 | 2,941 | |||||||||
5.05%, 12/31/2049(h),(i) | 3,000 | 2,966 | BraskemNetherlands Finance BV | ||||||||||
3 Month USD LIBOR + 3.10% | 4.50%, 01/10/2028(b) | 2,485 | 2,435 | ||||||||||
Swedbank AB | CF IndustriesInc | ||||||||||||
6.00%, 12/31/2049(h),(i) | 10,000 | 9,800 | 5.15%, 03/15/2034 | 1,640 | 1,587 | ||||||||
USD Swap Semi-Annual 5 Year + 4.11% | CNAC HK Finbridge Co Ltd | ||||||||||||
Turkiye Garanti Bankasi AS | 5.13%, 03/14/2028 | 7,565 | 8,102 | ||||||||||
6.13%, 05/24/2027(i) | 200 | 159 | Cornerstone Chemical Co | ||||||||||
USD Swap Semi-Annual 5 Year + 4.22% | 6.75%, 08/15/2024(b) | 10,632 | 10,340 | ||||||||||
DowDuPontInc | |||||||||||||
4.21%, 11/15/2023 | 700 | 734 |
See accompanying notes.
140
Schedule of Investments
Global Diversified Income Fund
April 30, 2019 (unaudited)
Principal | Principal | |||||||||||||
BONDS (continued) | Amount (000’s) Value (000’s) | BONDS (continued) | Amount (000’s) Value (000’s) | |||||||||||
Chemicals (continued) | Commercial Mortgage Backed Securities (continued) | |||||||||||||
Israel Chemicals Ltd | BBCMS Mortgage Trust 2018-C2 | |||||||||||||
6.38%, 05/31/2038(b) | $ | 4,160 | $ | 4,550 | 5.14%, 12/15/2051(k) | $ | 10,000 | $ | 10,483 | |||||
KronosInternational Inc | BENCHMARK 2018-B1 Mortgage Trust | |||||||||||||
3.75%, 09/15/2025 | EUR | 200 | 220 | 1.26%, 01/15/2051(k),(m) | 12,667 | 1,092 | ||||||||
MexichemSAB de CV | 1.51%, 01/15/2051(b),(k),(m) | 30,260 | 3,135 | |||||||||||
5.88%, 09/17/2044 | $ | 500 | 501 | 2.75%, 01/15/2051(b) | 11,120 | 9,074 | ||||||||
OCI NV | 3.67%, 01/15/2051(k) | 5,000 | 5,175 | |||||||||||
5.00%, 04/15/2023 | EUR | 400 | 473 | BENCHMARK 2018-B3 Mortgage Trust | ||||||||||
6.63%, 04/15/2023(b) | $ | 800 | 833 | 1.50%, 04/10/2051(b),(k),(m) | 5,520 | 594 | ||||||||
Petkim Petrokimya Holding AS | Benchmark 2018-B5 Mortgage Trust | |||||||||||||
5.88%, 01/26/2023 | 700 | 645 | 0.65%, 07/15/2051(k),(m) | 97,327 | 3,474 | |||||||||
SASOL Financing USA LLC | 3.27%, 07/15/2051(b),(k) | 4,500 | 3,976 | |||||||||||
5.88%, 03/27/2024 | 700 | 743 | 4.57%, 07/15/2051 | 5,000 | 5,351 | |||||||||
6.50%, 09/27/2028 | 4,500 | 4,935 | BENCHMARK 2018-B6 Mortgage Trust | |||||||||||
Solvay Finance SA | 1.50%, 10/10/2051(b),(k),(m) | 37,790 | 4,389 | |||||||||||
5.87%, 12/31/2049(h),(i) | EUR | 400 | 523 | 3.27%, 10/10/2051(b),(k) | 3,750 | 3,006 | ||||||||
EUR Swap Annual (VS 6 Month) 5 Year | 3.27%, 10/10/2051(b),(k) | 11,720 | 10,270 | |||||||||||
+ 5.22% | BENCHMARK 2018-B7 Mortgage Trust | |||||||||||||
$ | 42,238 | 2.02%, 05/15/2053(b),(k) | 16,962 | 2,535 | ||||||||||
Coal - 0.43% | 3.00%, 05/15/2053(b),(k) | 5,000 | 4,314 | |||||||||||
Alliance Resource Operating Partners LP / | Benchmark 2018-B8 Mortgage Trust | |||||||||||||
Alliance Resource Finance Corp | 2.04%, 01/15/2052(b),(k),(m) | 6,900 | 991 | |||||||||||
7.50%, 05/01/2025(b) | $ | 2,085 | 2,187 | 3.00%, 01/15/2052(b) | 5,000 | 4,256 | ||||||||
EternaCapitalPte Ltd | 5.04%, 01/15/2052(k) | 7,961 | 8,523 | |||||||||||
7.50%, PIK 6.00%, 12/11/2022(k),(l) | 5,390 | 5,352 | BENCHMARK 2019-B10 Mortgage Trust | |||||||||||
8.00%, PIK 8.00%, 12/11/2022(k),(l) | 1,092 | 981 | 1.23%, 03/15/2062(k),(m) | 48,000 | 4,462 | |||||||||
Foresight Energy LLC / Foresight Energy Finance | 1.87%, 03/15/2062(b),(k),(m) | 12,985 | 1,972 | |||||||||||
Corp | 3.00%, 03/15/2062(b) | 3,250 | 2,801 | |||||||||||
11.50%, 04/01/2023(b) | 31,600 | 24,490 | 3.00%, 03/15/2062(b) | 5,000 | 4,072 | |||||||||
$ | 33,010 | Benchmark 2019-B9 Mortgage Trust | ||||||||||||
Commercial Mortgage Backed Securities - 16.79% | 2.17%, 03/15/2052(b),(k),(m) | 11,550 | 1,789 | |||||||||||
Banc of America Merrill Lynch Commercial | 3.00%, 03/15/2052(b) | 3,000 | 2,605 | |||||||||||
Mortgage Inc | 3.00%, 03/15/2052(b) | 2,500 | 1,921 | |||||||||||
5.69%, 11/10/2042(k) | 2,513 | 2,488 | CD 2006-CD2 Mortgage Trust | |||||||||||
BANK 2017-BNK4 | 5.68%, 01/15/2046(k) | 2,484 | 1,870 | |||||||||||
0.98%, 05/15/2050(k),(m) | 13,843 | 810 | CD 2017-CD5 Mortgage Trust | |||||||||||
BANK 2017-BNK5 | 3.35%, 08/15/2050(b) | 7,000 | 5,972 | |||||||||||
1.32%, 06/15/2060(b),(k),(m) | 42,403 | 3,445 | CD 2018-CD7 Mortgage Trust | |||||||||||
3.08%, 06/15/2060(b),(k) | 18,288 | 15,548 | 1.75%, 08/15/2051(b),(k),(m) | 20,444 | 2,647 | |||||||||
4.40%, 06/15/2060(b),(k) | 8,356 | 5,829 | 3.26%, 08/15/2051(b),(k) | 12,750 | 11,159 | |||||||||
BANK 2017-BNK6 | 5.01%, 08/15/2051(k) | 5,182 | 5,494 | |||||||||||
3.10%, 07/15/2060(b) | 2,500 | 2,108 | CFCRE Commercial Mortgage Trust 2016-C6 | |||||||||||
BANK 2017-BNK9 | 1.32%, 11/10/2049(k),(m) | 44,435 | 3,039 | |||||||||||
1.56%, 11/15/2054(b),(k),(m) | 15,200 | 1,559 | 4.36%, 11/10/2049(k) | 4,000 | 4,020 | |||||||||
2.80%, 11/15/2054(b) | 10,000 | 8,190 | CGMS Commercial Mortgage Trust 2017-B1 | |||||||||||
BANK 2018-BNK10 | 3.00%, 08/15/2050(b) | 7,435 | 5,990 | |||||||||||
1.89%, 02/15/2061(b),(k),(m) | 31,334 | 4,012 | Citigroup Commercial Mortgage Trust 2007-C6 | |||||||||||
BANK 2018-BNK12 | 5.75%, 12/10/2049(k) | 4,859 | 2,741 | |||||||||||
1.55%, 05/15/2061(b),(k),(m) | 18,728 | 2,035 | Citigroup Commercial Mortgage Trust 2012-GC8 | |||||||||||
3.00%, 05/15/2061(b) | 6,000 | 4,977 | 5.00%, 09/10/2045(b),(k) | 1,875 | 1,697 | |||||||||
BANK 2018-BNK13 | Citigroup Commercial Mortgage Trust | |||||||||||||
1.69%, 08/15/2061(b),(k),(m) | 41,485 | 5,007 | 2013-GC15 | |||||||||||
3.00%, 08/15/2061(b) | 7,000 | 5,813 | 4.25%, 09/10/2046(b),(k) | 16,492 | 13,403 | |||||||||
4.22%, 08/15/2061(k) | 8,500 | 9,156 | 5.39%, 09/10/2046(b),(k) | 7,700 | 7,981 | |||||||||
4.68%, 08/15/2061(k) | 6,000 | 6,448 | Citigroup Commercial Mortgage Trust | |||||||||||
BANK 2018-BNK14 | 2015-GC27 | |||||||||||||
1.75%, 09/15/2060(b),(k),(m) | 11,466 | 1,443 | 4.58%, 02/10/2048(k) | 10,000 | 10,118 | |||||||||
3.00%, 09/15/2060(b) | 8,000 | 7,053 | Citigroup Commercial Mortgage Trust 2016-C1 | |||||||||||
BANK 2019-BNK16 | 2.07%, 05/10/2049(k),(m) | 36,745 | 3,808 | |||||||||||
1.99%, 02/15/2052(b),(k),(m) | 13,120 | 1,912 | Citigroup Commercial Mortgage Trust | |||||||||||
3.00%, 02/15/2052(b) | 2,500 | 2,107 | 2016-GC37 | |||||||||||
3.00%, 02/15/2052(b) | 2,500 | 1,938 | 1.94%, 04/10/2049(k),(m) | 15,024 | 1,426 | |||||||||
4.79%, 02/15/2052(k) | 1,887 | 1,974 | Citigroup Commercial Mortgage Trust 2018-B2 | |||||||||||
BANK 2019-BNK17 | 1.50%, 03/10/2051(b),(k),(m) | 13,247 | 1,407 | |||||||||||
1.60%, 04/15/2052(b),(k),(m) | 11,541 | 1,491 | 3.33%, 03/10/2051(b),(k) | 2,500 | 2,027 | |||||||||
3.00%, 04/15/2052(b) | 3,500 | 2,987 | Citigroup Commercial Mortgage Trust 2018-C5 | |||||||||||
3.00%, 04/15/2052(b) | 3,849 | 3,026 | 3.38%, 06/10/2051(b),(k) | 1,000 | 888 |
See accompanying notes.
141
Schedule of Investments | ||||||||||||
Global Diversified Income Fund | ||||||||||||
April 30, 2019 (unaudited) | ||||||||||||
Principal | Principal | |||||||||||
BONDS (continued) | Amount (000’s) Value (000’s) | BONDS (continued) | Amount (000’s) Value (000’s) | |||||||||
Commercial Mortgage Backed Securities (continued) | Commercial Mortgage Backed Securities (continued) | |||||||||||
Citigroup Commercial Mortgage Trust 2018-C6 | Freddie Mac Multifamily Structured Pass | |||||||||||
5.24%, 11/10/2051(b),(k) | $ | 10,000 | $ | 10,214 | Through Certificates | |||||||
COMM 2012-CCRE1 Mortgage Trust | 1.43%, 08/25/2020(k),(m) | $ | 23,128 | $ | 314 | |||||||
2.46%, 05/15/2045(b) | 13,993 | 11,225 | 1.49%, 05/25/2040(k),(m) | 35,000 | 288 | |||||||
5.50%, 05/15/2045(b),(k) | 8,889 | 8,960 | 1.51%, 04/25/2041(k),(m) | 86,714 | 1,262 | |||||||
COMM 2012-CCRE4 Mortgage Trust | 1.53%, 01/25/2043(k),(m) | 79,054 | 5,943 | |||||||||
4.72%, 10/15/2045(b),(k) | 5,000 | 2,184 | 1.68%, 11/25/2042(k),(m) | 83,688 | 3,105 | |||||||
COMM 2012-CCRE5 Mortgage Trust | 1.71%, 11/25/2040(k),(m) | 16,936 | 890 | |||||||||
4.46%, 12/10/2045(b),(k) | 3,475 | 3,462 | 1.71%, 10/25/2041(k),(m) | 43,000 | 2,704 | |||||||
4.46%, 12/10/2045(b),(k) | 7,500 | 7,164 | 1.72%, 06/25/2041(k),(m) | 20,000 | 1,192 | |||||||
Comm 2013-CCRE13 Mortgage Trust | 1.73%, 06/25/2042(k),(m) | 12,191 | 7 | |||||||||
5.06%, 11/10/2046(b),(k) | 6,421 | 6,256 | 2.04%, 11/25/2044(k),(m) | 16,293 | 1,561 | |||||||
5.06%, 11/10/2046(b),(k) | 5,660 | 4,841 | 2.08%, 02/25/2041(k),(m) | 33,968 | 1,165 | |||||||
COMM 2013-CCRE6 Mortgage Trust | 2.10%, 02/25/2045(k),(m) | 27,900 | 2,829 | |||||||||
1.20%, 03/10/2046(k),(m) | 56,727 | 1,651 | 2.16%, 05/25/2025(k),(m) | 43,706 | 4,693 | |||||||
4.22%, 03/10/2046(b),(k) | 13,215 | 13,022 | 2.17%, 07/25/2026(k),(m) | 39,161 | 4,993 | |||||||
4.22%, 03/10/2046(b),(k) | 13,750 | 12,425 | 2.18%, 08/25/2042(k),(m) | 98,038 | 10,349 | |||||||
COMM 2013-CCRE7 Mortgage Trust | 2.24%, 08/25/2045(k),(m) | 98,643 | 14,434 | |||||||||
4.53%, 03/10/2046(b),(k) | 7,500 | 5,841 | 2.25%, 05/25/2046(k),(m) | 75,770 | 8,816 | |||||||
COMM 2014-CCRE15 Mortgage Trust | 2.26%, 01/25/2026(k),(m) | 70,234 | 8,383 | |||||||||
4.40%, 02/10/2047(b),(k) | 5,414 | 5,129 | 2.28%, 12/25/2039(k),(m) | 25,654 | 1,408 | |||||||
COMM 2014-CCRE17 Mortgage Trust | 2.29%, 06/25/2051(k),(m) | 17,800 | 2,933 | |||||||||
0.33%, 05/10/2047(b),(k),(m) | 44,717 | 619 | 2.31%, 09/25/2046(k),(m) | 14,690 | 2,470 | |||||||
4.98%, 05/10/2047(b),(k) | 12,469 | 12,381 | 2.31%, 02/25/2047(k),(m) | 28,250 | 5,192 | |||||||
Comm 2014-UBS2 Mortgage Trust | 2.32%, 04/25/2029(k),(m) | 17,584 | 3,126 | |||||||||
5.17%, 03/10/2047(b),(k) | 13,690 | 12,590 | 2.33%, 07/25/2046(k),(m) | 17,686 | 2,952 | |||||||
COMM 2014-UBS3 Mortgage Trust | 2.34%, 08/25/2045(k),(m) | 37,838 | 6,356 | |||||||||
4.97%, 06/10/2047(b),(k) | 21,861 | 20,822 | 2.37%, 01/25/2046(k),(m) | 42,892 | 7,691 | |||||||
COMM 2014-UBS5 Mortgage Trust | 3.61%, 06/25/2041(k),(m) | 4,400 | 308 | |||||||||
3.50%, 09/10/2047(b) | 6,500 | 5,577 | 4.78%, 11/25/2044(k),(m) | 1,800 | 119 | |||||||
COMM 2015-LC19 Mortgage Trust | GS Mortgage Securities Corp II | |||||||||||
4.40%, 02/10/2048(b),(k) | 8,000 | 6,578 | 1.56%, 07/10/2051(b),(k),(m) | 8,017 | 910 | |||||||
4.40%, 02/10/2048(k) | 2,500 | 2,559 | GS Mortgage Securities Trust 2010-C2 | |||||||||
COMM 2015-LC23 Mortgage Trust | 5.35%, 12/10/2043(b),(k) | 5,000 | 5,148 | |||||||||
3.80%, 10/10/2048(b),(k) | 6,000 | 5,723 | GS Mortgage Securities Trust 2011-GC5 | |||||||||
COMM 2016-COR1 Mortgage Trust | 5.56%, 08/10/2044(b),(k) | 3,660 | 3,256 | |||||||||
1.59%, 10/10/2049(k),(m) | 44,907 | 3,402 | GS Mortgage Securities Trust 2012-GCJ7 | |||||||||
4.53%, 10/10/2049(k) | 5,000 | 5,080 | 5.87%, 05/10/2045(b),(k) | 7,429 | 7,316 | |||||||
COMM 2017-COR2 Mortgage Trust | GS Mortgage Securities Trust 2012-GCJ9 | |||||||||||
1.33%, 09/10/2050(k),(m) | 76,025 | 5,971 | 4.90%, 11/10/2045(b),(k) | 5,000 | 5,042 | |||||||
COMM 2018-COR3 Mortgage Trust | 4.90%, 11/10/2045(b),(k) | 8,500 | 7,923 | |||||||||
1.75%, 05/10/2051(b),(k),(m) | 15,800 | 2,015 | GS Mortgage Securities Trust 2013-GC16 | |||||||||
2.96%, 05/10/2051(b),(k) | 8,500 | 7,013 | 3.50%, 11/10/2046(b) | 2,500 | 1,920 | |||||||
4.23%, 05/10/2051 | 3,750 | 4,014 | GS Mortgage Securities Trust 2013-GCJ14 | |||||||||
4.71%, 05/10/2051(k) | 4,875 | 5,018 | 4.91%, 08/10/2046(b),(k) | 10,460 | 10,539 | |||||||
Credit Suisse Commercial Mortgage Trust Series | 4.91%, 08/10/2046(b),(k) | 7,742 | 6,920 | |||||||||
2007-C1 | 4.91%, 08/10/2046(b),(k) | 2,500 | 2,154 | |||||||||
5.46%, 02/15/2040(k) | 23,008 | 10,759 | GS Mortgage Securities Trust 2014-GC26 | |||||||||
CSAIL 2018-CX12 Commercial Mortgage Trust | 1.37%, 11/10/2047(b),(k),(m) | 29,811 | 1,762 | |||||||||
1.50%, 08/15/2051(b),(k),(m) | 8,985 | 1,016 | 4.67%, 11/10/2047(b),(k) | 2,570 | 2,205 | |||||||
3.43%, 08/15/2051(b),(k) | 3,500 | 3,078 | GS Mortgage Securities Trust 2017-GS7 | |||||||||
4.22%, 08/15/2051 | 5,000 | 5,356 | 1.28%, 08/10/2050(k),(m) | 28,967 | 2,065 | |||||||
CSAIL 2019-C15 Commercial Mortgage Trust | GS Mortgage Securities Trust 2018-GS9 | |||||||||||
1.22%, 03/15/2052(k),(m) | 55,992 | 4,355 | 1.51%, 03/10/2051(b),(k),(m) | 8,353 | 833 | |||||||
2.15%, 03/15/2052(b),(k) | 3,981 | 624 | JP Morgan Chase Commercial Mortgage | |||||||||
3.00%, 03/15/2052(b) | 2,500 | 2,096 | Securities Trust 2005-CIBC12 | |||||||||
DBGS 2018-BIOD Mortgage Trust | 4.99%, 09/12/2037(k) | 18 | 18 | |||||||||
1.75%, 10/15/2051(b),(k),(m) | 9,496 | 1,238 | JP Morgan Chase Commercial Mortgage | |||||||||
3.04%, 10/15/2051(b),(k) | 1,750 | 1,484 | Securities Trust 2006-CIBC17 | |||||||||
4.47%, 10/15/2051 | 5,500 | 6,020 | 5.49%, 12/12/2043(k) | 9,339 | 7,658 | |||||||
DBJPM 17-C6 Mortgage Trust | JP Morgan Chase Commercial Mortgage | |||||||||||
1.18%, 06/10/2050(k),(m) | 99,370 | 5,857 | Securities Trust 2006-LDP9 | |||||||||
3.38%, 06/10/2050(b),(k) | 15,000 | 12,920 | 5.34%, 05/15/2047 | 1,000 | 955 | |||||||
DBUBS 2011-LC1 Mortgage Trust | JP Morgan Chase Commercial Mortgage | |||||||||||
0.38%, 11/10/2046(b),(k),(m) | 142,384 | 788 | Securities Trust 2011-C5 | |||||||||
DBUBS 2011-LC2 Mortgage Trust | 4.00%, 08/15/2046(b),(k) | 6,000 | 5,745 | |||||||||
1.23%, 07/10/2044(b),(k),(m) | 9,480 | 160 | 5.55%, 08/15/2046(b),(k) | 4,844 | 4,889 |
See accompanying notes.
142
Schedule of Investments | ||||||||||||
Global Diversified Income Fund | ||||||||||||
April 30, 2019 (unaudited) | ||||||||||||
Principal | Principal | |||||||||||
BONDS (continued) | Amount (000’s) Value (000’s) | BONDS (continued) | Amount (000’s) Value (000’s) | |||||||||
Commercial Mortgage Backed Securities (continued) | Commercial Mortgage Backed Securities (continued) | |||||||||||
JP Morgan Chase Commercial Mortgage | JPMCC Commercial Mortgage Securities Trust | |||||||||||
Securities Trust 2012-C6 | 2019-COR4 | |||||||||||
2.97%, 05/15/2045(b),(k) | $ | 3,750 | $ | 2,894 | 1.29%, 03/10/2052(k),(m) | $ | 34,398 | $ | 2,987 | |||
JP Morgan Chase Commercial Mortgage | 2.18%, 03/10/2052(b),(k),(m) | 18,869 | 2,985 | |||||||||
Securities Trust 2012-C8 | 3.00%, 03/10/2052(b) | 1,000 | 794 | |||||||||
2.75%, 10/15/2045(b),(k) | 8,553 | 7,013 | 3.00%, 03/10/2052(b) | 5,000 | 4,270 | |||||||
JP Morgan Chase Commercial Mortgage | JPMDB Commercial Mortgage Securities Trust | |||||||||||
Securities Trust 2013-C16 | 2018-C8 | |||||||||||
3.74%, 12/15/2046(b),(k) | 10,000 | 8,743 | 4.52%, 06/15/2051 | 1,250 | 1,325 | |||||||
5.20%, 12/15/2046(b),(k) | 5,000 | 5,095 | LB Commercial Mortgage Trust 2007-C3 | |||||||||
JP Morgan Chase Commercial Mortgage | 6.09%, 07/15/2044(k) | 827 | 836 | |||||||||
Securities Trust 2013-LC11 | 6.09%, 07/15/2044(k) | 12,738 | 11,393 | |||||||||
1.41%, 04/15/2046(k),(m) | 51,861 | 2,179 | LB-UBS Commercial Mortgage Trust 2006-C7 | |||||||||
JP Morgan Chase Commercial Mortgage | 5.41%, 11/15/2038 | 12,048 | 8,674 | |||||||||
Securities Trust 2016-JP3 | LB-UBS Commercial Mortgage Trust 2007-C6 | |||||||||||
3.40%, 08/15/2049(k) | 3,250 | 3,207 | 6.52%, 07/15/2040(k) | 13,250 | 13,332 | |||||||
JPMBB Commercial Mortgage Securities Trust | 6.52%, 07/15/2040(k) | 8,841 | 8,291 | |||||||||
2013-C12 | ML-CFC Commercial Mortgage Trust 2007-5 | |||||||||||
4.24%, 07/15/2045(k) | 7,286 | 7,128 | 5.45%, 08/12/2048(k) | 4,504 | 3,085 | |||||||
JPMBB Commercial Mortgage Securities Trust | Morgan Stanley Bank of America Merrill Lynch | |||||||||||
2013-C15 | Trust 2012-C5 | |||||||||||
3.50%, 11/15/2045(b) | 9,191 | 7,310 | 4.84%, 08/15/2045(b),(k) | 6,787 | 6,932 | |||||||
5.37%, 11/15/2045(b),(k) | 23,750 | 24,579 | Morgan Stanley Bank of America Merrill Lynch | |||||||||
JPMBB Commercial Mortgage Securities Trust | Trust 2013-C8 | |||||||||||
2014-C18 | 4.19%, 12/15/2048(b),(k) | 18,500 | 18,465 | |||||||||
1.02%, 02/15/2047(k),(m) | 47,511 | 1,607 | Morgan Stanley Bank of America Merrill Lynch | |||||||||
4.98%, 02/15/2047(b),(k) | 7,850 | 7,310 | Trust 2014-C14 | |||||||||
JPMBB Commercial Mortgage Securities Trust | 5.10%, 02/15/2047(k) | 6,750 | 7,078 | |||||||||
2014-C19 | 5.10%, 02/15/2047(b),(k) | 5,331 | 4,957 | |||||||||
4.86%, 04/15/2047(b),(k) | 1,359 | 1,304 | Morgan Stanley Bank of America Merrill Lynch | |||||||||
4.86%, 04/15/2047(k) | 15,096 | 15,617 | Trust 2014-C16 | |||||||||
JPMBB Commercial Mortgage Securities Trust | 4.42%, 06/15/2047(b),(k) | 17,104 | 12,795 | |||||||||
2014-C21 | 4.92%, 06/15/2047(b),(k) | 10,598 | 8,915 | |||||||||
1.17%, 08/15/2047(k),(m) | 41,693 | 1,728 | Morgan Stanley Bank of America Merrill Lynch | |||||||||
JPMBB Commercial Mortgage Securities Trust | Trust 2014-C18 | |||||||||||
2014-C23 | 4.49%, 10/15/2047(k) | 4,408 | 4,564 | |||||||||
0.85%, 09/15/2047(k),(m) | 230,799 | 6,000 | Morgan Stanley Bank of America Merrill Lynch | |||||||||
JPMBB Commercial Mortgage Securities Trust | Trust 2015-C20 | |||||||||||
2014-C24 | 1.48%, 02/15/2048(k),(m) | 50,346 | 2,739 | |||||||||
4.04%, 11/15/2047(b),(k) | 20,500 | 18,693 | 1.54%, 02/15/2048(b),(k),(m) | 41,500 | 2,885 | |||||||
JPMBB Commercial Mortgage Securities Trust | Morgan Stanley Bank of America Merrill Lynch | |||||||||||
2014-C26 | Trust 2015-C21 | |||||||||||
4.55%, 01/15/2048(k) | 5,000 | 5,138 | 1.07%, 03/15/2048(k),(m) | 33,015 | 1,355 | |||||||
JPMBB Commercial Mortgage Securities Trust | Morgan Stanley Bank of America Merrill Lynch | |||||||||||
2015-C28 | Trust 2015-C26 | |||||||||||
0.50%, 10/15/2048(b),(k),(m) | 54,005 | 1,338 | 3.06%, 10/15/2048(b) | 2,185 | 1,979 | |||||||
1.26%, 10/15/2048(k),(m) | 58,685 | 2,386 | Morgan Stanley Bank of America Merrill Lynch | |||||||||
JPMBB Commercial Mortgage Securities Trust | Trust 2016-C29 | |||||||||||
2015-C29 | 1.78%, 05/15/2049(k),(m) | 42,189 | 3,465 | |||||||||
3.81%, 05/15/2048(k) | 5,270 | 4,316 | Morgan Stanley Bank of America Merrill Lynch | |||||||||
JPMBB Commercial Mortgage Securities Trust | Trust 2016-C31 | |||||||||||
2015-C30 | 1.46%, 11/15/2049(b),(k),(m) | 21,213 | 1,796 | |||||||||
0.68%, 07/15/2048(k),(m) | 74,381 | 2,052 | Morgan Stanley Bank of America Merrill Lynch | |||||||||
JPMBB Commercial Mortgage Securities Trust | Trust 2016-C32 | |||||||||||
2015-C31 | 0.89%, 12/15/2049(k),(m) | 75,448 | 3,311 | |||||||||
0.50%, 08/15/2048(b),(k),(m) | 42,377 | 1,097 | Morgan Stanley Capital I Trust 2011-C3 | |||||||||
JPMCC Commercial Mortgage Securities Trust | 0.82%, 07/15/2049(b),(k),(m) | 19,631 | 176 | |||||||||
2017-JP5 | Morgan Stanley Capital I Trust 2018-H3 | |||||||||||
1.25%, 03/15/2050(k),(m) | 98,293 | 5,670 | 2.01%, 07/15/2051(b),(k),(m) | 7,682 | 1,035 | |||||||
JPMCC Commercial Mortgage Securities Trust | Morgan Stanley Capital I Trust 2018-L1 | |||||||||||
2017-JP6 | 3.00%, 10/15/2051(b) | 5,000 | 4,251 | |||||||||
1.47%, 07/15/2050(k),(m) | 23,723 | 1,457 | SG Commercial Mortgage Securities Trust | |||||||||
JPMCC Commercial Mortgage Securities Trust | 2016-C5 | |||||||||||
2017-JP7 | 1.07%, 10/10/2048(k),(m) | 17,960 | 1,078 | |||||||||
4.05%, 09/15/2050 | 2,500 | 2,563 | UBS Commercial Mortgage Trust 2012-C1 | |||||||||
4.55%, 09/15/2050(b),(k) | 14,734 | 14,470 | 5.00%, 05/10/2045(b),(k) | 8,000 | 7,265 | |||||||
UBS Commercial Mortgage Trust 2018-C12 | ||||||||||||
4.79%, 08/15/2051(k) | 5,000 | 5,362 |
See accompanying notes.
143
Schedule of Investments | ||||||||||||
Global Diversified Income Fund | ||||||||||||
April 30, 2019 (unaudited) | ||||||||||||
Principal | Principal | |||||||||||
BONDS (continued) | Amount (000’s) Value (000’s) | BONDS (continued) | Amount (000’s) Value (000’s) | |||||||||
Commercial Mortgage Backed Securities (continued) | Commercial Mortgage Backed Securities (continued) | |||||||||||
UBS Commercial Mortgage Trust 2018-C15 | Wells Fargo Commercial Mortgage Trust | |||||||||||
4.92%, 12/15/2051(k) | $ | 10,000 | $ | 10,819 | 2018-C44 | |||||||
UBS-Barclays Commercial Mortgage Trust | 2.00%, 05/15/2051(b),(k),(m) | $ | 8,022 | $ | 1,084 | |||||||
2012-C2 | 3.00%, 05/15/2051(b) | 5,000 | 4,167 | |||||||||
1.48%, 05/10/2063(b),(k),(m) | 26,006 | 919 | 4.21%, 05/15/2051 | 7,500 | 8,039 | |||||||
UBS-Barclays Commercial Mortgage Trust | Wells Fargo Commercial Mortgage Trust | |||||||||||
2012-C3 | 2018-C45 | |||||||||||
5.00%, 08/10/2049(b),(k) | 20,994 | 18,420 | 2.03%, 06/15/2051(b),(k),(m) | 2,647 | 366 | |||||||
5.20%, 08/10/2049(b),(k) | 25,827 | 25,662 | 3.00%, 06/15/2051(b) | 1,250 | 1,067 | |||||||
UBS-Barclays Commercial Mortgage Trust | Wells Fargo Commercial Mortgage Trust | |||||||||||
2012-C4 | 2018-C46 | |||||||||||
4.63%, 12/10/2045(b),(k) | 12,000 | 11,535 | 5.15%, 08/15/2051 | 6,000 | 6,239 | |||||||
4.63%, 12/10/2045(b),(k) | 17,981 | 15,087 | Wells Fargo Commercial Mortgage Trust | |||||||||
UBS-Barclays Commercial Mortgage Trust | 2018-C47 | |||||||||||
2013-C5 | 2.10%, 09/15/2061(b),(k),(m) | 14,133 | 2,129 | |||||||||
4.21%, 03/10/2046(b),(k) | 9,150 | 8,593 | 3.00%, 09/15/2061(b) | 6,000 | 5,022 | |||||||
4.21%, 03/10/2046(b),(k) | 5,759 | 4,917 | 5.10%, 09/15/2061(k) | 4,500 | 4,686 | |||||||
Wells Fargo Commercial Mortgage Trust 2010-C1 | Wells Fargo Commercial Mortgage Trust | |||||||||||
0.66%, 11/15/2043(b),(k),(m) | 13,501 | 105 | 2018-C48 | |||||||||
Wells Fargo Commercial Mortgage Trust | 1.13%, 01/15/2052(k),(m) | 68,986 | 5,030 | |||||||||
2014-LC18 | 5.29%, 01/15/2052(k) | 10,000 | 10,640 | |||||||||
1.24%, 12/15/2047(k),(m) | 79,784 | 3,556 | Wells Fargo Commercial Mortgage Trust | |||||||||
3.96%, 12/15/2047(b),(k) | 13,500 | 12,422 | 2019-C49 | |||||||||
Wells Fargo Commercial Mortgage Trust | 2.31%, 03/15/2052(b),(k),(m) | 4,336 | 728 | |||||||||
2015-C28 | 3.00%, 03/15/2052(b) | 2,500 | 2,096 | |||||||||
4.26%, 05/15/2048(k) | 10,000 | 9,063 | Wells Fargo Commercial Mortgage Trust | |||||||||
Wells Fargo Commercial Mortgage Trust | 2019-C50 | |||||||||||
2015-C31 | 2.19%, 05/15/2052(b),(d),(j),(k),(m) | 14,851 | 2,445 | |||||||||
3.85%, 11/15/2048 | 5,321 | 4,667 | WFRBS Commercial Mortgage Trust 2011-C5 | |||||||||
Wells Fargo Commercial Mortgage Trust | 0.18%, 11/15/2044(b),(k),(m) | 121,391 | 410 | |||||||||
2015-NXS1 | WFRBS Commercial Mortgage Trust 2014-C20 | |||||||||||
0.49%, 05/15/2048(k),(m) | 24,936 | 719 | 3.99%, 05/15/2047(b) | 10,000 | 7,883 | |||||||
2.88%, 05/15/2048(b),(k) | 7,116 | 5,226 | 4.51%, 05/15/2047(k) | 1,000 | 987 | |||||||
4.24%, 05/15/2048(k) | 3,580 | 3,415 | WFRBS Commercial Mortgage Trust 2014-C22 | |||||||||
Wells Fargo Commercial Mortgage Trust | 4.05%, 09/15/2057(b),(k) | 10,000 | 8,258 | |||||||||
2015-NXS3 | WFRBS Commercial Mortgage Trust 2014-C24 | |||||||||||
1.29%, 09/15/2057(k),(m) | 26,207 | 1,119 | 3.69%, 11/15/2047(b) | 11,047 | 8,631 | |||||||
3.15%, 09/15/2057(b) | 5,000 | 4,140 | $ | 1,294,103 | ||||||||
Wells Fargo Commercial Mortgage Trust | Commercial Services - 0.78% | |||||||||||
2016-C34 | DP World PLC | |||||||||||
2.32%, 06/15/2049(k),(m) | 35,397 | 3,542 | 5.63%, 09/25/2048(b) | 1,720 | 1,814 | |||||||
Wells Fargo Commercial Mortgage Trust | LoxamSAS | |||||||||||
2016-C35 | 6.00%, 04/15/2025 | EUR | 500 | 593 | ||||||||
2.13%, 07/15/2048(k),(m) | 38,750 | 4,111 | MersinUluslararasiLiman IsletmeciligiAS | |||||||||
Wells Fargo Commercial Mortgage Trust | 5.88%, 08/12/2020 | $ | 2,820 | 2,806 | ||||||||
2016-C36 | Midas Intermediate Holdco II LLC / Midas | |||||||||||
4.33%, 11/15/2059(k) | 4,000 | 3,876 | Intermediate Holdco II Finance Inc | |||||||||
Wells Fargo Commercial Mortgage Trust | 7.88%, 10/01/2022(b) | 7,988 | 7,349 | |||||||||
2016-C37 | Nielsen Finance LLC / Nielsen Finance Co | |||||||||||
4.47%, 12/15/2049(k) | 1,800 | 1,859 | 5.00%, 04/15/2022(b) | 3,975 | 3,949 | |||||||
Wells Fargo Commercial Mortgage Trust | Prime Security Services Borrower LLC / Prime | |||||||||||
2016-NXS5 | Finance Inc | |||||||||||
5.04%, 01/15/2059(k) | 4,254 | 4,185 | 9.25%, 05/15/2023(b) | 2,010 | 2,118 | |||||||
Wells Fargo Commercial Mortgage Trust | Refinitiv US HoldingsInc | |||||||||||
2017-C38 | 6.25%, 05/15/2026(b) | 14,850 | 15,240 | |||||||||
1.22%, 07/15/2050(k),(m) | 97,198 | 6,357 | ServiceMaster Co LLC/The | |||||||||
Wells Fargo Commercial Mortgage Trust | 5.13%, 11/15/2024(b) | 11,225 | 11,337 | |||||||||
2017-C40 | Team Health HoldingsInc | |||||||||||
4.48%, 10/15/2050(k) | 10,000 | 10,077 | 6.38%, 02/01/2025(b) | 17,520 | 14,892 | |||||||
Wells Fargo Commercial Mortgage Trust | $ | 60,098 | ||||||||||
2017-C42 | Computers - 0.31% | |||||||||||
1.71%, 12/15/2050(b),(k),(m) | 20,343 | 2,217 | AppleInc | |||||||||
Wells Fargo Commercial Mortgage Trust | 0.35%, 06/10/2020 | JPY | 130,000 | 1,171 | ||||||||
2018-C43 | Banff Merger SubInc | |||||||||||
1.78%, 03/15/2051(b),(k),(m) | 6,614 | 788 | 9.75%, 09/01/2026(b) | $ | 6,000 | 6,015 | ||||||
International Business Machines Corp | ||||||||||||
5.60%, 11/30/2039 | 800 | 957 |
See accompanying notes.
144
Schedule of Investments | ||||||||||||
Global Diversified Income Fund | ||||||||||||
April 30, 2019 (unaudited) | ||||||||||||
Principal | Principal | |||||||||||
BONDS (continued) | Amount (000’s) Value (000’s) | BONDS (continued) | Amount (000’s) Value (000’s) | |||||||||
Computers (continued) | Diversified Financial Services (continued) | |||||||||||
West Corp | Swiss Insured Brazil Power FinanceSarl | |||||||||||
8.50%, 10/15/2025(b) | $ | 17,560 | $ | 15,475 | 9.85%, 07/16/2032(b) | BRL | 49,263 | $ | 12,972 | |||
$ | 23,618 | VantivLLC /VantivIssuer Corp | ||||||||||
Cosmetics & Personal Care - 0.20% | 3.88%, 11/15/2025 | GBP | 600 | 815 | ||||||||
Avon International OperationsInc | 4.38%, 11/15/2025(b) | $ | 1,820 | 1,870 | ||||||||
7.88%, 08/15/2022(b) | 6,500 | 6,728 | $ | 159,186 | ||||||||
High Ridge Brands Co | Electric - 1.09% | |||||||||||
8.88%, 03/15/2025(b) | 15,607 | 6,477 | Acwa Power Management And Investments One | |||||||||
Procter & Gamble Co/The | Ltd | |||||||||||
1.13%, 11/02/2023 | EUR | 1,800 | 2,118 | 5.95%, 12/15/2039(b) | 8,637 | 8,918 | ||||||
$ | 15,323 | Brookfield Infrastructure Finance ULC | ||||||||||
Distribution & Wholesale - 0.14% | 3.32%, 02/22/2024 | CAD | 3,800 | 2,858 | ||||||||
LKQ Corp | Calpine Corp | |||||||||||
4.75%, 05/15/2023 | $ | 10,980 | 11,062 | 5.75%, 01/15/2025 | $ | 7,100 | 7,029 | |||||
Diversified Financial Services- 2.07% | Clearway Energy Operating LLC | |||||||||||
Alliance Data Systems Corp | 5.75%, 10/15/2025(b) | 580 | 593 | |||||||||
5.38%, 08/01/2022(b) | 10,841 | 11,004 | ComisionFederal de Electricidad | |||||||||
Ally FinancialInc | 4.88%, 01/15/2024 | 1,250 | 1,289 | |||||||||
5.75%, 11/20/2025 | 3,565 | 3,864 | Duke Energy Corp | |||||||||
Avation Capital SA | 3.75%, 09/01/2046 | 1,000 | 931 | |||||||||
6.50%, 05/15/2021(b) | 855 | 855 | Emera Inc | |||||||||
Capital One Financial Corp | 6.75%, 06/15/2076(i) | 4,400 | 4,734 | |||||||||
5.55%, 12/31/2049(h),(i) | 18,140 | 18,480 | 3 Month USD LIBOR + 5.44% | |||||||||
3 Month USD LIBOR + 3.80% | EmeraUS Finance LP | |||||||||||
Charles Schwab Corp/The | 4.75%, 06/15/2046 | 800 | 817 | |||||||||
7.00%, 02/28/2049(h),(i) | 4,198 | 4,492 | Empresa deTransmisionElectricaSA | |||||||||
3 Month USD LIBOR + 4.82% | 5.13%, 05/02/2049(b),(j) | 2,300 | 2,354 | |||||||||
Credit Acceptance Corp | EnelChile SA | |||||||||||
7.38%, 03/15/2023 | 2,994 | 3,103 | 4.88%, 06/12/2028 | 200 | 212 | |||||||
Credito Real SAB de CV SOFOM ER | EnelSpA | |||||||||||
7.25%, 07/20/2023 | 1,400 | 1,449 | 8.75%, 09/24/2073(b),(i) | 2,500 | 2,800 | |||||||
Depository Trust & Clearing Corp/The | USD Swap Semi-Annual 5 Year + 5.88% | |||||||||||
4.88%, 12/31/2049(b),(h),(i) | 6,250 | 6,281 | Eskom Holdings SOC Ltd | |||||||||
3 Month USD LIBOR + 3.17% | 5.75%, 01/26/2021(b) | 1,715 | 1,700 | |||||||||
Garfunkelux Holdco 3 SA | 7.85%, 04/02/2026 | ZAR | 77,500 | 4,901 | ||||||||
8.50%, 11/01/2022 | GBP | 4,600 | 5,574 | 8.45%, 08/10/2028(b) | $ | 3,285 | 3,552 | |||||
goeasyLtd | Exelon Corp | |||||||||||
7.88%, 11/01/2022(b) | $ | 6,000 | 6,315 | 3.50%, 06/01/2022 | 3,500 | 3,549 | ||||||
International Personal Finance PLC | FirstEnergy Corp | |||||||||||
5.75%, 04/07/2021 | EUR | 4,000 | 4,387 | 7.38%, 11/15/2031 | 1,250 | 1,653 | ||||||
IntrumAB | Fortis Inc/Canada | |||||||||||
2.75%, 07/15/2022 | 1,700 | 1,890 | 3.06%, 10/04/2026 | 1,239 | 1,190 | |||||||
Ladder Capital Finance Holdings LLLP / Ladder | Genneia SA | |||||||||||
Capital Finance Corp | 8.75%, 01/20/2022(b) | 2,975 | 2,356 | |||||||||
5.25%, 10/01/2025(b) | $ | 11,800 | 11,756 | Lamar Funding Ltd | ||||||||
LoanCore Capital Markets LLC / JLC Finance | 3.96%, 05/07/2025 | 500 | 438 | |||||||||
Corp | Light Servicos de EletricidadeSA/LightEnergia | |||||||||||
6.88%, 06/01/2020(b) | 2,275 | 2,278 | SA | |||||||||
Mongolian Mortgage CorpHfcLLC | 7.25%, 05/03/2023 | 800 | 812 | |||||||||
9.75%, 01/29/2022(b) | 2,500 | 2,534 | LLPL CapitalPte Ltd | |||||||||
National Rural Utilities Cooperative Finance Corp | 6.88%, 02/04/2039(b) | 3,350 | 3,614 | |||||||||
5.25%, 04/20/2046(i) | 2,200 | 2,242 | Minejesa Capital BV | |||||||||
3 Month USD LIBOR + 3.63% | 4.63%, 08/10/2030(b) | 4,327 | 4,191 | |||||||||
Nationstar Mortgage Holdings Inc | NaturgyFinance BV | |||||||||||
8.13%, 07/15/2023(b) | 8,500 | 8,564 | 3.38%, 12/31/2049(h),(i) | EUR | 300 | 344 | ||||||
NFP Corp | EUR Swap Annual (VS 6 Month) 9 Year | |||||||||||
6.88%, 07/15/2025(b) | 30,445 | 29,912 | + 3.08% | |||||||||
Oxford Finance LLC / Oxford Finance Co-Issuer | Origin Energy Finance Ltd | |||||||||||
II Inc | 3.50%, 10/04/2021 | 3,250 | 3,925 | |||||||||
6.38%, 12/15/2022(b) | 6,075 | 6,272 | Pampa EnergiaSA | |||||||||
Quicken LoansInc | 7.38%, 07/21/2023 | $ | 600 | 539 | ||||||||
5.75%, 05/01/2025(b) | 5,164 | 5,241 | 7.50%, 01/24/2027(b) | 10,896 | 9,234 | |||||||
ShriramTransport Finance Co Ltd | PerusahaanListrik Negara PT | |||||||||||
5.95%, 10/24/2022(b) | 3,500 | 3,501 | 4.13%, 05/15/2027 | 700 | 689 | |||||||
SpringleafFinance Corp | RWE AG | |||||||||||
6.88%, 03/15/2025 | 2,795 | 2,998 | 3.50%, 04/21/2075(i) | EUR | 500 | 585 | ||||||
7.13%, 03/15/2026 | 500 | 537 | EUR Swap Annual (VS 6 Month) 5 Year | |||||||||
+ 3.25% |
See accompanying notes.
145
Schedule of Investments
Global Diversified Income Fund
April 30, 2019 (unaudited)
Principal | Principal | ||||||||||
BONDS (continued) | Amount (000’s) Value (000’s) | BONDS (continued) | Amount (000’s) Value (000’s) | ||||||||
Electric (continued) | Entertainment (continued) | ||||||||||
Southern Co/The | WMG Acquisition Corp | ||||||||||
2.95%, 07/01/2023 | $ | 2,000 | $ | 1,997 | 4.13%, 11/01/2024 | EUR | 630 | $ | 739 | ||
VistraEnergy Corp | $ | 68,566 | |||||||||
7.38%, 11/01/2022 | 4,656 | 4,816 | Environmental Control - 0.31% | ||||||||
8.13%, 01/30/2026(b) | 345 | 376 | Covanta Holding Corp | ||||||||
VistraOperations Co LLC | 5.88%, 07/01/2025 | $ | 3,625 | 3,716 | |||||||
5.50%, 09/01/2026(b) | 890 | 917 | 6.00%, 01/01/2027 | 5,200 | 5,291 | ||||||
$ | 83,913 | GFL EnvironmentalInc | |||||||||
Electrical Components & Equipment - 0.08% | 5.38%, 03/01/2023(b) | 8,000 | 7,780 | ||||||||
Belden Inc | 5.63%, 05/01/2022(b) | 4,000 | 3,970 | ||||||||
2.88%, 09/15/2025 | EUR | 500 | 574 | 8.50%, 05/01/2027(b) | 2,500 | 2,604 | |||||
Energizer Gamma Acquisition BV | Waste Pro USAInc | ||||||||||
4.63%, 07/15/2026 | 550 | 635 | 5.50%, 02/15/2026(b) | 875 | 871 | ||||||
Energizer HoldingsInc | $ | 24,232 | |||||||||
5.50%, 06/15/2025(b) | $ | 505 | 510 | Food - 0.94% | |||||||
6.38%, 07/15/2026(b) | 610 | 630 | Alicorp SAA | ||||||||
WESCO DistributionInc | 6.88%, 04/17/2027(b) | PEN | 13,300 | 4,083 | |||||||
5.38%, 06/15/2024 | 3,861 | 3,957 | Arcor SAIC | ||||||||
$ | 6,306 | 6.00%, 07/06/2023 | $ | 250 | 234 | ||||||
Energy - Alternate Sources - 0.06% | BoparanFinance PLC | ||||||||||
Azure Power Energy Ltd | 5.50%, 07/15/2021 | GBP | 200 | 179 | |||||||
5.50%, 11/03/2022 | 700 | 693 | Casino GuichardPerrachonSA | ||||||||
Rio Energy SA / UGEN SA / UENSA SA | 4.50%, 03/07/2024 | EUR | 4,300 | 4,717 | |||||||
6.88%, 02/01/2025(b) | 6,611 | 4,314 | Cencosud SA | ||||||||
$ | 5,007 | 4.38%, 07/17/2027(b) | $ | 3,180 | 3,029 | ||||||
Engineering & Construction - 0.24% | 6.63%, 02/12/2045(b) | 1,050 | 1,068 | ||||||||
AeropuertoInternacional deTocumen SA | Grupo Bimbo SAB de CV | ||||||||||
6.00%, 11/18/2048(b) | 4,835 | 5,439 | 5.95%, 12/31/2049(b),(h),(i) | 3,250 | 3,352 | ||||||
Indo Energy Finance II BV | US Treasury Yield Curve Rate T Note | ||||||||||
6.38%, 01/24/2023 | 906 | 903 | Constant Maturity 5 Year + 3.28% | ||||||||
International Airport Finance SA | Ingles MarketsInc | ||||||||||
12.00%, 03/15/2033(b) | 2,700 | 2,898 | 5.75%, 06/15/2023 | 2,668 | 2,701 | ||||||
MasTecInc | JBS USA LUX SA / JBS USA FinanceInc | ||||||||||
4.88%, 03/15/2023 | 1,220 | 1,232 | 5.75%, 06/15/2025(b) | 6,650 | 6,800 | ||||||
Mexico City Airport Trust | MARB BondCo PLC | ||||||||||
5.50%, 07/31/2047(b) | 5,860 | 5,457 | 6.88%, 01/19/2025(b) | 7,203 | 7,153 | ||||||
Tutor Perini Corp | Minerva Luxembourg SA | ||||||||||
6.88%, 05/01/2025(b) | 1,240 | 1,242 | 5.88%, 01/19/2028(b) | 4,805 | 4,463 | ||||||
Zhaohai Investment BVI Ltd | 6.50%, 09/20/2026(b) | 6,755 | 6,676 | ||||||||
4.00%, 07/23/2020 | 1,000 | 976 | Nestle Holdings Inc | ||||||||
$ | 18,147 | 4.00%, 09/24/2048(b) | 2,000 | 2,080 | |||||||
Entertainment - 0.89% | Post Holdings Inc | ||||||||||
AMC Entertainment HoldingsInc | 5.00%, 08/15/2026(b) | 6,460 | 6,436 | ||||||||
5.88%, 11/15/2026 | 13,595 | 12,643 | 5.50%, 03/01/2025(b) | 4,975 | 5,093 | ||||||
6.13%, 05/15/2027 | 4,080 | 3,800 | Sigma Holdco BV | ||||||||
Boyne USAInc | 7.88%, 05/15/2026(b) | 1,925 | 1,824 | ||||||||
7.25%, 05/01/2025(b) | 8,575 | 9,304 | Simmons Foods Inc | ||||||||
Caesars Resort Collection LLC / CRCFinco Inc | 5.75%, 11/01/2024(b) | 4,412 | 4,059 | ||||||||
5.25%, 10/15/2025(b) | 6,595 | 6,447 | Tesco PLC | ||||||||
Cinemark USAInc | 6.13%, 02/24/2022 | GBP | 900 | 1,308 | |||||||
4.88%, 06/01/2023 | 7,575 | 7,653 | US FoodsInc | ||||||||
Eldorado ResortsInc | 5.88%, 06/15/2024(b) | $ | 6,918 | 7,074 | |||||||
6.00%, 09/15/2026 | 635 | 659 | $ | 72,329 | |||||||
7.00%, 08/01/2023 | 430 | 450 | Food Service - 0.01% | ||||||||
International Game Technology PLC | Aramark International FinanceSarl | ||||||||||
6.25%, 02/15/2022(b) | 9,300 | 9,695 | 3.13%, 04/01/2025 | EUR | 400 | 467 | |||||
6.25%, 01/15/2027(b) | 2,900 | 3,049 | Forest Products & Paper - 0.13% | ||||||||
6.50%, 02/15/2025(b) | 1,415 | 1,507 | Celulosa Arauco y Constitucion SA | ||||||||
Lions Gate Capital Holdings LLC | 4.25%, 04/30/2029(b) | $ | 3,175 | 3,163 | |||||||
5.88%, 11/01/2024(b) | 1,315 | 1,341 | Smurfit Kappa Acquisitions ULC | ||||||||
Resorts World Las Vegas LLC / RWLV Capital | 2.75%, 02/01/2025 | EUR | 400 | 478 | |||||||
Inc | Suzano Austria GmbH | ||||||||||
4.63%, 04/16/2029(b) | 5,160 | 5,118 | 6.00%, 01/15/2029 | $ | 1,400 | 1,498 | |||||
Sisal Group SpA | 7.00%, 03/16/2047(b) | 4,637 | 5,149 | ||||||||
7.00%, 07/31/2023 | EUR | 4,300 | 4,907 | $ | 10,288 | ||||||
Stars Group Holdings BV / Stars Group US Co- | |||||||||||
Borrower LLC | |||||||||||
7.00%, 07/15/2026(b) | $ | 1,200 | 1,254 |
See accompanying notes.
146
Schedule of Investments | ||||||||||||
Global Diversified Income Fund | ||||||||||||
April 30, 2019 (unaudited) | ||||||||||||
Principal | Principal | |||||||||||
BONDS (continued) | Amount (000’s) Value (000’s) | BONDS (continued) | Amount (000’s) Value (000’s) | |||||||||
Gas - 0.05% | Holding Companies - Diversified- 0.08% | |||||||||||
NGL Energy Partners LP / NGL Energy Finance | CK Hutchison Finance 16 Ltd | |||||||||||
Corp | 1.25%, 04/06/2023 | EUR | 2,700 | $ | 3,130 | |||||||
7.50%, 11/01/2023 | $ | 2,115 | $ | 2,199 | KOC Holding AS | |||||||
Perusahaan Gas Negara Tbk PT | 6.50%, 03/11/2025(b) | $ | 2,995 | 2,886 | ||||||||
5.13%, 05/16/2024 | 1,400 | 1,464 | ProGroup AG | |||||||||
$ | 3,663 | 3.00%, 03/31/2026 | EUR | 450 | 522 | |||||||
Hand & Machine Tools - 0.29% | $ | 6,538 | ||||||||||
Apex Tool Group LLC / BC Mountain Finance | Home Builders - 0.06% | |||||||||||
Inc | Lennar Corp | |||||||||||
9.00%, 02/15/2023(b) | 22,820 | 22,392 | 4.50%, 04/30/2024 | $ | 1,790 | 1,826 | ||||||
Healthcare - Products - 0.25% | Taylor Morrison CommunitiesInc/ Taylor | |||||||||||
Abbott Ireland Financing DAC | Morrison Holdings II Inc | |||||||||||
0.00%, 09/27/2020(a) | EUR | 2,900 | 3,256 | 5.63%, 03/01/2024(b) | 1,755 | 1,772 | ||||||
AvantorInc | Williams Scotsman InternationalInc | |||||||||||
9.00%, 10/01/2025(b) | $ | 10,700 | 11,636 | 7.88%, 12/15/2022(b) | 1,200 | 1,257 | ||||||
Boston Scientific Corp | $ | 4,855 | ||||||||||
4.00%, 03/01/2028 | 800 | 823 | Home Furnishings - 0.04% | |||||||||
Medtronic Inc | Arcelik AS | |||||||||||
3.50%, 03/15/2025 | 3,500 | 3,606 | 5.00%, 04/03/2023 | 2,200 | 2,063 | |||||||
$ | 19,321 | Panasonic Corp | ||||||||||
Healthcare - Services - 3.38% | 0.39%, 03/19/2020 | JPY | 100,000 | 900 | ||||||||
Acadia Healthcare CoInc | $ | 2,963 | ||||||||||
5.63%, 02/15/2023 | 6,400 | 6,464 | Insurance - 4.01% | |||||||||
AnthemInc | Acrisure LLC / AcrisureFinance Inc | |||||||||||
3.65%, 12/01/2027 | 1,700 | 1,685 | 7.00%, 11/15/2025(b) | $ | 20,525 | 18,575 | ||||||
Centene Corp | AIG Life HoldingsInc | |||||||||||
5.38%, 06/01/2026(b) | 785 | 817 | 8.50%, 07/01/2030 | 5,400 | 6,632 | |||||||
6.13%, 02/15/2024 | 1,880 | 1,969 | Alliant Holdings Intermediate LLC / Alliant | |||||||||
DaVita Inc | Holdings Co-Issuer | |||||||||||
5.13%, 07/15/2024 | 14,750 | 14,750 | 8.25%, 08/01/2023(b) | 45,177 | 46,420 | |||||||
Eagle Holding Co II LLC | Allstate Corp/The | |||||||||||
7.63%, PIK 8.38%, 05/15/2022(b),(k),(l) | 8,500 | 8,542 | 5.75%, 08/15/2053(i) | 4,808 | 4,952 | |||||||
Encompass Health Corp | 3 Month USD LIBOR + 2.94% | |||||||||||
5.75%, 11/01/2024 | 15,837 | 16,055 | American International GroupInc | |||||||||
5.75%, 09/15/2025 | 1,350 | 1,386 | 5.75%, 04/01/2048(i) | 12,000 | 12,130 | |||||||
Envision Healthcare Corp | 3 Month USD LIBOR + 2.87% | |||||||||||
8.75%, 10/15/2026(b) | 26,470 | 24,948 | 8.18%, 05/15/2068(i) | 3,850 | 4,668 | |||||||
HCAInc | 3 Month USD LIBOR + 4.20% | |||||||||||
5.38%, 09/01/2026 | 2,550 | 2,690 | ArdonaghMidco3 PLC | |||||||||
5.88%, 05/01/2023 | 5,725 | 6,141 | 8.63%, 07/15/2023(b) | 2,000 | 1,685 | |||||||
MEDNAXInc | Argentum Netherlands BV for Swiss Re Ltd | |||||||||||
6.25%, 01/15/2027(b) | 2,000 | 2,040 | 5.63%, 08/15/2052(i) | 5,500 | 5,706 | |||||||
MPH Acquisition Holdings LLC | 3 Month USD LIBOR + 3.78% | |||||||||||
7.13%, 06/01/2024(b) | 7,550 | 7,589 | Argentum Netherlands BV for Zurich Insurance | |||||||||
One Call Corp | Co Ltd | |||||||||||
7.50%, PIK 11.00%, 07/01/2024(b),(d),(k),(l) | 69,127 | 59,450 | 5.13%, 06/01/2048(i) | 4,000 | 4,060 | |||||||
ParkwayPantai Ltd | US Treasury Yield Curve Rate T Note | |||||||||||
4.25%, 12/31/2049(h),(i) | 750 | 738 | Constant Maturity 5 Year + 3.27% | |||||||||
US Treasury Yield Curve Rate T Note | Assicurazioni Generali SpA | |||||||||||
Constant Maturity 5 Year + 4.43% | 5.13%, 09/16/2024 | EUR | 2,650 | 3,662 | ||||||||
Polaris Intermediate Corp | AssuredPartnersInc | |||||||||||
8.50%, PIK 9.25%, 12/01/2022(b),(k),(l) | 41,232 | 41,026 | 7.00%, 08/15/2025(b) | $ | 43,453 | 41,063 | ||||||
RegionalCareHospital Partners Holdings Inc | AXA SA | |||||||||||
8.25%, 05/01/2023(b) | 17,150 | 18,238 | 6.38%, 12/29/2049(b),(h),(i) | 3,500 | 3,832 | |||||||
Surgery Center HoldingsInc | 3 Month USD LIBOR + 2.26% | |||||||||||
6.75%, 07/01/2025(b) | 21,328 | 19,835 | Berkshire HathawayInc | |||||||||
10.00%, 04/15/2027(b) | 6,130 | 6,298 | 1.13%, 03/16/2027 | EUR | 2,500 | 2,900 | ||||||
Tenet Healthcare Corp | Brighthouse Financial Inc | |||||||||||
4.63%, 07/15/2024 | 2,650 | 2,657 | 3.70%, 06/22/2027 | $ | 3,000 | 2,774 | ||||||
5.13%, 05/01/2025 | 11,400 | 11,500 | CaisseNationalede ReassuranceMutuelle | |||||||||
UnitedHealth GroupInc | Agricole Groupama | |||||||||||
6.88%, 02/15/2038 | 1,250 | 1,713 | 6.38%, 12/31/2049(h),(i) | EUR | 600 | 775 | ||||||
WellCareHealth Plans Inc | 3 Month Euro Interbank Offered Rate + | |||||||||||
5.25%, 04/01/2025 | 2,160 | 2,230 | 5.77% | |||||||||
West Street Merger SubInc | Catlin Insurance Co Ltd | |||||||||||
6.38%, 09/01/2025(b) | 2,000 | 1,935 | 5.57%, 07/29/2049(b),(h) | $ | 6,150 | 6,037 | ||||||
$ | 260,696 | 3 Month USD LIBOR + 2.98% |
See accompanying notes.
147
Schedule of Investments | ||||||||||||
Global Diversified Income Fund | ||||||||||||
April 30, 2019 (unaudited) | ||||||||||||
Principal | Principal | |||||||||||
BONDS (continued) | Amount (000’s) Value (000’s) | BONDS (continued) | Amount (000’s) Value (000’s) | |||||||||
Insurance (continued) | Insurance (continued) | |||||||||||
CCB Life Insurance Co Ltd | SocietaCattolicadiAssicurazioni SC | |||||||||||
4.50%, 04/21/2077(i) | $ | 1,000 | $ | 933 | 4.25%, 12/14/2047(i) | EUR | 800 | $ | 876 | |||
US Treasury Yield Curve Rate T Note | 3 Month Euro Interbank Offered Rate + | |||||||||||
Constant Maturity 5 Year + 2.68% | 4.46% | |||||||||||
China Life Insurance Co Ltd | Swiss Re Finance Luxembourg SA | |||||||||||
4.00%, 07/03/2135(i) | 1,000 | 994 | 5.00%, 04/02/2049(b),(i) | $ | 1,200 | 1,238 | ||||||
US Treasury Yield Curve Rate T Note | US Treasury Yield Curve Rate T Note | |||||||||||
Constant Maturity 5 Year + 2.29% | Constant Maturity 5 Year + 3.58% | |||||||||||
Cloverie PLC for Zurich Insurance Co Ltd | Talanx AG | |||||||||||
5.63%, 06/24/2046(i) | 5,300 | 5,658 | 2.25%, 12/05/2047(i) | EUR | 200 | 220 | ||||||
3 Month USD LIBOR + 4.92% | 3 Month Euro Interbank Offered Rate + | |||||||||||
Fidelity & Guaranty Life HoldingsInc | 2.45% | |||||||||||
5.50%, 05/01/2025(b) | 13,425 | 13,559 | USIInc/NY | |||||||||
Fortune Star BVI Ltd | 6.88%, 05/01/2025(b) | $ | 2,585 | 2,575 | ||||||||
5.25%, 03/23/2022 | 1,500 | 1,478 | VoyaFinancial Inc | |||||||||
Great-West Life & Annuity Insurance Capital LP | 5.65%, 05/15/2053 | 9,605 | 9,629 | |||||||||
6.63%, 11/15/2034(b) | 2,400 | 2,705 | 3 Month USD LIBOR + 7.16% | |||||||||
Hartford Financial Services GroupInc/The | 6.13%, 12/31/2049(h),(i) | 800 | 832 | |||||||||
4.81%, 02/12/2067(b) | 9,000 | 8,048 | US Treasury Yield Curve Rate T Note | |||||||||
3 Month USD LIBOR + 2.13% | Constant Maturity 5 Year + 3.36% | |||||||||||
Heungkuk Life Insurance Co Ltd | $ | 308,797 | ||||||||||
4.48%, 11/09/2047(i) | 1,000 | 940 | Internet - 0.47% | |||||||||
US Treasury Yield Curve Rate T Note | Alibaba Group Holding Ltd | |||||||||||
Constant Maturity 5 Year + 2.47% | 3.40%, 12/06/2027 | 3,700 | 3,623 | |||||||||
HUB International Ltd | Baidu Inc | |||||||||||
7.00%, 05/01/2026(b) | 19,750 | 19,923 | 4.88%, 11/14/2028 | 3,000 | 3,197 | |||||||
Legal & General Group PLC | Booking HoldingsInc | |||||||||||
5.25%, 03/21/2047(i) | 3,000 | 2,997 | 3.60%, 06/01/2026 | 1,200 | 1,226 | |||||||
USD Swap Semi-Annual 5 Year + 3.69% | JD.comInc | |||||||||||
Liberty Mutual GroupInc | 3.13%, 04/29/2021 | 1,400 | 1,394 | |||||||||
4.85%, 08/01/2044(b) | 1,500 | 1,560 | NetflixInc | |||||||||
7.80%, 03/07/2087(b) | 9,861 | 11,784 | 3.63%, 05/15/2027 | EUR | 500 | 587 | ||||||
3 Month USD LIBOR + 3.58% | 4.38%, 11/15/2026 | $ | 1,885 | 1,864 | ||||||||
Liberty Mutual Insurance Co | 5.38%, 11/15/2029(b) | 2,550 | 2,582 | |||||||||
7.70%, 10/15/2097(b) | 946 | 1,246 | 5.50%, 02/15/2022 | 6,260 | 6,581 | |||||||
Lincoln National Corp | Zayo Group LLC / Zayo CapitalInc | |||||||||||
4.63%, 04/20/2067 | 5,584 | 4,495 | 5.75%, 01/15/2027(b) | 1,500 | 1,522 | |||||||
3 Month USD LIBOR + 2.04% | 6.00%, 04/01/2023 | 13,525 | 13,745 | |||||||||
5.04%, 05/17/2066 | 2,100 | 1,806 | $ | 36,321 | ||||||||
3 Month USD LIBOR + 2.36% | Iron & Steel - 1.84% | |||||||||||
MapfreSA | ABJA Investment CoPte Ltd | |||||||||||
1.63%, 05/19/2026 | EUR | 2,000 | 2,334 | 5.45%, 01/24/2028 | 4,300 | 4,016 | ||||||
Meiji Yasuda Life Insurance Co | ArcelorMittal | |||||||||||
5.20%, 10/20/2045(b),(i) | $ | 3,500 | 3,675 | 6.25%, 02/25/2022 | 3,070 | 3,312 | ||||||
USD Swap Semi-Annual 5 Year + 4.23% | Baffinland Iron Mines Corp / BaffinlandIron | |||||||||||
MetLife Inc | Mines LP | |||||||||||
5.25%, 12/31/2049(h),(i) | 8,000 | 8,098 | 8.75%, 07/15/2026(b) | 23,730 | 23,938 | |||||||
3 Month USD LIBOR + 3.58% | CSN Resources SA | |||||||||||
9.25%, 04/08/2068(b) | 11,000 | 15,070 | 6.50%, 07/21/2020 | 18,593 | 18,872 | |||||||
3 Month USD LIBOR + 5.54% | 7.63%, 04/17/2026(b) | 2,750 | 2,751 | |||||||||
10.75%, 08/01/2069 | 900 | 1,408 | Evraz PLC | |||||||||
Mitsui Sumitomo Insurance Co Ltd | 5.25%, 04/02/2024(b) | 4,071 | 4,119 | |||||||||
4.95%, 12/31/2049(b),(h),(i) | 3,000 | 3,067 | GTL Trade FinanceInc | |||||||||
USD Swap Semi-Annual 5 Year + 3.26% | 7.25%, 04/16/2044(b) | 3,105 | 3,524 | |||||||||
Nippon Life Insurance Co | JSW Steel Ltd | |||||||||||
5.10%, 10/16/2044(b),(i) | 5,000 | 5,225 | 5.25%, 04/13/2022 | 650 | 652 | |||||||
USD Swap Rate NY 5 Year + 3.65% | Material Sciences Corp | |||||||||||
Prudential Financial Inc | 10.86%, 01/09/2024(c),(d),(e) | 22,010 | 22,010 | |||||||||
5.88%, 09/15/2042 | 4,250 | 4,513 | Metinvest BV | |||||||||
3 Month USD LIBOR + 8.35% | 7.75%, 04/23/2023 | 7,950 | 7,784 | |||||||||
Prudential PLC | Samarco MineracaoSA | |||||||||||
6.50%, 10/20/2048(i) | 4,200 | 4,599 | 0.00%, 11/01/2022(a),(b) | 2,800 | 1,918 | |||||||
US Treasury Yield Curve Rate T Note | 0.00%, 10/24/2023(a),(b) | 2,405 | 1,720 | |||||||||
Constant Maturity 5 Year + 4.41% | Specialty Steel | |||||||||||
Scottish Widows Ltd | 12.85%, 11/15/2022(c),(d),(e) | 41,564 | 41,564 | |||||||||
5.50%, 06/16/2023 | GBP | 1,000 | 1,441 | thyssenkrupp AG | ||||||||
1.38%, 03/03/2022 | EUR | 700 | 789 |
See accompanying notes.
148
Schedule of Investments
Global Diversified Income Fund
April 30, 2019 (unaudited)
Principal | Principal | ||||||||||
BONDS (continued) | Amount (000’s) Value (000’s) | BONDS (continued) | Amount (000’s) Value (000’s) | ||||||||
Iron & Steel (continued) | Media (continued) | ||||||||||
Vale Overseas Ltd | Sirius XM RadioInc | ||||||||||
6.88%, 11/10/2039 | $ | 2,845 | $ | 3,304 | 4.63%, 05/15/2023(b) | $ | 2,875 | $ | 2,897 | ||
Vale SA | 6.00%, 07/15/2024(b) | 8,050 | 8,312 | ||||||||
5.63%, 09/11/2042 | 1,395 | 1,422 | Sky Ltd | ||||||||
$ | 141,695 | 2.50%, 09/15/2026 | EUR | 2,000 | 2,521 | ||||||
Lodging - 0.39% | SportsNetNew York | ||||||||||
Boyd Gaming Corp | 10.25%, 01/15/2025(c),(d),(e) | $ | 20,090 | 21,095 | |||||||
6.00%, 08/15/2026 | 2,850 | 2,960 | Telenet Finance VI Luxembourg SCA | ||||||||
Gohl Capital Ltd | 4.88%, 07/15/2027 | EUR | 630 | 762 | |||||||
4.25%, 01/24/2027 | 600 | 597 | TownsquareMedia Inc | ||||||||
MGM Resorts International | 6.50%, 04/01/2023(b) | $ | 9,252 | 9,032 | |||||||
5.75%, 06/15/2025 | 2,575 | 2,723 | TWDC Enterprises 18 Corp | ||||||||
Sands China Ltd | 2.95%, 06/15/2027 | 4,000 | 3,996 | ||||||||
5.40%, 08/08/2028 | 7,350 | 7,778 | UPC Holding BV | ||||||||
Station Casinos LLC | 3.88%, 06/15/2029 | EUR | 500 | 576 | |||||||
5.00%, 10/01/2025(b) | 8,675 | 8,523 | Virgin Media Finance PLC | ||||||||
Wynn Las Vegas LLC / Wynn Las Vegas Capital | 5.75%, 01/15/2025(b) | $ | 12,100 | 12,357 | |||||||
Corp | 6.00%, 10/15/2024(b) | 5,275 | 5,460 | ||||||||
5.25%, 05/15/2027(b) | 1,840 | 1,796 | Virgin Media Secured Finance PLC | ||||||||
Wynn Macau Ltd | 5.50%, 01/15/2025(b) | 1,500 | 1,528 | ||||||||
5.50%, 10/01/2027(b) | 6,000 | 5,895 | ZiggoBond Co BV | ||||||||
$ | 30,272 | 4.63%, 01/15/2025 | EUR | 750 | 871 | ||||||
Machinery - Diversified- 0.44% | 5.88%, 01/15/2025(b) | $ | 3,180 | 3,180 | |||||||
JPW Industries Holding Corp | 6.00%, 01/15/2027(b) | 4,400 | 4,312 | ||||||||
9.00%, 10/01/2024(b) | 17,080 | 16,653 | 7.13%, 05/15/2024 | EUR | 400 | 467 | |||||
Mueller Water ProductsInc | Ziggo BV | ||||||||||
5.50%, 06/15/2026(b) | 1,175 | 1,196 | 5.50%, 01/15/2027(b) | $ | 6,625 | 6,608 | |||||
Titan Acquisition Ltd / Titan Co-Borrower LLC | $ | 175,776 | |||||||||
7.75%, 04/15/2026(b) | 17,820 | 16,394 | Metal Fabrication & Hardware - 0.43% | ||||||||
$ | 34,243 | NovelisCorp | |||||||||
Media - 2.28% | 6.25%, 08/15/2024(b) | 3,800 | 3,957 | ||||||||
Altice Financing SA | OptimasOE Solutions Holding LLC /Optimas | ||||||||||
6.63%, 02/15/2023(b) | 10,440 | 10,701 | OE Solutions Inc | ||||||||
AlticeFincoSA | 8.63%, 06/01/2021(b) | 29,884 | 27,941 | ||||||||
4.75%, 01/15/2028 | EUR | 1,600 | 1,557 | Park-Ohio IndustriesInc | |||||||
Altice Luxembourg SA | 6.63%, 04/15/2027 | 885 | 885 | ||||||||
7.63%, 02/15/2025(b) | $ | 3,455 | 3,256 | $ | 32,783 | ||||||
AMC NetworksInc | Mining - 0.69% | ||||||||||
4.75%, 08/01/2025 | 2,745 | 2,730 | Century Aluminum Co | ||||||||
5.00%, 04/01/2024 | 9,675 | 9,796 | 7.50%, 06/01/2021(b) | 7,335 | 7,298 | ||||||
CCO Holdings LLC / CCO Holdings Capital Corp | ConstelliumNV | ||||||||||
5.13%, 05/01/2023(b) | 4,450 | 4,561 | 5.88%, 02/15/2026(b) | 2,890 | 2,933 | ||||||
5.50%, 05/01/2026(b) | 2,905 | 2,998 | First Quantum Minerals Ltd | ||||||||
5.88%, 04/01/2024(b) | 12,975 | 13,555 | 6.88%, 03/01/2026(b) | 5,815 | 5,444 | ||||||
Charter Communications Operating LLC / Charter | GlencoreFinance Europe Ltd | ||||||||||
Communications Operating Capital | 1.88%, 09/13/2023 | EUR | 2,000 | 2,338 | |||||||
4.46%, 07/23/2022 | 2,450 | 2,542 | HudbayMinerals Inc | ||||||||
Clear Channel Worldwide HoldingsInc | 7.63%, 01/15/2025(b) | $ | 955 | 993 | |||||||
9.25%, 02/15/2024(b) | 2,000 | 2,152 | IAMGOLD Corp | ||||||||
CSC Holdings LLC | 7.00%, 04/15/2025(b) | 1,982 | 2,022 | ||||||||
5.25%, 06/01/2024 | 8,690 | 8,842 | IndonesiaAsahan AluminiumPerseroPT | ||||||||
5.38%, 02/01/2028(b) | 4,676 | 4,752 | 6.76%, 11/15/2048(b) | 343 | 393 | ||||||
DISH DBS Corp | Newmont Goldcorp Corp | ||||||||||
5.88%, 11/15/2024 | 1,565 | 1,350 | 4.88%, 03/15/2042 | 1,000 | 1,040 | ||||||
7.75%, 07/01/2026 | 3,010 | 2,694 | Northwest Acquisitions ULC / DominionFinco | ||||||||
Grupo Televisa SAB | Inc | ||||||||||
5.00%, 05/13/2045 | 600 | 591 | 7.13%, 11/01/2022(b) | 10,190 | 8,560 | ||||||
Meredith Corp | Real Alloy HoldingInc | ||||||||||
6.88%, 02/01/2026 | 2,430 | 2,527 | 0.00%, 01/15/2019(a),(b),(c),(d) | 9,569 | — | ||||||
Midcontinent Communications / Midcontinent | 12.60%, 11/30/2023(c),(d),(e),(k) | 18,506 | 18,506 | ||||||||
Finance Corp | Southern Copper Corp | ||||||||||
6.88%, 08/15/2023(b) | 1,700 | 1,772 | 5.88%, 04/23/2045 | 300 | 337 | ||||||
Quebecor MediaInc | Vale Canada Ltd | ||||||||||
5.75%, 01/15/2023 | 13,800 | 14,386 | 7.20%, 09/15/2032 | 1,265 | 1,389 | ||||||
Shaw CommunicationsInc | Vedanta Resources Finance II PLC | ||||||||||
6.75%, 11/09/2039 | CAD | 1,100 | 1,040 | 9.25%, 04/23/2026(b) | 1,855 | 1,864 | |||||
$ | 53,117 |
See accompanying notes.
149
Schedule of Investments | ||||||||||||
Global Diversified Income Fund | ||||||||||||
April 30, 2019 (unaudited) | ||||||||||||
Principal | Principal | |||||||||||
BONDS (continued) | Amount (000’s) Value (000’s) | BONDS (continued) | Amount (000’s) Value (000’s) | |||||||||
Oil & Gas - 4.07% | Oil & Gas (continued) | |||||||||||
Anadarko Petroleum Corp | Petrobras Global Finance BV | |||||||||||
6.60%, 03/15/2046 | $ | 800 | $ | 1,079 | 6.00%, 01/27/2028 | $ | 1,100 | $ | 1,126 | |||
Antero Resources Corp | 6.90%, 03/19/2049 | 7,115 | 7,106 | |||||||||
5.13%, 12/01/2022 | 4,200 | 4,216 | Petroleosde Venezuela SA | |||||||||
Brazos Valley Longhorn LLC / Brazos Valley | 0.00%, 11/17/2021(a) | 17,250 | 4,475 | |||||||||
Longhorn Finance Corp | 0.00%, 05/16/2024(a) | 38,002 | 8,171 | |||||||||
6.88%, 02/01/2025 | 2,450 | 2,462 | 0.00%, 11/15/2026(a) | 12,045 | 2,616 | |||||||
Callon Petroleum Co | 0.00%, 04/12/2027(a) | 425 | 89 | |||||||||
6.13%, 10/01/2024 | 5,716 | 5,871 | 0.00%, 05/17/2035(a) | 536 | 149 | |||||||
Chevron Corp | 0.00%, 04/12/2037(a) | 12,840 | 2,696 | |||||||||
2.90%, 03/03/2024 | 3,250 | 3,272 | 8.50%, 10/27/2020 | 1,028 | 909 | |||||||
Continental ResourcesInc/OK | Petroleos Mexicanos | |||||||||||
5.00%, 09/15/2022 | 3,250 | 3,277 | 4.50%, 01/23/2026 | 8,950 | 8,374 | |||||||
CrownRock LP / CrownRockFinance Inc | 5.35%, 02/12/2028 | 605 | 568 | |||||||||
5.63%, 10/15/2025(b) | 475 | 469 | 6.25%, 03/11/2022 | 2,735 | 2,859 | |||||||
EcopetrolSA | 3 Month USD LIBOR + 3.65% | |||||||||||
5.88%, 05/28/2045 | 400 | 413 | 6.38%, 01/23/2045 | 2,108 | 1,880 | |||||||
Energy Ventures Gom LLC /EnVenFinance Corp | 6.75%, 09/21/2047 | 16,350 | 15,075 | |||||||||
11.00%, 02/15/2023(b) | 6,270 | 6,897 | 7.19%, 09/12/2024 | MXN | 209,990 | 9,319 | ||||||
Extraction Oil & GasInc | 7.47%, 11/12/2026 | 287,000 | 12,220 | |||||||||
5.63%, 02/01/2026(b) | 6,800 | 5,576 | 9.50%, 09/15/2027 | $ | 1,204 | 1,417 | ||||||
7.38%, 05/15/2024(b) | 6,370 | 5,734 | Petron Corp | |||||||||
Gazprom OAO Via Gaz Capital SA | 4.60%, 12/31/2049(h),(i) | 750 | 733 | |||||||||
8.63%, 04/28/2034 | 300 | 395 | US Treasury Yield Curve Rate T Note | |||||||||
GeoparkLtd | Constant Maturity 5 Year + 4.77% | |||||||||||
6.50%, 09/21/2024(b) | 5,493 | 5,555 | PetronasCapital Ltd | |||||||||
Gran Tierra Energy International Holdings Ltd | 4.50%, 03/18/2045 | 350 | 379 | |||||||||
6.25%, 02/15/2025(b) | 2,810 | 2,698 | Puma International Financing SA | |||||||||
Gulfport Energy Corp | 5.00%, 01/24/2026(b) | 3,400 | 2,940 | |||||||||
6.00%, 10/15/2024 | 9,716 | 8,520 | RepsolInternational Finance BV | |||||||||
6.38%, 05/15/2025 | 6,650 | 5,852 | 4.50%, 03/25/2075(i) | EUR | 300 | 377 | ||||||
HollyFrontier Corp | EUR Swap Annual (VS 6 Month) 10 Year | |||||||||||
5.88%, 04/01/2026 | 1,500 | 1,606 | + 4.20% | |||||||||
Jagged Peak Energy LLC | SandRidge EnergyInc | |||||||||||
5.88%, 05/01/2026 | 9,805 | 9,854 | 0.00%, 03/15/2021(a),(c),(d) | $ | 3,450 | — | ||||||
KazMunayGas National Co JSC | Saudi Arabian Oil Co | |||||||||||
4.75%, 04/24/2025(b) | 3,933 | 4,080 | 2.88%, 04/16/2024(b) | 2,300 | 2,265 | |||||||
4.75%, 04/19/2027(b) | 2,844 | 2,943 | 3.50%, 04/16/2029(b) | 4,103 | 4,033 | |||||||
6.38%, 10/24/2048(b) | 2,000 | 2,214 | 4.25%, 04/16/2039(b) | 4,117 | 4,026 | |||||||
Kosmos Energy Ltd | 4.38%, 04/16/2049(b) | 4,620 | 4,488 | |||||||||
7.13%, 04/04/2026(b) | 5,804 | 5,817 | SEPLAT Petroleum Development CoPlc | |||||||||
Matador Resources Co | 9.25%, 04/01/2023(b) | 3,410 | 3,546 | |||||||||
5.88%, 09/15/2026 | 8,242 | 8,304 | SM Energy Co | |||||||||
Medco Platinum RoadPte Ltd | 6.63%, 01/15/2027 | 1,750 | 1,649 | |||||||||
6.75%, 01/30/2025(b) | 2,060 | 2,010 | Southwestern Energy Co | |||||||||
MEG Energy Corp | 7.75%, 10/01/2027 | 2,130 | 2,157 | |||||||||
6.38%, 01/30/2023(b) | 12,435 | 11,751 | SRC EnergyInc | |||||||||
7.00%, 03/31/2024(b) | 16,797 | 15,931 | 6.25%, 12/01/2025 | 11,175 | 10,618 | |||||||
Moss Creek Resources HoldingsInc | Sunoco LP / Sunoco Finance Corp | |||||||||||
7.50%, 01/15/2026(b) | 2,000 | 1,830 | 4.88%, 01/15/2023 | 5,020 | 5,101 | |||||||
Nexen Inc | 5.50%, 02/15/2026 | 6,345 | 6,456 | |||||||||
5.88%, 03/10/2035 | 500 | 595 | 6.00%, 04/15/2027(b) | 3,700 | 3,839 | |||||||
Nostrum Oil & Gas Finance BV | Tecpetrol SA | |||||||||||
7.00%, 02/16/2025(b) | 4,421 | 2,969 | 4.88%, 12/12/2022 | 8,000 | 7,183 | |||||||
Oasis Petroleum Inc | TOTAL SA | |||||||||||
6.25%, 05/01/2026(b) | 670 | 647 | 2.63%, 12/31/2049(h),(i) | EUR | 2,000 | 2,349 | ||||||
6.88%, 01/15/2023 | 2,430 | 2,430 | EUR Swap Annual (VS 6 Month) 5 Year | |||||||||
OdebrechtDrillingNorbe VIII/IX Ltd | + 2.15% | |||||||||||
6.35%, 12/01/2021 | 2,866 | 2,831 | Tupras TurkiyePetrolRafinerileri AS | |||||||||
Oil and Gas Holding Co BSCC/The | 4.50%, 10/18/2024 | $ | 600 | 528 | ||||||||
7.63%, 11/07/2024(b) | 1,670 | 1,816 | Ultrapar International SA | |||||||||
PDC EnergyInc | 5.25%, 10/06/2026 | 200 | 204 | |||||||||
5.75%, 05/15/2026 | 4,725 | 4,731 | Unit Corp | |||||||||
Pertamina PerseroPT | 6.63%, 05/15/2021 | 4,000 | 3,920 | |||||||||
6.00%, 05/03/2042 | 4,273 | 4,651 | Valero Energy Corp | |||||||||
6.00%, 05/03/2042(b) | 3,000 | 3,266 | 6.63%, 06/15/2037 | 900 | 1,103 | |||||||
PetroamazonasEP | W&T OffshoreInc | |||||||||||
4.63%, 11/06/2020(b) | 4,630 | 4,565 | 9.75%, 11/01/2023(b) | 3,750 | 3,816 |
See accompanying notes.
150
Schedule of Investments | ||||||||||||
Global Diversified Income Fund | ||||||||||||
April 30, 2019 (unaudited) | ||||||||||||
Principal | Principal | |||||||||||
BONDS (continued) | Amount (000’s) Value (000’s) | BONDS (continued) | Amount (000’s) Value (000’s) | |||||||||
Oil & Gas (continued) | Pharmaceuticals (continued) | |||||||||||
YPF SA | TevaPharmaceutical Finance Netherlands III BV | |||||||||||
8.50%, 03/23/2021 | $ | 300 | $ | 293 | 3.15%, 10/01/2026 | $ | 8,174 | $ | 6,858 | |||
8.50%, 07/28/2025 | 750 | 686 | 4.10%, 10/01/2046 | 1,200 | 852 | |||||||
8.75%, 04/04/2024(b) | 5,070 | 4,880 | VizientInc | |||||||||
$ | 313,745 | 6.25%, 05/15/2027(b),(j) | 800 | 826 | ||||||||
Oil & Gas Services - 0.08% | $ | 54,900 | ||||||||||
CalfracHoldings LP | Pipelines - 0.76% | |||||||||||
8.50%, 06/15/2026(b) | 1,500 | 1,245 | Abu Dhabi Crude Oil Pipeline LLC | |||||||||
Forum Energy TechnologiesInc | 4.60%, 11/02/2047(b) | 4,073 | 4,297 | |||||||||
6.25%, 10/01/2021 | 3,610 | 3,394 | AI Candelaria Spain SLU | |||||||||
USA Compression Partners LP / USA | 7.50%, 12/15/2028(b) | 2,590 | 2,765 | |||||||||
Compression Finance Corp | Antero Midstream Partners LP / Antero | |||||||||||
6.88%, 04/01/2026 | 1,180 | 1,241 | Midstream Finance Corp | |||||||||
$ | 5,880 | 5.38%, 09/15/2024 | 4,765 | 4,858 | ||||||||
Packaging & Containers - 0.89% | 5.75%, 03/01/2027(b) | 1,200 | 1,224 | |||||||||
Ardagh Packaging Finance PLC / Ardagh | EnbridgeInc | |||||||||||
Holdings USAInc | 6.25%, 03/01/2078(i) | 6,800 | 6,888 | |||||||||
6.00%, 02/15/2025(b) | 1,915 | 1,930 | 3 Month USD LIBOR + 3.64% | |||||||||
6.75%, 05/15/2024 | EUR | 2,000 | 2,366 | Energy Transfer Operating LP | ||||||||
Ball Corp | 4.95%, 06/15/2028 | 1,500 | 1,576 | |||||||||
4.38%, 12/15/2023 | 800 | 1,027 | Enterprise Products Operating LLC | |||||||||
Crown Americas LLC / Crown Americas Capital | 5.25%, 08/16/2077(i) | 14,515 | 13,875 | |||||||||
Corp VI | 3 Month USD LIBOR + 3.03% | |||||||||||
4.75%, 02/01/2026 | $ | 325 | 330 | Hess Infrastructure Partners LP / Hess | ||||||||
Crown Cork & Seal CoInc | Infrastructure Partners Finance Corp | |||||||||||
7.38%, 12/15/2026 | 3,685 | 4,127 | 5.63%, 02/15/2026(b) | 4,835 | 4,944 | |||||||
Crown European Holdings SA | Holly Energy Partners LP / Holly Energy Finance | |||||||||||
3.38%, 05/15/2025 | EUR | 300 | 364 | Corp | ||||||||
Klabin Austria GmbH | 6.00%, 08/01/2024(b) | 8,950 | 9,333 | |||||||||
7.00%, 04/03/2049(b) | $ | 4,000 | 4,010 | Summit Midstream Holdings LLC / Summit | ||||||||
OI European Group BV | Midstream Finance Corp | |||||||||||
3.13%, 11/15/2024 | EUR | 600 | 715 | 5.75%, 04/15/2025 | 1,110 | 1,024 | ||||||
Plastipak HoldingsInc | Sunoco Logistics Partners Operations LP | |||||||||||
6.25%, 10/15/2025(b) | $ | 10,490 | 9,808 | 5.40%, 10/01/2047 | 750 | 753 | ||||||
Reynolds Group IssuerInc/ Reynolds | Transcanada Trust | |||||||||||
Group Issuer LLC / Reynolds Group Issuer | 5.87%, 08/15/2076(i) | 4,230 | 4,330 | |||||||||
(Luxembourg) S.A. | 3 Month USD LIBOR + 4.64% | |||||||||||
5.13%, 07/15/2023(b) | 11,300 | 11,464 | Transportadora de Gas del Sur SA | |||||||||
Silgan Holdings Inc | 6.75%, 05/02/2025 | 800 | 724 | |||||||||
3.25%, 03/15/2025 | EUR | 600 | 692 | Williams CosInc/The | ||||||||
Trident Merger SubInc | 3.60%, 03/15/2022 | 1,000 | 1,015 | |||||||||
6.63%, 11/01/2025(b) | $ | 17,071 | 15,919 | 6.30%, 04/15/2040 | 700 | 813 | ||||||
W/S Packaging HoldingsInc | $ | 58,419 | ||||||||||
9.00%, 04/15/2023(b) | 14,920 | 16,151 | Private Equity - 0.03% | |||||||||
$ | 68,903 | Icahn Enterprises LP / Icahn Enterprises Finance | ||||||||||
Pharmaceuticals - 0.71% | Corp | |||||||||||
Allergan Funding SCS | 5.88%, 02/01/2022 | 2,365 | 2,389 | |||||||||
3.85%, 06/15/2024 | 3,300 | 3,352 | Real Estate - 0.13% | |||||||||
AstraZeneca PLC | ChouzhouInternational Investment Ltd | |||||||||||
4.00%, 01/17/2029 | 1,150 | 1,200 | 4.00%, 12/05/2020 | 1,000 | 993 | |||||||
Bausch Health AmericasInc | Country Garden Holdings Co Ltd | |||||||||||
8.50%, 01/31/2027(b) | 3,705 | 4,036 | 5.13%, 01/17/2025 | 4,300 | 4,115 | |||||||
Bausch Health CosInc | 8.00%, 01/27/2024 | 1,500 | 1,619 | |||||||||
5.88%, 05/15/2023(b) | 2,883 | 2,905 | Realogy Group LLC / Realogy Co-Issuer Corp | |||||||||
Bayer Capital Corp BV | 9.38%, 04/01/2027(b) | 1,250 | 1,298 | |||||||||
2.13%, 12/15/2029 | EUR | 2,000 | 2,327 | Sino-Ocean Land Treasure IV Ltd | ||||||||
Grifols SA | 4.88%, 07/31/2021 | 700 | 708 | |||||||||
3.20%, 05/01/2025 | 450 | 514 | 3 Month USD LIBOR + 2.30% | |||||||||
Johnson & Johnson | Wanda Properties International Co Ltd | |||||||||||
3.55%, 03/01/2036 | $ | 3,250 | 3,254 | 7.25%, 01/29/2024 | 1,500 | 1,524 | ||||||
MylanNV | $ | 10,257 | ||||||||||
3.95%, 06/15/2026 | 2,500 | 2,408 | Regional Authority - 0.10% | |||||||||
NVA HoldingsInc/United States | Provinciade Buenos Aires/Argentina | |||||||||||
6.88%, 04/01/2026(b) | 22,945 | 23,117 | 6.50%, 02/15/2023(b) | 6,905 | 5,058 | |||||||
Takeda Pharmaceutical Co Ltd | Provinciadel Chaco Argentina | |||||||||||
0.38%, 11/21/2020 | EUR | 2,900 | 3,251 | 9.38%, 08/18/2024 | 3,321 | 2,262 | ||||||
$ | 7,320 |
See accompanying notes.
151
Schedule of Investments | ||||||||||||
Global Diversified Income Fund | ||||||||||||
April 30, 2019 (unaudited) | ||||||||||||
Principal | Principal | |||||||||||
BONDS (continued) | Amount (000’s) Value (000’s) | BONDS (continued) | Amount (000’s) Value (000’s) | |||||||||
REITs - 1.04% | Software (continued) | |||||||||||
CoreCivicInc | InformaticaLLC | |||||||||||
4.63%, 05/01/2023 | $ | 10,000 | $ | 9,715 | 7.13%, 07/15/2023(b) | $ | 6,692 | $ | 6,842 | |||
EquinixInc | InterXionHolding NV | |||||||||||
2.88%, 02/01/2026 | EUR | 2,000 | 2,308 | 4.75%, 06/15/2025 | EUR | 300 | 359 | |||||
5.38%, 04/01/2023 | $ | 2,400 | 2,450 | IQVIAInc | ||||||||
5.88%, 01/15/2026 | 1,895 | 2,002 | 3.25%, 03/15/2025 | 700 | 799 | |||||||
ESH HospitalityInc | Oracle Corp | |||||||||||
5.25%, 05/01/2025(b) | 12,535 | 12,582 | 4.13%, 05/15/2045 | $ | 1,400 | 1,415 | ||||||
GLP Capital LP / GLP Financing IIInc | PTCInc | |||||||||||
4.88%, 11/01/2020 | 3,250 | 3,312 | 6.00%, 05/15/2024 | 2,500 | 2,619 | |||||||
Iron Mountain Inc | Sophia LP / Sophia FinanceInc | |||||||||||
5.25%, 03/15/2028(b) | 2,165 | 2,133 | 9.00%, 09/30/2023(b) | 14,375 | 14,914 | |||||||
Iron Mountain UK PLC | SS&C TechnologiesInc | |||||||||||
3.88%, 11/15/2025 | GBP | 600 | 758 | 5.50%, 09/30/2027(b) | 12,825 | 13,154 | ||||||
MGM Growth Properties Operating Partnership | $ | 86,960 | ||||||||||
LP / MGP Finance Co-IssuerInc | Sovereign - 11.12% | |||||||||||
5.75%, 02/01/2027(b) | $ | 3,700 | 3,894 | 1MDB Global Investments Ltd | ||||||||
Uniti Group LP / Uniti Fiber HoldingsInc/ CSL | 4.40%, 03/09/2023 | 24,300 | 22,777 | |||||||||
Capital LLC | Abu Dhabi Government International Bond | |||||||||||
7.13%, 12/15/2024(b) | 23,310 | 21,096 | 3.13%, 10/11/2027 | 1,000 | 994 | |||||||
Uniti Group LP / Uniti Group FinanceInc/ CSL | Angolan Government International Bond | |||||||||||
Capital LLC | 8.25%, 05/09/2028 | 500 | 523 | |||||||||
8.25%, 10/15/2023 | 17,540 | 16,334 | 9.38%, 05/08/2048 | 600 | 644 | |||||||
WelltowerInc | Argentina Bonar Bonds | |||||||||||
4.00%, 06/01/2025 | 3,100 | 3,202 | 8.75%, 05/07/2024 | 2,510 | 2,087 | |||||||
$ | 79,786 | Argentina Treasury Bill | ||||||||||
Retail - 0.59% | 0.00%, 05/31/2019(a) | ARS | 83,032 | 2,312 | ||||||||
1011778 BC ULC / New Red FinanceInc | 0.00%, 07/31/2019(a) | 14,674 | 329 | |||||||||
4.25%, 05/15/2024(b) | 1,050 | 1,034 | 0.00%, 10/31/2019(a) | 56,000 | 1,452 | |||||||
5.00%, 10/15/2025(b) | 10,968 | 10,886 | 0.00%, 04/30/2020(a) | 58,000 | 1,316 | |||||||
CK Hutchison International 19 Ltd | 0.00%, 07/31/2020(a) | 85,869 | 1,668 | |||||||||
3.63%, 04/11/2029(b) | 1,360 | 1,364 | Argentine Republic Government International | |||||||||
Dollar TreeInc | Bond | |||||||||||
4.20%, 05/15/2028 | 1,900 | 1,913 | 0.00%, 12/15/2035(a),(k) | $ | 23,615 | 673 | ||||||
El Puerto de Liverpool SAB de CV | 3.75%, 12/31/2038(k) | 13,305 | 6,939 | |||||||||
3.88%, 10/06/2026 | 500 | 488 | 5.63%, 01/26/2022 | 3,590 | 2,795 | |||||||
GOME Retail Holdings Ltd | 6.88%, 04/22/2021 | 14,291 | 11,990 | |||||||||
5.00%, 03/10/2020 | 1,500 | 1,481 | 6.88%, 01/26/2027 | 11,640 | 8,346 | |||||||
L Brands Inc | 7.13%, 07/06/2036 | 4,005 | 2,748 | |||||||||
6.75%, 07/01/2036 | 1,095 | 953 | 7.82%, 12/31/2033 | EUR | 28,290 | 23,420 | ||||||
Reliance Intermediate Holdings LP | Bahrain Government International Bond | |||||||||||
6.50%, 04/01/2023(b) | 3,375 | 3,485 | 6.75%, 09/20/2029(b) | $ | 1,393 | 1,477 | ||||||
SRS DistributionInc | 7.00%, 10/12/2028(b) | 6,017 | 6,498 | |||||||||
8.25%, 07/01/2026(b) | 23,740 | 23,206 | 7.50%, 09/20/2047(b) | 4,018 | 4,281 | |||||||
WalmartInc | Benin Government International Bond | |||||||||||
5.63%, 03/27/2034 | GBP | 500 | 929 | 5.75%, 03/26/2026(b) | EUR | 2,211 | 2,456 | |||||
$ | 45,739 | Bonos de la NacionArgentina con Ajustepor | ||||||||||
Semiconductors - 0.03% | CER | |||||||||||
Intel Corp | 4.00%, 03/06/2020 | ARS | 84,625 | 2,619 | ||||||||
4.10%, 05/19/2046 | $ | 2,000 | 2,076 | Bonos De La NacionArgentina EnMoneda Dua | ||||||||
QUALCOMMInc | 4.50%, 02/13/2020 | $ | 3,899 | 3,639 | ||||||||
4.80%, 05/20/2045 | 500 | 536 | Bonos de laTesoreriade laRepublicaen pesos | |||||||||
$ | 2,612 | 4.50%, 02/28/2021 | CLP 3,210,000 | 4,839 | ||||||||
Software - 1.13% | 4.50%, 03/01/2021 | 5,830,000 | 8,788 | |||||||||
ACI WorldwideInc | 4.50%, 03/01/2026 | 12,830,000 | 19,577 | |||||||||
5.75%, 08/15/2026(b) | 2,425 | 2,507 | BrazilLetras doTesouroNacional | |||||||||
Ascend Learning LLC | 0.00%, 07/01/2020(a) | BRL | 7,000 | 1,655 | ||||||||
6.88%, 08/01/2025(b) | 12,473 | 12,629 | BrazilNotas doTesouroNacional Serie F | |||||||||
6.88%, 08/01/2025(b) | 1,375 | 1,397 | 10.00%, 01/01/2025 | 44,870 | 12,109 | |||||||
Camelot Finance SA | 10.00%, 01/01/2029 | 22,025 | 5,966 | |||||||||
7.88%, 10/15/2024(b) | 1,500 | 1,579 | 10.00%, 01/01/2021 | 41,773 | 11,092 | |||||||
Change Healthcare Holdings LLC / Change | 10.00%, 01/01/2023 | 31,000 | 8,333 | |||||||||
Healthcare Finance Inc | Brazilian Government International Bond | |||||||||||
5.75%, 03/01/2025(b) | 15,144 | 15,011 | 4.25%, 01/07/2025 | $ | 700 | 709 | ||||||
Genesys Telecommunications Laboratories | 4.50%, 05/30/2029 | 1,295 | 1,261 | |||||||||
Inc/GreenedenLux 3 Sarl | 4.63%, 01/13/2028 | 1,019 | 1,023 | |||||||||
10.00%, 11/30/2024(b) | 12,545 | 13,735 | 5.00%, 01/27/2045 | 2,225 | 2,029 | |||||||
5.63%, 01/07/2041 | 902 | 900 |
See accompanying notes.
152
Schedule of Investments | |||||||||||||
Global Diversified Income Fund | |||||||||||||
April 30, 2019 (unaudited) | |||||||||||||
Principal | Principal | ||||||||||||
BONDS (continued) | Amount (000’s) Value (000’s) | BONDS (continued) | Amount (000’s) Value (000’s) | ||||||||||
Sovereign (continued) | Sovereign (continued) | ||||||||||||
Brazilian Government International Bond | Indonesia Treasury Bond (continued) | ||||||||||||
(continued) | 8.38%, 03/15/2024 | IDR | 105,352,000 $ | 7,708 | |||||||||
6.00%, 04/07/2026 | $ | 2,297 | $ | 2,534 | 8.38%, 09/15/2026 | 144,000,000 | 10,565 | ||||||
7.13%, 01/20/2037 | 650 | 762 | 8.38%, 03/15/2034 | 111,969,000 | 7,936 | ||||||||
Colombia Government International Bond | 8.75%, 05/15/2031 | 68,915,000 | 5,080 | ||||||||||
4.50%, 01/28/2026 | 1,400 | 1,471 | 9.00%, 03/15/2029 | 143,400,000 | 10,813 | ||||||||
4.50%, 03/15/2029 | 2,025 | 2,134 | InstitutoCostarricensede Electricidad | ||||||||||
5.20%, 05/15/2049 | 6,359 | 6,804 | 6.95%, 11/10/2021 | $ | 1,400 | 1,397 | |||||||
Colombian TES | Israel Government International Bond | ||||||||||||
6.25%, 11/26/2025 | COP | 12,752,900 | 3,947 | 4.50%, 01/30/2043 | 750 | 806 | |||||||
7.00%, 05/04/2022 | 17,564,600 | 5,679 | Ivory Coast Government International Bond | ||||||||||
7.50%, 08/26/2026 | 9,675,000 | 3,188 | 5.25%, 03/22/2030 | EUR | 1,786 | 1,904 | |||||||
Croatia Government International Bond | 5.75%, 12/31/2032(b),(k) | $ | 2,213 | 2,084 | |||||||||
5.50%, 04/04/2023 | $ | 1,350 | 1,461 | 6.13%, 06/15/2033(b) | 8,226 | 7,489 | |||||||
Dominican Republic International Bond | 6.13%, 06/15/2033 | 4,400 | 4,006 | ||||||||||
6.00%, 07/19/2028(b) | 1,798 | 1,895 | Kenya Government International Bond | ||||||||||
6.50%, 02/15/2048 | 750 | 779 | 8.25%, 02/28/2048(b) | 7,259 | 7,160 | ||||||||
6.85%, 01/27/2045 | 150 | 161 | Kuwait International Government Bond | ||||||||||
Ecuador Government International Bond | 3.50%, 03/20/2027 | 750 | 765 | ||||||||||
7.95%, 06/20/2024(b) | 3,560 | 3,609 | Lebanon Government International Bond | ||||||||||
8.88%, 10/23/2027(b) | 790 | 804 | 5.45%, 11/28/2019 | 607 | 598 | ||||||||
8.88%, 10/23/2027 | 3,000 | 3,053 | 6.15%, 06/19/2020 | 509 | 490 | ||||||||
10.75%, 01/31/2029(b) | 3,665 | 4,086 | 6.25%, 11/04/2024 | 3,002 | 2,498 | ||||||||
Egypt Government International Bond | 6.38%, 03/09/2020 | 3,048 | 2,981 | ||||||||||
4.75%, 04/16/2026(b) | EUR | 1,896 | 2,083 | 8.25%, 04/12/2021 | 3,915 | 3,797 | |||||||
5.63%, 04/16/2030(b) | 8,641 | 9,171 | Mexican Bonos | ||||||||||
5.63%, 04/16/2030 | 800 | 849 | 6.50%, 06/09/2022 | MXN | 211,320 | 10,696 | |||||||
6.20%, 03/01/2024(b) | $ | 4,795 | 4,826 | 7.25%, 12/09/2021 | 103,310 | 5,355 | |||||||
6.38%, 04/11/2031(b) | EUR | 4,725 | 5,217 | 7.50%, 06/03/2027 | 379,190 | 19,287 | |||||||
7.60%, 03/01/2029(b) | $ | 6,283 | 6,331 | 8.00%, 11/07/2047 | 55,030 | 2,743 | |||||||
7.90%, 02/21/2048(b) | 890 | 859 | 8.50%, 05/31/2029 | 30,900 | 1,669 | ||||||||
8.50%, 01/31/2047(b) | 664 | 675 | 10.00%, 11/20/2036 | 39,980 | 2,415 | ||||||||
8.50%, 01/31/2047 | 1,000 | 1,016 | Mexico Government International Bond | ||||||||||
8.50%, 01/31/2047 | 400 | 407 | 1.63%, 04/08/2026 | EUR | 3,500 | 3,929 | |||||||
8.70%, 03/01/2049(b) | 6,835 | 7,043 | 3.60%, 01/30/2025 | $ | 2,330 | 2,328 | |||||||
El Salvador Government International Bond | 4.00%, 10/02/2023 | 3,395 | 3,488 | ||||||||||
6.38%, 01/18/2027(b) | 3,250 | 3,181 | 4.75%, 03/08/2044 | 750 | 738 | ||||||||
7.38%, 12/01/2019 | 1,565 | 1,583 | Morocco Government International Bond | ||||||||||
7.65%, 06/15/2035 | 610 | 631 | 4.25%, 12/11/2022 | 1,400 | 1,432 | ||||||||
Export Credit Bank of Turkey | Nigeria Government International Bond | ||||||||||||
6.13%, 05/03/2024(b) | 3,640 | 3,301 | 6.50%, 11/28/2027 | 4,878 | 4,796 | ||||||||
Export-Import Bank of India | 6.50%, 11/28/2027(b) | 4,675 | 4,597 | ||||||||||
3.88%, 02/01/2028 | 1,000 | 987 | 7.70%, 02/23/2038 | 8,116 | 8,003 | ||||||||
Export-Import Bank of Korea | 8.75%, 01/21/2031(b) | 2,435 | 2,676 | ||||||||||
8.00%, 05/15/2024(b) | IDR | 47,800,000 | 3,241 | Oman Government International Bond | |||||||||
8.40%, 11/30/2021(b) | 39,000,000 | 2,734 | 4.13%, 01/17/2023(b) | 4,053 | 3,917 | ||||||||
Gabon Government International Bond | 5.38%, 03/08/2027(b) | 906 | 852 | ||||||||||
6.38%, 12/12/2024(b) | $ | 3,945 | 3,797 | 6.75%, 01/17/2048(b) | 2,700 | 2,447 | |||||||
Ghana Government International Bond | 6.75%, 01/17/2048 | 475 | 430 | ||||||||||
7.88%, 03/26/2027(b) | 5,150 | 5,227 | Oman SovereignSukuk SAOC | ||||||||||
8.95%, 03/26/2051(b) | 9,039 | 8,939 | 4.40%, 06/01/2024 | 1,100 | 1,051 | ||||||||
10.75%, 10/14/2030(b) | 3,572 | 4,397 | Pakistan Government International Bond | ||||||||||
Honduras Government International Bond | 8.25%, 04/15/2024 | 752 | 813 | ||||||||||
6.25%, 01/19/2027 | 750 | 788 | Papua New Guinea Government International | ||||||||||
Hungary Government Bond | Bond | ||||||||||||
2.50%, 10/24/2024 | HUF | 1,609,970 | 5,641 | 8.38%, 10/04/2028(b) | 5,534 | 5,935 | |||||||
Hungary Government International Bond | Peru Government Bond | ||||||||||||
6.38%, 03/29/2021 | $ | 200 | 213 | 5.94%, 02/12/2029(b) | PEN | 13,420 | 4,286 | ||||||
Indonesia Government International Bond | PerusahaanPenerbitSBSN Indonesia III | ||||||||||||
4.35%, 01/08/2027(b) | 10,432 | 10,830 | 4.40%, 03/01/2028(b) | $ | 5,400 | 5,559 | |||||||
4.75%, 02/11/2029 | 2,827 | 3,028 | 4.55%, 03/29/2026 | 1,150 | 1,199 | ||||||||
5.25%, 01/08/2047(b) | 407 | 444 | Peruvian Government International Bond | ||||||||||
6.63%, 02/17/2037 | 700 | 870 | 5.63%, 11/18/2050 | 700 | 894 | ||||||||
Indonesia Treasury Bond | 6.90%, 08/12/2037(b) | PEN | 10,150 | 3,424 | |||||||||
6.63%, 05/15/2033 | IDR | 78,140,000 | 4,731 | 8.20%, 08/12/2026(b) | 32,714 | 11,909 | |||||||
7.50%, 08/15/2032 | 98,936,000 | 6,516 | Philippine Government International Bond | ||||||||||
8.25%, 06/15/2032 | 60,140,000 | 4,254 | 9.50%, 02/02/2030 | $ | 900 | 1,383 | |||||||
8.25%, 05/15/2036 | 231,100,000 | 16,179 |
See accompanying notes.
153
Schedule of Investments
Global Diversified Income Fund
April 30, 2019 (unaudited)
Principal | Principal | |||||||||||
BONDS (continued) | Amount (000’s) Value (000’s) | BONDS (continued) | Amount (000’s) Value (000’s) | |||||||||
Sovereign (continued) | Sovereign (continued) | |||||||||||
Qatar Government International Bond | Ukraine Government International Bond | |||||||||||
2.38%, 06/02/2021(b) | $ | 1,750 | $ | 1,729 | 0.00%, 05/31/2040(a),(k) | $ | 18,750 | $ | 11,950 | |||
4.50%, 04/23/2028(b) | 1,550 | 1,674 | 7.75%, 09/01/2019(b) | 4,030 | 4,044 | |||||||
5.10%, 04/23/2048(b) | 1,632 | 1,822 | 7.75%, 09/01/2020 | 9,260 | 9,267 | |||||||
5.10%, 04/23/2048 | 1,170 | 1,306 | 7.75%, 09/01/2022(b) | 6,405 | 6,286 | |||||||
5.75%, 01/20/2042(b) | 753 | 916 | Uruguay Government International Bond | |||||||||
Republic of Angola Via AvenirII BV | 5.10%, 06/18/2050 | 750 | 788 | |||||||||
10.37%, 07/01/2023 | 23,165 | 25,443 | 9.88%, 06/20/2022 | UYU | 486,300 | 13,895 | ||||||
6 Month USD LIBOR + 7.50% | Venezuela Government International Bond | |||||||||||
Republic of Angola Via Northern Lights III BV | 0.00%, 10/13/2019(a) | $ | 15,701 | 4,435 | ||||||||
7.00%, 08/17/2019 | 879 | 882 | 0.00%, 05/07/2023(a) | 9,395 | 2,748 | |||||||
Republic of Cameroon International Bond | 0.00%, 09/15/2027(a) | 13,395 | 4,152 | |||||||||
9.50%, 11/19/2025(b) | 2,174 | 2,331 | 0.00%, 08/05/2031(a) | 6,825 | 2,048 | |||||||
Republic of Poland Government Bond | Vietnam Government International Bond | |||||||||||
3.25%, 07/25/2025 | PLN | 28,089 | 7,630 | 4.80%, 11/19/2024 | 1,200 | 1,259 | ||||||
4.00%, 10/25/2023 | 4,776 | 1,343 | Zambia Government International Bond | |||||||||
Republic of Poland Government International | 5.38%, 09/20/2022(b) | 4,442 | 3,043 | |||||||||
Bond | 5.38%, 09/20/2022 | 1,372 | 940 | |||||||||
3.25%, 04/06/2026 | $ | 900 | 918 | 8.50%, 04/14/2024(b) | 4,491 | 3,119 | ||||||
Republic of South Africa Government Bond | $ | 857,364 | ||||||||||
6.25%, 03/31/2036 | ZAR | 363,100 | 18,412 | Supranational Bank - 0.24% | ||||||||
7.00%, 02/28/2031 | 11,700 | 687 | Africa Finance Corp | |||||||||
8.00%, 01/31/2030 | 83,981 | 5,421 | 3.88%, 04/13/2024(b) | 3,400 | 3,389 | |||||||
8.75%, 01/31/2044 | 126,569 | 7,981 | Asian Development Bank | |||||||||
8.88%, 02/28/2035 | 95,642 | 6,288 | 6.45%, 08/08/2021 | INR | 451,240 | 6,299 | ||||||
10.50%, 12/21/2026 | 248,600 | 19,214 | BanqueOuestAfricainede Developpement | |||||||||
Republic of South Africa Government | 5.00%, 07/27/2027(b) | $ | 3,000 | 3,002 | ||||||||
International Bond | Eastern & Southern African Trade & | |||||||||||
4.88%, 04/14/2026 | $ | 4,800 | 4,753 | Development Bank | ||||||||
Republic of Tajikistan International Bond | 5.38%, 03/14/2022 | 5,340 | 5,434 | |||||||||
7.13%, 09/14/2027(b) | 1,875 | 1,743 | $ | 18,124 | ||||||||
Republic of Uzbekistan Bond | Telecommunications - 3.40% | |||||||||||
5.38%, 02/20/2029 | 1,300 | 1,316 | Altice France SA/France | |||||||||
Romanian Government International Bond | 7.38%, 05/01/2026(b) | 7,550 | 7,649 | |||||||||
5.13%, 06/15/2048 | 500 | 505 | AT&TInc | |||||||||
Russian Federal Bond - OFZ | 2.45%, 03/15/2035 | EUR | 250 | 286 | ||||||||
7.03%, 01/19/2028 | RUB 1,383,060 | 20,247 | 4.38%, 09/14/2029 | GBP | 950 | 1,388 | ||||||
8.48%, 09/17/2031 | 1,443,400 | 23,020 | 7.00%, 04/30/2040 | 200 | 388 | |||||||
Russian Foreign Bond - Eurobond | Axtel SAB de CV | |||||||||||
4.25%, 06/23/2027 | $ | 1,800 | 1,811 | 6.38%, 11/14/2024(b) | $ | 3,736 | 3,749 | |||||
4.38%, 03/21/2029 | 800 | 804 | 6.38%, 11/14/2024 | 6,500 | 6,497 | |||||||
4.50%, 04/04/2022 | 200 | 206 | C&W Senior Financing DAC | |||||||||
5.10%, 03/28/2035(b) | 14,000 | 14,490 | 6.88%, 09/15/2027(b) | 7,315 | 7,322 | |||||||
5.25%, 06/23/2047 | 2,600 | 2,694 | CenturyLinkInc | |||||||||
5.63%, 04/04/2042 | 800 | 887 | 5.80%, 03/15/2022 | 11,126 | 11,433 | |||||||
5.88%, 09/16/2043 | 5,200 | 5,941 | CommScopeInc | |||||||||
Saudi Government International Bond | 6.00%, 03/01/2026(b) | 8,100 | 8,576 | |||||||||
4.38%, 04/16/2029(b) | 11,104 | 11,647 | 8.25%, 03/01/2027(b) | 3,400 | 3,672 | |||||||
4.50%, 10/26/2046 | 487 | 480 | CommScope Technologies LLC | |||||||||
4.63%, 10/04/2047 | 1,500 | 1,507 | 6.00%, 06/15/2025(b) | 12,885 | 13,087 | |||||||
5.00%, 04/17/2049 | 1,468 | 1,551 | Comunicaciones Celulares SA Via Comcel Trust | |||||||||
5.25%, 01/16/2050(b) | 7,650 | 8,301 | 6.88%, 02/06/2024 | 1,500 | 1,552 | |||||||
Senegal Government International Bond | 6.88%, 02/06/2024(b) | 3,705 | 3,835 | |||||||||
6.25%, 05/23/2033(b) | 972 | 936 | Consolidated CommunicationsInc | |||||||||
Sri Lanka Government International Bond | 6.50%, 10/01/2022 | 7,500 | 7,116 | |||||||||
6.20%, 05/11/2027 | 1,336 | 1,262 | DigicelGroup One Ltd | |||||||||
6.75%, 04/18/2028(b) | 4,052 | 3,903 | 8.25%, 12/30/2022(b) | 5,526 | 3,639 | |||||||
Turkey Government Bond | DigicelGroup Two Ltd | |||||||||||
12.20%, 01/18/2023 | TRY | 65,400 | 8,264 | 8.25%, 09/30/2022(b) | 5,292 | 2,064 | ||||||
10.50%, 08/11/2027 | 11,450 | 1,243 | 9.13%, PIK 9.13%, 04/01/2024(b),(k),(l) | 1,350 | 432 | |||||||
Turkey Government International Bond | Digicel Ltd | |||||||||||
5.13%, 02/17/2028 | $ | 962 | 813 | 6.75%, 03/01/2023(b) | 3,590 | 2,542 | ||||||
5.75%, 03/22/2024 | 1,500 | 1,403 | Embarq Corp | |||||||||
6.00%, 03/25/2027 | 4,088 | 3,680 | 8.00%, 06/01/2036 | 2,155 | 2,125 | |||||||
6.13%, 10/24/2028 | 843 | 755 | Frontier Communications Corp | |||||||||
7.38%, 02/05/2025 | 1,572 | 1,556 | 7.13%, 01/15/2023 | 1,700 | 1,058 | |||||||
7.63%, 04/26/2029 | 747 | 727 | GTT CommunicationsInc | |||||||||
7.88%, 12/31/2024(b) | 45,278 | 42,675 |
See accompanying notes.
154
Schedule of Investments | ||||||||||||||
Global Diversified Income Fund | ||||||||||||||
April 30, 2019 (unaudited) | ||||||||||||||
Principal | Principal | |||||||||||||
BONDS (continued) | Amount (000’s) Value (000’s) | BONDS (continued) | Amount (000’s) Value (000’s) | |||||||||||
Telecommunications (continued) | Transportation (continued) | |||||||||||||
Hughes Satellite Systems Corp | Lima Metro Line 2 Finance Ltd | |||||||||||||
7.63%, 06/15/2021 | $ | 15,000 | $ | 16,013 | 5.88%, 07/05/2034(b) | $ | 3,950 | $ | 4,207 | |||||
IHS Netherlands Holdco BV | Pelabuhan Indonesia II PT | |||||||||||||
9.50%, 10/27/2021(b) | 4,810 | 4,979 | 5.38%, 05/05/2045(b) | 4,725 | 4,666 | |||||||||
Koninklijke KPN NV | $ | 14,547 | ||||||||||||
5.75%, 09/17/2029 | GBP | 1,950 | 2,935 | Trucking & Leasing - 0.08% | ||||||||||
7.00%, 03/28/2073(b),(i) | $ | 400 | 422 | DAE Funding LLC | ||||||||||
USD Swap Semi-Annual 10 Year + 5.33% | 5.00%, 08/01/2024 | 750 | 770 | |||||||||||
7.00%, 03/28/2073(i) | 1,100 | 1,161 | 5.00%, 08/01/2024(b) | 5,300 | 5,446 | |||||||||
USD Swap Semi-Annual 10 Year + 5.33% | $ | 6,216 | ||||||||||||
Level 3 Financing Inc | TOTAL BONDS | $ | 5,510,553 | |||||||||||
5.13%, 05/01/2023 | 11,100 | 11,214 | Principal | |||||||||||
5.38%, 08/15/2022 | 1,750 | 1,757 | CONVERTIBLE BONDS - 0.01% | Amount (000's) Value (000's) | ||||||||||
MTN Mauritius Investments Ltd | Mining - 0.01% | |||||||||||||
6.50%, 10/13/2026(b) | 5,000 | 5,131 | Mirabela Nickel Ltd | |||||||||||
Nokia OYJ | 0.00%, 06/24/2019(a),(b) | 6,966 | 696 | |||||||||||
2.00%, 03/15/2024 | EUR | 400 | 463 | TOTAL CONVERTIBLE BONDS | $ | 696 | ||||||||
OiSA | CREDIT LINKED STRUCTURED NOTES | Principal | ||||||||||||
10.00%, PIK 4.00%, 07/27/2025(k),(l) | $ | 3,690 | 3,875 | - 0.25% | Amount (000's) Value (000's) | |||||||||
Oztel Holdings SPC Ltd | Sovereign - 0.25% | |||||||||||||
6.63%, 04/24/2028(b) | 2,720 | 2,655 | Egypt Treasury Bill - Goldman Sachs & Co | |||||||||||
SixsigmaNetworks Mexico SA de CV | 0.00%, 10/01/2019(a),(d) | EGP | 314,000 | 17,068 | ||||||||||
7.50%, 05/02/2025(b) | 3,298 | 3,261 | Republic of Iraq - Merrill Lynch | |||||||||||
Sprint Capital Corp | 2.54%, 01/07/2028(c),(d) | JPY | 402,715 | 2,519 | ||||||||||
8.75%, 03/15/2032 | 2,255 | 2,368 | $ | 19,587 | ||||||||||
Sprint CommunicationsInc | TOTAL CREDIT LINKED STRUCTURED NOTES | $ | 19,587 | |||||||||||
6.00%, 11/15/2022 | 6,200 | 6,238 | SENIOR FLOATING RATE INTERESTS | Principal | ||||||||||
Sprint Corp | - 7.62% | Amount (000's) Value (000's) | ||||||||||||
7.13%, 06/15/2024 | 10,925 | 10,949 | ||||||||||||
7.88%, 09/15/2023 | 7,485 | 7,797 | Automobile Parts & Equipment - 0.64% | |||||||||||
Sprint Spectrum Co LLC / Sprint Spectrum Co II | Dexko GlobalInc | |||||||||||||
LLC / Sprint Spectrum Co III LLC | 10.85%, 07/24/2025(n) | $ | 21,140 | $ | 20,929 | |||||||||
3.36%, 03/20/2023(b) | 2,656 | 2,650 | US LIBOR + 8.25% | |||||||||||
Telecom Argentina SA | Panther BF Aggregator 2 | |||||||||||||
6.50%, 06/15/2021 | 500 | 473 | 0.00%, 03/18/2026(n),(o) | 6,875 | 6,896 | |||||||||
Telecom Italia SpA/Milano | Truck HeroInc | |||||||||||||
3.25%, 01/16/2023 | EUR | 500 | 587 | 10.75%, 05/16/2025(n) | 22,010 | 21,240 | ||||||||
3.63%, 05/25/2026 | 500 | 574 | US LIBOR + 8.25% | |||||||||||
5.30%, 05/30/2024(b) | $ | 2,415 | 2,406 | $ | 49,065 | |||||||||
TelefonicaEurope BV | Building Materials - 0.03% | |||||||||||||
3.75%, 12/31/2049(h),(i) | EUR | 1,000 | 1,168 | NCI Building SystemsInc | ||||||||||
EUR Swap Annual (VS 6 Month) 5 Year | 6.35%, 04/12/2025(n) | 2,630 | 2,590 | |||||||||||
+ 3.86% | US LIBOR + 3.75% | |||||||||||||
T-Mobile USAInc | Commercial Services - 0.41% | |||||||||||||
5.13%, 04/15/2025 | $ | 1,575 | 1,622 | KUEHG Corp | ||||||||||
6.50%, 01/15/2026 | 2,130 | 2,278 | 10.85%, 08/22/2025(n) | 14,160 | 14,018 | |||||||||
Turk Telekomunikasyon AS | Learning Care Group US No 2Inc | |||||||||||||
4.88%, 06/19/2024(b) | 4,461 | 3,999 | 10.09%, 03/13/2026(n) | 14,850 | 14,664 | |||||||||
4.88%, 06/19/2024 | 1,000 | 896 | US LIBOR + 7.50% | |||||||||||
TurkcellIletisimHizmetleri AS | Refinitiv US HoldingsInc | |||||||||||||
5.80%, 04/11/2028 | 2,200 | 1,914 | 6.24%, 09/18/2025(n) | 3,167 | 3,132 | |||||||||
5.80%, 04/11/2028(b) | 3,110 | 2,706 | US LIBOR + 3.75% | |||||||||||
Verizon CommunicationsInc | $ | 31,814 | ||||||||||||
4.86%, 08/21/2046 | 2,000 | 2,175 | Computers - 0.43% | |||||||||||
ViaSat Inc | OptivSecurityInc | |||||||||||||
5.63%, 09/15/2025(b) | 17,925 | 17,791 | 9.75%, 01/13/2025(n) | 7,710 | 7,247 | |||||||||
5.63%, 04/15/2027(b) | 3,500 | 3,570 | US LIBOR + 7.25% | |||||||||||
Vodafone Group PLC | Peak 10 Holding Corp | |||||||||||||
5.00%, 05/30/2038 | 1,900 | 1,925 | 9.99%, 07/24/2025(n) | 21,350 | 18,828 | |||||||||
7.00%, 04/04/2079(i) | 3,000 | 3,150 | US LIBOR + 7.25% | |||||||||||
USD Swap Semi-Annual 5 Year + 4.87% | TierPoint LLC | |||||||||||||
$ | 262,187 | 9.75%, 05/05/2025(n) | 7,760 | 7,062 | ||||||||||
Transportation - 0.19% | US LIBOR + 7.25% | |||||||||||||
BNSF Funding Trust I | $ | 33,137 | ||||||||||||
6.61%, 12/15/2055(i) | 4,610 | 4,979 | Cosmetics & Personal Care - 0.25% | |||||||||||
3 Month USD LIBOR + 2.35% | Wellness Merger SubInc | |||||||||||||
HidroviasInternational Finance SARL | 11.36%, 06/27/2025(n) | 19,410 | 19,362 | |||||||||||
5.95%, 01/24/2025 | 700 | 695 |
See accompanying notes.
155
Schedule of Investments | |||||||||||||
Global Diversified Income Fund | |||||||||||||
April 30, 2019 (unaudited) | |||||||||||||
SENIOR FLOATING RATE INTERESTS | Principal | SENIOR FLOATING RATE INTERESTS | Principal | ||||||||||
(continued) | Amount (000’s) Value (000’s) | (continued) | Amount (000’s) Value (000’s) | ||||||||||
Distribution & Wholesale - 0.00% | Miscellaneous Manufacturers - 0.41% | ||||||||||||
Targus Group InternationalInc | UTEX IndustriesInc | ||||||||||||
0.00%, 05/24/2016(a),(c),(d),(n) | $ | 880 | $ | — | 6.50%, 05/21/2021(n) | $ | 11,751 | $ | 11,360 | ||||
US LIBOR + 9.50% | US LIBOR + 4.00% | ||||||||||||
Electronics - 0.06% | 9.75%, 05/22/2022(n) | 21,490 | 20,200 | ||||||||||
Deliver BuyerInc | US LIBOR + 7.25% | ||||||||||||
7.60%, 05/01/2024(n) | 4,448 | 4,437 | $ | 31,560 | |||||||||
US LIBOR + 5.00% | Pharmaceuticals - 0.62% | ||||||||||||
Healthcare - Services - 1.58% | Lanai Holdings III Inc | ||||||||||||
Aveanna Healthcare LLC | 11.24%, 08/14/2023(n) | 25,190 | 23,930 | ||||||||||
8.13%, 03/18/2024(n) | 7,039 | 6,916 | US LIBOR + 8.50% | ||||||||||
US LIBOR + 5.50% | Packaging CoordinatorsMidco Inc | ||||||||||||
10.63%, 03/16/2025(n) | 23,880 | 22,477 | 11.36%, 06/29/2024(n) | 24,050 | 23,930 | ||||||||
US LIBOR + 8.00% | US LIBOR + 8.75% | ||||||||||||
DentalcorpPerfect Smile ULC | $ | 47,860 | |||||||||||
6.25%, 06/01/2025(n) | 1,784 | 1,762 | Software - 1.14% | ||||||||||
US LIBOR + 3.75% | Dun & Bradstreet Corp/The | ||||||||||||
6.25%, 06/06/2025(n) | 474 | 468 | 7.48%, 01/30/2026(n) | 13,510 | 13,603 | ||||||||
US LIBOR + 3.75% | US LIBOR + 5.00% | ||||||||||||
6.25%, 06/06/2025(n) | 329 | 324 | Evergreen Skills LuxSarl | ||||||||||
US LIBOR + 3.75% | 7.27%, 04/23/2021(n) | 31,801 | 26,522 | ||||||||||
10.00%, 06/08/2026(n) | 2,248 | 2,209 | US LIBOR + 4.75% | ||||||||||
US LIBOR + 7.50% | 10.75%, 04/28/2022(n) | 19,000 | 5,415 | ||||||||||
10.00%, 06/01/2026(n) | 12,120 | 11,908 | US LIBOR + 8.25% | ||||||||||
US LIBOR + 7.50% | Greeneden US Holdings II LLC | ||||||||||||
Envision Healthcare Corp | 5.89%, 12/01/2023(n) | 2,939 | 2,943 | ||||||||||
6.25%, 09/26/2025(n) | 12,469 | 12,037 | US LIBOR + 3.50% | ||||||||||
US LIBOR + 3.75% | MH Sub I LLC | ||||||||||||
Sound Inpatient PhysiciansInc | 9.95%, 09/15/2025(n) | 22,570 | 22,598 | ||||||||||
9.25%, 06/26/2026(n) | 6,550 | 6,525 | US LIBOR + 7.50% | ||||||||||
US LIBOR + 6.75% | Sophia LP | ||||||||||||
US Renal CareInc | 5.85%, 09/30/2022(n) | 1,575 | 1,575 | ||||||||||
10.60%, 11/17/2023(n) | 57,095 | 57,131 | US LIBOR + 3.25% | ||||||||||
US LIBOR + 8.00% | Vertafore Inc | ||||||||||||
$ | 121,757 | 9.75%, 06/04/2026(n) | 15,625 | 15,458 | |||||||||
Insurance - 0.59% | US LIBOR + 7.25% | ||||||||||||
Asurion LLC | $ | 88,114 | |||||||||||
9.00%, 08/04/2025(n) | 14,500 | 14,772 | TOTAL SENIOR FLOATING RATE INTERESTS | $ | 587,203 | ||||||||
US LIBOR + 6.50% | U.S. GOVERNMENT & GOVERNMENT | Principal | |||||||||||
9.00%, 08/04/2025(n) | 29,810 | 30,369 | AGENCY OBLIGATIONS - 0.13% | Amount (000's) Value (000's) | |||||||||
US LIBOR + 6.50% | U.S. Treasury - 0.13% | ||||||||||||
Internet - 0.46% | 1.38%, 01/31/2020 | $ | 10,000 | $ | 9,922 | ||||||||
Ten-X LLC | TOTAL U.S. GOVERNMENT & GOVERNMENT AGENCY | ||||||||||||
10.50%, 09/29/2025(c),(d),(n) | 35,440 | 35,440 | OBLIGATIONS | $ | 9,922 | ||||||||
Investment Companies - 0.31% | Total Investments | $ | 7,624,375 | ||||||||||
MasergyHoldings Inc | Other Assets and Liabilities - 1.08% | 83,323 | |||||||||||
10.10%, 12/16/2024(n) | 13,674 | 13,332 | TOTAL NET ASSETS - 100.00% | $ | 7,707,698 | ||||||||
US LIBOR + 7.50% | |||||||||||||
Zest Acquisition Corp | (a) | Non-income producing security | |||||||||||
9.98%, 03/06/2026(n) | 11,260 | 10,472 | (b) | Security exempt from registration under Rule 144A of the Securities Act of | |||||||||
US LIBOR + 7.50% | 1933. These securities may be resold in transactions exempt from registration, | ||||||||||||
$ | 23,804 | normally to qualified institutional buyers. At the end of the period, the value of | |||||||||||
Iron & Steel - 0.02% | these securities totaled $2,894,951 or 37.56% of net assets. | ||||||||||||
Miami Valley Steel ServicesInc | (c) | The value of these investments was determined using significant unobservable | |||||||||||
10.00%, 01/20/2023(d),(n) | 1,604 | 1,604 | inputs. | ||||||||||
Lodging - 0.32% | (d) | Fair value of these investments is determined in good faith by the Manager | |||||||||||
ParqHoldings LP | under procedures established and periodically reviewed by the Board of | ||||||||||||
10.10%, 12/17/2020(n) | 25,039 | 24,914 | Directors. Certain inputs used in the valuation may be unobservable; however, | ||||||||||
US LIBOR + 7.50% | each security is evaluated individually for purposes of ASC 820 which results | ||||||||||||
Machinery - Diversified- 0.27% | in not all securities being identified as Level 3 of the fair value hierarchy. At | ||||||||||||
Engineered Machinery HoldingsInc | the end of the period, the fair value of these securities totaled $267,762 or | ||||||||||||
9.85%, 07/25/2025(n) | 21,223 | 20,763 | 3.47% of net assets. | ||||||||||
US LIBOR + 7.25% | (e) | Restricted Security. Please see Restricted Security Sub-Schedule for more | |||||||||||
Mining - 0.08% | information. | ||||||||||||
AlerisInternational Inc | |||||||||||||
7.25%, 02/08/2023(n) | 5,831 | 5,841 | |||||||||||
US LIBOR + 4.75% |
See accompanying notes.
156
Schedule of Investments
Global Diversified Income Fund
April 30, 2019 (unaudited)
(f) | Affiliated Security. Security is either an affiliate (and registered under the Investment Company Act of 1940) or an affiliate as defined by the Investment |
Company Act of 1940 (controls 5.0% or more of the outstanding votingshares of the security). Please see affiliated sub-schedule for transactionalinformation. | |
(g) | Current yield shown is as of period end. |
(h) | 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 ofperiod end. |
(i) | 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. |
(j) | Security purchased on a when-issued basis. |
(k) | 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. |
(l) | Payment in kind; the issuer has the option of paying additional securities in lieu of cash. |
(m) | Security is an Interest Only Strip. |
(n) | Rate information disclosed is based on an average weighted rate of the underlying tranches as of period end. |
(o) | This Senior Floating Rate Note will settle after April 30, 2019, at which time the interest rate will be determined. |
Portfolio Summary (unaudited) | |||
Country | Percent | ||
United States | 65.23 | % | |
Canada | 3.50 | % | |
United Kingdom | 2.63 | % | |
Netherlands | 2.01 | % | |
Mexico | 1.88 | % | |
Luxembourg | 1.68 | % | |
Indonesia | 1.46 | % | |
Argentina | 1.42 | % | |
Japan | 1.15 | % | |
France | 1.04 | % | |
South Africa | 0.96 | % | |
Russian Federation | 0.90 | % | |
Cayman Islands | 0.84 | % | |
Brazil | 0.82 | % | |
Supranational | 0.73 | % | |
Egypt | 0.71 | % | |
Turkey | 0.71 | % | |
Chile | 0.52 | % | |
Saudi Arabia | 0.50 | % | |
Australia | 0.47 | % | |
Hong Kong | 0.46 | % | |
Switzerland | 0.46 | % | |
Italy | 0.43 | % | |
Venezuela | 0.43 | % | |
Virgin Islands, British | 0.42 | % | |
Ukraine | 0.40 | % | |
Spain | 0.36 | % | |
Peru | 0.35 | % | |
Germany | 0.35 | % | |
Singapore | 0.34 | % | |
Colombia | 0.32 | % | |
Nigeria | 0.30 | % | |
Bermuda | 0.29 | % | |
Sweden | 0.26 | % | |
Ireland | 0.26 | % | |
Ghana | 0.25 | % | |
United Arab Emirates | 0.24 | % | |
Ecuador | 0.21 | % | |
Cote d'Ivoire | 0.20 | % | |
Austria | 0.20 | % | |
Jersey, Channel Islands | 0.19 | % | |
Uruguay | 0.19 | % | |
Bahrain | 0.18 | % | |
Kazakhstan | 0.16 | % | |
Korea, Republic Of | 0.15 | % | |
Panama | 0.14 | % | |
Lebanon | 0.14 | % | |
Poland | 0.13 | % | |
Oman | 0.11 | % | |
Kenya | 0.10 | % | |
India | 0.10 | % | |
Zambia | 0.09 | % | |
Multinational | 0.09 | % | |
China | 0.09 | % | |
Qatar | 0.09 | % | |
Israel | 0.08 | % | |
Mauritius | 0.08 | % | |
Norway | 0.08 | % | |
Puerto Rico | 0.08 | % | |
Papua New Guinea | 0.08 | % | |
Finland | 0.07 | % | |
Hungary | 0.07 | % | |
Sri Lanka | 0.07 | % | |
El Salvador | 0.07 | % | |
Gabon | 0.05 | % | |
Togo | 0.04 | % | |
Taiwan, Province Of China | 0.04 | % | |
Mongolia | 0.03 | % | |
Iraq | 0.03 | % | |
Cameroon | 0.03 | % |
See accompanying notes.
157
Schedule of Investments | |||||||||||||||||
Global Diversified Income Fund | |||||||||||||||||
April 30, 2019 (unaudited) | |||||||||||||||||
Portfolio Summary (unaudited) (continued) | |||||||||||||||||
Country | Percent | ||||||||||||||||
Benin | 0.03 | % | |||||||||||||||
Philippines | 0.03 | % | |||||||||||||||
Dominican Republic | 0.03 | % | |||||||||||||||
Croatia | 0.02 | % | |||||||||||||||
Uzbekistan | 0.02 | % | |||||||||||||||
Vietnam | 0.02 | % | |||||||||||||||
Angola | 0.02 | % | |||||||||||||||
Morocco | 0.02 | % | |||||||||||||||
Malaysia | 0.02 | % | |||||||||||||||
Tajikistan | 0.02 | % | |||||||||||||||
Isle of Man | 0.02 | % | |||||||||||||||
Denmark | 0.02 | % | |||||||||||||||
Guernsey | 0.02 | % | |||||||||||||||
Costa Rica | 0.02 | % | |||||||||||||||
Kuwait | 0.01 | % | |||||||||||||||
Pakistan | 0.01 | % | |||||||||||||||
Belgium | 0.01 | % | |||||||||||||||
Portugal | 0.01 | % | |||||||||||||||
Romania | 0.01 | % | |||||||||||||||
Senegal | 0.01 | % | |||||||||||||||
Honduras | 0.01 | % | |||||||||||||||
New Zealand | 0.00 | % | |||||||||||||||
Other Assets and Liabilities | 1.08 | % | |||||||||||||||
TOTAL NET ASSETS | 100.00 | % | |||||||||||||||
Affiliated Securities | October 31, 2018 | Purchases | Sales | April 30, 2019 | |||||||||||||
Value | Cost | Proceeds | Value | ||||||||||||||
Principal Government Money Market Fund 2.38% | $ | 296,134 | $ | 2,725,895 | $ | 2,850,108 | $ | 171,921 | |||||||||
$ | 296,134 | $ | 2,725,895 | $ | 2,850,108 | $ | 171,921 | ||||||||||
Realized Gain/Loss | Realized Gain from | Change in Unrealized | |||||||||||||||
Income | on Investments | Capital Gain Distributions | Gain/Loss | ||||||||||||||
Principal Government Money Market Fund 2.38% | $ | 2,574 | $ | —$ | —$ | — | |||||||||||
$ | 2,574 | $ | —$ | —$ | — | ||||||||||||
Amounts in thousands | |||||||||||||||||
Restricted Securities | |||||||||||||||||
Security Name | Acquisition Date | Cost | Value | Percent of Net Assets | |||||||||||||
Material Sciences Corp - 10.86%, 01/09/2024 | 12/22/2016-06/29/2018 | $ | 23,078 | $ | 22,010 | 0.29 | % | ||||||||||
Material Sciences Corp - Warrants | 12/22/2016 | 1,221 | 8,243 | 0.11 | % | ||||||||||||
Real Alloy HoldingInc- 12.6%, 11/30/2023 | 05/31/2018 | 18,506 | 18,506 | 0.24 | % | ||||||||||||
Specialty Steel - 12.85%, 11/15/2022 | 11/15/2017 | 41,148 | 41,564 | 0.54 | % | ||||||||||||
SportsNetNew York - 10.25%, 01/15/2025 | 12/27/2017 | 19,789 | 21,095 | 0.27 | % | ||||||||||||
Total | $ | 111,418 | 1.45 | % | |||||||||||||
Amounts in thousands. | |||||||||||||||||
Foreign Currency Contracts | |||||||||||||||||
Unrealized Appreciation/(Depreciation) | |||||||||||||||||
Counterparty | Settlement Date | Currency to Accept | Currency to Deliver | Asset | Liability | ||||||||||||
Barclays Bank PLC | 05/31/2019 | HUF | 1,688,497 | $ | 5,864 | $ | —$ | — | |||||||||
Barclays Bank PLC | 05/31/2019 | PLN | 32,948 | $ | 8,577 | 57 | — | ||||||||||
Goldman Sachs & Co | 05/17/2019 | RUB | 68,034 | $ | 1,060 | — | (9 | ) | |||||||||
Goldman Sachs & Co | 05/17/2019 | $ | 15,539 | RUB | 1,026,855 | — | (324 | ) | |||||||||
Goldman Sachs & Co | 05/20/2019 | CLP | 16,326,895 | $ | 24,380 | — | (275 | ) | |||||||||
Goldman Sachs & Co | 05/22/2019 | COP | 12,724,487 | $ | 4,085 | — | (152 | ) | |||||||||
JPMorgan Chase | 05/03/2019 | $ | 24,594 | BRL | 97,491 | — | (267 | ) | |||||||||
JPMorgan Chase | 05/03/2019 | BRL | 97,491 | $ | 25,812 | — | (950 | ) | |||||||||
JPMorgan Chase | 05/07/2019 | CZK | 185,427 | $ | 8,173 | — | (57 | ) | |||||||||
JPMorgan Chase | 05/15/2019 | $ | 13,965 | EUR | 12,422 | 18 | — | ||||||||||
JPMorgan Chase | 05/15/2019 | EUR | 7,701 | $ | 8,695 | — | (48 | ) | |||||||||
JPMorgan Chase | 05/15/2019 | EUR | 4,721 | $ | 5,271 | 30 | — | ||||||||||
JPMorgan Chase | 05/15/2019 | JPY | 277,555 | $ | 2,495 | — | — | ||||||||||
JPMorgan Chase | 05/15/2019 | $ | 2,494 | JPY | 277,555 | — | (1 | ) | |||||||||
JPMorgan Chase | 05/17/2019 | PEN | 13,467 | $ | 4,085 | — | (14 | ) | |||||||||
JPMorgan Chase | 05/29/2019 | ARS | 511,253 | $ | 11,517 | — | (420 | ) | |||||||||
JPMorgan Chase | 05/31/2019 | ZAR | 115,679 | $ | 8,032 | 30 | — | ||||||||||
JPMorgan Chase | 06/04/2019 | BRL | 97,491 | $ | 24,531 | 272 | — |
See accompanying notes.
158
Schedule of Investments | ||||||||||||||||||||||
Global Diversified Income Fund | ||||||||||||||||||||||
April 30, 2019 (unaudited) | ||||||||||||||||||||||
Foreign Currency Contracts (continued) | ||||||||||||||||||||||
Unrealized Appreciation/(Depreciation) | ||||||||||||||||||||||
Counterparty | Settlement Date | Currency to Accept | Currency to Deliver | Asset | Liability | |||||||||||||||||
JPMorgan Chase | 06/26/2019 | $ | 14,121 | MXN | 268,624 | $ | 76 | $ | — | |||||||||||||
JPMorgan Chase | 06/28/2019 | ARS | 14,227 | $ | 305 | — | (11 | ) | ||||||||||||||
JPMorgan Chase | 06/28/2019 | $ | 7,537 | ZAR | 109,400 | — | (63 | ) | ||||||||||||||
JPMorgan Chase | 07/23/2019 | EUR | 7,767 | $ | 8,775 | — | (2 | ) | ||||||||||||||
JPMorgan Chase | 07/23/2019 | $ | 2,567 | JPY | 284,008 | — | — | |||||||||||||||
Standard Chartered Bank, Hong Kong | 05/03/2019 | BRL | 10,636 | $ | 2,742 | — | (30 | ) | ||||||||||||||
Standard Chartered Bank, Hong Kong | 05/03/2019 | $ | 5,496 | BRL | 22,006 | — | (116 | ) | ||||||||||||||
Standard Chartered Bank, Hong Kong | 05/03/2019 | $ | 4,078 | BRL | 15,984 | 2 | — | |||||||||||||||
Standard Chartered Bank, Hong Kong | 05/03/2019 | BRL | 38,044 | $ | 9,578 | 124 | — | |||||||||||||||
Standard Chartered Bank, Hong Kong | 06/04/2019 | BRL | 15,995 | $ | 4,061 | 9 | — | |||||||||||||||
Standard Chartered Bank, Hong Kong | 06/04/2019 | BRL | 15,959 | $ | 4,062 | — | (2 | ) | ||||||||||||||
Toronto Dominion Bank | 05/31/2019 | $ | 5,578 | MXN | 106,462 | — | (12 | ) | ||||||||||||||
Total | $ | 618 | $ | (2,753 | ) | |||||||||||||||||
Amounts in thousands. | ||||||||||||||||||||||
Credit Default Swaps | ||||||||||||||||||||||
Buy Protection | ||||||||||||||||||||||
Implied Credit | ||||||||||||||||||||||
Spread as | (Pay)/ | Upfront | Unrealized | |||||||||||||||||||
ofApril 30, | Receive Fixed | Payment | Notional | Payments/ | Appreciation/ | Fair Value | ||||||||||||||||
Counterparty | Reference Entity | 2019 | (a) | Rate | Frequency | Maturity Date | Amount | (Receipts) | (Depreciation) | Asset---- Liability | ||||||||||||
Goldman Sachs & Co | Argentine Republic | 11.97 | % | (5.00)% Quarterly | 06/20/2024 | $ | 588 | $ | 88 | $ | 45 | $ | 133 | $ | — | |||||||
Government International | ||||||||||||||||||||||
Bond, 7.50%, 04/22/2026 | ||||||||||||||||||||||
Goldman Sachs & Co | Argentine Republic | 11.97 | % | (5.00)% Quarterly | 06/20/2024 | 1,950 | 337 | 102 | 439 | — | ||||||||||||
Government International | ||||||||||||||||||||||
Bond, 7.50%, 04/22/2026 | �� | |||||||||||||||||||||
Total | $ | 425 | $ | 147 | $ | 572 | $ | — | ||||||||||||||
Sell Protection | ||||||||||||||||||||||
Implied Credit | ||||||||||||||||||||||
Spread as | (Pay)/ | Upfront | Unrealized | |||||||||||||||||||
ofApril 30, | Receive Fixed | Payment | Notional | Payments/ | Appreciation/ | Fair Value(c) | ||||||||||||||||
Counterparty | Reference Entity | 2019 | (a) | Rate | Frequency | Maturity Date | Amount (b) | (Receipts) | (Depreciation) | Asset---- Liability | ||||||||||||
Credit Suisse | Republic of Ecuador | 4.12 | % | 5.00% Quarterly | 12/20/2019 | $ | 6,700 | $ | (71 | )$ | 108 | $ | 37 | $ | — | |||||||
International Bond, | ||||||||||||||||||||||
7.88%, 01/23/2028 | ||||||||||||||||||||||
Total | $ | (71 | )$ | 108 | $ | 37 | $ | — | ||||||||||||||
Amounts in thousands. |
(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 impliedcredit 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 definedunder 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 particularswap agreement is $6,700.
(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 riskand represent the likelihood of an expected liability (or profit) for the credit default swap as of the period end. Increasing market values, in absolute terms, when compared tothe 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 occurringas defined under the terms of the agreement.
Exchange Cleared Interest Rate Swaps | ||||||||||||||
(Pay)/ | Payment | Payment | ||||||||||||
Receive | Frequency | Frequency | Unrealized | |||||||||||
Floating | Fixed | Paid by | Received | Effective | Maturity | Notional | Appreciation/ | Upfront Payments/ | Fair | |||||
Floating Rate Index | Rate | Rate | Fund | by Fund | Date (a) | Date | Amount | (Depreciation) | (Receipts) | Value | ||||
3 Month Johannesburg Interbank Agreed Rate | Pay | 7.23% Quarterly | Quarterly | N/A | 04/30/2023 | ZAR373,000 $ | (84)$ | 3 | $ | (81 | ) | |||
Total | $ | (84)$ | 3 | $ | (81 | ) | ||||||||
Amounts in thousands. |
See accompanying notes.
159
Schedule of Investments | ||||||||||||
Global Real Estate Securities Fund | ||||||||||||
April 30, 2019 (unaudited) | ||||||||||||
COMMON STOCKS - 93.62% | Shares Held Value (000's) | COMMON STOCKS (continued) | Shares Held Value (000’s) | |||||||||
Lodging - 2.92% | REITs (continued) | |||||||||||
City Developments Ltd | 3,994,800 | $ | 26,295 | PLA Administradora Industrial S de RL de CV | 3,412,480 | $ | 5,697 | |||||
Extended Stay AmericaInc | 616,119 | 11,035 | Prologis Inc | 1,790,809 | 137,301 | |||||||
Hilton Grand VacationsInc(a) | 570,251 | 18,271 | Prologis Property Mexico SA de CV | 2,747,590 | 5,877 | |||||||
Hilton Worldwide HoldingsInc | 646,896 | 56,273 | Public Storage | 93,892 | 20,767 | |||||||
$ | 111,874 | Regency Centers Corp | 911,870 | 61,250 | ||||||||
Real Estate - 19.28% | Rexford Industrial RealtyInc | 1,329,500 | 50,375 | |||||||||
Aroundtown SA | 3,333,991 | 27,087 | Sabra Health Care REITInc | 785,832 | 15,371 | |||||||
Castellum AB | 1,220,903 | 21,951 | Saul CentersInc | 195,603 | 10,435 | |||||||
DeutscheWohnenSE | 2,041,991 | 91,983 | SegroPLC | 9,872,534 | 87,477 | |||||||
EntraASA(b) | 1,663,581 | 24,146 | Simon Property GroupInc | 559,945 | 97,262 | |||||||
Fabege AB | 2,032,493 | 28,231 | Spirit Realty CapitalInc | 742,276 | 30,033 | |||||||
Heiwa Real Estate Co Ltd | 1,080,400 | 20,841 | STORE Capital Corp | 1,911,704 | 63,698 | |||||||
HongkongLand Holdings Ltd | 5,202,801 | 36,325 | Sun CommunitiesInc | 479,529 | 59,020 | |||||||
LEG Immobilien AG | 252,254 | 29,433 | Sunstone Hotel Investors Inc | 2,310,606 | 33,273 | |||||||
Leopalace21 Corp | 4,351,000 | 7,370 | Tanger Factory Outlet CentersInc | 578,306 | 10,444 | |||||||
Mitsubishi Estate Co Ltd | 6,792,600 | 114,863 | Taubman CentersInc | 385,080 | 18,984 | |||||||
Mitsui Fudosan Co Ltd | 3,728,693 | 86,364 | Unibail-Rodamco-Westfield | 109,623 | 18,856 | |||||||
New World Development Co Ltd | 48,557,000 | 80,445 | UNITE Group PLC/The | 3,493,556 | 42,939 | |||||||
Sino Land Co Ltd | 11,230,000 | 19,754 | VICI PropertiesInc | 1,206,088 | 27,499 | |||||||
Sun Hung Kai Properties Ltd | 4,766,500 | 82,262 | WelltowerInc | 1,320,315 | 98,403 | |||||||
TLG Immobilien AG | 653,363 | 19,249 | Weyerhaeuser Co | 440,474 | 11,805 | |||||||
Vonovia SE | 694,648 | 34,716 | $ | 2,658,356 | ||||||||
WihlborgsFastigheterAB | 953,190 | 12,682 | Software - 1.32% | |||||||||
$ | 737,702 | InterXionHolding NV(a) | 728,346 | 50,394 | ||||||||
REITs - 69.49% | Storage & Warehousing - 0.61% | |||||||||||
Alexandria Real Estate EquitiesInc | 666,605 | 94,918 | SafestoreHoldings PLC | 2,763,772 | 23,227 | |||||||
Allied Properties Real Estate Investment Trust | 623,094 | 22,060 | TOTAL COMMON STOCKS | $ | 3,581,553 | |||||||
American Homes 4 Rent | 1,700,486 | 40,778 | INVESTMENT COMPANIES - 0.61% | Shares Held Value (000's) | ||||||||
American Tower Corp | 102,336 | 19,986 | Money Market Funds - 0.61% | |||||||||
Americold Realty Trust | 586,209 | 18,765 | Principal Government Money Market Fund | 23,301,255 | 23,301 | |||||||
Apartment Investment & Management Co | 1,265,956 | 62,488 | 2.38%(c),(d) | |||||||||
AvalonBay CommunitiesInc | 635,176 | 127,626 | TOTAL INVESTMENT COMPANIES | $ | 23,301 | |||||||
Big Yellow Group PLC | 997,755 | 13,567 | Total Investments | $ | 3,604,854 | |||||||
Boston Properties Inc | 500,920 | 68,937 | Other Assets and Liabilities - 5.77% | 220,775 | ||||||||
Canadian Apartment Properties REIT | 782,596 | 27,999 | TOTAL NET ASSETS - 100.00% | $ | 3,825,629 | |||||||
Corporate Office Properties Trust | 387,888 | 10,814 | ||||||||||
Crown Castle International Corp | 169,648 | 21,338 | ||||||||||
CubeSmart | 1,340,467 | 42,774 | (a) Non-income producing security | |||||||||
Daiwa Office Investment Corp | 4,551 | 30,715 | (b) | Security exempt from registration under Rule 144A of the Securities Act of | ||||||||
Dexus | 5,051,220 | 44,596 | 1933. These securities may be resold in transactions exempt from registration, | |||||||||
Duke Realty Corp | 1,113,958 | 34,666 | normally to qualified institutional buyers. At the end of the period, the value of | |||||||||
EPR Properties | 536,890 | 42,339 | these securities totaled $31,300 or 0.82% of net assets. | |||||||||
EquinixInc | 81,475 | 37,047 | (c) | Affiliated Security. Security is either an affiliate (and registered under the | ||||||||
Equity Residential | 370,044 | 28,279 | Investment Company Act of 1940) or an affiliate as defined by the Investment | |||||||||
Essential Properties Realty TrustInc | 408,151 | 8,441 | Company Act of 1940 (controls 5.0% or more of the outstanding voting | |||||||||
Essex Property TrustInc | 289,443 | 81,768 | shares of the security). Please see affiliated sub-schedule for transactional | |||||||||
Extra Space Storage Inc | 629,030 | 65,224 | information. | |||||||||
First Industrial Realty TrustInc | 536,410 | 18,919 | (d) | Current yield shown is as of period end. | ||||||||
Gecina SA | 265,961 | 39,738 | ||||||||||
Goodman Group | 9,873,611 | 91,880 | Portfolio Summary (unaudited) | |||||||||
GPT Group/The | 8,036,420 | 32,508 | Country | Percent | ||||||||
Great Portland Estates PLC | 1,551,610 | 15,291 | United States | 50.58 | % | |||||||
HCPInc | 697,790 | 20,780 | Japan | 10.96 | % | |||||||
Healthcare Trust of AmericaInc | 1,851,366 | 51,061 | Hong Kong | 7.65 | % | |||||||
Hudson Pacific PropertiesInc | 787,017 | 27,435 | United Kingdom | 4.77 | % | |||||||
Industrial & Infrastructure Fund Investment Corp | 12,926 | 14,699 | Germany | 4.58 | % | |||||||
Inmobiliaria ColonialSocimiSA | 4,101,762 | 44,194 | Australia | 4.42 | % | |||||||
Invincible Investment Corp | 46,602 | 23,581 | Spain | 2.25 | % | |||||||
Invitation Homes Inc | 3,628,958 | 90,216 | France | 2.24 | % | |||||||
Japan Hotel REIT Investment Corp | 82,957 | 67,518 | Sweden | 1.64 | % | |||||||
Japan Retail Fund Investment Corp | 20,263 | 38,719 | Netherlands | 1.32 | % | |||||||
Kenedix Retail REIT Corp | 6,222 | 15,069 | Canada | 1.31 | % | |||||||
Kilroy Realty Corp | 611,185 | 47,006 | Luxembourg | 0.71 | % | |||||||
Klepierre SA | 765,417 | 27,199 | Singapore | 0.68 | % | |||||||
Link REIT | 6,327,000 | 73,924 | Norway | 0.63 | % | |||||||
Macquarie Mexico Real Estate Management SA | 6,030,580 | 7,154 | Mexico | 0.49 | % | |||||||
de CV(a),(b) | Other Assets and Liabilities | 5.77 | % | |||||||||
Merlin Properties SocimiSA | 3,046,542 | 41,556 | TOTAL NET ASSETS | 100.00 | % | |||||||
Physicians Realty Trust | 997,689 | 18,018 |
See accompanying notes.
160
Schedule of Investments | ||||||||||||
Global Real Estate Securities Fund | ||||||||||||
April 30, 2019 (unaudited) | ||||||||||||
Affiliated Securities | October 31, 2018 | Purchases | Sales | April 30, 2019 | ||||||||
Value | Cost | Proceeds | Value | |||||||||
Principal Government Money Market Fund 2.38% | $ | 37,882 | $ | 410,740 | $ | 425,321 | $ | 23,301 | ||||
$ | 37,882 | $ | 410,740 | $ | 425,321 | $ | 23,301 | |||||
Realized Gain/Loss | Realized Gain from | Change in Unrealized | ||||||||||
Income | on Investments | Capital Gain Distributions | Gain/Loss | |||||||||
Principal Government Money Market Fund 2.38% | $ | 533 | $ | —$ | —$ | — | ||||||
$ | 533 | $ | —$ | —$ | — | |||||||
Amounts in thousands |
See accompanying notes.
161
Schedule of Investments Government & High Quality Bond Fund April 30, 2019 (unaudited)
INVESTMENT COMPANIES - 2.66% | Shares Held Value (000's) | Principal | |||||||||||
Money Market Funds - 2.66% | BONDS (continued) | Amount (000’s) Value (000’s) | |||||||||||
Principal Government Money Market Fund | 39,796,304 | $ | 39,796 | Commercial Mortgage Backed Securities (continued) | |||||||||
2.38%(a),(b) | Wells Fargo Commercial Mortgage Trust | ||||||||||||
TOTAL INVESTMENT COMPANIES | $ | 39,796 | 2015-C31 | ||||||||||
Principal | 4.76%, 11/15/2048(c) | $ | 6,000 | $ | 6,149 | ||||||||
BONDS - 28.58% | Amount (000's) Value (000's) | Wells Fargo Commercial Mortgage Trust | |||||||||||
Commercial Mortgage Backed Securities - 12.78% | 2016-LC25 | ||||||||||||
CD 2017-CD3 Mortgage Trust | 4.57%, 12/15/2059(c) | 1,000 | 1,048 | ||||||||||
3.98%, 02/10/2050(c) | $ | 4,500 | $ | 4,614 | WFRBS Commercial Mortgage Trust 2013-C14 | ||||||||
Citigroup Commercial Mortgage Trust | 4.11%, 06/15/2046(c),(e) | 2,500 | 2,334 | ||||||||||
2016-GC36 | WFRBS Commercial Mortgage Trust 2014-C23 | ||||||||||||
4.91%, 02/10/2049(c) | 4,400 | 4,568 | 4.52%, 10/15/2057(c) | 9,700 | 10,156 | ||||||||
COMM 2014-CCRE19 Mortgage Trust | WFRBS Commercial Mortgage Trust 2014-LC14 | ||||||||||||
4.87%, 08/10/2047(c) | 3,700 | 3,848 | 4.34%, 03/15/2047(c) | 8,000 | 8,095 | ||||||||
COMM 2014-UBS5 Mortgage Trust | $ | 191,028 | |||||||||||
4.76%, 09/10/2047(c) | 11,680 | 11,860 | Home Equity Asset Backed Securities - 0.32% | ||||||||||
Freddie Mac Multifamily Structured Pass | ACE Securities Corp Mortgage Loan Trust Series | ||||||||||||
Through Certificates | 2007-D1 | ||||||||||||
2.65%, 08/25/2026 | 5,480 | 5,404 | 6.93%, 02/25/2038(c),(e) | 5,034 | 4,809 | ||||||||
3.19%, 09/25/2027(c) | 9,710 | 9,891 | Mortgage Backed Securities - 14.63% | ||||||||||
3.29%, 11/25/2027 | 6,800 | 6,971 | Citigroup Mortgage Loan Trust 2015-PS1 | ||||||||||
3.44%, 12/25/2027 | 12,040 | 12,486 | 5.25%, 09/25/2042(c),(e) | 7,222 | 7,818 | ||||||||
3.60%, 01/25/2028 | 8,340 | 8,743 | CSMC Trust 2015-1 | ||||||||||
3.65%, 02/25/2028(c) | 3,250 | 3,420 | 3.95%, 01/25/2045(c),(e) | 7,450 | 7,512 | ||||||||
3.90%, 04/25/2028 | 5,300 | 5,677 | Fannie Mae Interest Strip | ||||||||||
4.05%, 09/25/2028(c) | 6,800 | 7,369 | 3.50%, 12/25/2043(c),(d) | 4,429 | 795 | ||||||||
GinnieMae | 7.00%, 04/25/2024(d) | 25 | 3 | ||||||||||
0.38%, 10/16/2053(c),(d) | 12,290 | 384 | Fannie Mae REMICS | ||||||||||
0.49%, 06/16/2052(c),(d) | 26,526 | 556 | 1.61%, 06/25/2045(c),(d) | 18,697 | 1,102 | ||||||||
0.52%, 10/16/2054(c),(d) | 41,347 | 1,031 | 2.50%, 02/25/2028(d) | 12,362 | 889 | ||||||||
0.52%, 06/16/2060(c),(d) | 36,002 | 1,983 | 3.00%, 07/25/2032(d) | 10,879 | 1,332 | ||||||||
0.56%, 10/16/2054(c),(d) | 42,225 | 1,216 | 3.00%, 04/25/2042 | 7,183 | 7,177 | ||||||||
0.57%, 12/16/2059(c),(d) | 46,795 | 2,551 | 3.00%, 02/25/2043 | 4,780 | 4,811 | ||||||||
0.58%, 08/16/2051(c),(d) | 71,490 | 2,857 | 3.00%, 01/25/2046 | 7,838 | 7,865 | ||||||||
0.58%, 12/16/2053(c),(d) | 31,420 | 1,191 | 3.00%, 05/25/2048 | 2,216 | 2,181 | ||||||||
0.58%, 03/16/2060(c),(d) | 23,489 | 1,382 | 3.08%, 04/25/2027 | 7 | 8 | ||||||||
0.59%, 04/16/2047(c),(d) | 68,566 | 2,562 | 1.00 x 1 Month USD LIBOR + 0.60% | ||||||||||
0.59%, 02/16/2060(c),(d) | 35,965 | 2,105 | 3.50%, 02/25/2036(d) | 8,359 | 1,285 | ||||||||
0.61%, 11/16/2045(c),(d) | 26,762 | 935 | 3.50%, 01/25/2040(d) | 13,116 | 1,197 | ||||||||
0.61%, 07/16/2060(c),(d) | 22,380 | 1,442 | 3.50%, 11/25/2042 | 9,708 | 10,055 | ||||||||
0.69%, 06/16/2054(c),(d) | 53,898 | 1,641 | 3.50%, 02/25/2043 | 943 | 972 | ||||||||
0.72%, 11/16/2052(c),(d) | 48,480 | 1,968 | 3.50%, 02/25/2043(d) | 15,557 | 2,115 | ||||||||
0.75%, 10/16/2054(c),(d) | 57,128 | 2,059 | 3.50%, 07/25/2043(d) | 11,793 | 1,172 | ||||||||
0.78%, 02/16/2053(c),(d) | 40,339 | 1,931 | 3.50%, 08/25/2045 | 2,931 | 2,971 | ||||||||
0.78%, 10/16/2059(c),(d) | 15,668 | 1,019 | 3.50%, 03/25/2048(d) | 20,683 | 2,389 | ||||||||
0.79%, 09/16/2053(c),(d) | 42,639 | 1,742 | 4.00%, 06/25/2039 | 10,000 | 10,211 | ||||||||
0.81%, 01/16/2056(c),(d) | 19,773 | 967 | 4.00%, 12/25/2039(d) | 6,590 | 739 | ||||||||
0.84%, 02/16/2053(c),(d) | 104,237 | 5,585 | 4.00%, 03/25/2045 | 6,411 | 6,942 | ||||||||
0.90%, 06/16/2057(c),(d) | 14,488 | 946 | 4.00%, 04/25/2047 | 3,260 | 3,433 | ||||||||
0.92%, 03/16/2052(c),(d) | 46,069 | 2,667 | 4.50%, 04/25/2045(d) | 22,523 | 5,079 | ||||||||
0.98%, 02/16/2046(c),(d) | 41,781 | 2,022 | 7.00%, 04/25/2032 | 808 | 909 | ||||||||
2.60%, 05/16/2059 | 4,088 | 3,915 | 9.00%, 05/25/2020 | 3 | 3 | ||||||||
2.60%, 03/16/2060 | 7,542 | 7,239 | Freddie Mac REMICS | ||||||||||
GS Mortgage Securities Trust 2013-GC13 | 2.50%, 11/15/2032 | 4,594 | 4,509 | ||||||||||
4.22%, 07/10/2046(c),(e) | 5,000 | 4,781 | 2.50%, 02/15/2043 | 2,423 | 2,373 | ||||||||
GS Mortgage Securities Trust 2014-GC20 | 3.00%, 11/15/2030(d) | 4,883 | 301 | ||||||||||
5.13%, 04/10/2047(c) | 2,000 | 2,039 | 3.00%, 06/15/2040 | 4,639 | 4,679 | ||||||||
GS Mortgage Securities Trust 2014-GC24 | 3.00%, 10/15/2042 | 1,504 | 1,520 | ||||||||||
4.66%, 09/10/2047(c) | 4,200 | 3,802 | 3.00%, 05/15/2044 | 1,588 | 1,515 | ||||||||
JP Morgan Chase Commercial Mortgage | 3.00%, 04/15/2046 | 2,789 | 2,803 | ||||||||||
Securities Trust 2013-C16 | 3.00%, 11/15/2046 | 3,472 | 3,493 | ||||||||||
5.13%, 12/15/2046(c) | 8,000 | 8,563 | 3.37%, 02/15/2021 | 1 | 1 | ||||||||
JPMDB Commercial Mortgage Securities Trust | 1.00 x 1 Month USD LIBOR + 0.90% | ||||||||||||
2018-C8 | 3.50%, 03/15/2029 | 4,054 | 4,214 | ||||||||||
4.90%, 06/15/2051(c) | 3,700 | 3,910 | 3.50%, 04/15/2040(d) | 7,315 | 567 | ||||||||
Wells Fargo Commercial Mortgage Trust | 3.50%, 07/15/2042 | 2,972 | 3,003 | ||||||||||
2014-LC16 | 3.50%, 05/15/2043 | 3,253 | 3,341 | ||||||||||
4.46%, 08/15/2050 | 1,400 | 1,404 | 3.50%, 09/15/2043 | 7,680 | 7,797 | ||||||||
4.00%, 05/15/2039 | 4,825 | 4,970 | |||||||||||
4.00%, 11/15/2042(d) | 9,166 | 1,538 |
See accompanying notes.
162
Schedule of Investments Government & High Quality Bond Fund April 30, 2019 (unaudited)
Principal | U.S. GOVERNMENT & GOVERNMENT | Principal | |||||||||
BONDS (continued) | Amount (000’s) Value (000’s) | AGENCY OBLIGATIONS (continued) | Amount (000’s) Value (000’s) | ||||||||
Mortgage Backed Securities (continued) | Federal Home Loan Mortgage Corporation (FHLMC) (continued) | ||||||||||
Freddie Mac REMICS (continued) | 3.50%, 01/01/2048 | $ | 10,180 | $ | 10,393 | ||||||
4.00%, 01/15/2045 | $ | 7,086 | $ | 7,508 | 4.00%, 12/01/2041 | 4,255 | 4,459 | ||||
4.00%, 04/15/2045 | 2,992 | 3,137 | 4.00%, 07/01/2042 | 3,010 | 3,155 | ||||||
4.00%, 11/15/2045 | 553 | 579 | 4.00%, 09/15/2042 | 2,357 | 2,485 | ||||||
6.50%, 08/15/2027 | 75 | 78 | 4.00%, 04/01/2043 | 8,862 | 9,269 | ||||||
GinnieMae | 4.00%, 07/01/2043 | 3,944 | 4,134 | ||||||||
3.00%, 05/16/2037 | 14,000 | 13,977 | 4.00%, 09/01/2044 | 4,898 | 5,134 | ||||||
3.00%, 04/20/2047 | 3,312 | 3,042 | 4.00%, 10/01/2045 | 8,227 | 8,599 | ||||||
3.25%, 05/20/2045 | 5,411 | 5,176 | 4.00%, 08/01/2047 | 11,910 | 12,449 | ||||||
3.50%, 08/20/2039(d) | 17,887 | 1,719 | 4.00%, 11/01/2047 | 2,588 | 2,714 | ||||||
3.50%, 01/20/2043(d) | 15,831 | 3,190 | 4.00%, 01/01/2048 | 8,140 | 8,547 | ||||||
3.50%, 10/20/2044(d) | 19,372 | 2,946 | 4.00%, 06/01/2048 | 14,144 | 14,808 | ||||||
3.50%, 11/20/2045 | 4,500 | 4,551 | 4.50%, 04/01/2041 | 4,472 | 4,777 | ||||||
4.00%, 11/16/2038 | 376 | 383 | 4.50%, 11/01/2043 | 4,324 | 4,613 | ||||||
4.00%, 04/20/2044(d) | 5,857 | 978 | 4.85%, 10/01/2032 | 1 | 1 | ||||||
4.00%, 01/20/2048(d) | 9,340 | 1,759 | 1.00 x 12 Month USD LIBOR + 1.98% | ||||||||
5.00%, 11/20/2039 | 3,197 | 3,487 | 5.00%, 10/01/2025 | 46 | 48 | ||||||
JP Morgan Mortgage Trust 2016-4 | 5.00%, 12/01/2032 | 55 | 59 | ||||||||
3.50%, 10/25/2046(c),(e) | 4,348 | 4,336 | 5.00%, 02/01/2033 | 413 | 443 | ||||||
JP Morgan Mortgage Trust 2018-8 | 5.00%, 01/01/2034 | 3,868 | 4,157 | ||||||||
4.00%, 01/25/2049(c),(e) | 4,764 | 4,759 | 5.00%, 05/01/2034 | 86 | 93 | ||||||
New Residential Mortgage Loan Trust 2015-2 | 5.00%, 07/01/2035 | 2 | 2 | ||||||||
5.55%, 08/25/2055(c),(e) | 5,692 | 6,162 | 5.00%, 07/01/2035 | 35 | 38 | ||||||
Sequoia Mortgage Trust 2013-2 | 5.00%, 10/01/2035 | 7 | 8 | ||||||||
3.64%, 02/25/2043(c) | 7,276 | 7,327 | 5.00%, 11/01/2035 | 313 | 335 | ||||||
Sequoia Mortgage Trust 2017-5 | 5.00%, 07/01/2044 | 2,911 | 3,134 | ||||||||
3.50%, 08/25/2047(c),(e) | 1,464 | 1,444 | 5.00%, 03/01/2048 | 4,842 | 5,287 | ||||||
Sequoia Mortgage Trust 2018-5 | 5.50%, 03/01/2029 | 1 | 1 | ||||||||
3.50%, 05/25/2048(c),(e) | 4,645 | 4,607 | 5.50%, 05/01/2033 | 8 | 9 | ||||||
$ | 218,734 | 5.50%, 10/01/2033 | 12 | 13 | |||||||
Other Asset Backed Securities - 0.85% | 5.50%, 12/01/2033 | 294 | 322 | ||||||||
CNH Equipment Trust 2016-C | 5.50%, 07/01/2037 | 17 | 19 | ||||||||
1.76%, 09/15/2023 | 1,600 | 1,581 | 5.50%, 04/01/2038 | 7 | 8 | ||||||
TAL Advantage V LLC | 5.50%, 05/01/2038 | 42 | 45 | ||||||||
3.33%, 05/20/2039(e) | 2,883 | 2,881 | 6.00%, 01/01/2021 | 14 | 14 | ||||||
Towd Point Mortgage Trust | 6.00%, 06/01/2028 | 6 | 7 | ||||||||
4.25%, 10/25/2053(c),(e) | 5,000 | 5,223 | 6.00%, 05/01/2031 | 71 | 79 | ||||||
Towd Point Mortgage Trust 2017-6 | 6.00%, 10/01/2031 | 2 | 2 | ||||||||
3.25%, 10/25/2057(c),(e) | 3,200 | 2,940 | 6.00%, 02/01/2032 | 15 | 17 | ||||||
$ | 12,625 | 6.00%, 09/01/2032 | 49 | 53 | |||||||
TOTAL BONDS | $ | 427,196 | 6.00%, 11/01/2033 | 151 | 163 | ||||||
U.S. GOVERNMENT & GOVERNMENT | Principal | 6.00%, 11/01/2033 | 364 | 399 | |||||||
AGENCY OBLIGATIONS - 69.06% | Amount (000's) Value (000's) | 6.00%, 09/01/2034 | 62 | 68 | |||||||
Federal Home Loan Mortgage Corporation (FHLMC) - 16.61% | 6.00%, 02/01/2035 | 57 | 63 | ||||||||
2.50%, 08/01/2027 | $ | 1,227 | $ | 1,221 | 6.00%, 10/01/2036 | 40 | 44 | ||||
2.50%, 02/01/2028 | 3,762 | 3,744 | 6.00%, 03/01/2037 | 75 | 82 | ||||||
3.00%, 02/01/2027 | 3,332 | 3,358 | 6.00%, 05/01/2037 | 107 | 121 | ||||||
3.00%, 02/01/2032 | 7,555 | 7,626 | 6.00%, 01/01/2038 | 10 | 11 | ||||||
3.00%, 01/01/2033 | 4,903 | 4,944 | 6.00%, 03/01/2038 | 35 | 38 | ||||||
3.00%, 04/01/2035 | 2,302 | 2,312 | 6.00%, 04/01/2038 | 79 | 86 | ||||||
3.00%, 03/01/2037 | 4,984 | 4,981 | 6.00%, 07/01/2038 | 136 | 149 | ||||||
3.00%, 10/01/2042 | 6,133 | 6,093 | 6.00%, 10/01/2038 | 94 | 104 | ||||||
3.00%, 10/01/2042 | 7,160 | 7,113 | 6.50%, 12/01/2021 | 67 | 69 | ||||||
3.00%, 05/01/2043 | 2,602 | 2,585 | 6.50%, 04/01/2022 | 75 | 78 | ||||||
3.00%, 07/01/2045 | 6,905 | 6,856 | 6.50%, 05/01/2022 | 43 | 44 | ||||||
3.00%, 10/01/2046 | 8,459 | 8,404 | 6.50%, 08/01/2022 | 21 | 22 | ||||||
3.00%, 01/01/2047 | 6,923 | 6,878 | 6.50%, 05/01/2023 | 55 | 56 | ||||||
3.50%, 11/01/2026 | 1,835 | 1,878 | 6.50%, 07/01/2023 | 1 | 2 | ||||||
3.50%, 02/01/2032 | 3,870 | 3,966 | 6.50%, 07/01/2025 | 1 | 1 | ||||||
3.50%, 04/01/2032 | 3,372 | 3,456 | 6.50%, 09/01/2025 | 1 | 1 | ||||||
3.50%, 12/01/2041 | 2,485 | 2,532 | 6.50%, 10/01/2025 | 1 | 1 | ||||||
3.50%, 04/01/2042 | 7,286 | 7,415 | 6.50%, 03/01/2029 | 34 | 37 | ||||||
3.50%, 07/01/2042 | 8,319 | 8,467 | 6.50%, 04/01/2031 | 140 | 154 | ||||||
3.50%, 08/01/2043 | 5,587 | 5,699 | 6.50%, 10/01/2031 | 49 | 55 | ||||||
3.50%, 02/01/2044 | 6,264 | 6,354 | 6.50%, 02/01/2032 | 7 | 8 | ||||||
3.50%, 08/01/2045 | 6,628 | 6,770 | 6.50%, 04/01/2032 | 6 | 7 | ||||||
3.50%, 07/01/2046 | 9,530 | 9,718 | 6.50%, 04/01/2035 | 5 | 6 | ||||||
3.50%, 01/01/2047 | 13,238 | 13,485 | 6.50%, 02/01/2037 | 28 | 31 |
See accompanying notes.
163
Schedule of Investments Government & High Quality Bond Fund April 30, 2019 (unaudited)
U.S. GOVERNMENT & GOVERNMENT | Principal | U.S. GOVERNMENT & GOVERNMENT | Principal | ||||||||
AGENCY OBLIGATIONS (continued) | Amount (000’s) Value (000’s) | AGENCY OBLIGATIONS (continued) | Amount (000’s) Value (000’s) | ||||||||
Federal Home Loan Mortgage Corporation (FHLMC) (continued) | Federal National Mortgage Association (FNMA)/Federal Home Loan Mortgage | ||||||||||
7.00%, 07/01/2024 | $ | 2 | $ | 2 | Corporation (FHLMC) Uniform Mortgage-Backed Security (continued) | ||||||
7.00%, 01/01/2028 | 236 | 251 | 3.50%, 09/01/2042 | $ | 8,126 | $ | 8,282 | ||||
7.00%, 06/01/2029 | 74 | 83 | 3.50%, 11/01/2042 | 4,708 | 4,799 | ||||||
7.00%, 01/01/2031 | 1 | 1 | 3.50%, 02/01/2043 | 1,905 | 1,947 | ||||||
7.00%, 04/01/2031 | 51 | 56 | 3.50%, 05/01/2043 | 4,722 | 4,820 | ||||||
7.00%, 10/01/2031 | 81 | 90 | 3.50%, 05/01/2043 | 2,548 | 2,604 | ||||||
7.00%, 04/01/2032 | 129 | 146 | 3.50%, 09/01/2044 | 13,853 | 14,158 | ||||||
7.50%, 12/01/2030 | 3 | 3 | 3.50%, 10/01/2044 | 6,355 | 6,495 | ||||||
7.50%, 02/01/2031 | 14 | 15 | 3.50%, 11/01/2044 | 5,558 | 5,701 | ||||||
7.50%, 02/01/2031 | 1 | 2 | 3.50%, 03/01/2045 | 3,075 | 3,132 | ||||||
8.50%, 07/01/2029 | 72 | 75 | 3.50%, 03/01/2045 | 5,072 | 5,176 | ||||||
$ | 248,209 | 3.50%, 06/01/2045 | 6,312 | 6,450 | |||||||
Federal National Mortgage Association (FNMA) - 0.58% | 3.50%, 08/01/2045 | 5,621 | 5,745 | ||||||||
3.00%, 04/01/2043 | 6,795 | 6,762 | 3.50%, 09/01/2045 | 4,956 | 5,051 | ||||||
4.48%, 12/01/2033 | 76 | 79 | 3.50%, 10/01/2045 | 5,634 | 5,758 | ||||||
1.00 x 12 Month USD LIBOR + 1.60% | 3.50%, 11/01/2045 | 10,395 | 10,609 | ||||||||
5.13%, 11/01/2033 | 9 | 9 | 3.50%, 01/01/2046 | 4,958 | 5,067 | ||||||
1.00 x 6 Month USD LIBOR + 2.26% | 3.50%, 03/01/2046 | 6,935 | 7,087 | ||||||||
5.50%, 05/01/2033 | 78 | 80 | 3.50%, 04/01/2046 | 7,305 | 7,465 | ||||||
6.00%, 01/01/2032 | 119 | 126 | 3.50%, 12/01/2046 | 8,218 | 8,373 | ||||||
6.00%, 04/01/2033 | 173 | 184 | 3.50%, 10/01/2047 | 5,249 | 5,362 | ||||||
6.00%, 09/01/2034 | 422 | 449 | 4.00%, 01/01/2034 | 1,217 | 1,267 | ||||||
6.50%, 06/01/2031 | 70 | 78 | 4.00%, 10/01/2037 | 6,540 | 6,772 | ||||||
6.50%, 11/01/2032 | 352 | 383 | 4.00%, 09/01/2040 | 2,648 | 2,750 | ||||||
6.50%, 11/01/2032 | 97 | 104 | 4.00%, 02/01/2042 | 2,073 | 2,161 | ||||||
7.00%, 08/01/2028 | 49 | 54 | 4.00%, 01/01/2043 | 2,003 | 2,098 | ||||||
7.00%, 12/01/2028 | 55 | 60 | 4.00%, 03/01/2043 | 3,684 | 3,836 | ||||||
7.00%, 07/01/2029 | 53 | 60 | 4.00%, 08/01/2043 | 6,820 | 7,143 | ||||||
7.00%, 07/01/2032 | 122 | 133 | 4.00%, 04/01/2044 | 2,727 | 2,856 | ||||||
7.50%, 12/01/2024 | 70 | 74 | 4.00%, 08/01/2044 | 3,649 | 3,822 | ||||||
7.50%, 07/01/2029 | 4 | 5 | 4.00%, 08/01/2044 | 9,623 | 10,078 | ||||||
7.50%, 02/01/2030 | 61 | 64 | 4.00%, 11/01/2044 | 2,878 | 3,015 | ||||||
$ | 8,704 | 4.00%, 12/01/2044 | 5,884 | 6,163 | |||||||
Federal National Mortgage Association (FNMA)/Federal Home Loan Mortgage | 4.00%, 02/01/2045 | 4,931 | 5,164 | ||||||||
Corporation (FHLMC) Uniform Mortgage-Backed Security - 39.36% | 4.00%, 07/01/2045 | 5,576 | 5,770 | ||||||||
2.00%, 08/01/2028 | 2,278 | 2,231 | 4.00%, 08/01/2045 | 5,900 | 6,179 | ||||||
2.00%, 07/01/2030 | 5,879 | 5,697 | 4.00%, 09/01/2045 | 9,982 | 10,455 | ||||||
2.50%, 06/01/2027 | 4,538 | 4,516 | 4.00%, 01/01/2046 | 7,872 | 8,221 | ||||||
2.50%, 05/01/2028 | 1,971 | 1,961 | 4.00%, 05/01/2046 | 11,713 | 12,234 | ||||||
2.50%, 08/01/2028 | 2,652 | 2,639 | 4.00%, 07/01/2046 | 7,361 | 7,709 | ||||||
2.50%, 03/01/2030 | 6,031 | 5,977 | 4.00%, 07/01/2047 | 7,669 | 8,032 | ||||||
2.50%, 12/01/2031 | 7,894 | 7,823 | 4.00%, 10/01/2047 | 6,373 | 6,661 | ||||||
3.00%, 04/01/2027 | 3,104 | 3,132 | 4.00%, 12/01/2047 | 5,271 | 5,527 | ||||||
3.00%, 05/01/2029 | 5,102 | 5,142 | 4.00%, 02/01/2048 | 7,589 | 7,934 | ||||||
3.00%, 01/01/2030 | 445 | 448 | 4.50%, 12/01/2019 | 4 | 4 | ||||||
3.00%, 08/01/2031 | 8,896 | 8,966 | 4.50%, 01/01/2020 | 12 | 12 | ||||||
3.00%, 10/01/2036 | 6,158 | 6,163 | 4.50%, 09/01/2025 | 1,213 | 1,246 | ||||||
3.00%, 11/01/2042 | 7,458 | 7,409 | 4.50%, 08/01/2039 | 2,793 | 2,968 | ||||||
3.00%, 12/01/2042 | 5,741 | 5,703 | 4.50%, 03/01/2041 | 3,498 | 3,707 | ||||||
3.00%, 12/01/2042 | 5,631 | 5,594 | 4.50%, 03/01/2042 | 7,560 | 8,061 | ||||||
3.00%, 01/01/2043 | 5,323 | 5,288 | 4.50%, 09/01/2043 | 6,310 | 6,730 | ||||||
3.00%, 02/01/2043 | 5,677 | 5,640 | 4.50%, 09/01/2043 | 3,606 | 3,841 | ||||||
3.00%, 06/01/2043 | 10,154 | 10,087 | 4.50%, 11/01/2043 | 5,834 | 6,213 | ||||||
3.00%, 08/01/2043 | 6,624 | 6,580 | 4.50%, 10/01/2044 | 3,233 | 3,444 | ||||||
3.00%, 07/01/2045 | 2,732 | 2,713 | 4.50%, 12/01/2044 | 7,999 | 8,520 | ||||||
3.00%, 01/01/2046 | 5,326 | 5,295 | 4.50%, 05/01/2045 | 3,506 | 3,735 | ||||||
3.00%, 07/01/2046 | 7,536 | 7,465 | 4.50%, 09/01/2045 | 5,219 | 5,542 | ||||||
3.00%, 09/01/2046 | 6,232 | 6,205 | 4.50%, 10/01/2045 | 6,676 | 7,110 | ||||||
3.00%, 10/01/2046 | 7,162 | 7,096 | 4.50%, 11/01/2045 | 8,478 | 8,998 | ||||||
3.00%, 11/01/2046 | 11,233 | 11,159 | 4.50%, 08/01/2048 | 6,921 | 7,384 | ||||||
3.00%, 12/01/2046 | 8,321 | 8,241 | 4.50%, 09/01/2048 | 12,202 | 13,042 | ||||||
3.00%, 12/01/2046 | 5,805 | 5,757 | 4.50%, 11/01/2048 | 8,339 | 8,871 | ||||||
3.00%, 01/01/2047 | 6,414 | 6,372 | 5.00%, 01/01/2026 | 48 | 51 | ||||||
3.50%, 08/01/2031 | 4,456 | 4,561 | 5.00%, 04/01/2035 | 144 | 156 | ||||||
3.50%, 02/01/2033 | 8,670 | 8,882 | 5.00%, 05/01/2035 | 69 | 74 | ||||||
3.50%, 02/01/2042 | 5,951 | 6,077 | 5.00%, 07/01/2035 | 23 | 25 | ||||||
3.50%, 06/01/2042 | 3,103 | 3,156 | 5.00%, 02/01/2038 | 1,847 | 2,000 | ||||||
3.50%, 07/01/2042 | 4,677 | 4,767 | 5.00%, 03/01/2038 | 1,240 | 1,346 |
See accompanying notes.
164
Schedule of Investments Government & High Quality Bond Fund April 30, 2019 (unaudited)
U.S. GOVERNMENT & GOVERNMENT | Principal | U.S. GOVERNMENT & GOVERNMENT | Principal | ||||||||
AGENCY OBLIGATIONS (continued) | Amount (000’s) Value (000’s) | AGENCY OBLIGATIONS (continued) | Amount (000’s) Value (000’s) | ||||||||
Federal National Mortgage Association (FNMA)/Federal Home Loan Mortgage | Government National Mortgage Association (GNMA) (continued) | ||||||||||
Corporation (FHLMC) Uniform Mortgage-Backed Security (continued) | 3.50%, 04/20/2045 | $ | 4,611 | $ | 4,692 | ||||||
5.00%, 02/01/2040 | $ | 6,234 | $ | 6,784 | 3.50%, 02/20/2047 | 2,271 | 2,307 | ||||
5.00%, 05/01/2040 | 2,513 | 2,736 | 3.50%, 05/20/2047 | 13,651 | 13,968 | ||||||
5.00%, 07/01/2040 | 1,589 | 1,729 | 3.50%, 10/20/2047 | 5,034 | 5,119 | ||||||
5.00%, 07/01/2041 | 7,169 | 7,805 | 3.50%, 11/20/2047 | 4,845 | 4,926 | ||||||
5.00%, 02/01/2044 | 3,277 | 3,548 | 4.00%, 08/15/2041 | 3,950 | 4,106 | ||||||
5.00%, 06/01/2044 | 3,226 | 3,495 | 4.00%, 09/15/2041 | 6,050 | 6,303 | ||||||
5.00%, 05/01/2048 | 5,516 | 6,014 | 4.00%, 03/15/2044 | 3,871 | 4,030 | ||||||
5.50%, 07/01/2019 | 1 | 1 | 4.00%, 10/20/2044 | 3,551 | 3,669 | ||||||
5.50%, 08/01/2019 | 1 | 1 | 5.00%, 02/15/2034 | 115 | 123 | ||||||
5.50%, 06/01/2026 | 54 | 57 | 5.00%, 10/15/2039 | 2,481 | 2,659 | ||||||
5.50%, 07/01/2033 | 554 | 610 | 5.50%, 07/20/2033 | 963 | 1,054 | ||||||
5.50%, 02/01/2037 | 4 | 5 | 5.50%, 03/20/2034 | 991 | 1,085 | ||||||
5.50%, 12/01/2037 | 787 | 872 | 5.50%, 05/20/2035 | 102 | 112 | ||||||
5.50%, 03/01/2038 | 193 | 214 | 6.00%, 10/15/2023 | 59 | 63 | ||||||
6.00%, 12/01/2022 | 6 | 7 | 6.00%, 11/15/2023 | 10 | 11 | ||||||
6.00%, 03/01/2029 | 36 | 40 | 6.00%, 11/15/2023 | 22 | 24 | ||||||
6.00%, 12/01/2031 | 2 | 2 | 6.00%, 12/15/2023 | 6 | 6 | ||||||
6.00%, 12/01/2031 | 1 | 1 | 6.00%, 03/15/2024 | 10 | 10 | ||||||
6.00%, 11/01/2032 | 6 | 7 | 6.00%, 04/20/2026 | 31 | 33 | ||||||
6.00%, 03/01/2034 | 133 | 143 | 6.00%, 10/20/2028 | 5 | 5 | ||||||
6.00%, 11/01/2037 | 11 | 12 | 6.00%, 02/20/2029 | 56 | 62 | ||||||
6.00%, 02/01/2038 | 48 | 54 | 6.00%, 09/15/2032 | 58 | 63 | ||||||
6.00%, 03/01/2038 | 52 | 58 | 6.00%, 02/15/2033 | 17 | 19 | ||||||
6.00%, 04/01/2039 | 616 | 694 | 6.00%, 07/20/2033 | 756 | 856 | ||||||
6.50%, 09/01/2024 | 123 | 135 | 6.00%, 08/15/2038 | 67 | 72 | ||||||
6.50%, 08/01/2028 | 18 | 20 | 6.50%, 09/15/2023 | 2 | 2 | ||||||
6.50%, 12/01/2028 | 11 | 12 | 6.50%, 09/15/2023 | 13 | 14 | ||||||
6.50%, 02/01/2029 | 16 | 17 | 6.50%, 09/15/2023 | 8 | 9 | ||||||
6.50%, 03/01/2029 | 25 | 27 | 6.50%, 10/15/2023 | 11 | 12 | ||||||
6.50%, 04/01/2029 | 22 | 24 | 6.50%, 12/15/2023 | 3 | 3 | ||||||
6.50%, 06/01/2031 | 68 | 75 | 6.50%, 12/15/2023 | 11 | 12 | ||||||
6.50%, 06/01/2031 | 62 | 68 | 6.50%, 12/15/2023 | 11 | 12 | ||||||
6.50%, 12/01/2031 | 2 | 2 | 6.50%, 12/15/2023 | 7 | 8 | ||||||
6.50%, 01/01/2032 | 30 | 33 | 6.50%, 01/15/2024 | 3 | 3 | ||||||
6.50%, 04/01/2032 | 141 | 155 | 6.50%, 01/15/2024 | 9 | 10 | ||||||
6.50%, 04/01/2032 | 19 | 21 | 6.50%, 01/15/2024 | 19 | 21 | ||||||
6.50%, 08/01/2032 | 66 | 72 | 6.50%, 01/15/2024 | 1 | 1 | ||||||
6.50%, 02/01/2033 | 143 | 157 | 6.50%, 01/15/2024 | 2 | 2 | ||||||
6.50%, 04/01/2036 | 2 | 3 | 6.50%, 01/15/2024 | 4 | 4 | ||||||
6.50%, 08/01/2036 | 41 | 46 | 6.50%, 03/15/2024 | 5 | 6 | ||||||
6.50%, 08/01/2036 | 80 | 94 | 6.50%, 04/15/2024 | 8 | 9 | ||||||
6.50%, 10/01/2036 | 35 | 40 | 6.50%, 04/20/2024 | 4 | 4 | ||||||
6.50%, 11/01/2036 | 26 | 29 | 6.50%, 07/15/2024 | 19 | 21 | ||||||
6.50%, 07/01/2037 | 14 | 15 | 6.50%, 01/15/2026 | 5 | 5 | ||||||
6.50%, 07/01/2037 | 21 | 23 | 6.50%, 03/15/2026 | 7 | 8 | ||||||
6.50%, 08/01/2037 | 388 | 446 | 6.50%, 07/20/2026 | 1 | 1 | ||||||
6.50%, 08/01/2037 | 32 | 37 | 6.50%, 10/20/2028 | 6 | 7 | ||||||
6.50%, 02/01/2038 | 25 | 28 | 6.50%, 03/20/2031 | 50 | 57 | ||||||
6.50%, 05/01/2038 | 3 | 3 | 6.50%, 04/20/2031 | 41 | 47 | ||||||
7.00%, 05/01/2022 | 5 | 5 | 6.50%, 07/15/2031 | 1 | 1 | ||||||
7.00%, 11/01/2031 | 137 | 148 | 6.50%, 10/15/2031 | 10 | 11 | ||||||
7.50%, 01/01/2031 | 1 | 1 | 6.50%, 07/15/2032 | 3 | 3 | ||||||
7.50%, 08/01/2032 | 7 | 8 | 6.50%, 05/20/2034 | 524 | 597 | ||||||
8.50%, 09/01/2025 | 1 | 1 | 6.80%, 04/20/2025 | 24 | 24 | ||||||
9.00%, 09/01/2030 | 2 | 2 | 7.00%, 11/15/2022 | 2 | 2 | ||||||
$ | 588,386 | 7.00%, 12/15/2022 | 17 | 17 | |||||||
Government National Mortgage Association (GNMA) - 7.53% | 7.00%, 01/15/2023 | 4 | 4 | ||||||||
3.00%, 11/15/2042 | 6,383 | 6,396 | 7.00%, 01/15/2023 | 2 | 2 | ||||||
3.00%, 11/15/2042 | 4,337 | 4,337 | 7.00%, 01/15/2023 | 5 | 5 | ||||||
3.00%, 12/15/2042 | 4,352 | 4,362 | 7.00%, 02/15/2023 | 13 | 13 | ||||||
3.00%, 02/15/2043 | 4,911 | 4,921 | 7.00%, 07/15/2023 | 5 | 5 | ||||||
3.00%, 09/20/2046 | 7,040 | 7,045 | 7.00%, 07/15/2023 | 5 | 5 | ||||||
3.00%, 11/20/2046 | 4,837 | 4,834 | 7.00%, 07/15/2023 | 3 | 3 | ||||||
3.50%, 08/20/2042 | 4,421 | 4,503 | 7.00%, 08/15/2023 | 10 | 10 | ||||||
3.50%, 05/15/2043 | 7,372 | 7,532 | 7.00%, 10/15/2023 | 1 | 1 | ||||||
3.50%, 06/20/2043 | 5,218 | 5,321 | 7.00%, 12/15/2023 | 9 | 10 | ||||||
3.50%, 08/15/2043 | 6,166 | 6,295 | 7.00%, 12/15/2023 | 4 | 4 |
See accompanying notes.
165
Schedule of Investments Government & High Quality Bond Fund April 30, 2019 (unaudited)
U.S. GOVERNMENT & GOVERNMENT | Principal | ||||
AGENCY OBLIGATIONS (continued) | Amount (000’s) Value (000’s) | ||||
Government National Mortgage Association (GNMA) (continued) | |||||
7.00%, 01/15/2026 | $ | 7 | $ | 7 | |
7.00%, 01/15/2027 | 11 | 11 | |||
7.00%, 10/15/2027 | 7 | 7 | |||
7.00%, 10/15/2027 | 1 | 1 | |||
7.00%, 10/15/2027 | 1 | 1 | |||
7.00%, 12/15/2027 | 1 | 1 | |||
7.00%, 12/15/2027 | 3 | 3 | |||
7.00%, 02/15/2028 | 1 | 1 | |||
7.00%, 04/15/2028 | 2 | 2 | |||
7.00%, 06/15/2028 | 94 | 101 | |||
7.00%, 12/15/2028 | 55 | 59 | |||
7.00%, 01/15/2029 | 37 | 40 | |||
7.00%, 03/15/2029 | 21 | 21 | |||
7.00%, 04/15/2029 | 5 | 5 | |||
7.00%, 04/15/2029 | 146 | 157 | |||
7.00%, 05/15/2031 | 6 | 6 | |||
7.00%, 07/15/2031 | 1 | 1 | |||
7.00%, 09/15/2031 | 1 | 1 | |||
7.50%, 12/15/2021 | 8 | 8 | |||
7.50%, 03/15/2022 | 4 | 4 | |||
7.50%, 04/15/2022 | 1 | 1 | |||
7.50%, 04/15/2022 | 12 | 12 | |||
7.50%, 08/15/2022 | 8 | 8 | |||
7.50%, 08/15/2022 | 2 | 2 | |||
7.50%, 08/15/2022 | 1 | 1 | |||
7.50%, 02/15/2023 | 4 | 5 | |||
7.50%, 05/15/2023 | 1 | 1 | |||
7.50%, 05/15/2023 | 5 | 5 | |||
7.50%, 06/15/2023 | 3 | 3 | |||
7.50%, 03/15/2024 | 8 | 9 | |||
7.50%, 08/15/2024 | 1 | 1 | |||
7.50%, 05/15/2027 | 4 | 4 | |||
7.50%, 05/15/2027 | 12 | 12 | |||
7.50%, 06/15/2027 | 8 | 8 | |||
7.50%, 08/15/2029 | 22 | 23 | |||
7.50%, 10/15/2029 | 15 | 15 | |||
7.50%, 11/15/2029 | 42 | 42 | |||
8.00%, 02/15/2022 | 6 | 6 | |||
8.00%, 04/15/2022 | 2 | 2 | |||
8.00%, 12/15/2030 | 5 | 6 | |||
9.00%, 11/15/2021 | 11 | 11 | |||
9.50%, 08/15/2021 | 7 | 7 | |||
$ | 112,539 | ||||
U.S. Treasury - 4.53% | |||||
1.13%, 03/31/2020 | 8,600 | 8,502 | |||
2.00%, 02/15/2025 | 4,500 | 4,417 | |||
2.13%, 12/31/2022 | 4,920 | 4,898 | |||
3.13%, 05/15/2021 | 16,000 | 16,267 | |||
4.25%, 11/15/2040 | 8,710 | 10,717 | |||
4.50%, 02/15/2036 | 6,000 | 7,482 | |||
5.25%, 11/15/2028 | 7,740 | 9,535 | |||
6.25%, 08/15/2023 | 5,100 | 5,921 | |||
$ | 67,739 | ||||
U.S. Treasury Strip - 0.45% | |||||
0.00%, 05/15/2020(f),(g) | 6,800 | 6,638 | |||
TOTAL U.S. GOVERNMENT & GOVERNMENT AGENCY | |||||
OBLIGATIONS | $ | 1,032,215 | |||
Total Investments | $ | 1,499,207 | |||
Other Assets and Liabilities - (0.30)% | (4,420 | ) | |||
TOTAL NET ASSETS - 100.00% | $ | 1,494,787 |
(a) | Affiliated Security. Security is either an affiliate (and registered under the Investment Company Act of 1940) or an affiliate as defined by the Investment |
Company Act of 1940 (controls 5.0% or more of the outstanding votingshares of the security). Please see affiliated sub-schedule for transactionalinformation. | |
(b) | Current yield shown is as of period end. |
(c) | Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description. Rate shown is the rate in effect as of period end. |
(d) | Security is an Interest Only Strip. |
(e) | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration,normally to qualified institutional buyers. At the end of the period, the value ofthese securities totaled $59,606 or 3.99% of net assets. |
(f) | Non-income producing security |
(g) | Security is a Principal Only Strip. |
Portfolio Summary (unaudited) | |||
Sector | Percent | ||
Mortgage Securities | 91.49 | % | |
Government | 4.98 | % | |
Money Market Funds | 2.66 | % | |
Asset Backed Securities | 1.17 | % | |
Other Assets and Liabilities | (0.30 | )% | |
TOTAL NET ASSETS | 100.00 | % |
See accompanying notes.
166
Schedule of Investments | ||||||||||||
Government & High Quality Bond Fund | ||||||||||||
April 30, 2019 (unaudited) | ||||||||||||
Affiliated Securities | October 31, 2018 | Purchases | Sales | April 30, 2019 | ||||||||
Value | Cost | Proceeds | Value | |||||||||
Principal Government Money Market Fund 2.38% | $ | 15,236 | $ | 184,893 | $ | 160,333 | $ | 39,796 | ||||
$ | 15,236 | $ | 184,893 | $ | 160,333 | $ | 39,796 | |||||
Realized Gain/Loss | Realized Gain from | Change in Unrealized | ||||||||||
Income | on Investments | Capital Gain Distributions | Gain/Loss | |||||||||
Principal Government Money Market Fund 2.38% | $ | 181 | $ | —$ | —$ | — | ||||||
$ | 181 | $ | —$ | —$ | — | |||||||
Amounts in thousands |
See accompanying notes.
167
Schedule of Investments | |||||||||||
High Yield Fund | |||||||||||
April 30, 2019 (unaudited) | |||||||||||
COMMON STOCKS - 0.47% | Shares Held Value (000's) | Principal | |||||||||
Energy - Alternate Sources - 0.00% | BONDS (continued) | Amount (000’s) Value (000’s) | |||||||||
Ogden Corp(a),(b),(c) | 5,000,000 | $ | — | Banks (continued) | |||||||
Oil & Gas - 0.23% | ING GroepNV | ||||||||||
Chaparral EnergyInc- A Shares(a) | 986,642 | 6,867 | 6.00%, 12/31/2049(i),(j) | $ | 2,555 | $ | 2,574 | ||||
Oil & Gas Services - 0.16% | USD Swap Semi-Annual 5 Year + 4.45% | ||||||||||
Patterson-UTI EnergyInc | 338,411 | 4,599 | Intesa SanpaoloSpA | ||||||||
Retail - 0.08% | 3.13%, 07/14/2022(f) | 4,165 | 4,080 | ||||||||
Claire's Holdings LLC(a),(b),(c) | 4,036 | 2,422 | JPMorgan Chase & Co | ||||||||
TOTAL COMMON STOCKS | $ | 13,888 | 4.62%, 12/31/2049(i),(j) | 10,025 | 9,506 | ||||||
INVESTMENT COMPANIES - 2.66% | Shares Held Value (000's) | 3 Month USD LIBOR + 2.58% | |||||||||
Lloyds Banking Group PLC | |||||||||||
Money Market Funds - 2.66% | 7.50%, 12/31/2049(i),(j) | 4,450 | 4,618 | ||||||||
Principal Government Money Market Fund | 78,035,936 | 78,036 | USD Swap Semi-Annual 5 Year + 4.50% | ||||||||
2.38%(d),(e) | Popular Inc | ||||||||||
TOTAL INVESTMENT COMPANIES | $ | 78,036 | 6.13%, 09/14/2023 | 8,720 | 9,069 | ||||||
PREFERRED STOCKS - 0.17% | Shares Held Value (000's) | $ | 70,521 | ||||||||
Agriculture - 0.13% | Building Materials - 0.79% | ||||||||||
Pinnacle Operating Corp 0.00%(a),(b),(c) | 11,469,815 $ | 3,900 | BMC East LLC | ||||||||
Retail - 0.04% | 5.50%, 10/01/2024(f) | 14,620 | 14,657 | ||||||||
Claire's Stores 0.00%(a),(b),(c) | 1,073 | 1,039 | Standard Industries Inc/NJ | ||||||||
TOTAL PREFERRED STOCKS | $ | 4,939 | 4.75%, 01/15/2028(f) | 8,820 | 8,456 | ||||||
Principal | $ | 23,113 | |||||||||
BONDS - 83.72% | Amount (000's) Value (000's) | Chemicals - 2.86% | |||||||||
Aerospace & Defense - 1.91% | Alpha 2 BV | ||||||||||
Air 2 US | 8.75%, PIK 9.50%, 06/01/2023(f),(g),(h) | 6,300 | 6,253 | ||||||||
8.63%, 10/01/2020(f) | $ | 440 | $ | 449 | Aruba InvestmentsInc | ||||||
BBA US HoldingsInc | 8.75%, 02/15/2023(f) | 11,725 | 11,784 | ||||||||
5.38%, 05/01/2026(f) | 2,890 | 2,962 | Blue CubeSpincoLLC | ||||||||
BombardierInc | 9.75%, 10/15/2023 | 5,350 | 5,979 | ||||||||
7.50%, 03/15/2025(f) | 25,055 | 25,149 | CF IndustriesInc | ||||||||
TransDigmInc | 5.15%, 03/15/2034 | 11,095 | 10,734 | ||||||||
6.25%, 03/15/2026(f) | 12,880 | 13,412 | Consolidated Energy Finance SA | ||||||||
Triumph GroupInc | 6.50%, 05/15/2026(f) | 13,785 | 14,061 | ||||||||
7.75%, 08/15/2025 | 14,050 | 14,015 | 6.88%, 06/15/2025(f) | 20,910 | 21,537 | ||||||
$ | 55,987 | NOVA Chemicals Corp | |||||||||
Agriculture - 0.24% | 5.25%, 06/01/2027(f) | 10,415 | 10,233 | ||||||||
Pinnacle Operating Corp | Olin Corp | ||||||||||
9.00%, 05/15/2023(f) | 16,469 | 7,082 | 5.00%, 02/01/2030 | 3,545 | 3,509 | ||||||
Airlines - 0.06% | $ | 84,090 | |||||||||
American Airlines 2015-1 Class B Pass Through | Coal - 0.30% | ||||||||||
Trust | Alliance Resource Operating Partners LP / | ||||||||||
3.70%, 11/01/2024 | 1,906 | 1,885 | Alliance Resource Finance Corp | ||||||||
Automobile Manufacturers - 0.83% | 7.50%, 05/01/2025(f) | 8,415 | 8,825 | ||||||||
Jaguar Land Rover Automotive PLC | Commercial Services - 2.20% | ||||||||||
3.50%, 03/15/2020(f) | 7,400 | 7,328 | Ahern RentalsInc | ||||||||
Navistar International Corp | 7.38%, 05/15/2023(f) | 17,235 | 15,339 | ||||||||
6.63%, 11/01/2025(f) | 16,888 | 17,205 | Garda World Security Corp | ||||||||
$ | 24,533 | 8.75%, 05/15/2025(f) | 14,630 | 13,792 | |||||||
Automobile Parts & Equipment - 0.53% | Refinitiv US HoldingsInc | ||||||||||
American Axle & ManufacturingInc | 8.25%, 11/15/2026(f) | 4,745 | 4,809 | ||||||||
6.25%, 04/01/2025 | 8,740 | 8,785 | TMS International Corp | ||||||||
IHOVerwaltungs GmbH | 7.25%, 08/15/2025(f) | 11,135 | 10,912 | ||||||||
4.75%, PIK 5.50%, 09/15/2026(f),(g),(h) | 2,985 | 2,895 | United Rentals North AmericaInc | ||||||||
Panther BF Aggregator 2 LP / Panther Finance | 4.63%, 10/15/2025 | 6,135 | 6,089 | ||||||||
CoInc | 4.88%, 01/15/2028 | 2,815 | 2,794 | ||||||||
6.25%, 05/15/2026(f) | 3,650 | 3,801 | 5.25%, 01/15/2030(k) | 2,595 | 2,608 | ||||||
$ | 15,481 | 5.88%, 09/15/2026 | 2,720 | 2,842 | |||||||
Banks - 2.40% | 6.50%, 12/15/2026 | 5,225 | 5,591 | ||||||||
Barclays PLC | $ | 64,776 | |||||||||
4.84%, 05/09/2028 | 7,865 | 7,886 | Computers - 1.48% | ||||||||
7.75%, 12/31/2049(i),(j) | 4,830 | 4,993 | Dell International LLC / EMC Corp | ||||||||
USD Swap Semi-Annual 5 Year + 4.84% | 4.90%, 10/01/2026(f) | 13,475 | 13,802 | ||||||||
CIT GroupInc | 7.13%, 06/15/2024(f) | 28,025 | 29,649 | ||||||||
5.00%, 08/15/2022 | 8,500 | 8,840 | $ | 43,451 | |||||||
5.25%, 03/07/2025 | 1,270 | 1,351 | Consumer Products - 0.61% | ||||||||
5.80%, 12/31/2049(i),(j) | 10,154 | 10,192 | Prestige Brands Inc | ||||||||
3 Month USD LIBOR + 3.97% | 6.38%, 03/01/2024(f) | 9,095 | 9,391 | ||||||||
Deutsche Bank AG/New York NY | |||||||||||
3.30%, 11/16/2022 | 7,680 | 7,412 |
See accompanying notes.
168
Schedule of Investments High Yield Fund April 30, 2019 (unaudited)
Principal | Principal | |||||||||||
BONDS (continued) | Amount (000’s) Value (000’s) | BONDS (continued) | Amount (000’s) Value (000’s) | |||||||||
Consumer Products (continued) | Entertainment (continued) | |||||||||||
Spectrum Brands Inc | Eldorado ResortsInc | |||||||||||
5.75%, 07/15/2025 | $ | 8,205 | $ | 8,392 | 6.00%, 04/01/2025 | $ | 3,340 | $ | 3,449 | |||
$ | 17,783 | 6.00%, 09/15/2026 | 14,030 | 14,556 | ||||||||
Distribution & Wholesale - 1.04% | Enterprise Development Authority/The | |||||||||||
American Builders & Contractors Supply CoInc | 12.00%, 07/15/2024(f) | 14,350 | 14,709 | |||||||||
5.75%, 12/15/2023(f) | 7,220 | 7,482 | International Game Technology PLC | |||||||||
5.88%, 05/15/2026(f) | 6,930 | 7,138 | 6.25%, 01/15/2027(f) | 2,030 | 2,134 | |||||||
Global Partners LP / GLP Finance Corp | 6.50%, 02/15/2025(f) | 11,815 | 12,583 | |||||||||
7.00%, 06/15/2023 | 9,225 | 9,225 | Lions Gate Capital Holdings LLC | |||||||||
H&E Equipment ServicesInc | 5.88%, 11/01/2024(f) | 8,635 | 8,808 | |||||||||
5.63%, 09/01/2025 | 6,470 | 6,567 | 6.38%, 02/01/2024(f) | 8,885 | 9,296 | |||||||
$ | 30,412 | Scientific Games InternationalInc | ||||||||||
Diversified Financial Services- 3.32% | 10.00%, 12/01/2022 | 2,236 | 2,353 | |||||||||
Ally FinancialInc | $ | 109,072 | ||||||||||
5.75%, 11/20/2025 | 12,060 | 13,070 | Food - 3.52% | |||||||||
Avation Capital SA | Albertsons Cos LLC / SafewayInc/ New | |||||||||||
6.50%, 05/15/2021(f) | 5,900 | 5,900 | Albertsons LP / Albertson's LLC | |||||||||
Credit Acceptance Corp | 7.50%, 03/15/2026(f) | 17,225 | 18,259 | |||||||||
6.13%, 02/15/2021 | 12,090 | 12,105 | Ingles MarketsInc | |||||||||
6.63%, 03/15/2026(f) | 3,410 | 3,589 | 5.75%, 06/15/2023 | 15,890 | 16,089 | |||||||
7.38%, 03/15/2023 | 8,140 | 8,435 | JBS USA LUX SA / JBS USA FinanceInc | |||||||||
Doric Nimrod Air Finance Alpha Ltd 2012-1 | 5.75%, 06/15/2025(f) | 12,545 | 12,827 | |||||||||
Class B Pass Through Trust | 7.25%, 06/01/2021(f) | 13,258 | 13,291 | |||||||||
6.50%, 05/30/2021(f) | 466 | 472 | JBS USA LUX SA / JBS USA Food Co / JBS | |||||||||
E*TRADE Financial Corp | USA FinanceInc | |||||||||||
5.30%, 12/31/2049(i),(j) | 11,295 | 10,998 | 6.50%, 04/15/2029(f) | 15,915 | 16,870 | |||||||
3 Month USD LIBOR + 3.16% | Post Holdings Inc | |||||||||||
NavientCorp | 5.00%, 08/15/2026(f) | 21,625 | 21,544 | |||||||||
6.13%, 03/25/2024 | 5,490 | 5,615 | 5.75%, 03/01/2027(f) | 4,490 | 4,602 | |||||||
6.63%, 07/26/2021 | 4,245 | 4,447 | $ | 103,482 | ||||||||
6.75%, 06/15/2026 | 4,900 | 4,937 | Forest Products & Paper - 0.20% | |||||||||
Springleaf Finance Corp | Sappi Papier Holding GmbH | |||||||||||
6.88%, 03/15/2025 | 17,710 | 18,994 | 7.50%, 06/15/2032(f) | 5,985 | 6,015 | |||||||
VantivLLC /VantivIssuer Corp | Gas - 0.22% | |||||||||||
4.38%, 11/15/2025(f) | 8,780 | 9,022 | NGL Energy Partners LP / NGL Energy Finance | |||||||||
$ | 97,584 | Corp | ||||||||||
Electric - 1.78% | 7.50%, 11/01/2023 | 6,277 | 6,527 | |||||||||
Elwood Energy LLC | Healthcare - Products - 0.24% | |||||||||||
8.16%, 07/05/2026 | 5,378 | 5,835 | Kinetic ConceptsInc/ KCI USAInc | |||||||||
Indiantown Cogeneration LP | 7.88%, 02/15/2021(f) | 6,781 | 6,923 | |||||||||
9.77%, 12/15/2020 | 946 | 979 | Healthcare - Services - 4.54% | |||||||||
NRG EnergyInc | AHP Health PartnersInc | |||||||||||
6.25%, 05/01/2024 | 12,590 | 12,995 | 9.75%, 07/15/2026(f) | 9,500 | 10,296 | |||||||
6.63%, 01/15/2027 | 1,960 | 2,097 | Centene Corp | |||||||||
7.25%, 05/15/2026 | 8,070 | 8,786 | 4.75%, 05/15/2022 | 2,695 | 2,747 | |||||||
VistraEnergy Corp | 5.38%, 06/01/2026(f) | 10,895 | 11,333 | |||||||||
8.13%, 01/30/2026(f) | 1,840 | 2,006 | 6.13%, 02/15/2024 | 9,525 | 9,977 | |||||||
VistraOperations Co LLC | HCAInc | |||||||||||
5.50%, 09/01/2026(f) | 10,735 | 11,057 | 4.75%, 05/01/2023 | 21,400 | 22,361 | |||||||
5.63%, 02/15/2027(f) | 8,335 | 8,554 | 5.00%, 03/15/2024 | 14,905 | 15,779 | |||||||
$ | 52,309 | 5.50%, 06/15/2047 | 6,070 | 6,431 | ||||||||
Electrical Components & Equipment - 0.47% | 5.88%, 03/15/2022 | 2,165 | 2,316 | |||||||||
Energizer HoldingsInc | 5.88%, 02/01/2029 | 5,100 | 5,489 | |||||||||
5.50%, 06/15/2025(f) | 6,180 | 6,246 | MPH Acquisition Holdings LLC | |||||||||
6.38%, 07/15/2026(f) | 7,407 | 7,645 | 7.13%, 06/01/2024(f) | 6,057 | 6,089 | |||||||
$ | 13,891 | Tenet Healthcare Corp | ||||||||||
Electronics - 0.14% | 4.63%, 07/15/2024 | 13,860 | 13,899 | |||||||||
SensataTechnologies BV | 6.25%, 02/01/2027(f) | 4,925 | 5,134 | |||||||||
5.00%, 10/01/2025(f) | 3,905 | 4,003 | WellCareHealth Plans Inc | |||||||||
Entertainment - 3.71% | 5.25%, 04/01/2025 | 20,745 | 21,419 | |||||||||
Boyne USAInc | $ | 133,270 | ||||||||||
7.25%, 05/01/2025(f) | 8,120 | 8,810 | Home Builders - 2.54% | |||||||||
Caesars Resort Collection LLC / CRCFinco Inc | Century CommunitiesInc | |||||||||||
5.25%, 10/15/2025(f) | 18,190 | 17,781 | 5.88%, 07/15/2025 | 18,005 | 17,870 | |||||||
CCM MergerInc | KB Home | |||||||||||
6.00%, 03/15/2022(f) | 14,220 | 14,593 | 6.88%, 06/15/2027 | 2,925 | 3,053 | |||||||
7.63%, 05/15/2023 | 6,670 | 7,353 |
See accompanying notes.
169
Schedule of Investments High Yield Fund April 30, 2019 (unaudited)
Principal | Principal | ||||||||||
BONDS (continued) | Amount (000’s) Value (000’s) | BONDS (continued) | Amount (000’s) Value (000’s) | ||||||||
Home Builders (continued) | Media - 8.21% | ||||||||||
Lennar Corp | Altice Financing SA | ||||||||||
4.50%, 04/30/2024 | $ | 4,537 | $ | 4,628 | 6.63%, 02/15/2023(f) | $ | 15,100 | $ | 15,478 | ||
4.75%, 11/15/2022 | 7,561 | 7,739 | AlticeFincoSA | ||||||||
4.88%, 12/15/2023 | 5,060 | 5,231 | 8.13%, 01/15/2024(f) | 11,525 | 11,928 | ||||||
LGI HomesInc | Altice Luxembourg SA | ||||||||||
6.88%, 07/15/2026(f) | 8,735 | 8,844 | 7.75%, 05/15/2022(f) | 21,625 | 22,031 | ||||||
Taylor Morrison CommunitiesInc/ Taylor | AMC NetworksInc | ||||||||||
Morrison Holdings II Inc | 4.75%, 08/01/2025 | 11,380 | 11,318 | ||||||||
5.63%, 03/01/2024(f) | 8,500 | 8,585 | 5.00%, 04/01/2024 | 7,435 | 7,528 | ||||||
Williams Scotsman InternationalInc | CCO Holdings LLC / CCO Holdings Capital Corp | ||||||||||
7.88%, 12/15/2022(f) | 10,795 | 11,308 | 5.13%, 05/01/2023(f) | 34,210 | 35,065 | ||||||
$ | 74,611 | 5.50%, 05/01/2026(f) | 4,750 | 4,902 | |||||||
Insurance - 3.91% | CSC Holdings LLC | ||||||||||
Acrisure LLC / AcrisureFinance Inc | 5.50%, 04/15/2027(f) | 3,195 | 3,291 | ||||||||
8.13%, 02/15/2024(f) | 4,565 | 4,773 | 6.50%, 02/01/2029(f) | 12,688 | 13,624 | ||||||
AssuredPartnersInc | 6.63%, 10/15/2025(f) | 4,225 | 4,489 | ||||||||
7.00%, 08/15/2025(f) | 7,725 | 7,300 | DISH DBS Corp | ||||||||
Catlin Insurance Co Ltd | 5.88%, 07/15/2022 | 12,915 | 12,601 | ||||||||
5.57%, 07/29/2049(f),(i) | 12,565 | 12,334 | 5.88%, 11/15/2024 | 11,985 | 10,337 | ||||||
3 Month USD LIBOR + 2.98% | 7.75%, 07/01/2026 | 8,255 | 7,388 | ||||||||
CNO Financial GroupInc | Meredith Corp | ||||||||||
4.50%, 05/30/2020 | 8,206 | 8,288 | 6.88%, 02/01/2026 | 21,640 | 22,506 | ||||||
Liberty Mutual GroupInc | Radiate Holdco LLC / Radiate FinanceInc | ||||||||||
5.52%, 03/07/2067(f) | 18,417 | 17,496 | 6.63%, 02/15/2025(f) | 3,925 | 3,856 | ||||||
3 Month USD LIBOR + 2.91% | 6.88%, 02/15/2023(f) | 4,515 | 4,515 | ||||||||
Voya FinancialInc | UPC Holding BV | ||||||||||
5.65%, 05/15/2053(j) | 45,717 | 45,831 | 5.50%, 01/15/2028(f) | 7,740 | 7,817 | ||||||
3 Month USD LIBOR + 3.58% | Virgin Media Finance PLC | ||||||||||
6.13%, 12/31/2049(i),(j) | 6,630 | 6,895 | 5.75%, 01/15/2025(f) | 6,172 | 6,303 | ||||||
US Treasury Yield Curve Rate T Note | 6.00%, 10/15/2024(f) | 2,940 | 3,043 | ||||||||
Constant Maturity 5 Year + 3.36% | Virgin Media Secured Finance PLC | ||||||||||
XLIT Ltd | 5.25%, 01/15/2026(f) | 3,965 | 4,033 | ||||||||
5.05%, 12/31/2049(i) | 12,160 | 11,826 | ZiggoBond Co BV | ||||||||
3 Month USD LIBOR + 2.46% | 5.88%, 01/15/2025(f) | 855 | 855 | ||||||||
$ | 114,743 | 6.00%, 01/15/2027(f) | 14,620 | 14,328 | |||||||
Internet - 1.16% | Ziggo BV | ||||||||||
NetflixInc | 5.50%, 01/15/2027(f) | 14,095 | 14,060 | ||||||||
4.38%, 11/15/2026 | 14,505 | 14,342 | $ | 241,296 | |||||||
5.38%, 11/15/2029(f) | 2,440 | 2,470 | Metal Fabrication & Hardware - 0.23% | ||||||||
Zayo Group LLC / Zayo CapitalInc | Park-Ohio IndustriesInc | ||||||||||
6.00%, 04/01/2023 | 16,915 | 17,190 | 6.63%, 04/15/2027 | 6,640 | 6,640 | ||||||
$ | 34,002 | Mining - 2.12% | |||||||||
Iron & Steel - 0.94% | ConstelliumNV | ||||||||||
AK Steel Corp | 5.88%, 02/15/2026(f) | 2,070 | 2,101 | ||||||||
6.38%, 10/15/2025 | 12,870 | 10,778 | 6.63%, 03/01/2025(f) | 8,550 | 8,892 | ||||||
7.50%, 07/15/2023 | 5,570 | 5,709 | First Quantum Minerals Ltd | ||||||||
7.63%, 10/01/2021 | 2,465 | 2,453 | 6.50%, 03/01/2024(f) | 1,790 | 1,689 | ||||||
Commercial Metals Co | 7.25%, 04/01/2023(f) | 3,880 | 3,843 | ||||||||
4.88%, 05/15/2023 | 8,468 | 8,553 | 7.50%, 04/01/2025(f) | 4,635 | 4,479 | ||||||
$ | 27,493 | HudbayMinerals Inc | |||||||||
Leisure Products & Services - 0.43% | 7.63%, 01/15/2025(f) | 6,600 | 6,864 | ||||||||
Silversea Cruise Finance Ltd | IAMGOLD Corp | ||||||||||
7.25%, 02/01/2025(f) | 11,655 | 12,544 | 7.00%, 04/15/2025(f) | 20,355 | 20,762 | ||||||
Lodging - 1.53% | Midwest Vanadium Pty Ltd | ||||||||||
Jack Ohio Finance LLC / Jack Ohio Finance 1 | 0.00%, 02/15/2018(a),(f) | 10,465 | 37 | ||||||||
Corp | TasekoMines Ltd | ||||||||||
6.75%, 11/15/2021(f) | 15,360 | 15,840 | 8.75%, 06/15/2022(f) | 11,715 | 11,261 | ||||||
MGM Resorts International | Teck Resources Ltd | ||||||||||
5.50%, 04/15/2027 | 8,980 | 9,261 | 8.50%, 06/01/2024(f) | 2,085 | 2,231 | ||||||
Wynn Las Vegas LLC / Wynn Las Vegas Capital | $ | 62,159 | |||||||||
Corp | Oil & Gas - 5.66% | ||||||||||
5.25%, 05/15/2027(f) | 15,135 | 14,775 | Ascent Resources Utica Holdings LLC / ARU | ||||||||
5.50%, 03/01/2025(f) | 5,050 | 5,113 | Finance Corp | ||||||||
$ | 44,989 | 7.00%, 11/01/2026(f) | 6,360 | 6,201 | |||||||
Machinery - Diversified- 0.48% | 10.00%, 04/01/2022(f) | 8,256 | 9,020 | ||||||||
Cloud Crane LLC | Brazos Valley Longhorn LLC / Brazos Valley | ||||||||||
10.13%, 08/01/2024(f) | 13,095 | 14,077 | Longhorn Finance Corp | ||||||||
6.88%, 02/01/2025 | 10,535 | 10,588 |
See accompanying notes.
170
Schedule of Investments High Yield Fund April 30, 2019 (unaudited)
Principal | Principal | |||||||||||
BONDS (continued) | Amount (000’s) Value (000’s) | BONDS (continued) | Amount (000’s) Value (000’s) | |||||||||
Oil & Gas (continued) | Packaging & Containers (continued) | |||||||||||
Chesapeake Energy Corp | Flex Acquisition CoInc | |||||||||||
7.00%, 10/01/2024 | $ | 9,121 | $ | 9,015 | 6.88%, 01/15/2025(f) | $ | 16,340 | $ | 15,237 | |||
Chesapeake Oil Op/Fin Escrow Shares | Reynolds Group IssuerInc/ Reynolds | |||||||||||
0.00%, 11/15/2019(a),(b),(c) | 11,835 | — | Group Issuer LLC / Reynolds Group Issuer | |||||||||
CrownRock LP / CrownRockFinance Inc | (Luxembourg) S.A. | |||||||||||
5.63%, 10/15/2025(f) | 9,680 | 9,559 | 5.13%, 07/15/2023(f) | 15,260 | 15,481 | |||||||
Endeavor Energy Resources LP / EER Finance | 6.10%, 07/15/2021(f) | 6,620 | 6,645 | |||||||||
Inc | 3 Month USD LIBOR + 3.50% | |||||||||||
5.50%, 01/30/2026(f) | 7,665 | 7,991 | 7.00%, 07/15/2024(f) | 1,950 | 2,016 | |||||||
EP Energy LLC / Everest Acquisition FinanceInc | $ | 105,860 | ||||||||||
7.75%, 05/15/2026(f) | 14,700 | 13,083 | Pharmaceuticals - 0.57% | |||||||||
Extraction Oil & GasInc | Bausch Health AmericasInc | |||||||||||
7.38%, 05/15/2024(f) | 6,600 | 5,940 | 8.50%, 01/31/2027(f) | 12,710 | 13,846 | |||||||
Gulfport Energy Corp | Par Pharmaceutical Inc | |||||||||||
6.38%, 05/15/2025 | 15,640 | 13,763 | 7.50%, 04/01/2027(f) | 2,810 | 2,915 | |||||||
Jagged Peak Energy LLC | $ | 16,761 | ||||||||||
5.88%, 05/01/2026 | 8,305 | 8,346 | Pipelines - 2.69% | |||||||||
Nabors IndustriesInc | Antero Midstream Partners LP / Antero | |||||||||||
5.75%, 02/01/2025 | 8,415 | 7,658 | Midstream Finance Corp | |||||||||
Oasis Petroleum Inc | 5.38%, 09/15/2024 | 5,790 | 5,902 | |||||||||
6.25%, 05/01/2026(f) | 6,270 | 6,051 | 5.75%, 03/01/2027(f) | 9,965 | 10,164 | |||||||
6.88%, 01/15/2023 | 235 | 235 | Crestwood Midstream Partners LP / Crestwood | |||||||||
Sanchez Energy Corp | Midstream Finance Corp | |||||||||||
7.25%, 02/15/2023(f) | 4,840 | 4,078 | 5.63%, 05/01/2027(f) | 14,640 | 14,585 | |||||||
Southwestern Energy Co | Hess Infrastructure Partners LP / Hess | |||||||||||
7.75%, 10/01/2027 | 14,815 | 15,000 | Infrastructure Partners Finance Corp | |||||||||
Sunoco LP / Sunoco Finance Corp | 5.63%, 02/15/2026(f) | 10,520 | 10,757 | |||||||||
4.88%, 01/15/2023 | 10,615 | 10,787 | NuStar Logistics LP | |||||||||
5.50%, 02/15/2026 | 8,170 | 8,313 | 5.63%, 04/28/2027 | 10,009 | 10,006 | |||||||
Ultra ResourcesInc | Summit Midstream Holdings LLC / Summit | |||||||||||
6.88%, 04/15/2022(f) | 7,440 | 2,418 | Midstream Finance Corp | |||||||||
Unit Corp | 5.75%, 04/15/2025 | 8,665 | 7,994 | |||||||||
6.63%, 05/15/2021 | 8,600 | 8,428 | Targa Resources Partners LP / Targa Resources | |||||||||
Whiting Petroleum Corp | Partners Finance Corp | |||||||||||
6.25%, 04/01/2023 | 4,215 | 4,310 | 5.88%, 04/15/2026 | 6,382 | 6,719 | |||||||
6.63%, 01/15/2026 | 5,475 | 5,466 | 6.50%, 07/15/2027(f) | 9,407 | 10,077 | |||||||
$ | 166,250 | 6.88%, 01/15/2029(f) | 2,667 | 2,880 | ||||||||
Oil & Gas Services - 1.32% | $ | 79,084 | ||||||||||
Archrock Partners LP / ArchrockPartners Finance | Private Equity - 0.66% | |||||||||||
Corp | Icahn Enterprises LP / Icahn Enterprises Finance | |||||||||||
6.00%, 10/01/2022 | 7,955 | 8,015 | Corp | |||||||||
6.88%, 04/01/2027(f) | 1,330 | 1,385 | 5.88%, 02/01/2022 | 7,100 | 7,171 | |||||||
CalfracHoldings LP | 6.25%, 02/01/2022 | 5,585 | 5,754 | |||||||||
8.50%, 06/15/2026(f) | 8,080 | 6,707 | 6.38%, 12/15/2025 | 6,240 | 6,505 | |||||||
USA Compression Partners LP / USA | $ | 19,430 | ||||||||||
Compression Finance Corp | Real Estate - 0.25% | |||||||||||
6.88%, 04/01/2026 | 7,980 | 8,394 | ForestarGroupInc | |||||||||
6.88%, 09/01/2027(f) | 4,255 | 4,478 | 8.00%, 04/15/2024(f) | 7,065 | 7,242 | |||||||
Weatherford International Ltd | ||||||||||||
4.50%, 04/15/2022 | 3,855 | 2,679 | REITs - 1.43% | |||||||||
8.25%, 06/15/2023 | 5,345 | 3,688 | EquinixInc | |||||||||
9.88%, 02/15/2024 | 4,975 | 3,445 | 5.38%, 05/15/2027 | 255 | 270 | |||||||
$ | 38,791 | 5.88%, 01/15/2026 | 15,400 | 16,266 | ||||||||
Iron Mountain Inc | ||||||||||||
Packaging & Containers - 3.60% | 4.38%, 06/01/2021(f) | 6,430 | 6,470 | |||||||||
Ardagh Packaging Finance PLC / Ardagh | 5.25%, 03/15/2028(f) | 385 | 379 | |||||||||
Holdings USAInc | Iron Mountain US HoldingsInc | |||||||||||
6.00%, 02/15/2025(f) | 13,865 | 13,969 | 5.38%, 06/01/2026(f) | 9,655 | 9,559 | |||||||
7.25%, 05/15/2024(f) | 5,010 | 5,278 | MGM Growth Properties Operating Partnership | |||||||||
BWAY Holding Co | LP / MGP Finance Co-IssuerInc | |||||||||||
7.25%, 04/15/2025(f) | 19,130 | 18,628 | 5.63%, 05/01/2024 | 8,640 | 9,061 | |||||||
Crown Americas LLC / Crown Americas Capital | $ | 42,005 | ||||||||||
Corp V | ||||||||||||
4.25%, 09/30/2026 | 2,000 | 1,947 | Retail - 1.34% | |||||||||
Crown Americas LLC / Crown Americas Capital | 1011778 BC ULC / New Red FinanceInc | |||||||||||
Corp VI | 5.00%, 10/15/2025(f) | 14,895 | 14,783 | |||||||||
4.75%, 02/01/2026 | 8,490 | 8,628 | Claire's Stores Escrow - GCB | |||||||||
Crown Cork & Seal CoInc | 0.00%, 03/15/2019(a),(b),(c) | 6,962 | — | |||||||||
7.38%, 12/15/2026 | 16,099 | 18,031 |
See accompanying notes.
171
Schedule of Investments High Yield Fund April 30, 2019 (unaudited)
Principal | Principal | |||||||||||
BONDS (continued) | Amount (000’s) Value (000’s) | BONDS (continued) | Amount (000’s) Value (000’s) | |||||||||
Retail (continued) | Transportation (continued) | |||||||||||
Golden NuggetInc | NaviosMaritime Acquisition Corp /Navios | |||||||||||
6.75%, 10/15/2024(f) | $ | 15,595 | $ | 15,946 | Acquisition Finance USInc | |||||||
IRB Holding Corp | 8.13%, 11/15/2021(f) | $ | 31,710 | $ | 26,319 | |||||||
6.75%, 02/15/2026(f) | 8,665 | 8,600 | Navios Maritime Holdings Inc/Navios Maritime | |||||||||
$ | 39,329 | Finance II USInc | ||||||||||
Savings & Loans - 0.00% | 7.38%, 01/15/2022(f) | 16,245 | 10,641 | |||||||||
Washington Mutual Bank / Henderson NV | 11.25%, 08/15/2022(f) | 8,545 | 5,768 | |||||||||
0.00%, 06/15/2011(a),(b),(c) | 3,500 | — | NaviosSouth American LogisticsInc/Navios | |||||||||
0.00%, 01/15/2013(a) | 3,000 | — | Logistics Finance USInc | |||||||||
0.00%, 01/15/2015(a) | 2,000 | — | 7.25%, 05/01/2022(f) | 8,470 | 7,771 | |||||||
3 Month USD LIBOR + 0.65% | $ | 57,541 | ||||||||||
$ | — | Trucking & Leasing - 1.40% | ||||||||||
Semiconductors - 0.41% | AvolonHoldings Funding Ltd | |||||||||||
SensataTechnologies UK Financing Co PLC | 4.38%, 05/01/2026(f) | 6,250 | 6,213 | |||||||||
6.25%, 02/15/2026(f) | 11,500 | 12,147 | 5.13%, 10/01/2023(f) | 4,080 | 4,229 | |||||||
Software - 0.19% | 5.25%, 05/15/2024(f) | 10,225 | 10,669 | |||||||||
Epicor Software Corp | 5.50%, 01/15/2023(f) | 1,115 | 1,165 | |||||||||
9.84%, 06/30/2023(f) | 5,658 | 5,664 | DAE Funding LLC | |||||||||
3 Month USD LIBOR + 7.25% | 4.50%, 08/01/2022(f) | 5,235 | 5,288 | |||||||||
Telecommunications - 7.30% | 5.75%, 11/15/2023(f) | 8,890 | 9,312 | |||||||||
Altice France SA/France | Park Aerospace Holdings Ltd | |||||||||||
8.13%, 02/01/2027(f) | 9,145 | 9,557 | 5.50%, 02/15/2024(f) | 4,040 | 4,259 | |||||||
Embarq Corp | $ | 41,135 | ||||||||||
8.00%, 06/01/2036 | 12,430 | 12,259 | TOTAL BONDS | $ | 2,459,273 | |||||||
Frontier Communications Corp | Principal | |||||||||||
8.50%, 04/01/2026(f) | 20,540 | 19,359 | CONVERTIBLE BONDS - 0.00% | Amount (000's) Value (000's) | ||||||||
11.00%, 09/15/2025 | 12,760 | 8,262 | Food - 0.00% | |||||||||
GTT CommunicationsInc | Fresh Express Delivery Holding Group Co Ltd | |||||||||||
7.88%, 12/31/2024(f) | 8,560 | 8,068 | 0.00%, 11/09/2009(a),(b),(c) | HKD | 46,500 | — | ||||||
Intelsat Jackson Holdings SA | 0.00%, 10/18/2010(a),(b),(c) | CNY | 245,000 | — | ||||||||
5.50%, 08/01/2023 | 16,140 | 14,607 | $ | — | ||||||||
8.00%, 02/15/2024(f) | 3,235 | 3,377 | TOTAL CONVERTIBLE BONDS | $ | — | |||||||
Intelsat Luxembourg SA | SENIOR FLOATING RATE INTERESTS | Principal | ||||||||||
7.75%, 06/01/2021 | 5,955 | 5,538 | - 11.50% | Amount (000's) Value (000's) | ||||||||
Level 3 Financing Inc | Automobile Manufacturers - 0.45% | |||||||||||
5.13%, 05/01/2023 | 4,440 | 4,486 | Navistar Financial Corp | |||||||||
5.38%, 01/15/2024 | 6,895 | 6,981 | 6.25%, 07/30/2025(l) | $ | 7,696 | $ | 7,696 | |||||
Level 3 Parent LLC | US LIBOR + 3.75% | |||||||||||
5.75%, 12/01/2022 | 5,470 | 5,516 | Navistar Inc | |||||||||
Sprint Capital Corp | 5.70%, 11/06/2024(l) | 5,431 | 5,429 | |||||||||
8.75%, 03/15/2032 | 6,850 | 7,192 | US LIBOR + 3.50% | |||||||||
Sprint CommunicationsInc | $ | 13,125 | ||||||||||
6.00%, 11/15/2022 | 13,755 | 13,841 | Automobile Parts & Equipment - 0.51% | |||||||||
7.00%, 08/15/2020 | 7,000 | 7,263 | Panther BF Aggregator 2 LP | |||||||||
Sprint Corp | 0.00%, 03/18/2026(l),(m) | 15,000 | 15,047 | |||||||||
7.13%, 06/15/2024 | 8,840 | 8,859 | US LIBOR + 3.50% | |||||||||
7.63%, 03/01/2026 | 3,110 | 3,110 | Chemicals - 0.18% | |||||||||
7.88%, 09/15/2023 | 14,995 | 15,620 | Emerald Performance Materials LLC | |||||||||
Telecom Italia Capital SA | 10.23%, 08/01/2022(l) | 5,505 | 5,395 | |||||||||
6.38%, 11/15/2033 | 3,120 | 3,033 | US LIBOR + 6.75% | |||||||||
Telecom Italia SpA/Milano | Commercial Services - 0.72% | |||||||||||
5.30%, 05/30/2024(f) | 13,065 | 13,016 | Garda World Security Corp | |||||||||
T-Mobile USAInc | 6.12%, 05/24/2024(l) | 4,012 | 4,002 | |||||||||
4.00%, 04/15/2022 | 1,740 | 1,757 | US LIBOR + 3.50% | |||||||||
4.50%, 02/01/2026 | 3,515 | 3,530 | Refinitiv US HoldingsInc | |||||||||
5.13%, 04/15/2025 | 13,770 | 14,183 | 6.23%, 09/18/2025(l) | 17,491 | 17,295 | |||||||
6.00%, 04/15/2024 | 300 | 312 | US LIBOR + 3.75% | |||||||||
6.50%, 01/15/2024 | 4,025 | 4,166 | $ | 21,297 | ||||||||
6.50%, 01/15/2026 | 11,120 | 11,895 | Computers - 0.49% | |||||||||
Wind Tre SpA | McAfee LLC | |||||||||||
5.00%, 01/20/2026(f) | 9,495 | 8,678 | 10.98%, 09/29/2025(l) | 14,234 | 14,377 | |||||||
$ | 214,465 | US LIBOR + 8.50% | ||||||||||
Transportation - 1.96% | Consumer Products - 0.18% | |||||||||||
Eletson Holdings Inc/EletsonFinance US LLC / | Prestige Brands Inc | |||||||||||
Agathonissos Finance LLC | 4.48%, 01/26/2024(l) | 5,349 | 5,332 | |||||||||
0.00%, 01/15/2022(a),(g) | 18,905 | 7,042 | US LIBOR + 2.00% |
See accompanying notes.
172
Schedule of Investments High Yield Fund April 30, 2019 (unaudited)
SENIOR FLOATING RATE INTERESTS | Principal | SENIOR FLOATING RATE INTERESTS | Principal | |||||||||
(continued) | Amount (000’s) Value (000’s) | (continued) | Amount (000’s) Value (000’s) | |||||||||
Diversified Financial Services- 0.50% | Miscellaneous Manufacturers - 0.12% | |||||||||||
Russell Investments US Institutional HoldcoInc | Hexion International Holdings BV | |||||||||||
5.85%, 06/01/2023(l) | $ | 14,741 | $ | 14,697 | 5.35%, 10/12/2020(l) | $ | 3,500 | $ | 3,504 | |||
US LIBOR + 3.25% | US LIBOR + 2.75% | |||||||||||
Electrical Components & Equipment - 0.04% | Oil & Gas - 0.62% | |||||||||||
Energizer HoldingsInc | California Resources Corp | |||||||||||
4.75%, 12/17/2025(l) | 1,117 | 1,117 | 7.23%, 12/31/2022(l) | 7,570 | 7,324 | |||||||
US LIBOR + 2.25% | US LIBOR + 4.75% | |||||||||||
Entertainment - 0.75% | 12.85%, 12/31/2021(l) | 10,680 | 10,967 | |||||||||
CCM MergerInc | US LIBOR + 10.37% | |||||||||||
4.73%, 08/06/2021(l) | 6,193 | 6,190 | $ | 18,291 | ||||||||
US LIBOR + 2.25% | Packaging & Containers - 0.07% | �� | ||||||||||
Eldorado ResortsInc | BWAY Holding Co | |||||||||||
4.75%, 04/17/2024(l) | 10,910 | 10,892 | 0.00%, 04/03/2024(l),(m) | 2,055 | 2,028 | |||||||
US LIBOR + 2.25% | US LIBOR + 3.25% | |||||||||||
Lions Gate Capital Holdings LLC | Pharmaceuticals - 1.68% | |||||||||||
4.73%, 03/24/2025(l) | 4,891 | 4,863 | Bausch Health AmericasInc | |||||||||
US LIBOR + 2.25% | 5.22%, 11/14/2025(l) | 10,502 | 10,507 | |||||||||
$ | 21,945 | US LIBOR + 2.75% | ||||||||||
Environmental Control - 0.19% | 5.47%, 05/19/2025(l) | 24,162 | 24,258 | |||||||||
Filtration Group Corp | US LIBOR + 3.00% | |||||||||||
5.48%, 03/31/2025(l) | 5,429 | 5,439 | Endo International PLC | |||||||||
US LIBOR + 3.00% | 6.75%, 04/29/2024(l) | 14,780 | 14,595 | |||||||||
Food - 0.10% | US LIBOR + 4.25% | |||||||||||
Post Holdings Inc | $ | 49,360 | ||||||||||
4.49%, 05/24/2024(l) | 2,857 | 2,857 | Retail - 0.88% | |||||||||
US LIBOR + 2.00% | Academy Ltd | |||||||||||
Healthcare - Products - 0.21% | 6.49%, 07/01/2022(l) | 11,621 | 8,610 | |||||||||
AgilitiHealth Inc | US LIBOR + 4.00% | |||||||||||
5.56%, 01/04/2026(l) | 1,400 | 1,397 | Claire's StoresInc | |||||||||
US LIBOR + 3.00% | 0.75%, 10/12/2022(l) | 192 | 190 | |||||||||
Kinetic ConceptsInc | US LIBOR + 7.50% | |||||||||||
5.85%, 02/02/2024(l) | 4,780 | 4,790 | 9.94%, 10/12/2038(l) | 638 | 926 | |||||||
US LIBOR + 3.25% | US LIBOR + 7.50% | |||||||||||
$ | 6,187 | IRB Holding Corp | ||||||||||
Healthcare - Services - 0.91% | 5.72%, 01/17/2025(l) | 4,144 | 4,132 | |||||||||
MPH Acquisition Holdings LLC | US LIBOR + 3.25% | |||||||||||
5.35%, 06/07/2023(l) | 11,917 | 11,793 | PetSmart Inc | |||||||||
US LIBOR + 3.00% | 6.73%, 03/11/2022(l) | 12,605 | 12,128 | |||||||||
RegionalCareHospital Partners Holdings Inc | US LIBOR + 3.00% | |||||||||||
6.99%, 11/14/2025(l) | 14,748 | 14,808 | $ | 25,986 | ||||||||
US LIBOR + 4.50% | Telecommunications - 1.46% | |||||||||||
$ | 26,601 | AvayaInc | ||||||||||
Insurance - 0.72% | 6.72%, 12/16/2024(l) | 15,929 | 15,959 | |||||||||
Asurion LLC | US LIBOR + 4.25% | |||||||||||
5.48%, 11/03/2023(l) | 5,150 | 5,163 | CommScopeInc | |||||||||
US LIBOR + 3.00% | 5.73%, 02/06/2026(l) | 8,500 | 8,566 | |||||||||
8.98%, 08/04/2025(l) | 2,085 | 2,124 | US LIBOR + 3.25% | |||||||||
US LIBOR + 6.50% | Level 3 Parent LLC | |||||||||||
Genworth HoldingsInc | 4.67%, 02/22/2024(l) | 5,125 | 5,126 | |||||||||
6.99%, 03/07/2023(l) | 13,749 | 13,852 | US LIBOR + 2.25% | |||||||||
US LIBOR + 4.50% | MaxarTechnologies Ltd | |||||||||||
$ | 21,139 | 5.24%, 10/05/2024(l) | 16,621 | 13,363 | ||||||||
Lodging - 0.28% | US LIBOR + 2.75% | |||||||||||
Golden Nugget LLC | $ | 43,014 | ||||||||||
5.23%, 10/04/2023(l) | 1,664 | 1,665 | Trucking & Leasing - 0.33% | |||||||||
US LIBOR + 2.75% | Avolon TLB Borrower 1 US LLC | |||||||||||
Marriott Ownership ResortsInc | 4.49%, 01/15/2025(l) | 9,748 | 9,743 | |||||||||
4.73%, 08/29/2025(l) | 6,454 | 6,460 | US LIBOR + 2.00% | |||||||||
US LIBOR + 2.25% | TOTAL SENIOR FLOATING RATE INTERESTS | $ | 337,802 | |||||||||
$ | 8,125 | |||||||||||
Media - 0.11% | ||||||||||||
CSC Holdings LLC | ||||||||||||
4.97%, 01/25/2026(l) | 3,203 | 3,196 | ||||||||||
US LIBOR + 2.50% |
See accompanying notes.
173
Schedule of Investments High Yield Fund April 30, 2019 (unaudited)
U.S. GOVERNMENT & GOVERNMENT | Principal | (h) | Payment in kind; the issuer has the option of paying additional securities in | ||||||
AGENCY OBLIGATIONS - 0.84% | Amount (000's) | Value (000's) | lieu of cash. | ||||||
U.S. Treasury Bill - 0.84% | (i) | Perpetual security. Perpetual securities pay an indefinite stream of interest, | |||||||
2.53%, 01/02/2020(n) | $ 25,000 $ | 24,601 | but they may be called by the issuer at an earlier date. Date shown, if any, | ||||||
TOTAL U.S. GOVERNMENT & GOVERNMENT AGENCY | reflects the next call date or final legal maturity date. Rate shown is as of | ||||||||
OBLIGATIONS | $ | 24,601 | period end. | ||||||
Total Investments | $ | 2,918,539 | (j) | Rate shown is as of period end. The rate may be a variable or floating rate or | |||||
Other Assets and Liabilities - 0.64% | 18,858 | a fixed rate which may convert to a variable or floating rate in the future. | |||||||
TOTAL NET ASSETS - 100.00% | $ | 2,937,397 | (k) | Security purchased on a when-issued basis. | |||||
(l) | Rate information disclosed is based on an average weighted rate of the | ||||||||
underlying tranches as of period end. | |||||||||
(a) | Non-income producing security | (m) | This Senior Floating Rate Note will settle after April 30, 2019, at which time | ||||||
(b) | The value of these investments was determined using significant unobservable | the interest rate will be determined. | |||||||
inputs. | (n) | Rate shown is the discount rate of the original purchase. | |||||||
(c) | Fair value of these investments is determined in good faith by the Manager | ||||||||
under procedures established and periodically reviewed by the Board of | |||||||||
Directors. Certain inputs used in the valuation may be unobservable; however, | Portfolio Summary (unaudited) | ||||||||
each security is evaluated individually for purposes of ASC 820 which results | Sector | Percent | |||||||
in not all securities being identified as Level 3 of the fair value hierarchy. At | Communications | 18.24 | % | ||||||
the end of the period, the fair value of these securities totaled $7,361 or 0.25% | Consumer, Non-cyclical | 15.85 | % | ||||||
of net assets. | Consumer, Cyclical | 15.00 | % | ||||||
(d) | Affiliated Security. Security is either an affiliate (and registered under the | Financial | 13.19 | % | |||||
Investment Company Act of 1940) or an affiliate as defined by the Investment | Industrial | 11.73 | % | ||||||
Company Act of 1940 (controls 5.0% or more of the outstanding voting | Energy | 10.98 | % | ||||||
shares of the security). Please see affiliated sub-schedule for transactional | Basic Materials | 6.30 | % | ||||||
information. | Money Market Funds | 2.66 | % | ||||||
(e) | Current yield shown is as of period end. | Technology | 2.57 | % | |||||
(f) | Security exempt from registration under Rule 144A of the Securities Act of | Utilities | 2.00 | % | |||||
1933. These securities may be resold in transactions exempt from registration, | Government | 0.84 | % | ||||||
normally to qualified institutional buyers. At the end of the period, the value of | Other Assets and Liabilities | 0.64 | % | ||||||
these securities totaled $1,393,978 or 47.46% of net assets. | TOTAL NET ASSETS | 100.00 | % | ||||||
(g) | Certain variable rate securities are not based on a published reference rate | ||||||||
and spread but are determined by the issuer or agent and are based on current | |||||||||
market conditions. These securities do not indicate a reference rate and | |||||||||
spread in their description. Rate shown is the rate in effect as of period end. |
Affiliated Securities | October 31, 2018 | Purchases | Sales | April 30, 2019 | ||||||||
Value | Cost | Proceeds | Value | |||||||||
Principal Government Money Market Fund 2.38% | $ | 12,827 | $ | 495,551 | $ | 430,342 | $ | 78,036 | ||||
$ | 12,827 | $ | 495,551 | $ | 430,342 | $ | 78,036 | |||||
Realized Gain/Loss | Realized Gain from | Change in Unrealized | ||||||||||
Income | on Investments | Capital Gain Distributions | Gain/Loss | |||||||||
Principal Government Money Market Fund 2.38% | $ | 799 | $ | —$ | —$ | — | ||||||
$ | 799 | $ | —$ | —$ | — | |||||||
Amounts in thousands |
See accompanying notes.
174
Schedule of Investments | |||||||||||
High Yield Fund I | |||||||||||
April 30, 2019 (unaudited) | |||||||||||
COMMON STOCKS - 0.07% | Shares Held Value (000's) | Principal | |||||||||
Distribution & Wholesale - 0.07% | BONDS (continued) | Amount (000’s) Value (000’s) | |||||||||
ATD New HoldingsInc(a),(b),(c) | 101,514 | $ | 2,525 | Aerospace & Defense (continued) | |||||||
Electric - 0.00% | TransDigm Inc (continued) | ||||||||||
VistraEnergy Corp - Rights(a),(b),(c) | 164,087 | — | 6.50%, 05/15/2025 | $ | 1,554 | $ | 1,570 | ||||
Oil & Gas - 0.00% | TransDigm UK Holdings PLC | ||||||||||
Sabine Oil & Gas HoldingsInc | 246 | 7 | 6.88%, 05/15/2026(g) | 625 | 628 | ||||||
Sabine Oil & Gas HoldingsInc- Warrants(a) | 759 | 3 | Triumph GroupInc | ||||||||
Sabine Oil & Gas HoldingsInc- Warrants(a) | 172 | — | 4.88%, 04/01/2021 | 550 | 542 | ||||||
$ | 10 | 5.25%, 06/01/2022 | 2,255 | 2,227 | |||||||
Retail - 0.00% | 7.75%, 08/15/2025 | 1,331 | 1,328 | ||||||||
Neebo, Inc- Warrants(a),(d) | 3,508 | — | $ | 48,270 | |||||||
Neebo, Inc- Warrants(a),(d) | 7,519 | — | Agriculture - 0.08% | ||||||||
$ | — | Darling Ingredients Inc | |||||||||
Telecommunications - 0.00% | 5.25%, 04/15/2027(g) | 685 | 697 | ||||||||
Goodman NetworksInc(a),(b),(c) | 15,207 | — | 5.38%, 01/15/2022 | 575 | 582 | ||||||
TOTAL COMMON STOCKS | $ | 2,535 | PyxusInternational Inc | ||||||||
INVESTMENT COMPANIES - 1.98% | Shares Held Value (000's) | 9.88%, 07/15/2021 | 200 | 178 | |||||||
Vector Group Ltd | |||||||||||
Money Market Funds - 1.98% | 6.13%, 02/01/2025(g) | 1,000 | 898 | ||||||||
Principal Government Money Market Fund | 69,870,147 | 69,870 | 10.50%, 11/01/2026(g) | 385 | 364 | ||||||
2.38%(e),(f) | $ | 2,719 | |||||||||
TOTAL INVESTMENT COMPANIES | $ | 69,870 | |||||||||
PREFERRED STOCKS - 0.00% | Shares Held Value (000's) | Airlines - 0.12% | |||||||||
Air Canada | |||||||||||
Telecommunications - 0.00% | 7.75%, 04/15/2021(g) | 250 | 267 | ||||||||
Goodman NetworksInc0.00%(a),(b),(c) | 18,092 | $ | 5 | American Airlines GroupInc | |||||||
TOTAL PREFERRED STOCKS | $ | 5 | 4.63%, 03/01/2020(g) | 300 | 302 | ||||||
Principal | UAL 2007-1 Pass Through Trust | ||||||||||
BONDS - 84.73% | Amount (000's) Value (000's) | 6.64%, 01/02/2024 | 221 | 233 | |||||||
Advertising - 0.40% | United Continental HoldingsInc | ||||||||||
AcostaInc | 4.25%, 10/01/2022 | 500 | 504 | ||||||||
7.75%, 10/01/2022(g) | $ | 1,980 | $ | 307 | 5.00%, 02/01/2024 | 1,737 | 1,787 | ||||
Lamar Media Corp | 6.00%, 12/01/2020 | 1,009 | 1,050 | ||||||||
5.00%, 05/01/2023 | 1,470 | 1,488 | Virgin Australia Holdings Ltd | ||||||||
5.38%, 01/15/2024 | 1,011 | 1,035 | 7.88%, 10/15/2021(g) | 200 | 205 | ||||||
5.75%, 02/01/2026 | 1,851 | 1,944 | $ | 4,348 | |||||||
MDC PartnersInc | Apparel - 0.12% | ||||||||||
6.50%, 05/01/2024(g) | 450 | 380 | HanesbrandsInc | ||||||||
OutfrontMedia Capital LLC /Outfront Media | 4.63%, 05/15/2024(g) | 1,045 | 1,055 | ||||||||
Capital Corp | 4.88%, 05/15/2026(g) | 1,250 | 1,252 | ||||||||
5.25%, 02/15/2022 | 980 | 992 | Levi Strauss & Co | ||||||||
5.63%, 02/15/2024 | 2,779 | 2,863 | 5.00%, 05/01/2025 | 150 | 154 | ||||||
5.88%, 03/15/2025 | 4,780 | 4,942 | Under ArmourInc | ||||||||
$ | 13,951 | 3.25%, 06/15/2026 | 500 | 461 | |||||||
Aerospace & Defense - 1.37% | William Carter Co/The | ||||||||||
ArconicInc | 5.63%, 03/15/2027(g) | 1,175 | 1,215 | ||||||||
5.13%, 10/01/2024 | 1,655 | 1,707 | Wolverine World WideInc | ||||||||
5.40%, 04/15/2021 | 295 | 304 | 5.00%, 09/01/2026(g) | 80 | 78 | ||||||
5.87%, 02/23/2022 | 1,148 | 1,205 | $ | 4,215 | |||||||
5.90%, 02/01/2027 | 335 | 354 | Automobile Manufacturers - 0.72% | ||||||||
5.95%, 02/01/2037 | 771 | 776 | Allison TransmissionInc | ||||||||
6.15%, 08/15/2020 | 125 | 129 | 4.75%, 10/01/2027(g) | 25 | 25 | ||||||
6.75%, 01/15/2028 | 876 | 935 | 5.00%, 10/01/2024(g) | 1,500 | 1,517 | ||||||
BBA US HoldingsInc | Aston Martin Capital Holdings Ltd | ||||||||||
5.38%, 05/01/2026(g) | 2,705 | 2,772 | 6.50%, 04/15/2022(g) | 1,674 | 1,657 | ||||||
BombardierInc | BCD AcquisitionInc | ||||||||||
5.75%, 03/15/2022(g) | 300 | 303 | 9.63%, 09/15/2023(g) | 12,828 | 13,630 | ||||||
6.00%, 10/15/2022(g) | 1,450 | 1,451 | Fiat Chrysler Automobiles NV | ||||||||
6.13%, 01/15/2023(g) | 1,512 | 1,514 | 4.50%, 04/15/2020 | 1,900 | 1,914 | ||||||
7.50%, 12/01/2024(g) | 400 | 407 | 5.25%, 04/15/2023 | 1,867 | 1,946 | ||||||
7.50%, 03/15/2025(g) | 1,768 | 1,775 | General Motors Co | ||||||||
7.88%, 04/15/2027(g) | 2,000 | 2,012 | 0.00%, 12/01/2020(a),(b),(c),(d) | 25 | — | ||||||
Moog Inc | 0.00%, 12/01/2020(a),(b),(c),(d) | 50 | — | ||||||||
5.25%, 12/01/2022(g) | 30 | 30 | 0.00%, 07/15/2023(a),(b),(c),(d) | 1,000 | — | ||||||
Pioneer Holdings LLC / Pioneer Finance Corp | 0.00%, 09/01/2025(a),(b),(c),(d) | 700 | — | ||||||||
9.00%, 11/01/2022(g) | 100 | 102 | 0.00%, 05/01/2028(a),(b),(c),(d) | 150 | — | ||||||
TransDigmInc | 0.00%, 03/06/2032(a),(b),(c),(d) | 75 | — | ||||||||
6.00%, 07/15/2022 | 1,378 | 1,397 | 0.00%, 07/15/2033(a),(b),(c),(d) | 100 | — | ||||||
6.25%, 03/15/2026(g) | 9,860 | 10,266 | 0.00%, 07/15/2033(a),(b),(c),(d) | 5,050 | — | ||||||
6.38%, 06/15/2026 | 12,023 | 12,053 | 0.00%, 03/15/2036(a),(b),(c),(d) | 725 | — | ||||||
6.50%, 07/15/2024 | 2,451 | 2,483 |
See accompanying notes.
175
Schedule of Investments High Yield Fund I April 30, 2019 (unaudited)
Principal | Principal | ||||||||||
BONDS (continued) | Amount (000’s) Value (000’s) | BONDS (continued) | Amount (000’s) Value (000’s) | ||||||||
Automobile Manufacturers (continued) | Banks (continued) | ||||||||||
Jaguar Land Rover Automotive PLC | Freedom Mortgage Corp | ||||||||||
4.50%, 10/01/2027(g) | $ | 960 | $ | 792 | 8.25%, 04/15/2025(g) | $ | 900 | $ | 799 | ||
Navistar International Corp | Intesa SanpaoloSpA | ||||||||||
6.63%, 11/01/2025(g) | 1,600 | 1,630 | 5.02%, 06/26/2024(g) | 1,750 | 1,689 | ||||||
TeslaInc | 5.71%, 01/15/2026(g) | 1,200 | 1,172 | ||||||||
5.30%, 08/15/2025(g) | 1,930 | 1,650 | RBS Capital Trust II | ||||||||
Wabash National Corp | 6.43%, 12/29/2049(k),(l) | 150 | 188 | ||||||||
5.50%, 10/01/2025(g) | 792 | 753 | 3 Month USD LIBOR + 1.94% | ||||||||
$ | 25,514 | Royal Bank of Scotland Group PLC | |||||||||
Automobile Parts & Equipment - 0.68% | 7.65%, 08/29/2049(k),(l) | 700 | 886 | ||||||||
Adient Global Holdings Ltd | 3 Month USD LIBOR + 2.50% | ||||||||||
4.88%, 08/15/2026(g) | 1,500 | 1,219 | Standard Chartered PLC | ||||||||
American Axle & ManufacturingInc | 7.01%, 07/29/2049(g),(k),(l) | 600 | 648 | ||||||||
6.25%, 04/01/2025 | 1,083 | 1,089 | 3 Month USD LIBOR + 1.46% | ||||||||
6.25%, 03/15/2026 | 649 | 649 | Synovus Financial Corp | ||||||||
6.50%, 04/01/2027 | 802 | 808 | 5.75%, 12/15/2025(l) | 500 | 512 | ||||||
6.63%, 10/15/2022 | 134 | 137 | 3 Month USD LIBOR + 4.18% | ||||||||
Cooper-Standard AutomotiveInc | UniCredit SpA | ||||||||||
5.63%, 11/15/2026(g) | 626 | 576 | 5.86%, 06/19/2032(g),(l) | 1,250 | 1,166 | ||||||
Dana Financing LuxembourgSarl | USD Swap Rate NY 5 Year + 3.70% | ||||||||||
5.75%, 04/15/2025(g) | 910 | 928 | $ | 32,349 | |||||||
6.50%, 06/01/2026(g) | 537 | 562 | Beverages - 0.07% | ||||||||
Dana Inc | CottHoldings Inc | ||||||||||
6.00%, 09/15/2023 | 6 | 6 | 5.50%, 04/01/2025(g) | 2,505 | 2,536 | ||||||
Delphi Technologies PLC | Biotechnology - 0.04% | ||||||||||
5.00%, 10/01/2025(g) | 1,150 | 1,055 | SoteraHealth TopcoInc | ||||||||
Goodyear Tire & Rubber Co/The | 8.13%, PIK 8.88%, 11/01/2021(g),(h),(i) | 1,310 | 1,310 | ||||||||
4.88%, 03/15/2027 | 955 | 904 | Building Materials - 0.59% | ||||||||
5.00%, 05/31/2026 | 700 | 680 | American Woodmark Corp | ||||||||
5.13%, 11/15/2023 | 3,035 | 3,079 | 4.88%, 03/15/2026(g) | 1,000 | 991 | ||||||
IHOVerwaltungs GmbH | BMC East LLC | ||||||||||
4.13%, PIK 4.88%, 09/15/2021(g),(h),(i) | 200 | 201 | 5.50%, 10/01/2024(g) | 240 | 241 | ||||||
4.50%, PIK 5.25%, 09/15/2023(g),(h),(i) | 4,620 | 4,665 | Boise Cascade Co | ||||||||
4.75%, PIK 5.50%, 09/15/2026(g),(h),(i) | 950 | 921 | 5.63%, 09/01/2024(g) | 165 | 165 | ||||||
Meritor Inc | CPG Merger Sub LLC | ||||||||||
6.25%, 02/15/2024 | 69 | 71 | 8.00%, 10/01/2021(g) | 910 | 928 | ||||||
Panther BF Aggregator 2 LP / Panther Finance | Griffon Corp | ||||||||||
CoInc | 5.25%, 03/01/2022 | 720 | 720 | ||||||||
8.50%, 05/15/2027(g) | 2,000 | 2,068 | James HardieInternational Finance DAC | ||||||||
TennecoInc | 5.00%, 01/15/2028(g) | 700 | 682 | ||||||||
5.00%, 07/15/2026 | 434 | 353 | JELD-WENInc | ||||||||
Truck HeroInc | 4.63%, 12/15/2025(g) | 3,055 | 2,910 | ||||||||
8.50%, 04/21/2024(g),(j) | 4,010 | 4,040 | 4.88%, 12/15/2027(g) | 371 | 354 | ||||||
$ | 24,011 | Louisiana-Pacific Corp | |||||||||
Banks - 0.92% | 4.88%, 09/15/2024 | 6 | 6 | ||||||||
Barclays PLC | Masonite International Corp | ||||||||||
4.38%, 09/11/2024 | 2,700 | 2,721 | 5.63%, 03/15/2023(g) | 951 | 972 | ||||||
4.84%, 05/09/2028 | 2,550 | 2,557 | 5.75%, 09/15/2026(g) | 1,820 | 1,861 | ||||||
5.20%, 05/12/2026 | 2,300 | 2,380 | NCI Building SystemsInc | ||||||||
CIT GroupInc | 8.00%, 04/15/2026(g) | 1,175 | 1,096 | ||||||||
4.13%, 03/09/2021 | 875 | 887 | NorbordInc | ||||||||
4.75%, 02/16/2024 | 3,335 | 3,439 | 6.25%, 04/15/2023(g) | 41 | 43 | ||||||
5.00%, 08/15/2022 | 6,756 | 7,026 | Northwest HardwoodsInc | ||||||||
5.00%, 08/01/2023 | 905 | 944 | 7.50%, 08/01/2021(g) | 223 | 127 | ||||||
5.25%, 03/07/2025 | 1,475 | 1,569 | Omnimax International Inc | ||||||||
Citizens Financial GroupInc | 12.00%, 08/15/2020(g) | 100 | 101 | ||||||||
5.50%, 12/31/2049(k),(l) | 250 | 251 | Standard Industries Inc/NJ | ||||||||
3 Month USD LIBOR + 3.96% | 4.75%, 01/15/2028(g) | 536 | 514 | ||||||||
Deutsche Bank AG | 5.00%, 02/15/2027(g) | 1,150 | 1,130 | ||||||||
4.30%, 05/24/2028(l) | 750 | 682 | 5.38%, 11/15/2024(g) | 1,275 | 1,299 | ||||||
USD Swap Semi-Annual 5 Year + 2.25% | 5.50%, 02/15/2023(g) | 1,400 | 1,421 | ||||||||
4.50%, 04/01/2025 | 1,275 | 1,194 | 6.00%, 10/15/2025(g) | 765 | 799 | ||||||
Deutsche Bank AG/New York NY | Summit Materials LLC / Summit Materials | ||||||||||
4.88%, 12/01/2032(l) | 645 | 551 | Finance Corp | ||||||||
USD Swap Rate NY 5 Year + 2.55% | 5.13%, 06/01/2025(g) | 508 | 505 | ||||||||
Dresdner Funding Trust I | 6.13%, 07/15/2023 | 755 | 768 | ||||||||
8.15%, 06/30/2031(g) | 850 | 1,088 | US ConcreteInc | ||||||||
6.38%, 06/01/2024 | 698 | 717 |
See accompanying notes.
176
Schedule of Investments High Yield Fund I April 30, 2019 (unaudited)
Principal | Principal | ||||||||||
BONDS (continued) | Amount (000’s) Value (000’s) | BONDS (continued) | Amount (000’s) Value (000’s) | ||||||||
Building Materials (continued) | Chemicals (continued) | ||||||||||
USG Corp | TPC GroupInc | ||||||||||
4.88%, 06/01/2027(g) | $ | 1,100 | $ | 1,111 | 8.75%, 12/15/2020(g) | $ | 550 | $ | 544 | ||
5.50%, 03/01/2025(g) | 1,415 | 1,433 | Trinseo Materials Operating SCA / Trinseo | ||||||||
$ | 20,894 | Materials Finance Inc | |||||||||
Chemicals - 1.90% | 5.38%, 09/01/2025(g) | 1,018 | 990 | ||||||||
Ashland LLC | Tronox Finance PLC | ||||||||||
4.75%, 08/15/2022 | 405 | 414 | 5.75%, 10/01/2025(g) | 380 | 371 | ||||||
6.88%, 05/15/2043 | 850 | 907 | TronoxInc | ||||||||
Axalta Coating Systems LLC | 6.50%, 04/15/2026(g) | 1,075 | 1,084 | ||||||||
4.88%, 08/15/2024(g) | 1,380 | 1,386 | Valvoline Inc | ||||||||
Blue CubeSpincoLLC | 4.38%, 08/15/2025 | 323 | 313 | ||||||||
9.75%, 10/15/2023 | 875 | 978 | 5.50%, 07/15/2024 | 450 | 461 | ||||||
10.00%, 10/15/2025 | 1,038 | 1,181 | Venator Finance Sarl/VenatorMaterials LLC | ||||||||
CF IndustriesInc | 5.75%, 07/15/2025(g) | 15 | 14 | ||||||||
3.45%, 06/01/2023 | 1,575 | 1,542 | Versum Materials Inc | ||||||||
4.95%, 06/01/2043 | 1,000 | 877 | 5.50%, 09/30/2024(g) | 360 | 383 | ||||||
5.15%, 03/15/2034 | 687 | 665 | WR Grace & Co-Conn | ||||||||
5.38%, 03/15/2044 | 2,116 | 1,936 | 5.13%, 10/01/2021(g) | 4,200 | 4,347 | ||||||
7.13%, 05/01/2020 | 313 | 325 | 5.63%, 10/01/2024(g) | 60 | 64 | ||||||
Chemours Co/The | $ | 66,775 | |||||||||
5.38%, 05/15/2027 | 592 | 591 | Coal - 0.76% | ||||||||
6.63%, 05/15/2023 | 1,052 | 1,090 | Alliance Resource Operating Partners LP / | ||||||||
7.00%, 05/15/2025 | 870 | 920 | Alliance Resource Finance Corp | ||||||||
Consolidated Energy Finance SA | 7.50%, 05/01/2025(g) | 61 | 64 | ||||||||
6.88%, 06/15/2025(g) | 300 | 309 | CONSOL EnergyInc | ||||||||
Cornerstone Chemical Co | 11.00%, 11/15/2025(g) | 295 | 333 | ||||||||
6.75%, 08/15/2024(g) | 14,087 | 13,699 | Foresight Energy LLC / Foresight Energy Finance | ||||||||
CVR Partners LP / CVR Nitrogen Finance Corp | Corp | ||||||||||
9.25%, 06/15/2023(g) | 300 | 314 | 11.50%, 04/01/2023(g) | 28,790 | 22,312 | ||||||
Element Solutions Inc | Peabody Energy Corp | ||||||||||
5.88%, 12/01/2025(g) | 4,795 | 4,909 | 6.00%, 03/31/2022(g) | 461 | 468 | ||||||
GCP Applied TechnologiesInc | 6.38%, 03/31/2025(g) | 1,100 | 1,092 | ||||||||
5.50%, 04/15/2026(g) | 600 | 608 | SunCoke Energy Partners LP / SunCoke Energy | ||||||||
HB Fuller Co | Partners Finance Corp | ||||||||||
4.00%, 02/15/2027 | 350 | 315 | 7.50%, 06/15/2025(g) | 1,850 | 1,866 | ||||||
Hexion Inc | Warrior Met CoalInc | ||||||||||
0.00%, 04/15/2020(a) | 1,316 | 1,043 | 8.00%, 11/01/2024(g) | 685 | 717 | ||||||
INEOS Group Holdings SA | $ | 26,852 | |||||||||
5.63%, 08/01/2024(g) | 4,195 | 4,216 | Commercial Services - 2.78% | ||||||||
Kraton Polymers LLC / Kraton Polymers Capital | ACE Cash ExpressInc | ||||||||||
Corp | 12.00%, 12/15/2022(g) | 3 | 3 | ||||||||
7.00%, 04/15/2025(g) | 900 | 930 | Ahern RentalsInc | ||||||||
Momentive Performance Materials Inc | 7.38%, 05/15/2023(g) | 155 | 138 | ||||||||
3.88%, 10/24/2021 | 1,095 | 1,214 | AMN HealthcareInc | ||||||||
NOVA Chemicals Corp | 5.13%, 10/01/2024(g) | 423 | 425 | ||||||||
4.88%, 06/01/2024(g) | 2,805 | 2,742 | Aptim Corp | ||||||||
5.00%, 05/01/2025(g) | 2,100 | 2,042 | 7.75%, 06/15/2025(g) | 300 | 225 | ||||||
5.25%, 08/01/2023(g) | 1,035 | 1,043 | APX GroupInc | ||||||||
5.25%, 06/01/2027(g) | 1,260 | 1,238 | 7.63%, 09/01/2023 | 200 | 175 | ||||||
NufarmAustralia Ltd /NufarmAmericasInc | 7.88%, 12/01/2022 | 2,150 | 2,145 | ||||||||
5.75%, 04/30/2026(g) | 600 | 558 | 8.75%, 12/01/2020 | 825 | 813 | ||||||
OCI NV | AtentoLuxco1 SA | ||||||||||
6.63%, 04/15/2023(g) | 1,075 | 1,120 | 6.13%, 08/10/2022(g) | 100 | 101 | ||||||
Olin Corp | Avis Budget Car Rental LLC / Avis Budget | ||||||||||
5.00%, 02/01/2030 | 620 | 614 | Finance Inc | ||||||||
5.13%, 09/15/2027 | 572 | 580 | 5.25%, 03/15/2025(g) | 3,466 | 3,440 | ||||||
PolyOne Corp | 5.50%, 04/01/2023 | 870 | 886 | ||||||||
5.25%, 03/15/2023 | 855 | 887 | 6.38%, 04/01/2024(g) | 118 | 123 | ||||||
PQ Corp | Brink's Co/The | ||||||||||
6.75%, 11/15/2022(g) | 2,575 | 2,665 | 4.63%, 10/15/2027(g) | 1,100 | 1,061 | ||||||
Rain CII Carbon LLC / CII Carbon Corp | CimpressNV | ||||||||||
7.25%, 04/01/2025(g) | 1,432 | 1,353 | 7.00%, 06/15/2026(g) | 1,300 | 1,284 | ||||||
Rayonier AM ProductsInc | EmecoPty Ltd | ||||||||||
5.50%, 06/01/2024(g) | 840 | 802 | 9.25%, 03/31/2022 | 400 | 427 | ||||||
SPCM SA | Flexi-Van Leasing Inc | ||||||||||
4.88%, 09/15/2025(g) | 850 | 831 | 10.00%, 02/15/2023(g) | 400 | 356 | ||||||
Starfruit FincoBV / Starfruit US Holdco LLC | Garda World Security Corp | ||||||||||
8.00%, 10/01/2026(g) | 1,325 | 1,360 | 8.75%, 05/15/2025(g) | 1,600 | 1,508 |
See accompanying notes.
177
Schedule of Investments High Yield Fund I April 30, 2019 (unaudited)
Principal | Principal | ||||||||||
BONDS (continued) | Amount (000’s) Value (000’s) | BONDS (continued) | Amount (000’s) Value (000’s) | ||||||||
Commercial Services (continued) | Commercial Services (continued) | ||||||||||
GartnerInc | WEXInc | ||||||||||
5.13%, 04/01/2025(g) | $ | 1,630 | $ | 1,669 | 4.75%, 02/01/2023(g) | $ | 575 | $ | 577 | ||
Graham Holdings Co | $ | 97,890 | |||||||||
5.75%, 06/01/2026(g) | 29 | 30 | Computers - 1.36% | ||||||||
HercRentalsInc | Banff Merger SubInc | ||||||||||
7.50%, 06/01/2022(g) | 469 | 488 | 9.75%, 09/01/2026(g) | 2,700 | 2,707 | ||||||
7.75%, 06/01/2024(g) | 541 | 575 | Booz Allen HamiltonInc | ||||||||
Hertz Corp/The | 5.13%, 05/01/2025(g) | 174 | 176 | ||||||||
5.50%, 10/15/2024(g) | 7,490 | 6,404 | Dell Inc | ||||||||
5.88%, 10/15/2020 | 466 | 466 | 4.63%, 04/01/2021 | 500 | 508 | ||||||
6.25%, 10/15/2022 | 300 | 291 | 5.40%, 09/10/2040 | 150 | 134 | ||||||
7.38%, 01/15/2021 | 200 | 200 | 6.50%, 04/15/2038 | 674 | 683 | ||||||
7.63%, 06/01/2022(g) | 2,510 | 2,590 | Dell International LLC / EMC Corp | ||||||||
Jaguar Holding Co II / Pharmaceutical Product | 5.88%, 06/15/2021(g) | 2,155 | 2,195 | ||||||||
Development LLC | 7.13%, 06/15/2024(g) | 2,365 | 2,502 | ||||||||
6.38%, 08/01/2023(g) | 1,613 | 1,645 | EMC Corp | ||||||||
Laureate Education Inc | 2.65%, 06/01/2020 | 2,642 | 2,628 | ||||||||
8.25%, 05/01/2025(g) | 2,628 | 2,845 | 3.38%, 06/01/2023 | 415 | 405 | ||||||
Matthews International Corp | EveriPaymentsInc | ||||||||||
5.25%, 12/01/2025(g) | 255 | 249 | 7.50%, 12/15/2025(g) | 7 | 7 | ||||||
Midas Intermediate Holdco II LLC / Midas | ExelaIntermediate LLC /Exela Finance Inc | ||||||||||
Intermediate Holdco II Finance Inc | 10.00%, 07/15/2023(g) | 735 | 741 | ||||||||
7.88%, 10/01/2022(g) | 3,550 | 3,266 | GCI LLC | ||||||||
NESCO LLC / NESCO Finance Corp | 6.88%, 04/15/2025 | 800 | 838 | ||||||||
6.88%, 02/15/2021(g) | 635 | 632 | Harland Clarke Holdings Corp | ||||||||
Nielsen Co Luxembourg SARL/The | 8.38%, 08/15/2022(g) | 914 | 811 | ||||||||
5.00%, 02/01/2025(g) | 4,039 | 3,978 | 9.25%, 03/01/2021(g) | 815 | 833 | ||||||
5.50%, 10/01/2021(g) | 650 | 653 | Leidos Holdings Inc | ||||||||
Nielsen Finance LLC / Nielsen Finance Co | 4.45%, 12/01/2020 | 1,000 | 1,013 | ||||||||
4.50%, 10/01/2020 | 3,275 | 3,275 | 5.95%, 12/01/2040 | 345 | 339 | ||||||
5.00%, 04/15/2022(g) | 4,652 | 4,621 | Leidos Inc | ||||||||
Prime Security Services Borrower LLC / Prime | 5.50%, 07/01/2033 | 100 | 90 | ||||||||
Finance Inc | NCR Corp | ||||||||||
9.25%, 05/15/2023(g) | 1,309 | 1,380 | 4.63%, 02/15/2021 | 100 | 99 | ||||||
Refinitiv US HoldingsInc | 5.00%, 07/15/2022 | 3,100 | 3,104 | ||||||||
8.25%, 11/15/2026(g) | 1,950 | 1,976 | 5.88%, 12/15/2021 | 285 | 287 | ||||||
Rent-A-CenterInc/TX | 6.38%, 12/15/2023 | 1,700 | 1,747 | ||||||||
4.75%, 05/01/2021 | 129 | 128 | West Corp | ||||||||
6.63%, 11/15/2020 | 319 | 320 | 8.50%, 10/15/2025(g) | 20,565 | 18,123 | ||||||
Ritchie Bros AuctioneersInc | Western Digital Corp | ||||||||||
5.38%, 01/15/2025(g) | 4,560 | 4,685 | 4.75%, 02/15/2026 | 8,140 | 7,855 | ||||||
RR Donnelley & Sons Co | $ | 47,825 | |||||||||
6.00%, 04/01/2024 | 55 | 55 | Consumer Products - 0.43% | ||||||||
7.88%, 03/15/2021 | 283 | 292 | ACCO Brands Corp | ||||||||
Service Corp International/US | 5.25%, 12/15/2024(g) | 316 | 313 | ||||||||
4.63%, 12/15/2027 | 450 | 453 | Central Garden & Pet Co | ||||||||
5.38%, 01/15/2022 | 375 | 378 | 5.13%, 02/01/2028 | 642 | 610 | ||||||
5.38%, 05/15/2024 | 5,255 | 5,394 | 6.13%, 11/15/2023 | 2,325 | 2,430 | ||||||
8.00%, 11/15/2021 | 370 | 403 | Kronos Acquisition HoldingsInc | ||||||||
ServiceMaster Co LLC/The | 9.00%, 08/15/2023(g) | 651 | 581 | ||||||||
5.13%, 11/15/2024(g) | 4,420 | 4,464 | Prestige Brands Inc | ||||||||
Team Health HoldingsInc | 5.38%, 12/15/2021(g) | 525 | 528 | ||||||||
6.38%, 02/01/2025(g) | 17,964 | 15,270 | 6.38%, 03/01/2024(g) | 4,290 | 4,429 | ||||||
United Rentals North AmericaInc | Spectrum Brands Inc | ||||||||||
4.63%, 07/15/2023 | 740 | 752 | 5.75%, 07/15/2025 | 4,810 | 4,920 | ||||||
4.63%, 10/15/2025 | 584 | 580 | 6.13%, 12/15/2024 | 1,310 | 1,346 | ||||||
4.88%, 01/15/2028 | 2,015 | 2,000 | $ | 15,157 | |||||||
5.50%, 07/15/2025 | 1,777 | 1,840 | Cosmetics & Personal Care - 0.33% | ||||||||
5.50%, 05/15/2027 | 905 | 932 | Avon International OperationsInc | ||||||||
5.75%, 11/15/2024 | 3,540 | 3,644 | 7.88%, 08/15/2022(g) | 160 | 166 | ||||||
5.88%, 09/15/2026 | 2,060 | 2,153 | Avon ProductsInc | ||||||||
6.50%, 12/15/2026 | 1,075 | 1,150 | 6.60%, 03/15/2020 | 377 | 383 | ||||||
VerscendEscrow Corp | 7.00%, 03/15/2023 | 6 | 6 | ||||||||
9.75%, 08/15/2026(g) | 1,950 | 2,062 | 8.95%, 03/15/2043 | 200 | 198 | ||||||
Weight Watchers InternationalInc | CotyInc | ||||||||||
8.63%, 12/01/2025(g) | 17 | 15 | 6.50%, 04/15/2026(g) | 1,033 | 1,019 |
See accompanying notes.
178
Schedule of Investments High Yield Fund I April 30, 2019 (unaudited)
Principal | Principal | ||||||||||
BONDS (continued) | Amount (000’s) Value (000’s) | BONDS (continued) | Amount (000’s) Value (000’s) | ||||||||
Cosmetics & Personal Care (continued) | Diversified Financial Services (continued) | ||||||||||
Edgewell Personal Care Co | LPL Holdings Inc | ||||||||||
4.70%, 05/19/2021 | $ | 250 | $ | 255 | 5.75%, 09/15/2025(g) | $ | 7,444 | $ | 7,575 | ||
4.70%, 05/24/2022 | 3,685 | 3,805 | Nationstar Mortgage Holdings Inc | ||||||||
First Quality Finance CoInc | 8.13%, 07/15/2023(g) | 1,650 | 1,662 | ||||||||
4.63%, 05/15/2021(g) | 695 | 693 | 9.13%, 07/15/2026(g) | 875 | 877 | ||||||
5.00%, 07/01/2025(g) | 1,265 | 1,259 | NationstarMortgage LLC /NationstarCapital | ||||||||
High Ridge Brands Co | Corp | ||||||||||
8.88%, 03/15/2025(g) | 4,938 | 2,049 | 6.50%, 07/01/2021 | 660 | 661 | ||||||
Revlon Consumer Products Corp | NavientCorp | ||||||||||
5.75%, 02/15/2021 | 1,813 | 1,632 | 4.88%, 06/17/2019 | 4,769 | 4,776 | ||||||
$ | 11,465 | 5.00%, 10/26/2020 | 1,392 | 1,411 | |||||||
Distribution & Wholesale - 0.55% | 5.63%, 08/01/2033 | 122 | 98 | ||||||||
American Builders & Contractors Supply CoInc | 5.88%, 03/25/2021 | 3,440 | 3,556 | ||||||||
5.75%, 12/15/2023(g) | 2,740 | 2,839 | 5.88%, 10/25/2024 | 2,115 | 2,126 | ||||||
5.88%, 05/15/2026(g) | 450 | 463 | 6.13%, 03/25/2024 | 1,100 | 1,125 | ||||||
Core & Main LP | 6.50%, 06/15/2022 | 1,900 | 2,002 | ||||||||
6.13%, 08/15/2025(g) | 1,000 | 993 | 6.63%, 07/26/2021 | 2,720 | 2,849 | ||||||
Global Partners LP / GLP Finance Corp | 6.75%, 06/25/2025 | 1,250 | 1,275 | ||||||||
6.25%, 07/15/2022 | 530 | 534 | 6.75%, 06/15/2026 | 2,480 | 2,499 | ||||||
7.00%, 06/15/2023 | 90 | 90 | 7.25%, 01/25/2022 | 100 | 107 | ||||||
H&E Equipment ServicesInc | 7.25%, 09/25/2023 | 600 | 649 | ||||||||
5.63%, 09/01/2025 | 661 | 671 | 8.00%, 03/25/2020 | 2,860 | 2,964 | ||||||
HD SupplyInc | NFP Corp | ||||||||||
5.38%, 10/15/2026(g) | 3,120 | 3,229 | 6.88%, 07/15/2025(g) | 12,531 | 12,311 | ||||||
KAR Auction ServicesInc | Ocwen Loan Servicing LLC | ||||||||||
5.13%, 06/01/2025(g) | 5,032 | 5,032 | 8.38%, 11/15/2022(g) | 250 | 229 | ||||||
LKQ Corp | Oxford Finance LLC / Oxford Finance Co-Issuer | ||||||||||
4.75%, 05/15/2023 | 2,083 | 2,099 | II Inc | ||||||||
Performance Food GroupInc | 6.38%, 12/15/2022(g) | 50 | 52 | ||||||||
5.50%, 06/01/2024(g) | 2,800 | 2,828 | Quicken LoansInc | ||||||||
Univar USAInc | 5.25%, 01/15/2028(g) | 1,250 | 1,212 | ||||||||
6.75%, 07/15/2023(g) | 443 | 451 | 5.75%, 05/01/2025(g) | 1,424 | 1,445 | ||||||
$ | 19,229 | SLM Corp | |||||||||
Diversified Financial Services- 3.12% | 5.13%, 04/05/2022 | 1,200 | 1,182 | ||||||||
Alliance Data Systems Corp | Springleaf Finance Corp | ||||||||||
5.88%, 11/01/2021(g) | 170 | 174 | 5.63%, 03/15/2023 | 950 | 987 | ||||||
Ally FinancialInc | 6.13%, 05/15/2022 | 2,335 | 2,466 | ||||||||
4.13%, 02/13/2022 | 1,700 | 1,719 | 6.13%, 03/15/2024 | 720 | 760 | ||||||
4.25%, 04/15/2021 | 1,480 | 1,499 | 6.88%, 03/15/2025 | 3,995 | 4,284 | ||||||
4.63%, 05/19/2022 | 592 | 607 | 7.13%, 03/15/2026 | 3,769 | 4,047 | ||||||
4.63%, 03/30/2025 | 1,527 | 1,573 | 7.75%, 10/01/2021 | 6,288 | 6,830 | ||||||
5.13%, 09/30/2024 | 745 | 787 | 8.25%, 12/15/2020 | 1,982 | 2,136 | ||||||
5.75%, 11/20/2025 | 1,600 | 1,734 | Stearns Holdings LLC | ||||||||
7.50%, 09/15/2020 | 6,020 | 6,336 | 9.38%, 08/15/2020(g) | 241 | 227 | ||||||
8.00%, 03/15/2020 | 7,940 | 8,268 | Tempo Acquisition LLC / Tempo Acquisition | ||||||||
8.00%, 11/01/2031 | 285 | 361 | Finance Corp | ||||||||
8.00%, 11/01/2031 | 1,775 | 2,272 | 6.75%, 06/01/2025(g) | 1,336 | 1,364 | ||||||
Blackstone CQP Holdco LP | Travelport Corporate Finance PLC | ||||||||||
6.00%, 08/18/2021(g) | 66 | 66 | 6.00%, 03/15/2026(g) | 785 | 844 | ||||||
Credit Acceptance Corp | VantivLLC /VantivIssuer Corp | ||||||||||
6.63%, 03/15/2026(g) | 750 | 789 | 4.38%, 11/15/2025(g) | 675 | 694 | ||||||
7.38%, 03/15/2023 | 310 | 321 | VFH Parent LLC / Orchestra Co-IssuerInc | ||||||||
Curo Group Holdings Corp | 6.75%, 06/15/2022(g) | 575 | 594 | ||||||||
8.25%, 09/01/2025(g) | 330 | 290 | Voyager Aviation Holdings LLC / Voyager | ||||||||
E*TRADE Financial Corp | Finance Co | ||||||||||
5.88%, 12/31/2049(k),(l) | 1,500 | 1,549 | 8.50%, 08/15/2021(g) | 300 | 309 | ||||||
3 Month USD LIBOR + 4.44% | Werner FinCo LP / Werner FinCoInc | ||||||||||
goeasyLtd | 8.75%, 07/15/2025(g) | 375 | 322 | ||||||||
7.88%, 11/01/2022(g) | 125 | 132 | $ | 109,954 | |||||||
Jefferies Finance LLC / JFIN Co-Issuer Corp | Electric - 2.21% | ||||||||||
6.88%, 04/15/2022(g) | 875 | 888 | AES Corp/VA | ||||||||
7.50%, 04/15/2021(g) | 200 | 204 | 4.00%, 03/15/2021 | 600 | 606 | ||||||
Ladder Capital Finance Holdings LLLP / Ladder | 4.50%, 03/15/2023 | 100 | 102 | ||||||||
Capital Finance Corp | 4.88%, 05/15/2023 | 1,250 | 1,269 | ||||||||
5.25%, 03/15/2022(g) | 503 | 516 | 5.13%, 09/01/2027 | 600 | 624 | ||||||
5.25%, 10/01/2025(g) | 994 | 990 | 5.50%, 04/15/2025 | 693 | 719 | ||||||
5.88%, 08/01/2021(g) | 365 | 372 | 6.00%, 05/15/2026 | 1,125 | 1,190 |
See accompanying notes.
179
Schedule of Investments | |||||||||||
High Yield Fund I | |||||||||||
April 30, 2019 (unaudited) | |||||||||||
Principal | Principal | ||||||||||
BONDS (continued) | Amount (000’s) Value (000’s) | BONDS (continued) | Amount (000’s) Value (000’s) | ||||||||
Electric (continued) | Engineering & Construction - 0.20% | ||||||||||
Calpine Corp | AECOM | ||||||||||
5.25%, 06/01/2026(g) | $ | 1,150 | $ | 1,151 | 5.13%, 03/15/2027 | $ | 2,500 | $ | 2,509 | ||
5.38%, 01/15/2023 | 3,485 | 3,511 | 5.88%, 10/15/2024 | 16 | 17 | ||||||
5.50%, 02/01/2024 | 1,300 | 1,290 | AECOM Global II LLC / URS Fox US LP | ||||||||
5.75%, 01/15/2025 | 3,545 | 3,510 | 5.00%, 04/01/2022 | 337 | 343 | ||||||
5.88%, 01/15/2024(g) | 1,038 | 1,058 | Brand Industrial Services Inc | ||||||||
6.00%, 01/15/2022(g) | 5,645 | 5,701 | 8.50%, 07/15/2025(g) | 1,460 | 1,372 | ||||||
Clearway Energy Operating LLC | frontdoor Inc | ||||||||||
5.00%, 09/15/2026 | 405 | 396 | 6.75%, 08/15/2026(g) | 205 | 215 | ||||||
5.38%, 08/15/2024 | 975 | 991 | Great Lakes Dredge & Dock Corp | ||||||||
InterGenNV | 8.00%, 05/15/2022 | 1,200 | 1,268 | ||||||||
7.00%, 06/30/2023(g) | 750 | 689 | MasTecInc | ||||||||
NextEra Energy Operating Partners LP | 4.88%, 03/15/2023 | 137 | 138 | ||||||||
4.25%, 09/15/2024(g) | 600 | 602 | New Enterprise Stone & Lime CoInc | ||||||||
4.50%, 09/15/2027(g) | 650 | 639 | 6.25%, 03/15/2026(g) | 274 | 278 | ||||||
NRG EnergyInc | TopBuild Corp | ||||||||||
5.75%, 01/15/2028 | 1,300 | 1,377 | 5.63%, 05/01/2026(g) | 258 | 260 | ||||||
6.25%, 05/01/2024 | 850 | 877 | Tutor Perini Corp | ||||||||
6.63%, 01/15/2027 | 7,708 | 8,247 | 6.88%, 05/01/2025(g) | 671 | 672 | ||||||
7.25%, 05/15/2026 | 6,680 | 7,273 | Weekley Homes LLC / Weekley Finance Corp | ||||||||
Talen Energy Supply LLC | 6.63%, 08/15/2025 | 27 | 27 | ||||||||
6.50%, 06/01/2025 | 672 | 590 | $ | 7,099 | |||||||
9.50%, 07/15/2022(g) | 5,810 | 6,333 | Entertainment - 1.71% | ||||||||
10.50%, 01/15/2026(g) | 6,325 | 6,578 | AMC Entertainment HoldingsInc | ||||||||
VistraEnergy Corp | 5.75%, 06/15/2025 | 6,433 | 6,200 | ||||||||
5.88%, 06/01/2023 | 3,457 | 3,527 | 5.88%, 11/15/2026 | 225 | 209 | ||||||
7.38%, 11/01/2022 | 1,271 | 1,315 | 6.13%, 05/15/2027 | 2,845 | 2,649 | ||||||
7.63%, 11/01/2024 | 8,499 | 8,960 | Boyne USAInc | ||||||||
8.13%, 01/30/2026(g) | 360 | 392 | 7.25%, 05/01/2025(g) | 175 | 190 | ||||||
VistraOperations Co LLC | Caesars Resort Collection LLC / CRCFinco Inc | ||||||||||
5.50%, 09/01/2026(g) | 2,750 | 2,833 | 5.25%, 10/15/2025(g) | 1,100 | 1,075 | ||||||
5.63%, 02/15/2027(g) | 5,465 | 5,608 | CCM MergerInc�� | ||||||||
$ | 77,958 | 6.00%, 03/15/2022(g) | 122 | 125 | |||||||
Electrical Components & Equipment - 0.23% | Cedar Fair LP / Canada's Wonderland Co / | ||||||||||
Energizer HoldingsInc | Magnum Management Corp | ||||||||||
5.50%, 06/15/2025(g) | 1,155 | 1,167 | 5.38%, 06/01/2024 | 100 | 102 | ||||||
6.38%, 07/15/2026(g) | 2,330 | 2,405 | Cedar Fair LP / Canada's Wonderland Co / | ||||||||
7.75%, 01/15/2027(g) | 2,805 | 3,041 | Magnum Management Corp / Millennium Op | ||||||||
EnerSys | 5.38%, 04/15/2027 | 3,500 | 3,571 | ||||||||
5.00%, 04/30/2023(g) | 838 | 846 | Churchill DownsInc | ||||||||
WESCO DistributionInc | 4.75%, 01/15/2028(g) | 1,655 | 1,622 | ||||||||
5.38%, 12/15/2021 | 580 | 586 | 5.50%, 04/01/2027(g) | 2,435 | 2,499 | ||||||
5.38%, 06/15/2024 | 11 | 11 | Cinemark USAInc | ||||||||
$ | 8,056 | 4.88%, 06/01/2023 | 650 | 657 | |||||||
Electronics - 0.37% | CirsaFinance International Sarl | ||||||||||
ADT Security Corp/The | 7.88%, 12/20/2023(g) | 425 | 440 | ||||||||
3.50%, 07/15/2022 | 270 | 262 | Eldorado ResortsInc | ||||||||
4.13%, 06/15/2023 | 1,275 | 1,247 | 6.00%, 04/01/2025 | 1,130 | 1,167 | ||||||
4.88%, 07/15/2032(g) | 3,155 | 2,611 | 6.00%, 09/15/2026 | 3,925 | 4,072 | ||||||
6.25%, 10/15/2021 | 2,000 | 2,102 | EMI Music Publishing Group North America | ||||||||
Ingram Micro Inc | Holdings Inc | ||||||||||
5.00%, 08/10/2022 | 800 | 799 | 7.63%, 06/15/2024(g) | 745 | 790 | ||||||
5.45%, 12/15/2024 | 250 | 249 | Enterprise Development Authority/The | ||||||||
ResideoFunding Inc | 12.00%, 07/15/2024(g) | 80 | 82 | ||||||||
6.13%, 11/01/2026(g) | 1,490 | 1,542 | Gateway Casinos & Entertainment Ltd | ||||||||
SensataTechnologies BV | 8.25%, 03/01/2024(g) | 210 | 219 | ||||||||
4.88%, 10/15/2023(g) | 840 | 875 | International Game Technology PLC | ||||||||
5.00%, 10/01/2025(g) | 1,546 | 1,585 | 6.25%, 02/15/2022(g) | 1,815 | 1,892 | ||||||
5.63%, 11/01/2024(g) | 1,750 | 1,859 | 6.25%, 01/15/2027(g) | 1,040 | 1,093 | ||||||
$ | 13,131 | 6.50%, 02/15/2025(g) | 1,530 | 1,629 | |||||||
Energy - Alternate Sources - 0.07% | Lions Gate Capital Holdings LLC | ||||||||||
Pattern Energy GroupInc | 5.88%, 11/01/2024(g) | 2,400 | 2,448 | ||||||||
5.88%, 02/01/2024(g) | 329 | 339 | Live Nation Entertainment Inc | ||||||||
TerraForm Power Operating LLC | 4.88%, 11/01/2024(g) | 5,175 | 5,277 | ||||||||
4.25%, 01/31/2023(g) | 500 | 494 | 5.38%, 06/15/2022(g) | 7 | 7 | ||||||
5.00%, 01/31/2028(g) | 1,325 | 1,307 | 5.63%, 03/15/2026(g) | 455 | 474 | ||||||
6.63%, 06/15/2025(g),(h) | 210 | 220 | Merlin Entertainments PLC | ||||||||
$ | 2,360 | 5.75%, 06/15/2026(g) | 1,210 | 1,255 |
See accompanying notes.
180
Schedule of Investments | |||||||||||
High Yield Fund I | |||||||||||
April 30, 2019 (unaudited) | |||||||||||
Principal | Principal | ||||||||||
BONDS (continued) | Amount (000’s) Value (000’s) | BONDS (continued) | Amount (000’s) Value (000’s) | ||||||||
Entertainment (continued) | Food (continued) | ||||||||||
Mohegan Gaming & Entertainment | New Albertsons LP | ||||||||||
7.88%, 10/15/2024(g) | $ | 1,025 | $ | 992 | 7.45%, 08/01/2029 | $ | 1,000 | $ | 930 | ||
NationalCineMedia LLC | 8.00%, 05/01/2031 | 300 | 284 | ||||||||
6.00%, 04/15/2022 | 516 | 520 | 8.70%, 05/01/2030 | 265 | 262 | ||||||
Penn National GamingInc | Pilgrim's Pride Corp | ||||||||||
5.63%, 01/15/2027(g) | 500 | 494 | 5.75%, 03/15/2025(g) | 3,095 | 3,141 | ||||||
Rivers Pittsburgh Borrower LP/Rivers Pittsburgh | 5.88%, 09/30/2027(g) | 950 | 981 | ||||||||
Finance Corp | Post Holdings Inc | ||||||||||
6.13%, 08/15/2021(g) | 360 | 365 | 5.00%, 08/15/2026(g) | 2,148 | 2,140 | ||||||
Scientific Games InternationalInc | 5.50%, 03/01/2025(g) | 4,528 | 4,636 | ||||||||
5.00%, 10/15/2025(g) | 1,005 | 1,000 | 5.63%, 01/15/2028(g) | 2,905 | 2,937 | ||||||
6.25%, 09/01/2020 | 43 | 43 | 5.75%, 03/01/2027(g) | 3,164 | 3,243 | ||||||
8.25%, 03/15/2026(g) | 3,475 | 3,601 | SafewayInc | ||||||||
10.00%, 12/01/2022 | 1,266 | 1,333 | 7.25%, 02/01/2031 | 1,115 | 1,059 | ||||||
Six Flags Entertainment Corp | Sigma Holdco BV | ||||||||||
4.88%, 07/31/2024(g) | 3,179 | 3,179 | 7.88%, 05/15/2026(g) | 975 | 924 | ||||||
5.50%, 04/15/2027(g) | 2,780 | 2,838 | Simmons Foods Inc | ||||||||
Stars Group Holdings BV / Stars Group US Co- | 5.75%, 11/01/2024(g) | 3,704 | 3,408 | ||||||||
Borrower LLC | Tesco PLC | ||||||||||
7.00%, 07/15/2026(g) | 1,450 | 1,515 | 6.15%, 11/15/2037(g) | 250 | 271 | ||||||
WMG Acquisition Corp | TreeHouseFoods Inc | ||||||||||
4.88%, 11/01/2024(g) | 150 | 153 | 4.88%, 03/15/2022 | 565 | 569 | ||||||
5.00%, 08/01/2023(g) | 3,971 | 4,050 | 6.00%, 02/15/2024(g) | 1,120 | 1,168 | ||||||
5.50%, 04/15/2026(g) | 21 | 22 | US FoodsInc | ||||||||
5.63%, 04/15/2022(g) | 523 | 531 | 5.88%, 06/15/2024(g) | 695 | 711 | ||||||
$ | 60,380 | $ | 41,642 | ||||||||
Environmental Control - 0.15% | Food Service - 0.26% | ||||||||||
Advanced Disposal ServicesInc | Aramark ServicesInc | ||||||||||
5.63%, 11/15/2024(g) | 900 | 945 | 4.75%, 06/01/2026 | 300 | 305 | ||||||
Clean HarborsInc | 5.00%, 04/01/2025(g) | 550 | 565 | ||||||||
5.13%, 06/01/2021 | 138 | 138 | 5.00%, 02/01/2028(g) | 2,025 | 2,061 | ||||||
Covanta Holding Corp | 5.13%, 01/15/2024 | 5,970 | 6,171 | ||||||||
5.88%, 03/01/2024 | 145 | 149 | $ | 9,102 | |||||||
6.00%, 01/01/2027 | 1,150 | 1,170 | Forest Products & Paper - 0.07% | ||||||||
GFL EnvironmentalInc | CascadesInc | ||||||||||
5.38%, 03/01/2023(g) | 800 | 778 | 5.50%, 07/15/2022(g) | 100 | 101 | ||||||
5.63%, 05/01/2022(g) | 260 | 258 | 5.75%, 07/15/2023(g) | 230 | 233 | ||||||
7.00%, 06/01/2026(g) | 1,445 | 1,409 | Mercer International Inc | ||||||||
Tervita Escrow Corp | 6.50%, 02/01/2024 | 1,275 | 1,313 | ||||||||
7.63%, 12/01/2021(g) | 275 | 278 | NewPage Corp | ||||||||
Waste Pro USAInc | 0.00%, 12/31/2014(a),(b),(c) | 3,413 | — | ||||||||
5.50%, 02/15/2026(g) | 300 | 299 | Resolute Forest ProductsInc | ||||||||
$ | 5,424 | 5.88%, 05/15/2023 | 600 | 606 | |||||||
Food - 1.18% | Smurfit Kappa Treasury Funding DAC | ||||||||||
Albertsons Cos LLC / SafewayInc/ New | 7.50%, 11/20/2025 | 150 | 171 | ||||||||
Albertsons LP / Albertson's LLC | $ | 2,424 | |||||||||
5.75%, 03/15/2025 | 1,595 | 1,583 | Gas - 0.28% | ||||||||
6.63%, 06/15/2024 | 979 | 1,010 | AmeriGas Partners LP / AmeriGas Finance Corp | ||||||||
B&G FoodsInc | 5.50%, 05/20/2025 | 2,040 | 2,088 | ||||||||
5.25%, 04/01/2025 | 1,893 | 1,857 | 5.63%, 05/20/2024 | 1,061 | 1,106 | ||||||
Chobani LLC / Chobani Finance CorpInc | 5.75%, 05/20/2027 | 856 | 884 | ||||||||
7.50%, 04/15/2025(g) | 975 | 887 | 5.88%, 08/20/2026 | 892 | 929 | ||||||
Dean Foods Co | LBC Tank Terminals Holding Netherlands BV | ||||||||||
6.50%, 03/15/2023(g) | 320 | 168 | 6.88%, 05/15/2023(g) | 2,125 | 2,069 | ||||||
Dole Food CoInc | NGL Energy Partners LP / NGL Energy Finance | ||||||||||
7.25%, 06/15/2025(g) | 788 | 729 | Corp | ||||||||
Ingles MarketsInc | 6.13%, 03/01/2025 | 1,466 | 1,453 | ||||||||
5.75%, 06/15/2023 | 100 | 101 | 7.50%, 11/01/2023 | 1,125 | 1,170 | ||||||
JBS Investments GmbH | Southern Star Central Corp | ||||||||||
7.25%, 04/03/2024 | 1,000 | 1,036 | 5.13%, 07/15/2022(g) | 158 | 159 | ||||||
JBS USA LUX SA / JBS USA FinanceInc | $ | 9,858 | |||||||||
5.75%, 06/15/2025(g) | 1,441 | 1,473 | Hand & Machine Tools - 0.51% | ||||||||
5.88%, 07/15/2024(g) | 1,181 | 1,215 | Apex Tool Group LLC / BC Mountain Finance | ||||||||
6.75%, 02/15/2028(g) | 1,455 | 1,539 | Inc | ||||||||
Lamb Weston HoldingsInc | 9.00%, 02/15/2023(g) | 15,325 | 15,038 | ||||||||
4.63%, 11/01/2024(g) | 1,550 | 1,573 | |||||||||
4.88%, 11/01/2026(g) | 1,780 | 1,807 |
See accompanying notes.
181
Schedule of Investments High Yield Fund I April 30, 2019 (unaudited)
Principal | Principal | ||||||||||
BONDS (continued) | Amount (000’s) Value (000’s) | BONDS (continued) | Amount (000’s) Value (000’s) | ||||||||
Hand & Machine Tools (continued) | Healthcare - Services (continued) | ||||||||||
Colfax Corp | Eagle Holding Co II LLC | ||||||||||
6.00%, 02/15/2024(g) | $ | 1,300 | $ | 1,350 | 7.63%, PIK 8.38%, 05/15/2022(g),(h),(i) | $ | 10,750 | $ | 10,804 | ||
6.38%, 02/15/2026(g) | 1,425 | 1,509 | Encompass Health Corp | ||||||||
$ | 17,897 | 5.13%, 03/15/2023 | 900 | 910 | |||||||
Healthcare - Products - 1.19% | 5.75%, 11/01/2024 | 116 | 118 | ||||||||
Avanos MedicalInc | 5.75%, 09/15/2025 | 1,800 | 1,848 | ||||||||
6.25%, 10/15/2022 | 1,000 | 1,021 | Envision Healthcare Corp | ||||||||
AvantorInc | 8.75%, 10/15/2026(g) | 27,020 | 25,466 | ||||||||
6.00%, 10/01/2024(g) | 1,850 | 1,930 | HCA HealthcareInc | ||||||||
9.00%, 10/01/2025(g) | 17,510 | 19,042 | 6.25%, 02/15/2021 | 619 | 649 | ||||||
Hill-Rom HoldingsInc | HCAInc | ||||||||||
5.75%, 09/01/2023(g) | 2,800 | 2,905 | 5.38%, 02/01/2025 | 2,682 | 2,823 | ||||||
Hologic Inc | 5.38%, 09/01/2026 | 8,515 | 8,983 | ||||||||
4.38%, 10/15/2025(g) | 2,350 | 2,328 | 5.63%, 09/01/2028 | 4,420 | 4,707 | ||||||
Immucor Inc | 5.88%, 05/01/2023 | 791 | 848 | ||||||||
11.13%, 02/15/2022(g) | 294 | 298 | 5.88%, 02/15/2026 | 1,780 | 1,918 | ||||||
Kinetic ConceptsInc/ KCI USAInc | 5.88%, 02/01/2029 | 3,490 | 3,756 | ||||||||
7.88%, 02/15/2021(g) | 303 | 309 | 7.50%, 02/15/2022 | 3,475 | 3,822 | ||||||
12.50%, 11/01/2021(g) | 660 | 714 | 7.50%, 11/15/2095 | 215 | 220 | ||||||
Mallinckrodt International Finance SA | 7.69%, 06/15/2025 | 765 | 874 | ||||||||
4.75%, 04/15/2023 | 193 | 140 | Magellan Health Inc | ||||||||
Mallinckrodt International Finance SA / | 4.40%, 09/22/2024 | 1,800 | 1,755 | ||||||||
Mallinckrodt CB LLC | MEDNAXInc | ||||||||||
4.88%, 04/15/2020(g) | 450 | 448 | 5.25%, 12/01/2023(g) | 816 | 830 | ||||||
5.50%, 04/15/2025(g) | 965 | 695 | 6.25%, 01/15/2027(g) | 6,930 | 7,069 | ||||||
5.63%, 10/15/2023(g) | 689 | 538 | Molina Healthcare Inc | ||||||||
5.75%, 08/01/2022(g) | 1,778 | 1,640 | 4.88%, 06/15/2025(g) | 483 | 481 | ||||||
Ortho-Clinical DiagnosticsInc/ Ortho-Clinical | 5.38%, 11/15/2022 | 800 | 835 | ||||||||
Diagnostics SA | MPH Acquisition Holdings LLC | ||||||||||
6.63%, 05/15/2022(g) | 5,825 | 5,691 | 7.13%, 06/01/2024(g) | 1,009 | 1,014 | ||||||
SoteraHealth Holdings LLC | One Call Corp | ||||||||||
6.50%, 05/15/2023(g) | 1,605 | 1,621 | 7.50%, 07/01/2024(g) | 700 | 672 | ||||||
TeleflexInc | 7.50%, PIK 11.00%, 07/01/2024(c),(g),(h),(i) | 52,093 | 44,800 | ||||||||
4.63%, 11/15/2027 | 1,015 | 1,010 | Polaris Intermediate Corp | ||||||||
4.88%, 06/01/2026 | 955 | 974 | 8.50%, PIK 9.25%, 12/01/2022(g),(h),(i) | 26,364 | 26,232 | ||||||
5.25%, 06/15/2024 | 462 | 474 | Quorum Health Corp | ||||||||
$ | 41,778 | 11.63%, 04/15/2023 | 500 | 433 | |||||||
Healthcare - Services - 7.19% | RegionalCareHospital Partners Holdings Inc | ||||||||||
Acadia Healthcare CoInc | 8.25%, 05/01/2023(g) | 1,050 | 1,117 | ||||||||
5.13%, 07/01/2022 | 456 | 458 | Surgery Center HoldingsInc | ||||||||
5.63%, 02/15/2023 | 1,552 | 1,568 | 6.75%, 07/01/2025(g) | 12,719 | 11,829 | ||||||
6.13%, 03/15/2021 | 173 | 173 | 10.00%, 04/15/2027(g) | 10,170 | 10,450 | ||||||
6.50%, 03/01/2024 | 429 | 444 | SyneosHealth Inc/inVentiv Health Inc/inVentiv | ||||||||
AHP Health PartnersInc | Health ClinicalInc | ||||||||||
9.75%, 07/15/2026(g) | 1,000 | 1,084 | 7.50%, 10/01/2024(g) | 119 | 125 | ||||||
Air Medical Group HoldingsInc | Tenet Healthcare Corp | ||||||||||
6.38%, 05/15/2023(g) | 274 | 251 | 4.38%, 10/01/2021 | 637 | 644 | ||||||
CatalentPharma Solutions Inc | 4.50%, 04/01/2021 | 1,130 | 1,145 | ||||||||
4.88%, 01/15/2026(g) | 3,019 | 3,027 | 4.63%, 07/15/2024 | 4,065 | 4,077 | ||||||
Centene Corp | 4.75%, 06/01/2020 | 750 | 758 | ||||||||
4.75%, 05/15/2022 | 5,705 | 5,815 | 5.13%, 05/01/2025 | 695 | 701 | ||||||
4.75%, 01/15/2025 | 710 | 720 | 6.00%, 10/01/2020 | 2,646 | 2,735 | ||||||
5.38%, 06/01/2026(g) | 3,715 | 3,864 | 6.25%, 02/01/2027(g) | 7,515 | 7,834 | ||||||
5.63%, 02/15/2021 | 1,490 | 1,514 | 6.75%, 06/15/2023 | 3,565 | 3,637 | ||||||
6.13%, 02/15/2024 | 3,250 | 3,404 | 6.88%, 11/15/2031 | 1,070 | 995 | ||||||
Charles River Laboratories InternationalInc | 7.00%, 08/01/2025 | 3,792 | 3,839 | ||||||||
5.50%, 04/01/2026(g) | 300 | 314 | 8.13%, 04/01/2022 | 4,558 | 4,863 | ||||||
CHS/Community Health SystemsInc | WellCareHealth Plans Inc | ||||||||||
5.13%, 08/01/2021 | 800 | 788 | 5.25%, 04/01/2025 | 1,480 | 1,529 | ||||||
6.25%, 03/31/2023 | 3,502 | 3,410 | 5.38%, 08/15/2026(g) | 4,835 | 5,064 | ||||||
6.88%, 02/01/2022 | 2,558 | 1,674 | West Street Merger SubInc | ||||||||
8.13%, 06/30/2024(g) | 800 | 592 | 6.38%, 09/01/2025(g) | 523 | 506 | ||||||
8.63%, 01/15/2024(g) | 1,195 | 1,213 | $ | 253,436 | |||||||
11.00%, 06/30/2023(g),(h) | 2,000 | 1,620 | Holding Companies - Diversified- 0.04% | ||||||||
DaVita Inc | Stena AB | ||||||||||
5.00%, 05/01/2025 | 2,675 | 2,617 | 7.00%, 02/01/2024(g) | 1,000 | 957 | ||||||
5.13%, 07/15/2024 | 1,920 | 1,920 | |||||||||
5.75%, 08/15/2022 | 3,199 | 3,251 |
See accompanying notes.
182
Schedule of Investments High Yield Fund I April 30, 2019 (unaudited)
Principal | Principal | ||||||||||
BONDS (continued) | Amount (000’s) Value (000’s) | BONDS (continued) | Amount (000’s) Value (000’s) | ||||||||
Holding Companies - Diversified (continued) | Home Builders (continued) | ||||||||||
Stena International SA | Taylor Morrison CommunitiesInc/ Taylor | ||||||||||
5.75%, 03/01/2024(g) | $ | 600 | $ | 584 | Morrison Holdings II Inc | ||||||
$ | 1,541 | 5.25%, 04/15/2021(g) | $ | 350 | $ | 350 | |||||
Home Builders - 1.76% | 5.63%, 03/01/2024(g) | 5,326 | 5,379 | ||||||||
Beazer Homes USAInc | 5.88%, 04/15/2023(g) | 566 | 582 | ||||||||
5.88%, 10/15/2027 | 245 | 221 | Toll Brothers Finance Corp | ||||||||
6.75%, 03/15/2025 | 151 | 146 | 4.35%, 02/15/2028 | 1,490 | 1,423 | ||||||
8.75%, 03/15/2022 | 425 | 444 | 4.38%, 04/15/2023 | 3,371 | 3,422 | ||||||
Brookfield Residential PropertiesInc | 4.88%, 03/15/2027 | 1,935 | 1,935 | ||||||||
6.38%, 05/15/2025(g) | 596 | 584 | 5.63%, 01/15/2024 | 1,550 | 1,641 | ||||||
Brookfield Residential PropertiesInc/ Brookfield | 5.88%, 02/15/2022 | 430 | 454 | ||||||||
Residential US Corp | TRI Pointe GroupInc | ||||||||||
6.13%, 07/01/2022(g) | 1,654 | 1,686 | 4.88%, 07/01/2021 | 840 | 853 | ||||||
Century CommunitiesInc | 5.25%, 06/01/2027 | 3,125 | 2,953 | ||||||||
5.88%, 07/15/2025 | 538 | 534 | TRI Pointe GroupInc/ TRI Pointe HomesInc | ||||||||
6.88%, 05/15/2022 | 1,114 | 1,133 | 5.88%, 06/15/2024 | 2,531 | 2,561 | ||||||
K Hovnanian EnterprisesInc | William Lyon HomesInc | ||||||||||
10.50%, 07/15/2024(g) | 1,250 | 1,012 | 5.88%, 01/31/2025 | 600 | 582 | ||||||
10.00%, 07/15/2022(g) | 1,500 | 1,324 | 6.00%, 09/01/2023 | 275 | 272 | ||||||
KB Home | 7.00%, 08/15/2022 | 72 | 72 | ||||||||
7.00%, 12/15/2021 | 340 | 364 | Williams Scotsman InternationalInc | ||||||||
7.50%, 09/15/2022 | 200 | 219 | 7.88%, 12/15/2022(g) | 330 | 346 | ||||||
7.63%, 05/15/2023 | 30 | 33 | $ | 61,872 | |||||||
Lennar Corp | Home Furnishings - 0.09% | ||||||||||
2.95%, 11/29/2020 | 200 | 198 | Tempur Sealy InternationalInc | ||||||||
4.13%, 01/15/2022 | 900 | 908 | 5.50%, 06/15/2026 | 588 | 585 | ||||||
4.50%, 04/30/2024 | 1,450 | 1,479 | 5.63%, 10/15/2023 | 2,486 | 2,517 | ||||||
4.75%, 04/01/2021 | 1,000 | 1,018 | $ | 3,102 | |||||||
4.75%, 11/15/2022 | 4,550 | 4,657 | Housewares - 0.07% | ||||||||
4.75%, 05/30/2025 | 1,100 | 1,125 | Scotts Miracle-Gro Co/The | ||||||||
4.75%, 11/29/2027 | 500 | 510 | 5.25%, 12/15/2026 | 1,647 | 1,635 | ||||||
4.88%, 12/15/2023 | 3,550 | 3,669 | 6.00%, 10/15/2023 | 877 | 912 | ||||||
5.00%, 06/15/2027 | 457 | 465 | $ | 2,547 | |||||||
5.25%, 06/01/2026 | 2,257 | 2,342 | Insurance - 2.51% | ||||||||
5.38%, 10/01/2022 | 73 | 76 | Acrisure LLC / AcrisureFinance Inc | ||||||||
5.88%, 11/15/2024 | 882 | 947 | 7.00%, 11/15/2025(g) | 1,750 | 1,584 | ||||||
6.25%, 12/15/2021 | 187 | 197 | Alliant Holdings Intermediate LLC / Alliant | ||||||||
6.63%, 05/01/2020 | 84 | 87 | Holdings Co-Issuer | ||||||||
8.38%, 01/15/2021 | 320 | 347 | 8.25%, 08/01/2023(g) | 28,505 | 29,289 | ||||||
M/I HomesInc | American Equity Investment Life Holding Co | ||||||||||
5.63%, 08/01/2025 | 301 | 295 | 5.00%, 06/15/2027 | 200 | 201 | ||||||
Mattamy Group Corp | ArdonaghMidco3 PLC | ||||||||||
6.50%, 10/01/2025(g) | 600 | 611 | 8.63%, 07/15/2023(g) | 225 | 190 | ||||||
6.88%, 12/15/2023(g) | 197 | 204 | AssurantInc | ||||||||
MDC HoldingsInc | 7.00%, 03/27/2048(l) | 1,300 | 1,326 | ||||||||
5.50%, 01/15/2024 | 263 | 274 | 3 Month USD LIBOR + 4.14% | ||||||||
5.63%, 02/01/2020 | 290 | 294 | AssuredPartnersInc | ||||||||
6.00%, 01/15/2043 | 600 | 528 | 7.00%, 08/15/2025(g) | 24,988 | 23,614 | ||||||
Meritage Homes Corp | CNO Financial GroupInc | ||||||||||
5.13%, 06/06/2027 | 1,200 | 1,185 | 4.50%, 05/30/2020 | 6 | 6 | ||||||
6.00%, 06/01/2025 | 1,475 | 1,564 | 5.25%, 05/30/2025 | 1,192 | 1,250 | ||||||
7.00%, 04/01/2022 | 955 | 1,022 | Fidelity & Guaranty Life HoldingsInc | ||||||||
7.15%, 04/15/2020 | 870 | 896 | 5.50%, 05/01/2025(g) | 393 | 397 | ||||||
New Home CoInc/The | Genworth HoldingsInc | ||||||||||
7.25%, 04/01/2022 | 625 | 566 | 4.90%, 08/15/2023 | 125 | 106 | ||||||
PulteGroupInc | 6.50%, 06/15/2034 | 50 | 39 | ||||||||
4.25%, 03/01/2021 | 860 | 871 | 7.20%, 02/15/2021 | 4 | 4 | ||||||
5.00%, 01/15/2027 | 1,525 | 1,544 | 7.63%, 09/24/2021 | 250 | 244 | ||||||
5.50%, 03/01/2026 | 400 | 422 | 7.70%, 06/15/2020 | 250 | 250 | ||||||
6.00%, 02/15/2035 | 632 | 621 | HUB International Ltd | ||||||||
7.88%, 06/15/2032 | 879 | 1,020 | 7.00%, 05/01/2026(g) | 23,210 | 23,413 | ||||||
SheaHomes LP /SheaHomes Funding Corp | Liberty Mutual GroupInc | ||||||||||
5.88%, 04/01/2023(g) | 125 | 125 | 7.80%, 03/07/2087(g) | 386 | 461 | ||||||
6.13%, 04/01/2025(g) | 651 | 640 | 3 Month USD LIBOR + 3.58% | ||||||||
Taylor Morrison CommunitiesInc | MGIC Investment Corp | ||||||||||
6.63%, 05/15/2022 | 620 | 640 | 5.75%, 08/15/2023 | 1,335 | 1,432 | ||||||
Provident Financing Trust I | |||||||||||
7.41%, 03/15/2038 | 100 | 106 |
See accompanying notes.
183
Schedule of Investments | |||||||||||
High Yield Fund I | |||||||||||
April 30, 2019 (unaudited) | |||||||||||
Principal | Principal | ||||||||||
BONDS (continued) | Amount (000’s) Value (000’s) | BONDS (continued) | Amount (000’s) Value (000’s) | ||||||||
Insurance (continued) | Iron & Steel (continued) | ||||||||||
Radian GroupInc | Commercial Metals Co | ||||||||||
4.50%, 10/01/2024 | $ | 1,353 | $ | 1,355 | 4.88%, 05/15/2023 | $ | 766 | $ | 774 | ||
5.25%, 06/15/2020 | 24 | 24 | 5.38%, 07/15/2027 | 154 | 152 | ||||||
7.00%, 03/15/2021 | 229 | 243 | Specialty Steel | ||||||||
USIInc/NY | 12.85%, 11/15/2022(b),(c),(d) | 8,680 | 8,680 | ||||||||
6.88%, 05/01/2025(g) | 1,337 | 1,332 | Steel DynamicsInc | ||||||||
Voya FinancialInc | 4.13%, 09/15/2025 | 6 | 6 | ||||||||
4.70%, 01/23/2048(l) | 1,000 | 880 | 5.00%, 12/15/2026 | 66 | 68 | ||||||
3 Month USD LIBOR + 2.08% | 5.13%, 10/01/2021 | 810 | 815 | ||||||||
5.65%, 05/15/2053(l) | 550 | 551 | 5.25%, 04/15/2023 | 1,373 | 1,395 | ||||||
3 Month USD LIBOR + 3.58% | 5.50%, 10/01/2024 | 4,306 | 4,445 | ||||||||
$ | 88,297 | United States Steel Corp | |||||||||
Internet - 1.17% | 6.25%, 03/15/2026 | 1,345 | 1,207 | ||||||||
Cogent Communications GroupInc | 6.65%, 06/01/2037 | 15 | 12 | ||||||||
5.38%, 03/01/2022(g) | 575 | 594 | 6.88%, 08/15/2025 | 2,050 | 1,924 | ||||||
EIG Investors Corp | $ | 58,873 | |||||||||
10.88%, 02/01/2024 | 1,000 | 1,066 | Leisure Products & Services - 0.56% | ||||||||
Match GroupInc | 24 Hour Fitness WorldwideInc | ||||||||||
6.38%, 06/01/2024 | 1,717 | 1,801 | 8.00%, 06/01/2022(g) | 900 | 907 | ||||||
NetflixInc | Carlson TravelInc | ||||||||||
4.38%, 11/15/2026 | 2,861 | 2,829 | 6.75%, 12/15/2023(g) | 240 | 243 | ||||||
4.88%, 04/15/2028 | 2,716 | 2,692 | 9.50%, 12/15/2024(g) | 9,549 | 9,262 | ||||||
5.38%, 02/01/2021 | 1,215 | 1,259 | Constellation Merger SubInc | ||||||||
5.38%, 11/15/2029(g) | 1,335 | 1,352 | 8.50%, 09/15/2025(g) | 315 | 298 | ||||||
5.50%, 02/15/2022 | 3,750 | 3,943 | NCL Corp Ltd | ||||||||
5.75%, 03/01/2024 | 1,125 | 1,209 | 4.75%, 12/15/2021(g) | 5,065 | 5,121 | ||||||
5.88%, 02/15/2025 | 825 | 891 | Sabre GLBLInc | ||||||||
5.88%, 11/15/2028 | 4,120 | 4,346 | 5.25%, 11/15/2023(g) | 1,036 | 1,057 | ||||||
6.38%, 05/15/2029(g) | 2,335 | 2,550 | 5.38%, 04/15/2023(g) | 425 | 435 | ||||||
Symantec Corp | Viking Cruises Ltd | ||||||||||
3.95%, 06/15/2022 | 50 | 50 | 5.88%, 09/15/2027(g) | 1,125 | 1,119 | ||||||
4.20%, 09/15/2020 | 200 | 203 | Vista Outdoor Inc | ||||||||
5.00%, 04/15/2025(g) | 739 | 753 | 5.88%, 10/01/2023 | 125 | 115 | ||||||
VeriSign Inc | VOC Escrow Ltd | ||||||||||
4.75%, 07/15/2027 | 1,035 | 1,056 | 5.00%, 02/15/2028(g) | 1,275 | 1,265 | ||||||
5.25%, 04/01/2025 | 885 | 938 | $ | 19,822 | |||||||
Zayo Group LLC / Zayo CapitalInc | Lodging - 1.71% | ||||||||||
5.75%, 01/15/2027(g) | 7,173 | 7,280 | Boyd Gaming Corp | ||||||||
6.00%, 04/01/2023 | 3,615 | 3,674 | 6.00%, 08/15/2026 | 900 | 935 | ||||||
6.38%, 05/15/2025 | 2,570 | 2,615 | 6.38%, 04/01/2026 | 5,355 | 5,636 | ||||||
$ | 41,101 | 6.88%, 05/15/2023 | 1,888 | 1,957 | |||||||
Investment Companies - 0.01% | Diamond Resorts InternationalInc | ||||||||||
Compass Group Diversified Holdings LLC | 7.75%, 09/01/2023(g) | 300 | 298 | ||||||||
8.00%, 05/01/2026(g) | 265 | 280 | 10.75%, 09/01/2024(g) | 1,175 | 1,099 | ||||||
FS Energy & Power Fund | Hilton Domestic Operating CoInc | ||||||||||
7.50%, 08/15/2023(g) | 155 | 160 | 4.25%, 09/01/2024 | 1,460 | 1,462 | ||||||
$ | 440 | 5.13%, 05/01/2026(g) | 2,705 | 2,769 | |||||||
Iron & Steel - 1.67% | Hilton Grand Vacations Borrower LLC / Hilton | ||||||||||
AK Steel Corp | Grand Vacations BorrowerInc | ||||||||||
6.38%, 10/15/2025 | 20 | 17 | 6.13%, 12/01/2024 | 194 | 203 | ||||||
7.00%, 03/15/2027 | 393 | 332 | Hilton Worldwide Finance LLC / Hilton | ||||||||
7.50%, 07/15/2023 | 1,236 | 1,267 | Worldwide Finance Corp | ||||||||
7.63%, 10/01/2021 | 50 | 50 | 4.63%, 04/01/2025 | 1,688 | 1,709 | ||||||
Allegheny TechnologiesInc | 4.88%, 04/01/2027 | 1,474 | 1,494 | ||||||||
5.95%, 01/15/2021 | 600 | 612 | Jack Ohio Finance LLC / Jack Ohio Finance 1 | ||||||||
7.88%, 08/15/2023 | 754 | 816 | Corp | ||||||||
Baffinland Iron Mines Corp / BaffinlandIron | 6.75%, 11/15/2021(g) | 2,985 | 3,078 | ||||||||
Mines LP | 10.25%, 11/15/2022(g) | 5,180 | 5,601 | ||||||||
8.75%, 07/15/2026(g) | 22,940 | 23,141 | Marriott Ownership ResortsInc/ ILG LLC | ||||||||
Big River Steel LLC / BRS Finance Corp | 6.50%, 09/15/2026(g) | 900 | 945 | ||||||||
7.25%, 09/01/2025(g) | 9,418 | 10,026 | MGM Resorts International | ||||||||
Cleveland-CliffsInc | 4.63%, 09/01/2026 | 1,104 | 1,093 | ||||||||
4.88%, 01/15/2024(g) | 40 | 40 | 5.25%, 03/31/2020 | 1,760 | 1,782 | ||||||
5.75%, 03/01/2025 | 1,850 | 1,841 | 5.50%, 04/15/2027 | 2,060 | 2,124 | ||||||
5.88%, 06/01/2027(g),(j) | 1,115 | 1,077 | 5.75%, 06/15/2025 | 1,555 | 1,645 | ||||||
6.25%, 10/01/2040 | 200 | 176 | 6.00%, 03/15/2023 | 2,600 | 2,776 | ||||||
6.63%, 12/15/2021 | 2,270 | 2,436 | |||||||||
7.75%, 03/15/2022 | 513 | 567 |
See accompanying notes.
184
Schedule of Investments High Yield Fund I April 30, 2019 (unaudited)
Principal | Principal | ||||||||||
BONDS (continued) | Amount (000’s) Value (000’s) | BONDS (continued) | Amount (000’s) Value (000’s) | ||||||||
Lodging (continued) | Media (continued) | ||||||||||
Station Casinos LLC | Belo Corp | ||||||||||
5.00%, 10/01/2025(g) | $ | 4,863 | $ | 4,778 | 7.25%, 09/15/2027 | $ | 600 | $ | 643 | ||
Studio City Co Ltd | Block CommunicationsInc | ||||||||||
7.25%, 11/30/2021(g) | 500 | 516 | 6.88%, 02/15/2025(g) | 675 | 700 | ||||||
Wyndham DestinationsInc | Cable OneInc | ||||||||||
3.90%, 03/01/2023 | 1,325 | 1,308 | 5.75%, 06/15/2022(g) | 225 | 229 | ||||||
4.25%, 03/01/2022 | 1,200 | 1,200 | Cablevision Systems Corp | ||||||||
5.40%, 04/01/2024 | 245 | 251 | 5.88%, 09/15/2022 | 603 | 627 | ||||||
5.75%, 04/01/2027 | 1,100 | 1,105 | 8.00%, 04/15/2020 | 155 | 161 | ||||||
Wyndham Hotels & ResortsInc | CCO Holdings LLC / CCO Holdings Capital Corp | ||||||||||
5.38%, 04/15/2026(g) | 800 | 816 | 4.00%, 03/01/2023(g) | 1,300 | 1,303 | ||||||
Wynn Las Vegas LLC / Wynn Las Vegas Capital | 5.00%, 02/01/2028(g) | 6,285 | 6,277 | ||||||||
Corp | 5.13%, 02/15/2023 | 412 | 419 | ||||||||
4.25%, 05/30/2023(g) | 300 | 298 | 5.13%, 05/01/2023(g) | 4,341 | 4,450 | ||||||
5.25%, 05/15/2027(g) | 1,150 | 1,123 | 5.13%, 05/01/2027(g) | 4,569 | 4,638 | ||||||
5.50%, 03/01/2025(g) | 7,465 | 7,558 | 5.25%, 03/15/2021 | 580 | 583 | ||||||
Wynn Macau Ltd | 5.25%, 09/30/2022 | 7,940 | 8,069 | ||||||||
4.88%, 10/01/2024(g) | 425 | 420 | 5.38%, 05/01/2025(g) | 1,475 | 1,527 | ||||||
5.50%, 10/01/2027(g) | 1,450 | 1,425 | 5.50%, 05/01/2026(g) | 880 | 908 | ||||||
$ | 60,407 | 5.75%, 01/15/2024 | 500 | 512 | |||||||
Machinery - Construction & Mining - 0.18% | 5.75%, 02/15/2026(g) | 9,057 | 9,460 | ||||||||
BWX TechnologiesInc | 5.88%, 04/01/2024(g) | 3,156 | 3,298 | ||||||||
5.38%, 07/15/2026(g) | 1,006 | 1,026 | 5.88%, 05/01/2027(g) | 1,380 | 1,433 | ||||||
Terex Corp | Cengage LearningInc | ||||||||||
5.63%, 02/01/2025(g) | 3,303 | 3,345 | 9.50%, 06/15/2024(g) | 718 | 668 | ||||||
VertivGroup Corp | Clear Channel Worldwide HoldingsInc | ||||||||||
9.25%, 10/15/2024(g) | 905 | 885 | 6.50%, 11/15/2022 | 650 | 665 | ||||||
VertivIntermediate Holding Corp | 6.50%, 11/15/2022 | 3,055 | 3,120 | ||||||||
12.00%, PIK 13.00%, 02/15/2022(g),(h),(i) | 950 | 902 | 9.25%, 02/15/2024(g) | 2,850 | 3,067 | ||||||
$ | 6,158 | CSC Holdings LLC | |||||||||
Machinery - Diversified- 1.24% | 5.13%, 12/15/2021(g) | 1,275 | 1,278 | ||||||||
ATS Automation Tooling SystemsInc | 5.13%, 12/15/2021(g) | 4,300 | 4,311 | ||||||||
6.50%, 06/15/2023(g) | 526 | 544 | 5.25%, 06/01/2024 | 1,630 | 1,659 | ||||||
Cleaver-BrooksInc | 5.38%, 07/15/2023(g) | 3,565 | 3,645 | ||||||||
7.88%, 03/01/2023(g) | 416 | 407 | 5.38%, 02/01/2028(g) | 1,100 | 1,118 | ||||||
Cloud Crane LLC | 5.50%, 05/15/2026(g) | 4,528 | 4,649 | ||||||||
10.13%, 08/01/2024(g) | 600 | 645 | 5.50%, 04/15/2027(g) | 3,441 | 3,544 | ||||||
JPW Industries Holding Corp | 6.50%, 02/01/2029(g) | 3,850 | 4,134 | ||||||||
9.00%, 10/01/2024(g) | 12,565 | 12,251 | 6.63%, 10/15/2025(g) | 3,860 | 4,102 | ||||||
Mueller Water ProductsInc | 6.75%, 11/15/2021 | 605 | 647 | ||||||||
5.50%, 06/15/2026(g) | 524 | 533 | 7.50%, 04/01/2028(g) | 4,105 | 4,480 | ||||||
RBS GlobalInc/ Rexnord LLC | 7.75%, 07/15/2025(g) | 3,635 | 3,907 | ||||||||
4.88%, 12/15/2025(g) | 3,366 | 3,371 | 10.88%, 10/15/2025(g) | 7,040 | 8,096 | ||||||
SPX FLOWInc | DISH DBS Corp | ||||||||||
5.63%, 08/15/2024(g) | 1,511 | 1,545 | 5.00%, 03/15/2023 | 1,779 | 1,630 | ||||||
5.88%, 08/15/2026(g) | 3,010 | 3,085 | 5.13%, 05/01/2020 | 1,506 | 1,515 | ||||||
Stevens Holding CoInc | 5.88%, 07/15/2022 | 2,875 | 2,805 | ||||||||
6.13%, 10/01/2026(g) | 1,375 | 1,447 | 5.88%, 11/15/2024 | 7,494 | 6,464 | ||||||
Tennant Co | 6.75%, 06/01/2021 | 4,114 | 4,243 | ||||||||
5.63%, 05/01/2025 | 239 | 246 | 7.75%, 07/01/2026 | 2,281 | 2,041 | ||||||
Titan Acquisition Ltd / Titan Co-Borrower LLC | EntercomMedia Corp | ||||||||||
7.75%, 04/15/2026(g) | 20,606 | 18,957 | 7.25%, 11/01/2024(g) | 2,557 | 2,646 | ||||||
WelbiltInc | EW Scripps Co/The | ||||||||||
9.50%, 02/15/2024 | 755 | 816 | 5.13%, 05/15/2025(g) | 142 | 135 | ||||||
$ | 43,847 | Gray TelevisionInc | |||||||||
Media - 6.54% | 5.13%, 10/15/2024(g) | 1,000 | 1,017 | ||||||||
Altice Financing SA | 5.88%, 07/15/2026(g) | 400 | 412 | ||||||||
6.63%, 02/15/2023(g) | 2,415 | 2,475 | 7.00%, 05/15/2027(g) | 2,350 | 2,537 | ||||||
7.50%, 05/15/2026(g) | 4,260 | 4,324 | Liberty Interactive LLC | ||||||||
AlticeFincoSA | 8.50%, 07/15/2029 | 1,760 | 1,835 | ||||||||
8.13%, 01/15/2024(g) | 1,700 | 1,759 | McGraw-Hill Global Education Holdings LLC / | ||||||||
Altice Luxembourg SA | McGraw-Hill Global Education Finance | ||||||||||
7.63%, 02/15/2025(g) | 5,124 | 4,830 | 7.88%, 05/15/2024(g) | 500 | 428 | ||||||
7.75%, 05/15/2022(g) | 5,754 | 5,862 | Meredith Corp | ||||||||
AMC NetworksInc | 6.88%, 02/01/2026 | 1,625 | 1,690 | ||||||||
4.75%, 12/15/2022 | 250 | 252 | Midcontinent Communications / Midcontinent | ||||||||
4.75%, 08/01/2025 | 2,677 | 2,662 | Finance Corp | ||||||||
5.00%, 04/01/2024 | 3,835 | 3,883 | 6.88%, 08/15/2023(g) | 650 | 678 |
See accompanying notes.
185
Schedule of Investments High Yield Fund I April 30, 2019 (unaudited)
Principal | Principal | ||||||||||
BONDS (continued) | Amount (000’s) Value (000’s) | BONDS (continued) | Amount (000’s) Value (000’s) | ||||||||
Media (continued) | Media (continued) | ||||||||||
Nexstar Broadcasting Inc | Ziggo BV | ||||||||||
5.63%, 08/01/2024(g) | $ | 1,670 | $ | 1,695 | 5.50%, 01/15/2027(g) | $ | 3,020 | $ | 3,012 | ||
5.88%, 11/15/2022 | 169 | 173 | $ | 230,592 | |||||||
6.13%, 02/15/2022(g) | 445 | 451 | Metal Fabrication & Hardware - 0.67% | ||||||||
Quebecor MediaInc | Grinding MediaInc/ Moly-Cop AltaSteelLtd | ||||||||||
5.75%, 01/15/2023 | 180 | 188 | 7.38%, 12/15/2023(g) | 1,550 | 1,515 | ||||||
Radiate Holdco LLC / Radiate FinanceInc | Hillman GroupInc/The | ||||||||||
6.63%, 02/15/2025(g) | 628 | 617 | 6.38%, 07/15/2022(g) | 903 | 838 | ||||||
Sinclair Television GroupInc | NovelisCorp | ||||||||||
5.13%, 02/15/2027(g) | 600 | 576 | 5.88%, 09/30/2026(g) | 7,020 | 7,134 | ||||||
5.38%, 04/01/2021 | 150 | 150 | 6.25%, 08/15/2024(g) | 1,965 | 2,046 | ||||||
5.63%, 08/01/2024(g) | 1,079 | 1,091 | OptimasOE Solutions Holding LLC /Optimas | ||||||||
6.13%, 10/01/2022 | 330 | 336 | OE Solutions Inc | ||||||||
Sirius XM RadioInc | 8.63%, 06/01/2021(g) | 11,735 | 10,972 | ||||||||
3.88%, 08/01/2022(g) | 1,873 | 1,870 | TriMas Corp | ||||||||
4.63%, 05/15/2023(g) | 2,680 | 2,700 | 4.88%, 10/15/2025(g) | 1,000 | 999 | ||||||
5.00%, 08/01/2027(g) | 2,836 | 2,859 | ZekelmanIndustries Inc | ||||||||
5.38%, 04/15/2025(g) | 970 | 994 | 9.88%, 06/15/2023(g) | 145 | 153 | ||||||
5.38%, 07/15/2026(g) | 3,820 | 3,929 | $ | 23,657 | |||||||
6.00%, 07/15/2024(g) | 7,440 | 7,682 | Mining - 1.89% | ||||||||
SportsNetNew York | Alcoa Nederland Holding BV | ||||||||||
10.25%, 01/15/2025(b),(c),(d) | 4,130 | 4,337 | 6.13%, 05/15/2028(g) | 700 | 728 | ||||||
TEGNAInc | 6.75%, 09/30/2024(g) | 1,398 | 1,478 | ||||||||
4.88%, 09/15/2021(g) | 1,020 | 1,026 | 7.00%, 09/30/2026(g) | 200 | 216 | ||||||
5.13%, 10/15/2019 | 910 | 913 | Aleris InternationalInc | ||||||||
5.13%, 07/15/2020 | 870 | 875 | 10.75%, 07/15/2023(g) | 250 | 262 | ||||||
5.50%, 09/15/2024(g) | 2,169 | 2,226 | Barminco Finance Pty Ltd | ||||||||
6.38%, 10/15/2023 | 550 | 568 | 6.63%, 05/15/2022(g) | 450 | 463 | ||||||
Telenet Finance Luxembourg NotesSarl | Century Aluminum Co | ||||||||||
5.50%, 03/01/2028(g) | 2,200 | 2,184 | 7.50%, 06/01/2021(g) | 7,605 | 7,567 | ||||||
TownsquareMedia Inc | ConstelliumNV | ||||||||||
6.50%, 04/01/2023(g) | 5,070 | 4,950 | 5.75%, 05/15/2024(g) | 466 | 476 | ||||||
Tribune Media Co | 5.88%, 02/15/2026(g) | 500 | 508 | ||||||||
5.88%, 07/15/2022 | 750 | 761 | 6.63%, 03/01/2025(g) | 5,380 | 5,595 | ||||||
Unitymedia GmbH | Eldorado Gold Corp | ||||||||||
6.13%, 01/15/2025(g) | 2,025 | 2,096 | 6.13%, 12/15/2020(g) | 200 | 199 | ||||||
Unitymedia Hessen GmbH & Co KG / | Ferroglobe PLC / Globe Specialty MetalsInc | ||||||||||
Unitymedia NRW GmbH | 9.38%, 03/01/2022(g) | 325 | 286 | ||||||||
5.00%, 01/15/2025(g) | 4,570 | 4,673 | FMG Resources August 2006 Pty Ltd | ||||||||
Univision CommunicationsInc | 4.75%, 05/15/2022(g) | 2,593 | 2,615 | ||||||||
5.13%, 05/15/2023(g) | 435 | 420 | 5.13%, 03/15/2023(g) | 875 | 892 | ||||||
5.13%, 02/15/2025(g) | 2,059 | 1,933 | 5.13%, 05/15/2024(g) | 2,042 | 2,067 | ||||||
6.75%, 09/15/2022(g) | 341 | 348 | Freeport-McMoRanInc | ||||||||
UPC Holding BV | 3.55%, 03/01/2022 | 1,130 | 1,120 | ||||||||
5.50%, 01/15/2028(g) | 2,175 | 2,197 | 3.88%, 03/15/2023 | 2,655 | 2,628 | ||||||
UPCB Finance IV Ltd | 4.00%, 11/14/2021 | 3,330 | 3,363 | ||||||||
5.38%, 01/15/2025(g) | 2,110 | 2,157 | 4.55%, 11/14/2024 | 960 | 954 | ||||||
Urban OneInc | 5.40%, 11/14/2034 | 4,103 | 3,852 | ||||||||
7.38%, 04/15/2022(g) | 2,540 | 2,489 | 5.45%, 03/15/2043 | 3,550 | 3,204 | ||||||
Viacom Inc | 6.88%, 02/15/2023 | 1,100 | 1,161 | ||||||||
5.87%, 02/28/2057(l) | 1,438 | 1,449 | Hecla Mining Co | ||||||||
3 Month USD LIBOR + 3.90% | 6.88%, 05/01/2021 | 568 | 569 | ||||||||
6.25%, 02/28/2057(l) | 825 | 848 | HudbayMinerals Inc | ||||||||
3 Month USD LIBOR + 3.90% | 7.25%, 01/15/2023(g) | 990 | 1,027 | ||||||||
Videotron Ltd | 7.63%, 01/15/2025(g) | 4,065 | 4,228 | ||||||||
5.00%, 07/15/2022 | 200 | 208 | IAMGOLD Corp | ||||||||
5.13%, 04/15/2027(g) | 535 | 547 | 7.00%, 04/15/2025(g) | 1,295 | 1,321 | ||||||
5.38%, 06/15/2024(g) | 667 | 700 | International Wire GroupInc | ||||||||
Virgin Media Finance PLC | 10.75%, 08/01/2021(g) | 25 | 25 | ||||||||
6.00%, 10/15/2024(g) | 1,590 | 1,646 | Joseph T Ryerson & SonInc | ||||||||
Virgin Media Secured Finance PLC | 11.00%, 05/15/2022(g) | 550 | 583 | ||||||||
5.25%, 01/15/2021 | 625 | 644 | JW Aluminum Continuous Cast Co | ||||||||
5.25%, 01/15/2026(g) | 500 | 509 | 10.25%, 06/01/2026(g) | 435 | 450 | ||||||
5.50%, 01/15/2025(g) | 1,200 | 1,223 | Kaiser Aluminum Corp | ||||||||
5.50%, 08/15/2026(g) | 4,920 | 5,044 | 5.88%, 05/15/2024 | 234 | 242 | ||||||
ZiggoBond Co BV | Northwest Acquisitions ULC / DominionFinco | ||||||||||
5.88%, 01/15/2025(g) | 260 | 260 | Inc | ||||||||
6.00%, 01/15/2027(g) | 600 | 588 | 7.13%, 11/01/2022(g) | 14,225 | 11,949 |
See accompanying notes.
186
Schedule of Investments High Yield Fund I April 30, 2019 (unaudited)
Principal | Principal | ||||||||||
BONDS (continued) | Amount (000’s) Value (000’s) | BONDS (continued) | Amount (000’s) Value (000’s) | ||||||||
Mining (continued) | Oil & Gas (continued) | ||||||||||
Real Alloy HoldingInc | Calumet Specialty Products Partners LP / Calumet | ||||||||||
12.60%, 11/30/2023(b),(c),(d),(h) | $ | 4,391 | $ | 4,391 | Finance Corp | ||||||
TasekoMines Ltd | 6.50%, 04/15/2021 | $ | 850 | $ | 822 | ||||||
8.75%, 06/15/2022(g) | 100 | 96 | 7.63%, 01/15/2022 | 125 | 116 | ||||||
Teck Resources Ltd | 7.75%, 04/15/2023 | 375 | 340 | ||||||||
4.75%, 01/15/2022 | 1,045 | 1,072 | Canadian Oil Sands Ltd | ||||||||
8.50%, 06/01/2024(g) | 950 | 1,017 | 4.50%, 04/01/2022(g) | 700 | 717 | ||||||
$ | 66,604 | Carrizo Oil & GasInc | |||||||||
Miscellaneous Manufacturers - 0.06% | 6.25%, 04/15/2023 | 786 | 764 | ||||||||
Amsted IndustriesInc | 8.25%, 07/15/2025 | 125 | 127 | ||||||||
5.00%, 03/15/2022(g) | 950 | 956 | Centennial Resource Production LLC | ||||||||
FXI HoldingsInc | 5.38%, 01/15/2026(g) | 423 | 416 | ||||||||
7.88%, 11/01/2024(g) | 157 | 148 | Chaparral EnergyInc | ||||||||
Gates Global LLC / Gates Global Co | 8.75%, 07/15/2023(g) | 600 | 443 | ||||||||
6.00%, 07/15/2022(g) | 239 | 239 | Chesapeake Energy Corp | ||||||||
KoppersInc | 4.88%, 04/15/2022 | 1,590 | 1,564 | ||||||||
6.00%, 02/15/2025(g) | 554 | 536 | 5.38%, 06/15/2021 | 202 | 200 | ||||||
LSB Industries Inc | 5.75%, 03/15/2023 | 400 | 395 | ||||||||
9.63%, 05/01/2023(g) | 345 | 358 | 6.13%, 02/15/2021 | 781 | 801 | ||||||
$ | 2,237 | 6.63%, 08/15/2020 | 505 | 520 | |||||||
Office & Business Equipment- 0.26% | 7.50%, 10/01/2026 | 250 | 242 | ||||||||
CDW LLC / CDW Finance Corp | 8.00%, 01/15/2025 | 5,050 | 5,113 | ||||||||
5.00%, 09/01/2023 | 2,543 | 2,600 | 8.00%, 03/15/2026(g) | 1,910 | 1,934 | ||||||
5.00%, 09/01/2025 | 1,840 | 1,888 | 8.00%, 06/15/2027 | 6,045 | 5,910 | ||||||
5.50%, 12/01/2024 | 340 | 360 | CNX Resources Corp | ||||||||
Pitney BowesInc | 5.88%, 04/15/2022 | 1,434 | 1,427 | ||||||||
3.88%, 09/15/2020 | 335 | 336 | Comstock ResourcesInc | ||||||||
4.38%, 05/15/2022 | 101 | 99 | 9.75%, 08/15/2026(g) | 500 | 455 | ||||||
4.63%, 03/15/2024 | 300 | 281 | Covey Park Energy LLC / Covey Park Finance | ||||||||
4.95%, 04/01/2023 | 261 | 255 | Corp | ||||||||
Xerox Corp | 7.50%, 05/15/2025(g) | 1,325 | 1,232 | ||||||||
3.63%, 03/15/2023 | 1,200 | 1,188 | CrownRock LP / CrownRockFinance Inc | ||||||||
3.80%, 05/15/2024 | 150 | 144 | 5.63%, 10/15/2025(g) | 2,556 | 2,524 | ||||||
4.50%, 05/15/2021 | 1,650 | 1,668 | CVR Refining LLC / Coffeyville FinanceInc | ||||||||
4.80%, 03/01/2035 | 285 | 230 | 6.50%, 11/01/2022 | 995 | 1,011 | ||||||
6.75%, 12/15/2039 | 100 | 95 | Denbury ResourcesInc | ||||||||
$ | 9,144 | 4.63%, 07/15/2023 | 995 | 679 | |||||||
Oil & Gas - 6.14% | 9.00%, 05/15/2021(g) | 1,400 | 1,421 | ||||||||
Aker BP ASA | 9.25%, 03/31/2022(g) | 721 | 730 | ||||||||
5.88%, 03/31/2025(g) | 550 | 578 | Diamond Offshore Drilling Inc | ||||||||
6.00%, 07/01/2022(g) | 400 | 412 | 3.45%, 11/01/2023 | 1,049 | 907 | ||||||
Antero Resources Corp | 4.88%, 11/01/2043 | 1,175 | 755 | ||||||||
5.00%, 03/01/2025 | 261 | 256 | 7.88%, 08/15/2025 | 1,597 | 1,561 | ||||||
5.13%, 12/01/2022 | 5,880 | 5,902 | Diamondback EnergyInc | ||||||||
5.38%, 11/01/2021 | 1,050 | 1,058 | 4.75%, 11/01/2024 | 998 | 1,019 | ||||||
Ascent Resources Utica Holdings LLC / ARU | 5.38%, 05/31/2025 | 700 | 730 | ||||||||
Finance Corp | Endeavor Energy Resources LP / EER Finance | ||||||||||
7.00%, 11/01/2026(g) | 6,215 | 6,060 | Inc | ||||||||
10.00%, 04/01/2022(g) | 3,257 | 3,558 | 5.50%, 01/30/2026(g) | 757 | 789 | ||||||
Athabasca Oil Corp | 5.75%, 01/30/2028(g) | 565 | 602 | ||||||||
9.88%, 02/24/2022(g) | 95 | 92 | Energy Ventures Gom LLC /EnVenFinance Corp | ||||||||
Baytex Energy Corp | 11.00%, 02/15/2023(g) | 2,180 | 2,398 | ||||||||
5.13%, 06/01/2021(g) | 272 | 272 | ENSCO InternationalInc | ||||||||
5.63%, 06/01/2024(g) | 938 | 889 | 7.20%, 11/15/2027 | 176 | 146 | ||||||
Berry Petroleum Co LLC | Ensco Rowan plc | ||||||||||
7.00%, 02/15/2026(g) | 265 | 260 | 4.50%, 10/01/2024 | 720 | 583 | ||||||
Brazos Valley Longhorn LLC / Brazos Valley | 5.20%, 03/15/2025 | 871 | 700 | ||||||||
Longhorn Finance Corp | 5.75%, 10/01/2044 | 550 | 362 | ||||||||
6.88%, 02/01/2025 | 2,075 | 2,085 | 7.75%, 02/01/2026 | 900 | 779 | ||||||
Bruin E&P Partners LLC | 8.00%, 01/31/2024 | 39 | 37 | ||||||||
8.88%, 08/01/2023(g) | 515 | 487 | EP Energy LLC / Everest Acquisition FinanceInc | ||||||||
California Resources Corp | 6.38%, 06/15/2023 | 8,480 | 1,526 | ||||||||
8.00%, 12/15/2022(g) | 1,876 | 1,426 | 7.75%, 09/01/2022 | 500 | 115 | ||||||
Callon Petroleum Co | 7.75%, 05/15/2026(g) | 600 | 534 | ||||||||
6.13%, 10/01/2024 | 1,783 | 1,832 | 8.00%, 11/29/2024(g) | 29 | 19 | ||||||
6.38%, 07/01/2026 | 765 | 782 | 9.38%, 05/01/2024(g) | 4,709 | 1,742 |
See accompanying notes.
187
Schedule of Investments | |||||||||||
High Yield Fund I | |||||||||||
April 30, 2019 (unaudited) | |||||||||||
Principal | Principal | ||||||||||
BONDS (continued) | Amount (000’s) Value (000’s) | BONDS (continued) | Amount (000’s) Value (000’s) | ||||||||
Oil & Gas (continued) | Oil & Gas (continued) | ||||||||||
Extraction Oil & GasInc | Parsley Energy LLC / Parsley Finance Corp | ||||||||||
5.63%, 02/01/2026(g) | $ | 365 | $ | 299 | 5.25%, 08/15/2025(g) | $ | 395 | $ | 398 | ||
7.38%, 05/15/2024(g) | 450 | 405 | 5.38%, 01/15/2025(g) | 1,430 | 1,453 | ||||||
Global MarineInc | 5.63%, 10/15/2027(g) | 3,870 | 3,957 | ||||||||
7.00%, 06/01/2028 | 300 | 269 | 6.25%, 06/01/2024(g) | 50 | 52 | ||||||
Gulfport Energy Corp | PBF Holding Co LLC / PBF Finance Corp | ||||||||||
6.00%, 10/15/2024 | 1,567 | 1,374 | 7.00%, 11/15/2023 | 367 | 378 | ||||||
6.38%, 05/15/2025 | 1,285 | 1,131 | 7.25%, 06/15/2025 | 1,215 | 1,251 | ||||||
6.63%, 05/01/2023 | 918 | 884 | PDC EnergyInc | ||||||||
HalconResources Corp | 5.75%, 05/15/2026 | 4,450 | 4,456 | ||||||||
6.75%, 02/15/2025 | 1,140 | 732 | 6.13%, 09/15/2024 | 620 | 629 | ||||||
HighPointOperating Corp | Precision Drilling Corp | ||||||||||
7.00%, 10/15/2022 | 395 | 383 | 5.25%, 11/15/2024 | 4,533 | 4,295 | ||||||
HilcorpEnergy I LP /HilcorpFinance Co | 6.50%, 12/15/2021 | 547 | 549 | ||||||||
5.00%, 12/01/2024(g) | 1,666 | 1,654 | 7.13%, 01/15/2026(g) | 450 | 452 | ||||||
5.75%, 10/01/2025(g) | 900 | 907 | 7.75%, 12/15/2023 | 2,230 | 2,319 | ||||||
6.25%, 11/01/2028(g) | 1,050 | 1,070 | Pride International LLC | ||||||||
Indigo Natural Resources LLC | 7.88%, 08/15/2040 | 300 | 237 | ||||||||
6.88%, 02/15/2026(g) | 825 | 765 | Puma International Financing SA | ||||||||
Jones Energy Holdings LLC / Jones Energy | 5.13%, 10/06/2024(g) | 400 | 361 | ||||||||
Finance Corp | QEP ResourcesInc | ||||||||||
9.25%, 03/15/2023(g) | 60 | 30 | 5.25%, 05/01/2023 | 142 | 138 | ||||||
Laredo Petroleum Inc | 5.38%, 10/01/2022 | 593 | 583 | ||||||||
5.63%, 01/15/2022 | 304 | 287 | 5.63%, 03/01/2026 | 116 | 109 | ||||||
Magnolia Oil & Gas Operating LLC / Magnolia | Range Resources Corp | ||||||||||
Oil & Gas Finance Corp | 4.88%, 05/15/2025 | 472 | 435 | ||||||||
6.00%, 08/01/2026(g) | 285 | 291 | 5.00%, 08/15/2022 | 3,124 | 3,093 | ||||||
Matador Resources Co | 5.00%, 03/15/2023 | 4,039 | 3,929 | ||||||||
5.88%, 09/15/2026 | 500 | 504 | 5.75%, 06/01/2021 | 860 | 886 | ||||||
MEG Energy Corp | Rowan CosInc | ||||||||||
6.38%, 01/30/2023(g) | 17,974 | 16,985 | 4.75%, 01/15/2024 | 2 | 2 | ||||||
6.50%, 01/15/2025(g) | 945 | 950 | 4.88%, 06/01/2022 | 400 | 387 | ||||||
7.00%, 03/31/2024(g) | 20,570 | 19,509 | 5.40%, 12/01/2042 | 5 | 3 | ||||||
Montage Resources Corp | 5.85%, 01/15/2044 | 430 | 284 | ||||||||
8.88%, 07/15/2023 | 2,145 | 2,054 | 7.38%, 06/15/2025 | 2,470 | 2,198 | ||||||
Moss Creek Resources HoldingsInc | Sable Permian Resources Land LLC / AEPB | ||||||||||
7.50%, 01/15/2026(g) | 725 | 663 | Finance Corp | ||||||||
Murphy Oil Corp | 13.00%, 11/30/2020(g) | 100 | 97 | ||||||||
4.00%, 06/01/2022 | 720 | 719 | Seven Generations Energy Ltd | ||||||||
4.45%, 12/01/2022 | 600 | 602 | 5.38%, 09/30/2025(g) | 3,130 | 3,036 | ||||||
5.75%, 08/15/2025 | 730 | 750 | 6.75%, 05/01/2023(g) | 125 | 128 | ||||||
5.87%, 12/01/2042 | 200 | 179 | 6.88%, 06/30/2023(g) | 650 | 666 | ||||||
6.88%, 08/15/2024 | 300 | 314 | SM Energy Co | ||||||||
Murphy Oil USAInc | 5.00%, 01/15/2024 | 2,694 | 2,524 | ||||||||
5.63%, 05/01/2027 | 2,700 | 2,808 | 5.63%, 06/01/2025 | 200 | 187 | ||||||
6.00%, 08/15/2023 | 935 | 957 | 6.13%, 11/15/2022 | 2,077 | 2,098 | ||||||
Nabors IndustriesInc | 6.63%, 01/15/2027 | 1,645 | 1,550 | ||||||||
4.63%, 09/15/2021 | 365 | 364 | 6.75%, 09/15/2026 | 1,469 | 1,407 | ||||||
5.00%, 09/15/2020 | 375 | 381 | Southwestern Energy Co | ||||||||
5.50%, 01/15/2023 | 218 | 208 | 6.20%, 01/23/2025 | 647 | 636 | ||||||
5.75%, 02/01/2025 | 125 | 114 | 7.50%, 04/01/2026 | 300 | 305 | ||||||
Neptune EnergyBondcoPLC | 7.75%, 10/01/2027 | 500 | 506 | ||||||||
6.63%, 05/15/2025(g) | 800 | 806 | SRC EnergyInc | ||||||||
Noble Holding International Ltd | 6.25%, 12/01/2025 | 1,300 | 1,235 | ||||||||
5.25%, 03/15/2042 | 320 | 198 | Sunoco LP / Sunoco Finance Corp | ||||||||
6.05%, 03/01/2041 | 500 | 328 | 4.88%, 01/15/2023 | 500 | 508 | ||||||
6.20%, 08/01/2040 | 736 | 495 | 5.50%, 02/15/2026 | 800 | 814 | ||||||
7.75%, 01/15/2024 | 266 | 241 | 5.88%, 03/15/2028 | 316 | 324 | ||||||
7.88%, 02/01/2026(g) | 700 | 677 | Teine Energy Ltd | ||||||||
7.95%, 04/01/2025 | 1,200 | 1,059 | 6.88%, 09/30/2022(g) | 915 | 933 | ||||||
Oasis Petroleum Inc | Transocean Guardian Ltd | ||||||||||
6.25%, 05/01/2026(g) | 3,555 | 3,430 | 5.88%, 01/15/2024(g) | 960 | 984 | ||||||
6.88%, 03/15/2022 | 3,536 | 3,549 | TransoceanInc | ||||||||
Pacific Drilling SA | 6.80%, 03/15/2038 | 1,252 | 989 | ||||||||
8.38%, 10/01/2023(g) | 1,000 | 1,028 | 7.25%, 11/01/2025(g) | 1,000 | 990 | ||||||
Parkland Fuel Corp | 7.50%, 01/15/2026(g) | 1,100 | 1,084 | ||||||||
6.00%, 04/01/2026(g) | 1,200 | 1,221 | 7.50%, 04/15/2031 | 690 | 600 | ||||||
9.00%, 07/15/2023(g) | 255 | 273 |
See accompanying notes.
188
Schedule of Investments High Yield Fund I April 30, 2019 (unaudited)
Principal | Principal | ||||||||||
BONDS (continued) | Amount (000’s) Value (000’s) | BONDS (continued) | Amount (000’s) Value (000’s) | ||||||||
Oil & Gas (continued) | Packaging & Containers - 3.47% | ||||||||||
Transocean Inc (continued) | ARD Finance SA | ||||||||||
9.35%, 12/15/2041 | $ | 200 | $ | 188 | 7.13%, PIK 7.88%, 09/15/2023(h),(i) | $ | 930 | $ | 931 | ||
Transocean Pontus Ltd | Ardagh Packaging Finance PLC / Ardagh | ||||||||||
6.13%, 08/01/2025(g) | 851 | 872 | Holdings USAInc | ||||||||
Ultra ResourcesInc | 4.25%, 09/15/2022(g) | 3,350 | 3,363 | ||||||||
6.88%, 04/15/2022(g) | 550 | 179 | 4.63%, 05/15/2023(g) | 1,780 | 1,797 | ||||||
Vermilion EnergyInc | 6.00%, 02/15/2025(g) | 6,505 | 6,553 | ||||||||
5.63%, 03/15/2025(g) | 400 | 397 | 7.25%, 05/15/2024(g) | 2,025 | 2,133 | ||||||
Vine Oil & Gas LP / Vine Oil & Gas Finance | Ball Corp | ||||||||||
Corp | 4.00%, 11/15/2023 | 1,080 | 1,089 | ||||||||
8.75%, 04/15/2023(g) | 425 | 328 | 4.38%, 12/15/2020 | 1,625 | 1,652 | ||||||
W&T OffshoreInc | 4.88%, 03/15/2026 | 1,440 | 1,492 | ||||||||
9.75%, 11/01/2023(g) | 229 | 233 | 5.00%, 03/15/2022 | 4,072 | 4,235 | ||||||
Whiting Petroleum Corp | 5.25%, 07/01/2025 | 755 | 799 | ||||||||
5.75%, 03/15/2021 | 1,623 | 1,663 | Berry GlobalInc | ||||||||
6.25%, 04/01/2023 | 2,200 | 2,250 | 4.50%, 02/15/2026(g) | 1,840 | 1,785 | ||||||
6.63%, 01/15/2026 | 5,740 | 5,731 | 5.13%, 07/15/2023 | 4,070 | 4,131 | ||||||
WPX EnergyInc | 5.50%, 05/15/2022 | 400 | 406 | ||||||||
5.25%, 09/15/2024 | 3,643 | 3,762 | 6.00%, 10/15/2022 | 420 | 433 | ||||||
5.75%, 06/01/2026 | 1,599 | 1,652 | BWAY Holding Co | ||||||||
6.00%, 01/15/2022 | 1,197 | 1,244 | 5.50%, 04/15/2024(g) | 5,329 | 5,292 | ||||||
8.25%, 08/01/2023 | 300 | 342 | 7.25%, 04/15/2025(g) | 5,340 | 5,200 | ||||||
$ | 216,279 | Crown Americas LLC / Crown Americas Capital | |||||||||
Oil & Gas Services - 0.54% | Corp IV | ||||||||||
Apergy Corp | 4.50%, 01/15/2023 | 3,645 | 3,723 | ||||||||
6.38%, 05/01/2026 | 500 | 516 | Crown Americas LLC / Crown Americas Capital | ||||||||
Archrock Partners LP / ArchrockPartners Finance | Corp V | ||||||||||
Corp | 4.25%, 09/30/2026 | 1,400 | 1,363 | ||||||||
6.00%, 10/01/2022 | 286 | 288 | Crown Americas LLC / Crown Americas Capital | ||||||||
CSI Compressco LP / CSI CompresscoFinance | Corp VI | ||||||||||
Inc | 4.75%, 02/01/2026 | 3,215 | 3,267 | ||||||||
7.25%, 08/15/2022 | 848 | 755 | Flex Acquisition CoInc | ||||||||
ExterranEnergy Solutions LP / EES Finance Corp | 6.88%, 01/15/2025(g) | 818 | 763 | ||||||||
8.13%, 05/01/2025 | 31 | 32 | 7.88%, 07/15/2026(g) | 475 | 445 | ||||||
Forum Energy TechnologiesInc | Graphic Packaging International LLC | ||||||||||
6.25%, 10/01/2021 | 3,012 | 2,832 | 4.75%, 04/15/2021 | 120 | 123 | ||||||
FTS InternationalInc | 4.88%, 11/15/2022 | 363 | 371 | ||||||||
6.25%, 05/01/2022 | 125 | 123 | Multi-Color Corp | ||||||||
McDermott Technology AmericasInc/ | 4.88%, 11/01/2025(g) | 625 | 649 | ||||||||
McDermott Technology USInc | 6.13%, 12/01/2022(g) | 700 | 720 | ||||||||
10.63%, 05/01/2024(g) | 1,100 | 993 | Owens-Brockway Glass ContainerInc | ||||||||
Oceaneering International Inc | 5.00%, 01/15/2022(g) | 4,283 | 4,384 | ||||||||
4.65%, 11/15/2024 | 2,008 | 1,907 | 5.38%, 01/15/2025(g) | 200 | 204 | ||||||
SESI LLC | 5.88%, 08/15/2023(g) | 1,223 | 1,280 | ||||||||
7.13%, 12/15/2021 | 265 | 225 | 6.38%, 08/15/2025(g) | 83 | 88 | ||||||
7.75%, 09/15/2024 | 1,250 | 922 | Plastipak HoldingsInc | ||||||||
Telford Offshore Ltd | 6.25%, 10/15/2025(g) | 20,567 | 19,230 | ||||||||
10.00%, PIK 14.00%, 02/12/2024(h),(i) | 298 | 143 | Reynolds Group IssuerInc/ Reynolds | ||||||||
Transocean Phoenix 2 Ltd | Group Issuer LLC / Reynolds Group Issuer | ||||||||||
7.75%, 10/15/2024(g) | 450 | 475 | (Luxembourg) S.A. | ||||||||
Transocean Proteus Ltd | 5.13%, 07/15/2023(g) | 7,085 | 7,188 | ||||||||
6.25%, 12/01/2024(g) | 657 | 675 | 5.75%, 10/15/2020 | 2,277 | 2,285 | ||||||
USA Compression Partners LP / USA | 6.88%, 02/15/2021 | 225 | 226 | ||||||||
Compression Finance Corp | 7.00%, 07/15/2024(g) | 966 | 999 | ||||||||
6.88%, 09/01/2027(g) | 3,325 | 3,500 | Sealed Air Corp | ||||||||
Weatherford International LLC | 5.13%, 12/01/2024(g) | 80 | 83 | ||||||||
9.88%, 03/01/2025 | 770 | 539 | 5.25%, 04/01/2023(g) | 2,285 | 2,376 | ||||||
Weatherford International Ltd | 5.50%, 09/15/2025(g) | 1,208 | 1,268 | ||||||||
4.50%, 04/15/2022 | 3,736 | 2,596 | 6.50%, 12/01/2020(g) | 493 | 513 | ||||||
5.95%, 04/15/2042 | 5 | 3 | Silgan Holdings Inc | ||||||||
6.50%, 08/01/2036 | 169 | 106 | 5.50%, 02/01/2022 | 348 | 350 | ||||||
6.75%, 09/15/2040 | 373 | 237 | Trident Merger SubInc | ||||||||
7.00%, 03/15/2038 | 540 | 343 | 6.63%, 11/01/2025(g) | 13,970 | 13,027 | ||||||
7.75%, 06/15/2021 | 1,300 | 1,144 | W/S Packaging HoldingsInc | ||||||||
8.25%, 06/15/2023 | 880 | 607 | 9.00%, 04/15/2023(g) | 14,945 | 16,178 | ||||||
9.88%, 02/15/2024 | 310 | 215 | $ | 122,394 | |||||||
$ | 19,176 |
See accompanying notes.
189
Schedule of Investments | |||||||||||
High Yield Fund I | |||||||||||
April 30, 2019 (unaudited) | |||||||||||
Principal | Principal | ||||||||||
BONDS (continued) | Amount (000’s) Value (000’s) | BONDS (continued) | Amount (000’s) Value (000’s) | ||||||||
Pharmaceuticals - 1.89% | Pipelines (continued) | ||||||||||
Bausch Health AmericasInc | DCP Midstream Operating LP (continued) | ||||||||||
8.50%, 01/31/2027(g) | $ | 2,980 | $ | 3,247 | 5.85%, 05/21/2043(g) | $ | 5,225 | $ | 4,833 | ||
9.25%, 04/01/2026(g) | 1,555 | 1,730 | 3 Month USD LIBOR + 7.70% | ||||||||
Bausch Health CosInc | 6.45%, 11/03/2036(g) | 170 | 173 | ||||||||
5.50%, 03/01/2023(g) | 1,614 | 1,620 | 6.75%, 09/15/2037(g) | 490 | 511 | ||||||
5.50%, 11/01/2025(g) | 6,145 | 6,289 | 8.13%, 08/16/2030 | 45 | 54 | ||||||
5.75%, 08/15/2027(g) | 595 | 620 | Delek Logistics Partners LP / DelekLogistics | ||||||||
5.88%, 05/15/2023(g) | 2,530 | 2,549 | Finance Corp | ||||||||
6.13%, 04/15/2025(g) | 12,350 | 12,489 | 6.75%, 05/15/2025 | 636 | 636 | ||||||
6.50%, 03/15/2022(g) | 3,265 | 3,379 | Energy Transfer LP | ||||||||
7.00%, 03/15/2024(g) | 2,717 | 2,863 | 4.25%, 03/15/2023 | 755 | 754 | ||||||
9.00%, 12/15/2025(g) | 1,000 | 1,108 | 5.50%, 06/01/2027 | 1,100 | 1,149 | ||||||
BioScrip Inc | 5.88%, 01/15/2024 | 1,555 | 1,648 | ||||||||
8.88%, 02/15/2021 | 560 | 559 | 7.50%, 10/15/2020 | 1,374 | 1,444 | ||||||
Elanco Animal HealthInc | Energy Transfer Operating LP | ||||||||||
3.91%, 08/27/2021(g) | 1,075 | 1,093 | 7.50%, 10/15/2020 | 6,060 | 6,445 | ||||||
4.27%, 08/28/2023(g) | 900 | 935 | EnLink Midstream Partners LP | ||||||||
4.90%, 08/28/2028(g) | 2,083 | 2,207 | 4.15%, 06/01/2025 | 1,000 | 963 | ||||||
Endo Dac/ Endo Finance LLC / EndoFinco Inc | 4.40%, 04/01/2024 | 1,950 | 1,935 | ||||||||
5.88%, 10/15/2024(g) | 200 | 198 | 4.85%, 07/15/2026 | 580 | 575 | ||||||
6.00%, 07/15/2023(g) | 3,187 | 2,598 | 5.45%, 06/01/2047 | 700 | 618 | ||||||
6.00%, 02/01/2025(g) | 4,200 | 3,208 | Genesis Energy LP / Genesis Energy Finance | ||||||||
HLF Financing SarlLLC / Herbalife International | Corp | ||||||||||
Inc | 5.63%, 06/15/2024 | 669 | 664 | ||||||||
7.25%, 08/15/2026(g) | 318 | 324 | 6.00%, 05/15/2023 | 1,000 | 1,011 | ||||||
Horizon Pharma USAInc | 6.25%, 05/15/2026 | 3,145 | 3,113 | ||||||||
8.75%, 11/01/2024(g) | 700 | 756 | 6.50%, 10/01/2025 | 1,951 | 1,960 | ||||||
NVA HoldingsInc/United States | 6.75%, 08/01/2022 | 1,570 | 1,592 | ||||||||
6.88%, 04/01/2026(g) | 12,293 | 12,385 | Hess Infrastructure Partners LP / Hess | ||||||||
VizientInc | Infrastructure Partners Finance Corp | ||||||||||
6.25%, 05/15/2027(g),(j) | 1,755 | 1,812 | 5.63%, 02/15/2026(g) | 476 | 487 | ||||||
10.38%, 03/01/2024(g) | 4,305 | 4,643 | Holly Energy Partners LP / Holly Energy Finance | ||||||||
$ | 66,612 | Corp | |||||||||
Pipelines - 3.46% | 6.00%, 08/01/2024(g) | 1,518 | 1,583 | ||||||||
American Midstream Partners LP / American | IFM US Colonial Pipeline 2 LLC | ||||||||||
Midstream Finance Corp | 6.45%, 05/01/2021(g) | 100 | 103 | ||||||||
9.50%, 12/15/2021(g) | 700 | 674 | Martin Midstream Partners LP / Martin Midstream | ||||||||
Antero Midstream Partners LP / Antero | Finance Corp | ||||||||||
Midstream Finance Corp | 7.25%, 02/15/2021 | 340 | 333 | ||||||||
5.38%, 09/15/2024 | 6,625 | 6,754 | NGPL PipeCo LLC | ||||||||
Blue Racer Midstream LLC / Blue Racer Finance | 4.38%, 08/15/2022(g) | 395 | 405 | ||||||||
Corp | 4.88%, 08/15/2027(g) | 1,481 | 1,529 | ||||||||
6.13%, 11/15/2022(g) | 1,030 | 1,040 | 7.77%, 12/15/2037(g) | 565 | 694 | ||||||
Buckeye Partners LP | NuStar Logistics LP | ||||||||||
6.37%, 01/22/2078(l) | 1,650 | 1,506 | 4.75%, 02/01/2022 | 965 | 975 | ||||||
3 Month USD LIBOR + 4.02% | 4.80%, 09/01/2020 | 2,719 | 2,753 | ||||||||
Cheniere Corpus Christi Holdings LLC | 5.63%, 04/28/2027 | 1,870 | 1,870 | ||||||||
5.13%, 06/30/2027 | 800 | 834 | 6.75%, 02/01/2021 | 765 | 795 | ||||||
5.88%, 03/31/2025 | 3,190 | 3,437 | PBF Logistics LP / PBF Logistics Finance Corp | ||||||||
7.00%, 06/30/2024 | 2,195 | 2,461 | 6.88%, 05/15/2023 | 1,432 | 1,464 | ||||||
Cheniere Energy Partners LP | SemGroup Corp | ||||||||||
5.25%, 10/01/2025 | 6,328 | 6,455 | 6.38%, 03/15/2025 | 1,000 | 953 | ||||||
5.63%, 10/01/2026(g) | 3,790 | 3,915 | 7.25%, 03/15/2026 | 260 | 252 | ||||||
CNX Midstream Partners LP / CNX Midstream | SemGroup Corp / Rose Rock Finance Corp | ||||||||||
Finance Corp | 5.63%, 07/15/2022 | 889 | 881 | ||||||||
6.50%, 03/15/2026(g) | 1,070 | 1,034 | 5.63%, 11/15/2023 | 2,885 | 2,741 | ||||||
Crestwood Midstream Partners LP / Crestwood | Summit Midstream Holdings LLC / Summit | ||||||||||
Midstream Finance Corp | Midstream Finance Corp | ||||||||||
5.63%, 05/01/2027(g) | 2,355 | 2,346 | 5.50%, 08/15/2022 | 920 | 909 | ||||||
5.75%, 04/01/2025 | 2,337 | 2,395 | 5.75%, 04/15/2025 | 5,327 | 4,914 | ||||||
6.25%, 04/01/2023 | 2,515 | 2,578 | Tallgrass Energy Partners LP / Tallgrass Energy | ||||||||
DCP Midstream Operating LP | Finance Corp | ||||||||||
3.88%, 03/15/2023 | 1,818 | 1,818 | 4.75%, 10/01/2023(g) | 375 | 379 | ||||||
4.75%, 09/30/2021(g) | 581 | 592 | 5.50%, 09/15/2024(g) | 2,010 | 2,070 | ||||||
4.95%, 04/01/2022 | 1,398 | 1,433 | 5.50%, 01/15/2028(g) | 2,205 | 2,246 | ||||||
5.38%, 07/15/2025 | 1,520 | 1,598 | |||||||||
5.60%, 04/01/2044 | 2,170 | 2,062 |
See accompanying notes.
190
Schedule of Investments High Yield Fund I April 30, 2019 (unaudited)
Principal | Principal | ||||||||||
BONDS (continued) | Amount (000’s) Value (000’s) | BONDS (continued) | Amount (000’s) Value (000’s) | ||||||||
Pipelines (continued) | REITs (continued) | ||||||||||
Targa Resources Partners LP / Targa Resources | Iron Mountain Inc (continued) | ||||||||||
Partners Finance Corp | 6.00%, 08/15/2023 | $ | 920 | $ | 943 | ||||||
4.25%, 11/15/2023 | $ | 1,100 | $ | 1,099 | Iron Mountain US HoldingsInc | ||||||
5.00%, 01/15/2028 | 4,800 | 4,716 | 5.38%, 06/01/2026(g) | 3,025 | 2,995 | ||||||
5.13%, 02/01/2025 | 2,510 | 2,566 | iStar Inc | ||||||||
5.25%, 05/01/2023 | 650 | 658 | 4.63%, 09/15/2020 | 25 | 25 | ||||||
5.38%, 02/01/2027 | 1,484 | 1,506 | 5.25%, 09/15/2022 | 500 | 504 | ||||||
5.88%, 04/15/2026 | 1,800 | 1,895 | 6.00%, 04/01/2022 | 681 | 697 | ||||||
6.50%, 07/15/2027(g) | 2,405 | 2,576 | 6.50%, 07/01/2021 | 400 | 408 | ||||||
6.75%, 03/15/2024 | 3,880 | 4,049 | Mack-Cali Realty LP | ||||||||
6.88%, 01/15/2029(g) | 1,315 | 1,420 | 3.15%, 05/15/2023 | 320 | 292 | ||||||
$ | 121,831 | MGM Growth Properties Operating Partnership | |||||||||
Private Equity - 0.15% | LP / MGP Finance Co-IssuerInc | ||||||||||
Icahn Enterprises LP / Icahn Enterprises Finance | 4.50%, 09/01/2026 | 900 | 889 | ||||||||
Corp | 5.63%, 05/01/2024 | 1,315 | 1,379 | ||||||||
5.88%, 02/01/2022 | 1,883 | 1,902 | MPT Operating Partnership LP / MPT Finance | ||||||||
6.00%, 08/01/2020 | 200 | 201 | Corp | ||||||||
6.25%, 02/01/2022 | 1,187 | 1,223 | 5.00%, 10/15/2027 | 1,640 | 1,644 | ||||||
6.38%, 12/15/2025 | 1,175 | 1,225 | 5.25%, 08/01/2026 | 3,858 | 3,930 | ||||||
6.75%, 02/01/2024 | 857 | 897 | 5.50%, 05/01/2024 | 3,185 | 3,257 | ||||||
$ | 5,448 | 6.38%, 03/01/2024 | 3,335 | 3,511 | |||||||
Real Estate - 0.34% | RHP Hotel Properties LP / RHP Finance Corp | ||||||||||
Five Point Operating Co LP / Five Point Capital | 5.00%, 04/15/2023 | 1,090 | 1,109 | ||||||||
Corp | SBA Communications Corp | ||||||||||
7.88%, 11/15/2025(g) | 1,736 | 1,732 | 4.00%, 10/01/2022 | 1,350 | 1,357 | ||||||
Greystar Real Estate Partners LLC | 4.88%, 07/15/2022 | 1,288 | 1,306 | ||||||||
5.75%, 12/01/2025(g) | 936 | 941 | 4.88%, 09/01/2024 | 1,723 | 1,750 | ||||||
Howard Hughes Corp/The | Starwood Property TrustInc | ||||||||||
5.38%, 03/15/2025(g) | 1,350 | 1,361 | 3.63%, 02/01/2021 | 4,751 | 4,728 | ||||||
Hunt CosInc | 4.75%, 03/15/2025 | 1,091 | 1,093 | ||||||||
6.25%, 02/15/2026(g) | 1,175 | 1,104 | 5.00%, 12/15/2021 | 1,715 | 1,751 | ||||||
Kennedy-WilsonInc | Uniti Group LP / Uniti Fiber HoldingsInc/ CSL | ||||||||||
5.88%, 04/01/2024 | 1,350 | 1,364 | Capital LLC | ||||||||
Realogy Group LLC / Realogy Co-Issuer Corp | 7.13%, 12/15/2024(g) | 18,390 | 16,643 | ||||||||
4.88%, 06/01/2023(g) | 845 | 806 | Uniti Group LP / Uniti Group FinanceInc/ CSL | ||||||||
5.25%, 12/01/2021(g) | 1,150 | 1,158 | Capital LLC | ||||||||
9.38%, 04/01/2027(g) | 2,725 | 2,830 | 6.00%, 04/15/2023(g) | 1,197 | 1,149 | ||||||
WeWork CosInc | 8.25%, 10/15/2023 | 16,235 | 15,119 | ||||||||
7.88%, 05/01/2025(g) | 640 | 633 | VICI Properties 1 LLC / VICI FCInc | ||||||||
$ | 11,929 | 8.00%, 10/15/2023 | 5,060 | 5,541 | |||||||
REITs - 3.03% | Washington Prime Group LP | ||||||||||
CBL & Associates LP | 3.85%, 04/01/2020 | 1,005 | 1,002 | ||||||||
5.25%, 12/01/2023 | 25 | 18 | 5.95%, 08/15/2024 | 1,660 | 1,540 | ||||||
5.95%, 12/15/2026 | 500 | 349 | $ | 106,695 | |||||||
CoreCivicInc | Retail - 2.54% | ||||||||||
4.63%, 05/01/2023 | 948 | 921 | 1011778 BC ULC / New Red FinanceInc | ||||||||
4.75%, 10/15/2027 | 836 | 721 | 4.25%, 05/15/2024(g) | 9,496 | 9,354 | ||||||
CyrusOne LP / CyrusOne Finance Corp | 5.00%, 10/15/2025(g) | 3,645 | 3,617 | ||||||||
5.00%, 03/15/2024 | 702 | 718 | Asbury Automotive GroupInc | ||||||||
5.38%, 03/15/2027 | 769 | 796 | 6.00%, 12/15/2024 | 300 | 310 | ||||||
EquinixInc | Beacon Roofing SupplyInc | ||||||||||
5.38%, 01/01/2022 | 404 | 414 | 4.88%, 11/01/2025(g) | 4,350 | 4,185 | ||||||
5.38%, 04/01/2023 | 1,450 | 1,480 | Bed Bath & BeyondInc | ||||||||
5.38%, 05/15/2027 | 2,865 | 3,033 | 5.17%, 08/01/2044 | 1,124 | 832 | ||||||
5.75%, 01/01/2025 | 2,206 | 2,289 | Brinker InternationalInc | ||||||||
5.88%, 01/15/2026 | 3,503 | 3,700 | 5.00%, 10/01/2024(g) | 1,050 | 1,047 | ||||||
ESH HospitalityInc | CaleresInc | ||||||||||
5.25%, 05/01/2025(g) | 3,864 | 3,878 | 6.25%, 08/15/2023 | 1,110 | 1,152 | ||||||
GEO GroupInc/The | Carvana Co | ||||||||||
5.13%, 04/01/2023 | 640 | 598 | 8.88%, 10/01/2023(g) | 700 | 731 | ||||||
5.88%, 01/15/2022 | 700 | 690 | Conn'sInc | ||||||||
5.88%, 10/15/2024 | 1,000 | 915 | 7.25%, 07/15/2022 | 229 | 229 | ||||||
6.00%, 04/15/2026 | 1,100 | 985 | Cumberland FarmsInc | ||||||||
Iron Mountain Inc | 6.75%, 05/01/2025(g) | 127 | 134 | ||||||||
4.38%, 06/01/2021(g) | 1,000 | 1,006 | DriveTime Automotive GroupInc/Bridgecrest | ||||||||
4.88%, 09/15/2027(g) | 3,561 | 3,448 | Acceptance Corp | ||||||||
5.25%, 03/15/2028(g) | 5,665 | 5,580 | 8.00%, 06/01/2021(g) | 230 | 233 | ||||||
5.75%, 08/15/2024 | 590 | 594 |
See accompanying notes.
191
Schedule of Investments High Yield Fund I April 30, 2019 (unaudited)
Principal | Principal | ||||||||||
BONDS (continued) | Amount (000’s) Value (000’s) | BONDS (continued) | Amount (000’s) Value (000’s) | ||||||||
Retail (continued) | Retail (continued) | ||||||||||
FerrellgasLP /FerrellgasFinance Corp | Suburban Propane Partners LP/Suburban Energy | ||||||||||
6.50%, 05/01/2021 | $ | 191 | $ | 170 | Finance Corp | ||||||
6.75%, 01/15/2022 | 450 | 398 | 5.50%, 06/01/2024 | $ | 1,073 | $ | 1,068 | ||||
6.75%, 06/15/2023 | 710 | 628 | 5.88%, 03/01/2027 | 750 | 729 | ||||||
FerrellgasPartners LP /Ferrellgas Partners | Yum! Brands Inc | ||||||||||
Finance Corp | 3.75%, 11/01/2021 | 1,510 | 1,506 | ||||||||
8.63%, 06/15/2020 | 100 | 75 | 3.88%, 11/01/2020 | 210 | 211 | ||||||
FirstCashInc | 3.88%, 11/01/2023 | 20 | 20 | ||||||||
5.38%, 06/01/2024(g) | 114 | 117 | 5.35%, 11/01/2043 | 83 | 73 | ||||||
GameStop Corp | 6.88%, 11/15/2037 | 750 | 773 | ||||||||
6.75%, 03/15/2021(g) | 200 | 200 | $ | 89,471 | |||||||
GapInc/The | Semiconductors - 0.40% | ||||||||||
5.95%, 04/12/2021 | 1,050 | 1,094 | Advanced Micro DevicesInc | ||||||||
Golden NuggetInc | 7.00%, 07/01/2024 | 106 | 110 | ||||||||
6.75%, 10/15/2024(g) | 1,661 | 1,698 | 7.50%, 08/15/2022 | 2,700 | 3,017 | ||||||
8.75%, 10/01/2025(g) | 1,475 | 1,545 | Amkor TechnologyInc | ||||||||
Group 1 AutomotiveInc | 6.63%, 09/15/2027(g) | 1,720 | 1,753 | ||||||||
5.00%, 06/01/2022 | 350 | 355 | Entegris Inc | ||||||||
5.25%, 12/15/2023(g) | 284 | 291 | 4.63%, 02/10/2026(g) | 411 | 411 | ||||||
Guitar Center Escrow IssuerInc | Micron TechnologyInc | ||||||||||
9.50%, 10/15/2021(g) | 1,175 | 1,144 | 5.50%, 02/01/2025 | 1,150 | 1,184 | ||||||
IRB Holding Corp | NXP BV / NXP Funding LLC | ||||||||||
6.75%, 02/15/2026(g) | 135 | 134 | 4.13%, 06/01/2021(g) | 3,340 | 3,406 | ||||||
KFC Holding Co/Pizza Hut Holdings LLC/Taco | QorvoInc | ||||||||||
Bell of America LLC | 5.50%, 07/15/2026(g) | 425 | 443 | ||||||||
4.75%, 06/01/2027(g) | 1,940 | 1,926 | SensataTechnologies UK Financing Co PLC | ||||||||
5.00%, 06/01/2024(g) | 900 | 920 | 6.25%, 02/15/2026(g) | 3,588 | 3,790 | ||||||
5.25%, 06/01/2026(g) | 4,600 | 4,744 | $ | 14,114 | |||||||
L Brands Inc | Software - 2.03% | ||||||||||
5.25%, 02/01/2028 | 560 | 501 | Ascend Learning LLC | ||||||||
5.63%, 02/15/2022 | 1,000 | 1,038 | 6.88%, 08/01/2025(g) | 2,491 | 2,522 | ||||||
5.63%, 10/15/2023 | 165 | 170 | 6.88%, 08/01/2025(g) | 3,450 | 3,506 | ||||||
6.69%, 01/15/2027 | 333 | 326 | Camelot Finance SA | ||||||||
6.75%, 07/01/2036 | 450 | 392 | 7.88%, 10/15/2024(g) | 1,610 | 1,695 | ||||||
6.88%, 11/01/2035 | 644 | 572 | CDK GlobalInc | ||||||||
7.60%, 07/15/2037 | 500 | 434 | 3.80%, 10/15/2019 | 545 | 546 | ||||||
Men's WearhouseInc/The | 4.88%, 06/01/2027 | 984 | 994 | ||||||||
7.00%, 07/01/2022 | 16 | 16 | 5.00%, 10/15/2024 | 1,981 | 2,052 | ||||||
Neiman Marcus Group Ltd LLC | Change Healthcare Holdings LLC / Change | ||||||||||
8.00%, 10/15/2021(g) | 1,095 | 602 | Healthcare Finance Inc | ||||||||
Party City HoldingsInc | 5.75%, 03/01/2025(g) | 1,550 | 1,536 | ||||||||
6.63%, 08/01/2026(g) | 242 | 240 | Fair Isaac Corp | ||||||||
Penske Automotive GroupInc | 5.25%, 05/15/2026(g) | 75 | 78 | ||||||||
3.75%, 08/15/2020 | 4,365 | 4,369 | First Data Corp | ||||||||
5.38%, 12/01/2024 | 131 | 133 | 5.00%, 01/15/2024(g) | 2,200 | 2,255 | ||||||
5.50%, 05/15/2026 | 2,536 | 2,530 | 5.38%, 08/15/2023(g) | 1,405 | 1,436 | ||||||
5.75%, 10/01/2022 | 965 | 981 | 5.75%, 01/15/2024(g) | 3,032 | 3,125 | ||||||
PetSmart Inc | Genesys Telecommunications Laboratories | ||||||||||
5.88%, 06/01/2025(g) | 1,592 | 1,443 | Inc/GreenedenLux 3 Sarl | ||||||||
7.13%, 03/15/2023(g) | 1,505 | 1,332 | 10.00%, 11/30/2024(g) | 1,962 | 2,148 | ||||||
8.88%, 06/01/2025(g) | 650 | 578 | Infor Software Parent LLC / Infor Software Parent | ||||||||
PriSoAcquisition Corp | Inc | ||||||||||
9.00%, 05/15/2023(g) | 141 | 141 | 7.13%, PIK 7.88%, 05/01/2021(g),(h),(i) | 4,004 | 4,014 | ||||||
QVCInc | Infor USInc | ||||||||||
4.85%, 04/01/2024 | 745 | 762 | 6.50%, 05/15/2022 | 2,087 | 2,124 | ||||||
5.45%, 08/15/2034 | 835 | 801 | InformaticaLLC | ||||||||
Rite Aid Corp | 7.13%, 07/15/2023(g) | 1,975 | 2,019 | ||||||||
6.13%, 04/01/2023(g) | 1,850 | 1,573 | IQVIAInc | ||||||||
Signet UK Finance PLC | 4.88%, 05/15/2023(g) | 1,350 | 1,372 | ||||||||
4.70%, 06/15/2024 | 106 | 95 | 5.00%, 10/15/2026(g) | 4,562 | 4,659 | ||||||
Sonic AutomotiveInc | j2 Cloud Services LLC / j2 Global Co-ObligorInc | ||||||||||
6.13%, 03/15/2027 | 801 | 777 | 6.00%, 07/15/2025(g) | 2,134 | 2,225 | ||||||
SRS DistributionInc | MSCIInc | ||||||||||
8.25%, 07/01/2026(g) | 18,720 | 18,299 | 4.75%, 08/01/2026(g) | 1,235 | 1,266 | ||||||
Staples Inc | 5.25%, 11/15/2024(g) | 2,160 | 2,224 | ||||||||
7.50%, 04/15/2026(g) | 8,625 | 8,641 | 5.38%, 05/15/2027(g) | 300 | 315 | ||||||
10.75%, 04/15/2027(g) | 1,065 | 1,082 | 5.75%, 08/15/2025(g) | 2,365 | 2,477 |
See accompanying notes.
192
Schedule of Investments High Yield Fund I April 30, 2019 (unaudited)
Principal | Principal | ||||||||||
BONDS (continued) | Amount (000’s) Value (000’s) | BONDS (continued) | Amount (000’s) Value (000’s) | ||||||||
Software (continued) | Telecommunications (continued) | ||||||||||
Nuance CommunicationsInc | Frontier Communications Corp (continued) | ||||||||||
5.63%, 12/15/2026 | $ | 2,740 | $ | 2,799 | 7.88%, 01/15/2027 | $ | 200 | $ | 103 | ||
6.00%, 07/01/2024 | 3,305 | 3,384 | 8.50%, 04/01/2026(g) | 1,950 | 1,838 | ||||||
Open Text Corp | 8.75%, 04/15/2022 | 760 | 526 | ||||||||
5.63%, 01/15/2023(g) | 235 | 241 | 9.00%, 08/15/2031 | 6,038 | 3,426 | ||||||
5.88%, 06/01/2026(g) | 5,339 | 5,592 | 11.00%, 09/15/2025 | 6,644 | 4,302 | ||||||
PTCInc | 10.50%, 09/15/2022 | 1,884 | 1,375 | ||||||||
6.00%, 05/15/2024 | 550 | 576 | Frontier Florida LLC | ||||||||
Rackspace HostingInc | 6.86%, 02/01/2028 | 351 | 318 | ||||||||
8.63%, 11/15/2024(g) | 8,185 | 7,633 | Gogo Intermediate Holdings LLC / GogoFinance | ||||||||
Riverbed TechnologyInc | CoInc | ||||||||||
8.88%, 03/01/2023(g) | 300 | 207 | 12.50%, 07/01/2022(g) | 800 | 862 | ||||||
Solera LLC / Solera FinanceInc | GTT CommunicationsInc | ||||||||||
10.50%, 03/01/2024(g) | 2,115 | 2,295 | 7.88%, 12/31/2024(g) | 38,900 | 36,664 | ||||||
SS&C TechnologiesInc | Hughes Satellite Systems Corp | ||||||||||
5.50%, 09/30/2027(g) | 3,480 | 3,569 | 5.25%, 08/01/2026 | 1,054 | 1,061 | ||||||
Veritas USInc/ Veritas Bermuda Ltd | 6.50%, 06/15/2019 | 1,928 | 1,935 | ||||||||
10.50%, 02/01/2024(g) | 850 | 774 | 6.63%, 08/01/2026 | 1,060 | 1,072 | ||||||
$ | 71,658 | 7.63%, 06/15/2021 | 320 | 342 | |||||||
Storage & Warehousing - 0.02% | Inmarsat Finance PLC | ||||||||||
Algeco Global Finance Plc | 4.88%, 05/15/2022(g) | 1,500 | 1,515 | ||||||||
8.00%, 02/15/2023(g) | 600 | 613 | Intelsat Connect Finance SA | ||||||||
Mobile MiniInc | 9.50%, 02/15/2023(g) | 1,700 | 1,577 | ||||||||
5.88%, 07/01/2024 | 230 | 237 | Intelsat Jackson Holdings SA | ||||||||
$ | 850 | 5.50%, 08/01/2023 | 12,315 | 11,145 | |||||||
Telecommunications - 7.55% | 8.00%, 02/15/2024(g) | 1,565 | 1,633 | ||||||||
Altice France SA/France | 8.50%, 10/15/2024(g) | 4,430 | 4,385 | ||||||||
6.25%, 05/15/2024(g) | 2,742 | 2,811 | 9.50%, 09/30/2022(g) | 400 | 462 | ||||||
7.38%, 05/01/2026(g) | 11,446 | 11,596 | 9.75%, 07/15/2025(g) | 1,265 | 1,298 | ||||||
8.13%, 02/01/2027(g) | 4,550 | 4,754 | Intelsat Luxembourg SA | ||||||||
AnixterInc | 8.13%, 06/01/2023 | 2,930 | 2,216 | ||||||||
5.13%, 10/01/2021 | 500 | 516 | Iridium CommunicationsInc | ||||||||
5.50%, 03/01/2023 | 511 | 537 | 10.25%, 04/15/2023(g) | 116 | 128 | ||||||
C&W Senior Financing DAC | Koninklijke KPN NV | ||||||||||
6.88%, 09/15/2027(g) | 750 | 751 | 7.00%, 03/28/2073(g),(l) | 405 | 427 | ||||||
CenturyLinkInc | USD Swap Semi-Annual 10 Year + 5.33% | ||||||||||
5.63%, 04/01/2020 | 1,110 | 1,129 | Level 3 Financing Inc | ||||||||
5.63%, 04/01/2025 | 2,270 | 2,236 | 5.13%, 05/01/2023 | 4,067 | 4,109 | ||||||
5.80%, 03/15/2022 | 1,215 | 1,248 | 5.25%, 03/15/2026 | 480 | 487 | ||||||
6.45%, 06/15/2021 | 1,045 | 1,089 | 5.38%, 08/15/2022 | 690 | 693 | ||||||
6.75%, 12/01/2023 | 455 | 483 | 5.38%, 01/15/2024 | 5,700 | 5,771 | ||||||
6.88%, 01/15/2028 | 12,022 | 11,770 | 5.38%, 05/01/2025 | 383 | 390 | ||||||
7.50%, 04/01/2024 | 770 | 827 | 5.63%, 02/01/2023 | 1,753 | 1,771 | ||||||
7.60%, 09/15/2039 | 500 | 437 | Level 3 Parent LLC | ||||||||
7.65%, 03/15/2042 | 1,000 | 880 | 5.75%, 12/01/2022 | 864 | 871 | ||||||
Cincinnati BellInc | Nokia OYJ | ||||||||||
7.00%, 07/15/2024(g) | 904 | 834 | 3.38%, 06/12/2022 | 520 | 519 | ||||||
8.00%, 10/15/2025(g) | 140 | 128 | 4.38%, 06/12/2027 | 495 | 496 | ||||||
CommScopeInc | 6.63%, 05/15/2039 | 716 | 763 | ||||||||
5.00%, 06/15/2021(g) | 250 | 250 | Plantronics Inc | ||||||||
5.50%, 03/01/2024(g) | 1,200 | 1,252 | 5.50%, 05/31/2023(g) | 336 | 339 | ||||||
5.50%, 06/15/2024(g) | 752 | 757 | Qwest Capital FundingInc | ||||||||
6.00%, 03/01/2026(g) | 4,970 | 5,262 | 6.88%, 07/15/2028 | 379 | 349 | ||||||
8.25%, 03/01/2027(g) | 2,955 | 3,191 | 7.75%, 02/15/2031 | 415 | 382 | ||||||
CommScope Technologies LLC | Qwest Corp | ||||||||||
5.00%, 03/15/2027(g) | 2,775 | 2,594 | 6.75%, 12/01/2021 | 1,370 | 1,463 | ||||||
6.00%, 06/15/2025(g) | 6,648 | 6,752 | 6.88%, 09/15/2033 | 5,235 | 5,235 | ||||||
Consolidated CommunicationsInc | 7.25%, 09/15/2025 | 1,458 | 1,593 | ||||||||
6.50%, 10/01/2022 | 1,275 | 1,210 | Sable International Finance Ltd | ||||||||
DKT Finance ApS | 6.88%, 08/01/2022(g) | 546 | 571 | ||||||||
9.38%, 06/17/2023(g) | 125 | 135 | Sprint Capital Corp | ||||||||
Embarq Corp | 6.88%, 11/15/2028 | 2,692 | 2,578 | ||||||||
8.00%, 06/01/2036 | 5,222 | 5,150 | 8.75%, 03/15/2032 | 1,793 | 1,883 | ||||||
Frontier Communications Corp | Sprint CommunicationsInc | ||||||||||
6.25%, 09/15/2021 | 10 | 8 | 6.00%, 11/15/2022 | 6,139 | 6,177 | ||||||
6.88%, 01/15/2025 | 885 | 469 | 7.00%, 08/15/2020 | 1,739 | 1,804 | ||||||
7.13%, 01/15/2023 | 445 | 277 | 9.25%, 04/15/2022 | 300 | 347 | ||||||
7.63%, 04/15/2024 | 1,225 | 677 | 11.50%, 11/15/2021 | 1,159 | 1,333 |
See accompanying notes.
193
Schedule of Investments | ||||||||||||
High Yield Fund I | ||||||||||||
April 30, 2019 (unaudited) | ||||||||||||
Principal | Principal | |||||||||||
BONDS (continued) | Amount (000’s) Value (000’s) | BONDS (continued) | Amount (000’s) Value (000’s) | |||||||||
Telecommunications (continued) | Trucking & Leasing - 0.52% | |||||||||||
Sprint Corp | AerCap Global Aviation Trust | |||||||||||
7.13%, 06/15/2024 | $ | 15,753 | $ | 15,787 | 6.50%, 06/15/2045(g),(l) | $ | 400 | $ | 408 | |||
7.25%, 09/15/2021 | 3,188 | 3,339 | 3 Month USD LIBOR + 4.30% | |||||||||
7.63%, 02/15/2025 | 1,712 | 1,729 | AvolonHoldings Funding Ltd | |||||||||
7.63%, 03/01/2026 | 6,185 | 6,185 | 5.13%, 10/01/2023(g) | 1,050 | 1,088 | |||||||
7.88%, 09/15/2023 | 8,200 | 8,542 | 5.25%, 05/15/2024(g) | 500 | 522 | |||||||
Telecom Italia Capital SA | Fly Leasing Ltd | |||||||||||
6.00%, 09/30/2034 | 2,149 | 1,988 | 5.25%, 10/15/2024 | 1,000 | 972 | |||||||
6.38%, 11/15/2033 | 1,115 | 1,084 | Fortress Transportation & Infrastructure Investors | |||||||||
7.20%, 07/18/2036 | 1,532 | 1,570 | LLC | |||||||||
7.72%, 06/04/2038 | 550 | 573 | 6.50%, 10/01/2025(g) | 500 | 513 | |||||||
Telecom Italia SpA/Milano | 6.75%, 03/15/2022(g) | 1,250 | 1,284 | |||||||||
5.30%, 05/30/2024(g) | 2,400 | 2,391 | Park Aerospace Holdings Ltd | |||||||||
TelefonaktiebolagetLM Ericsson | 4.50%, 03/15/2023(g) | 1,832 | 1,852 | |||||||||
4.13%, 05/15/2022 | 1,100 | 1,119 | 5.25%, 08/15/2022(g) | 6,833 | 7,113 | |||||||
Telesat Canada / Telesat LLC | 5.50%, 02/15/2024(g) | 4,302 | 4,535 | |||||||||
8.88%, 11/15/2024(g) | 425 | 461 | $ | 18,287 | ||||||||
T-Mobile USAInc | TOTAL BONDS | $ | 2,985,541 | |||||||||
4.50%, 02/01/2026 | 3,000 | 3,013 | SENIOR FLOATING RATE INTERESTS | Principal | ||||||||
4.75%, 02/01/2028 | 2,400 | 2,421 | - 11.61% | Amount (000's) Value (000's) | ||||||||
5.13%, 04/15/2025 | 500 | 515 | Automobile Parts & Equipment - 0.89% | |||||||||
5.38%, 04/15/2027 | 519 | 546 | Dexko GlobalInc | |||||||||
6.00%, 03/01/2023 | 3,662 | 3,768 | 10.85%, 07/24/2025(m) | $ | 13,544 | $ | 13,408 | |||||
6.00%, 04/15/2024 | 4,597 | 4,786 | US LIBOR + 8.25% | |||||||||
6.38%, 03/01/2025 | 2,742 | 2,851 | Truck HeroInc | |||||||||
6.50%, 01/15/2024 | 312 | 323 | 10.75%, 05/16/2025(m) | 18,532 | 17,883 | |||||||
6.50%, 01/15/2026 | 3,650 | 3,904 | US LIBOR + 8.25% | |||||||||
Trilogy International Partners LLC / Trilogy | $ | 31,291 | ||||||||||
International Finance Inc | Commercial Services - 0.52% | |||||||||||
8.88%, 05/01/2022(g) | 100 | 98 | KUEHG Corp | |||||||||
United States Cellular Corp | 10.85%, 08/22/2025(m) | 8,306 | 8,223 | |||||||||
6.70%, 12/15/2033 | 300 | 319 | Learning Care Group US No 2Inc | |||||||||
ViaSat Inc | 10.09%, 03/13/2026(m) | 6,500 | 6,419 | |||||||||
5.63%, 09/15/2025(g) | 4,690 | 4,655 | US LIBOR + 7.50% | |||||||||
5.63%, 04/15/2027(g) | 500 | 510 | Team Health HoldingsInc | |||||||||
Wind Tre SpA | 5.24%, 02/06/2024(m) | 4,124 | 3,861 | |||||||||
5.00%, 01/20/2026(g) | 4,580 | 4,186 | US LIBOR + 2.75% | |||||||||
WTT Investment Ltd/Hong Kong | $ | 18,503 | ||||||||||
5.50%, 11/21/2022(g) | 650 | 663 | Computers - 0.79% | |||||||||
$ | 265,870 | OptivSecurityInc | ||||||||||
Toys, Games & Hobbies - 0.15% | 9.75%, 01/13/2025(m) | 5,820 | 5,471 | |||||||||
Mattel Inc | US LIBOR + 7.25% | |||||||||||
2.35%, 08/15/2021 | 1,000 | 957 | Peak 10 Holding Corp | |||||||||
3.15%, 03/15/2023 | 1,000 | 921 | 9.99%, 07/24/2025(m) | 15,795 | 13,929 | |||||||
4.35%, 10/01/2020 | 365 | 367 | US LIBOR + 7.25% | |||||||||
5.45%, 11/01/2041 | 214 | 162 | TierPoint LLC | |||||||||
6.20%, 10/01/2040 | 150 | 121 | 9.75%, 05/05/2025(m) | 9,255 | 8,422 | |||||||
6.75%, 12/31/2025(g) | 2,650 | 2,651 | US LIBOR + 7.25% | |||||||||
$ | 5,179 | $ | 27,822 | |||||||||
Transportation - 0.11% | Cosmetics & Personal Care - 0.12% | |||||||||||
NaviosMaritime Acquisition Corp /Navios | Wellness Merger SubInc | |||||||||||
Acquisition Finance USInc | 11.36%, 06/27/2025(m) | 4,330 | 4,319 | |||||||||
8.13%, 11/15/2021(g) | 200 | 166 | Distribution & Wholesale - 0.11% | |||||||||
NeoviaLogistics Services LLC / SPL Logistics | American Tire DistributorsInc | |||||||||||
Finance Corp | 8.66%, 09/01/2023(m) | 2,297 | 2,285 | |||||||||
8.88%, 08/01/2020(g) | 125 | 125 | US LIBOR + 6.00% | |||||||||
Teekay Offshore Partners LP/TeekayOffshore | 10.13%, 08/30/2024(m) | 1,527 | 1,428 | |||||||||
Finance Corp | US LIBOR + 7.50% | |||||||||||
8.50%, 07/15/2023(g) | 775 | 773 | $ | 3,713 | ||||||||
Watco Cos LLC / Watco Finance Corp | ||||||||||||
6.38%, 04/01/2023(g) | 270 | 272 | Electronics - 0.33% | |||||||||
XPO CNWInc | Deliver BuyerInc | |||||||||||
6.70%, 05/01/2034 | 347 | 309 | 7.60%, 05/01/2024(m) | 11,522 | 11,493 | |||||||
XPO LogisticsInc | US LIBOR + 5.00% | |||||||||||
6.13%, 09/01/2023(g) | 620 | 633 | Entertainment - 0.14% | |||||||||
6.50%, 06/15/2022(g) | 1,389 | 1,420 | Mohegan Gaming & Entertainment | |||||||||
$ | 3,698 | 6.50%, 09/30/2023(m) | 2,129 | 2,035 | ||||||||
US LIBOR + 4.00% |
See accompanying notes.
194
Schedule of Investments | ||||||||||||
High Yield Fund I | ||||||||||||
April 30, 2019 (unaudited) | ||||||||||||
SENIOR FLOATING RATE INTERESTS | Principal | SENIOR FLOATING RATE INTERESTS | Principal | |||||||||
(continued) | Amount (000’s) Value (000’s) | (continued) | Amount (000’s) Value (000’s) | |||||||||
Entertainment (continued) | Miscellaneous Manufacturers - 0.84% | |||||||||||
SeaWorld Parks & EntertainmentInc | UTEX IndustriesInc | |||||||||||
5.50%, 04/01/2024(m) | $ | 2,947 | $ | 2,935 | 6.50%, 05/21/2021(m) | $ | 10,728 | $ | 10,370 | |||
US LIBOR + 3.00% | US LIBOR + 4.00% | |||||||||||
$ | 4,970 | 9.75%, 05/22/2022(m) | 20,650 | 19,411 | ||||||||
Healthcare - Products - 0.05% | US LIBOR + 7.25% | |||||||||||
Mallinckrodt International Finance SA | $ | 29,781 | ||||||||||
5.35%, 09/24/2024(m) | 1,683 | 1,507 | Packaging & Containers - 0.10% | |||||||||
US LIBOR + 2.75% | Berlin Packaging LLC | |||||||||||
5.69%, 02/24/2025(m) | 223 | 201 | 5.51%, 11/07/2025(m) | 2,040 | 2,013 | |||||||
US LIBOR + 3.00% | US LIBOR + 3.00% | |||||||||||
$ | 1,708 | BWAY Holding Co | ||||||||||
Healthcare - Services - 2.58% | 5.85%, 04/03/2024(m) | 1,652 | 1,629 | |||||||||
Aveanna Healthcare LLC | US LIBOR + 3.25% | |||||||||||
8.13%, 03/18/2024(m) | 7,069 | 6,945 | $ | 3,642 | ||||||||
US LIBOR + 5.50% | Pharmaceuticals - 0.53% | |||||||||||
10.63%, 03/16/2025(m) | 6,940 | 6,532 | Lanai Holdings III Inc | |||||||||
US LIBOR + 8.00% | 7.49%, 08/29/2022(m) | 3,195 | 3,151 | |||||||||
CivitasSolutions Inc | US LIBOR + 4.75% | |||||||||||
11.00%, 03/08/2027(m) | 15,170 | 14,867 | 11.24%, 08/14/2023(m) | 5,170 | 4,911 | |||||||
US LIBOR + 0.00% | US LIBOR + 8.50% | |||||||||||
DentalcorpPerfect Smile ULC | Packaging CoordinatorsMidco Inc | |||||||||||
10.00%, 06/08/2026(m) | 1,199 | 1,178 | 11.36%, 06/29/2024(m) | 10,740 | 10,686 | |||||||
US LIBOR + 7.50% | US LIBOR + 8.75% | |||||||||||
10.00%, 06/08/2026(m) | 9,280 | 9,118 | $ | 18,748 | ||||||||
US LIBOR + 7.50% | Real Estate - 0.03% | |||||||||||
10.00%, 06/01/2026(m) | 6,451 | 6,338 | Realogy Group LLC | |||||||||
US LIBOR + 7.50% | 4.73%, 02/08/2025(m) | 1,104 | 1,077 | |||||||||
MPH Acquisition Holdings LLC | US LIBOR + 2.25% | |||||||||||
5.35%, 05/25/2023(m) | 2,406 | 2,381 | Retail - 0.04% | |||||||||
US LIBOR + 3.00% | Bass Pro Group LLC | |||||||||||
TivityHealth Inc | 7.50%, 09/25/2024(m) | 1,318 | 1,315 | |||||||||
7.86%, 03/17/2026(m) | 2,024 | 1,993 | US LIBOR + 5.00% | |||||||||
US LIBOR + 5.25% | Software - 1.34% | |||||||||||
US Renal CareInc | Evergreen Skills LuxSarl | |||||||||||
6.85%, 12/30/2022(m) | 23,239 | 23,254 | 7.27%, 04/23/2021(m) | 24,606 | 20,521 | |||||||
US LIBOR + 4.25% | US LIBOR + 4.75% | |||||||||||
10.60%, 11/17/2023(m) | 18,185 | 18,196 | 10.75%, 04/28/2022(m) | 14,067 | 4,009 | |||||||
US LIBOR + 8.00% | US LIBOR + 8.25% | |||||||||||
$ | 90,802 | MH Sub I LLC | ||||||||||
Insurance - 1.45% | 9.95%, 09/15/2025(m) | 22,499 | 22,528 | |||||||||
Asurion LLC | US LIBOR + 7.50% | |||||||||||
9.00%, 08/04/2025(m) | 48,215 | 49,119 | $ | 47,058 | ||||||||
US LIBOR + 6.50% | Telecommunications - 0.17% | |||||||||||
Sedgwick Claims Management ServicesInc | Altice France SA/France | |||||||||||
5.75%, 11/06/2025(m) | 1,985 | 1,979 | 6.47%, 08/14/2026(m) | 4,482 | 4,380 | |||||||
US LIBOR + 3.25% | US LIBOR + 4.00% | |||||||||||
$ | 51,098 | CenturyLinkInc | ||||||||||
Investment Companies - 0.22% | 5.24%, 01/31/2025(m) | 1,652 | 1,641 | |||||||||
MasergyHoldings Inc | US LIBOR + 2.75% | |||||||||||
10.10%, 12/16/2024(m) | 5,393 | 5,258 | $ | 6,021 | ||||||||
US LIBOR + 7.50% | TOTAL SENIOR FLOATING RATE INTERESTS | $ | 408,898 | |||||||||
Zest Acquisition Corp | Total Investments | $ | 3,466,849 | |||||||||
9.98%, 03/06/2026(m) | 2,580 | 2,399 | Other Assets and Liabilities - 1.61% | 56,641 | ||||||||
US LIBOR + 7.50% | TOTAL NET ASSETS - 100.00% | $ | 3,523,490 | |||||||||
$ | 7,657 | |||||||||||
Lodging - 0.59% | ||||||||||||
ParqHoldings LP | (a) | Non-income producing security | ||||||||||
10.10%, 12/17/2020(m) | 20,865 | 20,761 | (b) | The value of these investments was determined using significant unobservable | ||||||||
US LIBOR + 7.50% | inputs. | |||||||||||
Machinery - Diversified- 0.46% | (c) | Fair value of these investments is determined in good faith by the Manager | ||||||||||
Engineered Machinery HoldingsInc | under procedures established and periodically reviewed by the Board of | |||||||||||
9.85%, 07/25/2025(m) | 16,681 | 16,320 | Directors. Certain inputs used in the valuation may be unobservable; however, | |||||||||
US LIBOR + 7.25% | each security is evaluated individually for purposes of ASC 820 which results | |||||||||||
in not all securities being identified as Level 3 of the fair value hierarchy. | ||||||||||||
Metal Fabrication & Hardware - 0.31% | At the end of the period, the fair value of these securities totaled $64,738 or | |||||||||||
Crosby US Acquisition Corp | 1.84% of net assets. | |||||||||||
5.46%, 11/23/2020(m) | 10,921 | 10,799 | (d) | Restricted Security. Please see Restricted Security Sub-Schedule for more | ||||||||
US LIBOR + 3.00% | information. |
See accompanying notes.
195
Schedule of Investments High Yield Fund I April 30, 2019 (unaudited)
(e) | Affiliated Security. Security is either an affiliate (and registered under the | (l) | Rate shown is as of period end. The rate may be a variable or floating rate or | |||
Investment Company Act of 1940) or an affiliate as defined by the Investment | a fixed rate which may convert to a variable or floating rate in the future. | |||||
Company Act of 1940 (controls 5.0% or more of the outstanding voting | (m) | Rate information disclosed is based on an average weighted rate of the | ||||
shares of the security). Please see affiliated sub-schedule for transactional | underlying tranches as of period end. | |||||
information. | ||||||
(f) | Current yield shown is as of period end. | |||||
(g) | Security exempt from registration under Rule 144A of the Securities Act of | Portfolio Summary (unaudited) | ||||
1933. These securities may be resold in transactions exempt from registration, | Sector | Percent | ||||
normally to qualified institutional buyers. At the end of the period, the value of | Consumer, Non-cyclical | 18.98 | % | |||
these securities totaled $1,774,352 or 50.36% of net assets. | Communications | 15.83 | % | |||
Consumer, Cyclical | 12.90 | % | ||||
(h) | Certain variable rate securities are not based on a published reference rate | Financial | 11.78 | % | ||
and spread but are determined by the issuer or agent and are based on current | Industrial | 11.71 | % | |||
market conditions. These securities do not indicate a reference rate and | Energy | 10.97 | % | |||
spread in their description. Rate shown is the rate in effect as of period end. | Technology | 6.18 | % | |||
(i) | Payment in kind; the issuer has the option of paying additional securities in | Basic Materials | 5.53 | % | ||
lieu of cash. | Utilities | 2.49 | % | |||
(j) | Security purchased on a when-issued basis. | Money Market Funds | 1.98 | % | ||
(k) | Perpetual security. Perpetual securities pay an indefinite stream of interest, | Diversified | 0.04 | % | ||
but they may be called by the issuer at an earlier date. Date shown, if any, | Other Assets and Liabilities | 1.61 | % | |||
reflects the next call date or final legal maturity date. Rate shown is as of | TOTAL NET ASSETS | 100.00 | % | |||
period end. |
Affiliated Securities | October 31, 2018 | Purchases | Sales | April 30, 2019 | ||||||||
Value | Cost | Proceeds | Value | |||||||||
Principal Government Money Market Fund 2.38% | $ | 218,558 | $ | 810,331 | $ | 959,019 | $ | 69,870 | ||||
$ | 218,558 | $ | 810,331 | $ | 959,019 | $ | 69,870 | |||||
Realized Gain/Loss | Realized Gain from | Change in Unrealized | ||||||||||
Income | on Investments | Capital Gain Distributions | Gain/Loss | |||||||||
Principal Government Money Market Fund 2.38% | $ | 1,121 | $ | — | $ | — | $ — | |||||
$ | 1,121 | $ | — | $ | — | $ — | ||||||
Amounts in thousands |
Restricted Securities | ||||||||||||
Security Name | Acquisition Date | Cost | Value | Percent of Net Assets | ||||||||
General Motors Co - 0.00%, 03/15/2036 | 01/31/2013 | $ | —$ | — | 0.00 | % | ||||||
General Motors Co - 0.00%, 12/01/2020 | 04/11/2013 | — | — | 0.00 | % | |||||||
General Motors Co - 0.00%, 05/01/2028 | 01/31/2013 | — | — | 0.00 | % | |||||||
General Motors Co - 0.00%, 07/15/2023 | 01/31/2013 | — | — | 0.00 | % | |||||||
General Motors Co - 0.00%, 07/15/2033 | 01/31/2013 | — | — | 0.00 | % | |||||||
General Motors Co - 0.00%, 12/01/2020 | 04/11/2013 | — | — | 0.00 | % | |||||||
General Motors Co - 0.00%, 09/01/2025 | 01/31/2013 | — | — | 0.00 | % | |||||||
General Motors Co - 0.00%, 07/15/2033 | 04/11/2013 | — | — | 0.00 | % | |||||||
General Motors Co - 0.00%, 03/06/2032 | 04/11/2013 | — | — | 0.00 | % | |||||||
Neebo, Inc- Warrants | 07/05/2012 | — | — | 0.00 | % | |||||||
Neebo, Inc- Warrants | 07/05/2012 | — | — | 0.00 | % | |||||||
Real Alloy HoldingInc- 12.60%, 11/30/2023 | 05/31/2018 | 4,391 | 4,391 | 0.12 | % | |||||||
Specialty Steel - 12.85%, 11/15/2022 | 11/15/2017 | 8,680 | 8,680 | 0.25 | % | |||||||
SportsNetNew York - 10.25%, 01/15/2025 | 12/27/2017 | 4,068 | 4,337 | 0.12 | % | |||||||
Total | $ | 17,408 | 0.49 | % | ||||||||
Amounts in thousands. | ||||||||||||
Exchange Cleared Credit Default Swaps | ||||||||||||
Sell Protection | ||||||||||||
Implied Credit | ||||||||||||
Spread as | (Pay)/ | Upfront | Unrealized | |||||||||
ofApril 30, | Receive Fixed Payment | Notional | Payments/ | Appreciation/ | ||||||||
Reference Entity | 2019 | (a) | Rate Frequency | Maturity Date | Amount (b) | (Receipts) | (Depreciation) | Fair Value (c) | ||||
CDX.NA.HY.32 | N/A | 5.00% Quarterly | 06/20/2024 | $ 125,500 | $ 8,872 | $ 708 | $ | 9,580 | ||||
Total | $ 8,872 $ | 708 | $ | 9,580 | ||||||||
Amounts in thousands. |
(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 impliedcredit 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 definedunder the terms of the agreement.
See accompanying notes.
196
Schedule of Investments
High Yield Fund I
April 30, 2019 (unaudited)
Exchange Cleared Credit Default Swaps (continued)
(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 particularswap agreement is $125,500.
(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 riskand represent the likelihood of an expected liability (or profit) for the credit default swap as of the period end. Increasing market values, in absolute terms, when compared tothe 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 occurringas defined under the terms of the agreement.
See accompanying notes.
197
Schedule of Investments | |||||||||||
Income Fund | |||||||||||
April 30, 2019 (unaudited) | |||||||||||
COMMON STOCKS - 1.24% | Shares Held Value (000's) | Principal | |||||||||
Diversified Financial Services- 0.00% | BONDS (continued) | Amount (000’s) Value (000’s) | |||||||||
Adelphia Recovery Trust(a),(b),(c) | 658,740 | $ | — | Banks (continued) | |||||||
Electric - 0.11% | Morgan Stanley | ||||||||||
GenOn Energy - Class A(a),(b) | 23,170 | 3,244 | 2.65%, 01/27/2020 | $ | 5,000 | $ | 4,997 | ||||
Oil & Gas - 0.18% | 3.95%, 04/23/2027 | 10,000 | 10,098 | ||||||||
Riviera ResourcesInc(a) | 258,490 | 3,877 | 4.00%, 07/23/2025 | 5,000 | 5,198 | ||||||
Roan ResourcesInc(a) | 258,490 | 1,466 | 4.88%, 11/01/2022 | 2,000 | 2,117 | ||||||
$ | 5,343 | 5.50%, 07/28/2021 | 5,000 | 5,278 | |||||||
Transportation - 0.95% | PNC Bank NA | ||||||||||
Trailer BridgeInc(a),(b),(c),(d) | 152,807 | 27,831 | 2.95%, 02/23/2025 | 10,000 | 9,977 | ||||||
TOTAL COMMON STOCKS | $ | 36,418 | 3.10%, 10/25/2027 | 4,750 | 4,735 | ||||||
INVESTMENT COMPANIES - 2.69% | Shares Held Value (000's) | PNC Financial Services GroupInc/The | |||||||||
6.75%, 07/29/2049(h),(i) | 18,000 | 19,147 | |||||||||
Money Market Funds - 2.69% | 3 Month USD LIBOR + 3.68% | ||||||||||
Principal Government Money Market Fund | 79,182,600 | 79,183 | SunTrust Bank/Atlanta GA | ||||||||
2.38%(e),(f) | 2.75%, 05/01/2023 | 15,000 | 14,866 | ||||||||
TOTAL INVESTMENT COMPANIES | $ | 79,183 | 3.30%, 05/15/2026 | 5,000 | 4,948 | ||||||
Principal | SunTrust BanksInc | ||||||||||
BONDS - 61.90% | Amount (000's) Value (000's) | 2.70%, 01/27/2022 | 9,000 | 8,963 | |||||||
Airlines - 0.26% | US Bancorp | ||||||||||
United Airlines 2013-1 Class A Pass Through | 2.95%, 07/15/2022 | 5,000 | 5,026 | ||||||||
Trust | 3.00%, 03/15/2022 | 2,000 | 2,016 | ||||||||
4.30%, 02/15/2027 | $ | 7,488 | $ | 7,765 | 3.60%, 09/11/2024 | 9,500 | 9,810 | ||||
Apparel - 0.45% | 4.13%, 05/24/2021 | 3,000 | 3,087 | ||||||||
Under ArmourInc | US Bank NA/Cincinnati OH | ||||||||||
3.25%, 06/15/2026 | 14,250 | 13,148 | 2.80%, 01/27/2025 | 5,000 | 4,971 | ||||||
Automobile Floor Plan Asset Backed Securities - 1.29% | Wells Fargo & Co | ||||||||||
Ally Master Owner Trust | 3.07%, 01/24/2023 | 16,000 | 16,031 | ||||||||
2.90%, 06/15/2022 | 15,000 | 15,027 | 6.38%, 12/31/2049(i) | 15,000 | 15,075 | ||||||
1.00 x 1 Month USD LIBOR + 0.43% | 3 Month USD LIBOR + 3.77% | ||||||||||
Navistar Financial Dealer Note Master Owner | $ | 302,145 | |||||||||
Trust II | Beverages - 1.07% | ||||||||||
3.11%, 09/25/2023(g) | 6,000 | 6,013 | Anheuser-Busch Cos LLC / Anheuser-Busch | ||||||||
1.00 x 1 Month USD LIBOR + 0.63% | InBevWorldwideInc | ||||||||||
Nissan Master Owner Trust Receivables | 4.70%, 02/01/2036(g) | 11,500 | 11,685 | ||||||||
3.03%, 02/15/2024 | 17,000 | 17,070 | Anheuser-BuschInBevWorldwideInc | ||||||||
1.00 x 1 Month USD LIBOR + 0.56% | 2.50%, 07/15/2022 | 9,000 | 8,921 | ||||||||
$ | 38,110 | 4.90%, 01/23/2031 | 10,000 | 10,844 | |||||||
Automobile Manufacturers - 0.50% | $ | 31,450 | |||||||||
American Honda Finance Corp | Biotechnology - 2.23% | ||||||||||
2.30%, 09/09/2026 | 4,750 | 4,473 | AmgenInc | ||||||||
3.80%, 09/20/2021(g) | 10,000 | 10,235 | 3.63%, 05/15/2022 | 4,500 | 4,609 | ||||||
$ | 14,708 | 3.88%, 11/15/2021 | 13,000 | 13,311 | |||||||
Banks - 10.26% | Celgene Corp | ||||||||||
Bank of America Corp | 3.45%, 11/15/2027 | 5,000 | 4,949 | ||||||||
2.88%, 04/24/2023(h) | 15,000 | 14,942 | 3.90%, 02/20/2028 | 10,000 | 10,222 | ||||||
3 Month USD LIBOR + 1.02% | Gilead SciencesInc | ||||||||||
3.88%, 08/01/2025 | 7,000 | 7,246 | 3.50%, 02/01/2025 | 4,750 | 4,841 | ||||||
6.75%, 06/01/2028 | 2,000 | 2,414 | 3.65%, 03/01/2026 | 18,000 | 18,399 | ||||||
Bank of New York Mellon Corp/The | 4.40%, 12/01/2021 | 9,000 | 9,342 | ||||||||
2.20%, 08/16/2023 | 9,500 | 9,222 | $ | 65,673 | |||||||
2.60%, 08/17/2020 | 9,500 | 9,502 | Chemicals - 0.91% | ||||||||
2.80%, 05/04/2026 | 4,500 | 4,425 | AirgasInc | ||||||||
3.00%, 10/30/2028 | 7,000 | 6,786 | 2.38%, 02/15/2020 | 7,000 | 6,989 | ||||||
CitigroupInc | 3.65%, 07/15/2024 | 6,750 | 6,962 | ||||||||
3.88%, 03/26/2025 | 20,000 | 20,332 | OCI NV | ||||||||
4.45%, 09/29/2027 | 8,000 | 8,303 | 6.63%, 04/15/2023(g) | 1,600 | 1,666 | ||||||
4.50%, 01/14/2022 | 4,000 | 4,164 | Westlake Chemical Corp | ||||||||
Cullen/Frost BankersInc | 3.60%, 08/15/2026 | 11,500 | 11,284 | ||||||||
4.50%, 03/17/2027 | 11,000 | 11,139 | $ | 26,901 | |||||||
Goldman Sachs GroupInc/The | Commercial Services - 0.59% | ||||||||||
3.50%, 11/16/2026 | 9,000 | 8,873 | ERAC USA Finance LLC | ||||||||
3.63%, 01/22/2023 | 4,000 | 4,080 | 3.30%, 10/15/2022(g) | 2,000 | 2,015 | ||||||
5.25%, 07/27/2021 | 13,000 | 13,669 | 4.50%, 08/16/2021(g) | 6,000 | 6,204 | ||||||
JPMorgan Chase & Co | 7.00%, 10/15/2037(g) | 7,000 | 9,135 | ||||||||
3.25%, 09/23/2022 | 5,000 | 5,061 | $ | 17,354 | |||||||
3.63%, 05/13/2024 | 15,000 | 15,418 | |||||||||
3.90%, 07/15/2025 | 5,000 | 5,185 | |||||||||
6.05%, 04/29/2049(i) | 5,021 | 5,044 | |||||||||
3 Month USD LIBOR + 3.47% |
See accompanying notes.
198
Schedule of Investments Income Fund April 30, 2019 (unaudited)
Principal | Principal | ||||||||||
BONDS (continued) | Amount (000’s) Value (000’s) | BONDS (continued) | Amount (000’s) Value (000’s) | ||||||||
Computers - 0.78% | Environmental Control - 1.38% | ||||||||||
AppleInc | Advanced Disposal ServicesInc | ||||||||||
2.40%, 05/03/2023 | $ | 13,000 | $ | 12,861 | 5.63%, 11/15/2024(g) | $ | 11,500 | $ | 12,075 | ||
3.25%, 02/23/2026 | 10,000 | 10,147 | Republic ServicesInc | ||||||||
$ | 23,008 | 3.20%, 03/15/2025 | 10,000 | 10,090 | |||||||
Credit Card Asset Backed Securities - 0.27% | 3.55%, 06/01/2022 | 6,000 | 6,123 | ||||||||
Cabela's Credit Card Master Note Trust | 5.00%, 03/01/2020 | 12,000 | 12,217 | ||||||||
3.14%, 07/17/2023 | 8,000 | 8,035 | $ | 40,505 | |||||||
1.00 x 1 Month USD LIBOR + 0.67% | Food - 0.67% | ||||||||||
Diversified Financial Services- 0.76% | Kraft Heinz Foods Co | ||||||||||
Jefferies Group LLC | 3.50%, 07/15/2022 | 5,000 | 5,058 | ||||||||
5.13%, 01/20/2023 | 1,500 | 1,583 | 3.95%, 07/15/2025 | 14,500 | 14,632 | ||||||
6.25%, 01/15/2036 | 9,000 | 9,443 | $ | 19,690 | |||||||
8.50%, 07/15/2019 | 4,000 | 4,045 | Gas - 0.07% | ||||||||
Jefferies Group LLC / Jefferies Group Capital | NiSource Inc | ||||||||||
Finance Inc | 3.85%, 02/15/2023 | 2,000 | 2,041 | ||||||||
4.15%, 01/23/2030 | 6,000 | 5,587 | Healthcare - Services - 1.67% | ||||||||
4.85%, 01/15/2027 | 1,750 | 1,764 | Encompass Health Corp | ||||||||
$ | 22,422 | 5.75%, 11/01/2024 | 7,000 | 7,096 | |||||||
Electric - 7.83% | 5.75%, 09/15/2025 | 1,000 | 1,026 | ||||||||
Black Hills Corp | HCAInc | ||||||||||
3.15%, 01/15/2027 | 7,500 | 7,230 | 5.63%, 09/01/2028 | 2,000 | 2,130 | ||||||
4.35%, 05/01/2033 | 7,500 | 7,803 | 5.88%, 05/01/2023 | 4,500 | 4,827 | ||||||
Entergy Louisiana LLC | 7.50%, 02/15/2022 | 3,000 | 3,300 | ||||||||
3.25%, 04/01/2028 | 8,000 | 7,963 | 7.50%, 11/06/2033 | 1,700 | 1,972 | ||||||
4.20%, 09/01/2048 | 5,500 | 5,684 | Roche HoldingsInc | ||||||||
Entergy TexasInc | 2.94%, 09/30/2019(g) | 26,000 | 26,031 | ||||||||
2.55%, 06/01/2021 | 14,500 | 14,316 | 3 Month USD LIBOR + 0.34% | ||||||||
GenOn EnergyInc- Escrow | Surgery Center HoldingsInc | ||||||||||
0.00%, 10/15/2020(a),(b),(c) | 8,550 | — | 6.75%, 07/01/2025(g) | 3,000 | 2,790 | ||||||
GenOn EnergyInc/ NRG AmericasInc | $ | 49,172 | |||||||||
9.39%, 12/01/2023 | 1,854 | 1,840 | Housewares - 0.35% | ||||||||
6 Month USD LIBOR + 6.50% | Newell BrandsInc | ||||||||||
LG&E & KU Energy LLC | 3.85%, 04/01/2023 | 6,000 | 5,965 | ||||||||
3.75%, 11/15/2020 | 5,000 | 5,052 | 4.20%, 04/01/2026 | 4,500 | 4,282 | ||||||
4.38%, 10/01/2021 | 5,000 | 5,142 | $ | 10,247 | |||||||
Louisville Gas & Electric Co | Insurance - 2.40% | ||||||||||
3.30%, 10/01/2025 | 3,000 | 3,055 | Berkshire HathawayInc | ||||||||
Metropolitan Edison Co | 3.00%, 02/11/2023 | 5,000 | 5,076 | ||||||||
3.50%, 03/15/2023(g) | 9,000 | 9,116 | 3.75%, 08/15/2021 | 5,000 | 5,144 | ||||||
4.30%, 01/15/2029(g) | 7,000 | 7,312 | Fidelity National FinancialInc | ||||||||
Monongahela Power Co | 4.50%, 08/15/2028(g) | 14,000 | 14,217 | ||||||||
3.55%, 05/15/2027(g) | 5,000 | 5,003 | 5.50%, 09/01/2022 | 5,000 | 5,290 | ||||||
OncorElectric Delivery Co LLC | First American Financial Corp | ||||||||||
2.95%, 04/01/2025 | 4,000 | 4,004 | 4.30%, 02/01/2023 | 20,000 | 20,319 | ||||||
4.10%, 11/15/2048 | 5,000 | 5,279 | 4.60%, 11/15/2024 | 5,000 | 5,176 | ||||||
5.75%, 03/15/2029 | 17,000 | 20,321 | Prudential Financial Inc | ||||||||
PacifiCorp | 3.88%, 03/27/2028 | 7,000 | 7,332 | ||||||||
5.25%, 06/15/2035 | 5,000 | 5,753 | 4.50%, 11/16/2021 | 2,000 | 2,086 | ||||||
6.25%, 10/15/2037 | 2,000 | 2,604 | 5.38%, 06/21/2020 | 2,000 | 2,061 | ||||||
Solar Star Funding LLC | 7.38%, 06/15/2019 | 4,000 | 4,021 | ||||||||
3.95%, 06/30/2035(g) | 6,350 | 6,120 | $ | 70,722 | |||||||
5.38%, 06/30/2035(g) | 20,797 | 22,104 | Internet - 0.50% | ||||||||
Southwestern Electric Power Co | Amazon.comInc | ||||||||||
2.75%, 10/01/2026 | 10,000 | 9,516 | 4.05%, 08/22/2047 | 14,000 | 14,585 | ||||||
3.55%, 02/15/2022 | 12,000 | 12,164 | |||||||||
3.85%, 02/01/2048 | 7,000 | 6,537 | Iron & Steel - 0.90% | ||||||||
Talen Energy Supply LLC | Allegheny TechnologiesInc | ||||||||||
4.60%, 12/15/2021 | 11,750 | 11,339 | 5.95%, 01/15/2021 | 11,000 | 11,220 | ||||||
TransAlta Corp | 7.88%, 08/15/2023 | 14,250 | 15,422 | ||||||||
4.50%, 11/15/2022 | 18,000 | 18,200 | $ | 26,642 | |||||||
Tucson Electric Power Co | Media - 2.26% | ||||||||||
3.05%, 03/15/2025 | 2,000 | 1,966 | Comcast Corp | ||||||||
3.85%, 03/15/2023 | 14,000 | 14,269 | 2.85%, 01/15/2023 | 10,000 | 10,052 | ||||||
4.85%, 12/01/2048 | 7,000 | 7,710 | 3.13%, 07/15/2022 | 2,000 | 2,028 | ||||||
5.15%, 11/15/2021 | 3,000 | 3,131 | 3.30%, 02/01/2027 | 10,000 | 10,000 | ||||||
$ | 230,533 | 4.25%, 10/15/2030 | 4,500 | 4,787 | |||||||
5.15%, 03/01/2020 | 2,000 | 2,040 |
See accompanying notes.
199
Schedule of Investments Income Fund April 30, 2019 (unaudited)
Principal | Principal | ||||||||||
BONDS (continued) | Amount (000’s) Value (000’s) | BONDS (continued) | Amount (000’s) Value (000’s) | ||||||||
Media (continued) | Packaging & Containers - 0.29% | ||||||||||
Time Warner Cable LLC | Sealed Air Corp | ||||||||||
6.55%, 05/01/2037 | $ | 6,000 | $ | 6,667 | 5.50%, 09/15/2025(g) | $ | 2,000 | $ | 2,100 | ||
6.75%, 06/15/2039 | 5,500 | 6,135 | 6.88%, 07/15/2033(g) | 6,000 | 6,540 | ||||||
7.30%, 07/01/2038 | 7,750 | 9,060 | $ | 8,640 | |||||||
Walt Disney Co/The | Pharmaceuticals - 0.47% | ||||||||||
4.50%, 02/15/2021(g) | 5,000 | 5,163 | AbbVieInc | ||||||||
6.40%, 12/15/2035(g) | 8,000 | 10,529 | 2.90%, 11/06/2022 | 13,750 | 13,710 | ||||||
$ | 66,461 | Pipelines - 3.46% | |||||||||
Oil & Gas - 4.22% | Buckeye Partners LP | ||||||||||
BP Capital Markets AmericaInc | 3.95%, 12/01/2026 | 10,000 | 9,706 | ||||||||
3.12%, 05/04/2026 | 7,000 | 6,968 | 4.15%, 07/01/2023 | 10,000 | 10,206 | ||||||
3.94%, 09/21/2028 | 7,000 | 7,323 | 4.35%, 10/15/2024 | 7,500 | 7,621 | ||||||
BP Capital Markets PLC | Columbia Pipeline GroupInc | ||||||||||
2.50%, 11/06/2022 | 3,000 | 2,977 | 4.50%, 06/01/2025 | 11,000 | 11,549 | ||||||
Canadian Natural Resources Ltd | El Paso Natural Gas Co LLC | ||||||||||
3.80%, 04/15/2024 | 7,000 | 7,128 | 7.50%, 11/15/2026 | 9,500 | 11,553 | ||||||
Helmerich & PayneInc | NGPL PipeCo LLC | ||||||||||
4.65%, 03/15/2025 | 7,000 | 7,290 | 4.88%, 08/15/2027(g) | 500 | 516 | ||||||
Marathon Petroleum Corp | Plains All American Pipeline LP / PAA Finance | ||||||||||
5.38%, 10/01/2022(g) | 8,750 | 8,915 | Corp | ||||||||
Nabors IndustriesInc | 4.50%, 12/15/2026 | 13,000 | 13,414 | ||||||||
5.00%, 09/15/2020 | 14,000 | 14,210 | Southeast Supply Header LLC | ||||||||
5.10%, 09/15/2023 | 5,000 | 4,687 | 4.25%, 06/15/2024(g) | 14,000 | 14,092 | ||||||
5.50%, 01/15/2023 | 9,000 | 8,573 | Southern Natural Gas Co LLC | ||||||||
Petro-Canada | 8.00%, 03/01/2032 | 4,000 | 5,374 | ||||||||
9.25%, 10/15/2021 | 8,500 | 9,752 | Tennessee Gas Pipeline Co LLC | ||||||||
Phillips 66 | 8.38%, 06/15/2032 | 2,000 | 2,655 | ||||||||
4.30%, 04/01/2022 | 9,000 | 9,377 | TransCanadaPipeLines Ltd | ||||||||
Rowan CosInc | 6.10%, 06/01/2040 | 5,000 | 5,906 | ||||||||
4.88%, 06/01/2022 | 8,000 | 7,730 | 7.25%, 08/15/2038 | 7,000 | 9,144 | ||||||
Suncor EnergyInc | $ | 101,736 | |||||||||
4.00%, 11/15/2047 | 4,500 | 4,394 | REITs - 8.25% | ||||||||
W&T OffshoreInc | Alexandria Real Estate EquitiesInc | ||||||||||
9.75%, 11/01/2023(g) | 6,500 | 6,614 | 4.30%, 01/15/2026 | 9,000 | 9,393 | ||||||
Whiting Petroleum Corp | 4.60%, 04/01/2022 | 20,500 | 21,418 | ||||||||
5.75%, 03/15/2021 | 18,000 | 18,445 | CBL & Associates LP | ||||||||
$ | 124,383 | 5.95%, 12/15/2026 | 13,250 | 9,242 | |||||||
Oil & Gas Services - 1.34% | CubeSmartLP | ||||||||||
Schlumberger Holdings Corp | 4.00%, 11/15/2025 | 5,000 | 5,090 | ||||||||
3.63%, 12/21/2022(g) | 6,500 | 6,636 | 4.38%, 12/15/2023 | 8,000 | 8,329 | ||||||
4.00%, 12/21/2025(g) | 9,500 | 9,777 | 4.38%, 02/15/2029 | 2,000 | 2,055 | ||||||
Weatherford International Ltd | 4.80%, 07/15/2022 | 15,000 | 15,656 | ||||||||
4.50%, 04/15/2022 | 16,500 | 11,468 | Duke Realty LP | ||||||||
5.13%, 09/15/2020 | 14,000 | 11,480 | 3.25%, 06/30/2026 | 5,000 | 4,939 | ||||||
$ | 39,361 | 3.88%, 10/15/2022 | 3,000 | 3,087 | |||||||
Other Asset Backed Securities - 1.94% | 4.38%, 06/15/2022 | 4,000 | 4,162 | ||||||||
Drug Royalty II LP 2 | HCPInc | ||||||||||
3.48%, 07/15/2023(g) | 1,707 | 1,703 | 2.63%, 02/01/2020 | 5,000 | 4,989 | ||||||
Drug Royalty III LP 1 | Healthcare Realty TrustInc | ||||||||||
3.60%, 04/15/2027(g) | 2,587 | 2,574 | 3.88%, 05/01/2025 | 5,000 | 5,024 | ||||||
3.98%, 04/15/2027(g) | 1,817 | 1,820 | Hospitality Properties Trust | ||||||||
4.27%, 10/15/2031(g) | 4,088 | 4,148 | 4.50%, 06/15/2023 | 5,000 | 5,087 | ||||||
4.39%, 10/15/2031(g) | 3,179 | 3,180 | 4.65%, 03/15/2024 | 5,000 | 5,115 | ||||||
1.00 x 3 Month USD LIBOR + 1.60% | 4.95%, 02/15/2027 | 5,000 | 5,034 | ||||||||
5.29%, 04/15/2027(g) | 2,299 | 2,319 | 5.00%, 08/15/2022 | 14,000 | 14,553 | ||||||
1.00 x 3 Month USD LIBOR + 2.50% | Omega Healthcare Investors Inc | ||||||||||
PFS Financing Corp | 4.75%, 01/15/2028 | 7,000 | 7,187 | ||||||||
3.03%, 04/15/2024(g) | 13,000 | 13,000 | 5.25%, 01/15/2026 | 7,500 | 7,903 | ||||||
1.00 x 1 Month USD LIBOR + 0.55% | Physicians Realty LP | ||||||||||
TrafiguraSecuritisationFinance PLC 2017-1 | 4.30%, 03/15/2027 | 17,000 | 16,936 | ||||||||
3.32%, 12/15/2020(g) | 16,000 | 15,982 | Simon Property Group LP | ||||||||
1.00 x 1 Month USD LIBOR + 0.85% | 2.75%, 02/01/2023 | 7,000 | 6,991 | ||||||||
Verizon Owner Trust 2017-3 | 4.38%, 03/01/2021 | 3,000 | 3,083 | ||||||||
2.76%, 04/20/2022(g) | 12,500 | 12,508 | STORE Capital Corp | ||||||||
1.00 x 1 Month USD LIBOR + 0.27% | 4.63%, 03/15/2029 | 15,000 | 15,432 | ||||||||
$ | 57,234 | Ventas Realty LP | |||||||||
3.85%, 04/01/2027 | 21,000 | 21,145 |
See accompanying notes.
200
Schedule of Investments | ||||||||||||
Income Fund | ||||||||||||
April 30, 2019 (unaudited) | ||||||||||||
Principal | U.S. GOVERNMENT & GOVERNMENT | Principal | ||||||||||
BONDS (continued) | Amount (000’s) Value (000’s) | AGENCY OBLIGATIONS (continued) | Amount (000’s) Value (000’s) | |||||||||
REITs (continued) | Federal Home Loan Mortgage Corporation (FHLMC) (continued) | |||||||||||
Ventas Realty LP / Ventas Capital Corp | 4.00%, 02/01/2046 | $ | 10,901 | $ | 11,239 | |||||||
3.25%, 08/15/2022 | $ | 8,000 | $ | 8,060 | 4.00%, 06/01/2046 | 10,835 | 11,168 | |||||
WelltowerInc | 4.50%, 07/01/2039 | 4,823 | 5,128 | |||||||||
3.75%, 03/15/2023 | 3,000 | 3,079 | 4.50%, 12/01/2040 | 4,825 | 5,131 | |||||||
4.25%, 04/15/2028 | 4,000 | 4,133 | 4.50%, 10/01/2041 | 6,009 | 6,391 | |||||||
4.50%, 01/15/2024 | 5,000 | 5,284 | 5.00%, 08/01/2039 | 2,681 | 2,886 | |||||||
4.95%, 01/15/2021 | 3,000 | 3,088 | $ | 154,130 | ||||||||
Weyerhaeuser Co | Federal National Mortgage Association (FNMA)/Federal Home Loan Mortgage | |||||||||||
3.25%, 03/15/2023 | 5,000 | 5,030 | Corporation (FHLMC) Uniform Mortgage-Backed Security - 13.40% | |||||||||
4.70%, 03/15/2021 | 12,000 | 12,345 | 3.00%, 03/01/2042 | 7,520 | 7,470 | |||||||
$ | 242,869 | 3.00%, 03/01/2042 | 6,874 | 6,828 | ||||||||
Savings & Loans - 0.22% | 3.00%, 05/01/2042 | 8,133 | 8,079 | |||||||||
First Niagara Financial GroupInc | 3.00%, 06/01/2042 | 7,429 | 7,380 | |||||||||
7.25%, 12/15/2021 | 6,000 | 6,617 | 3.00%, 06/01/2042 | 7,531 | 7,481 | |||||||
Software - 1.05% | 3.50%, 12/01/2040 | 5,087 | 5,174 | |||||||||
Oracle Corp | 3.50%, 01/01/2041 | 3,803 | 3,867 | |||||||||
2.50%, 05/15/2022 | 12,000 | 11,938 | 3.50%, 01/01/2041 | 4,066 | 4,135 | |||||||
2.95%, 05/15/2025 | 19,000 | 18,911 | 3.50%, 12/01/2041 | 3,385 | 3,443 | |||||||
$ | 30,849 | 3.50%, 01/01/2042 | 5,497 | 5,594 | ||||||||
Telecommunications - 3.26% | 3.50%, 03/01/2042 | 5,627 | 5,721 | |||||||||
CorningInc | 3.50%, 04/01/2042 | 7,804 | 7,936 | |||||||||
2.90%, 05/15/2022 | 5,000 | 5,018 | 3.50%, 02/01/2043 | 9,324 | 9,496 | |||||||
4.25%, 08/15/2020 | 10,000 | 10,189 | 3.50%, 03/01/2045 | 10,157 | 10,345 | |||||||
4.75%, 03/15/2042 | 4,000 | 4,106 | 3.50%, 06/01/2045 | 13,697 | 13,919 | |||||||
Crown Castle Towers LLC | 3.50%, 07/01/2045 | 11,781 | 11,971 | |||||||||
4.24%, 07/15/2048(g) | 13,000 | 13,541 | 3.50%, 11/01/2045 | 14,196 | 14,401 | |||||||
Qwest Corp | 3.50%, 05/01/2046 | 12,417 | 12,569 | |||||||||
6.75%, 12/01/2021 | 19,000 | 20,288 | 3.50%, 06/01/2046 | 11,216 | 11,352 | |||||||
Sprint Corp | 4.00%, 09/01/2040 | 5,011 | 5,205 | |||||||||
7.88%, 09/15/2023 | 7,500 | 7,813 | 4.00%, 11/01/2040 | 2,752 | 2,848 | |||||||
Sprint Spectrum Co LLC / Sprint Spectrum Co II | 4.00%, 10/01/2041 | 3,874 | 4,010 | |||||||||
LLC / Sprint Spectrum Co III LLC | 4.00%, 10/01/2041 | 2,641 | 2,734 | |||||||||
3.36%, 03/20/2023(g) | 4,531 | 4,520 | 4.00%, 11/01/2041 | 8,140 | 8,425 | |||||||
5.15%, 03/20/2028(g) | 16,000 | 16,478 | 4.00%, 04/01/2042 | 5,113 | 5,291 | |||||||
T-Mobile USAInc | 4.00%, 08/01/2043 | 9,324 | 9,707 | |||||||||
6.38%, 03/01/2025 | 13,500 | 14,036 | 4.00%, 08/01/2043 | 7,644 | 7,940 | |||||||
$ | 95,989 | 4.00%, 11/01/2043 | 7,863 | 8,166 | ||||||||
Transportation - 0.00% | 4.00%, 11/01/2043 | 9,500 | 9,893 | |||||||||
Trailer BridgeInc | 4.00%, 02/01/2044 | 9,306 | 9,689 | |||||||||
0.00%, 11/15/2019(a),(b),(c) | 12,000 | — | 4.00%, 07/01/2044 | 7,180 | 7,411 | |||||||
TOTAL BONDS | $ | 1,822,705 | 4.00%, 09/01/2044 | 7,005 | 7,230 | |||||||
SENIOR FLOATING RATE INTERESTS | Principal | 4.00%, 11/01/2044 | 8,743 | 9,046 | ||||||||
- 0.69% | Amount (000's) Value (000's) | 4.00%, 09/01/2045 | 17,726 | 18,262 | ||||||||
4.00%, 08/01/2046 | 12,813 | 13,288 | ||||||||||
Pipelines - 0.31% | 4.00%, 01/01/2047 | 12,965 | 13,351 | |||||||||
BCP Renaissance Parent LLC | 4.00%, 08/01/2047 | 18,300 | 18,872 | |||||||||
5.98%, 10/31/2024(j) | $ | 9,181 | $ | 9,219 | 4.50%, 08/01/2040 | 7,084 | 7,508 | |||||
US LIBOR + 3.50% | 4.50%, 10/01/2040 | 4,528 | 4,796 | |||||||||
Software - 0.38% | 4.50%, 12/01/2040 | 5,676 | 6,014 | |||||||||
IvantiSoftwareInc | 4.50%, 08/01/2041 | 6,218 | 6,587 | |||||||||
11.48%, 01/20/2025(j) | 11,500 | 11,227 | 4.50%, 10/01/2043 | 3,992 | 4,200 | |||||||
US LIBOR + 9.00% | 4.50%, 05/01/2044 | 7,956 | 8,373 | |||||||||
TOTAL SENIOR FLOATING RATE INTERESTS | $ | 20,446 | 4.50%, 06/01/2046 | 8,734 | 9,143 | |||||||
U.S. GOVERNMENT & GOVERNMENT | Principal | 4.50%, 05/01/2047 | 15,033 | 15,717 | ||||||||
AGENCY OBLIGATIONS - 32.73% | Amount (000's) Value (000's) | 4.50%, 05/01/2047 | 13,049 | 13,641 | ||||||||
Federal Home Loan Mortgage Corporation (FHLMC) - 5.23% | $ | 394,508 | ||||||||||
3.00%, 10/01/2042 | $ | 9,423 | $ | 9,362 | U.S. Treasury - 14.10% | |||||||
3.00%, 10/01/2042 | 9,363 | 9,302 | 1.25%, 10/31/2019 | 15,000 | 14,912 | |||||||
3.00%, 11/01/2042 | 9,378 | 9,317 | 1.50%, 08/15/2026 | 15,000 | 14,082 | |||||||
3.00%, 06/01/2043 | 11,486 | 11,402 | 1.63%, 06/30/2020 | 15,000 | 14,871 | |||||||
3.00%, 12/01/2046 | 17,502 | 17,323 | 1.63%, 11/15/2022 | 15,000 | 14,681 | |||||||
3.50%, 10/01/2041 | 4,255 | 4,331 | 1.75%, 05/15/2022 | 15,000 | 14,781 | |||||||
3.50%, 04/01/2042 | 4,929 | 5,017 | 1.75%, 05/15/2023 | 15,000 | 14,699 | |||||||
3.50%, 04/01/2042 | 6,624 | 6,741 | 2.00%, 11/15/2021 | 15,000 | 14,911 | |||||||
3.50%, 04/01/2045 | 9,787 | 9,958 | 2.25%, 11/15/2024 | 5,000 | 4,980 | |||||||
3.50%, 03/01/2048 | 19,423 | 19,762 | 2.25%, 08/15/2027 | 15,000 | 14,762 | |||||||
4.00%, 04/01/2039 | 3,827 | 3,993 | 2.50%, 05/15/2024 | 15,000 | 15,146 | |||||||
4.00%, 02/01/2045 | 5,510 | 5,679 | 2.63%, 11/15/2020 | 15,000 | 15,066 |
See accompanying notes.
201
Schedule of Investments Income Fund April 30, 2019 (unaudited)
U.S. GOVERNMENT & GOVERNMENT | Principal | ||||
AGENCY OBLIGATIONS (continued) | Amount (000’s) Value (000’s) | ||||
U.S. Treasury (continued) | |||||
2.75%, 11/15/2023 | $ | 15,000 | $ | 15,302 | |
2.75%, 02/15/2028 | 15,000 | 15,318 | |||
2.75%, 11/15/2047 | 15,000 | 14,441 | |||
2.88%, 05/15/2043 | 15,000 | 14,921 | |||
2.88%, 08/15/2045 | 15,000 | 14,862 | |||
2.88%, 11/15/2046 | 15,000 | 14,844 | |||
3.00%, 11/15/2044 | 15,000 | 15,218 | |||
3.00%, 11/15/2045 | 15,000 | 15,219 | |||
3.00%, 02/15/2048 | 15,000 | 15,169 | |||
3.13%, 05/15/2021 | 15,000 | 15,250 | |||
3.13%, 08/15/2044 | 15,000 | 15,552 | |||
3.38%, 05/15/2044 | 15,000 | 16,232 | |||
3.38%, 11/15/2048 | 15,000 | 16,307 | |||
3.50%, 02/15/2039 | 15,000 | 16,707 | |||
3.63%, 02/15/2044 | 15,000 | 16,893 | |||
3.75%, 11/15/2043 | 10,000 | 11,484 | |||
4.38%, 02/15/2038 | 15,000 | 18,671 | |||
$ | 415,281 | ||||
TOTAL U.S. GOVERNMENT & GOVERNMENT AGENCY | |||||
OBLIGATIONS | $ | 963,919 | |||
Total Investments | $ | 2,922,671 | |||
Other Assets and Liabilities - 0.75% | 22,104 | ||||
TOTAL NET ASSETS - 100.00% | $ | 2,944,775 |
(a) | Non-income producing security |
(b) | The value of these investments was determined using significant unobservableinputs. |
(c) | Fair value of these investments is determined in good faith by the Manager under procedures established and periodically reviewed by the Board of Directors. Certain inputs used in the valuation may be unobservable; however, each security is evaluated individually for purposes of ASC 820 which resultsin not all securities being identified as Level 3 of the fair value hierarchy. |
At the end of the period, the fair value of these securities totaled $27,831 or 0.95% of net assets. |
(d) | Restricted Security. Please see Restricted Security Sub-Schedule for more information. |
(e) | Affiliated Security. Security is either an affiliate (and registered under the Investment Company Act of 1940) or an affiliate as defined by the Investment |
Company Act of 1940 (controls 5.0% or more of the outstanding votingshares of the security). Please see affiliated sub-schedule for transactionalinformation. | |
(f) | Current yield 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 ofthese securities totaled $314,376 or 10.68% 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) | 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 ofperiod end. |
(j) | Rate information disclosed is based on an average weighted rate of the underlying tranches as of period end. |
Portfolio Summary (unaudited) | |||
Sector | Percent | ||
Financial | 21.89 | % | |
Mortgage Securities | 18.63 | % | |
Government | 14.10 | % | |
Energy | 9.51 | % | |
Utilities | 8.01 | % | |
Consumer, Non-cyclical | 6.70 | % | |
Communications | 6.02 | % | |
Asset Backed Securities | 3.50 | % | |
Money Market Funds | 2.69 | % | |
Industrial | 2.62 | % | |
Technology | 2.21 | % | |
Basic Materials | 1.81 | % | |
Consumer, Cyclical | 1.56 | % | |
Other Assets and Liabilities | 0.75 | % | |
TOTAL NET ASSETS | 100.00 | % |
Affiliated Securities | October 31, 2018 | Purchases | Sales | April 30, 2019 | ||||||||
Value | Cost | Proceeds | Value | |||||||||
Principal Government Money Market Fund 2.38% | $ | 36,132 | $ | 311,186 | $ | 268,135 | $ | 79,183 | ||||
$ | 36,132 | $ | 311,186 | $ | 268,135 | $ | 79,183 | |||||
Realized Gain/Loss | Realized Gain from | Change in Unrealized | ||||||||||
Income | on Investments | Capital Gain Distributions | Gain/Loss | |||||||||
Principal Government Money Market Fund 2.38% | $ | 377 | $ | —$ | —$ | — | ||||||
$ | 377 | $ | —$ | —$ | — |
Amounts in thousands | ||||||||||
Restricted Securities | ||||||||||
Security Name | Acquisition Date | Cost | Value | Percent of Net Assets | ||||||
Trailer BridgeInc | 05/07/2012-12/22/2016 | $ | 16,579 | $ | 27,831 | 0.95 | % | |||
Total | $ | 27,831 | 0.95 | % | ||||||
Amounts in thousands. |
See accompanying notes.
202
Schedule of Investments
Inflation Protection Fund April 30, 2019 (unaudited)
INVESTMENT COMPANIES - 0.98% | Shares Held Value (000's) | Principal | ||||||||||||
Money Market Funds - 0.98% | BONDS (continued) | Amount (000’s) Value (000’s) | ||||||||||||
Principal Government Money Market Fund | 15,541,076 | $ | 15,541 | Sovereign (continued) | ||||||||||
2.38%(a),(b) | ItalyBuoni PoliennaliDel Tesoro | |||||||||||||
TOTAL INVESTMENT COMPANIES | $ | 15,541 | 1.30%, 05/15/2028(e) | EUR | 8,346 | $ | 9,211 | |||||||
Principal | 3.45%, 03/01/2048(e) | 7,855 | 8,936 | |||||||||||
BONDS - 9.13% | Amount (000's) Value (000's) | Japanese Government CPI Linked Bond | ||||||||||||
Commercial Mortgage Backed Securities - 0.00% | 0.10%, 03/10/2027 | JPY | 1,893,689 | 17,637 | ||||||||||
CD 2007-CD4 Commercial Mortgage Trust | 0.10%, 03/10/2028 | 3,125,390 | 29,151 | |||||||||||
0.89%, 12/11/2049(c),(d),(e) | $ | 18 | $ | — | New Zealand Government Inflation Linked Bond | |||||||||
Commercial Mortgage Trust 2007-GG9 | 2.60%, 09/20/2040 | NZD | 3,543 | 2,876 | ||||||||||
0.41%, 03/10/2039(c),(d),(e) | 2,655 | 5 | 2.63%, 09/20/2035 | 7,572 | 6,072 | |||||||||
GinnieMae | 3.20%, 09/20/2030 | 30,290 | 24,696 | |||||||||||
1.38%, 03/16/2047(c),(d) | 219 | 9 | $ | 143,378 | ||||||||||
ML-CFC Commercial Mortgage Trust 2006-3 | TOTAL BONDS | $ | 144,811 | |||||||||||
1.00%, 07/12/2046(c),(d),(e) | 66 | — | U.S. GOVERNMENT & GOVERNMENT | Principal | ||||||||||
$ | 14 | AGENCY OBLIGATIONS - 90.52% | Amount (000's) Value (000's) | |||||||||||
Home Equity Asset Backed Securities - 0.00% | U.S. Treasury - 0.89% | |||||||||||||
Option One Mortgage Loan Trust 2005-1 | 1.00%, 02/15/2049 | $ | 13,958 | $ | 14,166 | |||||||||
3.98%, 02/25/2035 | 23 | 9 | U.S. Treasury Inflation-Indexed Obligations- 89.63% | |||||||||||
1.00 x 1 Month USD LIBOR + 1.50% | 0.13%, 01/15/2022 | 79,760 | 79,122 | |||||||||||
Mortgage Backed Securities - 0.09% | 0.13%, 04/15/2022 | 88,669 | 87,811 | |||||||||||
Chase Mortgage Finance Trust Series 2007-A2 | 0.13%, 07/15/2022 | 19,209 | 19,120 | |||||||||||
4.56%, 07/25/2037(d) | 45 | 46 | 0.13%, 01/15/2023 | 8,693 | 8,606 | |||||||||
Fannie Mae REMIC Trust 2004-W5 | 0.13%, 07/15/2024 | 95,571 | 94,581 | |||||||||||
2.93%, 02/25/2047 | 21 | 21 | 0.13%, 07/15/2026 | 66,670 | 65,125 | |||||||||
1.00 x 1 Month USD LIBOR + 0.45% | 0.25%, 01/15/2025 | 68,069 | 67,353 | |||||||||||
Fannie Mae REMIC Trust 2005-W2 | 0.38%, 07/15/2023 | 15,118 | 15,170 | |||||||||||
2.68%, 05/25/2035 | 9 | 9 | 0.38%, 07/15/2025 | 62,358 | 62,283 | |||||||||
1.00 x 1 Month USD LIBOR + 0.20% | 0.38%, 01/15/2027 | 102,521 | 101,428 | |||||||||||
ImpacCMB Trust Series 2004-5 | 0.38%, 07/15/2027 | 39,706 | 39,329 | |||||||||||
4.80%, 10/25/2034 | 12 | 12 | 0.50%, 04/15/2024 | 19,544 | 19,616 | |||||||||
1.00 x 1 Month USD LIBOR + 2.33% | 0.50%, 01/15/2028 | 34,330 | 34,209 | |||||||||||
ImpacCMB Trust Series 2004-6 | 0.63%, 07/15/2021 | 40,203 | 40,541 | |||||||||||
3.46%, 10/25/2034 | 9 | 9 | 0.63%, 04/15/2023 | 49,608 | 50,001 | |||||||||
1.00 x 1 Month USD LIBOR + 0.98% | 0.63%, 01/15/2024 | 100,383 | 101,471 | |||||||||||
ImpacCMB Trust Series 2005-1 | 0.63%, 01/15/2026(f) | 113,647 | 114,692 | |||||||||||
3.10%, 04/25/2035 | 81 | 79 | 0.63%, 02/15/2043 | 11,935 | 11,140 | |||||||||
1.00 x 1 Month USD LIBOR + 0.62% | 0.75%, 07/15/2028 | 14,997 | 15,311 | |||||||||||
ImpacCMB Trust Series 2005-5 | 0.75%, 02/15/2042(g) | 26,369 | 25,505 | |||||||||||
3.24%, 08/25/2035 | 16 | 13 | 0.75%, 02/15/2045 | 41,332 | 39,396 | |||||||||
1.00 x 1 Month USD LIBOR + 0.77% | 0.88%, 01/15/2029 | 66,797 | 68,815 | |||||||||||
Merrill Lynch Alternative Note Asset Trust Series | 0.88%, 02/15/2047 | 5,304 | 5,203 | |||||||||||
2007-A3 | 1.00%, 02/15/2046 | 24,052 | 24,307 | |||||||||||
2.69%, 04/25/2037 | 2,081 | 1,113 | 1.00%, 02/15/2048(g) | 42,740 | 43,223 | |||||||||
1.00 x 1 Month USD LIBOR + 0.21% | 1.38%, 02/15/2044 | 29,346 | 32,173 | |||||||||||
WaMu Mortgage Pass-Through Certificates Series | 1.75%, 01/15/2028 | 18,008 | 19,850 | |||||||||||
2005-AR2 Trust | 2.00%, 01/15/2026 | 16,066 | 17,675 | |||||||||||
2.85%, 01/25/2045 | 42 | 43 | 2.13%, 02/15/2040 | 17,860 | 22,155 | |||||||||
1.00 x 1 Month USD LIBOR + 0.37% | 2.13%, 02/15/2041 | 14,139 | 17,641 | |||||||||||
$ | 1,345 | 2.38%, 01/15/2025 | 3,704 | 4,107 | ||||||||||
Other Asset Backed Securities - 0.00% | 2.38%, 01/15/2027 | 31,073 | 35,413 | |||||||||||
Argent Securities Trust 2006-W3 | 2.50%, 01/15/2029 | 25,051 | 29,618 | |||||||||||
2.60%, 04/25/2036 | 27 | 11 | 3.38%, 04/15/2032 | 855 | 1,148 | |||||||||
1.00 x 1 Month USD LIBOR + 0.12% | 3.88%, 04/15/2029 | 6,747 | 8,891 | |||||||||||
Countrywide Asset-Backed Certificates | $ | 1,422,029 | ||||||||||||
3.60%, 12/25/2032 | 18 | 18 | TOTAL U.S. GOVERNMENT & GOVERNMENT AGENCY | |||||||||||
1.00 x 1 Month USD LIBOR + 1.13% | OBLIGATIONS | $ | 1,436,195 | |||||||||||
Fannie Mae REMIC Trust 2003-W16 | TOTAL PURCHASED OPTIONS - 0.01% | $ | 182 | |||||||||||
2.63%, 11/25/2033 | 1 | 1 | TOTAL PURCHASED CAPPED OPTIONS - 0.00% | $ | 79 | |||||||||
1.00 x 1 Month USD LIBOR + 0.15% | TOTAL PURCHASED INTEREST RATE SWAPTIONS - 0.32% | 5,031 | ||||||||||||
Long Beach Mortgage Loan Trust 2004-2 | Total Investments | $ | 1,601,839 | |||||||||||
3.27%, 06/25/2034 | 35 | 35 | Other Assets and Liabilities - (0.96)% | (15,229 | ) | |||||||||
1.00 x 1 Month USD LIBOR + 0.80% | TOTAL NET ASSETS - 100.00% | $ | 1,586,610 | |||||||||||
$ | 65 | |||||||||||||
Sovereign - 9.04% | ||||||||||||||
French Republic Government Bond OAT | ||||||||||||||
0.10%, 07/25/2047(e) | EUR | 4,661 | 5,647 | |||||||||||
1.85%, 07/25/2027 | 22,767 | 32,062 | ||||||||||||
2.00%, 05/25/2048(e) | 5,460 | 7,090 |
See accompanying notes.
203
Schedule of Investments
Inflation Protection Fund April 30, 2019 (unaudited)
(a) | Affiliated Security. Security is either an affiliate (and registered under the Investment Company Act of 1940) or an affiliate as defined by the Investment |
Company Act of 1940 (controls 5.0% or more of the outstanding votingshares of the security). Please see affiliated sub-schedule for transactionalinformation. | |
(b) | Current yield shown is as of period end. |
(c) | Security is an Interest Only Strip. |
(d) | Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description. Rate shown is the rate in effect as of period end. |
(e) | Security 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 ofthese securities totaled $30,889 or 1.95% of net assets. |
(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 $2,201 or 0.14% of net assets. |
(g) | Security or a portion of the security was pledged to cover margin requirements for futures contracts. At the end of the period, the value of these securities totaled $2,270 or 0.14% of net assets. |
Portfolio Summary (unaudited) | |||
Sector | Percent | ||
Government | 99.56 | % | |
Money Market Funds | 0.98 | % | |
Purchased Interest Rate Swaptions | 0.32 | % | |
Mortgage Securities | 0.09 | % | |
Purchased Options | 0.01 | % | |
Asset Backed Securities | 0.00 | % | |
Purchased Capped Options | 0.00 | % | |
Other Assets and Liabilities | (0.96 | )% | |
TOTAL NET ASSETS | 100.00 | % |
Affiliated Securities | October 31, 2018 | Purchases | Sales | April 30, 2019 | ||||||||||||||||||||
Value | Cost | Proceeds | Value | |||||||||||||||||||||
Principal Government Money Market Fund 2.38% | $ | 24,651 | $ | 142,671 | $ | 151,781 | $ | 15,541 | ||||||||||||||||
$ | 24,651 | $ | 142,671 | $ | 151,781 | $ | 15,541 | |||||||||||||||||
Realized Gain/Loss | Realized Gain from | Change in Unrealized | ||||||||||||||||||||||
Income | on Investments | Capital Gain Distributions | Gain/Loss | |||||||||||||||||||||
Principal Government Money Market Fund 2.38% | $ | 169 | $ | —$ | —$ | — | ||||||||||||||||||
$ | 169 | $ | —$ | —$ | — | |||||||||||||||||||
Amounts in thousands | ||||||||||||||||||||||||
Options | ||||||||||||||||||||||||
Upfront | Unrealized | |||||||||||||||||||||||
Contracts/ | Payments/ | Appreciation/ | ||||||||||||||||||||||
Purchased Options Outstanding | Counterparty | Shares | Notional Amount | Exercise Price | Expiration Date | (Premiums) | Fair Value | (Depreciation) | ||||||||||||||||
Call - 90 Day Eurodollar Future; | N/A | 450 | $ | 1,125 | $ | 97.75 | 06/18/2019 | $ | 35 | $ | 3$ | (32 | ) | |||||||||||
June 2019 | ||||||||||||||||||||||||
Call - 90 Day Eurodollar Future; | N/A | 450 | $ | 1,125 | $ | 97.75 | 03/17/2020 | 76 | 177 | 101 | ||||||||||||||
March 2020 | ||||||||||||||||||||||||
Put - 90 Day Eurodollar Future; | N/A | 59 | $ | 148 | $ | 97.25 | 07/15/2019 | 4 | — | (4 | ) | |||||||||||||
September 2019 | ||||||||||||||||||||||||
Put - 90 Day Eurodollar Future; | N/A | 178 | $ | 445 | $ | 97.00 | 07/15/2019 | 7 | 1 | (6 | ) | |||||||||||||
September 2019 | ||||||||||||||||||||||||
Put - 90 Day Eurodollar Future; | N/A | 59 | $ | 148 | $ | 97.13 | 07/15/2019 | 7 | 1 | (6 | ) | |||||||||||||
September 2019 | ||||||||||||||||||||||||
Total | $ | 129 | $ | 182$ | 53 | |||||||||||||||||||
Upfront | Unrealized | |||||||||||||||||||||||
Contracts/ | Payments/ | Appreciation/ | ||||||||||||||||||||||
Written Options Outstanding | Counterparty | Shares | Notional Amount | Exercise Price | Expiration Date | (Premiums) | Fair Value | (Depreciation) | ||||||||||||||||
Call - 90 Day Eurodollar Future; | N/A | 450 | $ | 1,125 | $ | 97.88 | 06/18/2019 | $ | (22 | )$ | (3)$ | 19 | ||||||||||||
June 2019 | ||||||||||||||||||||||||
Call - 90 Day Eurodollar Future; | N/A | 450 | $ | 1,125 | $ | 97.88 | 03/17/2020 | (61 | ) | (135) | (74 | ) | ||||||||||||
March 2020 | ||||||||||||||||||||||||
Total | $ | (83 | )$ | (138)$ | (55 | ) | ||||||||||||||||||
Amounts in thousands except contracts/shares. | ||||||||||||||||||||||||
Interest Rate Swaptions | ||||||||||||||||||||||||
Pay/Receive | Upfront | Unrealized | ||||||||||||||||||||||
PurchasedSwaptions | Floating | Notional | Exercise | Expiration | Payments/ | Appreciation/ | ||||||||||||||||||
Outstanding | Counterparty | Floating Rate Index | Rate | Amount | Rate | Date | (Premiums) | Fair Value | (Depreciation) | |||||||||||||||
Call - 10 Year Interest Rate | Barclays Bank PLC | 3 Month USD LIBOR | Pay | $ | 1,420 | 3.08% | 01/30/2029$ | 81 | $ | 82 | $ | 1 | ||||||||||||
Swap | ||||||||||||||||||||||||
Call - 10 Year Interest Rate | Barclays Bank PLC | 3 Month USD LIBOR | Pay | 4,870 | 2.95% | 03/13/2024 | 219 | 239 | 20 | |||||||||||||||
Swap | ||||||||||||||||||||||||
Call - 10 Year Interest Rate | Barclays Bank PLC | 3 Month USD LIBOR | Pay | 4,872 | 2.98% | 03/08/2024 | 224 | 246 | 22 | |||||||||||||||
Swap | ||||||||||||||||||||||||
Call - 10 Year Interest Rate | Barclays Bank PLC | 3 Month USD LIBOR | Pay | 3,550 | 2.69% | 03/20/2020 | 70 | 95 | 25 | |||||||||||||||
Swap |
See accompanying notes.
204
Schedule of Investments | ||||||||||||||||
Inflation Protection Fund | ||||||||||||||||
April 30, 2019 (unaudited) | ||||||||||||||||
Interest Rate Swaptions (continued) | ||||||||||||||||
Pay/Receive | Upfront | Unrealized | ||||||||||||||
Purchased Swaptions | Floating | Notional | Exercise | Expiration | Payments/ | Appreciation/ | ||||||||||
Outstanding | Counterparty | Floating Rate Index | Rate | Amount | Rate | Date | (Premiums) | Fair Value | (Depreciation) | |||||||
Call - 10 Year Interest Rate | Barclays Bank PLC | 3 Month USD LIBOR | Pay | $ | 1,410 | 3.05% | 01/11/2029$ | 79 | $ | 79 | $ | — | ||||
Swap | ||||||||||||||||
Call - 10 Year Interest Rate | Barclays Bank PLC | 3 Month USD LIBOR | Receive | 3,705 | 3.09% | 12/07/2038 | 172 | 218 | 46 | |||||||
Swap | ||||||||||||||||
Call - 10 Year Interest Rate | JPMorgan Chase | 3 Month USD LIBOR | Receive | 1,310 | 2.99% | 04/28/2038 | 61 | 73 | 12 | |||||||
Swap | ||||||||||||||||
Call - 10 Year Interest Rate | JPMorgan Chase | 3 Month USD LIBOR | Pay | 1,295 | 2.86% | 02/23/2039 | 64 | 67 | 3 | |||||||
Swap | ||||||||||||||||
Call - 10 Year Interest Rate | Morgan Stanley & Co | 3 Month USD LIBOR | Pay | 1,410 | 3.04% | 01/12/2029 | 80 | 78 | (2 | ) | ||||||
Swap | ||||||||||||||||
Call - 20 Year Interest Rate | JPMorgan Chase | 6 Month JPY LIBOR | Receive | JPY | 151,300 | 0.78% | 04/19/2021 | 48 | 78 | 30 | ||||||
Swap | ||||||||||||||||
Call - 5 Year Interest Rate | Barclays Bank PLC | 6 Month Euro | Pay | EUR | 7,715 | 0.47% | 03/15/2021 | 88 | 108 | 20 | ||||||
Swap | Interbank Offered Rate | |||||||||||||||
Call - 5 Year Interest Rate | Barclays Bank PLC | 3 Month USD LIBOR | Pay | $ | 13,420 | 2.52% | 02/27/2020 | 147 | 204 | 57 | ||||||
Swap | ||||||||||||||||
Call - 5 Year Interest Rate | Barclays Bank PLC | 6 Month Euro | Pay | EUR | 7,715 | 0.55% | 02/16/2021 | 102 | 140 | 38 | ||||||
Swap | Interbank Offered Rate | |||||||||||||||
Call - 5 Year Interest Rate | Deutsche Bank AG | 3 Month USD LIBOR | Receive | $ | 13,845 | 3.21% | 10/28/2019 | 168 | 584 | 416 | ||||||
Swap | ||||||||||||||||
Call - 5 Year Interest Rate | JPMorgan Chase | 3 Month USD LIBOR | Receive | 13,845 | 3.17% | 10/30/2019 | 176 | 561 | 385 | |||||||
Swap | ||||||||||||||||
Call - 5 Year Interest Rate | Morgan Stanley & Co | 3 Month USD LIBOR | Receive | 27,160 | 3.09% | 11/29/2019 | 350 | 1,000 | 650 | |||||||
Swap | ||||||||||||||||
Put - 10 Year Interest Rate | Barclays Bank PLC | 3 Month USD LIBOR | Receive | 3,705 | 3.09% | 12/07/2038 | 172 | 159 | (13 | ) | ||||||
Swap | ||||||||||||||||
Put - 10 Year Interest Rate | Barclays Bank PLC | 6 Month JPY LIBOR | Pay | JPY | 2,357,900 | 1.10% | 06/30/2022 | 321 | 43 | (278 | ) | |||||
Swap | ||||||||||||||||
Put - 10 Year Interest Rate | Barclays Bank PLC | 3 Month USD LIBOR | Receive | $ | 1,420 | 3.08% | 01/30/2029 | 81 | 64 | (17 | ) | |||||
Swap | ||||||||||||||||
Put - 10 Year Interest Rate | Barclays Bank PLC | 3 Month USD LIBOR | Receive | 1,410 | 3.05% | 01/11/2029 | 80 | 65 | (15 | ) | ||||||
Swap | ||||||||||||||||
Put - 10 Year Interest Rate | Barclays Bank PLC | 3 Month USD LIBOR | Receive | 3,550 | 2.69% | 03/20/2020 | 65 | 42 | (23 | ) | ||||||
Swap | ||||||||||||||||
Put - 10 Year Interest Rate | Barclays Bank PLC | 3 Month USD LIBOR | Receive | 4,872 | 2.98% | 03/08/2024 | 224 | 170 | (54 | ) | ||||||
Swap | ||||||||||||||||
Put - 10 Year Interest Rate | Barclays Bank PLC | 3 Month USD LIBOR | Receive | 4,870 | 2.95% | 03/13/2024 | 219 | 175 | (44 | ) | ||||||
Swap | ||||||||||||||||
Put - 10 Year Interest Rate | JPMorgan Chase | 3 Month USD LIBOR | Receive | 1,310 | 2.99% | 04/28/2038 | 62 | 60 | (2 | ) | ||||||
Swap | ||||||||||||||||
Put - 10 Year Interest Rate | JPMorgan Chase | 3 Month USD LIBOR | Receive | 1,295 | 2.86% | 02/23/2039 | 64 | 62 | (2 | ) | ||||||
Swap | ||||||||||||||||
Put - 10 Year Interest Rate | Morgan Stanley & Co | 3 Month USD LIBOR | Receive | 1,410 | 3.04% | 01/12/2029 | 80 | 65 | (15 | ) | ||||||
Swap | ||||||||||||||||
Put - 20 Year Interest Rate | JPMorgan Chase | 6 Month JPY LIBOR | Receive | JPY | 151,300 | 0.78% | 04/19/2021 | 48 | 14 | (34 | ) | |||||
Swap | ||||||||||||||||
Put - 30 Year Interest Rate | Barclays Bank PLC | 3 Month USD LIBOR | Receive | $ | 5,130 | 3.80% | 06/08/2021 | 200 | 38 | (162 | ) | |||||
Swap | ||||||||||||||||
Put - 5 Year Interest Rate | Barclays Bank PLC | 6 Month Euro | Receive | EUR | 7,715 | 0.47% | 03/15/2021 | 88 | 75 | (13 | ) | |||||
Swap | Interbank Offered Rate | |||||||||||||||
Put - 5 Year Interest Rate | Barclays Bank PLC | 3 Month USD LIBOR | Receive | $ | 13,420 | 2.52% | 02/27/2020 | 147 | 77 | (70 | ) | |||||
Swap | ||||||||||||||||
Put - 5 Year Interest Rate | Barclays Bank PLC | 6 Month Euro | Receive | EUR | 7,715 | 0.55% | 02/16/2021 | 102 | 54 | (48 | ) | |||||
Swap | Interbank Offered Rate | |||||||||||||||
Put - 5 Year Interest Rate | Deutsche Bank AG | 3 Month USD LIBOR | Receive | $ | 13,845 | 3.21% | 10/28/2019 | 168 | 2 | (166 | ) | |||||
Swap | ||||||||||||||||
Put - 5 Year Interest Rate | JPMorgan Chase | 3 Month USD LIBOR | Receive | 13,845 | 3.17% | 10/30/2019 | 176 | 3 | (173 | ) | ||||||
Swap | ||||||||||||||||
Put - 5 Year Interest Rate | Morgan Stanley & Co | 3 Month USD LIBOR | Receive | 27,160 | 3.09% | 11/29/2019 | 350 | 11 | (339 | ) | ||||||
Swap | ||||||||||||||||
Total | $ | 4,776 | $ | 5,031 | $ | 255 |
See accompanying notes.
205
Schedule of Investments | ||||||||||||||||
Inflation Protection Fund | ||||||||||||||||
April 30, 2019 (unaudited) | ||||||||||||||||
Interest Rate Swaptions (continued) | ||||||||||||||||
Pay/Receive | Upfront | Unrealized | ||||||||||||||
Written Swaptions | Floating | Notional | Exercise | Expiration | Payments/ | Appreciation/ | ||||||||||
Outstanding | Counterparty | Floating Rate Index | Rate | Amount | Rate | Date | (Premiums) | Fair Value | (Depreciation) | |||||||
Call - 1 Year Interest Rate | JPMorgan Chase | 3 Month USD LIBOR | Receive | $ | 63,980 | 2.31% | 04/07/2020$ | (136 | )$ | (160 | ) | $ | (24 | ) | ||
Swap | ||||||||||||||||
Call - 1 Year Interest Rate | JPMorgan Chase | 3 Month USD LIBOR | Receive | 63,980 | 2.33% | 04/07/2020 | (138 | ) | (164 | ) | (26 | ) | ||||
Swap | ||||||||||||||||
Call - 10 Year Interest Rate | Barclays Bank PLC | 3 Month USD LIBOR | Receive | 7,307 | 2.79% | 03/09/2021 | (218 | ) | (270 | ) | (52 | ) | ||||
Swap | ||||||||||||||||
Call - 10 Year Interest Rate | Barclays Bank PLC | 3 Month USD LIBOR | Receive | 3,930 | 3.05% | 03/13/2029 | (209 | ) | (221 | ) | (12 | ) | ||||
Swap | ||||||||||||||||
Call - 10 Year Interest Rate | Barclays Bank PLC | 3 Month USD LIBOR | Receive | 3,550 | 2.25% | 09/24/2019 | (25 | ) | (16 | ) | 9 | |||||
Swap | ||||||||||||||||
Call - 2 Year Interest Rate | Barclays Bank PLC | 3 Month USD LIBOR | Receive | 24,330 | 2.90% | 07/02/2019 | (26 | ) | (11 | ) | 15 | |||||
Swap | ||||||||||||||||
Call - 2 Year Interest Rate | Barclays Bank PLC | 6 Month Euro | Receive | EUR | 23,790 | 0.21% | 02/16/2021 | (104 | ) | (143 | ) | (39 | ) | |||
Swap | Interbank Offered Rate | |||||||||||||||
Call - 2 Year Interest Rate | Barclays Bank PLC | 6 Month Euro | Receive | 23,790 | 0.16% | 03/15/2021 | (86 | ) | (115 | ) | (29 | ) | ||||
Swap | Interbank Offered Rate | |||||||||||||||
Call - 2 Year Interest Rate | Barclays Bank PLC | 3 Month USD LIBOR | Receive | $ | 32,410 | 2.46% | 02/27/2020 | (143 | ) | (215 | ) | (72 | ) | |||
Swap | ||||||||||||||||
Call - 2 Year Interest Rate | Deutsche Bank AG | 3 Month USD LIBOR | Receive | 23,780 | 2.94% | 04/20/2020 | (165 | ) | (344 | ) | (179 | ) | ||||
Swap | ||||||||||||||||
Call - 2 Year Interest Rate | Deutsche Bank AG | 3 Month USD LIBOR | Receive | 23,760 | 2.88% | 04/15/2020 | (172 | ) | (320 | ) | (148 | ) | ||||
Swap | ||||||||||||||||
Call - 2 Year Interest Rate | Deutsche Bank AG | 3 Month USD LIBOR | Receive | 12,600 | 2.90% | 06/01/2020 | (93 | ) | (178 | ) | (85 | ) | ||||
Swap | ||||||||||||||||
Call - 2 Year Interest Rate | Deutsche Bank AG | 3 Month USD LIBOR | Receive | 24,070 | 2.89% | 04/15/2020 | (173 | ) | (328 | ) | (155 | ) | ||||
Swap | ||||||||||||||||
Call - 2 Year Interest Rate | Deutsche Bank AG | 3 Month USD LIBOR | Receive | 16,370 | 3.30% | 11/08/2019 | (81 | ) | (324 | ) | (243 | ) | ||||
Swap | ||||||||||||||||
Call - 2 Year Interest Rate | Deutsche Bank AG | 3 Month USD LIBOR | Pay | 229,100 | 2.40% | 02/25/2020 | (699 | ) | (1,373 | ) | (674 | ) | ||||
Swap | ||||||||||||||||
Call - 2 Year Interest Rate | JPMorgan Chase | 3 Month USD LIBOR | Receive | 17,200 | 2.00% | 09/24/2019 | (18 | ) | (19 | ) | (1 | ) | ||||
Swap | ||||||||||||||||
Call - 2 Year Interest Rate | JPMorgan Chase | 3 Month USD LIBOR | Receive | 78,630 | 2.10% | 07/05/2019 | (86 | ) | (37 | ) | 49 | |||||
Swap | ||||||||||||||||
Call - 2 Year Interest Rate | JPMorgan Chase | 3 Month USD LIBOR | Receive | 41,930 | 2.15% | 07/09/2019 | (31 | ) | (29 | ) | 2 | |||||
Swap | ||||||||||||||||
Call - 2 Year Interest Rate | Morgan Stanley & Co | 3 Month USD LIBOR | Receive | 26,210 | 2.10% | 07/05/2019 | (34 | ) | (12 | ) | 22 | |||||
Swap | ||||||||||||||||
Call - 2 Year Interest Rate | Morgan Stanley & Co | 3 Month USD LIBOR | Receive | 9,870 | 1.95% | 10/11/2019 | (11 | ) | (11 | ) | — | |||||
Swap | ||||||||||||||||
Call - 2 Year Interest Rate | Morgan Stanley & Co | 3 Month USD LIBOR | Receive | 9,870 | 1.95% | 10/14/2019 | (11 | ) | (11 | ) | — | |||||
Swap | ||||||||||||||||
Put - 1 Year Interest Rate | JPMorgan Chase | 3 Month USD LIBOR | Pay | 63,980 | 2.33% | 04/07/2020 | (139 | ) | (112 | ) | 27 | |||||
Swap | ||||||||||||||||
Put - 1 Year Interest Rate | JPMorgan Chase | 3 Month USD LIBOR | Pay | 63,980 | 2.31% | 04/07/2020 | (136 | ) | (116 | ) | 20 | |||||
Swap | ||||||||||||||||
Put - 10 Year Interest Rate | Barclays Bank PLC | 3 Month USD LIBOR | Pay | 3,550 | 2.65% | 09/24/2019 | (26 | ) | (23 | ) | 3 | |||||
Swap | ||||||||||||||||
Put - 10 Year Interest Rate | Barclays Bank PLC | 3 Month USD LIBOR | Pay | 7,307 | 2.79% | 03/09/2021 | (218 | ) | (140 | ) | 78 | |||||
Swap | ||||||||||||||||
Put - 10 Year Interest Rate | Barclays Bank PLC | 3 Month USD LIBOR | Pay | 3,930 | 3.05% | 03/13/2029 | (209 | ) | (181 | ) | 28 | |||||
Swap | ||||||||||||||||
Put - 10 Year Interest Rate | Barclays Bank PLC | 3 Month USD LIBOR | Receive | 10,870 | 3.87% | 06/08/2021 | (213 | ) | (35 | ) | 178 | |||||
Swap | ||||||||||||||||
Put - 2 Year Interest Rate | Barclays Bank PLC | 6 Month Euro | Pay | EUR | 19,480 | 0.10% | 04/13/2021 | (66 | ) | (75 | ) | (9 | ) | |||
Swap | Interbank Offered Rate | |||||||||||||||
Put - 2 Year Interest Rate | Barclays Bank PLC | 6 Month Euro | Pay | 14,430 | 0.20% | 01/24/2020 | (17 | ) | (3 | ) | 14 | |||||
Swap | Interbank Offered Rate | |||||||||||||||
Put - 2 Year Interest Rate | Barclays Bank PLC | 6 Month Euro | Pay | 23,790 | 0.16% | 03/15/2021 | (86 | ) | (76 | ) | 10 | |||||
Swap | Interbank Offered Rate | |||||||||||||||
Put - 2 Year Interest Rate | Barclays Bank PLC | 3 Month USD LIBOR | Receive | $ | 22,110 | 3.50% | 08/25/2020 | (74 | ) | (4 | ) | 70 | ||||
Swap | ||||||||||||||||
Put - 2 Year Interest Rate | Barclays Bank PLC | 3 Month USD LIBOR | Pay | 12,430 | 2.80% | 01/06/2020 | (29 | ) | (6 | ) | 23 | |||||
Swap | ||||||||||||||||
Put - 2 Year Interest Rate | Barclays Bank PLC | 6 Month Euro | Pay | EUR | 23,790 | 0.21% | 02/16/2021 | (104 | ) | (58 | ) | 46 | ||||
Swap | Interbank Offered Rate |
See accompanying notes.
206
Schedule of Investments | ||||||||||||||||
Inflation Protection Fund | ||||||||||||||||
April 30, 2019 (unaudited) | ||||||||||||||||
Interest Rate Swaptions (continued) | ||||||||||||||||
Pay/Receive | Upfront | Unrealized | ||||||||||||||
Written Swaptions | Floating | Notional | Exercise | Expiration | Payments/ | Appreciation/ | ||||||||||
Outstanding | Counterparty | Floating Rate Index | Rate | Amount | Rate | Date | (Premiums) | Fair Value | (Depreciation) | |||||||
Put - 2 Year Interest Rate | Barclays Bank PLC | 6 Month Euro | Receive | EUR | 11,560 | 0.55% | 12/22/2020 | $ (42 | )$ | (9 | ) | $ | 33 | |||
Swap | Interbank Offered Rate | |||||||||||||||
Put - 2 Year Interest Rate | Barclays Bank PLC | 6 Month Euro | Pay | 38,710 | 0.12% | 04/09/2021 | (147 | ) | (140 | ) | 7 | |||||
Swap | Interbank Offered Rate | |||||||||||||||
Put - 2 Year Interest Rate | Barclays Bank PLC | 3 Month USD LIBOR | Pay | $ | 32,410 | 2.46% | 02/27/2020 | (143 | ) | (72 | ) | 71 | ||||
Swap | ||||||||||||||||
Put - 2 Year Interest Rate | Barclays Bank PLC | 3 Month USD LIBOR | Pay | 24,330 | 2.90% | 07/02/2019 | (30 | ) | — | 30 | ||||||
Swap | ||||||||||||||||
Put - 2 Year Interest Rate | Barclays Bank PLC | 6 Month Euro | Pay | EUR | 25,030 | 0.10% | 03/30/2021 | (87 | ) | (92 | ) | (5 | ) | |||
Swap | Interbank Offered Rate | |||||||||||||||
Put - 2 Year Interest Rate | Barclays Bank PLC | 3 Month USD LIBOR | Receive | $ | 20,240 | 3.25% | 12/30/2020 | (76 | ) | (15 | ) | 61 | ||||
Swap | ||||||||||||||||
Put - 2 Year Interest Rate | Barclays Bank PLC | 6 Month Euro | Pay | EUR | 19,480 | 0.16% | 04/13/2021 | (66 | ) | (64 | ) | 2 | ||||
Swap | Interbank Offered Rate | |||||||||||||||
Put - 2 Year Interest Rate | Deutsche Bank AG | 3 Month USD LIBOR | Receive | $ | 24,070 | 2.89% | 04/15/2020 | (174 | ) | (15 | ) | 159 | ||||
Swap | ||||||||||||||||
Put - 2 Year Interest Rate | Deutsche Bank AG | 3 Month USD LIBOR | Receive | 12,700 | 3.15% | 05/06/2020 | (70 | ) | (4 | ) | 66 | |||||
Swap | ||||||||||||||||
Put - 2 Year Interest Rate | Deutsche Bank AG | 3 Month USD LIBOR | Receive | 16,370 | 3.30% | 11/08/2019 | (81 | ) | — | 81 | ||||||
Swap | ||||||||||||||||
Put - 2 Year Interest Rate | Deutsche Bank AG | 3 Month USD LIBOR | Receive | 23,780 | 2.94% | 04/20/2020 | (165 | ) | (12 | ) | 153 | |||||
Swap | ||||||||||||||||
Put - 2 Year Interest Rate | Deutsche Bank AG | 3 Month USD LIBOR | Receive | 229,100 | 3.40% | 02/25/2020 | (871 | ) | (14 | ) | 857 | |||||
Swap | ||||||||||||||||
Put - 2 Year Interest Rate | Deutsche Bank AG | 3 Month USD LIBOR | Receive | 11,130 | 3.50% | 06/16/2020 | (41 | ) | (1 | ) | 40 | |||||
Swap | ||||||||||||||||
Put - 2 Year Interest Rate | Deutsche Bank AG | 3 Month USD LIBOR | Receive | 17,590 | 3.45% | 06/09/2020 | (73 | ) | (2 | ) | 71 | |||||
Swap | ||||||||||||||||
Put - 2 Year Interest Rate | Deutsche Bank AG | 3 Month USD LIBOR | Receive | 12,600 | 2.90% | 06/01/2020 | (92 | ) | (9 | ) | 83 | |||||
Swap | ||||||||||||||||
Put - 2 Year Interest Rate | Deutsche Bank AG | 3 Month USD LIBOR | Receive | 23,760 | 2.88% | 04/15/2020 | (172 | ) | (15 | ) | 157 | |||||
Swap | ||||||||||||||||
Put - 2 Year Interest Rate | Deutsche Bank AG | 3 Month USD LIBOR | Receive | 17,710 | 3.35% | 06/01/2020 | (65 | ) | (3 | ) | 62 | |||||
Swap | ||||||||||||||||
Put - 2 Year Interest Rate | Deutsche Bank AG | 3 Month USD LIBOR | Pay | 16,300 | 3.30% | 09/09/2019 | (39 | ) | — | 39 | ||||||
Swap | ||||||||||||||||
Put - 2 Year Interest Rate | JPMorgan Chase | 3 Month USD LIBOR | Pay | 78,630 | 2.90% | 07/05/2019 | (86 | ) | — | 86 | ||||||
Swap | ||||||||||||||||
Put - 2 Year Interest Rate | JPMorgan Chase | 6 Month Euro | Receive | EUR | 24,510 | 0.60% | 12/15/2020 | (92 | ) | (15 | ) | 77 | ||||
Swap | Interbank Offered Rate | |||||||||||||||
Put - 2 Year Interest Rate | JPMorgan Chase | 3 Month USD LIBOR | Pay | $ | 17,200 | 2.60% | 09/24/2019 | (13 | ) | (10 | ) | 3 | ||||
Swap | ||||||||||||||||
Put - 2 Year Interest Rate | JPMorgan Chase | 3 Month USD LIBOR | Pay | 41,930 | 2.95% | 07/09/2019 | (50 | ) | — | 50 | ||||||
Swap | ||||||||||||||||
Put - 2 Year Interest Rate | JPMorgan Chase | 3 Month USD LIBOR | Pay | 16,380 | 2.70% | 08/27/2019 | (18 | ) | (3 | ) | 15 | |||||
Swap | ||||||||||||||||
Put - 2 Year Interest Rate | Morgan Stanley & Co | 6 Month Euro | Pay | EUR | 19,300 | 0.15% | 04/20/2021 | (70 | ) | (67 | ) | 3 | ||||
Swap | Interbank Offered Rate | |||||||||||||||
Put - 2 Year Interest Rate | Morgan Stanley & Co | 3 Month USD LIBOR | Pay | $ | 26,210 | 2.90% | 07/05/2019 | (22 | ) | — | 22 | |||||
Swap | ||||||||||||||||
Put - 2 Year Interest Rate | Morgan Stanley & Co | 3 Month USD LIBOR | Pay | 9,870 | 2.55% | 10/11/2019 | (10 | ) | (8 | ) | 2 | |||||
Swap | ||||||||||||||||
Put - 2 Year Interest Rate | Morgan Stanley & Co | 3 Month USD LIBOR | Pay | 9,870 | 2.55% | 10/14/2019 | (10 | ) | (8 | ) | 2 | |||||
Swap | ||||||||||||||||
Put - 5 Year Interest Rate | Barclays Bank PLC | 6 Month Euro | Receive | EUR | 6,002 | 0.60% | 06/26/2019 | (45 | ) | — | 45 | |||||
Swap | Interbank Offered Rate | |||||||||||||||
Total | $ | (6,826 | )$ | (5,708 | ) | $ | 1,118 |
Amounts in thousands. | ||||||||||
Futures Contracts | ||||||||||
Description and Expiration Date | Type | Contracts | Notional Amount | Value and Unrealized Appreciation/(Depreciation) | ||||||
Euro Bund 10 Year Bund; June 2019 | Long | 89 | $ | 16,502 | $ | — | ||||
Euro Buxl30 Year Bond; June 2019 | Short | 94 | 19,899 | (609 | ) | |||||
Euro-BTP; June 2019 | Short | 178 | 26,046 | (804 | ) | |||||
Euro-Oat; June 2019 | Short | 331 | 60,143 | (781 | ) |
See accompanying notes.
207
Schedule of Investments | ||||||||||||||||||||||
Inflation Protection Fund | ||||||||||||||||||||||
April 30, 2019 (unaudited) | ||||||||||||||||||||||
Futures Contracts (continued) | ||||||||||||||||||||||
Description and Expiration Date | Type | Contracts | Notional Amount | Value and Unrealized Appreciation/(Depreciation) | ||||||||||||||||||
Japan 10 Year Bond TSE; June 2019 | Short | 46 | $ | 63,069 | $ | 7 | ||||||||||||||||
UK 10 Year Gilt; June 2019 | Short | 46 | 7,637 | (5 | ) | |||||||||||||||||
US 10 Year Note; June 2019 | Long | 1 | 124 | 2 | ||||||||||||||||||
US 10 Year Ultra Note; June 2019 | Short | 275 | 36,240 | 186 | ||||||||||||||||||
US 2 Year Note; June 2019 | Long | 1,018 | 216,842 | 614 | ||||||||||||||||||
US 5 Year Note; June 2019 | Long | 248 | 28,679 | 117 | ||||||||||||||||||
US Long Bond; June 2019 | Short | 54 | 7,963 | (127 | ) | |||||||||||||||||
US Ultra Bond; June 2019 | Long | 90 | 14,785 | (68 | ) | |||||||||||||||||
Total | $ | (1,468 | ) | |||||||||||||||||||
Amounts in thousands except contracts. | ||||||||||||||||||||||
Foreign Currency Contracts | ||||||||||||||||||||||
Unrealized Appreciation/(Depreciation) | ||||||||||||||||||||||
Counterparty | Settlement Date | Currency to Accept | Currency to Deliver | Asset | Liability | |||||||||||||||||
Australia and New Zealand Banking Group | 06/19/2019 | $ | 1,563 | AUD | 2,203 | $ | 9 | $ | — | |||||||||||||
Australia and New Zealand Banking Group | 06/19/2019 | EUR | 1,370 | $ | 1,563 | — | (20 | ) | ||||||||||||||
Bank of America NA | 06/19/2019 | EUR | 1,410 | $ | 1,608 | — | (20 | ) | ||||||||||||||
Bank of America NA | 06/19/2019 | $ | 34 | EUR | 30 | — | — | |||||||||||||||
CitigroupInc | 06/19/2019 | $ | 1,596 | AUD | 2,249 | 9 | — | |||||||||||||||
CitigroupInc | 06/19/2019 | GBP | 1,200 | $ | 1,597 | — | (28 | ) | ||||||||||||||
CitigroupInc | 06/19/2019 | CAD | 6,398 | $ | 4,781 | 1 | — | |||||||||||||||
CitigroupInc | 06/19/2019 | CAD | 4,161 | $ | 3,124 | — | (14 | ) | ||||||||||||||
CitigroupInc | 06/19/2019 | $ | 3,123 | EUR | 2,740 | 38 | — | |||||||||||||||
CitigroupInc | 06/19/2019 | $ | 3,191 | JPY | 350,471 | 32 | — | |||||||||||||||
Deutsche Bank AG | 05/07/2019 | $ | 48,642 | JPY | 5,373,718 | 379 | — | |||||||||||||||
Goldman Sachs & Co | 06/19/2019 | $ | 4,697 | AUD | 6,620 | 26 | — | |||||||||||||||
Goldman Sachs & Co | 06/19/2019 | AUD | 4,422 | $ | 3,138 | — | (18 | ) | ||||||||||||||
Goldman Sachs & Co | 06/19/2019 | $ | 3,105 | CAD | 4,153 | — | — | |||||||||||||||
Goldman Sachs & Co | 06/19/2019 | $ | 3,194 | CAD | 4,270 | 2 | — | |||||||||||||||
Goldman Sachs & Co | 06/19/2019 | EUR | 2,740 | $ | 3,104 | — | (19 | ) | ||||||||||||||
Goldman Sachs & Co | 06/19/2019 | $ | 4,712 | EUR | 4,150 | 39 | — | |||||||||||||||
Goldman Sachs & Co | 06/19/2019 | $ | 1,570 | JPY | 173,783 | 3 | — | |||||||||||||||
Goldman Sachs & Co | 06/19/2019 | JPY | 515,749 | $ | 4,697 | — | (48 | ) | ||||||||||||||
Goldman Sachs & Co | 06/19/2019 | JPY | 354,321 | $ | 3,194 | — | — | |||||||||||||||
HSBC SecuritiesInc | 05/06/2019 | EUR | 56,147 | $ | 63,014 | — | (19 | ) | ||||||||||||||
HSBC SecuritiesInc | 05/06/2019 | $ | 32,897 | NZD | 48,294 | 640 | — | |||||||||||||||
HSBC SecuritiesInc | 06/05/2019 | $ | 63,177 | EUR | 56,147 | 29 | — | |||||||||||||||
HSBC SecuritiesInc | 06/19/2019 | AUD | 2,230 | $ | 1,574 | — | — | |||||||||||||||
HSBC SecuritiesInc | 06/19/2019 | $ | 1,574 | JPY | 174,716 | — | (1 | ) | ||||||||||||||
JPMorgan Chase | 05/06/2019 | $ | 1,827 | NZD | 2,736 | — | — | |||||||||||||||
JPMorgan Chase | 05/07/2019 | JPY | 5,343,879 | $ | 47,769 | 225 | — | |||||||||||||||
JPMorgan Chase | 06/05/2019 | $ | 47,879 | JPY | 5,343,879 | — | (243 | ) | ||||||||||||||
Morgan Stanley & Co | 05/07/2019 | $ | 1,030 | GBP | 793 | — | (4 | ) | ||||||||||||||
Morgan Stanley & Co | 06/19/2019 | GBP | 1,230 | $ | 1,608 | — | — | |||||||||||||||
Morgan Stanley & Co | 06/19/2019 | $ | 1,608 | JPY | 178,383 | — | — | |||||||||||||||
Nomura Securities | 06/19/2019 | $ | 1,599 | GBP | 1,224 | — | (1 | ) | ||||||||||||||
Nomura Securities | 06/19/2019 | EUR | 1,420 | $ | 1,599 | — | — | |||||||||||||||
Royal Bank of Scotland | 06/19/2019 | $ | 3,223 | AUD | 4,567 | 1 | — | |||||||||||||||
Royal Bank of Scotland | 06/19/2019 | GBP | 1,260 | $ | 1,647 | — | — | |||||||||||||||
Royal Bank of Scotland | 06/19/2019 | EUR | 1,400 | $ | 1,576 | — | — | |||||||||||||||
UBS AG | 05/06/2019 | $ | 65,191 | EUR | 57,906 | 224 | — | |||||||||||||||
Westpac Banking Corporation | 05/06/2019 | $ | 2,563 | EUR | 2,280 | 5 | — | |||||||||||||||
Westpac Banking Corporation | 06/19/2019 | AUD | 4,390 | $ | 3,114 | — | (16 | ) | ||||||||||||||
Westpac Banking Corporation | 06/19/2019 | $ | 3,114 | JPY | 344,758 | 6 | — | |||||||||||||||
Westpac Banking Corporation | 06/19/2019 | $ | 1,610 | JPY | 178,697 | — | (1 | ) | ||||||||||||||
Total | $ | 1,668 | $ | (452 | ) | |||||||||||||||||
Amounts in thousands. | ||||||||||||||||||||||
Exchange Cleared Interest Rate Swaps | ||||||||||||||||||||||
(Pay)/ | Payment | Payment | ||||||||||||||||||||
Receive | Frequency | Frequency | Unrealized | |||||||||||||||||||
Floating | Fixed | Paid by | Received | Effective | Maturity | Notional | Appreciation/ | Upfront Payments/ | Fair | |||||||||||||
Floating Rate Index | Rate | Rate | Fund | by Fund | Date (a) | Date | Amount | (Depreciation) | (Receipts) | Value | ||||||||||||
3 Month USD LIBOR | Pay | 2.48% | Quarterly | Semiannual | N/A | 02/11/2022 | $ | 2,570 | $ | 12 | $ | — | $ | 12 | ||||||||
3 Month USD LIBOR | Receive | 2.52% | Semiannual | Quarterly | N/A | 02/13/2022 | 16,940 | (89 | ) | — | (89 | ) | ||||||||||
3 Month USD LIBOR | Pay | 2.51% | Quarterly | Semiannual | N/A | 02/11/2022 | 2,570 | 13 | — | 13 | ||||||||||||
3 Month USD LIBOR | Receive | 2.50% | Semiannual | Quarterly | N/A | 02/08/2023 | 7,690 | (41 | ) | 1 | (40 | ) |
See accompanying notes.
208
Schedule of Investments | ||||||||||||||||||
Inflation Protection Fund | ||||||||||||||||||
April 30, 2019 (unaudited) | ||||||||||||||||||
Exchange Cleared Interest Rate Swaps (continued) | ||||||||||||||||||
(Pay)/ | Payment | Payment | ||||||||||||||||
Receive | Frequency | Frequency | Unrealized | Upfront | ||||||||||||||
Floating | Fixed | Paid by | Received | Effective | Maturity | Notional | Appreciation/ | Payments/ | Fair | |||||||||
Floating Rate Index | Rate | Rate | Fund | by Fund | Date (a) | Date | Amount | (Depreciation) | (Receipts) | Value | ||||||||
3 Month USD LIBOR | Pay | 2.06% | Quarterly | Semiannual | N/A | 03/27/2022 | $ | 3,010 | $ | (9 | )$ | — | $ | (9 | ) | |||
3 Month USD LIBOR | Receive | 2.58% | Semiannual | Quarterly | N/A | 02/14/2022 | 16,840 | (108 | ) | — | (108 | ) | ||||||
3 Month USD LIBOR | Pay | 2.62% | Quarterly | Semiannual | N/A | 02/14/2025 | 8,740 | 121 | — | 121 | ||||||||
3 Month USD LIBOR | Receive | 2.90% | Semiannual | Quarterly | N/A | 02/15/2049 | 2,410 | (84 | ) | — | (84 | ) | ||||||
3 Month USD LIBOR | Pay | 2.57% | Quarterly | Semiannual | N/A | 02/13/2025 | 9,230 | 106 | 1 | 107 | ||||||||
3 Month USD LIBOR | Receive | 2.55% | Semiannual | Quarterly | N/A | 02/16/2023 | 5,570 | (34 | ) | — | (34 | ) | ||||||
3 Month USD LIBOR | Pay | 2.06% | Quarterly | Semiannual | N/A | 03/31/2022 | 2,750 | (9 | ) | — | (9 | ) | ||||||
3 Month USD LIBOR | Pay | 2.15% | Quarterly | Semiannual | N/A | 03/30/2022 | 9,150 | (12 | ) | — | (12 | ) | ||||||
3 Month USD LIBOR | Receive | 2.36% | Semiannual | Quarterly | N/A | 03/29/2030 | 5,690 | 93 | — | 93 | ||||||||
3 Month USD LIBOR | Receive | 2.34% | Semiannual | Quarterly | N/A | 03/29/2029 | 5,710 | 87 | — | 87 | ||||||||
3 Month USD LIBOR | Pay | 2.03% | Quarterly | Semiannual | N/A | 03/30/2022 | 26,030 | (95 | ) | 1 | (94 | ) | ||||||
3 Month USD LIBOR | Pay | 2.53% | Semiannual | Semiannual | N/A | 02/07/2022 | 157,520 | 965 | (112 | ) | 853 | |||||||
3 Month USD LIBOR | Pay | 2.52% | Quarterly | Semiannual | N/A | 02/09/2023 | 9,940 | 56 | — | 56 | ||||||||
3 Month USD LIBOR | Receive | 2.57% | Semiannual | Quarterly | N/A | 02/07/2025 | 29,980 | (383 | ) | 34 | (349 | ) | ||||||
3 Month USD LIBOR | Receive | 2.53% | Semiannual | Quarterly | N/A | 02/07/2023 | 12,400 | (72 | ) | — | (72 | ) | ||||||
3 Month USD LIBOR | Receive | 2.58% | Semiannual | Quarterly | N/A | 02/07/2022 | 4,280 | (27 | ) | — | (27 | ) | ||||||
3 Month USD LIBOR | Pay | 2.60% | Quarterly | Semiannual | N/A | 03/26/2029 | 4,070 | 33 | — | 33 | ||||||||
3 Month USD LIBOR | Receive | 2.36% | Semiannual | Quarterly | N/A | 08/31/2023 | 12,580 | (32 | ) | 1 | (31 | ) | ||||||
3 Month USD LIBOR | Receive | 2.43% | Semiannual | Quarterly | N/A | 03/15/2023 | 17,100 | (66 | ) | — | (66 | ) | ||||||
3 Month USD LIBOR | Pay | 2.88% | Quarterly | Semiannual | N/A | 02/15/2036 | 3,620 | 104 | — | 104 | ||||||||
3 Month USD LIBOR | Pay | 2.46% | Quarterly | Semiannual | N/A | 03/10/2022 | 3,865 | 17 | — | 17 | ||||||||
3 Month USD LIBOR | Pay | 2.43% | Quarterly | Semiannual | N/A | 03/23/2022 | 5,185 | 20 | — | 20 | ||||||||
3 Month USD LIBOR | Receive | 2.84% | Semiannual | Quarterly | N/A | 08/15/2044 | 2,547 | (57 | ) | — | (57 | ) | ||||||
3 Month USD LIBOR | Pay | 2.43% | Quarterly | Semiannual | N/A | 03/23/2022 | 5,185 | 21 | — | 21 | ||||||||
3 Month USD LIBOR | Pay | 2.67% | Quarterly | Semiannual | N/A | 03/18/2029 | 365 | 5 | — | 5 | ||||||||
3 Month USD LIBOR | Pay | 2.66% | Quarterly | Semiannual | N/A | 03/18/2029 | 365 | 5 | — | 5 | ||||||||
3 Month USD LIBOR | Pay | 2.46% | Quarterly | Semiannual | N/A | 02/28/2022 | 5,160 | 23 | — | 23 | ||||||||
3 Month USD LIBOR | Receive | 2.48% | Semiannual | Quarterly | N/A | 03/02/2022 | 9,460 | (45 | ) | — | (45 | ) | ||||||
3 Month USD LIBOR | Pay | 2.51% | Quarterly | Semiannual | N/A | 02/27/2022 | 1,805 | 9 | — | 9 | ||||||||
3 Month USD LIBOR | Pay | 2.50% | Quarterly | Semiannual | N/A | 02/24/2022 | 2,580 | 13 | — | 13 | ||||||||
3 Month USD LIBOR | Pay | 2.86% | Quarterly | Semiannual | N/A | 02/15/2036 | 3,660 | 79 | 17 | 96 | ||||||||
3 Month USD LIBOR | Receive | 2.62% | Semiannual | Quarterly | N/A | 03/06/2025 | 1,710 | (24 | ) | — | (24 | ) | ||||||
3 Month USD LIBOR | Receive | 2.91% | Semiannual | Quarterly | N/A | 08/15/2044 | 2,740 | (97 | ) | — | (97 | ) | ||||||
3 Month USD LIBOR | Receive | 2.54% | Semiannual | Quarterly | N/A | 03/05/2023 | 9,460 | (56 | ) | — | (56 | ) | ||||||
3 Month USD LIBOR | Pay | 2.23% | Quarterly | Semiannual | N/A | 03/24/2022 | 7,830 | 1 | — | 1 | ||||||||
3 Month USD LIBOR | Pay | 2.25% | Quarterly | Semiannual | N/A | 03/24/2022 | 4,920 | 2 | — | 2 | ||||||||
3 Month USD LIBOR | Pay | 2.18% | Quarterly | Semiannual | N/A | 03/29/2024 | 11,060 | (77 | ) | 1 | (76 | ) | ||||||
3 Month USD LIBOR | Pay | 2.24% | Quarterly | Semiannual | N/A | 04/28/2022 | 4,170 | 2 | — | 2 | ||||||||
3 Month USD LIBOR | Pay | 2.27% | Quarterly | Semiannual | N/A | 04/28/2022 | 4,170 | 4 | — | 4 | ||||||||
3 Month USD LIBOR | Pay | 2.52% | Quarterly | Semiannual | N/A | 04/26/2029 | 780 | 1 | — | 1 | ||||||||
3 Month USD LIBOR | Pay | 2.26% | Quarterly | Semiannual | N/A | 04/28/2022 | 2,085 | 2 | — | 2 | ||||||||
3 Month USD LIBOR | Receive | 2.38% | Semiannual | Quarterly | N/A | 04/21/2022 | 4,480 | (14 | ) | — | (14 | ) | ||||||
3 Month USD LIBOR | Receive | 2.34% | Semiannual | Quarterly | N/A | 04/17/2022 | 9,120 | (21 | ) | — | (21 | ) | ||||||
3 Month USD LIBOR | Receive | 2.48% | Semiannual | Quarterly | N/A | 11/15/2028 | 5,890 | 9 | — | 9 | ||||||||
3 Month USD LIBOR | Receive | 2.36% | Semiannual | Quarterly | N/A | 04/20/2022 | 7,790 | (21 | ) | — | (21 | ) | ||||||
3 Month USD LIBOR | Receive | 2.57% | Semiannual | Quarterly | N/A | 11/15/2028 | 5,860 | (40 | ) | — | (40 | ) | ||||||
3 Month USD LIBOR | Pay | 2.21% | Quarterly | Semiannual | N/A | 04/28/2022 | 4,170 | — | — | — | ||||||||
3 Month USD LIBOR | Pay | 2.25% | Quarterly | Semiannual | N/A | 04/28/2022 | 5,820 | 3 | 1 | 4 | ||||||||
3 Month USD LIBOR | Pay | 2.31% | Quarterly | Semiannual | N/A | 11/04/2021 | 5,150 | 3 | — | 3 | ||||||||
3 Month USD LIBOR | Pay | 2.23% | Quarterly | Semiannual | N/A | 05/01/2022 | 2,910 | 1 | — | 1 | ||||||||
3 Month USD LIBOR | Pay | 2.32% | Quarterly | Semiannual | N/A | 10/25/2021 | 34,020 | 21 | (1 | ) | 20 | |||||||
3 Month USD LIBOR | Pay | 2.25% | Quarterly | Semiannual | N/A | 04/27/2022 | 29,060 | 18 | 1 | 19 | ||||||||
3 Month USD LIBOR | Pay | 2.25% | Quarterly | Semiannual | N/A | 04/28/2022 | 2,085 | 2 | — | 2 | ||||||||
3 Month USD LIBOR | Receive | 2.28% | Semiannual | Quarterly | N/A | 04/27/2021 | 28,140 | (10 | ) | (1 | ) | (11 | ) | |||||
3 Month USD LIBOR | Receive | 2.35% | Semiannual | Quarterly | N/A | 04/27/2025 | 7,830 | (9 | ) | — | (9 | ) | ||||||
3 Month USD LIBOR | Pay | 2.21% | Quarterly | Semiannual | N/A | 04/15/2022 | 5,180 | (1 | ) | — | (1 | ) | ||||||
3 Month USD LIBOR | Receive | 2.31% | Semiannual | Quarterly | N/A | 04/03/2025 | 6,440 | 3 | — | 3 | ||||||||
3 Month USD LIBOR | Receive | 3.05% | Semiannual | Quarterly | N/A | 11/29/2023 | 14,155 | (446 | ) | — | (446 | ) | ||||||
3 Month USD LIBOR | Pay | 2.52% | Quarterly | Semiannual | N/A | 04/05/2029 | 420 | — | — | — | ||||||||
3 Month USD LIBOR | Receive | 2.30% | Semiannual | Quarterly | N/A | 08/31/2023 | 12,520 | (3 | ) | — | (3 | ) | ||||||
3 Month USD LIBOR | Pay | 2.24% | Quarterly | Semiannual | N/A | 04/06/2022 | 5,560 | 2 | — | 2 | ||||||||
3 Month USD LIBOR | Pay | 2.52% | Quarterly | Semiannual | N/A | 04/08/2029 | 410 | — | — | — | ||||||||
3 Month USD LIBOR | Receive | 2.16% | Semiannual | Quarterly | N/A | 03/31/2025 | 1,070 | 8 | — | 8 | ||||||||
3 Month USD LIBOR | Pay | 2.83% | Quarterly | Semiannual | N/A | 12/17/2022 | 3,297 | 39 | — | 39 | ||||||||
3 Month USD LIBOR | Receive | 2.25% | Semiannual | Quarterly | N/A | 04/06/2022 | 7,890 | (4 | ) | — | (4 | ) | ||||||
6 Month Euro Interbank Offered Rate | Receive | 1.04% | Annual | Semiannual | N/A | 03/23/2028 | EUR | 4,610 | (293 | ) | 3 | (290 | ) | |||||
6 Month Euro Interbank Offered Rate | Receive | 0.42% | Annual | Semiannual | N/A | 12/17/2022 | 9,180 | (83 | ) | 1 | (82 | ) |
See accompanying notes.
209
Schedule of Investments | ||||||||||||||||||||
Inflation Protection Fund | ||||||||||||||||||||
April 30, 2019 (unaudited) | ||||||||||||||||||||
Exchange Cleared Interest Rate Swaps (continued) | ||||||||||||||||||||
(Pay)/ | Payment | Payment | ||||||||||||||||||
Receive | Frequency | Frequency | Unrealized | |||||||||||||||||
Floating | Fixed | Paid by | Received | Effective | Maturity | Notional | Appreciation/ | Upfront Payments/ | Fair | |||||||||||
Floating Rate Index | Rate | Rate | Fund | by Fund | Date (a) | Date | Amount | (Depreciation) | (Receipts) | Value | ||||||||||
6 Month Euro Interbank Offered Rate | Pay | 0.36% | Semiannual | Annual | N/A | 12/21/2022 | EUR | 4,720 | $ | 36 | $ | — | $ | 36 | ||||||
6 Month Euro Interbank Offered Rate | Receive | 0.04 | % | Annual | Semiannual | N/A | 03/30/2023 | 5,630 | 4 | — | 4 | |||||||||
6 Month Euro Interbank Offered Rate | Pay | 0.06% | Semiannual | Annual | N/A | 03/16/2022 | 8,615 | 8 | — | 8 | ||||||||||
6 Month Euro Interbank Offered Rate | Pay | 0.56% | Semiannual | Annual | N/A | 03/12/2029 | 2,150 | 14 | — | 14 | ||||||||||
6 Month Euro Interbank Offered Rate | Receive | 0.11 | % | Annual | Semiannual | N/A | 04/21/2023 | 9,420 | (6 | ) | — | (6 | ) | |||||||
6 Month Euro Interbank Offered Rate | Receive | 0.10 | % | Annual | Semiannual | N/A | 04/14/2023 | 7,740 | (4 | ) | — | (4 | ) | |||||||
6 Month Euro Interbank Offered Rate | Receive | 0.10 | % | Annual | Semiannual | N/A | 04/12/2023 | 18,140 | (8 | ) | — | (8 | ) | |||||||
6 Month Euro Interbank Offered Rate | Receive | 0.05 | % | Annual | Semiannual | N/A | 04/14/2023 | 7,740 | 5 | — | 5 | |||||||||
6 Month Euro Interbank Offered Rate | Pay | (0.02)% | Semiannual | Annual | N/A | 02/13/2022 | 4,290 | 9 | — | 9 | ||||||||||
6 Month Euro Interbank Offered Rate | Pay | 0.88% | Semiannual | Annual | N/A | 08/28/2028 | 990 | 44 | — | 44 | ||||||||||
6 Month GBP LIBOR | Receive | 1.52% | Semiannual | Semiannual | N/A | 03/19/2049 | GBP | 2,380 | (23 | ) | 4 | (19 | ) | |||||||
6 Month JPY LIBOR | Receive | 0.17% | Semiannual | Semiannual | N/A | 06/19/2029 | JPY | 1,734,200 | (62 | ) | 1 | (61 | ) | |||||||
6 Month JPY LIBOR | Receive | 0.34% | Semiannual | Semiannual | N/A | 02/08/2034 | 38,580 | (2 | ) | — | (2 | ) | ||||||||
6 Month JPY LIBOR | Pay | 0.00% | Semiannual | Semiannual | N/A | 06/19/2024 | 3,500,320 | 23 | (1 | ) | 22 | |||||||||
6 Month JPY LIBOR | Receive | 0.72% | Semiannual | Semiannual | N/A | 03/21/2044 | 24,090 | (2 | ) | — | (2 | ) | ||||||||
Consumer Price All Urban Non-Seasonally | Pay | 2.04 | % | Annual | Annual | N/A | 04/01/2029 | $ | 8,140 | (96 | ) | 1 | (95 | ) | ||||||
Adjusted Index | ||||||||||||||||||||
Consumer Price All Urban Non-Seasonally | Receive | 2.01 | % | Annual | Annual | N/A | 04/23/2024 | 7,885 | 5 | — | 5 | |||||||||
Adjusted Index | ||||||||||||||||||||
Consumer Price All Urban Non-Seasonally | Receive | 2.01 | % | Annual | Annual | N/A | 04/24/2024 | 7,885 | 4 | — | 4 | |||||||||
Adjusted Index | ||||||||||||||||||||
Consumer Price All Urban Non-Seasonally | Receive | 1.85 | % | Annual | Annual | N/A | 02/08/2022 | 35,000 | 56 | 2 | 58 | |||||||||
Adjusted Index | ||||||||||||||||||||
Consumer Price All Urban Non-Seasonally | Receive | 1.98 | % | Annual | Annual | N/A | 05/02/2022 | 11,000 | (2 | ) | 1 | (1 | ) | |||||||
Adjusted Index | ||||||||||||||||||||
Consumer Price All Urban Non-Seasonally | Receive | 2.23 | % | Annual | Annual | N/A | 09/18/2020 | 77,085 | (718 | ) | 2 | (716 | ) | |||||||
Adjusted Index | ||||||||||||||||||||
Consumer Price All Urban Non-Seasonally | Receive | 2.25 | % | Annual | Annual | N/A | 10/30/2028 | 17,395 | (261 | ) | — | (261 | ) | |||||||
Adjusted Index | ||||||||||||||||||||
Consumer Price All Urban Non-Seasonally | Pay | 2.16 | % | Annual | Annual | N/A | 10/30/2023 | 17,395 | 195 | 1 | 196 | |||||||||
Adjusted Index | ||||||||||||||||||||
Consumer Price All Urban Non-Seasonally | Receive | 2.31 | % | Annual | Annual | N/A | 10/12/2020 | 40,215 | (420 | ) | 1 | (419 | ) | |||||||
Adjusted Index | ||||||||||||||||||||
Consumer Price All Urban Non-Seasonally | Pay | 2.15 | % | Annual | Annual | N/A | 03/05/2029 | 16,340 | 10 | 1 | 11 | |||||||||
Adjusted Index | ||||||||||||||||||||
HarmonisedIndices of Consumer Prices | Pay | 1.99 | % | Annual | Annual | N/A | 01/15/2048 | EUR | 1,940 | 304 | (4 | ) | 300 | |||||||
Excluding Food and Energy | ||||||||||||||||||||
HarmonisedIndices of Consumer Prices | Pay | 1.90 | % | Annual | Annual | N/A | 12/15/2048 | 1,950 | 227 | (2 | ) | 225 | ||||||||
Excluding Food and Energy | ||||||||||||||||||||
HarmonisedIndices of Consumer Prices | Receive | 1.15 | % | Annual | Annual | N/A | 03/15/2029 | 6,480 | 66 | — | 66 | |||||||||
Excluding Food and Energy | ||||||||||||||||||||
HarmonisedIndices of Consumer Prices | Pay | 1.97 | % | Annual | Annual | N/A | 01/15/2048 | 1,940 | 288 | (3 | ) | 285 | ||||||||
Excluding Food and Energy | ||||||||||||||||||||
HarmonisedIndices of Consumer Prices | Pay | 1.98 | % | Annual | Annual | N/A | 06/15/2048 | 1,925 | 289 | (2 | ) | 287 | ||||||||
Excluding Food and Energy | ||||||||||||||||||||
HarmonisedIndices of Consumer Prices | Receive | 1.55 | % | Annual | Annual | N/A | 07/15/2023 | 12,735 | (302 | ) | 3 | (299 | ) | |||||||
Excluding Food and Energy | ||||||||||||||||||||
HarmonisedIndices of Consumer Prices | Receive | 1.38 | % | Annual | Annual | N/A | 04/15/2023 | 12,840 | (222 | ) | (1 | ) | (223 | ) | ||||||
Excluding Food and Energy | ||||||||||||||||||||
HarmonisedIndices of Consumer Prices | Pay | 1.83 | % | Annual | Annual | N/A | 05/15/2047 | 1,320 | 128 | 1 | 129 | |||||||||
Excluding Food and Energy | ||||||||||||||||||||
HarmonisedIndices of Consumer Prices | Receive | 1.30 | % | Annual | Annual | N/A | 01/15/2029 | 6,375 | (74 | ) | — | (74 | ) | |||||||
Excluding Food and Energy | ||||||||||||||||||||
HarmonisedIndices of Consumer Prices | Pay | 1.11 | % | Annual | Annual | N/A | 03/15/2024 | 12,460 | 38 | — | 38 | |||||||||
Excluding Food and Energy | ||||||||||||||||||||
HarmonisedIndices of Consumer Prices | Receive | 1.33 | % | Annual | Annual | N/A | 03/15/2029 | 12,990 | (150 | ) | 1 | (149 | ) | |||||||
Excluding Food and Energy | ||||||||||||||||||||
HarmonisedIndices of Consumer Prices | Receive | 1.29 | % | Annual | Annual | N/A | 03/15/2029 | 12,460 | (84 | ) | 1 | (83 | ) | |||||||
Excluding Food and Energy | ||||||||||||||||||||
New Zealand Bank Bill 3 Month FRA | Receive | 2.55% | Semiannual | Quarterly | N/A | 03/20/2029 | NZD | 8,395 | (163 | ) | 3 | (160 | ) | |||||||
New Zealand Bank Bill 3 Month FRA | Receive | 2.58% | Semiannual | Quarterly | N/A | 03/20/2029 | 3,084 | (66 | ) | 2 | (64 | ) | ||||||||
New Zealand Bank Bill 3 Month FRA | Receive | 2.80% | Semiannual | Quarterly | N/A | 03/20/2029 | 47,180 | (1,645 | ) | 28 | (1,617 | ) | ||||||||
New Zealand Bank Bill 3 Month FRA | Receive | 2.59% | Semiannual | Quarterly | N/A | 03/20/2029 | �� | 1,646 | (36 | ) | — | (36 | ) | |||||||
United Kingdom Retail Prices Index | Receive | 3.41 | % | Annual | Annual | N/A | 03/15/2024 | GBP | 8,890 | 53 | — | 53 | ||||||||
United Kingdom Retail Prices Index | Pay | 3.53 | % | Annual | Annual | N/A | 03/15/2049 | 1,090 | 10 | — | 10 | |||||||||
United Kingdom Retail Prices Index | Receive | 3.26 | % | Annual | Annual | N/A | 05/15/2023 | 21,485 | 86 | 9 | 95 |
See accompanying notes.
210
Schedule of Investments | ||||||||||||||||||||||||
Inflation Protection Fund | ||||||||||||||||||||||||
April 30, 2019 (unaudited) | ||||||||||||||||||||||||
Exchange Cleared Interest Rate Swaps (continued) | ||||||||||||||||||||||||
(Pay)/ | Payment | Payment | ||||||||||||||||||||||
Receive | Frequency | Frequency | Unrealized | |||||||||||||||||||||
Floating | Fixed | Paid by | Received | Effective | Maturity | Notional | Appreciation/ | Upfront Payments/ | Fair | |||||||||||||||
Floating Rate Index | Rate | Rate | Fund | by Fund | Date (a) | Date | Amount | (Depreciation) | (Receipts) | Value | ||||||||||||||
United Kingdom Retail Prices Index | Pay | 3.40 | % | Annual | Annual | N/A | 08/15/2028 | GBP | 19,680$ | (241 | )$ | (19 | ) | $ | (260 | ) | ||||||||
United Kingdom Retail Prices Index | Pay | 3.44 | % | Annual | Annual | N/A | 08/15/2048 | 2,185 | (98 | ) | 1 | (97 | ) | |||||||||||
United Kingdom Retail Prices Index | Pay | 3.34 | % | Annual | Annual | N/A | 06/15/2028 | 2,865 | (65 | ) | (1 | ) | (66 | ) | ||||||||||
United Kingdom Retail Prices Index | Receive | 3.45 | % | Annual | Annual | N/A | 03/15/2024 | 8,765 | 25 | 1 | 26 | |||||||||||||
United Kingdom Retail Prices Index | Receive | 3.55 | % | Annual | Annual | N/A | 11/15/2047 | 9,045 | (400 | ) | 26 | (374 | ) | |||||||||||
United Kingdom Retail Prices Index | Pay | 3.60 | % | Annual | Annual | N/A | 11/15/2042 | 9,045 | 378 | (32 | ) | 346 | ||||||||||||
United Kingdom Retail Prices Index | Receive | 3.46 | % | Annual | Annual | N/A | 11/15/2027 | 15,015 | (71 | ) | 28 | (43 | ) | |||||||||||
United Kingdom Retail Prices Index | Pay | 3.55 | % | Annual | Annual | N/A | 11/15/2032 | 15,015 | 214 | (41 | ) | 173 | ||||||||||||
United Kingdom Retail Prices Index | Receive | 3.41 | % | Annual | Annual | N/A | 03/15/2048 | 1,915 | 120 | (3 | ) | 117 | ||||||||||||
United Kingdom Retail Prices Index | Pay | 3.41 | % | Annual | Annual | N/A | 01/15/2028 | 16,640 | (87 | ) | (24 | ) | (111 | ) | ||||||||||
United Kingdom Retail Prices Index | Pay | 3.49 | % | Annual | Annual | N/A | 03/15/2029 | 8,890 | (93 | ) | 1 | (92 | ) | |||||||||||
United Kingdom Retail Prices Index | Receive | 3.48 | % | Annual | Annual | N/A | 09/15/2023 | 17,850 | (193 | ) | 9 | (184 | ) | |||||||||||
United Kingdom Retail Prices Index | Pay | 3.45 | % | Annual | Annual | N/A | 10/15/2023 | 10,750 | 151 | (5 | ) | 146 | ||||||||||||
United Kingdom Retail Prices Index | Receive | 3.58 | % | Annual | Annual | N/A | 12/15/2023 | 10,965 | (193 | ) | 2 | (191 | ) | |||||||||||
United Kingdom Retail Prices Index | Pay | 3.50 | % | Annual | Annual | N/A | 09/15/2028 | 17,850 | 82 | (13 | ) | 69 | ||||||||||||
United Kingdom Retail Prices Index | Pay | 3.41 | % | Annual | Annual | N/A | 01/15/2024 | 8,715 | 32 | (1 | ) | 31 | ||||||||||||
United Kingdom Retail Prices Index | Receive | 3.48 | % | Annual | Annual | N/A | 01/15/2029 | 8,715 | 8 | 3 | 11 | |||||||||||||
United Kingdom Retail Prices Index | Receive | 3.45 | % | Annual | Annual | N/A | 10/15/2023 | 9,490 | (135 | ) | 4 | (131 | ) | |||||||||||
United Kingdom Retail Prices Index | Pay | 3.51 | % | Annual | Annual | N/A | 10/15/2028 | 9,490 | 107 | (5 | ) | 102 | ||||||||||||
United Kingdom Retail Prices Index | Receive | 3.35 | % | Annual | Annual | N/A | 08/15/2023 | 21,840 | (20 | ) | 11 | (9 | ) | |||||||||||
United Kingdom Retail Prices Index | Pay | 3.39 | % | Annual | Annual | N/A | 08/15/2028 | 9,910 | (147 | ) | (8 | ) | (155 | ) | ||||||||||
United Kingdom Retail Prices Index | Receive | 3.47 | % | Annual | Annual | N/A | 09/15/2048 | 4,000 | 70 | 18 | 88 | |||||||||||||
United Kingdom Retail Prices Index | Receive | 3.36 | % | Annual | Annual | N/A | 08/15/2023 | 21,835 | (31 | ) | 11 | (20 | ) | |||||||||||
United Kingdom Retail Prices Index | Pay | 3.53 | % | Annual | Annual | N/A | 03/15/2029 | 8,765 | (38 | ) | — | (38 | ) | |||||||||||
United Kingdom Retail Prices Index | Receive | 3.43 | % | Annual | Annual | N/A | 08/15/2048 | 300 | 15 | — | 15 | |||||||||||||
United Kingdom Retail Prices Index | Pay | 3.36 | % | Annual | Annual | N/A | 08/15/2023 | 63,615 | 76 | (27 | ) | 49 | ||||||||||||
US Federal Funds Effective Rate (continuous | Receive | 2.18 | % | Annual | Annual | N/A | 03/15/2021 | $ | 27,340 | (35 | ) | 1 | (34 | ) | ||||||||||
series) | ||||||||||||||||||||||||
US Federal Funds Effective Rate (continuous | Receive | 2.14 | % | Annual | Annual | N/A | 08/31/2023 | 12,490 | (48 | ) | — | (48 | ) | |||||||||||
series) | ||||||||||||||||||||||||
US Federal Funds Effective Rate (continuous | Receive | 2.17 | % | Annual | Annual | N/A | 08/31/2023 | 12,420 | (64 | ) | — | (64 | ) | |||||||||||
series) | ||||||||||||||||||||||||
Total | $ | (3,584 | )$ | (66 | ) | $ | (3,650 | ) | ||||||||||||||||
Amounts in thousands. | ||||||||||||||||||||||||
Purchased Capped Options | ||||||||||||||||||||||||
Pay/Receive | Upfront | Unrealized | ||||||||||||||||||||||
Floating | Notional | Expiration | Payments/ | Appreciation/ | ||||||||||||||||||||
Description | Counterparty | Range | Rate | Amount | Exercise Rate | Date | (Premiums) | Fair Value | (Depreciation) | |||||||||||||||
Call - 5Y-30Y CMS Index Cap | Barclays Bank | Max (0, 5Y CMS-0.35%) | Pay | $ | 98,000 | 0.35 | % | 07/29/2019 | $ | 49 | $ | 66 | $ | 17 | ||||||||||
PLC | ||||||||||||||||||||||||
Call - 5Y-30Y CMS Index Cap | Morgan Stanley | Max (0, 5Y CMS-0.40%) | Receive | 39,700 | 0.40% | 06/27/2019 | 16 | 13 | (3 | ) | ||||||||||||||
& Co | ||||||||||||||||||||||||
Total | $ | 65 | $ | 79 | $ | 14 | ||||||||||||||||||
Written Capped Options | ||||||||||||||||||||||||
Pay/Receive | Upfront | Unrealized | ||||||||||||||||||||||
Floating | Notional | Expiration | Payments/ | Appreciation/ | ||||||||||||||||||||
Description | Counterparty | Range | Rate | Amount | Exercise Rate | Date | (Premiums) | Fair Value | (Depreciation) | |||||||||||||||
Call - 5Y-30Y CMS Index Cap | Barclays Bank | Max (0, 5Y CMS-0.45%) | Pay | $ | 98,000 | 0.45% | 07/29/2019 | $ | (22 | )$ | (23 | )$ | (1 | ) | ||||||||||
PLC | ||||||||||||||||||||||||
Put - 5Y-30Y CMS Index Cap | Morgan Stanley | Max (0, 5Y CMS-0.50%) | Pay | 39,700 | 0.50% | 06/27/2019 | (5 | ) | (3 | ) | 2 | |||||||||||||
& Co | ||||||||||||||||||||||||
Total | $ | (27 | )$ | (26 | )$ | 1 | ||||||||||||||||||
Amounts in thousands. |
See accompanying notes.
211
Schedule of Investments International Emerging Markets Fund April 30, 2019 (unaudited)
COMMON STOCKS - 97.53% | Shares Held Value (000's) | COMMON STOCKS (continued) | Shares Held Value (000’s) | ||||||||
Agriculture - 0.66% | Electrical Components & Equipment - 0.87% | ||||||||||
KT&G Corp | 55,256 | $ | 4,833 | Delta Electronics Inc | 1,198,000 $ | 6,323 | |||||
Apparel - 2.10% | Electronics - 0.63% | ||||||||||
EclatTextile Co Ltd | 111,000 | 1,587 | Taiwan Union Technology Corp(a) | 1,266,000 | 4,622 | ||||||
Feng TAY Enterprise Co Ltd | 557,000 | 4,517 | Engineering & Construction - 0.66% | ||||||||
Fila Korea Ltd | 64,525 | 4,563 | DaelimIndustrial Co Ltd | 16,309 | 1,353 | ||||||
Makalot Industrial Co Ltd | 665,000 | 4,588 | Larsen & Toubro Ltd | 178,198 | 3,456 | ||||||
$ | 15,255 | $ | 4,809 | ||||||||
Automobile Manufacturers - 1.97% | Food - 2.89% | ||||||||||
Hyundai Motor Co | 42,228 | 5,012 | Charoen Pokphand Foods PCL | 5,043,300 | 4,227 | ||||||
Kia Motors Corp | 168,888 | 6,547 | IndofoodSukses Makmur Tbk PT | 3,253,900 | 1,589 | ||||||
SAIC Motor Corp Ltd(a) | 689,105 | 2,803 | MagnitPJSC | 235,469 | 3,366 | ||||||
$ | 14,362 | Nestle India Ltd | 10,682 | 1,674 | |||||||
Automobile Parts & Equipment - 1.00% | Uni-President Enterprises Corp | 2,200,000 | 5,229 | ||||||||
Weichai Power Co Ltd | 4,449,000 | 7,284 | X5 Retail Group NV | 162,880 | 4,946 | ||||||
Banks - 13.67% | $ | 21,031 | |||||||||
Absa Group Ltd | 319,423 | 3,680 | Forest Products & Paper - 0.27% | ||||||||
Axis Bank Ltd | 678,772 | 7,483 | Suzano SA | 185,200 | 1,932 | ||||||
Banco do BrasilSA | 320,500 | 4,052 | Gas - 0.95% | ||||||||
Banco Santander BrasilSA | 301,300 | 3,477 | GAIL India Ltd | 903,517 | 4,628 | ||||||
Bangkok Bank PCL | 703,600 | 4,610 | Perusahaan Gas Negara Tbk PT | 13,931,600 | 2,271 | ||||||
Bank of China Ltd | 21,366,000 | 10,202 | $ | 6,899 | |||||||
Bank of Communications Co Ltd | 7,312,000 | 6,167 | Insurance - 5.33% | ||||||||
Bank Rakyat IndonesiaPerseroTbk PT(a) | 23,564,700 | 7,245 | AIA Group Ltd | 794,800 | 8,138 | ||||||
China Construction Bank Corp | 8,302,722 | 7,319 | BB Seguridade ParticipacoesSA | 327,300 | 2,372 | ||||||
CredicorpLtd | 31,402 | 7,439 | China Life Insurance Co Ltd | 1,520,000 | 4,319 | ||||||
GrupoFinanciero BanorteSAB de CV | 1,445,200 | 9,157 | IRBBrasilResseguros S/A | 145,300 | 3,500 | ||||||
HDFC Bank Ltd | 147,979 | 4,916 | Ping An Insurance Group Co of China Ltd | 1,301,500 | 15,754 | ||||||
Industrial Bank Co Ltd | 1,265,366 | 3,747 | Porto SeguroSA | 101,600 | 1,409 | ||||||
Malayan BankingBhd | 1,153,900 | 2,582 | Powszechny Zaklad Ubezpieczen SA | 297,754 | 3,278 | ||||||
OTP Bank Nyrt | 161,801 | 7,196 | $ | 38,770 | |||||||
PT Bank Central Asia Tbk | 1,010,500 | 2,041 | Internet - 15.59% | ||||||||
Sberbank of Russia PJSC ADR | 570,450 | 8,177 | 58.comIncADR(a) | 45,922 | 3,297 | ||||||
$ | 99,490 | AfreecaTV Co Ltd | 35,822 | 1,961 | |||||||
Beverages - 0.99% | Alibaba Group Holding Ltd ADR(a) | 176,204 | 32,698 | ||||||||
KweichowMoutaiCo Ltd(a) | 22,093 | 3,195 | AutohomeIncADR(a) | 19,458 | 2,247 | ||||||
Thai Beverage PCL | 6,480,000 | 4,003 | Baidu IncADR(a) | 34,373 | 5,714 | ||||||
$ | 7,198 | JumiaTechnologies AG ADR(a) | 103,736 | 4,458 | |||||||
Building Materials - 1.21% | Just Dial Ltd(a) | 392,365 | 3,268 | ||||||||
Anhui Conch Cement Co Ltd | 616,365 | 3,660 | Naspers Ltd | 71,483 | 18,389 | ||||||
ChinaLessoGroup Holdings Ltd | 1,123,000 | 795 | TencentHoldings Ltd | 841,800 | 41,490 | ||||||
HuaxinCement Co Ltd(a) | 1,076,575 | 4,324 | $ | 113,522 | |||||||
$ | 8,779 | Iron & Steel - 1.38% | |||||||||
Commercial Services - 2.20% | POSCO | 8,184 | 1,792 | ||||||||
CCR SA | 1,000,600 | 3,016 | Vale SA | 644,689 | 8,260 | ||||||
New Oriental Education & Technology GroupInc | 70,866 | 6,765 | $ | 10,052 | |||||||
ADR(a) | Leisure Products & Services - 0.24% | ||||||||||
TAL Education Group ADR(a) | 162,936 | 6,268 | China International Travel Service Corp Ltd(a) | 153,293 | 1,763 | ||||||
$ | 16,049 | Mining - 2.35% | |||||||||
Computers - 1.65% | Anglo American PLC | 110,098 | 2,857 | ||||||||
Globant SA(a) | 9,588 | 805 | AngloGold Ashanti Ltd | 175,672 | 2,090 | ||||||
Lenovo Group Ltd | 5,154,000 | 4,776 | BHP Group PLC | 218,552 | 5,175 | ||||||
Tata Consultancy Services Ltd | 107,953 | 3,509 | Gold Fields Ltd | 513,537 | 1,935 | ||||||
Wipro Ltd | 687,799 | 2,956 | Grupo Mexico SAB de CV | 1,719,700 | 5,048 | ||||||
$ | 12,046 | $ | 17,105 | ||||||||
Diversified Financial Services- 5.77% | Miscellaneous Manufacturers - 1.34% | ||||||||||
Bajaj Finance Ltd | 129,599 | 5,770 | Escorts Ltd | 342,227 | 3,637 | ||||||
Capitec Bank Holdings Ltd | 55,307 | 5,173 | LarganPrecision Co Ltd | 41,000 | 6,155 | ||||||
CTBC Financial Holding Co Ltd | 5,828,000 | 3,992 | $ | 9,792 | |||||||
Hana Financial GroupInc | 100,651 | 3,175 | Oil & Gas - 9.81% | ||||||||
Housing Development Finance Corp Ltd | 145,314 | 4,169 | China Petroleum & Chemical Corp | 6,890,000 | 5,296 | ||||||
Muthoot Finance Ltd | 487,777 | 4,188 | CNOOC Ltd | 4,653,000 | 8,451 | ||||||
Old Mutual Ltd | 3,044,088 | 4,896 | Indian Oil Corp Ltd | 1,368,581 | 3,116 | ||||||
REC Ltd | 1,389,035 | 2,943 | Kunlun Energy Co Ltd | 3,452,000 | 3,651 | ||||||
ShinhanFinancial Group Co Ltd | 204,526 | 7,730 | LUKOIL PJSC ADR | 231,889 | 19,689 | ||||||
$ | 42,036 | MOL Hungarian Oil & Gas PLC | 154,804 | 1,783 | |||||||
Electric - 0.35% | Oil & Natural Gas Corp Ltd | 1,925,008 | 4,684 | ||||||||
Korea Electric Power Corp | 106,854 | 2,587 | Petroleo BrasileiroSA | 396,000 | 3,031 | ||||||
PTT Exploration & Production PCL | 936,400 | 3,913 |
See accompanying notes.
212
Schedule of Investments | ||||||||||
International Emerging Markets Fund | ||||||||||
April 30, 2019 (unaudited) | ||||||||||
COMMON STOCKS (continued) | Shares Held Value (000’s) | (a) | Non-income producing security | |||||||
Oil & Gas (continued) | (b) | Affiliated Security. Security is either an affiliate (and registered under the | ||||||||
PTT PCL | 5,640,000 $ | 8,611 | Investment Company Act of 1940) or an affiliate as defined by the Investment | |||||||
Reliance Industries Ltd | 458,252 | 9,180 | Company Act of 1940 (controls 5.0% or more of the outstanding voting | |||||||
$ | 71,405 | shares of the security). Please see affiliated sub-schedule for transactional | ||||||||
Pharmaceuticals - 0.90% | information. | |||||||||
AurobindoPharma Ltd | 327,551 | 3,858 | (c) | Current yield shown is as of period end. | ||||||
China National Accord Medicines Corp Ltd | 384,779 | 2,694 | ||||||||
$ | 6,552 | Portfolio Summary (unaudited) | ||||||||
Pipelines - 0.45% | Country | Percent | ||||||||
PetronetLNG Ltd | 941,092 | 3,266 | China | 31.79 | % | |||||
Real Estate - 1.63% | Taiwan, Province Of China | 11.80 | % | |||||||
Future Land Development Holdings Ltd | 2,310,000 | 2,755 | India | 11.36 | % | |||||
Guangzhou R&F Properties Co Ltd | 1,626,800 | 3,236 | Korea, Republic Of | 10.62 | % | |||||
SunacChina Holdings Ltd | 1,138,000 | 5,865 | Brazil | 7.29 | % | |||||
$ | 11,856 | South Africa | 4.98 | % | ||||||
Retail - 5.11% | Russian Federation | 4.96 | % | |||||||
ANTA Sports Products Ltd | 885,000 | 6,224 | Thailand | 3.84 | % | |||||
Atacadao SA | 679,100 | 3,677 | Mexico | 3.48 | % | |||||
Home Product Center PCL | 5,276,700 | 2,596 | Hong Kong | 2.32 | % | |||||
Lojas Renner SA | 322,400 | 3,809 | Indonesia | 1.80 | % | |||||
Suning.com Co Ltd(a) | 1,444,573 | 2,710 | United States | 1.28 | % | |||||
Wal-Mart de Mexico SAB de CV | 3,795,200 | 11,151 | Hungary | 1.24 | % | |||||
Yum China HoldingsInc | 148,210 | 7,046 | Peru | 1.02 | % | |||||
$ | 37,213 | Australia | 0.71 | % | ||||||
Semiconductors - 10.68% | Germany | 0.61 | % | |||||||
Chipbond Technology Corp | 2,093,000 | 4,750 | Poland | 0.45 | % | |||||
Novatek Microelectronics Corp | 694,000 | 4,540 | United Kingdom | 0.39 | % | |||||
Realtek Semiconductor Corp | 589,000 | 3,993 | Malaysia | 0.35 | % | |||||
Samsung Electronics Co Ltd | 730,146 | 28,707 | Argentina | 0.11 | % | |||||
SK HynixInc | 69,183 | 4,682 | Other Assets and Liabilities | (0.40 | )% | |||||
Taiwan Semiconductor Manufacturing Co Ltd | 3,697,685 | 31,046 | TOTAL NET ASSETS | 100.00 | % | |||||
$ | 77,718 | |||||||||
Software - 2.26% | ||||||||||
Momo IncADR | 104,574 | 3,667 | ||||||||
NetEase IncADR | 23,714 | 6,747 | ||||||||
Tech Mahindra Ltd | 500,472 | 6,020 | ||||||||
$ | 16,434 | |||||||||
Telecommunications - 1.62% | ||||||||||
Accton Technology Corp | 1,054,000 | 4,478 | ||||||||
China Mobile Ltd | 534,000 | 5,095 | ||||||||
China Telecom Corp Ltd | 4,222,000 | 2,188 | ||||||||
$ | 11,761 | |||||||||
Textiles - 0.40% | ||||||||||
CiaHering | 354,900 | 2,882 | ||||||||
Transportation - 0.60% | ||||||||||
Hyundai Glovis Co Ltd | 32,213 | 4,407 | ||||||||
TOTAL COMMON STOCKS | $ | 710,033 | ||||||||
INVESTMENT COMPANIES - 1.28% | Shares Held Value (000's) | |||||||||
Money Market Funds - 1.28% | ||||||||||
Principal Government Money Market Fund | 9,293,708 | 9,294 | ||||||||
2.38%(b),(c) | ||||||||||
TOTAL INVESTMENT COMPANIES | $ | 9,294 | ||||||||
PREFERRED STOCKS - 1.59% | Shares Held Value (000's) | |||||||||
Banks - 0.80% | ||||||||||
Banco Bradesco SA 0.19% | 642,000 | $ | 5,829 | |||||||
Oil & Gas - 0.79% | ||||||||||
Petroleo BrasileiroSA 0.02% | 829,500 | 5,737 | ||||||||
TOTAL PREFERRED STOCKS | $ | 11,566 | ||||||||
Total Investments | $ | 730,893 | ||||||||
Other Assets and Liabilities - (0.40)% | (2,900 | ) | ||||||||
TOTAL NET ASSETS - 100.00% | $ | 727,993 |
See accompanying notes.
213
Schedule of Investments | ||||||||||||
International Emerging Markets Fund | ||||||||||||
April 30, 2019 (unaudited) | ||||||||||||
Affiliated Securities | October 31, 2018 | Purchases | Sales | April 30, 2019 | ||||||||
Value | Cost | Proceeds | Value | |||||||||
Principal Government Money Market Fund 2.38% | $ | 36,392 | $ | 231,642 | $ | 258,740 | $ | 9,294 | ||||
$ | 36,392 | $ | 231,642 | $ | 258,740 | $ | 9,294 | |||||
Realized Gain/Loss | Realized Gain from | Change in Unrealized | ||||||||||
Income | on Investments | Capital Gain Distributions | Gain/Loss | |||||||||
Principal Government Money Market Fund 2.38% | $ | 155 | $ | —$ | —$ | — | ||||||
$ | 155 | $ | —$ | —$ | — | |||||||
Amounts in thousands |
See accompanying notes.
214
Schedule of Investments International Fund I
April 30, 2019 (unaudited)
COMMON STOCKS - 99.27% | Shares Held Value (000's) | COMMON STOCKS (continued) | Shares Held Value (000’s) | ||||||||
Advertising - 0.79% | Engineering & Construction (continued) | ||||||||||
HakuhodoDY Holdings Inc | 179,000 | $ | 3,026 | Kyowa Exeo Corp | 109,500 | $ | 2,995 | ||||
Aerospace & Defense - 0.87% | $ | 11,088 | |||||||||
MTU Aero Engines AG | 14,157 | 3,340 | Entertainment - 1.95% | ||||||||
Apparel - 3.27% | BetssonAB(a) | 225,000 | 1,708 | ||||||||
Kering SA | 11,011 | 6,516 | Cineworld Group PLC | 511,000 | 2,120 | ||||||
LVMH Moet Hennessy Louis Vuitton SE | 6,878 | 2,700 | Evolution Gaming Group AB(b) | 23,500 | 2,413 | ||||||
MonclerSpA | 80,900 | 3,326 | Kindred Group PLC | 143,100 | 1,250 | ||||||
$ | 12,542 | $ | 7,491 | ||||||||
Automobile Manufacturers - 0.53% | Food - 1.72% | ||||||||||
Geely Automobile Holdings Ltd | 1,003,200 | 2,021 | a2 Milk Co Ltd(a) | 365,300 | 4,106 | ||||||
Automobile Parts & Equipment - 0.61% | Greencore Group PLC | 827,000 | 2,481 | ||||||||
Weichai Power Co Ltd | 1,422,000 | 2,328 | $ | 6,587 | |||||||
Banks - 7.07% | Gas - 2.12% | ||||||||||
Banco do BrasilSA | 137,500 | 1,738 | China Resources Gas Group Ltd | 458,000 | 2,126 | ||||||
Bank of Communications Co Ltd | 2,096,000 | 1,768 | ENN Energy Holdings Ltd | 637,400 | 6,024 | ||||||
China Construction Bank Corp | 2,931,800 | 2,585 | $ | 8,150 | |||||||
China Merchants Bank Co Ltd | 1,314,500 | 6,506 | Home Builders - 2.50% | ||||||||
DBS Group Holdings Ltd | 183,900 | 3,824 | Barratt Developments PLC | 238,000 | 1,872 | ||||||
Macquarie Group Ltd | 27,346 | 2,599 | Berkeley Group Holdings PLC | 45,783 | 2,246 | ||||||
Royal Bank of Canada | 58,800 | 4,686 | Haseko Corp | 149,800 | 1,812 | ||||||
Sberbank of Russia PJSC ADR | 239,243 | 3,429 | Persimmon PLC | 125,500 | 3,666 | ||||||
$ | 27,135 | $ | 9,596 | ||||||||
Building Materials - 3.14% | Home Furnishings - 1.20% | ||||||||||
Anhui Conch Cement Co Ltd | 875,400 | 5,343 | Howden Joinery Group PLC | 358,000 | 2,378 | ||||||
China Resources Cement Holdings Ltd | 2,967,000 | 2,975 | Sony Corp | 44,500 | 2,241 | ||||||
Sika AG | 24,460 | 3,748 | $ | 4,619 | |||||||
$ | 12,066 | Insurance - 9.23% | |||||||||
Chemicals - 0.72% | Allianz SE | 20,623 | 4,985 | ||||||||
Petronas Chemicals GroupBhd | 1,263,000 | 2,750 | ASR Nederland NV | 65,000 | 2,892 | ||||||
Coal - 1.40% | Genworth MI CanadaInc | 63,000 | 1,958 | ||||||||
ChinaShenhuaEnergy Co Ltd | 1,464,500 | 3,242 | Legal & General Group PLC | 1,648,230 | 5,994 | ||||||
ExxaroResources Ltd | 186,000 | 2,128 | Ping An Insurance Group Co of China Ltd | 415,100 | 5,025 | ||||||
$ | 5,370 | Porto SeguroSA | 274,000 | 3,799 | |||||||
Commercial Services - 3.90% | Swiss Life Holding AG | 10,664 | 5,013 | ||||||||
Ashtead Group PLC | 199,137 | 5,530 | TokioMarine Holdings Inc | 114,000 | 5,776 | ||||||
Estacio ParticipacoesSA | 255,000 | 1,785 | $ | 35,442 | |||||||
Localiza Rent a Car SA | 303,000 | 2,820 | Internet - 4.29% | ||||||||
PagegroupPLC | 443,962 | 3,121 | Alibaba Group Holding Ltd ADR(a) | 37,600 | 6,977 | ||||||
QinetiQ Group PLC | 439,000 | 1,729 | AutohomeIncADR(a) | 18,000 | 2,079 | ||||||
$ | 14,985 | TencentHoldings Ltd | 150,500 | 7,418 | |||||||
Computers - 5.90% | $ | 16,474 | |||||||||
BechtleAG | 21,500 | 2,214 | Iron & Steel - 3.21% | ||||||||
CGIInc(a) | 53,500 | 3,851 | Evraz PLC | 591,000 | 4,853 | ||||||
Infosys Ltd ADR | 483,000 | 5,197 | FerrexpoPLC | 542,000 | 1,469 | ||||||
Lenovo Group Ltd | 3,801,000 | 3,522 | KumbaIron Ore Ltd | 102,518 | 3,083 | ||||||
Nomura Research Institute Ltd | 73,300 | 3,588 | SeverstalPJSC | 179,300 | 2,905 | ||||||
Teleperformance | 22,322 | 4,291 | $ | 12,310 | |||||||
$ | 22,663 | Leisure Products & Services - 0.47% | |||||||||
Diversified Financial Services- 4.62% | BRPInc | 58,000 | 1,803 | ||||||||
AzimutHoldingSpA | 106,000 | 2,144 | Machinery - Diversified- 0.55% | ||||||||
B3 SA -Brasil Bolsa Balcao | 215,000 | 1,894 | Valmet OYJ | 77,000 | 2,121 | ||||||
Chailease Holding Co Ltd | 757,860 | 3,231 | Media - 1.58% | ||||||||
E.Sun Financial Holding Co Ltd | 3,015,000 | 2,476 | InformaPLC | 226,000 | 2,298 | ||||||
IntrumAB | 63,000 | 1,604 | QuebecorInc | 151,000 | 3,766 | ||||||
Mitsubishi UFJ Lease & Finance Co Ltd | 455,000 | 2,320 | $ | 6,064 | |||||||
Partners Group Holding AG | 5,370 | 4,050 | Mining - 6.64% | ||||||||
$ | 17,719 | Anglo American PLC | 237,000 | 6,150 | |||||||
Electronics - 2.08% | BHP Group Ltd | 171,000 | 4,525 | ||||||||
HalmaPLC | 122,800 | 2,889 | MMC Norilsk Nickel PJSC ADR | 178,952 | 4,010 | ||||||
Zhen Ding Technology Holding Ltd | 1,429,000 | 5,113 | Northern Star Resources Ltd | 687,000 | 3,978 | ||||||
$ | 8,002 | Rio Tinto Ltd | 27,000 | 1,820 | |||||||
Engineering & Construction - 2.89% | Rio Tinto PLC | 86,000 | 5,017 | ||||||||
Alten SA | 18,500 | 2,021 | $ | 25,500 | |||||||
COMSYS Holdings Corp | 81,508 | 2,144 | Miscellaneous Manufacturers - 0.52% | ||||||||
Grupo Aeroportuario del Centro Norte SAB de | 311,000 | 1,915 | Vesuvius PLC | 245,000 | 1,977 | ||||||
CV | |||||||||||
HomeServe PLC | 142,000 | 2,013 |
See accompanying notes.
215
Schedule of Investments | ||||||||||
International Fund I | ||||||||||
April 30, 2019 (unaudited) | ||||||||||
COMMON STOCKS (continued) | Shares Held Value (000’s) | (a) | Non-income producing security | |||||||
Oil & Gas - 4.30% | (b) | Security exempt from registration under Rule 144A of the Securities Act of | ||||||||
Beach Energy Ltd | 2,160,000 $ | 3,239 | 1933. These securities may be resold in transactions exempt from registration, | |||||||
CNOOC Ltd | 1,106,000 | 2,009 | normally to qualified institutional buyers. At the end of the period, the value of | |||||||
LUKOIL PJSC ADR | 33,000 | 2,802 | these securities totaled $2,413 or 0.63% of net assets. | |||||||
Novatek PJSC | 15,000 | 2,894 | (c) | Affiliated Security. Security is either an affiliate (and registered under the | ||||||
ParexResourcesInc(a) | 145,000 | 2,470 | Investment Company Act of 1940) or an affiliate as defined by the Investment | |||||||
Tatneft PJSC ADR | 44,000 | 3,098 | Company Act of 1940 (controls 5.0% or more of the outstanding voting | |||||||
$ | 16,512 | shares of the security). Please see affiliated sub-schedule for transactional | ||||||||
Pharmaceuticals - 4.58% | information. | |||||||||
Alfresa Holdings Corp | 149,469 | 4,171 | (d) | Current yield shown is as of period end. | ||||||
AstellasPharma Inc | 175,000 | 2,370 | ||||||||
Roche Holding AG | 20,400 | 5,383 | Portfolio Summary (unaudited) | |||||||
Sawai Pharmaceutical Co Ltd | 33,000 | 1,773 | Country | Percent | ||||||
Shionogi & Co Ltd | 37,000 | 2,161 | China | 16.29 | % | |||||
TCI Co Ltd | 114,000 | 1,702 | United Kingdom | 15.51 | % | |||||
$ | 17,560 | Japan | 11.26 | % | ||||||
Private Equity - 0.80% | Canada | 7.67 | % | |||||||
3i Group PLC | 220,000 | 3,078 | Taiwan, Province Of China | 6.28 | % | |||||
Retail - 3.43% | Russian Federation | 6.26 | % | |||||||
Alimentation Couche-TardInc | 71,500 | 4,216 | Switzerland | 6.15 | % | |||||
ANTA Sports Products Ltd | 467,600 | 3,288 | France | 4.05 | % | |||||
JD Sports Fashion PLC | 379,300 | 3,118 | Australia | 3.74 | % | |||||
Next PLC | 34,000 | 2,560 | Brazil | 3.13 | % | |||||
$ | 13,182 | Germany | 2.75 | % | ||||||
Semiconductors - 4.02% | Hong Kong | 2.15 | % | |||||||
Chipbond Technology Corp | 860,000 | 1,952 | Sweden | 1.49 | % | |||||
Novatek Microelectronics Corp | 342,000 | 2,237 | Italy | 1.43 | % | |||||
Realtek Semiconductor Corp | 480,000 | 3,254 | South Africa | 1.35 | % | |||||
Samsung Electronics Co Ltd | 98,864 | 3,887 | India | 1.35 | % | |||||
Taiwan Semiconductor Manufacturing Co Ltd | 93,700 | 4,106 | New Zealand | 1.07 | % | |||||
ADR | Korea, Republic Of | 1.01 | % | |||||||
$ | 15,436 | Israel | 1.00 | % | ||||||
Shipbuilding - 0.62% | Singapore | 1.00 | % | |||||||
Yangzijiang Shipbuilding Holdings Ltd | 2,049,000 | 2,369 | Spain | 0.83 | % | |||||
Software - 3.83% | Netherlands | 0.75 | % | |||||||
Amadeus IT Group SA | 40,000 | 3,188 | Malaysia | 0.72 | % | |||||
Constellation SoftwareInc/Canada | 3,300 | 2,912 | United States | 0.68 | % | |||||
Open Text Corp | 50,000 | 1,922 | Ireland | 0.65 | % | |||||
Temenos AG(a) | 23,494 | 3,908 | Finland | 0.55 | % | |||||
Mexico | 0.50 | % | ||||||||
TISInc | 61,000 | 2,783 | Malta | 0.33 | % | |||||
$ | 14,713 | Other Assets and Liabilities | 0.05 | % | ||||||
Telecommunications - 1.83% | TOTAL NET ASSETS | 100.00 | % | |||||||
China Mobile Ltd | 332,000 | 3,168 | ||||||||
Nice Ltd ADR(a) | 27,900 | 3,846 | ||||||||
$ | 7,014 | |||||||||
Toys, Games & Hobbies - 1.60% | ||||||||||
Bandai Namco Holdings Inc | 128,200 | 6,146 | ||||||||
Transportation - 0.49% | ||||||||||
TFI InternationalInc | 57,000 | 1,872 | ||||||||
TOTAL COMMON STOCKS | $ | 381,051 | ||||||||
INVESTMENT COMPANIES - 0.68% | Shares Held Value (000's) | |||||||||
Money Market Funds - 0.68% | ||||||||||
Principal Government Money Market Fund | 2,603,594 | 2,604 | ||||||||
2.38%(c),(d) | ||||||||||
TOTAL INVESTMENT COMPANIES | $ | 2,604 | ||||||||
Total Investments | $ | 383,655 | ||||||||
Other Assets and Liabilities - 0.05% | 173 | |||||||||
TOTAL NET ASSETS - 100.00% | $ | 383,828 |
See accompanying notes.
216
Schedule of Investments | ||||||||||||
International Fund I | ||||||||||||
April 30, 2019 (unaudited) | ||||||||||||
Affiliated Securities | October 31, 2018 | Purchases | Sales | April 30, 2019 | ||||||||
Value | Cost | Proceeds | Value | |||||||||
Principal Government Money Market Fund 2.38% | $ | 901 | $ | 77,493 | $ | 75,790 | $ | 2,604 | ||||
$ | 901 | $ | 77,493 | $ | 75,790 | $ | 2,604 | |||||
Realized Gain/Loss | Realized Gain from | Change in Unrealized | ||||||||||
Income | on Investments | Capital Gain Distributions | Gain/Loss | |||||||||
Principal Government Money Market Fund 2.38% | $ | 49 | $ | —$ | —$ | — | ||||||
$ | 49 | $ | —$ | —$ | — | |||||||
Amounts in thousands |
See accompanying notes.
217
Schedule of Investments | ||||||||||||
LargeCap Growth Fund | ||||||||||||
April 30, 2019 (unaudited) | ||||||||||||
COMMON STOCKS - 98.16% | Shares Held Value (000's) | COMMON STOCKS (continued) | Shares Held Value (000’s) | |||||||||
Apparel - 2.02% | Software - 9.24% | |||||||||||
NIKEInc | 131,300 | $ | 11,532 | Microsoft Corp | 240,297 | $ | 31,383 | |||||
Banks - 2.16% | salesforce.comInc(a) | 35,500 | 5,870 | |||||||||
SVB Financial Group(a) | 48,899 | 12,309 | ServiceNowInc(a) | 57,112 | 15,506 | |||||||
Biotechnology - 1.43% | $ | 52,759 | ||||||||||
Vertex Pharmaceuticals Inc(a) | 48,458 | 8,188 | Telecommunications - 2.61% | |||||||||
Commercial Services - 3.54% | Cisco SystemsInc | 266,000 | 14,883 | |||||||||
PayPal HoldingsInc(a) | 106,600 | 12,022 | Transportation - 1.77% | |||||||||
WorldpayInc(a) | 69,800 | 8,181 | Norfolk Southern Corp | 49,600 | 10,119 | |||||||
$ | 20,203 | TOTAL COMMON STOCKS | $ | 560,383 | ||||||||
Computers - 2.93% | INVESTMENT COMPANIES - 2.36% | Shares Held Value (000's) | ||||||||||
AppleInc | 83,400 | 16,736 | Money Market Funds - 2.36% | |||||||||
Cosmetics & Personal Care - 4.91% | Principal Government Money Market Fund | 13,450,160 | 13,450 | |||||||||
Estee Lauder CosInc/The | 80,140 | 13,769 | 2.38%(b),(c) | |||||||||
Procter & Gamble Co/The | 133,800 | 14,247 | TOTAL INVESTMENT COMPANIES | $ | 13,450 | |||||||
$ | 28,016 | Total Investments | $ | 573,833 | ||||||||
Other Assets and Liabilities - (0.52)% | (2,943 | ) | ||||||||||
Diversified Financial Services- 6.97% | TOTAL NET ASSETS - 100.00% | $ | 570,890 | |||||||||
Mastercard Inc | 79,608 | 20,239 | ||||||||||
Visa Inc | 118,833 | 19,540 | ||||||||||
$ | 39,779 | (a) Non-income producing security | ||||||||||
Electronics - 1.62% | (b) | Affiliated Security. Security is either an affiliate (and registered under the | ||||||||||
Honeywell InternationalInc | 53,200 | 9,237 | Investment Company Act of 1940) or an affiliate as defined by the Investment | |||||||||
Entertainment - 1.72% | Company Act of 1940 (controls 5.0% or more of the outstanding voting | |||||||||||
Live Nation Entertainment Inc(a) | 150,200 | 9,814 | shares of the security). Please see affiliated sub-schedule for transactional | |||||||||
Healthcare - Products - 8.89% | information. | |||||||||||
Abbott Laboratories | 161,000 | 12,809 | (c) | Current yield shown is as of period end. | ||||||||
Boston Scientific Corp(a) | 116,700 | 4,332 | ||||||||||
Intuitive Surgical Inc(a) | 28,841 | 14,727 | Portfolio Summary (unaudited) | |||||||||
Thermo Fisher ScientificInc | 68,158 | 18,911 | Sector | Percent | ||||||||
$ | 50,779 | Communications | 27.04 | % | ||||||||
Internet - 22.43% | Consumer, Non-cyclical | 23.02 | % | |||||||||
Alibaba Group Holding Ltd ADR(a) | 38,900 | 7,219 | Technology | 19.48 | % | |||||||
AlphabetInc- A Shares(a) | 21,222 | 25,444 | Consumer, Cyclical | 12.66 | % | |||||||
Amazon.comInc(a) | 14,471 | 27,879 | Financial | 9.13 | % | |||||||
FacebookInc(a) | 93,700 | 18,122 | Industrial | 5.86 | % | |||||||
LyftInc(a) | 99,096 | 5,926 | Money Market Funds | 2.36 | % | |||||||
NetflixInc(a) | 33,638 | 12,464 | Energy | 0.97 | % | |||||||
RingCentralInc(a) | 146,700 | 17,071 | Other Assets and Liabilities | (0.52 | )% | |||||||
TwitterInc(a) | 348,400 | 13,905 | TOTAL NET ASSETS | 100.00 | % | |||||||
$ | 128,030 | |||||||||||
Leisure Products & Services - 1.66% | ||||||||||||
Royal Caribbean Cruises Ltd | 78,300 | 9,470 | ||||||||||
Machinery - Diversified- 2.47% | ||||||||||||
Deere & Co | 85,070 | 14,090 | ||||||||||
Media - 2.00% | ||||||||||||
Walt Disney Co/The | 83,500 | 11,437 | ||||||||||
Office & Business Equipment- 3.00% | ||||||||||||
Zebra Technologies Corp(a) | 81,100 | 17,123 | ||||||||||
Oil & Gas - 0.97% | ||||||||||||
Diamondback EnergyInc | 52,304 | 5,565 | ||||||||||
Pharmaceuticals - 4.25% | ||||||||||||
DexComInc(a) | 59,000 | 7,143 | ||||||||||
Eli Lilly & Co | 74,400 | 8,708 | ||||||||||
SareptaTherapeuticsInc(a) | 71,700 | 8,385 | ||||||||||
$ | 24,236 | |||||||||||
Retail - 7.26% | ||||||||||||
Chipotle Mexican GrillInc(a) | 17,000 | 11,697 | ||||||||||
LululemonAthleticaInc(a) | 50,100 | 8,835 | ||||||||||
Starbucks Corp | 141,100 | 10,960 | ||||||||||
Ulta BeautyInc(a) | 28,592 | 9,978 | ||||||||||
$ | 41,470 | |||||||||||
Semiconductors - 4.31% | ||||||||||||
Analog DevicesInc | 119,200 | 13,856 | ||||||||||
XilinxInc | 89,500 | 10,752 | ||||||||||
$ | 24,608 |
See accompanying notes.
218
Schedule of Investments | ||||||||||||
LargeCap Growth Fund | ||||||||||||
April 30, 2019 (unaudited) | ||||||||||||
Affiliated Securities | October 31, 2018 | Purchases | Sales | April 30, 2019 | ||||||||
Value | Cost | Proceeds | Value | |||||||||
Principal Government Money Market Fund 2.38% | $ | 13,063 | $ | 160,788 | $ | 160,401 | $ | 13,450 | ||||
$ | 13,063 | $ | 160,788 | $ | 160,401 | $ | 13,450 | |||||
Realized Gain/Loss | Realized Gain from | Change in Unrealized | ||||||||||
Income | on Investments | Capital Gain Distributions | Gain/Loss | |||||||||
Principal Government Money Market Fund 2.38% | $ | 100 | $ | —$ | —$ | — | ||||||
$ | 100 | $ | —$ | —$ | — | |||||||
Amounts in thousands |
See accompanying notes.
219
Schedule of Investments LargeCap Growth Fund I April 30, 2019 (unaudited)
COMMON STOCKS - 97.36% | Shares Held Value (000's) | COMMON STOCKS (continued) | Shares Held Value (000’s) | ||||||||
Advertising - 0.01% | Beverages (continued) | ||||||||||
Interpublic Group of CosInc/The | 4,140 | $ | 95 | PepsiCoInc | 103,122 | $ | 13,205 | ||||
Omnicom GroupInc | 11,612 | 930 | $ | 123,946 | |||||||
$ | 1,025 | Biotechnology - 1.21% | |||||||||
Aerospace & Defense - 3.18% | Alexion PharmaceuticalsInc(a) | 161,384 | 21,970 | ||||||||
Boeing Co/The | 557,356 | 210,507 | AlnylamPharmaceuticals Inc(a) | 5,971 | 533 | ||||||
General Dynamics Corp | 6,549 | 1,170 | AmgenInc | 45,592 | 8,176 | ||||||
Harris Corp | 9,469 | 1,596 | Biogen Inc(a) | 14,495 | 3,323 | ||||||
HEICO Corp | 3,989 | 421 | BioMarin Pharmaceutical Inc(a) | 13,360 | 1,143 | ||||||
HEICO Corp - Class A | 6,663 | 596 | Bluebird BioInc(a) | 2,859 | 405 | ||||||
Lockheed Martin Corp | 12,765 | 4,255 | Celgene Corp(a) | 53,352 | 5,050 | ||||||
Northrop Grumman Corp | 157,598 | 45,689 | Exact Sciences Corp(a) | 9,051 | 893 | ||||||
Raytheon Co | 16,148 | 2,868 | Exelixis Inc(a) | 22,185 | 436 | ||||||
SpiritAeroSystemsHoldings Inc | 212,777 | 18,491 | Gilead SciencesInc | 73,314 | 4,768 | ||||||
TransDigm GroupInc(a) | 3,889 | 1,876 | Illumina Inc(a) | 8,264 | 2,578 | ||||||
$ | 287,469 | Incyte Corp(a) | 13,278 | 1,020 | |||||||
Agriculture - 0.48% | Ionis Pharmaceuticals Inc(a) | 9,433 | 701 | ||||||||
Altria GroupInc | 161,177 | 8,757 | Regeneron PharmaceuticalsInc(a) | 6,060 | 2,079 | ||||||
Philip Morris International Inc | 399,169 | 34,552 | Sage TherapeuticsInc(a) | 3,692 | 621 | ||||||
$ | 43,309 | Seattle GeneticsInc(a) | 8,359 | 567 | |||||||
Airlines - 0.03% | Vertex Pharmaceuticals Inc(a) | 323,208 | 54,616 | ||||||||
Delta Air LinesInc | 8,972 | 523 | $ | 108,879 | |||||||
Southwest Airlines Co | 48,280 | 2,618 | Building Materials - 0.05% | ||||||||
$ | 3,141 | Armstrong World IndustriesInc | 4,602 | 399 | |||||||
Apparel - 0.52% | Eagle Materials Inc | 3,262 | 296 | ||||||||
Capri Holdings Ltd(a) | 7,492 | 330 | Lennox International Inc | 2,946 | 800 | ||||||
Carter'sInc | 4,076 | 432 | Martin Marietta Materials Inc | 4,410 | 978 | ||||||
Columbia Sportswear Co | 774 | 77 | Masco Corp | 17,887 | 699 | ||||||
HanesbrandsInc | 31,157 | 563 | Vulcan Materials Co | 9,372 | 1,182 | ||||||
NIKEInc | 487,793 | 42,843 | $ | 4,354 | |||||||
Skechers U.S.A.Inc(a) | 6,541 | 207 | Chemicals - 1.53% | ||||||||
TapestryInc | 6,093 | 197 | Axalta Coating Systems Ltd(a) | 6,693 | 180 | ||||||
Under ArmourInc- Class A(a) | 11,966 | 276 | Celanese Corp | 6,592 | 711 | ||||||
Under ArmourInc- Class C(a) | 12,490 | 259 | Chemours Co/The | 13,684 | 493 | ||||||
VF Corp | 13,993 | 1,321 | FMC Corp | 4,248 | 336 | ||||||
$ | 46,505 | International Flavors & FragrancesInc | 3,724 | 513 | |||||||
Automobile Manufacturers - 0.25% | Linde PLC | 18,357 | 3,309 | ||||||||
PACCARInc | 291,927 | 20,922 | LyondellBasellIndustries NV | 15,257 | 1,346 | ||||||
TeslaInc(a) | 7,716 | 1,842 | NewMarket Corp | 567 | 238 | ||||||
$ | 22,764 | PPG IndustriesInc | 3,668 | 431 | |||||||
Automobile Parts & Equipment - 0.63% | RPM InternationalInc | 2,321 | 141 | ||||||||
Allison Transmission HoldingsInc | 10,638 | 499 | Sherwin-Williams Co/The | 284,089 | 129,212 | ||||||
Aptiv PLC | 650,254 | 55,727 | Versum Materials Inc | 9,617 | 502 | ||||||
Lear Corp | 1,041 | 149 | Westlake Chemical Corp | 2,706 | 189 | ||||||
Visteon Corp(a) | 1,748 | 115 | WR Grace & Co | 3,800 | 287 | ||||||
WABCO HoldingsInc(a) | 4,457 | 590 | $ | 137,888 | |||||||
$ | 57,080 | Commercial Services - 5.70% | |||||||||
Banks - 0.35% | Automatic Data ProcessingInc | 46,495 | 7,643 | ||||||||
BOK Financial Corp | 503 | 44 | Booz Allen Hamilton Holding Corp | 12,488 | 740 | ||||||
ComericaInc | 1,132 | 89 | Bright Horizons Family SolutionsInc(a) | 4,099 | 525 | ||||||
East West BancorpInc | 1,154 | 59 | Cintas Corp | 540,628 | 117,392 | ||||||
Morgan Stanley | 598,410 | 28,873 | CoreLogicInc/United States(a) | 5,430 | 221 | ||||||
Northern Trust Corp | 4,417 | 435 | CoStar GroupInc(a) | 2,917 | 1,448 | ||||||
Pinnacle Financial Partners Inc | 2,720 | 158 | EcolabInc | 10,142 | 1,867 | ||||||
Signature Bank/New York NY | 2,631 | 348 | EuronetWorldwideInc(a) | 2,839 | 426 | ||||||
State Street Corp | 1,431 | 97 | FleetCor TechnologiesInc(a) | 228,495 | 59,626 | ||||||
SVB Financial Group(a) | 3,188 | 803 | GartnerInc(a) | 7,494 | 1,191 | ||||||
Synovus Financial Corp | 4,298 | 158 | Global PaymentsInc | 357,728 | 52,253 | ||||||
Texas Capital BancsharesInc(a) | 2,879 | 186 | Grand Canyon EducationInc(a) | 3,910 | 453 | ||||||
Western Alliance Bancorp(a) | 5,032 | 241 | H&R BlockInc | 6,213 | 169 | ||||||
$ | 31,491 | Moody's Corp | 9,384 | 1,845 | |||||||
Morningstar Inc | 1,566 | 225 | |||||||||
Beverages - 1.37% | PayPal HoldingsInc(a) | 2,135,870 | 240,862 | ||||||||
Brown-Forman Corp - A Shares | 4,021 | 210 | Robert Half InternationalInc | 10,054 | 624 | ||||||
Brown-Forman Corp - B Shares | 1,781,338 | 94,927 | RollinsInc | 13,139 | 508 | ||||||
Coca-Cola Co/The | 244,935 | 12,016 | S&P GlobalInc | 14,152 | 3,123 | ||||||
Constellation BrandsInc | 8,738 | 1,850 | Sabre Corp | 20,891 | 434 | ||||||
KeurigDr Pepper Inc | 13,796 | 401 | Service Corp International/US | 7,671 | 319 | ||||||
Monster Beverage Corp(a) | 22,429 | 1,337 | ServiceMaster Global HoldingsInc(a) | 11,156 | 547 | ||||||
SquareInc(a) | 23,153 | 1,686 |
See accompanying notes.
220
Schedule of Investments LargeCap Growth Fund I April 30, 2019 (unaudited)
COMMON STOCKS (continued) | Shares Held Value (000’s) | COMMON STOCKS (continued) | Shares Held Value (000’s) | ||||||||
Commercial Services (continued) | Electrical Components & Equipment - 0.05% | ||||||||||
Total System ServicesInc | 164,392 | $ | 16,807 | AMETEKInc | 4,564 | $ | 402 | ||||
TransUnion | 15,363 | 1,070 | Emerson Electric Co | 49,858 | 3,539 | ||||||
Verisk AnalyticsInc | 12,934 | 1,826 | Energizer HoldingsInc | 2,651 | 127 | ||||||
WEXInc(a) | 3,643 | 766 | HubbellInc | 3,602 | 460 | ||||||
WorldpayInc(a) | 1,500 | 176 | Littelfuse Inc | 1,825 | 367 | ||||||
$ | 514,772 | $ | 4,895 | ||||||||
Computers - 2.94% | Electronics - 3.33% | ||||||||||
Accenture PLC - Class A | 60,646 | 11,078 | Allegion PLC | 7,136 | 708 | ||||||
AppleInc | 705,768 | 141,626 | Amphenol Corp | 1,148,032 | 114,298 | ||||||
Cognizant Technology Solutions Corp | 29,601 | 2,160 | CoherentInc(a) | 1,788 | 265 | ||||||
Dell TechnologiesInc(a) | 3,146 | 212 | FLIR SystemsInc | 3,047 | 161 | ||||||
EPAM SystemsInc(a) | 4,596 | 824 | FortiveCorp | 1,740,258 | 150,254 | ||||||
Fortinet Inc(a) | 12,306 | 1,150 | Gentex Corp | 17,983 | 414 | ||||||
GenpactLtd | 2,784,543 | 101,079 | Honeywell InternationalInc | 182,094 | 31,617 | ||||||
International Business Machines Corp | 37,168 | 5,214 | Mettler-Toledo InternationalInc(a) | 1,955 | 1,457 | ||||||
NCR Corp(a) | 11,095 | 321 | National Instruments Corp | 8,386 | 395 | ||||||
NetAppInc | 21,972 | 1,601 | Waters Corp(a) | 5,543 | 1,184 | ||||||
$ | 265,265 | $ | 300,753 | ||||||||
Consumer Products - 0.08% | Engineering & Construction - 0.00% | ||||||||||
Avery Dennison Corp | 6,710 | 743 | frontdoor Inc(a) | 6,372 | 225 | ||||||
Church & Dwight CoInc | 15,800 | 1,184 | Entertainment - 0.01% | ||||||||
Clorox Co/The | 8,516 | 1,360 | International Game Technology PLC | 2,648 | 39 | ||||||
Kimberly-Clark Corp | 30,537 | 3,920 | Lions Gate Entertainment Corp - A shares | 809 | 12 | ||||||
$ | 7,207 | Lions Gate Entertainment Corp - B shares | 1,797 | 24 | |||||||
Cosmetics & Personal Care - 1.32% | Live Nation Entertainment Inc(a) | 10,689 | 698 | ||||||||
Colgate-Palmolive Co | 8,871 | 646 | Madison Square Garden Co/The(a) | 178 | 56 | ||||||
Estee Lauder CosInc/The | 689,717 | 118,500 | $ | 829 | |||||||
$ | 119,146 | Environmental Control - 0.40% | |||||||||
Distribution & Wholesale - 0.07% | Republic ServicesInc | 2,302 | 191 | ||||||||
CopartInc(a) | 16,696 | 1,124 | Waste ConnectionsInc | 344,304 | 31,941 | ||||||
Fastenal Co | 23,163 | 1,634 | Waste ManagementInc | 38,862 | 4,171 | ||||||
HD Supply HoldingsInc(a) | 6,277 | 287 | $ | 36,303 | |||||||
KAR Auction ServicesInc | 11,512 | 650 | Food - 0.06% | ||||||||
LKQ Corp(a) | 5,965 | 179 | Campbell Soup Co | 9,429 | 365 | ||||||
Pool Corp | 3,364 | 618 | General MillsInc | 20,931 | 1,077 | ||||||
WatscoInc | 2,471 | 392 | Hershey Co/The | 9,757 | 1,218 | ||||||
WW GraingerInc | 3,736 | 1,054 | Kellogg Co | 9,548 | 576 | ||||||
$ | 5,938 | McCormick & CoInc/MD | 577 | 89 | |||||||
Diversified Financial Services- 6.04% | Post Holdings Inc(a) | 2,889 | 326 | ||||||||
American Express Co | 40,411 | 4,737 | Sprouts Farmers MarketInc(a) | 9,696 | 208 | ||||||
Ameriprise FinancialInc | 1,946 | 286 | Sysco Corp | 26,776 | 1,884 | ||||||
Capital One Financial Corp | 8,447 | 784 | US Foods Holding Corp(a) | 1,103 | 40 | ||||||
Cboe Global MarketsInc | 8,030 | 816 | $ | 5,783 | |||||||
Charles Schwab Corp/The | 1,428,860 | 65,414 | Forest Products & Paper - 0.00% | ||||||||
CME GroupInc | 2,320 | 415 | International Paper Co | 3,732 | 175 | ||||||
Credit Acceptance Corp(a) | 827 | 410 | Hand & Machine Tools - 0.01% | ||||||||
Discover Financial Services | 12,188 | 993 | Lincoln Electric Holdings Inc | 5,706 | 498 | ||||||
E*TRADE Financial Corp | 4,864 | 246 | Healthcare - Products - 8.52% | ||||||||
Eaton Vance Corp | 9,092 | 378 | ABIOMEDInc(a) | 3,336 | 925 | ||||||
Evercore Inc- Class A | 3,336 | 325 | Baxter International Inc | 15,382 | 1,174 | ||||||
Intercontinental Exchange Inc | 428,239 | 34,837 | Becton Dickinson and Co | 300,374 | 72,312 | ||||||
Lazard Ltd | 9,054 | 352 | Bio-Techne Corp | 3,028 | 619 | ||||||
LPL Financial Holdings Inc | 6,938 | 514 | Boston Scientific Corp(a) | 59,654 | 2,214 | ||||||
Mastercard Inc | 77,944 | 19,817 | Bruker Corp | 5,072 | 196 | ||||||
OneMain Holdings Inc | 1,504 | 51 | Cantel Medical Corp | 3,320 | 229 | ||||||
Raymond James FinancialInc | 3,418 | 313 | Cooper CosInc/The | 772 | 224 | ||||||
Santander Consumer USA HoldingsInc | 2,372 | 51 | Danaher Corp | 1,005,060 | 133,110 | ||||||
SEI Investments Co | 10,203 | 556 | Edwards Lifesciences Corp(a) | 546,308 | 96,188 | ||||||
Synchrony Financial | 33,623 | 1,166 | Henry ScheinInc(a) | 3,017 | 193 | ||||||
T Rowe Price GroupInc | 16,813 | 1,807 | Hill-Rom HoldingsInc | 4,007 | 406 | ||||||
TD Ameritrade Holding Corp | 505,040 | 26,555 | ICU MedicalInc(a) | 1,435 | 326 | ||||||
Virtu Financial Inc | 4,391 | 108 | IDEXX LaboratoriesInc(a) | 6,787 | 1,575 | ||||||
Visa Inc | 2,337,223 | 384,309 | Integra LifeSciencesHoldings Corp(a) | 5,091 | 266 | ||||||
Western Union Co/The | 15,073 | 293 | Intuitive Surgical Inc(a) | 424,295 | 216,658 | ||||||
$ | 545,533 | MasimoCorp(a) | 3,951 | 514 | |||||||
Electric - 0.30% | ResMedInc | 11,145 | 1,165 | ||||||||
Sempra Energy | 211,316 | 27,038 | Stryker Corp | 471,019 | 88,981 | ||||||
TeleflexInc | 816 | 233 |
See accompanying notes.
221
Schedule of Investments LargeCap Growth Fund I April 30, 2019 (unaudited)
COMMON STOCKS (continued) | Shares Held Value (000’s) | COMMON STOCKS (continued) | Shares Held Value (000’s) | ||||||||
Healthcare - Products (continued) | Internet (continued) | ||||||||||
Thermo Fisher ScientificInc | 540,691 | $ | 150,015 | TripAdvisorInc(a) | 8,535 | $ | 454 | ||||
Varian Medical SystemsInc(a) | 7,482 | 1,019 | TwitterInc(a) | 54,553 | 2,177 | ||||||
West Pharmaceutical ServicesInc | 1,847 | 229 | Uber TechnologiesInc- Class A(a),(b),(c),(d) | 3,929 | 185 | ||||||
$ | 768,771 | VeriSign Inc(a) | 8,705 | 1,719 | |||||||
Healthcare - Services - 2.10% | ZendeskInc(a) | 8,873 | 779 | ||||||||
AnthemInc | 124,758 | 32,815 | $ | 1,844,132 | |||||||
CatalentInc(a) | 3,676 | 165 | Iron & Steel - 0.00% | ||||||||
Centene Corp(a) | 456,123 | 23,518 | Steel DynamicsInc | 3,089 | 98 | ||||||
Charles River Laboratories InternationalInc(a) | 3,102 | 436 | Leisure Products & Services - 0.01% | ||||||||
Chemed Corp | 1,434 | 469 | Brunswick Corp/DE | 1,876 | 96 | ||||||
DaVita Inc(a) | 6,133 | 339 | Polaris Industries Inc | 4,895 | 472 | ||||||
Encompass Health Corp | 8,803 | 567 | $ | 568 | |||||||
HCA HealthcareInc | 440,085 | 55,992 | Lodging - 0.76% | ||||||||
Humana Inc | 48,511 | 12,390 | Choice Hotels InternationalInc | 3,148 | 261 | ||||||
Laboratory Corp of America Holdings(a) | 978 | 156 | Extended Stay AmericaInc | 12,692 | 227 | ||||||
Molina Healthcare Inc(a) | 4,565 | 592 | Hilton Grand VacationsInc(a) | 8,326 | 267 | ||||||
UnitedHealth GroupInc | 199,184 | 46,424 | Hilton Worldwide HoldingsInc | 445,635 | 38,766 | ||||||
WellCareHealth Plans Inc(a) | 60,327 | 15,585 | Las Vegas Sands Corp | 389,724 | 26,131 | ||||||
$ | 189,448 | Marriott International Inc/MD | 15,928 | 2,173 | |||||||
Home Builders - 0.04% | Wyndham DestinationsInc | 9,009 | 392 | ||||||||
DR HortonInc | 17,188 | 762 | Wyndham Hotels & ResortsInc | 7,960 | 444 | ||||||
Lennar Corp - A Shares | 13,430 | 699 | $ | 68,661 | |||||||
Lennar Corp - B Shares | 2,948 | 123 | Machinery - Construction & Mining - 0.84% | ||||||||
NVRInc(a) | 270 | 851 | BWX TechnologiesInc | 1,401,530 | 71,618 | ||||||
PulteGroupInc | 9,249 | 291 | CaterpillarInc | 29,667 | 4,136 | ||||||
Thor IndustriesInc | 4,354 | 287 | $ | 75,754 | |||||||
Toll BrothersInc | 7,592 | 289 | Machinery - Diversified- 1.85% | ||||||||
$ | 3,302 | CumminsInc | 4,604 | 766 | |||||||
Housewares - 0.01% | Curtiss-Wright Corp | 1,063 | 121 | ||||||||
Scotts Miracle-Gro Co/The | 1,671 | 142 | Deere & Co | 18,202 | 3,015 | ||||||
Toro Co/The | 9,150 | 669 | Gardner Denver HoldingsInc(a) | 5,816 | 196 | ||||||
$ | 811 | GracoInc | 14,747 | 756 | |||||||
Insurance - 0.18% | IDEX Corp | 6,153 | 964 | ||||||||
Alleghany Corp(a) | 184 | 121 | Middleby Corp/The(a) | 3,120 | 412 | ||||||
American International GroupInc | 7,216 | 343 | NordsonCorp | 4,766 | 695 | ||||||
Aon PLC | 20,107 | 3,622 | Rockwell AutomationInc | 9,706 | 1,754 | ||||||
Arch Capital Group Ltd(a) | 5,668 | 192 | Roper TechnologiesInc | 438,692 | 157,798 | ||||||
Axis Capital Holdings Ltd | 1,301 | 74 | XylemInc/NY | 8,455 | 705 | ||||||
Berkshire HathawayInc- Class B(a) | 20,623 | 4,469 | $ | 167,182 | |||||||
Brown & BrownInc | 1,678 | 53 | Media - 0.25% | ||||||||
Erie Indemnity Co | 1,519 | 288 | AMC NetworksInc(a) | 3,792 | 221 | ||||||
Everest Re Group Ltd | 1,390 | 327 | Cable OneInc | 347 | 368 | ||||||
Markel Corp(a) | 126 | 135 | CBS Corp | 25,357 | 1,300 | ||||||
Marsh & McLennan CosInc | 13,281 | 1,252 | Charter CommunicationsInc(a) | 6,917 | 2,568 | ||||||
Progressive Corp/The | 50,435 | 3,942 | FactSetResearch SystemsInc | 2,878 | 794 | ||||||
RenaissanceReHoldings Ltd | 466 | 73 | Sirius XM HoldingsInc | 128,567 | 747 | ||||||
Travelers CosInc/The | 7,564 | 1,087 | Walt Disney Co/The | 120,021 | 16,439 | ||||||
Voya FinancialInc | 1,499 | 82 | $ | 22,437 | |||||||
$ | 16,060 | Mining - 0.00% | |||||||||
Internet - 20.43% | LiventCorp(a) | 3,974 | 43 | ||||||||
Alibaba Group Holding Ltd ADR(a) | 940,828 | 174,589 | Southern Copper Corp | 6,521 | 250 | ||||||
AlphabetInc- A Shares(a) | 177,312 | 212,590 | $ | 293 | |||||||
AlphabetInc- C Shares(a) | 214,159 | 254,523 | Miscellaneous Manufacturers - 0.13% | ||||||||
Amazon.comInc(a) | 304,254 | 586,151 | 3M Co | 26,771 | 5,073 | ||||||
Booking HoldingsInc(a) | 83,210 | 154,354 | AO Smith Corp | 12,415 | 653 | ||||||
CDW Corp/DE | 12,564 | 1,327 | Hexcel Corp | 2,739 | 194 | ||||||
eBayInc | 11,066 | 429 | Illinois Tool WorksInc | 18,588 | 2,893 | ||||||
Expedia GroupInc | 9,508 | 1,235 | Ingersoll-Rand PLC | 20,295 | 2,488 | ||||||
F5 NetworksInc(a) | 5,418 | 850 | Parker-Hannifin Corp | 2,382 | 431 | ||||||
FacebookInc(a) | 1,277,702 | 247,108 | TextronInc | 4,392 | 233 | ||||||
GoDaddyInc(a) | 13,864 | 1,130 | $ | 11,965 | |||||||
IAC/InterActiveCorp(a) | 152,358 | 34,256 | |||||||||
Match GroupInc | 4,635 | 280 | Office & Business Equipment- 0.01% | ||||||||
NetflixInc(a) | 175,521 | 65,037 | Zebra Technologies Corp(a) | 4,665 | 985 | ||||||
OktaInc(a) | 7,474 | 778 | Oil & Gas - 0.26% | ||||||||
Palo Alto NetworksInc(a) | 7,349 | 1,829 | Anadarko Petroleum Corp | 13,160 | 959 | ||||||
Pinterest Inc(a) | 58,964 | 1,827 | Apache Corp | 2,193 | 72 | ||||||
RingCentralInc(a) | 6,054 | 704 | Cabot Oil & Gas Corp | 25,008 | 647 | ||||||
Tencent Holdings Ltd ADR | 2,027,235 | 99,821 | Cimarex Energy Co | 1,131 | 78 |
See accompanying notes.
222
Schedule of Investments | |||||||||||
LargeCap Growth Fund I | |||||||||||
April 30, 2019 (unaudited) | |||||||||||
COMMON STOCKS (continued) | Shares Held Value (000’s) | COMMON STOCKS (continued) | Shares Held Value (000’s) | ||||||||
Oil & Gas (continued) | Retail - 4.44% | ||||||||||
Concho ResourcesInc | 168,344 | $ | 19,424 | Advance Auto PartsInc | 2,094 | $ | 348 | ||||
Continental ResourcesInc/OK(a) | 3,602 | 166 | AutoZoneInc(a) | 1,769 | 1,819 | ||||||
Diamondback EnergyInc | 1,995 | 212 | Best Buy CoInc | 5,822 | 433 | ||||||
EOG ResourcesInc | 7,413 | 712 | Burlington Stores Inc(a) | 5,528 | 934 | ||||||
Parsley EnergyInc(a) | 14,698 | 293 | CarMaxInc(a) | 8,862 | 690 | ||||||
Pioneer Natural Resources Co | 5,241 | 872 | Chipotle Mexican GrillInc(a) | 1,892 | 1,302 | ||||||
$ | 23,435 | Costco Wholesale Corp | 355,596 | 87,309 | |||||||
Oil & Gas Services - 0.02% | Darden RestaurantsInc | 5,449 | 641 | ||||||||
Halliburton Co | 74,351 | 2,106 | Dollar General Corp | 414,588 | 52,276 | ||||||
RPCInc | 3,156 | 33 | Dollar TreeInc(a) | 3,731 | 415 | ||||||
$ | 2,139 | Domino's PizzaInc | 3,256 | 881 | |||||||
Packaging & Containers - 0.02% | Dunkin' Brands GroupInc | 6,867 | 513 | ||||||||
Berry Global GroupInc(a) | 5,289 | 311 | GapInc/The | 3,574 | 93 | ||||||
Crown HoldingsInc(a) | 9,942 | 578 | Home Depot Inc/The | 95,966 | 19,548 | ||||||
Graphic Packaging Holding Co | 4,103 | 57 | L Brands Inc | 5,509 | 141 | ||||||
Packaging Corp of America | 7,376 | 731 | Lowe's CosInc | 76,505 | 8,656 | ||||||
Sealed Air Corp | 6,644 | 310 | LululemonAthleticaInc(a) | 7,523 | 1,327 | ||||||
Silgan Holdings Inc | 2,571 | 77 | McDonald's Corp | 128,900 | 25,466 | ||||||
$ | 2,064 | Michaels CosInc/The(a) | 6,109 | 69 | |||||||
Pharmaceuticals - 4.25% | MSC Industrial Direct CoInc | 2,599 | 217 | ||||||||
AbbVieInc | 115,179 | 9,144 | Nordstrom Inc | 10,738 | 441 | ||||||
AgiosPharmaceuticals Inc(a) | 3,689 | 206 | Nu Skin EnterprisesInc | 1,350 | 69 | ||||||
Alkermes PLC(a) | 11,634 | 353 | O'Reilly AutomotiveInc(a) | 4,437 | 1,680 | ||||||
AmerisourceBergen Corp | 13,000 | 972 | Restaurant Brands InternationalInc | 354,935 | 23,156 | ||||||
Bristol-Myers Squibb Co | 80,941 | 3,758 | Ross StoresInc | 475,852 | 46,472 | ||||||
Cigna Corp | 440,653 | 69,993 | Starbucks Corp | 113,373 | 8,807 | ||||||
CVS Health Corp | 22,299 | 1,213 | Tiffany & Co | 2,005 | 216 | ||||||
DexComInc(a) | 793,536 | 96,073 | TJX CosInc/The | 2,050,029 | 112,506 | ||||||
Elanco Animal HealthInc(a) | 3,960 | 125 | Tractor Supply Co | 10,073 | 1,043 | ||||||
Eli Lilly & Co | 242,171 | 28,344 | Ulta BeautyInc(a) | 4,474 | 1,561 | ||||||
Herbalife Nutrition Ltd(a) | 1,589 | 84 | Urban OutfittersInc(a) | 8,347 | 248 | ||||||
Jazz Pharmaceuticals PLC(a) | 4,654 | 604 | Wendy's Co/The | 17,704 | 329 | ||||||
Johnson & Johnson | 42,991 | 6,070 | Williams-SonomaInc | 2,664 | 152 | ||||||
McKesson Corp | 2,540 | 303 | Yum China HoldingsInc | 4,267 | 203 | ||||||
Merck & CoInc | 23,172 | 1,824 | Yum! Brands Inc | 5,139 | 536 | ||||||
Nektar Therapeutics(a) | 13,090 | 419 | $ | 400,497 | |||||||
Neurocrine Biosciences Inc(a) | 6,735 | 487 | Semiconductors - 2.38% | ||||||||
PRA Health SciencesInc(a) | 4,900 | 474 | Advanced Micro DevicesInc(a) | 72,822 | 2,012 | ||||||
Premier Inc(a) | 3,513 | 117 | Analog DevicesInc | 3,271 | 380 | ||||||
SareptaTherapeuticsInc(a) | 5,047 | 590 | Applied MaterialsInc | 55,330 | 2,438 | ||||||
Zoetis Inc | 1,590,994 | 162,027 | ASML Holding NV - NY RegShares | 149,669 | 31,254 | ||||||
$ | 383,180 | Broadcom Inc | 26,893 | 8,563 | |||||||
Pipelines - 0.02% | Cypress Semiconductor Corp | 24,564 | 422 | ||||||||
Cheniere EnergyInc(a) | 12,178 | 784 | KLA-Tencor Corp | 13,456 | 1,715 | ||||||
ONEOKInc | 9,538 | 648 | Lam Research Corp | 24,224 | 5,025 | ||||||
$ | 1,432 | Marvell Technology Group Ltd | 1,225,400 | 30,659 | |||||||
Maxim Integrated Products Inc | 382,140 | 22,929 | |||||||||
Real Estate - 0.01% | Microchip TechnologyInc | 17,741 | 1,772 | ||||||||
CBRE GroupInc(a) | 11,965 | 623 | Micron TechnologyInc(a) | 49,840 | 2,096 | ||||||
REITs - 1.88% | MKS InstrumentsInc | 5,316 | 484 | ||||||||
Alexandria Real Estate EquitiesInc | 893 | 127 | Monolithic Power SystemsInc | 3,324 | 518 | ||||||
American Tower Corp | 39,031 | 7,623 | NVIDIA Corp | 32,739 | 5,926 | ||||||
CoreSite Realty Corp | 3,037 | 332 | NXP Semiconductors NV | 839,678 | 88,687 | ||||||
Crown Castle International Corp | 17,557 | 2,208 | ON Semiconductor Corp(a) | 36,491 | 841 | ||||||
EquinixInc | 4,519 | 2,055 | Skyworks SolutionsInc | 10,897 | 961 | ||||||
Equity LifeStyleProperties Inc | 6,907 | 806 | TeradyneInc | 3,892 | 191 | ||||||
Extra Space Storage Inc | 8,505 | 882 | Texas InstrumentsInc | 54,148 | 6,380 | ||||||
Gaming and Leisure PropertiesInc | 6,808 | 275 | XilinxInc | 14,331 | 1,722 | ||||||
Hudson Pacific PropertiesInc | 2,193 | 76 | $ | 214,975 | |||||||
Lamar Advertising Co | 6,272 | 519 | Shipbuilding - 0.01% | ||||||||
Life Storage Inc | 635 | 61 | Huntington Ingalls Industries Inc | 3,185 | 709 | ||||||
Omega Healthcare Investors Inc | 2,213 | 78 | |||||||||
Public Storage | 8,337 | 1,844 | Software - 18.31% | ||||||||
SBA Communications Corp(a) | 725,706 | 147,848 | Activision BlizzardInc | 42,391 | 2,044 | ||||||
Simon Property GroupInc | 27,252 | 4,734 | AdobeInc(a) | 378,074 | 109,358 | ||||||
$ | 169,468 | Akamai TechnologiesInc(a) | 12,396 | 992 | |||||||
ANSYSInc(a) | 6,828 | 1,337 | |||||||||
Aspen TechnologyInc(a) | 5,846 | 713 | |||||||||
Atlassian Corp PLC(a) | 15,261 | 1,681 | |||||||||
AutodeskInc(a) | 787,348 | 140,313 |
See accompanying notes.
223
Schedule of Investments
LargeCap Growth Fund I
April 30, 2019 (unaudited)
COMMON STOCKS (continued) | Shares Held Value (000’s) | INVESTMENT COMPANIES (continued) | Shares Held Value (000’s) | ||||||||||
Software (continued) | Principal Exchange-Traded Funds - 0.01% | ||||||||||||
Black KnightInc(a) | 12,434 | $ | 701 | Principal Millennials Index ETF(e) | 12,150 | $ | 472 | ||||||
Broadridge Financial Solutions Inc | 9,855 | 1,164 | Principal Price Setters Index ETF(e) | 4,100 | 153 | ||||||||
Cadence Design SystemsInc(a) | 23,422 | 1,625 | Principal Sustainable Momentum Index ETF(e) | 1,900 | 53 | ||||||||
CDK GlobalInc | 11,522 | 695 | Principal U.S. Mega-Cap Multi-Factor Index | 13,396 | 386 | ||||||||
Ceridian HCM HoldingInc(a) | 4,396 | 234 | ETF(e) | ||||||||||
Cerner Corp(a) | 11,870 | 789 | $ | 1,064 | |||||||||
Citrix SystemsInc | 11,384 | 1,149 | TOTAL INVESTMENT COMPANIES | $ | 207,680 | ||||||||
CovetrusInc(a) | 2,332 | 77 | PREFERRED STOCKS - 0.16% | Shares Held Value (000's) | |||||||||
DocuSign Inc(a) | 6,579 | 373 | Software - 0.13% | ||||||||||
Electronic ArtsInc(a) | 1,370,272 | 129,696 | Magic Leap Inc- Series C 0.00%(a),(b),(c),(d) | 168,788 | $ | 4,558 | |||||||
Fair Isaac Corp(a) | 2,678 | 749 | Magic Leap Inc- Series D 0.00%(a),(c),(d) | 48,744 | 1,316 | ||||||||
Fidelity National Information ServicesInc | 137,207 | 15,906 | UIPATHInc SerD-1 0.00%(a),(c),(d) | 115,225 | 4,534 | ||||||||
First Data Corp(a) | 46,217 | 1,195 | UIPATHInc SerD-2 0.00%(a),(c),(d) | 19,348 | 761 | ||||||||
Fiserv Inc(a) | 51,853 | 4,524 | $ | 11,169 | |||||||||
Intuit Inc | 890,165 | 223,485 | Telecommunications - 0.03% | ||||||||||
Jack Henry & AssociatesInc | 6,669 | 994 | Aurora Innovation 0.00%(a),(c),(d) | 32,743 | 3,026 | ||||||||
Manhattan AssociatesInc(a) | 7,163 | 483 | TOTAL PREFERRED STOCKS | $ | 14,195 | ||||||||
Microsoft Corp | 4,005,844 | 523,164 | CONVERTIBLE PREFERRED STOCKS | ||||||||||
MSCIInc | 6,629 | 1,494 | - 0.36% | Shares Held Value (000's) | |||||||||
Oracle Corp | 55,079 | 3,047 | Internet - 0.36% | ||||||||||
PaychexInc | 50,354 | 4,245 | AirbnbInc- Series D 0.00%(a),(b),(c),(d) | 121,527 | 14,102 | ||||||||
Paycom SoftwareInc(a) | 4,367 | 884 | AirbnbInc- Series E 0.00%(a),(b),(c),(d) | 29,361 | 3,407 | ||||||||
Pluralsight Inc(a) | 3,384 | 120 | Uber TechnologiesInc- Series A 0.00%(a),(b),(c),(d) | 560 | 26 | ||||||||
Red HatInc(a) | 423,178 | 77,242 | Uber TechnologiesInc- Series B 0.00%(a),(b),(c),(d) | 1,502 | 71 | ||||||||
salesforce.comInc(a) | 1,153,015 | 190,651 | Uber TechnologiesInc- Series C-1 0.00% | 397 | 19 | ||||||||
ServiceNowInc(a) | 140,133 | 38,048 | (a),(b),(c),(d) | ||||||||||
SplunkInc(a) | 314,172 | 43,368 | Uber TechnologiesInc- Series C-2 0.00% | 322 | 15 | ||||||||
SS&C Technologies HoldingsInc | 16,652 | 1,127 | (a),(b),(c),(d) | ||||||||||
SynopsysInc(a) | 2,137 | 259 | Uber TechnologiesInc- Series C-3 0.00% | 4 | — | ||||||||
Tableau SoftwareInc(a) | 6,371 | 776 | (a),(b),(c),(d) | ||||||||||
Take-Two Interactive SoftwareInc(a) | 5,399 | 523 | Uber TechnologiesInc- Series D 0.00%(a),(b),(c),(d) | 357 | 17 | ||||||||
Temenos AG ADR | 22,619 | 3,776 | Uber TechnologiesInc- Series E 0.00%(a),(b),(c),(d) | 209,464 | 9,845 | ||||||||
Teradata Corp(a) | 8,971 | 408 | Uber TechnologiesInc- Series G 0.00%(a),(b),(c),(d) | 98,844 | 4,646 | ||||||||
Tyler TechnologiesInc(a) | 3,166 | 734 | Uber TechnologiesInc- Series G-1 0.00% | 862 | 40 | ||||||||
Ultimate Software GroupInc/The(a) | 2,619 | 866 | (a),(b),(c),(d) | ||||||||||
VeevaSystemsInc(a) | 9,588 | 1,341 | Uber TechnologiesInc- Series Seed 0.00% | 1,434 | 67 | ||||||||
VMwareInc | 398,845 | 81,417 | (a),(b),(c),(d) | ||||||||||
WorkdayInc(a) | 188,448 | 38,751 | $ | 32,255 | |||||||||
Zoom Video CommunicationsInc(a) | 10,071 | 730 | TOTAL CONVERTIBLE PREFERRED STOCKS | $ | 32,255 | ||||||||
$ | 1,653,248 | Total Investments | $ | 9,043,070 | |||||||||
Telecommunications - 0.04% | Other Assets and Liabilities - (0.18)% | (16,139 | ) | ||||||||||
Arista NetworksInc(a) | 4,506 | 1,407 | TOTAL NET ASSETS - 100.00% | $ | 9,026,931 | ||||||||
LogMeIn Inc | 3,345 | 276 | |||||||||||
Motorola Solutions Inc | 1,895 | 274 | |||||||||||
T-Mobile USInc(a) | 15,582 | 1,137 | (a) | Non-income producing security | |||||||||
Ubiquiti NetworksInc | 1,488 | 254 | (b) | The value of these investments was determined using significant unobservable | |||||||||
Zayo Group HoldingsInc(a) | 17,645 | 552 | inputs. | ||||||||||
$ | 3,900 | (c) | Restricted Security. Please see Restricted Security Sub-Schedule for more | ||||||||||
Toys, Games & Hobbies - 0.01% | information. | ||||||||||||
HasbroInc | 7,367 | 750 | (d) | Fair value of these investments is determined in good faith by the Manager | |||||||||
Transportation - 0.44% | under procedures established and periodically reviewed by the Board of | ||||||||||||
CH Robinson WorldwideInc | 11,355 | 920 | Directors. Certain inputs used in the valuation may be unobservable; however, | ||||||||||
CSX Corp | 44,122 | 3,514 | each security is evaluated individually for purposes of ASC 820 which results | ||||||||||
Expeditors International of WashingtonInc | 14,479 | 1,150 | in not all securities being identified as Level 3 of the fair value hierarchy. | ||||||||||
FedEx Corp | 13,751 | 2,605 | At the end of the period, the fair value of these securities totaled $46,635 or | ||||||||||
Genesee & WyomingInc(a) | 1,873 | 166 | 0.52% of net assets. | ||||||||||
JB Hunt Transport ServicesInc | 165,256 | 15,613 | (e) | Affiliated Security. Security is either an affiliate (and registered under the | |||||||||
LandstarSystemInc | 3,958 | 431 | Investment Company Act of 1940) or an affiliate as defined by the Investment | ||||||||||
Old Dominion Freight Line Inc | 5,549 | 828 | Company Act of 1940 (controls 5.0% or more of the outstanding voting | ||||||||||
Union Pacific Corp | 58,502 | 10,357 | shares of the security). Please see affiliated sub-schedule for transactional | ||||||||||
United Parcel ServiceInc | 38,850 | 4,127 | information. | ||||||||||
$ | 39,711 | (f) | Current yield shown is as of period end. | ||||||||||
Water - 0.22% | |||||||||||||
American Water Works CoInc | 186,073 | 20,131 | |||||||||||
TOTAL COMMON STOCKS | $ | 8,788,940 | |||||||||||
INVESTMENT COMPANIES - 2.30% | Shares Held Value (000's) | ||||||||||||
Money Market Funds - 2.29% | |||||||||||||
Principal Government Money Market Fund | 206,616,047 | 206,616 | |||||||||||
2.38%(e),(f) |
See accompanying notes.
224
Schedule of Investments | ||||||||||||
LargeCap Growth Fund I | ||||||||||||
April 30, 2019 (unaudited) | ||||||||||||
Portfolio Summary (unaudited) | ||||||||||||
Sector | Percent | |||||||||||
Consumer, Non-cyclical | 25.09 | % | ||||||||||
Technology | 23.77 | % | ||||||||||
Communications | 21.12 | % | ||||||||||
Industrial | 10.31 | % | ||||||||||
Financial | 8.46 | % | ||||||||||
Consumer, Cyclical | 6.78 | % | ||||||||||
Money Market Funds | 2.29 | % | ||||||||||
Basic Materials | 1.53 | % | ||||||||||
Utilities | 0.52 | % | ||||||||||
Energy | 0.30 | % | ||||||||||
Domestic Equity Funds | 0.01 | % | ||||||||||
Other Assets and Liabilities | (0.18 | )% | ||||||||||
TOTAL NET ASSETS | 100.00 | % | ||||||||||
Affiliated Securities | October 31, 2018 | Purchases | Sales | April 30, 2019 | ||||||||
Value | Cost | Proceeds | Value | |||||||||
Principal Government Money Market Fund 2.38% | $ | 154,115 | $ | 1,485,540 | $ | 1,433,039 | $ | 206,616 | ||||
Principal Millennials Index ETF | — | 498 | 79 | 472 | ||||||||
Principal Price Setters Index ETF | — | 165 | 26 | 153 | ||||||||
Principal Sustainable Momentum Index ETF | — | 60 | 9 | 53 | ||||||||
Principal U.S. Mega-Cap Multi-Factor Index ETF | — | 436 | 72 | 386 | ||||||||
$ | 154,115 | $ | 1,486,699 | $ | 1,433,225 | $ | 207,680 | |||||
Realized Gain/Loss | Realized Gain from | Change in Unrealized | ||||||||||
Income | on Investments | Capital Gain Distributions | Gain/Loss | |||||||||
Principal Government Money Market Fund 2.38% | $ | 1,675 | $ | —$ | —$ | — | ||||||
Principal Millennials Index ETF | 1 | (6) | — | 59 | ||||||||
Principal Price Setters Index ETF | 1 | (1) | — | 15 | ||||||||
Principal Sustainable Momentum Index ETF | — | (1) | — | 3 | ||||||||
Principal U.S. Mega-Cap Multi-Factor Index ETF | 4 | (3) | — | 25 | ||||||||
$ | 1,681 | $ | (11) $ | —$ | 102 |
Amounts in thousands | ||||||||||||
Restricted Securities | ||||||||||||
Security Name | Acquisition Date | Cost | Value | Percent of Net Assets | ||||||||
AirbnbInc- Series D - 0.00% | 04/16/2014 | $ | 4,948 | $ | 14,102 | 0.16 | % | |||||
AirbnbInc- Series E - 0.00% | 07/14/2015 | 2,733 | 3,407 | 0.04 | % | |||||||
Aurora Innovation - 0.00% | 03/01/2019 | 3,026 | 3,026 | 0.03 | % | |||||||
Magic Leap Inc- Series C - 0.00% | 01/20/2016 | 3,888 | 4,558 | 0.06 | % | |||||||
Magic Leap Inc- Series D - 0.00% | 10/12/2017 | 1,316 | 1,316 | 0.01 | % | |||||||
Uber TechnologiesInc- Class A | 01/16/2018 | 129 | 185 | 0.00 | % | |||||||
Uber TechnologiesInc- Series A - 0.00% | 01/16/2018 | 18 | 26 | 0.00 | % | |||||||
Uber TechnologiesInc- Series B - 0.00% | 01/16/2018 | 50 | 71 | 0.00 | % | |||||||
Uber TechnologiesInc- Series C-1 - 0.00% | 01/16/2018 | 13 | 19 | 0.00 | % | |||||||
Uber TechnologiesInc- Series C-2 - 0.00% | 01/16/2018 | 11 | 15 | 0.00 | % | |||||||
Uber TechnologiesInc- Series C-3 - 0.00% | 01/16/2018 | — | — | 0.00 | % | |||||||
Uber TechnologiesInc- Series D - 0.00% | 01/16/2018 | 12 | 17 | 0.00 | % | |||||||
Uber TechnologiesInc- Series E - 0.00% | 12/05/2014-01/16/2018 | 6,979 | 9,845 | 0.11 | % | |||||||
Uber TechnologiesInc- Series G - 0.00% | 12/03/2015 | 4,821 | 4,646 | 0.05 | % | |||||||
Uber TechnologiesInc- Series G-1 - 0.00% | 01/16/2018 | 42 | 40 | 0.00 | % | |||||||
Uber TechnologiesInc- Series Seed - 0.00% | 01/16/2018 | 47 | 67 | 0.00 | % | |||||||
UIPATHInc SerD-1 - 0.00% | 04/26/2019 | 4,534 | 4,534 | 0.05 | % | |||||||
UIPATHInc SerD-2 - 0.00% | 04/26/2019 | 761 | 761 | 0.01 | % | |||||||
Total | $ | 46,635 | 0.52 | % | ||||||||
Amounts in thousands. | ||||||||||||
Futures Contracts | ||||||||||||
Description and Expiration Date | Type | Contracts | Notional Amount | Value and Unrealized Appreciation/(Depreciation) | ||||||||
S&P 500Emini; June 2019 | Long | 435 | $ | 64,130 | $ | 572 | ||||||
Total | $ | 572 | ||||||||||
Amounts in thousands except contracts. |
See accompanying notes.
225
Schedule of Investments | |||||||||||
LargeCap S&P 500 Index Fund | |||||||||||
April 30, 2019 (unaudited) | |||||||||||
COMMON STOCKS - 97.00% | Shares Held Value (000's) | COMMON STOCKS (continued) | Shares Held Value (000’s) | ||||||||
Advertising - 0.11% | Banks (continued) | ||||||||||
Interpublic Group of Cos Inc/The | 91,818 | $ | 2,112 | US Bancorp | 358,908 | $ | 19,137 | ||||
Omnicom Group Inc | 53,359 | 4,270 | Wells Fargo & Co | 976,709 | 47,282 | ||||||
$ | 6,382 | Zions Bancorp NA | 44,408 | 2,191 | |||||||
Aerospace & Defense - 2.42% | $ | 385,574 | |||||||||
Arconic Inc | 102,954 | 2,211 | Beverages - 1.77% | ||||||||
Boeing Co/The | 125,339 | 47,339 | Brown-Forman Corp - B Shares | 39,667 | 2,114 | ||||||
General Dynamics Corp | 64,632 | 11,551 | Coca-Cola Co/The | 917,866 | 45,031 | ||||||
Harris Corp | 28,138 | 4,741 | Constellation Brands Inc | 39,728 | 8,409 | ||||||
L3 Technologies Inc | 18,920 | 4,136 | Molson Coors Brewing Co | 44,764 | 2,873 | ||||||
Lockheed Martin Corp | 58,641 | 19,547 | Monster Beverage Corp(a) | 93,287 | 5,560 | ||||||
Northrop Grumman Corp | 40,490 | 11,739 | PepsiCo Inc | 335,077 | 42,907 | ||||||
Raytheon Co | 67,327 | 11,957 | $ | 106,894 | |||||||
TransDigm Group Inc(a) | 11,608 | 5,601 | Biotechnology - 1.84% | ||||||||
United Technologies Corp | 193,360 | 27,575 | Alexion Pharmaceuticals Inc(a) | 53,306 | 7,257 | ||||||
$ | 146,397 | Amgen Inc | 148,440 | 26,618 | |||||||
Agriculture - 1.03% | Biogen Inc(a) | 46,924 | 10,757 | ||||||||
Altria Group Inc | 447,132 | 24,293 | Celgene Corp(a) | 167,542 | 15,860 | ||||||
Archer-Daniels-Midland Co | 133,605 | 5,959 | Gilead Sciences Inc | 304,265 | 19,789 | ||||||
Philip Morris International Inc | 370,820 | 32,098 | Illumina Inc(a) | 35,065 | 10,940 | ||||||
$ | 62,350 | Incyte Corp(a) | 42,379 | 3,255 | |||||||
Airlines - 0.41% | Regeneron Pharmaceuticals Inc(a) | 18,696 | 6,415 | ||||||||
Alaska Air Group Inc | 29,368 | 1,818 | Vertex Pharmaceuticals Inc(a) | 60,985 | 10,305 | ||||||
American Airlines Group Inc | 95,337 | 3,259 | $ | 111,196 | |||||||
Delta Air Lines Inc | 147,383 | 8,591 | Building Materials - 0.33% | ||||||||
Southwest Airlines Co | 118,657 | 6,435 | Fortune Brands Home & Security Inc | 33,526 | 1,769 | ||||||
United Continental Holdings Inc(a) | 53,446 | 4,749 | Johnson Controls International plc | 217,722 | 8,165 | ||||||
$ | 24,852 | Martin Marietta Materials Inc | 14,892 | 3,304 | |||||||
Apparel - 0.75% | Masco Corp | 70,250 | 2,744 | ||||||||
Capri Holdings Ltd(a) | 36,408 | 1,605 | Vulcan Materials Co | 31,447 | 3,966 | ||||||
Hanesbrands Inc | 86,215 | 1,558 | $ | 19,948 | |||||||
NIKE Inc | 300,272 | 26,373 | Chemicals - 1.75% | ||||||||
PVH Corp | 18,066 | 2,330 | Air Products & Chemicals Inc | 52,391 | 10,781 | ||||||
Ralph Lauren Corp | 12,581 | 1,655 | Albemarle Corp | 25,226 | 1,893 | ||||||
Tapestry Inc | 69,172 | 2,232 | Celanese Corp | 30,558 | 3,297 | ||||||
Under Armour Inc - Class A(a) | 44,795 | 1,034 | CF Industries Holdings Inc | 53,170 | 2,381 | ||||||
Under Armour Inc - Class C(a) | 45,928 | 952 | Dow Inc | 179,286 | 10,171 | ||||||
VF Corp | 77,382 | 7,306 | DowDuPont Inc | 537,858 | 20,681 | ||||||
$ | 45,045 | Eastman Chemical Co | 33,342 | 2,630 | |||||||
Automobile Manufacturers - 0.46% | FMC Corp | 32,121 | 2,539 | ||||||||
Ford Motor Co | 932,153 | 9,741 | International Flavors & Fragrances Inc | 24,164 | 3,330 | ||||||
General Motors Co | 312,685 | 12,179 | Linde PLC | 131,450 | 23,695 | ||||||
PACCAR Inc | 82,708 | 5,928 | LyondellBasell Industries NV | 72,601 | 6,406 | ||||||
$ | 27,848 | Mosaic Co/The | 84,595 | 2,209 | |||||||
Automobile Parts & Equipment - 0.12% | PPG Industries Inc | 56,273 | 6,612 | ||||||||
Aptiv PLC | 62,030 | 5,316 | Sherwin-Williams Co/The | 19,464 | 8,853 | ||||||
BorgWarner Inc | 49,545 | 2,070 | $ | 105,478 | |||||||
$ | 7,386 | Commercial Services - 2.12% | |||||||||
Banks - 6.39% | Automatic Data Processing Inc | 103,916 | 17,083 | ||||||||
Bank of America Corp | 2,142,747 | 65,525 | Cintas Corp | 20,200 | 4,386 | ||||||
Bank of New York Mellon Corp/The | 209,550 | 10,406 | Ecolab Inc | 60,425 | 11,123 | ||||||
BB&T Corp | 182,165 | 9,327 | Equifax Inc | 28,792 | 3,626 | ||||||
Citigroup Inc | 560,940 | 39,658 | FleetCor Technologies Inc(a) | 20,481 | 5,344 | ||||||
Citizens Financial Group Inc | 109,823 | 3,976 | Gartner Inc(a) | 21,401 | 3,402 | ||||||
Comerica Inc | 37,929 | 2,981 | Global Payments Inc | 37,595 | 5,491 | ||||||
Fifth Third Bancorp | 183,587 | 5,291 | H&R Block Inc | 49,027 | 1,334 | ||||||
First Republic Bank/CA | 39,307 | 4,152 | IHS Markit Ltd(a) | 86,700 | 4,964 | ||||||
Goldman Sachs Group Inc/The | 81,700 | 16,824 | Moody's Corp | 39,638 | 7,794 | ||||||
Huntington Bancshares Inc/OH | 249,710 | 3,476 | Nielsen Holdings PLC | 84,789 | 2,165 | ||||||
JPMorgan Chase & Co | 781,048 | 90,641 | PayPal Holdings Inc(a) | 279,860 | 31,560 | ||||||
KeyCorp | 240,640 | 4,223 | Quanta Services Inc | 33,720 | 1,369 | ||||||
M&T Bank Corp | 33,045 | 5,620 | Robert Half International Inc | 28,406 | 1,764 | ||||||
Morgan Stanley | 309,791 | 14,947 | Rollins Inc | 35,158 | 1,360 | ||||||
Northern Trust Corp | 52,101 | 5,135 | S&P Global Inc | 59,302 | 13,086 | ||||||
PNC Financial Services Group Inc/The | 108,207 | 14,817 | Total System Services Inc | 38,826 | 3,970 | ||||||
Regions Financial Corp | 242,770 | 3,770 | United Rentals Inc(a) | 18,986 | 2,675 | ||||||
State Street Corp | 90,326 | 6,111 | Verisk Analytics Inc | 39,005 | 5,505 | ||||||
SunTrust Banks Inc | 105,736 | 6,924 | $ | 128,001 | |||||||
SVB Financial Group(a) | 12,555 | 3,160 |
See accompanying notes.
226
Schedule of Investments | |||||||||||
LargeCap S&P 500 Index Fund | |||||||||||
April 30, 2019 (unaudited) | |||||||||||
COMMON STOCKS (continued) | Shares Held Value (000’s) | COMMON STOCKS (continued) | Shares Held Value (000’s) | ||||||||
Computers - 5.18% | Electric (continued) | ||||||||||
Accenture PLC - Class A | 152,058 | $ | 27,777 | Exelon Corp | 231,325 | $ | 11,786 | ||||
Apple Inc | 1,068,556 | 214,427 | FirstEnergy Corp | 120,140 | 5,050 | ||||||
Cognizant Technology Solutions Corp | 137,186 | 10,009 | NextEra Energy Inc | 114,063 | 22,178 | ||||||
DXC Technology Co | 63,995 | 4,207 | NRG Energy Inc | 67,031 | 2,760 | ||||||
Fortinet Inc(a) | 34,597 | 3,232 | Pinnacle West Capital Corp | 26,751 | 2,549 | ||||||
Hewlett Packard Enterprise Co | 328,465 | 5,193 | PPL Corp | 171,974 | 5,367 | ||||||
HP Inc | 365,806 | 7,298 | Public Service Enterprise Group Inc | 120,571 | 7,192 | ||||||
International Business Machines Corp | 212,272 | 29,775 | Sempra Energy | 65,370 | 8,364 | ||||||
NetApp Inc | 58,915 | 4,292 | Southern Co/The | 246,787 | 13,134 | ||||||
Seagate Technology PLC | 61,159 | 2,955 | WEC Energy Group Inc | 75,249 | 5,902 | ||||||
Western Digital Corp | 69,380 | 3,547 | Xcel Energy Inc | 122,661 | 6,930 | ||||||
$ | 312,712 | $ | 179,324 | ||||||||
Consumer Products - 0.37% | Electrical Components & Equipment - 0.25% | ||||||||||
Avery Dennison Corp | 20,034 | 2,217 | AMETEK Inc | 54,181 | 4,777 | ||||||
Church & Dwight Co Inc | 58,657 | 4,396 | Emerson Electric Co | 146,614 | 10,408 | ||||||
Clorox Co/The | 30,572 | 4,883 | $ | 15,185 | |||||||
Kimberly-Clark Corp | 82,161 | 10,548 | Electronics - 1.29% | ||||||||
$ | 22,044 | Agilent Technologies Inc | 75,765 | 5,947 | |||||||
Cosmetics & Personal Care - 1.47% | Allegion PLC | 22,532 | 2,236 | ||||||||
Colgate-Palmolive Co | 205,546 | 14,962 | Amphenol Corp | 71,107 | 7,079 | ||||||
Coty Inc | 107,524 | 1,164 | FLIR Systems Inc | 32,315 | 1,711 | ||||||
Estee Lauder Cos Inc/The | 52,064 | 8,945 | Fortive Corp | 70,244 | 6,065 | ||||||
Procter & Gamble Co/The | 596,734 | 63,540 | Garmin Ltd | 28,924 | 2,480 | ||||||
$ | 88,611 | Honeywell International Inc | 173,919 | 30,197 | |||||||
Distribution & Wholesale - 0.22% | Keysight Technologies Inc(a) | 44,785 | 3,898 | ||||||||
Copart Inc(a) | 47,905 | 3,225 | Mettler-Toledo International Inc(a) | 5,915 | 4,408 | ||||||
Fastenal Co | 68,260 | 4,816 | PerkinElmer Inc | 26,430 | 2,533 | ||||||
LKQ Corp(a) | 75,088 | 2,260 | TE Connectivity Ltd | 80,832 | 7,732 | ||||||
WW Grainger Inc | 10,759 | 3,034 | Waters Corp(a) | 17,059 | 3,643 | ||||||
$ | 13,335 | $ | 77,929 | ||||||||
Diversified Financial Services- 4.16% | Engineering & Construction - 0.06% | ||||||||||
Affiliated Managers Group Inc | 12,416 | 1,377 | Fluor Corp | 33,296 | 1,323 | ||||||
Alliance Data Systems Corp | 10,873 | 1,741 | Jacobs Engineering Group Inc | 27,956 | 2,179 | ||||||
American Express Co | 164,968 | 19,339 | $ | 3,502 | |||||||
Ameriprise Financial Inc | 32,322 | 4,744 | Environmental Control - 0.26% | ||||||||
BlackRock Inc | 29,027 | 14,085 | Pentair PLC | 37,608 | 1,466 | ||||||
Capital One Financial Corp | 111,610 | 10,361 | Republic Services Inc | 51,402 | 4,257 | ||||||
Cboe Global Markets Inc | 26,764 | 2,719 | Waste Management Inc | 93,002 | 9,983 | ||||||
Charles Schwab Corp/The | 282,978 | 12,955 | $ | 15,706 | |||||||
CME Group Inc | 85,344 | 15,268 | Food - 1.22% | ||||||||
Discover Financial Services | 78,335 | 6,384 | Campbell Soup Co | 45,957 | 1,778 | ||||||
E*TRADE Financial Corp | 58,756 | 2,977 | Conagra Brands Inc | 115,839 | 3,565 | ||||||
Franklin Resources Inc | 70,494 | 2,438 | General Mills Inc | 142,350 | 7,327 | ||||||
Intercontinental Exchange Inc | 135,611 | 11,032 | Hershey Co/The | 33,166 | 4,141 | ||||||
Invesco Ltd | 94,719 | 2,081 | Hormel Foods Corp | 65,037 | 2,597 | ||||||
Jefferies Financial Group Inc | 62,736 | 1,290 | JM Smucker Co/The | 27,136 | 3,328 | ||||||
Mastercard Inc | 215,326 | 54,744 | Kellogg Co | 59,885 | 3,611 | ||||||
Nasdaq Inc | 27,621 | 2,547 | Kraft Heinz Co/The | 148,352 | 4,931 | ||||||
Raymond James Financial Inc | 30,280 | 2,773 | Kroger Co/The | 190,295 | 4,906 | ||||||
Synchrony Financial | 155,786 | 5,401 | Lamb Weston Holdings Inc | 34,944 | 2,448 | ||||||
T Rowe Price Group Inc | 56,360 | 6,059 | McCormick & Co Inc/MD | 29,246 | 4,503 | ||||||
Visa Inc | 417,492 | 68,648 | Mondelez International Inc | 344,497 | 17,518 | ||||||
Western Union Co/The | 103,979 | 2,021 | Sysco Corp | 112,685 | 7,930 | ||||||
$ | 250,984 | Tyson Foods Inc | 70,431 | 5,283 | |||||||
Electric - 2.97% | $ | 73,866 | |||||||||
AES Corp/VA | 157,986 | 2,705 | Forest Products & Paper - 0.07% | ||||||||
Alliant Energy Corp | 56,313 | 2,660 | International Paper Co | 95,474 | 4,469 | ||||||
Ameren Corp | 58,356 | 4,247 | Gas - 0.09% | ||||||||
American Electric Power Co Inc | 117,670 | 10,067 | Atmos Energy Corp | 27,883 | 2,854 | ||||||
CenterPoint Energy Inc | 119,555 | 3,706 | NiSource Inc | 88,855 | 2,468 | ||||||
CMS Energy Corp | 67,603 | 3,755 | $ | 5,322 | |||||||
Consolidated Edison Inc | 76,590 | 6,599 | Hand & Machine Tools - 0.12% | ||||||||
Dominion Energy Inc | 190,670 | 14,848 | Snap-on Inc | 13,266 | 2,232 | ||||||
DTE Energy Co | 43,396 | 5,455 | Stanley Black & Decker Inc | 36,105 | 5,293 | ||||||
Duke Energy Corp | 173,423 | 15,802 | $ | 7,525 | |||||||
Edison International | 77,719 | 4,956 | |||||||||
Entergy Corp | 45,223 | 4,382 | |||||||||
Evergy Inc | 60,741 | 3,512 | |||||||||
Eversource Energy | 75,613 | 5,418 |
See accompanying notes.
227
Schedule of Investments | |||||||||||
LargeCap S&P 500 Index Fund | |||||||||||
April 30, 2019 (unaudited) | |||||||||||
COMMON STOCKS (continued) | Shares Held Value (000’s) | COMMON STOCKS (continued) | Shares Held Value (000’s) | ||||||||
Healthcare - Products - 3.67% | Insurance (continued) | ||||||||||
Abbott Laboratories | 418,960 | $ | 33,332 | Willis Towers Watson PLC | 30,796 | $ | 5,677 | ||||
ABIOMED Inc(a) | 10,754 | 2,983 | $ | 240,479 | |||||||
Align Technology Inc(a) | 17,362 | 5,637 | Internet - 9.30% | ||||||||
Baxter International Inc | 113,704 | 8,676 | Alphabet Inc - A Shares(a) | 71,410 | 85,618 | ||||||
Becton Dickinson and Co | 64,183 | 15,451 | Alphabet Inc - C Shares(a) | 73,322 | 87,142 | ||||||
Boston Scientific Corp(a) | 330,611 | 12,272 | Amazon.com Inc(a) | 98,425 | 189,618 | ||||||
Cooper Cos Inc/The | 11,769 | 3,412 | Booking Holdings Inc(a) | 10,738 | 19,919 | ||||||
Danaher Corp | 149,876 | 19,850 | eBay Inc | 205,144 | 7,949 | ||||||
DENTSPLY SIRONA Inc | 53,087 | 2,714 | Expedia Group Inc | 27,891 | 3,621 | ||||||
Edwards Lifesciences Corp(a) | 49,561 | 8,726 | F5 Networks Inc(a) | 14,180 | 2,225 | ||||||
Henry Schein Inc(a) | 36,117 | 2,314 | Facebook Inc(a) | 569,053 | 110,055 | ||||||
Hologic Inc(a) | 63,879 | 2,963 | Netflix Inc(a) | 104,147 | 38,591 | ||||||
IDEXX Laboratories Inc(a) | 20,516 | 4,760 | Symantec Corp | 152,480 | 3,691 | ||||||
Intuitive Surgical Inc(a) | 27,310 | 13,945 | TripAdvisor Inc(a) | 24,516 | 1,305 | ||||||
Medtronic PLC | 319,922 | 28,412 | Twitter Inc(a) | 173,774 | 6,935 | ||||||
ResMed Inc | 34,183 | 3,573 | VeriSign Inc(a) | 25,131 | 4,962 | ||||||
Stryker Corp | 73,784 | 13,939 | $ | 561,631 | |||||||
Teleflex Inc | 10,977 | 3,141 | Iron & Steel - 0.07% | ||||||||
Thermo Fisher Scientific Inc | 96,031 | 26,644 | Nucor Corp | 72,847 | 4,157 | ||||||
Varian Medical Systems Inc(a) | 21,654 | 2,949 | Leisure Products & Services - 0.24% | ||||||||
Zimmer Biomet Holdings Inc | 48,766 | 6,006 | Carnival Corp | 95,514 | 5,240 | ||||||
$ | 221,699 | Harley-Davidson Inc | 38,059 | 1,417 | |||||||
Healthcare - Services - 1.83% | Norwegian Cruise Line Holdings Ltd(a) | 51,920 | 2,928 | ||||||||
Anthem Inc | 61,308 | 16,126 | Royal Caribbean Cruises Ltd | 40,918 | 4,948 | ||||||
Centene Corp(a) | 98,558 | 5,082 | $ | 14,533 | |||||||
DaVita Inc(a) | 30,167 | 1,666 | Lodging - 0.36% | ||||||||
HCA Healthcare Inc | 63,703 | 8,105 | Hilton Worldwide Holdings Inc | 69,857 | 6,077 | ||||||
Humana Inc | 32,339 | 8,260 | Marriott International Inc/MD | 67,251 | 9,175 | ||||||
IQVIA Holdings Inc(a) | 37,746 | 5,243 | MGM Resorts International | 121,673 | 3,240 | ||||||
Laboratory Corp of America Holdings(a) | 23,521 | 3,761 | Wynn Resorts Ltd | 23,109 | 3,338 | ||||||
Quest Diagnostics Inc | 32,028 | 3,087 | $ | 21,830 | |||||||
UnitedHealth Group Inc | 228,891 | 53,347 | |||||||||
Universal Health Services Inc | 19,925 | 2,528 | Machinery - Construction & Mining - 0.32% | ||||||||
WellCare Health Plans Inc(a) | 11,925 | 3,081 | Caterpillar Inc | 137,292 | 19,141 | ||||||
$ | 110,286 | Machinery - Diversified- 0.72% | |||||||||
Home Builders - 0.15% | Cummins Inc | 34,530 | 5,742 | ||||||||
DR Horton Inc | 81,061 | 3,592 | Deere & Co | 75,975 | 12,584 | ||||||
Lennar Corp - A Shares | 68,212 | 3,549 | Dover Corp | 34,575 | 3,390 | ||||||
PulteGroup Inc | 60,822 | 1,913 | Flowserve Corp | 31,245 | 1,532 | ||||||
$ | 9,054 | Rockwell Automation Inc | 28,517 | 5,153 | |||||||
Roper Technologies Inc | 24,714 | 8,889 | |||||||||
Home Furnishings - 0.06% | Wabtec Corp | 31,805 | 2,356 | ||||||||
Leggett & Platt Inc | 31,266 | 1,230 | Xylem Inc/NY | 42,831 | 3,572 | ||||||
Whirlpool Corp | 15,176 | 2,107 | $ | 43,218 | |||||||
$ | 3,337 | ||||||||||
Housewares - 0.02% | Media - 2.28% | ||||||||||
CBS Corp | 82,935 | 4,252 | |||||||||
Newell Brands Inc | 92,788 | 1,334 | Charter Communications Inc(a) | 41,393 | 15,365 | ||||||
Insurance - 3.98% | Comcast Corp - Class A | 1,077,383 | 46,899 | ||||||||
Aflac Inc | 178,987 | 9,017 | Discovery Inc - A Shares(a) | 37,456 | 1,157 | ||||||
Allstate Corp/The | 79,188 | 7,844 | Discovery Inc - C Shares(a) | 85,981 | 2,473 | ||||||
American International Group Inc | 207,410 | 9,866 | DISH Network Corp(a) | 54,733 | 1,922 | ||||||
Aon PLC | 57,250 | 10,313 | Fox Corp - A Shares(a) | 84,158 | 3,281 | ||||||
Arthur J Gallagher & Co | 43,906 | 3,671 | Fox Corp - B Shares(a) | 38,730 | 1,491 | ||||||
Assurant Inc | 12,362 | 1,174 | News Corp - A Shares | 91,916 | 1,142 | ||||||
Berkshire Hathaway Inc - Class B(a) | 463,859 | 100,523 | News Corp - B Shares | 29,524 | 369 | ||||||
Chubb Ltd | 109,343 | 15,877 | Viacom Inc - B Shares | 84,358 | 2,439 | ||||||
Cincinnati Financial Corp | 36,146 | 3,477 | Walt Disney Co/The | 417,042 | 57,122 | ||||||
Everest Re Group Ltd | 9,702 | 2,285 | $ | 137,912 | |||||||
Hartford Financial Services Group Inc/The | 85,749 | 4,486 | Mining - 0.17% | ||||||||
Lincoln National Corp | 48,733 | 3,251 | Freeport-McMoRan Inc | 345,656 | 4,255 | ||||||
Loews Corp | 65,348 | 3,352 | Newmont Goldcorp Corp | 194,855 | 6,052 | ||||||
Marsh & McLennan Cos Inc | 120,490 | 11,361 | $ | 10,307 | |||||||
MetLife Inc | 228,351 | 10,534 | |||||||||
Principal Financial Group Inc | 61,743 | 3,529 | Miscellaneous Manufacturers - 1.39% | ||||||||
Progressive Corp/The | 139,284 | 10,885 | 3M Co | 137,353 | 26,030 | ||||||
Prudential Financial Inc | 97,565 | 10,314 | AO Smith Corp | 33,827 | 1,778 | ||||||
Torchmark Corp | 24,193 | 2,121 | Eaton Corp PLC | 101,047 | 8,369 | ||||||
Travelers Cos Inc/The | 62,830 | 9,032 | General Electric Co | 2,076,534 | 21,118 | ||||||
Unum Group | 51,198 | 1,890 | Illinois Tool Works Inc | 72,007 | 11,207 | ||||||
Ingersoll-Rand PLC | 57,768 | 7,083 |
See accompanying notes.
228
Schedule of Investments LargeCap S&P 500 Index Fund April 30, 2019 (unaudited)
COMMON STOCKS (continued) | Shares Held Value (000’s) | COMMON STOCKS (continued) | Shares Held Value (000’s) | ||||||||
Miscellaneous Manufacturers (continued) | REITs - 2.80% | ||||||||||
Parker-Hannifin Corp | 30,860 | $ | 5,588 | Alexandria Real Estate Equities Inc | 26,890 | $ | 3,829 | ||||
Textron Inc | 55,982 | 2,967 | American Tower Corp | 105,229 | 20,551 | ||||||
$ | 84,140 | Apartment Investment & Management Co | 37,138 | 1,833 | |||||||
Office & Business Equipment- 0.03% | AvalonBay Communities Inc | 33,040 | 6,639 | ||||||||
Xerox Corp | 47,676 | 1,591 | Boston Properties Inc | 36,857 | 5,072 | ||||||
Oil & Gas - 4.20% | Crown Castle International Corp | 99,130 | 12,469 | ||||||||
Anadarko Petroleum Corp | 119,171 | 8,682 | Digital Realty Trust Inc | 49,574 | 5,835 | ||||||
Apache Corp | 89,551 | 2,947 | Duke Realty Corp | 85,695 | 2,667 | ||||||
Cabot Oil & Gas Corp | 100,992 | 2,615 | Equinix Inc | 19,874 | 9,037 | ||||||
Chevron Corp | 453,246 | 54,417 | Equity Residential | 88,245 | 6,744 | ||||||
Cimarex Energy Co | 24,201 | 1,662 | Essex Property Trust Inc | 15,670 | 4,427 | ||||||
Concho Resources Inc | 47,850 | 5,521 | Extra Space Storage Inc | 30,366 | 3,149 | ||||||
ConocoPhillips | 270,604 | 17,081 | Federal Realty Investment Trust | 17,739 | 2,374 | ||||||
Devon Energy Corp | 104,554 | 3,360 | HCP Inc | 113,969 | 3,394 | ||||||
Diamondback Energy Inc | 36,859 | 3,921 | Host Hotels & Resorts Inc | 176,634 | 3,398 | ||||||
EOG Resources Inc | 138,367 | 13,290 | Iron Mountain Inc | 68,310 | 2,219 | ||||||
Exxon Mobil Corp | 1,010,706 | 81,139 | Kimco Realty Corp | 100,519 | 1,748 | ||||||
Helmerich & Payne Inc | 26,097 | 1,527 | Macerich Co/The | 25,254 | 1,014 | ||||||
Hess Corp | 60,720 | 3,893 | Mid-America Apartment Communities Inc | 27,167 | 2,972 | ||||||
HollyFrontier Corp | 37,477 | 1,789 | Prologis Inc | 150,365 | 11,528 | ||||||
Marathon Oil Corp | 195,249 | 3,327 | Public Storage | 35,797 | 7,918 | ||||||
Marathon Petroleum Corp | 160,688 | 9,781 | Realty Income Corp | 72,467 | 5,073 | ||||||
Noble Energy Inc | 115,355 | 3,122 | Regency Centers Corp | 39,958 | 2,684 | ||||||
Occidental Petroleum Corp | 178,799 | 10,528 | SBA Communications Corp(a) | 26,857 | 5,472 | ||||||
Phillips 66 | 100,074 | 9,434 | Simon Property Group Inc | 73,700 | 12,802 | ||||||
Pioneer Natural Resources Co | 40,164 | 6,686 | SL Green Realty Corp | 19,963 | 1,763 | ||||||
Valero Energy Corp | 99,619 | 9,031 | UDR Inc | 65,745 | 2,955 | ||||||
$ | 253,753 | Ventas Inc | 84,965 | 5,192 | |||||||
Oil & Gas Services - 0.46% | Vornado Realty Trust | 41,360 | 2,860 | ||||||||
Baker Hughes a GE Co | 122,465 | 2,942 | Welltower Inc | 92,163 | 6,869 | ||||||
Halliburton Co | 208,138 | 5,896 | Weyerhaeuser Co | 178,077 | 4,772 | ||||||
National Oilwell Varco Inc | 91,465 | 2,391 | $ | 169,259 | |||||||
Schlumberger Ltd | 330,613 | 14,110 | Retail - 5.26% | ||||||||
TechnipFMC PLC | 101,494 | 2,496 | Advance Auto Parts Inc | 17,097 | 2,843 | ||||||
$ | 27,835 | AutoZone Inc(a) | 5,954 | 6,122 | |||||||
Packaging & Containers - 0.18% | Best Buy Co Inc | 55,847 | 4,155 | ||||||||
Ball Corp | 79,754 | 4,780 | CarMax Inc(a) | 40,574 | 3,159 | ||||||
Packaging Corp of America | 22,541 | 2,235 | Chipotle Mexican Grill Inc(a) | 5,806 | 3,995 | ||||||
Sealed Air Corp | 37,126 | 1,731 | Costco Wholesale Corp | 105,075 | 25,799 | ||||||
Westrock Co | 60,917 | 2,338 | Darden Restaurants Inc | 29,462 | 3,465 | ||||||
$ | 11,084 | Dollar General Corp | 62,709 | 7,907 | |||||||
Dollar Tree Inc(a) | 56,766 | 6,317 | |||||||||
Pharmaceuticals - 5.53% | Foot Locker Inc | 26,930 | 1,541 | ||||||||
AbbVie Inc | 351,871 | 27,935 | Gap Inc/The | 50,953 | 1,329 | ||||||
Allergan PLC | 74,583 | 10,964 | Genuine Parts Co | 34,813 | 3,570 | ||||||
AmerisourceBergen Corp | 37,261 | 2,786 | Home Depot Inc/The | 269,440 | 54,885 | ||||||
Bristol-Myers Squibb Co | 389,463 | 18,083 | Kohl's Corp | 39,390 | 2,801 | ||||||
Cardinal Health Inc | 71,089 | 3,463 | L Brands Inc | 54,472 | 1,397 | ||||||
Cigna Corp | 90,660 | 14,400 | Lowe's Cos Inc | 191,072 | 21,618 | ||||||
CVS Health Corp | 309,409 | 16,826 | Macy's Inc | 73,351 | 1,727 | ||||||
Eli Lilly & Co | 206,078 | 24,119 | McDonald's Corp | 182,561 | 36,068 | ||||||
Johnson & Johnson | 635,273 | 89,700 | Nordstrom Inc | 27,088 | 1,111 | ||||||
McKesson Corp | 45,759 | 5,457 | O'Reilly Automotive Inc(a) | 18,697 | 7,078 | ||||||
Merck & Co Inc | 615,732 | 48,464 | Ross Stores Inc | 88,402 | 8,633 | ||||||
Mylan NV(a) | 123,000 | 3,320 | Starbucks Corp | 296,651 | 23,044 | ||||||
Nektar Therapeutics(a) | 41,531 | 1,330 | Target Corp | 124,479 | 9,637 | ||||||
Perrigo Co PLC | 29,818 | 1,429 | Tiffany & Co | 25,879 | 2,790 | ||||||
Pfizer Inc | 1,324,344 | 53,781 | TJX Cos Inc/The | 295,203 | 16,201 | ||||||
Zoetis Inc | 114,207 | 11,631 | Tractor Supply Co | 28,930 | 2,994 | ||||||
$ | 333,688 | Ulta Beauty Inc(a) | 13,441 | 4,691 | |||||||
Pipelines - 0.40% | Walgreens Boots Alliance Inc | 191,294 | 10,248 | ||||||||
Kinder Morgan Inc/DE | 464,381 | 9,227 | Walmart Inc | 339,584 | 34,923 | ||||||
ONEOK Inc | 98,186 | 6,670 | Yum! Brands Inc | 73,093 | 7,630 | ||||||
Williams Cos Inc/The | 288,870 | 8,184 | $ | 317,678 | |||||||
$ | 24,081 | Savings & Loans - 0.03% | |||||||||
Real Estate - 0.06% | People's United Financial Inc | 90,077 | 1,557 | ||||||||
CBRE Group Inc(a) | 74,504 | 3,879 |
See accompanying notes.
229
Schedule of Investments | ||||||||||||
LargeCap S&P 500 Index Fund | ||||||||||||
April 30, 2019 (unaudited) | ||||||||||||
COMMON STOCKS (continued) | Shares Held Value (000’s) | COMMON STOCKS (continued) | Shares Held Value (000’s) | |||||||||
Semiconductors - 3.91% | Transportation (continued) | |||||||||||
Advanced Micro Devices Inc(a) | 210,159 | $ | 5,807 | Union Pacific Corp | 172,438 | $ | 30,528 | |||||
Analog Devices Inc | 87,858 | 10,213 | United Parcel Service Inc | 166,023 | 17,635 | |||||||
Applied Materials Inc | 226,471 | 9,981 | $ | 97,574 | ||||||||
Broadcom Inc | 94,488 | 30,085 | Water - 0.08% | |||||||||
Intel Corp | 1,072,728 | 54,752 | American Water Works Co Inc | 43,117 | 4,665 | |||||||
IPG Photonics Corp(a) | 8,465 | 1,479 | TOTAL COMMON STOCKS | $ | 5,856,527 | |||||||
KLA-Tencor Corp | 39,407 | 5,024 | INVESTMENT COMPANIES - 2.88% | Shares Held Value (000's) | ||||||||
Lam Research Corp | 36,400 | 7,550 | Exchange-Traded Funds - 0.41% | |||||||||
Maxim Integrated Products Inc | 65,218 | 3,913 | iShares Core S&P 500 ETF | 84,000 | 24,859 | |||||||
Microchip Technology Inc | 56,527 | 5,646 | Money Market Funds - 2.47% | |||||||||
Micron Technology Inc(a) | 267,417 | 11,248 | Principal Government Money Market Fund | 148,863,208 | 148,863 | |||||||
NVIDIA Corp | 144,557 | 26,165 | 2.38%(b),(c) | |||||||||
Qorvo Inc(a) | 29,291 | 2,215 | TOTAL INVESTMENT COMPANIES | $ | 173,722 | |||||||
QUALCOMM Inc | 288,709 | 24,866 | Total Investments | $ | 6,030,249 | |||||||
Skyworks Solutions Inc | 41,522 | 3,661 | Other Assets and Liabilities - 0.12% | 7,192 | ||||||||
Texas Instruments Inc | 223,869 | 26,378 | TOTAL NET ASSETS - 100.00% | $ | 6,037,441 | |||||||
Xilinx Inc | 60,390 | 7,255 | ||||||||||
$ | 236,238 | |||||||||||
Shipbuilding - 0.04% | (a) | Non-income producing security | ||||||||||
Huntington Ingalls Industries Inc | 9,907 | 2,205 | (b) | Affiliated Security. Security is either an affiliate (and registered under the | ||||||||
Software - 7.38% | Investment Company Act of 1940) or an affiliate as defined by the Investment | |||||||||||
Activision Blizzard Inc | 182,207 | 8,784 | Company Act of 1940 (controls 5.0% or more of the outstanding voting | |||||||||
Adobe Inc(a) | 116,343 | 33,652 | shares of the security). Please see affiliated sub-schedule for transactional | |||||||||
Akamai Technologies Inc(a) | 38,933 | 3,117 | information. | |||||||||
ANSYS Inc(a) | 19,983 | 3,913 | (c) | Current yield shown is as of period end. | ||||||||
Autodesk Inc(a) | 52,243 | 9,310 | ||||||||||
Broadridge Financial Solutions Inc | 27,595 | 3,260 | Portfolio Summary (unaudited) | |||||||||
Cadence Design Systems Inc(a) | 66,883 | 4,640 | Sector | Percent | ||||||||
Cerner Corp(a) | 77,375 | 5,142 | Consumer, Non-cyclical | 20.85 | % | |||||||
Citrix Systems Inc | 29,852 | 3,014 | Financial | 17.42 | % | |||||||
Electronic Arts Inc(a) | 71,467 | 6,764 | Technology | 16.50 | % | |||||||
Fidelity National Information Services Inc | 77,031 | 8,930 | Communications | 14.83 | % | |||||||
Fiserv Inc(a) | 93,411 | 8,149 | Industrial | 9.00 | % | |||||||
Intuit Inc | 61,800 | 15,516 | Consumer, Cyclical | 8.14 | % | |||||||
Jack Henry & Associates Inc | 18,410 | 2,744 | Energy | 5.06 | % | |||||||
Microsoft Corp | 1,830,152 | 239,017 | Utilities | 3.14 | % | |||||||
MSCI Inc | 20,115 | 4,534 | Money Market Funds | 2.47 | % | |||||||
Oracle Corp | 607,838 | 33,632 | Basic Materials | 2.06 | % | |||||||
Paychex Inc | 76,234 | 6,427 | Investment Companies | 0.41 | % | |||||||
Red Hat Inc(a) | 42,164 | 7,696 | Other Assets and Liabilities | 0.12 | % | |||||||
salesforce.com Inc(a) | 182,485 | 30,174 | TOTAL NET ASSETS | 100.00 | % | |||||||
Synopsys Inc(a) | 35,704 | 4,323 | ||||||||||
Take-Two Interactive Software Inc(a) | 26,993 | 2,614 | ||||||||||
$ | 445,352 | |||||||||||
Telecommunications - 3.14% | ||||||||||||
Arista Networks Inc(a) | 12,464 | 3,892 | ||||||||||
AT&T Inc | 1,737,686 | 53,799 | ||||||||||
CenturyLink Inc | 226,849 | 2,591 | ||||||||||
Cisco Systems Inc | 1,050,073 | 58,752 | ||||||||||
Corning Inc | 187,677 | 5,977 | ||||||||||
Juniper Networks Inc | 82,994 | 2,305 | ||||||||||
Motorola Solutions Inc | 39,090 | 5,664 | ||||||||||
Verizon Communications Inc | 985,662 | 56,370 | ||||||||||
$ | 189,350 | |||||||||||
Textiles - 0.03% | ||||||||||||
Mohawk Industries Inc(a) | 14,662 | 1,998 | ||||||||||
Toys, Games & Hobbies - 0.06% | ||||||||||||
Hasbro Inc | 27,617 | 2,813 | ||||||||||
Mattel Inc(a) | 82,391 | 1,004 | ||||||||||
$ | 3,817 | |||||||||||
Transportation - 1.62% | ||||||||||||
CH Robinson Worldwide Inc | 32,645 | 2,644 | ||||||||||
CSX Corp | 184,835 | 14,718 | ||||||||||
Expeditors International of Washington Inc | 40,950 | 3,252 | ||||||||||
FedEx Corp | 57,289 | 10,854 | ||||||||||
JB Hunt Transport Services Inc | 20,751 | 1,961 | ||||||||||
Kansas City Southern | 24,079 | 2,965 | ||||||||||
Norfolk Southern Corp | 63,800 | 13,017 |
See accompanying notes.
230
Schedule of Investments | ||||||||||||||
LargeCap S&P 500 Index Fund | ||||||||||||||
April 30, 2019 (unaudited) | ||||||||||||||
Affiliated Securities | October 31, 2018 | Purchases | Sales | April 30, 2019 | ||||||||||
Value | Cost | Proceeds | Value | |||||||||||
Principal Government Money Market Fund 2.38% | $ | 108,296 | $ | 321,638 | $ | 281,071 | $ | 148,863 | ||||||
$ | 108,296 | $ | 321,638 | $ | 281,071 | $ | 148,863 | |||||||
Realized Gain/Loss | Realized Gain from | Change in Unrealized | ||||||||||||
Income | on Investments | Capital Gain Distributions | Gain/Loss | |||||||||||
Principal Government Money Market Fund 2.38% | $ | 988 | $ | —$ | —$ | — | ||||||||
$ | 988 | $ | —$ | —$ | — | |||||||||
Amounts in thousands | ||||||||||||||
Futures Contracts | ||||||||||||||
Description and Expiration Date | Type | Contracts | Notional Amount | Value and Unrealized Appreciation/(Depreciation) | ||||||||||
S&P 500 Emini; June 2019 | Long | 1,046 | $ | 154,207 | $ | 5,971 | ||||||||
Total | $ | 5,971 | ||||||||||||
Amounts in thousands except contracts. |
See accompanying notes.
231
Schedule of Investments MidCap Fund April 30, 2019 (unaudited)
COMMON STOCKS - 100.09% | Shares Held Value (000's) | COMMON STOCKS (continued) | Shares Held Value (000’s) | |||||||||
Aerospace & Defense - 4.74% | Machinery - Diversified- 1.85% | |||||||||||
HEICO Corp - Class A | 476,912 | $ | 42,650 | Cognex Corp | 263,961 | $ | 13,311 | |||||
TransDigm Group Inc(a) | 1,491,318 | 719,591 | Roper Technologies Inc | 790,414 | 284,312 | |||||||
$ | 762,241 | $ | 297,623 | |||||||||
Banks - 2.51% | Media - 4.73% | |||||||||||
First Republic Bank/CA | 2,910,564 | 307,414 | Liberty Broadband Corp - A Shares(a) | 672,380 | 66,155 | |||||||
M&T Bank Corp | 564,883 | 96,069 | Liberty Broadband Corp - C Shares(a) | 1,268,153 | 125,179 | |||||||
$ | 403,483 | Liberty Global PLC - A Shares(a) | 481,025 | 12,992 | ||||||||
Beverages - 0.54% | Liberty Global PLC - C Shares(a) | 5,902,524 | 154,351 | |||||||||
Brown-Forman Corp - B Shares | 1,616,010 | 86,117 | Liberty Media Corp-Liberty Braves - A Shares(a) | 146,140 | 4,145 | |||||||
Building Materials - 4.14% | Liberty Media Corp-Liberty Braves - C Shares(a) | 599,994 | 16,890 | |||||||||
Martin Marietta Materials Inc | 1,167,984 | 259,176 | Liberty Media Corp-Liberty Formula One - A | 543,909 | 20,538 | |||||||
Summit Materials Inc(a) | 3,590,589 | 62,907 | Shares(a) | |||||||||
Vulcan Materials Co | 2,721,449 | 343,202 | Liberty Media Corp-Liberty Formula One - C | 4,826,672 | 187,323 | |||||||
$ | 665,285 | Shares(a) | ||||||||||
Chemicals - 1.17% | Liberty Media Corp-Liberty SiriusXM - A Shares | 1,031,866 | 41,213 | |||||||||
(a) | ||||||||||||
Air Products & Chemicals Inc | 916,595 | 188,626 | Liberty Media Corp-Liberty SiriusXM - C Shares | 3,293,822 | 132,280 | |||||||
Commercial Services - 11.20% | (a) | |||||||||||
AMERCO | 306,196 | 114,263 | $ | 761,066 | ||||||||
Gartner Inc(a) | 2,754,402 | 437,867 | ||||||||||
IHS Markit Ltd(a) | 5,148,069 | 294,778 | Pharmaceuticals - 0.03% | |||||||||
Moody's Corp | 877,675 | 172,569 | Elanco Animal Health Inc(a) | 175,497 | 5,528 | |||||||
S&P Global Inc | 694,431 | 153,233 | Private Equity - 7.35% | |||||||||
TransUnion | 4,249,789 | 295,998 | Brookfield Asset Management Inc | 13,743,855 | 662,316 | |||||||
Verisk Analytics Inc | 2,355,576 | 332,466 | Kennedy-Wilson Holdings Inc | 6,027,194 | 129,826 | |||||||
$ | 1,801,174 | KKR & Co Inc | 8,922,367 | 218,152 | ||||||||
Distribution & Wholesale - 2.88% | Onex Corp | 2,948,783 | 172,434 | |||||||||
Copart Inc(a) | 5,291,877 | 356,249 | $ | 1,182,728 | ||||||||
Fastenal Co | 1,507,977 | 106,388 | Real Estate - 3.65% | |||||||||
$ | 462,637 | Brookfield Business Partners LP | 450,901 | 17,495 | ||||||||
Electric - 1.90% | Brookfield Property Partners LP | 2,757,438 | 57,547 | |||||||||
Brookfield Infrastructure Partners LP | 5,776,902 | 239,048 | CBRE Group Inc(a) | 6,382,022 | 332,312 | |||||||
Brookfield Renewable Partners LP | 2,120,522 | 66,839 | Howard Hughes Corp/The(a) | 1,627,692 | 180,674 | |||||||
$ | 305,887 | $ | 588,028 | |||||||||
Electronics - 1.50% | REITs - 4.70% | |||||||||||
Mettler-Toledo International Inc(a) | 322,735 | 240,522 | Equinix Inc | 376,186 | 171,052 | |||||||
SBA Communications Corp(a) | 2,713,475 | 552,816 | ||||||||||
Entertainment - 2.87% | Vornado Realty Trust | 477,834 | 33,038 | |||||||||
Live Nation Entertainment Inc(a) | 3,062,580 | 200,109 | $ | 756,906 | ||||||||
Vail Resorts Inc | 1,144,279 | 261,868 | ||||||||||
$ | 461,977 | Retail - 10.99% | ||||||||||
CarMax Inc(a) | 5,896,316 | 459,087 | ||||||||||
Hand & Machine Tools - 1.02% | Dollar General Corp | 1,379,960 | 173,999 | |||||||||
Colfax Corp(a) | 5,446,001 | 164,306 | Domino's Pizza Inc | 831,775 | 225,062 | |||||||
Healthcare - Products - 0.96% | O'Reilly Automotive Inc(a) | 1,166,827 | 441,726 | |||||||||
IDEXX Laboratories Inc(a) | 665,619 | 154,424 | Restaurant Brands International Inc | 6,880,095 | 448,857 | |||||||
Home Builders - 1.54% | Ross Stores Inc | 191,523 | 18,704 | |||||||||
Lennar Corp - A Shares | 2,772,007 | 144,228 | $ | 1,767,435 | ||||||||
Lennar Corp - B Shares | 37,905 | 1,581 | Semiconductors - 1.70% | |||||||||
NVR Inc(a) | 32,574 | 102,689 | Microchip Technology Inc | 2,744,791 | 274,177 | |||||||
$ | 248,498 | Software - 8.60% | ||||||||||
Insurance - 9.97% | ANSYS Inc(a) | 1,465,483 | 286,942 | |||||||||
Aon PLC | 765,900 | 137,969 | Autodesk Inc(a) | 1,731,247 | 308,525 | |||||||
Arch Capital Group Ltd(a) | 7,497,774 | 253,275 | Black Knight Inc(a) | 6,077,757 | 342,907 | |||||||
Brown & Brown Inc | 6,637,925 | 210,754 | Guidewire Software Inc(a) | 1,464,904 | 156,012 | |||||||
Fidelity National Financial Inc | 8,614,265 | 344,140 | MSCI Inc | 626,349 | 141,167 | |||||||
Markel Corp(a) | 454,376 | 486,868 | RealPage Inc(a) | 2,257,917 | 147,239 | |||||||
Progressive Corp/The | 2,167,981 | 169,428 | $ | 1,382,792 | ||||||||
Trisura Group Ltd(a) | 102,584 | 2,182 | Telecommunications - 1.72% | |||||||||
$ | 1,604,616 | EchoStar Corp(a) | 585,850 | 23,346 | ||||||||
Internet - 4.43% | GCI Liberty Inc(a) | 2,400,790 | 143,135 | |||||||||
Liberty Expedia Holdings Inc(a) | 466,512 | 21,656 | Motorola Solutions Inc | 761,676 | 110,375 | |||||||
Shopify Inc(a) | 237,305 | 57,791 | $ | 276,856 | ||||||||
VeriSign Inc(a) | 1,963,996 | 387,791 | Textiles - 0.26% | |||||||||
Wix.com Ltd(a) | 1,835,251 | 246,217 | Mohawk Industries Inc(a) | 304,194 | 41,446 | |||||||
$ | 713,455 | TOTAL COMMON STOCKS | $ | 16,102,657 | ||||||||
Lodging - 3.14% | ||||||||||||
Hilton Worldwide Holdings Inc | 4,246,771 | 369,426 | ||||||||||
Hyatt Hotels Corp | 1,764,601 | 135,398 | ||||||||||
$ | 504,824 |
See accompanying notes.
232
Schedule of Investments MidCap Fund April 30, 2019 (unaudited)
INVESTMENT COMPANIES - 0.01% | Shares Held Value (000's) | |||||
Money Market Funds - 0.01% | ||||||
Principal Government Money Market Fund | 937,966 | $ | 938 | |||
2.38%(b),(c) | ||||||
TOTAL INVESTMENT COMPANIES | $ | 938 | ||||
Total Investments | $ | 16,103,595 | ||||
Other Assets and Liabilities - (0.10)% | (15,302 | ) | ||||
TOTAL NET ASSETS - 100.00% | $ | 16,088,293 |
(a) | Non-income producing security |
(b) | Affiliated Security. Security is either an affiliate (and registered under the Investment Company Act of 1940) or an affiliate as defined by the Investment |
Company Act of 1940 (controls 5.0% or more of the outstanding votingshares of the security). Please see affiliated sub-schedule for transactionalinformation. | |
(c) | Current yield shown is as of period end. |
Portfolio Summary (unaudited) | |||
Sector | Percent | ||
Financial | 28.18 | % | |
Consumer, Cyclical | 21.68 | % | |
Industrial | 13.25 | % | |
Consumer, Non-cyclical | 12.73 | % | |
Communications | 10.88 | % | |
Technology | 10.30 | % | |
Utilities | 1.90 | % | |
Basic Materials | 1.17 | % | |
Money Market Funds | 0.01 | % | |
Other Assets and Liabilities | (0.10 | )% | |
TOTAL NET ASSETS | 100.00 | % |
Affiliated Securities | October 31, 2018 | Purchases | Sales | April 30, 2019 | ||||||||
Value | Cost | Proceeds | Value | |||||||||
Principal Government Money Market Fund 2.38% | $ | 3 | $ | 321,902 | $ | 320,967 | $ | 938 | ||||
$ | 3 | $ | 321,902 | $ | 320,967 | $ | 938 | |||||
Realized Gain/Loss | Realized Gain from | Change in Unrealized | ||||||||||
Income | on Investments | Capital Gain Distributions | Gain/Loss | |||||||||
Principal Government Money Market Fund 2.38% | $ | 62 | $ | —$ | —$ | — | ||||||
$ | 62 | $ | —$ | —$ | — | |||||||
Amounts in thousands |
See accompanying notes.
233
Schedule of Investments MidCap Value Fund I April 30, 2019 (unaudited)
COMMON STOCKS - 97.86% | Shares Held Value (000's) | COMMON STOCKS (continued) | Shares Held Value (000’s) | ||||||||
Advertising - 0.75% | Banks (continued) | ||||||||||
Interpublic Group of Cos Inc/The | 799,561 | $ | 18,390 | Signature Bank/New York NY | 980 | $ | 129 | ||||
Omnicom Group Inc | 6,276 | 502 | SunTrust Banks Inc | 534,377 | 34,992 | ||||||
$ | 18,892 | SVB Financial Group(a) | 696 | 175 | |||||||
Aerospace & Defense - 0.10% | Synovus Financial Corp | 144,393 | 5,322 | ||||||||
Arconic Inc | 21,034 | 452 | TCF Financial Corp | 11,536 | 255 | ||||||
Harris Corp | 300 | 51 | Texas Capital Bancshares Inc(a) | 1,571 | 102 | ||||||
L3 Technologies Inc | 4,259 | 931 | Umpqua Holdings Corp | 222,198 | 3,857 | ||||||
Teledyne Technologies Inc(a) | 4,788 | 1,189 | Webster Financial Corp | 56,480 | 3,001 | ||||||
$ | 2,623 | Western Alliance Bancorp(a) | 93,978 | 4,490 | |||||||
Agriculture - 1.69% | Wintrust Financial Corp | 20,860 | 1,589 | ||||||||
Archer-Daniels-Midland Co | 953,000 | 42,504 | Zions Bancorp NA | 14,819 | 731 | ||||||
Bunge Ltd | 6,841 | 358 | $ | 116,438 | |||||||
$ | 42,862 | Beverages - 0.02% | |||||||||
Airlines - 0.88% | Molson Coors Brewing Co | 8,440 | 542 | ||||||||
Alaska Air Group Inc | 307,086 | 19,008 | Biotechnology - 0.18% | ||||||||
American Airlines Group Inc | 20,111 | 688 | Alnylam Pharmaceuticals Inc(a) | 8,191 | 732 | ||||||
Copa Holdings SA | 13,657 | 1,137 | Bio-Rad Laboratories Inc(a) | 6,308 | 1,898 | ||||||
JetBlue Airways Corp(a) | 19,622 | 364 | Bluebird Bio Inc(a) | 4,144 | 587 | ||||||
United Continental Holdings Inc(a) | 11,887 | 1,056 | United Therapeutics Corp(a) | 14,205 | 1,458 | ||||||
$ | 22,253 | $ | 4,675 | ||||||||
Apparel - 1.73% | Building Materials - 1.16% | ||||||||||
Capri Holdings Ltd(a) | 6,217 | 274 | Eagle Materials Inc | 2,434 | 221 | ||||||
Carter's Inc | 329,125 | 34,858 | Fortune Brands Home & Security Inc | 4,024 | 212 | ||||||
Columbia Sportswear Co | 17,874 | 1,787 | Lennox International Inc | 1,878 | 509 | ||||||
PVH Corp | 8,072 | 1,041 | Martin Marietta Materials Inc | 273 | 61 | ||||||
Ralph Lauren Corp | 9,198 | 1,210 | Masco Corp | 9,025 | 353 | ||||||
Skechers U.S.A. Inc(a) | 27,874 | 882 | MDU Resources Group Inc | 199,745 | 5,223 | ||||||
Tapestry Inc | 30,451 | 983 | Owens Corning | 442,685 | 22,697 | ||||||
Under Armour Inc - Class A(a) | 12,294 | 284 | Vulcan Materials Co | 388 | 49 | ||||||
Under Armour Inc - Class C(a) | 3,143 | 65 | $ | 29,325 | |||||||
VF Corp | 26,676 | 2,519 | Chemicals - 2.17% | ||||||||
$ | 43,903 | Albemarle Corp | 5,547 | 416 | |||||||
Automobile Manufacturers - 0.05% | Ashland Global Holdings Inc | 3,938 | 317 | ||||||||
PACCAR Inc | 16,682 | 1,196 | Axalta Coating Systems Ltd(a) | 58,894 | 1,589 | ||||||
Automobile Parts & Equipment - 1.27% | Cabot Corp | 64,298 | 2,918 | ||||||||
Adient PLC | 6,314 | 146 | Celanese Corp | 4,468 | 482 | ||||||
Aptiv PLC | 21,266 | 1,822 | CF Industries Holdings Inc | 11,222 | 502 | ||||||
BorgWarner Inc | 691,733 | 28,894 | Eastman Chemical Co | 485,159 | 38,269 | ||||||
Goodyear Tire & Rubber Co/The | 15,129 | 291 | FMC Corp | 8,770 | 693 | ||||||
Lear Corp | 6,685 | 956 | Huntsman Corp | 81,413 | 1,811 | ||||||
Visteon Corp(a) | 775 | 51 | Ingevity Corp(a) | 4,805 | 553 | ||||||
$ | 32,160 | International Flavors & Fragrances Inc | 2,572 | 354 | |||||||
Banks - 4.60% | Mosaic Co/The | 25,981 | 678 | ||||||||
Associated Banc-Corp | 11,474 | 260 | NewMarket Corp | 73 | 31 | ||||||
Bank of Hawaii Corp | 36,673 | 3,021 | Olin Corp | 116,959 | 2,537 | ||||||
Bank OZK | 9,901 | 323 | RPM International Inc | 8,146 | 494 | ||||||
BankUnited Inc | 73,421 | 2,686 | Univar Inc(a) | 8,770 | 196 | ||||||
CIT Group Inc | 14,641 | 780 | Valvoline Inc | 135,172 | 2,501 | ||||||
Citizens Financial Group Inc | 33,052 | 1,197 | Westlake Chemical Corp | 1,067 | 75 | ||||||
Comerica Inc | 11,327 | 890 | WR Grace & Co | 7,157 | 541 | ||||||
Commerce Bancshares Inc/MO | 56,389 | 3,407 | $ | 54,957 | |||||||
Cullen/Frost Bankers Inc | 3,668 | 373 | Coal - 0.01% | ||||||||
East West Bancorp Inc | 7,536 | 388 | CONSOL Energy Inc(a) | 5,073 | 172 | ||||||
Fifth Third Bancorp | 86,231 | 2,485 | Commercial Services - 2.75% | ||||||||
First Citizens BancShares Inc/NC | 561 | 251 | AMERCO | 509 | 190 | ||||||
First Hawaiian Inc | 108,049 | 2,987 | Aramark | 18,418 | 572 | ||||||
First Horizon National Corp | 82,072 | 1,239 | Booz Allen Hamilton Holding Corp | 2,864 | 170 | ||||||
First Republic Bank/CA | 7,949 | 840 | Bright Horizons Family Solutions Inc(a) | 5,758 | 738 | ||||||
FNB Corp/PA | 168,321 | 2,042 | CoreLogic Inc/United States(a) | 2,217 | 90 | ||||||
Huntington Bancshares Inc/OH | 76,267 | 1,062 | Equifax Inc | 26,131 | 3,291 | ||||||
KeyCorp | 73,412 | 1,288 | Euronet Worldwide Inc(a) | 20,570 | 3,083 | ||||||
M&T Bank Corp | 7,112 | 1,210 | Graham Holdings Co | 279 | 207 | ||||||
Northern Trust Corp | 7,139 | 704 | H&R Block Inc | 77,873 | 2,119 | ||||||
PacWest Bancorp | 22,352 | 884 | IHS Markit Ltd(a) | 173,277 | 9,922 | ||||||
Pinnacle Financial Partners Inc | 3,011 | 175 | Macquarie Infrastructure Corp | 5,200 | 211 | ||||||
Popular Inc | 28,928 | 1,670 | ManpowerGroup Inc | 210,766 | 20,242 | ||||||
Prosperity Bancshares Inc | 413,900 | 30,480 | Nielsen Holdings PLC | 17,378 | 444 | ||||||
Regions Financial Corp | 74,265 | 1,153 | Quanta Services Inc | 631,324 | 25,632 |
See accompanying notes.
234
Schedule of Investments MidCap Value Fund I April 30, 2019 (unaudited)
COMMON STOCKS (continued) | Shares Held Value (000’s) | COMMON STOCKS (continued) | Shares Held Value (000’s) | ||||||||
Commercial Services (continued) | Electric (continued) | ||||||||||
Sabre Corp | 3,975 | $ | 83 | DTE Energy Co | 210,869 | $ | 26,507 | ||||
Service Corp International/US | 4,450 | 185 | Edison International | 16,044 | 1,023 | ||||||
Worldpay Inc(a) | 19,844 | 2,325 | Entergy Corp | 23,856 | 2,312 | ||||||
$ | 69,504 | Evergy Inc | 12,763 | 738 | |||||||
Computers - 4.13% | Eversource Energy | 20,869 | 1,496 | ||||||||
Amdocs Ltd | 6,942 | 382 | FirstEnergy Corp | 52,774 | 2,218 | ||||||
Conduent Inc(a) | 12,427 | 160 | Hawaiian Electric Industries Inc | 18,351 | 761 | ||||||
Dell Technologies Inc(a) | 44,997 | 3,033 | NRG Energy Inc | 94,706 | 3,899 | ||||||
DXC Technology Co | 358,041 | 23,538 | OGE Energy Corp | 18,322 | 776 | ||||||
Genpact Ltd | 6,788 | 247 | PG&E Corp(a) | 1,360 | 31 | ||||||
Hewlett Packard Enterprise Co | 1,164,390 | 18,409 | Pinnacle West Capital Corp | 9,586 | 913 | ||||||
Leidos Holdings Inc | 401,678 | 29,515 | PPL Corp | 101,686 | 3,174 | ||||||
MAXIMUS Inc | 360,000 | 26,514 | Public Service Enterprise Group Inc | 87,723 | 5,233 | ||||||
NCR Corp(a) | 1,386 | 40 | Sempra Energy | 17,397 | 2,226 | ||||||
NetApp Inc | 5,270 | 384 | Vistra Energy Corp | 39,743 | 1,082 | ||||||
Western Digital Corp | 46,330 | 2,368 | WEC Energy Group Inc | 67,875 | 5,323 | ||||||
$ | 104,590 | Xcel Energy Inc | 460,422 | 26,014 | |||||||
Consumer Products - 1.90% | $ | 118,689 | |||||||||
Avery Dennison Corp | 170,970 | 18,918 | Electrical Components & Equipment - 0.92% | ||||||||
Church & Dwight Co Inc | 12,807 | 960 | Acuity Brands Inc | 4,977 | 728 | ||||||
Clorox Co/The | 6,911 | 1,104 | AMETEK Inc | 50,811 | 4,480 | ||||||
Kimberly-Clark Corp | 209,800 | 26,934 | Energizer Holdings Inc | 3,234 | 155 | ||||||
Spectrum Brands Holdings Inc | 1,433 | 88 | Hubbell Inc | 139,465 | 17,796 | ||||||
$ | 48,004 | Littelfuse Inc | 865 | 174 | |||||||
Cosmetics & Personal Care - 0.01% | $ | 23,333 | |||||||||
Coty Inc | 29,748 | 322 | Electronics - 3.32% | ||||||||
Distribution & Wholesale - 0.21% | ADT Inc | 9,735 | 64 | ||||||||
HD Supply Holdings Inc(a) | 27,105 | 1,239 | Agilent Technologies Inc | 77,375 | 6,074 | ||||||
KAR Auction Services Inc | 6,565 | 371 | Allegion PLC | 2,533 | 251 | ||||||
LKQ Corp(a) | 12,835 | 386 | Arrow Electronics Inc(a) | 6,675 | 564 | ||||||
Watsco Inc | 10,165 | 1,611 | Avnet Inc | 19,539 | 950 | ||||||
WESCO International Inc(a) | 3,443 | 197 | Coherent Inc(a) | 124,491 | 18,426 | ||||||
WW Grainger Inc | 5,750 | 1,621 | Flex Ltd(a) | 2,064,775 | 22,795 | ||||||
$ | 5,425 | FLIR Systems Inc | 45,184 | 2,392 | |||||||
Diversified Financial Services- 2.25% | Fortive Corp | 40,622 | 3,508 | ||||||||
Affiliated Managers Group Inc | 16,935 | 1,878 | Garmin Ltd | 60,150 | 5,157 | ||||||
Air Lease Corp | 6,028 | 232 | Gentex Corp | 5,930 | 137 | ||||||
Ally Financial Inc | 158,103 | 4,697 | Jabil Inc | 108,835 | 3,288 | ||||||
Ameriprise Financial Inc | 10,867 | 1,595 | Keysight Technologies Inc(a) | 160,039 | 13,928 | ||||||
BGC Partners Inc | 79,716 | 430 | National Instruments Corp | 28,016 | 1,319 | ||||||
Cboe Global Markets Inc | 19,493 | 1,981 | nVent Electric PLC | 50,353 | 1,407 | ||||||
Credit Acceptance Corp(a) | 92 | 46 | PerkinElmer Inc | 10,745 | 1,030 | ||||||
Discover Financial Services | 13,375 | 1,090 | Sensata Technologies Holding PLC(a) | 3,587 | 179 | ||||||
E*TRADE Financial Corp | 528,309 | 26,764 | Trimble Inc(a) | 21,188 | 865 | ||||||
Franklin Resources Inc | 30,135 | 1,042 | Waters Corp(a) | 8,355 | 1,785 | ||||||
Interactive Brokers Group Inc - A Shares | 22,410 | 1,216 | $ | 84,119 | |||||||
Invesco Ltd | 30,314 | 666 | Energy - Alternate Sources - 0.01% | ||||||||
Jefferies Financial Group Inc | 179,859 | 3,700 | First Solar Inc(a) | 5,113 | 315 | ||||||
Lazard Ltd | 1,531 | 60 | Engineering & Construction - 0.05% | ||||||||
Legg Mason Inc | 54,961 | 1,839 | AECOM(a) | 10,744 | 364 | ||||||
Nasdaq Inc | 18,415 | 1,698 | Arcosa Inc | 4,143 | 129 | ||||||
Navient Corp | 57,971 | 783 | Fluor Corp | 9,067 | 360 | ||||||
OneMain Holdings Inc | 61,533 | 2,090 | Jacobs Engineering Group Inc | 6,208 | 484 | ||||||
Raymond James Financial Inc | 7,545 | 691 | $ | 1,337 | |||||||
Santander Consumer USA Holdings Inc | 7,432 | 159 | Entertainment - 1.13% | ||||||||
SLM Corp | 87,062 | 884 | Cinemark Holdings Inc | 664,277 | 27,933 | ||||||
Synchrony Financial | 28,509 | 988 | International Game Technology PLC | 6,098 | 89 | ||||||
T Rowe Price Group Inc | 19,248 | 2,069 | Lions Gate Entertainment Corp - A shares | 6,818 | 99 | ||||||
Western Union Co/The | 15,732 | 306 | Lions Gate Entertainment Corp - B shares | 6,382 | 87 | ||||||
$ | 56,904 | Madison Square Garden Co/The(a) | 1,039 | 325 | |||||||
Electric - 4.69% | $ | 28,533 | |||||||||
AES Corp/VA | 55,686 | 953 | Environmental Control - 1.17% | ||||||||
Alliant Energy Corp | 520,310 | 24,575 | Clean Harbors Inc(a) | 4,906 | 373 | ||||||
Ameren Corp | 18,574 | 1,352 | Pentair PLC | 121,579 | 4,741 | ||||||
Avangrid Inc | 3,471 | 178 | Republic Services Inc | 294,428 | 24,384 | ||||||
CenterPoint Energy Inc | 87,393 | 2,709 | $ | 29,498 | |||||||
CMS Energy Corp | 13,684 | 760 | |||||||||
Consolidated Edison Inc | 51,485 | 4,436 |
See accompanying notes.
235
Schedule of Investments MidCap Value Fund I April 30, 2019 (unaudited)
COMMON STOCKS (continued) | Shares Held Value (000’s) | COMMON STOCKS (continued) | Shares Held Value (000’s) | ||||||||
Food - 3.40% | Home Builders (continued) | ||||||||||
Campbell Soup Co | 2,636 | $ | 102 | PulteGroup Inc | 20,230 | $ | 636 | ||||
Conagra Brands Inc | 23,462 | 722 | Thor Industries Inc | 5,758 | 379 | ||||||
Flowers Foods Inc | 117,480 | 2,554 | Toll Brothers Inc | 12,120 | 462 | ||||||
Hershey Co/The | 4,942 | 617 | $ | 2,359 | |||||||
Hormel Foods Corp | 423,440 | 16,912 | Home Furnishings - 0.17% | ||||||||
Ingredion Inc | 35,079 | 3,324 | Dolby Laboratories Inc | 53,628 | 3,469 | ||||||
JM Smucker Co/The | 7,801 | 957 | Leggett & Platt Inc | 8,367 | 329 | ||||||
Kellogg Co | 9,585 | 578 | Whirlpool Corp | 3,047 | 423 | ||||||
Kroger Co/The | 1,057,341 | 27,258 | $ | 4,221 | |||||||
Lamb Weston Holdings Inc | 45,578 | 3,193 | Housewares - 0.06% | ||||||||
McCormick & Co Inc/MD | 10,303 | 1,586 | Newell Brands Inc | 74,181 | 1,067 | ||||||
Pilgrim's Pride Corp(a) | 4,913 | 132 | Scotts Miracle-Gro Co/The | 3,939 | 335 | ||||||
Post Holdings Inc(a) | 1,328 | 150 | $ | 1,402 | |||||||
Seaboard Corp | 18 | 81 | Insurance - 12.02% | ||||||||
Sysco Corp | 365,489 | 25,720 | Aflac Inc | 602,209 | 30,339 | ||||||
TreeHouse Foods Inc(a) | 3,602 | 241 | Alleghany Corp(a) | 56,534 | 37,136 | ||||||
Tyson Foods Inc | 19,750 | 1,481 | Allstate Corp/The | 330,200 | 32,710 | ||||||
US Foods Holding Corp(a) | 15,567 | 569 | American Financial Group Inc/OH | 273,254 | 28,289 | ||||||
$ | 86,177 | American National Insurance Co | 16,868 | 1,911 | |||||||
Forest Products & Paper - 0.08% | Arch Capital Group Ltd(a) | 24,463 | 826 | ||||||||
Domtar Corp | 18,762 | 918 | Arthur J Gallagher & Co | 291,506 | 24,376 | ||||||
International Paper Co | 25,430 | 1,190 | Assurant Inc | 3,529 | 335 | ||||||
$ | 2,108 | Assured Guaranty Ltd | 60,843 | 2,902 | |||||||
Gas - 0.29% | Athene Holding Ltd(a) | 13,711 | 619 | ||||||||
Atmos Energy Corp | 5,681 | 581 | AXA Equitable Holdings Inc | 13,157 | 299 | ||||||
National Fuel Gas Co | 99,107 | 5,868 | Axis Capital Holdings Ltd | 33,212 | 1,888 | ||||||
NiSource Inc | 17,665 | 491 | Brighthouse Financial Inc(a) | 31,852 | 1,331 | ||||||
UGI Corp | 8,416 | 459 | Brown & Brown Inc | 42,794 | 1,359 | ||||||
$ | 7,399 | Cincinnati Financial Corp | 9,066 | 872 | |||||||
Hand & Machine Tools - 0.14% | CNA Financial Corp | 2,458 | 114 | ||||||||
Kennametal Inc | 35,039 | 1,426 | Erie Indemnity Co | 481 | 91 | ||||||
Lincoln Electric Holdings Inc | 800 | 70 | Everest Re Group Ltd | 1,190 | 280 | ||||||
Regal Beloit Corp | 3,742 | 318 | Fidelity National Financial Inc | 809,204 | 32,328 | ||||||
Snap-on Inc | 4,213 | 709 | First American Financial Corp | 47,685 | 2,721 | ||||||
Stanley Black & Decker Inc | 7,351 | 1,078 | Genworth Financial Inc(a) | 72,290 | 274 | ||||||
$ | 3,601 | Hanover Insurance Group Inc/The | 59,011 | 7,117 | |||||||
Healthcare - Products - 1.61% | Hartford Financial Services Group Inc/The | 25,622 | 1,340 | ||||||||
Bruker Corp | 61,746 | 2,384 | Lincoln National Corp | 15,791 | 1,054 | ||||||
Cooper Cos Inc/The | 17,525 | 5,080 | Loews Corp | 13,517 | 693 | ||||||
DENTSPLY SIRONA Inc | 66,628 | 3,407 | Markel Corp(a) | 20,200 | 21,644 | ||||||
Henry Schein Inc(a) | 10,150 | 650 | Mercury General Corp | 36,458 | 1,961 | ||||||
Hill-Rom Holdings Inc | 17,528 | 1,777 | Old Republic International Corp | 19,159 | 428 | ||||||
Hologic Inc(a) | 28,024 | 1,299 | ProAssurance Corp | 32,931 | 1,236 | ||||||
Integra LifeSciences Holdings Corp(a) | 9,258 | 483 | Reinsurance Group of America Inc | 5,018 | 760 | ||||||
QIAGEN NV(a) | 62,850 | 2,449 | RenaissanceRe Holdings Ltd | 2,443 | 380 | ||||||
STERIS PLC | 121,282 | 15,886 | Torchmark Corp | 10,614 | 930 | ||||||
Teleflex Inc | 14,608 | 4,181 | Travelers Cos Inc/The | 235,600 | 33,868 | ||||||
West Pharmaceutical Services Inc | 10,492 | 1,299 | Unum Group | 17,088 | 631 | ||||||
Zimmer Biomet Holdings Inc | 15,548 | 1,915 | Voya Financial Inc | 11,706 | 643 | ||||||
$ | 40,810 | Willis Towers Watson PLC | 7,668 | 1,414 | |||||||
Healthcare - Services - 1.80% | WR Berkley Corp | 477,747 | 29,286 | ||||||||
Acadia Healthcare Co Inc(a) | 5,386 | 172 | $ | 304,385 | |||||||
Catalent Inc(a) | 6,890 | 309 | Internet - 0.16% | ||||||||
Centene Corp(a) | 5,101 | 263 | Symantec Corp | 152,635 | 3,696 | ||||||
Charles River Laboratories International Inc(a) | 6,894 | 969 | TripAdvisor Inc(a) | 1,540 | 82 | ||||||
DaVita Inc(a) | 3,001 | 166 | Zillow Group Inc - A Shares(a) | 1,030 | 34 | ||||||
IQVIA Holdings Inc(a) | 31,634 | 4,394 | Zillow Group Inc - C Shares(a) | 9,740 | 325 | ||||||
Laboratory Corp of America Holdings(a) | 9,934 | 1,589 | $ | 4,137 | |||||||
MEDNAX Inc(a) | 5,445 | 152 | Iron & Steel - 1.87% | ||||||||
Molina Healthcare Inc(a) | 1,420 | 184 | Nucor Corp | 35,417 | 2,021 | ||||||
Quest Diagnostics Inc | 377,302 | 36,364 | Reliance Steel & Aluminum Co | 474,765 | 43,660 | ||||||
Universal Health Services Inc | 6,170 | 783 | Steel Dynamics Inc | 33,652 | 1,066 | ||||||
WellCare Health Plans Inc(a) | 685 | 177 | United States Steel Corp | 33,994 | 530 | ||||||
$ | 45,522 | $ | 47,277 | ||||||||
Home Builders - 0.09% | Leisure Products & Services - 0.23% | ||||||||||
DR Horton Inc | 6,886 | 305 | Brunswick Corp/DE | 49,300 | 2,524 | ||||||
Lennar Corp - A Shares | 10,425 | 543 | Harley-Davidson Inc | 10,398 | 387 | ||||||
Lennar Corp - B Shares | 823 | 34 | Norwegian Cruise Line Holdings Ltd(a) | 21,750 | 1,227 |
See accompanying notes.
236
Schedule of Investments MidCap Value Fund I April 30, 2019 (unaudited)
COMMON STOCKS (continued) | Shares Held Value (000’s) | COMMON STOCKS (continued) | Shares Held Value (000’s) | ||||||||
Leisure Products & Services (continued) | Miscellaneous Manufacturers (continued) | ||||||||||
Royal Caribbean Cruises Ltd | 14,942 | $ | 1,807 | Hexcel Corp | 92,735 | $ | 6,557 | ||||
$ | 5,945 | Ingersoll-Rand PLC | 114,745 | 14,069 | |||||||
Lodging - 0.18% | ITT Inc | 38,327 | 2,320 | ||||||||
Caesars Entertainment Corp(a) | 35,744 | 334 | Parker-Hannifin Corp | 150,991 | 27,342 | ||||||
Choice Hotels International Inc | 18,215 | 1,513 | Textron Inc | 582,557 | 30,875 | ||||||
Extended Stay America Inc | 5,298 | 95 | Trinity Industries Inc | 9,625 | 208 | ||||||
Hilton Worldwide Holdings Inc | 4,180 | 364 | $ | 100,706 | |||||||
Hyatt Hotels Corp | 20,487 | 1,572 | Office & Business Equipment- 0.02% | ||||||||
MGM Resorts International | 21,795 | 580 | Xerox Corp | 16,111 | 537 | ||||||
$ | 4,458 | Oil & Gas - 4.40% | |||||||||
Machinery - Construction & Mining - 0.11% | Antero Resources Corp(a) | 8,888 | 64 | ||||||||
Oshkosh Corp | 22,708 | 1,876 | Apache Corp | 47,037 | 1,548 | ||||||
Terex Corp | 25,236 | 841 | Cabot Oil & Gas Corp | 122,590 | 3,174 | ||||||
$ | 2,717 | Centennial Resource Development Inc/DE(a) | 12,920 | 136 | |||||||
Machinery - Diversified- 2.61% | Cimarex Energy Co | 416,990 | 28,630 | ||||||||
AGCO Corp | 366,777 | 25,961 | CNX Resources Corp(a) | 14,692 | 132 | ||||||
Cummins Inc | 6,985 | 1,162 | Concho Resources Inc | 27,612 | 3,186 | ||||||
Curtiss-Wright Corp | 77,304 | 8,808 | Continental Resources Inc/OK(a) | 40,370 | 1,857 | ||||||
Dover Corp | 22,042 | 2,161 | Devon Energy Corp | 925,977 | 29,761 | ||||||
Flowserve Corp | 8,567 | 420 | Diamondback Energy Inc | 7,756 | 825 | ||||||
Gardner Denver Holdings Inc(a) | 25,253 | 852 | EQT Corp | 16,628 | 340 | ||||||
Gates Industrial Corp PLC(a) | 4,429 | 71 | Extraction Oil & Gas Inc(a) | 12,216 | 57 | ||||||
GrafTech International Ltd | 4,767 | 55 | Helmerich & Payne Inc | 7,077 | 414 | ||||||
IDEX Corp | 12,212 | 1,913 | Hess Corp | 31,268 | 2,005 | ||||||
Middleby Corp/The(a) | 1,100 | 145 | HollyFrontier Corp | 34,390 | 1,642 | ||||||
Nordson Corp | 200 | 29 | Marathon Oil Corp | 135,946 | 2,317 | ||||||
Roper Technologies Inc | 29,179 | 10,496 | Murphy Oil Corp | 10,849 | 296 | ||||||
Wabtec Corp | 4,917 | 364 | Nabors Industries Ltd | 25,283 | 89 | ||||||
Xylem Inc/NY | 164,807 | 13,745 | Noble Energy Inc | 92,962 | 2,515 | ||||||
$ | 66,182 | Parsley Energy Inc(a) | 877,267 | 17,510 | |||||||
Media - 1.15% | PBF Energy Inc | 8,250 | 277 | ||||||||
CBS Corp | 425,150 | 21,798 | PDC Energy Inc(a) | 309,621 | 13,465 | ||||||
Discovery Inc - A Shares(a) | 9,736 | 301 | Range Resources Corp | 13,862 | 125 | ||||||
Discovery Inc - C Shares(a) | 24,054 | 692 | SM Energy Co | 8,002 | 127 | ||||||
DISH Network Corp(a) | 29,049 | 1,020 | Transocean Ltd(a) | 34,341 | 270 | ||||||
John Wiley & Sons Inc | 11,999 | 554 | Whiting Petroleum Corp(a) | 6,416 | 176 | ||||||
Liberty Broadband Corp - A Shares(a) | 1,594 | 157 | WPX Energy Inc(a) | 29,690 | 413 | ||||||
Liberty Broadband Corp - C Shares(a) | 7,366 | 727 | $ | 111,351 | |||||||
Liberty Media Corp-Liberty Formula One - A | 1,706 | 65 | Oil & Gas Services - 0.09% | ||||||||
Shares(a) | Apergy Corp(a) | 31,782 | 1,262 | ||||||||
Liberty Media Corp-Liberty Formula One - C | 27,677 | 1,074 | National Oilwell Varco Inc | 28,789 | 752 | ||||||
Shares(a) | Patterson-UTI Energy Inc | 15,012 | 204 | ||||||||
Liberty Media Corp-Liberty SiriusXM - A Shares | 5,358 | 214 | RPC Inc | 4,993 | 51 | ||||||
(a) | $ | 2,269 | |||||||||
Liberty Media Corp-Liberty SiriusXM - C Shares | 24,065 | 967 | Packaging & Containers - 0.82% | ||||||||
(a) | Ardagh Group SA | 2,090 | 29 | ||||||||
News Corp - A Shares | 24,107 | 299 | Ball Corp | 17,228 | 1,033 | ||||||
News Corp - B Shares | 16,578 | 207 | Bemis Co Inc | 29,068 | 1,669 | ||||||
Tribune Media Co | 5,589 | 258 | Berry Global Group Inc(a) | 6,334 | 372 | ||||||
Viacom Inc - A Shares | 904 | 31 | Graphic Packaging Holding Co | 16,874 | 234 | ||||||
Viacom Inc - B Shares | 26,127 | 755 | Owens-Illinois Inc | 10,571 | 209 | ||||||
$ | 29,119 | Packaging Corp of America | 137,100 | 13,595 | |||||||
Metal Fabrication & Hardware - 0.05% | Sealed Air Corp | 23,789 | 1,109 | ||||||||
Timken Co/The | 20,619 | 989 | Silgan Holdings Inc | 3,837 | 115 | ||||||
Valmont Industries Inc | 1,939 | 261 | Sonoco Products Co | 27,098 | 1,709 | ||||||
$ | 1,250 | Westrock Co | 19,144 | 735 | |||||||
Mining - 0.30% | $ | 20,809 | |||||||||
Alcoa Corp(a) | 24,847 | 663 | Pharmaceuticals - 1.26% | ||||||||
Freeport-McMoRan Inc | 257,435 | 3,169 | Agios Pharmaceuticals Inc(a) | 231 | 13 | ||||||
Livent Corp(a) | 863 | 9 | AmerisourceBergen Corp | 312,325 | 23,349 | ||||||
Newmont Goldcorp Corp | 60,792 | 1,888 | Cardinal Health Inc | 23,350 | 1,138 | ||||||
Royal Gold Inc | 20,410 | 1,777 | Elanco Animal Health Inc(a) | 18,217 | 574 | ||||||
$ | 7,506 | Herbalife Nutrition Ltd(a) | 78,454 | 4,146 | |||||||
Miscellaneous Manufacturers - 3.98% | Jazz Pharmaceuticals PLC(a) | 1,161 | 151 | ||||||||
AptarGroup Inc | 140,447 | 15,623 | Mylan NV(a) | 61,806 | 1,668 | ||||||
Carlisle Cos Inc | 4,713 | 667 | Perrigo Co PLC | 17,596 | 843 | ||||||
Crane Co | 35,508 | 3,020 | Premier Inc(a) | 2,204 | 73 | ||||||
Donaldson Co Inc | 472 | 25 | $ | 31,955 |
See accompanying notes.
237
Schedule of Investments MidCap Value Fund I April 30, 2019 (unaudited)
COMMON STOCKS (continued) | Shares Held Value (000’s) | COMMON STOCKS (continued) | Shares Held Value (000’s) | ||||||||
Pipelines - 0.30% | REITs (continued) | ||||||||||
Cheniere Energy Inc(a) | 3,402 | $ | 219 | Prologis Inc | 8,704 | $ | 667 | ||||
Equitrans Midstream Corp | 76,060 | 1,585 | Public Storage | 108,000 | 23,887 | ||||||
ONEOK Inc | 47,165 | 3,203 | Rayonier Inc | 24,017 | 763 | ||||||
Targa Resources Corp | 17,431 | 700 | Realty Income Corp | 20,953 | 1,467 | ||||||
Williams Cos Inc/The | 65,897 | 1,867 | Regency Centers Corp | 7,385 | 496 | ||||||
$ | 7,574 | Retail Properties of America Inc | 163,045 | 2,003 | |||||||
Real Estate - 0.14% | Retail Value Inc | 6,429 | 216 | ||||||||
CBRE Group Inc(a) | 14,192 | 739 | Senior Housing Properties Trust | 157,143 | 1,262 | ||||||
Howard Hughes Corp/The(a) | 18,581 | 2,063 | SL Green Realty Corp | 5,506 | 486 | ||||||
Jones Lang LaSalle Inc | 3,792 | 586 | Spirit Realty Capital Inc | 5,817 | 235 | ||||||
Newmark Group Inc | 13,058 | 111 | Starwood Property Trust Inc | 18,071 | 417 | ||||||
Realogy Holdings Corp | 7,861 | 102 | STORE Capital Corp | 13,419 | 447 | ||||||
$ | 3,601 | Sun Communities Inc | 15,614 | 1,922 | |||||||
REITs - 9.38% | Taubman Centers Inc | 1,070 | 53 | ||||||||
AGNC Investment Corp | 41,020 | 730 | Two Harbors Investment Corp | 74,971 | 1,039 | ||||||
Alexandria Real Estate Equities Inc | 11,952 | 1,702 | UDR Inc | 75,978 | 3,415 | ||||||
American Campus Communities Inc | 6,616 | 312 | Uniti Group Inc | 11,829 | 130 | ||||||
American Homes 4 Rent | 17,192 | 412 | Ventas Inc | 23,900 | 1,460 | ||||||
Annaly Capital Management Inc | 108,623 | 1,096 | VEREIT Inc | 47,262 | 390 | ||||||
Apartment Investment & Management Co | 12,486 | 616 | VICI Properties Inc | 32,423 | 739 | ||||||
Apple Hospitality REIT Inc | 198,244 | 3,262 | Vornado Realty Trust | 64,688 | 4,473 | ||||||
AvalonBay Communities Inc | 31,862 | 6,402 | Weingarten Realty Investors | 81,825 | 2,368 | ||||||
Boston Properties Inc | 31,096 | 4,279 | Welltower Inc | 18,094 | 1,349 | ||||||
Brandywine Realty Trust | 195,327 | 3,006 | Weyerhaeuser Co | 121,187 | 3,248 | ||||||
Brixmor Property Group Inc | 70,084 | 1,253 | WP Carey Inc | 14,402 | 1,142 | ||||||
Brookfield Property REIT Inc | 50,428 | 1,051 | $ | 237,474 | |||||||
Camden Property Trust | 35,591 | 3,583 | Retail - 4.05% | ||||||||
Chimera Investment Corp | 13,286 | 255 | Advance Auto Parts Inc | 8,416 | 1,400 | ||||||
Colony Capital Inc | 29,178 | 150 | AutoNation Inc(a) | 406,243 | 17,034 | ||||||
Columbia Property Trust Inc | 12,277 | 279 | AutoZone Inc(a) | 879 | 904 | ||||||
CoreCivic Inc | 32,010 | 666 | Best Buy Co Inc | 43,094 | 3,206 | ||||||
Corporate Office Properties Trust | 66,199 | 1,845 | Burlington Stores Inc(a) | 5,970 | 1,008 | ||||||
CubeSmart | 76,115 | 2,429 | CarMax Inc(a) | 3,353 | 261 | ||||||
Digital Realty Trust Inc | 12,094 | 1,423 | Casey's General Stores Inc | 2,411 | 319 | ||||||
Douglas Emmett Inc | 29,526 | 1,216 | Darden Restaurants Inc | 213,139 | 25,065 | ||||||
Duke Realty Corp | 122,992 | 3,828 | Dick's Sporting Goods Inc | 4,948 | 183 | ||||||
Empire State Realty Trust Inc | 11,139 | 173 | Dollar General Corp | 9,624 | 1,214 | ||||||
EPR Properties | 13,240 | 1,044 | Dollar Tree Inc(a) | 41,416 | 4,609 | ||||||
Equity Commonwealth | 8,581 | 273 | Foot Locker Inc | 9,153 | 524 | ||||||
Equity Residential | 84,615 | 6,467 | Gap Inc/The | 13,097 | 342 | ||||||
Essex Property Trust Inc | 15,478 | 4,372 | Genuine Parts Co | 9,893 | 1,014 | ||||||
Extra Space Storage Inc | 11,568 | 1,200 | Kohl's Corp | 11,965 | 851 | ||||||
Federal Realty Investment Trust | 9,836 | 1,317 | L Brands Inc | 37,660 | 966 | ||||||
Gaming and Leisure Properties Inc | 12,382 | 500 | Macy's Inc | 23,199 | 546 | ||||||
HCP Inc | 59,627 | 1,775 | Michaels Cos Inc/The(a) | 10,189 | 114 | ||||||
Healthcare Trust of America Inc | 1,041,801 | 28,733 | MSC Industrial Direct Co Inc | 27,197 | 2,275 | ||||||
Highwoods Properties Inc | 494,039 | 22,024 | Nu Skin Enterprises Inc | 74,602 | 3,795 | ||||||
Hospitality Properties Trust | 179,105 | 4,657 | Penske Automotive Group Inc | 2,491 | 114 | ||||||
Host Hotels & Resorts Inc | 177,884 | 3,422 | Qurate Retail Inc(a) | 66,748 | 1,138 | ||||||
Hudson Pacific Properties Inc | 44,154 | 1,540 | Tiffany & Co | 36,061 | 3,888 | ||||||
Invitation Homes Inc | 14,553 | 362 | Williams-Sonoma Inc | 4,064 | 232 | ||||||
Iron Mountain Inc | 19,839 | 644 | Yum China Holdings Inc | 139,033 | 6,610 | ||||||
JBG SMITH Properties | 7,167 | 305 | Yum! Brands Inc | 237,725 | 24,816 | ||||||
Kilroy Realty Corp | 13,727 | 1,056 | $ | 102,428 | |||||||
Kimco Realty Corp | 32,570 | 566 | Savings & Loans - 0.06% | ||||||||
Lamar Advertising Co | 359,462 | 29,716 | New York Community Bancorp Inc | 30,795 | 358 | ||||||
Liberty Property Trust | 17,171 | 852 | People's United Financial Inc | 18,413 | 318 | ||||||
Life Storage Inc | 23,434 | 2,233 | Sterling Bancorp/DE | 40,363 | 865 | ||||||
Macerich Co/The | 6,100 | 245 | $ | 1,541 | |||||||
Medical Properties Trust Inc | 30,134 | 526 | Semiconductors - 0.73% | ||||||||
MFA Financial Inc | 225,686 | 1,695 | Analog Devices Inc | 80,015 | 9,301 | ||||||
Mid-America Apartment Communities Inc | 8,991 | 984 | Cypress Semiconductor Corp | 78,161 | 1,342 | ||||||
National Retail Properties Inc | 347,866 | 18,305 | Marvell Technology Group Ltd | 60,956 | 1,525 | ||||||
New Residential Investment Corp | 173,209 | 2,912 | Qorvo Inc(a) | 17,314 | 1,310 | ||||||
Omega Healthcare Investors Inc | 8,846 | 313 | Skyworks Solutions Inc | 16,608 | 1,465 | ||||||
Outfront Media Inc | 106,288 | 2,533 | Teradyne Inc | 50,482 | 2,473 | ||||||
Paramount Group Inc | 112,334 | 1,628 | Xilinx Inc | 8,760 | 1,053 | ||||||
Park Hotels & Resorts Inc | 9,759 | 313 | $ | 18,469 | |||||||
Piedmont Office Realty Trust Inc | 44,210 | 920 |
See accompanying notes.
238
Schedule of Investments | ||||||||||
MidCap Value Fund I | ||||||||||
April 30, 2019 (unaudited) | ||||||||||
COMMON STOCKS (continued) | Shares Held Value (000’s) | (a) | Non-income producing security | |||||||
Shipbuilding - 0.00% | (b) | Affiliated Security. Security is either an affiliate (and registered under the | ||||||||
Huntington Ingalls Industries Inc | 320 | $ | 71 | Investment Company Act of 1940) or an affiliate as defined by the Investment | ||||||
Software - 4.80% | Company Act of 1940 (controls 5.0% or more of the outstanding voting | |||||||||
Akamai Technologies Inc(a) | 22,954 | 1,837 | shares of the security). Please see affiliated sub-schedule for transactional | |||||||
ANSYS Inc(a) | 5,750 | 1,126 | information. | |||||||
Aspen Technology Inc(a) | 618 | 76 | (c) | Current yield shown is as of period end. | ||||||
Autodesk Inc(a) | 11,450 | 2,041 | ||||||||
Black Knight Inc(a) | 431,365 | 24,338 | Portfolio Summary (unaudited) | |||||||
Cerner Corp(a) | 137,796 | 9,157 | Sector | Percent | ||||||
Covetrus Inc(a) | 3,594 | 118 | Financial | 28.45 | % | |||||
Fidelity National Information Services Inc | 248,296 | 28,784 | Industrial | 15.70 | % | |||||
Nuance Communications Inc(a) | 1,665,384 | 28,028 | Consumer, Non-cyclical | 14.62 | % | |||||
SS&C Technologies Holdings Inc | 2,891 | 196 | Consumer, Cyclical | 11.40 | % | |||||
Synopsys Inc(a) | 154,647 | 18,724 | Technology | 9.68 | % | |||||
Take-Two Interactive Software Inc(a) | 41,165 | 3,986 | Utilities | 5.22 | % | |||||
Teradata Corp(a) | 40,518 | 1,842 | Energy | 4.81 | % | |||||
Zynga Inc(a) | 215,858 | 1,222 | Basic Materials | 4.42 | % | |||||
$ | 121,475 | Communications | 3.56 | % | ||||||
Telecommunications - 1.50% | Money Market Funds | 2.11 | % | |||||||
CenturyLink Inc | 66,077 | 755 | Domestic Equity Funds | 0.02 | % | |||||
CommScope Holding Co Inc(a) | 61,979 | 1,536 | Other Assets and Liabilities | 0.01 | % | |||||
Corning Inc | 41,475 | 1,321 | TOTAL NET ASSETS | 100.00 | % | |||||
EchoStar Corp(a) | 2,990 | 119 | ||||||||
GCI Liberty Inc(a) | 6,272 | 374 | ||||||||
Juniper Networks Inc | 75,660 | 2,101 | ||||||||
LogMeIn Inc | 20,903 | 1,722 | ||||||||
Motorola Solutions Inc | 201,541 | 29,206 | ||||||||
Sprint Corp(a) | 41,224 | 230 | ||||||||
Telephone & Data Systems Inc | 20,053 | 639 | ||||||||
United States Cellular Corp(a) | 975 | 47 | ||||||||
$ | 38,050 | |||||||||
Textiles - 0.03% | ||||||||||
Mohawk Industries Inc(a) | 4,713 | 642 | ||||||||
Toys, Games & Hobbies - 1.32% | ||||||||||
Hasbro Inc | 327,128 | 33,321 | ||||||||
Transportation - 1.27% | ||||||||||
Expeditors International of Washington Inc | 6,910 | 549 | ||||||||
Genesee & Wyoming Inc(a) | 3,191 | 283 | ||||||||
Kansas City Southern | 7,463 | 919 | ||||||||
Landstar System Inc | 256,500 | 27,948 | ||||||||
Old Dominion Freight Line Inc | 1,480 | 221 | ||||||||
Ryder System Inc | 3,374 | 212 | ||||||||
Schneider National Inc | 95,311 | 1,992 | ||||||||
$ | 32,124 | |||||||||
Water - 0.24% | ||||||||||
American Water Works Co Inc | 19,418 | 2,101 | ||||||||
Aqua America Inc | 100,234 | 3,915 | ||||||||
$ | 6,016 | |||||||||
TOTAL COMMON STOCKS | $ | 2,477,559 | ||||||||
INVESTMENT COMPANIES - 2.13% | Shares Held Value (000's) | |||||||||
Money Market Funds - 2.11% | ||||||||||
Principal Government Money Market Fund | 53,489,784 | 53,490 | ||||||||
2.38%(b),(c) | ||||||||||
Principal Exchange-Traded Funds - 0.02% | ||||||||||
Principal Shareholder Yield Index ETF(b) | 5,218 | 170 | ||||||||
Principal Sustainable Momentum Index ETF(b) | 5,142 | 144 | ||||||||
Principal U.S. Small-Cap Multi-Factor Index | 422 | 13 | ||||||||
ETF(b) | ||||||||||
$ | 327 | |||||||||
TOTAL INVESTMENT COMPANIES | $ | 53,817 | ||||||||
Total Investments | $ | 2,531,376 | ||||||||
Other Assets and Liabilities - 0.01% | 313 | |||||||||
TOTAL NET ASSETS - 100.00% | $ | 2,531,689 |
See accompanying notes.
239
Schedule of Investments | ||||||||||||||
MidCap Value Fund I | ||||||||||||||
April 30, 2019 (unaudited) | ||||||||||||||
Affiliated Securities | October 31, 2018 | Purchases | Sales | April 30, 2019 | ||||||||||
Value | Cost | Proceeds | Value | |||||||||||
Principal Government Money Market Fund 2.38% | $ | 19,620 | $ | 225,794 | $ | 191,924 | $ | 53,490 | ||||||
Principal Shareholder Yield Index ETF | — | 328 | 168 | 170 | ||||||||||
Principal Sustainable Momentum Index ETF | — | 283 | 157 | 144 | ||||||||||
Principal U.S. Small-Cap Multi-Factor Index ETF | — | 26 | 13 | 13 | ||||||||||
$ | 19,620 | $ | 226,431 | $ | 192,262 | $ | 53,817 | |||||||
Realized Gain/Loss | Realized Gain from | Change in Unrealized | ||||||||||||
Income | on Investments | Capital Gain Distributions | Gain/Loss | |||||||||||
Principal Government Money Market Fund 2.38% | $ | 192 | $ | —$ | —$ | — | ||||||||
Principal Shareholder Yield Index ETF | 2 | 3 | — | 7 | ||||||||||
Principal Sustainable Momentum Index ETF | 1 | 10 | — | 8 | ||||||||||
Principal U.S. Small-Cap Multi-Factor Index ETF | — | — | — | — | ||||||||||
$ | 195 | $ | 13$ | —$ | 15 | |||||||||
Amounts in thousands | ||||||||||||||
Futures Contracts | ||||||||||||||
Description and Expiration Date | Type | Contracts | Notional Amount | Value and Unrealized Appreciation/(Depreciation) | ||||||||||
S&P Mid 400 Emini; June 2019 | Long | 85 | $ | 16,774$ | 47 | |||||||||
Total | $ | 47 | ||||||||||||
Amounts in thousands except contracts. |
See accompanying notes.
240
Schedule of Investments Money Market Fund April 30, 2019 (unaudited)
INVESTMENT COMPANIES - 4.14% | Shares Held Value (000's) | Principal | |||||||||
Money Market Funds - 4.14% | MUNICIPAL BONDS (continued) | Amount (000’s) Value (000’s) | |||||||||
DWS Government Money Market Series 2.51%(a) | 5,920,000 | $ | 5,920 | Maryland - 1.57% | |||||||
Goldman Sachs Government Fund 2.46%(a) | 4,920,000 | 4,920 | City of Baltimore MD (credit support from State | ||||||||
Morgan Stanley Institutional Liquidity Funds - | 5,430,000 | 5,430 | Street Bank) | ||||||||
Government Portfolio 2.42%(a) | 2.42%, 05/07/2019(c),(d) | $ | 7,915 | $ | 7,915 | ||||||
STIT - Government & Agency Portfolio 2.43%(a) | 4,570,000 | 4,570 | TOTAL MUNICIPAL BONDS | $ | 30,155 | ||||||
$ | 20,840 | Principal | |||||||||
TOTAL INVESTMENT COMPANIES | $ | 20,840 | COMMERCIAL PAPER - 75.87% | Amount (000's) Value (000's) | |||||||
Principal | Aerospace & Defense - 1.17% | ||||||||||
BONDS - 7.70% | Amount (000's) Value (000's) | General Dynamics Corp | |||||||||
Automobile Asset Backed Securities - 2.43% | 2.46%, 05/16/2019(b) | $ | 3,200 | $ | 3,197 | ||||||
Americredit Automobile Receivables Trust 2019-1 | 2.46%, 05/23/2019(b) | 2,700 | 2,696 | ||||||||
2.66%, 03/18/2020 | $ | 1,895 | $ | 1,895 | $ | 5,893 | |||||
Capital Auto Receivables Asset Trust 2018-2 | Agriculture - 4.17% | ||||||||||
2.70%, 11/20/2019(b) | 301 | 300 | Archer-Daniels-Midland Co | ||||||||
Drive Auto Receivables Trust 2019-1 | 2.45%, 05/07/2019(b) | 3,600 | 3,599 | ||||||||
2.78%, 01/15/2020 | 795 | 795 | 2.50%, 05/13/2019(b) | 3,000 | 2,997 | ||||||
Enterprise Fleet Financing 2019-1 LLC | 2.50%, 05/31/2019(b) | 3,000 | 2,994 | ||||||||
2.70%, 03/23/2020(b) | 3,252 | 3,252 | Philip Morris International Inc | ||||||||
Ford Credit Auto Lease Trust | 2.43%, 05/06/2019(b) | 2,000 | 1,999 | ||||||||
2.45%, 10/15/2019 | 137 | 137 | 2.44%, 05/07/2019(b) | 2,500 | 2,499 | ||||||
Santander Drive Auto Receivables Trust 2019-1 | 2.46%, 05/01/2019(b) | 6,900 | 6,900 | ||||||||
2.72%, 02/18/2020 | 2,284 | 2,284 | $ | 20,988 | |||||||
Santander Retail Auto Lease Trust 2019-A | Automobile Manufacturers - 2.34% | ||||||||||
2.62%, 04/20/2020(b) | 2,056 | 2,056 | American Honda Finance Corp (credit support | ||||||||
World Omni Auto Receivables Trust 2019-A | fromHonda Motor Company) | ||||||||||
2.73%, 02/18/2020 | 1,070 | 1,070 | 2.53%, 05/22/2019(d) | 4,000 | 3,994 | ||||||
World Omni Select Auto Trust 2018-1 | Toyota Financial Services de Puerto Rico | ||||||||||
2.78%, 11/15/2019(b) | 417 | 417 | Inc (credit support fromToyota Financial | ||||||||
$ | 12,206 | Services) | |||||||||
Diversified Financial Services- 3.54% | 2.49%, 05/07/2019(d) | 3,800 | 3,798 | ||||||||
Corporate Finance ManagersInc | 2.49%, 05/09/2019(d) | 4,000 | 3,998 | ||||||||
2.48%, 05/07/2019(c) | 790 | 790 | $ | 11,790 | |||||||
MetLife Inc | Banks - 20.19% | ||||||||||
2.93%, 08/16/2019 | 9,000 | 9,000 | Barclays Bank PLC | ||||||||
New York Life | 2.50%, 05/31/2019(b),(e) | 3,500 | 3,493 | ||||||||
2.74%, 07/22/2019 | 8,000 | 8,000 | 2.50%, 06/03/2019(e) | 3,600 | 3,592 | ||||||
$ | 17,790 | 2.54%, 05/23/2019(b),(e) | 3,000 | 2,995 | |||||||
Other Asset Backed Securities - 1.73% | CAFCO LLC | ||||||||||
CNH Equipment Trust 2019-A | 2.50%, 05/24/2019(b) | 3,000 | 2,995 | ||||||||
2.75%, 02/28/2020 | 1,340 | 1,340 | 2.55%, 06/20/2019(b) | 3,600 | 3,587 | ||||||
Dell Equipment Finance Trust 2019-1 | Credit Suisse AG/New York NY | ||||||||||
2.65%, 04/22/2020(b) | 3,300 | 3,300 | 2.48%, 06/20/2019 | 3,500 | 3,488 | ||||||
DLL 2019-1 LLC | Manhattan Asset Funding Co LLC | ||||||||||
2.66%, 04/20/2020(b) | 2,300 | 2,300 | 2.45%, 05/03/2019(b) | 3,000 | 3,000 | ||||||
MMAF Equipment Finance LLC 2019-A | 2.47%, 05/09/2019(b) | 2,771 | 2,770 | ||||||||
2.66%, 04/10/2020(b) | 1,772 | 1,772 | 2.50%, 05/02/2019(b) | 3,400 | 3,400 | ||||||
$ | 8,712 | 2.50%, 05/06/2019(b) | 2,000 | 1,999 | |||||||
TOTAL BONDS | $ | 38,708 | 2.50%, 05/20/2019(b) | 730 | 729 | ||||||
Principal | Mitsubishi UFJ Trust & Banking Corp/NY | ||||||||||
MUNICIPAL BONDS - 5.99% | Amount (000's) Value (000's) | 2.55%, 05/30/2019(b) | 3,000 | 2,994 | |||||||
Colorado - 2.99% | 2.56%, 07/19/2019(b) | 3,500 | 3,480 | ||||||||
City of Colorado Springs CO Utilities System | 2.60%, 05/14/2019(b) | 4,480 | 4,476 | ||||||||
Revenue (credit support fromMizuho Corp Bank | Mizuho Bank Ltd/New York NY | ||||||||||
LTD) | 2.49%, 06/11/2019(b) | 2,700 | 2,692 | ||||||||
2.45%, 05/07/2019(c),(d) | $ | 7,000 | $ | 7,000 | 2.50%, 06/13/2019(b) | 3,000 | 2,991 | ||||
Colorado Housing & Finance Authority (credit | 2.55%, 05/10/2019(b) | 2,500 | 2,498 | ||||||||
support fromFederal Home Loan Bank) | Natixis SA/New York NY | ||||||||||
2.53%, 05/07/2019(c),(d) | 7,510 | 7,510 | 2.56%, 06/18/2019 | 3,000 | 2,990 | ||||||
County of Kit Carson CO (credit support from | 2.57%, 05/03/2019 | 3,500 | 3,500 | ||||||||
Wells Fargo) | Oversea-Chinese Banking Corp Ltd | ||||||||||
2.45%, 05/07/2019(c),(d) | 530 | 530 | 2.55%, 07/05/2019(b),(e) | 3,100 | 3,086 | ||||||
$ | 15,040 | Sheffield Receivables Co LLC | |||||||||
Illinois - 1.43% | 2.51%, 07/01/2019(b) | 2,120 | 2,111 | ||||||||
Memorial Health System/IL (credit support from | 2.53%, 05/23/2019(b) | 3,700 | 3,694 | ||||||||
JPMorgan Chase & Co) | 2.55%, 05/16/2019(b) | 3,000 | 2,997 | ||||||||
2.45%, 05/07/2019(c),(d) | 7,200 | 7,200 | Skandinaviska Enskilda Banken AB | ||||||||
2.50%, 05/13/2019(b),(e) | 2,000 | 1,998 | |||||||||
2.53%, 05/22/2019(b),(e) | 3,500 | 3,495 | |||||||||
2.53%, 05/29/2019(b),(e) | 3,500 | 3,493 |
See accompanying notes.
241
Schedule of Investments Money Market Fund April 30, 2019 (unaudited)
Principal | Principal | ||||||||||
COMMERCIAL PAPER (continued) | Amount (000’s) Value (000’s) | COMMERCIAL PAPER (continued) | Amount (000’s) Value (000’s) | ||||||||
Banks (continued) | Diversified Financial Services (continued) | ||||||||||
SocieteGenerale SA | Nationwide Building Society | ||||||||||
2.55%, 06/05/2019(b),(e) | $ | 3,000 | $ | 2,993 | 2.47%, 05/23/2019(b) | $ | 3,000 | $ | 2,995 | ||
Standard Chartered Bank/New York | 2.72%, 05/22/2019(b) | 3,500 | 3,494 | ||||||||
2.54%, 08/26/2019(b) | 3,000 | 2,975 | 2.77%, 05/10/2019(b) | 3,500 | 3,498 | ||||||
Toronto-Dominion Bank/The | Nieuw Amsterdam Receivables Corp | ||||||||||
2.51%, 05/21/2019(b),(e) | 4,000 | 3,994 | 2.51%, 05/09/2019(b) | 3,000 | 2,998 | ||||||
2.52%, 05/20/2019(b),(e) | 3,500 | 3,495 | 2.52%, 05/08/2019(b) | 3,800 | 3,798 | ||||||
2.52%, 05/29/2019(b),(e) | 3,500 | 3,493 | 2.53%, 07/05/2019(b) | 2,250 | 2,240 | ||||||
United Overseas Bank Ltd | 2.54%, 07/01/2019(b) | 3,000 | 2,987 | ||||||||
2.54%, 06/21/2019(b),(e) | 3,100 | 3,089 | Ontario Teachers' Finance Trust (credit support | ||||||||
2.54%, 06/26/2019(b),(e) | 3,000 | 2,988 | from OntarioTeachers’Pension Plan Board) | ||||||||
$ | 101,570 | 2.50%, 05/06/2019(b),(d) | 3,000 | 2,999 | |||||||
Beverages - 0.56% | Regency Markets No. 1 LLC | ||||||||||
Brown-Forman Corp | 2.50%, 05/08/2019(b) | 4,000 | 3,998 | ||||||||
2.53%, 05/07/2019(b) | 2,800 | 2,799 | 2.50%, 05/15/2019(b) | 3,664 | 3,660 | ||||||
Chemicals - 2.20% | 2.50%, 05/16/2019(b) | 3,600 | 3,596 | ||||||||
BASF SE | $ | 121,985 | |||||||||
2.50%, 05/15/2019(b) | 4,460 | 4,456 | Electric - 2.28% | ||||||||
2.50%, 05/16/2019(b) | 3,600 | 3,596 | EngieSA | ||||||||
2.50%, 06/27/2019(b) | 3,000 | 2,988 | 2.51%, 06/04/2019(b) | 3,000 | 2,993 | ||||||
$ | 11,040 | 2.56%, 05/10/2019(b) | 3,500 | 3,498 | |||||||
Computers - 1.29% | 2.61%, 05/15/2019(b) | 3,500 | 3,496 | ||||||||
International Business Machines Corp | NSTAR Electric Co | ||||||||||
2.52%, 05/28/2019(b) | 3,500 | 3,494 | 2.45%, 05/02/2019 | 1,000 | 1,000 | ||||||
2.58%, 08/20/2019(b) | 3,000 | 2,976 | 2.46%, 05/03/2019 | 500 | 500 | ||||||
$ | 6,470 | $ | 11,487 | ||||||||
Diversified Financial Services- 24.25% | Gas - 2.32% | ||||||||||
Anglesea Funding LLC | ONE GasInc | ||||||||||
2.46%, 05/01/2019(b) | 3,500 | 3,500 | 2.47%, 05/13/2019(b) | 6,200 | 6,195 | ||||||
2.54%, 05/02/2019(b) | 870 | 870 | 2.47%, 05/15/2019(b) | 3,500 | 3,496 | ||||||
Citigroup Global MarketsInc | 2.47%, 05/16/2019(b) | 2,000 | 1,998 | ||||||||
2.53%, 07/25/2019(b) | 3,600 | 3,579 | $ | 11,689 | |||||||
CME GroupInc | Healthcare - Services - 1.59% | ||||||||||
2.44%, 05/09/2019(b) | 2,000 | 1,999 | UnitedHealth GroupInc | ||||||||
2.45%, 05/01/2019(b) | 9,050 | 9,050 | 2.56%, 05/08/2019(b) | 3,500 | 3,498 | ||||||
Collateralized Commercial Paper II Co LLC | 2.58%, 05/17/2019(b) | 1,020 | 1,019 | ||||||||
2.58%, 07/02/2019(b) | 3,500 | 3,484 | 2.58%, 05/21/2019(b) | 3,500 | 3,495 | ||||||
CRC Funding LLC | $ | 8,012 | |||||||||
2.47%, 05/10/2019(b) | 3,000 | 2,998 | Holding Companies - Diversified- 0.82% | ||||||||
2.50%, 06/13/2019(b) | 1,500 | 1,496 | Koch IndustriesInc | ||||||||
DCAT LLC | 2.44%, 05/06/2019 | 4,100 | 4,099 | ||||||||
2.49%, 05/22/2019 | 1,050 | 1,049 | Insurance - 2.58% | ||||||||
2.50%, 05/23/2019 | 3,000 | 2,995 | Nationwide Life Insurance Co | ||||||||
2.52%, 06/17/2019 | 3,500 | 3,489 | 2.48%, 05/17/2019(b) | 3,500 | 3,496 | ||||||
2.55%, 05/31/2019 | 2,800 | 2,794 | Prudential Financial Inc | ||||||||
Gotham Funding Corp | 2.50%, 05/03/2019(b) | 4,000 | 4,000 | ||||||||
2.51%, 05/03/2019(b) | 3,700 | 3,700 | 2.50%, 05/07/2019(b) | 2,500 | 2,499 | ||||||
2.51%, 05/24/2019(b) | 3,300 | 3,295 | 2.50%, 05/14/2019(b) | 3,000 | 2,997 | ||||||
2.52%, 05/10/2019(b) | 2,500 | 2,498 | $ | 12,992 | |||||||
2.54%, 05/21/2019(b) | 3,000 | 2,996 | Machinery - Construction & Mining - 1.80% | ||||||||
Intercontinental Exchange Inc | Caterpillar Financial Services Corp (credit | ||||||||||
2.54%, 06/13/2019(b) | 3,000 | 2,991 | support fromCaterpillarInc) | ||||||||
2.54%, 07/02/2019(b) | 3,500 | 3,485 | 2.50%, 05/24/2019(d) | 3,000 | 2,995 | ||||||
2.56%, 05/13/2019(b) | 3,800 | 3,797 | 2.53%, 06/20/2019(d) | 3,100 | 3,089 | ||||||
JP Morgan Securities LLC | 2.55%, 06/03/2019(d) | 3,000 | 2,993 | ||||||||
2.55%, 05/17/2019 | 3,500 | 3,496 | $ | 9,077 | |||||||
2.80%, 05/01/2019 | 4,000 | 4,000 | Machinery - Diversified- 0.71% | ||||||||
Liberty Street Funding LLC | John Deere Capital Corp | ||||||||||
2.51%, 06/10/2019(b) | 3,500 | 3,490 | 2.49%, 07/03/2019(b) | 3,600 | 3,584 | ||||||
2.55%, 05/28/2019(b) | 3,500 | 3,493 | |||||||||
LongshipFunding LLC | Miscellaneous Manufacturers - 0.62% | ||||||||||
2.51%, 05/02/2019(b) | 3,800 | 3,800 | Illinois Tool WorksInc | ||||||||
2.51%, 05/14/2019(b) | 790 | 789 | 2.52%, 06/06/2019(b) | 3,100 | 3,092 | ||||||
2.52%, 06/07/2019(b) | 3,100 | 3,092 | Oil & Gas - 2.38% | ||||||||
National Rural Utilities Cooperative Finance Corp | BP Capital Markets PLC (credit support from BP | ||||||||||
2.47%, 05/14/2019 | 3,500 | 3,497 | Amoco PLC) | ||||||||
2.64%, 07/05/2019(b),(d) | 2,000 | 1,990 |
See accompanying notes.
242
Schedule of Investments Money Market Fund April 30, 2019 (unaudited)
Principal | |||||||
COMMERCIAL PAPER (continued) | Amount (000’s) Value (000’s) | ||||||
Oil & Gas (continued) | |||||||
Total Capital SA (credit support fromTotal SA) | |||||||
2.50%, 05/01/2019(b),(d) | $ | 10,000 | $ | 10,000 | |||
$ | 11,990 | ||||||
Oil & Gas Services - 0.60% | |||||||
Schlumberger Investment SA | |||||||
2.47%, 05/02/2019(b) | 3,000 | 3,000 | |||||
Pharmaceuticals - 0.69% | |||||||
Sanofi | |||||||
2.48%, 06/14/2019(b) | 3,500 | 3,489 | |||||
REITs- 0.83% | |||||||
Simon Property Group LP | |||||||
2.48%, 05/06/2019(b) | 4,170 | 4,169 | |||||
Telecommunications - 2.48% | |||||||
Telstra Corp Ltd | |||||||
2.55%, 05/09/2019(b) | 3,500 | 3,498 | |||||
2.59%, 05/02/2019(b) | 3,000 | 3,000 | |||||
2.63%, 06/11/2019(b) | 3,000 | 2,991 | |||||
2.67%, 07/16/2019(b) | 3,000 | 2,983 | |||||
$ | 12,472 | ||||||
TOTAL COMMERCIAL PAPER | $ | 381,687 | |||||
Maturity | |||||||
REPURCHASE AGREEMENTS - 6.36% | Amount (000's) Value (000's) | ||||||
Banks- 6.36% | |||||||
Barclays Capital Repurchase Agreement; 2.75% | $ | 16,001 | $ | 16,000 | |||
dated 04/30/2019 maturing 05/01/2019 | |||||||
(collateralized by US Government Security; | |||||||
$16,320,064; 3.00%; dated 02/15/2047) | |||||||
Merrill Lynch Repurchase Agreement; 2.75% | 16,001 | 16,000 | |||||
dated 04/30/2019 maturing 05/01/2019 | |||||||
(collateralized by US Government | |||||||
Securities; $16,320,017; 1.12%-1.62%; dated | |||||||
12/31/2019-11/15/2022) | |||||||
$ | 32,000 | ||||||
TOTAL REPURCHASE AGREEMENTS | $ | 32,000 | |||||
Total Investments | $ | 503,390 | |||||
Other Assets and Liabilities - (0.06)% | (279 | ) | |||||
TOTAL NET ASSETS - 100.00% | $ | 503,111 |
(a) | Current yield shown is 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 ofthese securities totaled $333,728 or 66.33% of net assets. |
(c) | Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description. Rate shown is the rate in effect as of period end. |
(d) | Credit support indicates investments that benefit from credit enhancement orliquidity support provided by a third party bank, institution, or government agency. |
(e) | Security issued by foreign bank and denominated in USD. |
Portfolio Summary (unaudited) | |||
Sector | Percent | ||
Financial | 57.75 | % | |
Consumer, Non-cyclical | 7.01 | % | |
Insured | 5.99 | % | |
Utilities | 4.60 | % | |
Industrial | 4.30 | % | |
Asset Backed Securities | 4.16 | % | |
Money Market Funds | 4.14 | % | |
Energy | 2.98 | % | |
Communications | 2.48 | % | |
Consumer, Cyclical | 2.34 | % | |
Basic Materials | 2.20 | % | |
Technology | 1.29 | % | |
Diversified | 0.82 | % | |
Other Assets and Liabilities | (0.06 | )% | |
TOTAL NET ASSETS | 100.00 | % |
See accompanying notes.
243
Schedule of Investments Principal Capital Appreciation Fund April 30, 2019 (unaudited)
COMMON STOCKS - 97.29% | Shares Held Value (000's) | COMMON STOCKS (continued) | Shares Held Value (000’s) | ||||||||
Aerospace & Defense - 2.27% | Healthcare - Products (continued) | ||||||||||
Boeing Co/The | 33,574 | $ | 12,681 | Thermo Fisher ScientificInc | 84,227 | $ | 23,369 | ||||
Northrop Grumman Corp | 75,301 | 21,830 | Varian Medical SystemsInc(a) | 123,319 | 16,792 | ||||||
Teledyne TechnologiesInc(a) | 29,878 | 7,425 | $ | 110,010 | |||||||
$ | 41,936 | Healthcare - Services - 1.88% | |||||||||
Airlines - 1.46% | UnitedHealth GroupInc | 72,686 | 16,941 | ||||||||
Alaska Air GroupInc | 111,057 | 6,874 | Universal Health ServicesInc | 139,101 | 17,648 | ||||||
Delta Air LinesInc | 343,284 | 20,010 | $ | 34,589 | |||||||
$ | 26,884 | Home Builders - 0.44% | |||||||||
Apparel - 1.40% | Thor IndustriesInc | 123,473 | 8,133 | ||||||||
Deckers Outdoor Corp(a) | 109,587 | 17,338 | Insurance - 3.08% | ||||||||
NIKEInc | 95,997 | 8,431 | Chubb Ltd | 121,785 | 17,683 | ||||||
$ | 25,769 | Fidelity National FinancialInc | 567,348 | 22,665 | |||||||
Automobile Manufacturers - 0.71% | Marsh & McLennan CosInc | 175,466 | 16,545 | ||||||||
PACCARInc | 182,034 | 13,046 | $ | 56,893 | |||||||
Banks - 7.11% | Internet - 7.92% | ||||||||||
East West BancorpInc | 361,715 | 18,621 | Alibaba Group Holding Ltd ADR(a) | 34,198 | 6,346 | ||||||
JPMorgan Chase & Co | 551,435 | 63,994 | AlphabetInc- A Shares(a) | 41,535 | 49,799 | ||||||
PNC Financial Services GroupInc/The | 189,896 | 26,003 | Amazon.comInc(a) | 24,536 | 47,269 | ||||||
US Bancorp | 422,041 | 22,503 | Booking HoldingsInc(a) | 4,029 | 7,474 | ||||||
$ | 131,121 | FacebookInc(a) | 117,540 | 22,732 | |||||||
Beverages - 2.05% | Palo Alto NetworksInc(a) | 49,820 | 12,397 | ||||||||
KeurigDr Pepper Inc | 257,674 | 7,490 | $ | 146,017 | |||||||
PepsiCoInc | 236,640 | 30,302 | Machinery - Diversified- 0.94% | ||||||||
$ | 37,792 | Deere & Co | 104,708 | 17,343 | |||||||
Biotechnology - 0.34% | Media - 3.15% | ||||||||||
Biogen Inc(a) | 27,658 | 6,340 | Comcast Corp - Class A | 465,786 | 20,276 | ||||||
Chemicals - 2.62% | NexstarMedia GroupInc | 129,623 | 15,172 | ||||||||
Albemarle Corp | 106,687 | 8,008 | Walt Disney Co/The | 165,267 | 22,637 | ||||||
DowDuPontInc | 334,897 | 12,877 | $ | 58,085 | |||||||
FMC Corp | 235,730 | 18,637 | Miscellaneous Manufacturers - 0.35% | ||||||||
HB Fuller Co | 179,796 | 8,804 | 3M Co | 34,006 | 6,445 | ||||||
$ | 48,326 | Oil & Gas - 5.15% | |||||||||
Commercial Services - 1.94% | Chevron Corp | 255,947 | 30,729 | ||||||||
Aaron'sInc | 434,090 | 24,175 | EOG ResourcesInc | 54,547 | 5,239 | ||||||
PayPal HoldingsInc(a) | 102,131 | 11,517 | Royal Dutch Shell PLC - B shares ADR | 569,825 | 36,976 | ||||||
$ | 35,692 | Valero Energy Corp | 242,282 | 21,965 | |||||||
Computers - 3.92% | $ | 94,909 | |||||||||
AppleInc | 360,317 | 72,305 | Pharmaceuticals - 5.40% | ||||||||
Consumer Products - 1.00% | Bristol-Myers Squibb Co | 301,047 | 13,977 | ||||||||
Church & Dwight CoInc | 245,653 | 18,412 | Johnson & Johnson | 203,626 | 28,752 | ||||||
Distribution & Wholesale - 1.49% | Merck & CoInc | 408,270 | 32,135 | ||||||||
KAR Auction ServicesInc | 487,013 | 27,507 | PfizerInc | 609,573 | 24,755 | ||||||
Diversified Financial Services- 5.02% | $ | 99,619 | |||||||||
Ameriprise FinancialInc | 148,934 | 21,859 | REITs - 3.46% | ||||||||
Charles Schwab Corp/The | 282,856 | 12,949 | Alexandria Real Estate EquitiesInc | 253,098 | 36,039 | ||||||
Discover Financial Services | 434,460 | 35,404 | American Tower Corp | 47,146 | 9,207 | ||||||
Visa Inc | 135,618 | 22,300 | Simon Property GroupInc | 106,961 | 18,579 | ||||||
$ | 92,512 | $ | 63,825 | ||||||||
Electric - 3.16% | Retail - 3.11% | ||||||||||
NextEra EnergyInc | 166,465 | 32,368 | Costco Wholesale Corp | 82,066 | 20,150 | ||||||
Xcel EnergyInc | 457,954 | 25,874 | Home Depot Inc/The | 102,022 | 20,782 | ||||||
$ | 58,242 | LululemonAthleticaInc(a) | 51,799 | 9,135 | |||||||
Electronics - 1.01% | Starbucks Corp | 93,056 | 7,228 | ||||||||
Honeywell InternationalInc | 107,404 | 18,649 | $ | 57,295 | |||||||
Environmental Control - 0.10% | Semiconductors - 3.75% | ||||||||||
Waste ConnectionsInc | 20,421 | 1,894 | Broadcom Inc | 64,832 | 20,642 | ||||||
Lam Research Corp | 90,340 | 18,739 | |||||||||
Food - 1.55% | Microchip TechnologyInc | 186,060 | 18,586 | ||||||||
McCormick & CoInc/MD | 101,104 | 15,567 | NVIDIA Corp | 19,364 | 3,505 | ||||||
Tyson FoodsInc | 174,249 | 13,070 | ON Semiconductor Corp(a) | 332,092 | 7,658 | ||||||
$ | 28,637 | $ | 69,130 | ||||||||
Hand & Machine Tools - 0.42% | Software - 7.63% | ||||||||||
Snap-on Inc | 45,978 | 7,737 | AdobeInc(a) | 60,398 | 17,470 | ||||||
Healthcare - Products - 5.96% | Fair Isaac Corp(a) | 55,995 | 15,665 | ||||||||
Abbott Laboratories | 187,407 | 14,910 | Fidelity National Information ServicesInc | 132,181 | 15,324 | ||||||
Becton Dickinson and Co | 84,298 | 20,294 | Microsoft Corp | 627,317 | 81,927 | ||||||
Edwards Lifesciences Corp(a) | 67,937 | 11,962 | |||||||||
Medtronic PLC | 255,415 | 22,683 |
See accompanying notes.
244
Schedule of Investments Principal Capital Appreciation Fund April 30, 2019 (unaudited)
COMMON STOCKS (continued) | Shares Held Value (000’s) | ||||
Software (continued) | |||||
ServiceNowInc(a) | 37,898 | $ | 10,290 | ||
$ | 140,676 | ||||
Telecommunications - 4.97% | |||||
Arista NetworksInc(a) | 27,640 | 8,632 | |||
Cisco SystemsInc | 662,473 | 37,065 | |||
T-Mobile USInc(a) | 253,869 | 18,530 | |||
Verizon CommunicationsInc | 478,667 | 27,375 | |||
$ | 91,602 | ||||
Toys, Games & Hobbies - 1.26% | |||||
HasbroInc | 228,526 | 23,278 | |||
Transportation - 1.27% | |||||
Expeditors International of WashingtonInc | 165,842 | 13,171 | |||
Union Pacific Corp | 58,384 | 10,337 | |||
$ | 23,508 | ||||
TOTAL COMMON STOCKS | $ | 1,794,158 | |||
INVESTMENT COMPANIES - 2.58% | Shares Held Value (000's) | ||||
Money Market Funds - 2.58% | |||||
Principal Government Money Market Fund | 47,624,944 | 47,625 | |||
2.38%(b),(c) | |||||
TOTAL INVESTMENT COMPANIES | $ | 47,625 | |||
Total Investments | $ | 1,841,783 | |||
Other Assets and Liabilities - 0.13% | 2,364 | ||||
TOTAL NET ASSETS - 100.00% | $ | 1,844,147 |
(a) | Non-income producing security |
(b) | Affiliated Security. Security is either an affiliate (and registered under the Investment Company Act of 1940) or an affiliate as defined by the Investment |
Company Act of 1940 (controls 5.0% or more of the outstanding votingshares of the security). Please see affiliated sub-schedule for transactionalinformation. | |
(c) | Current yield shown is as of period end. |
Portfolio Summary (unaudited) | |||
Sector | Percent | ||
Consumer, Non-cyclical | 20.12 | % | |
Financial | 18.67 | % | |
Communications | 16.04 | % | |
Technology | 15.30 | % | |
Consumer, Cyclical | 9.87 | % | |
Industrial | 6.36 | % | |
Energy | 5.15 | % | |
Utilities | 3.16 | % | |
Basic Materials | 2.62 | % | |
Money Market Funds | 2.58 | % | |
Other Assets and Liabilities | 0.13 | % | |
TOTAL NET ASSETS | 100.00 | % |
Affiliated Securities | October 31, 2018 | Purchases | Sales | April 30, 2019 | ||||||||
Value | Cost | Proceeds | Value | |||||||||
Principal Government Money Market Fund 2.38% | $ | 45,435 | $ | 324,294 | $ | 322,104 | $ | 47,625 | ||||
$ | 45,435 | $ | 324,294 | $ | 322,104 | $ | 47,625 | |||||
Realized Gain/Loss | Realized Gain from | Change in Unrealized | ||||||||||
Income | on Investments | Capital Gain Distributions | Gain/Loss | |||||||||
Principal Government Money Market Fund 2.38% | $ | 425 | $ | —$ | —$ | — | ||||||
$ | 425 | $ | —$ | —$ | — | |||||||
Amounts in thousands |
See accompanying notes.
245
Schedule of Investments | ||||||||||
Real Estate Securities Fund | ||||||||||
April 30, 2019 (unaudited) | ||||||||||
COMMON STOCKS - 99.22% | Shares Held Value (000's) | (a) | Non-income producing security | |||||||
Lodging - 3.75% | (b) | Affiliated Security. Security is either an affiliate (and registered under the | ||||||||
Extended Stay AmericaInc | 1,734,651 $ | 31,068 | Investment Company Act of 1940) or an affiliate as defined by the Investment | |||||||
Hilton Grand VacationsInc(a) | 1,271,049 | 40,724 | Company Act of 1940 (controls 5.0% or more of the outstanding voting | |||||||
Hilton Worldwide HoldingsInc | 1,091,541 | 94,953 | shares of the security). Please see affiliated sub-schedule for transactional | |||||||
$ | 166,745 | information. | ||||||||
REITs - 93.26% | (c) | Current yield shown is as of period end. | ||||||||
Alexandria Real Estate EquitiesInc | 1,393,714 | 198,451 | ||||||||
American Homes 4 Rent | 3,369,521 | 80,801 | Portfolio Summary (unaudited) | |||||||
American Tower Corp | 178,263 | 34,814 | Sector | Percent | ||||||
Americold Realty Trust | 1,241,864 | 39,752 | Financial | 93.26 | % | |||||
Apartment Investment & Management Co | 2,800,963 | 138,255 | Consumer, Cyclical | 3.75 | % | |||||
AvalonBay CommunitiesInc | 1,372,844 | 275,846 | Technology | 2.21 | % | |||||
Boston Properties Inc | 1,036,813 | 142,686 | Money Market Funds | 0.75 | % | |||||
Corporate Office Properties Trust | 1,141,096 | 31,814 | Other Assets and Liabilities | 0.03 | % | |||||
Crown Castle International Corp | 329,416 | 41,434 | TOTAL NET ASSETS | 100.00 | % | |||||
CubeSmart | 2,123,004 | 67,745 | ||||||||
Duke Realty Corp | 2,233,414 | 69,504 | ||||||||
EPR Properties | 1,207,063 | 95,189 | ||||||||
EquinixInc | 565,824 | 257,280 | ||||||||
Equity LifeStyleProperties Inc | 626,303 | 73,090 | ||||||||
Equity Residential | 638,951 | 48,829 | ||||||||
Essex Property TrustInc | 658,840 | 186,122 | ||||||||
Extra Space Storage Inc | 1,402,533 | 145,429 | ||||||||
First Industrial Realty TrustInc | 1,086,235 | 38,311 | ||||||||
HCPInc | 1,641,093 | 48,872 | ||||||||
Healthcare Trust of AmericaInc | 4,331,161 | 119,453 | ||||||||
Hudson Pacific PropertiesInc | 1,544,782 | 53,851 | ||||||||
Invitation Homes Inc | 8,124,514 | 201,975 | ||||||||
Kilroy Realty Corp | 1,285,938 | 98,901 | ||||||||
Physicians Realty Trust | 2,018,954 | 36,463 | ||||||||
Prologis Inc | 4,582,297 | 351,325 | ||||||||
Public Storage | 334,505 | 73,986 | ||||||||
Regency Centers Corp | 2,124,256 | 142,686 | ||||||||
Sabra Health Care REITInc | 1,704,504 | 33,340 | ||||||||
Saul CentersInc | 378,692 | 20,203 | ||||||||
Simon Property GroupInc | 1,178,570 | 204,718 | ||||||||
Spirit Realty CapitalInc | 1,637,667 | 66,260 | ||||||||
STORE Capital Corp | 3,959,719 | 131,938 | ||||||||
Sun CommunitiesInc | 1,038,385 | 127,804 | ||||||||
Sunstone Hotel Investors Inc | 4,938,032 | 71,108 | ||||||||
Tanger Factory Outlet CentersInc | 1,121,902 | 20,262 | ||||||||
Taubman CentersInc | 790,601 | 38,977 | ||||||||
Terreno Realty Corp | 989,628 | 44,187 | ||||||||
VICI PropertiesInc | 2,563,810 | 58,455 | ||||||||
WelltowerInc | 2,887,246 | 215,186 | ||||||||
Weyerhaeuser Co | 1,000,845 | 26,823 | ||||||||
$ | 4,152,125 | |||||||||
Software - 2.21% | ||||||||||
InterXionHolding NV(a) | 1,421,020 | 98,320 | ||||||||
TOTAL COMMON STOCKS | $ | 4,417,190 | ||||||||
INVESTMENT COMPANIES - 0.75% | Shares Held Value (000's) | |||||||||
Money Market Funds - 0.75% | ||||||||||
Principal Government Money Market Fund | 33,334,498 | 33,335 | ||||||||
2.38%(b),(c) | ||||||||||
TOTAL INVESTMENT COMPANIES | $ | 33,335 | ||||||||
Total Investments | $ | 4,450,525 | ||||||||
Other Assets and Liabilities - 0.03% | 1,543 | |||||||||
TOTAL NET ASSETS - 100.00% | $ | 4,452,068 |
Affiliated Securities | October 31, 2018 | Purchases | Sales | April 30, 2019 | ||||||||
Value | Cost | Proceeds | Value | |||||||||
Principal Government Money Market Fund 2.38% | $ | 49,809 | $ | 639,456 | $ | 655,930 | $ | 33,335 | ||||
$ | 49,809 | $ | 639,456 | $ | 655,930 | $ | 33,335 | |||||
Realized Gain/Loss | Realized Gain from | Change in Unrealized | ||||||||||
Income | on Investments | Capital Gain Distributions | Gain/Loss | |||||||||
Principal Government Money Market Fund 2.38% | $ | 519 | $ | —$ | —$ | — | ||||||
$ | 519 | $ | —$ | —$ | — | |||||||
Amounts in thousands |
See accompanying notes.
246
Schedule of Investments Short-Term Income Fund April 30, 2019 (unaudited)
INVESTMENT COMPANIES - 1.88% | Shares Held Value (000's) | Principal | ||||||||||
Money Market Funds - 1.88% | BONDS (continued) | Amount (000’s) Value (000’s) | ||||||||||
Principal Government Money Market Fund | 90,633,843 | $ | 90,634 | Automobile Asset Backed Securities (continued) | ||||||||
2.38%(a),(b) | CPS Auto Receivables Trust 2018-B | |||||||||||
TOTAL INVESTMENT COMPANIES | $ | 90,634 | 2.72%, 09/15/2021(c) | $ | 5,513 | $ | 5,510 | |||||
Principal | CPS Auto Receivables Trust 2018-D | |||||||||||
BONDS - 96.51% | Amount (000's) Value (000's) | 3.06%, 01/18/2022(c) | 16,040 | 16,062 | ||||||||
Aerospace & Defense - 1.08% | CPS Auto Receivables Trust 2019-A | |||||||||||
General Dynamics Corp | 3.18%, 06/15/2022(c) | 7,749 | 7,766 | |||||||||
2.88%, 05/11/2020 | $ | 6,800 | $ | 6,823 | CPS Auto Receivables Trust 2019-B | |||||||
3.00%, 05/11/2021 | 9,750 | 9,836 | 2.89%, 05/16/2022(c) | 9,750 | 9,751 | |||||||
Northrop Grumman Corp | CPS Auto Trust | |||||||||||
2.08%, 10/15/2020 | 4,850 | 4,809 | 2.87%, 09/15/2021(c) | 7,030 | 7,030 | |||||||
Rockwell CollinsInc | Ford Credit Auto Owner Trust 2015-REV2 | |||||||||||
1.95%, 07/15/2019 | 5,000 | 4,992 | 2.44%, 01/15/2027(c) | 12,327 | 12,286 | |||||||
3.20%, 03/15/2024 | 6,750 | 6,755 | Ford Credit Auto Owner Trust 2016-REV2 | |||||||||
United Technologies Corp | 2.03%, 12/15/2027(c) | 14,000 | 13,816 | |||||||||
1.50%, 11/01/2019 | 9,600 | 9,544 | Ford Credit Auto Owner Trust 2017-REV1 | |||||||||
1.90%, 05/04/2020 | 9,400 | 9,321 | 2.62%, 08/15/2028(c) | 11,500 | 11,486 | |||||||
$ | 52,080 | Ford Credit Auto Owner Trust 2019-REV1 | ||||||||||
Airlines - 0.56% | 3.52%, 07/15/2030(c) | 11,700 | 11,902 | |||||||||
American Airlines 2013-2 Class A Pass Through | Ford Credit Auto Owner Trust/Ford Credit | |||||||||||
Trust | 3.47%, 01/15/2030(c) | 14,600 | 14,878 | |||||||||
4.95%, 07/15/2024 | 10,041 | 10,408 | Ford Credit Auto Owner Trust/Ford Credit | |||||||||
Continental Airlines 2009-2 Class A Pass Through | 2014-REV1 | |||||||||||
Trust | 2.26%, 11/15/2025(c) | 11,327 | 11,324 | |||||||||
7.25%, 05/10/2021 | 5,885 | 5,997 | OneMainDirect Auto Receivables Trust 2017-2 | |||||||||
Delta Air Lines 2009-1 Class A Pass Through | 2.31%, 12/14/2021(c) | 14,157 | 14,116 | |||||||||
Trust | OneMainDirect Auto Receivables Trust 2018-1 | |||||||||||
7.75%, 06/17/2021 | 6,866 | 7,038 | 3.43%, 12/16/2024(c) | 16,000 | 16,156 | |||||||
Delta Air Lines 2012-1 Class A Pass Through | OneMainDirect Auto Receivables Trust 2019-1 | |||||||||||
Trust | 3.63%, 09/14/2027(c) | 16,750 | 16,934 | |||||||||
4.75%, 11/07/2021 | 3,478 | 3,529 | Santander Drive Auto Receivables Trust 2015-2 | |||||||||
$ | 26,972 | 3.02%, 04/15/2021 | 5,854 | 5,858 | ||||||||
Automobile Asset Backed Securities - 8.67% | Santander Drive Auto Receivables Trust 2018-2 | |||||||||||
AmeriCredit Automobile Receivables 2015-4 | 2.58%, 10/15/2020 | 1,943 | 1,943 | |||||||||
3.72%, 12/08/2021 | 6,390 | 6,440 | Santander Drive Auto Receivables Trust 2018-3 | |||||||||
AmeriCredit Automobile Receivables Trust | 2.78%, 03/15/2021 | 4,689 | 4,688 | |||||||||
2015-2 | Santander Drive Auto Receivables Trust 2018-4 | |||||||||||
3.00%, 06/08/2021 | 3,000 | 3,003 | 2.73%, 04/15/2021 | 3,140 | 3,138 | |||||||
AmeriCredit Automobile Receivables Trust | 3.01%, 03/15/2022 | 7,800 | 7,812 | |||||||||
2015-3 | Santander Drive Auto Receivables Trust 2018-5 | |||||||||||
2.73%, 03/08/2021 | 5,879 | 5,878 | 2.97%, 07/15/2021 | 14,864 | 14,873 | |||||||
AmeriCredit Automobile Receivables Trust | Santander Drive Auto Receivables Trust 2019-1 | |||||||||||
2017-4 | 2.91%, 01/18/2022 | 7,300 | 7,308 | |||||||||
1.83%, 05/18/2021 | 2,801 | 2,797 | TCF Auto Receivables Owner Trust 2016-PT1 | |||||||||
Americredit Automobile Receivables Trust 2018-1 | 1.93%, 06/15/2022(c) | 6,517 | 6,473 | |||||||||
3.07%, 12/19/2022 | 9,750 | 9,801 | Westlake Automobile Receivables Trust 2017-1 | |||||||||
Americredit Automobile Receivables Trust 2018-2 | 2.30%, 10/17/2022(c) | 300 | 300 | |||||||||
3.15%, 03/20/2023 | 6,800 | 6,857 | Westlake Automobile Receivables Trust 2017-2 | |||||||||
Americredit Automobile Receivables Trust 2018-3 | 1.80%, 07/15/2020(c) | 318 | 318 | |||||||||
3.11%, 01/18/2022 | 14,239 | 14,267 | Westlake Automobile Receivables Trust 2018-1 | |||||||||
Americredit Automobile Receivables Trust 2019-1 | 2.24%, 12/15/2020(c) | 5,176 | 5,172 | |||||||||
2.93%, 06/20/2022 | 11,700 | 11,719 | Westlake Automobile Receivables Trust 2018-2 | |||||||||
2.97%, 11/20/2023 | 7,300 | 7,349 | 2.84%, 09/15/2021(c) | 5,612 | 5,615 | |||||||
Bank of The West Auto Trust 2017-1 | 3.20%, 01/16/2024(c) | 7,800 | 7,827 | |||||||||
1.78%, 02/15/2021(c) | 1,447 | 1,445 | Westlake Automobile Receivables Trust 2018-3 | |||||||||
Bank of The West Auto Trust 2018-1 | 2.98%, 01/18/2022(c) | 10,949 | 10,966 | |||||||||
3.09%, 04/15/2021(c) | 16,600 | 16,628 | 3.32%, 10/16/2023(c) | 10,700 | 10,739 | |||||||
Capital Auto Receivables Asset Trust 2018-1 | Westlake Automobile Receivables Trust 2019-1 | |||||||||||
2.54%, 10/20/2020(c) | 5,641 | 5,639 | 3.51%, 05/16/2022(c) | 10,700 | 10,723 | |||||||
Capital Auto Receivables Asset Trust 2018-2 | 3.81%, 10/17/2022(c) | 13,150 | 13,203 | |||||||||
3.02%, 02/22/2021(c) | 12,500 | 12,519 | World Omni Select Auto Trust 2018-1 | |||||||||
3.27%, 06/20/2023(c) | 9,750 | 9,797 | 3.24%, 04/15/2022(c) | 12,350 | 12,385 | |||||||
CPS Auto Receivables Trust 2014-C | $ | 417,613 | ||||||||||
3.77%, 08/17/2020(c) | 1,780 | 1,783 | Automobile Floor Plan Asset Backed Securities - 1.85% | |||||||||
CPS Auto Receivables Trust 2017-D | Ally Master Owner Trust | |||||||||||
1.87%, 03/15/2021(c) | 727 | 727 | 2.70%, 01/17/2023 | 14,250 | 14,248 | |||||||
CPS Auto Receivables Trust 2018-A | 3.29%, 05/15/2023 | 19,500 | 19,741 | |||||||||
2.16%, 05/17/2021(c) | 2,609 | 2,606 |
See accompanying notes.
247
Schedule of Investments Short-Term Income Fund April 30, 2019 (unaudited)
Principal | Principal | ||||||||||
BONDS (continued) | Amount (000’s) Value (000’s) | BONDS (continued) | Amount (000’s) Value (000’s) | ||||||||
Automobile Floor Plan Asset Backed Securities (continued) | Banks (continued) | ||||||||||
BMW Floorplan Master Owner Trust | Citigroup Inc (continued) | ||||||||||
2.79%, 05/15/2023(c) | $ | 4,500 | $ | 4,500 | 4.00%, 08/05/2024 | $ | 10,750 | $ | 11,094 | ||
1.00 x 1 Month USD LIBOR + 0.32% | 4.04%, 06/01/2024(d) | 4,750 | 4,903 | ||||||||
Ford Credit Floorplan Master Owner Trust A | 3 Month USD LIBOR + 1.02% | ||||||||||
2.87%, 10/15/2023 | 8,750 | 8,749 | 4.06%, 09/01/2023 | 10,000 | 10,201 | ||||||
1.00 x 1 Month USD LIBOR + 0.40% | 3 Month USD LIBOR + 1.43% | ||||||||||
2.93%, 11/15/2021 | 6,700 | 6,710 | Credit Suisse Group AG | ||||||||
1.00 x 1 Month USD LIBOR + 0.46% | 4.21%, 06/12/2024(c),(d) | 17,900 | 18,437 | ||||||||
Navistar Financial Dealer Note Master Owner | 3 Month USD LIBOR + 1.24% | ||||||||||
Trust II | Fifth Third Bancorp | ||||||||||
3.11%, 09/25/2023(c) | 11,500 | 11,524 | 2.60%, 06/15/2022 | 13,400 | 13,315 | ||||||
1.00 x 1 Month USD LIBOR + 0.63% | 3.65%, 01/25/2024 | 9,800 | 10,076 | ||||||||
Volvo Financial Equipment Master Owner Trust | 4.30%, 01/16/2024 | 15,700 | 16,500 | ||||||||
2.97%, 11/15/2022(c) | 8,750 | 8,773 | Fifth Third Bank/Cincinnati OH | ||||||||
1.00 x 1 Month USD LIBOR + 0.50% | 1.63%, 09/27/2019 | 4,750 | 4,730 | ||||||||
2.99%, 07/17/2023(c) | 14,600 | 14,652 | 2.25%, 06/14/2021 | 7,700 | 7,628 | ||||||
1.00 x 1 Month USD LIBOR + 0.52% | Goldman Sachs GroupInc/The | ||||||||||
$ | 88,897 | 2.30%, 12/13/2019 | 9,600 | 9,573 | |||||||
Automobile Manufacturers - 1.24% | 2.60%, 04/23/2020 | 9,600 | 9,580 | ||||||||
Daimler Finance North America LLC | 3.00%, 04/26/2022 | 24,050 | 24,066 | ||||||||
1.75%, 10/30/2019(c) | 6,650 | 6,615 | 3.20%, 02/23/2023 | 10,000 | 10,006 | ||||||
Ford Motor Credit Co LLC | 3.70%, 04/26/2022 | 10,450 | 10,545 | ||||||||
2.02%, 05/03/2019 | 9,600 | 9,600 | 3 Month USD LIBOR + 1.11% | ||||||||
3.87%, 03/28/2022 | 5,000 | 4,924 | 3.75%, 04/23/2020 | 9,600 | 9,678 | ||||||
3 Month USD LIBOR + 1.27% | 3 Month USD LIBOR + 1.16% | ||||||||||
General Motors Financial CoInc | 4.42%, 02/25/2021 | 9,600 | 9,827 | ||||||||
3.44%, 04/09/2021 | 9,700 | 9,687 | 3 Month USD LIBOR + 1.77% | ||||||||
3 Month USD LIBOR + 0.85% | HSBC Holdings PLC | ||||||||||
PACCAR Financial Corp | 3.95%, 05/18/2024(d) | 9,750 | 10,016 | ||||||||
2.20%, 09/15/2019 | 9,327 | 9,305 | 3 Month USD LIBOR + 0.99% | ||||||||
3.10%, 05/10/2021 | 9,750 | 9,819 | ING GroepNV | ||||||||
Toyota Motor Credit Corp | 3.15%, 03/29/2022 | 6,800 | 6,828 | ||||||||
2.60%, 01/11/2022 | 9,600 | 9,594 | 3.75%, 03/29/2022 | 9,750 | 9,879 | ||||||
$ | 59,544 | 3 Month USD LIBOR + 1.15% | |||||||||
Banks - 18.98% | JPMorgan Chase & Co | ||||||||||
Bank of America Corp | 2.30%, 08/15/2021 | 9,500 | 9,416 | ||||||||
2.50%, 10/21/2022 | 12,000 | 11,836 | 3.48%, 04/25/2023 | 38,500 | 38,711 | ||||||
2.63%, 10/19/2020 | 15,750 | 15,760 | 3 Month USD LIBOR + 0.90% | ||||||||
3.00%, 12/20/2023(d) | 10,347 | 10,305 | 3.81%, 10/24/2023 | 15,000 | 15,220 | ||||||
3 Month USD LIBOR + 0.79% | 3 Month USD LIBOR + 1.23% | ||||||||||
3.75%, 01/20/2023 | 28,400 | 28,777 | 3.88%, 09/10/2024 | 5,249 | 5,402 | ||||||
3 Month USD LIBOR + 1.16% | 4.25%, 10/15/2020 | 22,250 | 22,752 | ||||||||
4.20%, 08/26/2024 | 24,500 | 25,420 | KeyBank NA/Cleveland OH | ||||||||
Bank of New York Mellon Corp/The | 2.40%, 06/09/2022 | 9,600 | 9,527 | ||||||||
2.20%, 05/15/2019 | 11,327 | 11,326 | 3.30%, 02/01/2022 | 4,750 | 4,822 | ||||||
2.50%, 04/15/2021 | 5,700 | 5,685 | KeyCorp | ||||||||
3.63%, 10/30/2023 | 24,500 | 24,880 | 5.10%, 03/24/2021 | 20,000 | 20,858 | ||||||
3 Month USD LIBOR + 1.05% | Morgan Stanley | ||||||||||
BB&T Corp | 3.25%, 02/10/2021 | 8,200 | 8,211 | ||||||||
2.05%, 05/10/2021 | 9,500 | 9,363 | 3 Month USD LIBOR + 0.55% | ||||||||
3.24%, 04/01/2022 | 4,900 | 4,916 | 3.98%, 10/24/2023 | 38,600 | 39,372 | ||||||
3 Month USD LIBOR + 0.65% | 3 Month USD LIBOR + 1.40% | ||||||||||
BNP Paribas SA | 3.99%, 04/21/2021 | 20,700 | 21,071 | ||||||||
3.50%, 03/01/2023(c) | 9,750 | 9,838 | 3 Month USD LIBOR + 1.40% | ||||||||
Branch Banking & Trust Co | 4.10%, 05/22/2023 | 10,200 | 10,547 | ||||||||
2.10%, 01/15/2020 | 14,400 | 14,341 | 5.50%, 07/24/2020 | 9,500 | 9,796 | ||||||
2.63%, 01/15/2022 | 14,400 | 14,407 | PNC Bank NA | ||||||||
Capital One NA | 2.00%, 05/19/2020 | 9,250 | 9,190 | ||||||||
1.85%, 09/13/2019 | 9,500 | 9,469 | 2.70%, 11/01/2022 | 10,965 | 10,917 | ||||||
3.37%, 09/13/2019 | 9,500 | 9,515 | 3.04%, 05/19/2020 | 6,000 | 6,014 | ||||||
3 Month USD LIBOR + 0.77% | 3 Month USD LIBOR + 0.36% | ||||||||||
3.73%, 01/30/2023 | 14,400 | 14,535 | 3.08%, 07/27/2022 | 9,600 | 9,619 | ||||||
3 Month USD LIBOR + 1.15% | 3 Month USD LIBOR + 0.50% | ||||||||||
CitigroupInc | PNC Financial Services GroupInc/The | ||||||||||
2.70%, 03/30/2021 | 14,100 | 14,081 | 3.90%, 04/29/2024 | 9,850 | 10,237 | ||||||
3.50%, 05/15/2023 | 9,750 | 9,861 | Royal Bank of Scotland Group PLC | ||||||||
3.54%, 04/25/2022 | 19,800 | 20,015 | 4.27%, 03/22/2025(d) | 9,750 | 9,940 | ||||||
3 Month USD LIBOR + 0.96% | 3 Month USD LIBOR + 1.76% |
See accompanying notes.
248
Schedule of Investments Short-Term Income Fund April 30, 2019 (unaudited)
Principal | Principal | |||||||||||
BONDS (continued) | Amount (000’s) Value (000’s) | BONDS (continued) | Amount (000’s) Value (000’s) | |||||||||
Banks (continued) | Chemicals (continued) | |||||||||||
State Street Corp | Westlake Chemical Corp | |||||||||||
3.10%, 05/15/2023 | $ | 24,100 | $ | 24,322 | 3.60%, 07/15/2022 | $ | 4,100 | $ | 4,135 | |||
SunTrust Bank/Atlanta GA | $ | 47,545 | ||||||||||
2.25%, 01/31/2020 | 9,600 | 9,565 | Commercial Mortgage Backed Securities - 0.83% | |||||||||
2.45%, 08/01/2022 | 14,400 | 14,235 | GinnieMae | |||||||||
3.33%, 08/02/2022 | 9,750 | 9,742 | 0.49%, 09/16/2055(f),(g) | 23,181 | 709 | |||||||
3 Month USD LIBOR + 0.59% | 0.70%, 01/16/2054(f),(g) | 40,205 | 1,304 | |||||||||
SunTrust BanksInc | 0.72%, 10/16/2054(f),(g) | 45,187 | 1,412 | |||||||||
2.90%, 03/03/2021 | 12,500 | 12,536 | 0.81%, 02/16/2048(f),(g) | 28,842 | 1,111 | |||||||
UBS AG/London | 0.84%, 02/16/2055(f),(g) | 66,883 | 2,129 | |||||||||
2.20%, 06/08/2020(c) | 11,500 | 11,432 | 0.87%, 01/16/2055(f),(g) | 97,558 | 3,826 | |||||||
UBS Group Funding Switzerland AG | 1.05%, 06/16/2045(f),(g) | 65,701 | 3,570 | |||||||||
3.49%, 05/23/2023(c) | 11,450 | 11,520 | 1.13%, 08/16/2042(f),(g) | 38,729 | 1,741 | |||||||
US Bancorp | 1.24%, 02/16/2046(f),(g) | 58,438 | 2,645 | |||||||||
3.22%, 01/24/2022 | 5,751 | 5,793 | 1.25%, 10/16/2051(f),(g) | 3,303 | 231 | |||||||
3 Month USD LIBOR + 0.64% | 1.37%, 12/16/2036(f),(g) | 52,214 | 2,692 | |||||||||
3.60%, 09/11/2024 | 14,400 | 14,870 | GS Mortgage Securities Trust 2017-GS6 | |||||||||
US Bank NA/Cincinnati OH | 1.95%, 05/10/2050 | 11,093 | 10,949 | |||||||||
2.00%, 01/24/2020 | 9,600 | 9,559 | JPMDB Commercial Mortgage Securities Trust | |||||||||
2.05%, 10/23/2020 | 9,700 | 9,627 | 2016-C4 | |||||||||
Wells Fargo & Co | 1.54%, 12/15/2049 | 7,865 | 7,735 | |||||||||
2.60%, 07/22/2020 | 5,000 | 4,989 | $ | 40,054 | ||||||||
3.07%, 01/24/2023 | 19,000 | 19,036 | Computers - 0.49% | |||||||||
Wells Fargo Bank NA | AppleInc | |||||||||||
3.09%, 07/23/2021 | 14,500 | 14,532 | 1.90%, 02/07/2020 | 4,800 | 4,776 | |||||||
3 Month USD LIBOR + 0.50% | 2.50%, 02/09/2022 | 9,600 | 9,583 | |||||||||
$ | 914,592 | International Business Machines Corp | ||||||||||
Beverages - 0.95% | 2.25%, 02/19/2021 | 9,500 | 9,430 | |||||||||
Anheuser-BuschInBevWorldwideInc | $ | 23,789 | ||||||||||
4.15%, 01/23/2025 | 19,250 | 20,104 | Consumer Products - 0.20% | |||||||||
KeurigDr Pepper Inc | Reckitt Benckiser Treasury Services PLC | |||||||||||
3.55%, 05/25/2021(c) | 9,750 | 9,861 | 3.16%, 06/24/2022(c) | 9,600 | 9,539 | |||||||
PepsiCoInc | 3 Month USD LIBOR + 0.56% | |||||||||||
1.35%, 10/04/2019 | 6,400 | 6,367 | Credit Card Asset Backed Securities - 0.36% | |||||||||
2.15%, 10/14/2020 | 9,500 | 9,452 | Capital One Multi-Asset Execution Trust | |||||||||
$ | 45,784 | 2.84%, 12/15/2024 | 9,500 | 9,580 | ||||||||
Biotechnology - 1.46% | 2.98%, 09/16/2024 | 7,700 | 7,754 | |||||||||
AmgenInc | 1.00 x 1 Month USD LIBOR + 0.51% | |||||||||||
2.20%, 05/22/2019 | 9,327 | 9,325 | $ | 17,334 | ||||||||
2.20%, 05/11/2020 | 4,800 | 4,780 | Diversified Financial Services- 0.92% | |||||||||
2.65%, 05/11/2022 | 9,600 | 9,551 | American Express Co | |||||||||
Biogen Inc | 3.00%, 02/22/2021 | 9,750 | 9,789 | |||||||||
2.90%, 09/15/2020 | 14,000 | 13,995 | 3.70%, 11/05/2021 | 6,850 | 6,996 | |||||||
Celgene Corp | Capital One Financial Corp | |||||||||||
3.25%, 08/15/2022 | 9,750 | 9,829 | 3.90%, 01/29/2024 | 4,900 | 5,033 | |||||||
3.63%, 05/15/2024 | 8,100 | 8,233 | GE Capital International Funding Co Unlimited | |||||||||
Gilead SciencesInc | Co | |||||||||||
1.85%, 09/20/2019 | 14,700 | 14,652 | 2.34%, 11/15/2020 | 12,850 | 12,711 | |||||||
$ | 70,365 | GTP Acquisition Partners I LLC | ||||||||||
Building Materials - 0.24% | 2.35%, 06/15/2045(c) | 10,100 | 9,994 | |||||||||
Martin Marietta Materials Inc | $ | 44,523 | ||||||||||
3.13%, 12/20/2019 | 11,700 | 11,705 | Electric - 4.55% | |||||||||
3 Month USD LIBOR + 0.50% | Alabama Power Co | |||||||||||
Chemicals - 0.99% | 2.45%, 03/30/2022 | 14,250 | 14,168 | |||||||||
Air Liquide Finance SA | Alliant Energy Finance LLC | |||||||||||
1.75%, 09/27/2021(c) | 6,750 | 6,600 | 3.75%, 06/15/2023(c) | 7,510 | 7,670 | |||||||
Celanese US Holdings LLC | Black Hills Corp | |||||||||||
3.50%, 05/08/2024(e) | 9,800 | 9,836 | 4.25%, 11/30/2023 | 17,500 | 18,142 | |||||||
Chevron Phillips Chemical Co LLC / Chevron | 5.88%, 07/15/2020 | 1,260 | 1,302 | |||||||||
Phillips Chemical Co LP | CenterPoint EnergyInc | |||||||||||
2.45%, 05/01/2020(c) | 4,832 | 4,819 | 3.60%, 11/01/2021 | 14,700 | 14,975 | |||||||
3.30%, 05/01/2023(c) | 7,300 | 7,390 | Dominion EnergyInc | |||||||||
DowDuPontInc | 2.58%, 07/01/2020 | 7,800 | 7,767 | |||||||||
3.79%, 11/15/2023 | 9,750 | 9,835 | 2.96%, 07/01/2019(g) | 15,100 | 15,100 | |||||||
3 Month USD LIBOR + 1.11% | ||||||||||||
International Flavors & FragrancesInc | ||||||||||||
3.40%, 09/25/2020 | 4,900 | 4,930 |
See accompanying notes.
249
Schedule of Investments Short-Term Income Fund April 30, 2019 (unaudited)
Principal | Principal | ||||||||||
BONDS (continued) | Amount (000’s) Value (000’s) | BONDS (continued) | Amount (000’s) Value (000’s) | ||||||||
Electric (continued) | Food (continued) | ||||||||||
Duke Energy Florida LLC | MondelezInternational Holdings Netherlands BV | ||||||||||
1.85%, 01/15/2020 | $ | 9,600 | $ | 9,539 | 1.63%, 10/28/2019(c) | $ | 10,750 | $ | 10,689 | ||
2.10%, 12/15/2019 | 750 | 748 | 3.19%, 10/28/2019(c) | 9,500 | 9,517 | ||||||
3.10%, 08/15/2021 | 5,750 | 5,792 | 3 Month USD LIBOR + 0.61% | ||||||||
Emera US Finance LP | Tyson FoodsInc | ||||||||||
2.70%, 06/15/2021 | 6,700 | 6,656 | 2.25%, 08/23/2021 | 3,850 | 3,808 | ||||||
Exelon Corp | 3.08%, 05/30/2019 | 6,750 | 6,751 | ||||||||
3.50%, 06/01/2022 | 22,500 | 22,816 | 3 Month USD LIBOR + 0.45% | ||||||||
Fortis Inc/Canada | 3.09%, 08/21/2020 | 4,800 | 4,795 | ||||||||
2.10%, 10/04/2021 | 16,365 | 16,076 | 3 Month USD LIBOR + 0.45% | ||||||||
Indiantown Cogeneration LP | $ | 64,894 | |||||||||
9.77%, 12/15/2020 | 3,658 | 3,786 | Gas - 0.08% | ||||||||
LG&E & KU Energy LLC | NiSource Inc | ||||||||||
4.38%, 10/01/2021 | 15,000 | 15,426 | 2.65%, 11/17/2022 | 4,000 | 3,947 | ||||||
NextEra Energy Capital HoldingsInc | Healthcare - Services - 0.43% | ||||||||||
2.90%, 04/01/2022 | 6,850 | 6,880 | Humana Inc | ||||||||
3.15%, 04/01/2024 | 5,600 | 5,621 | 2.50%, 12/15/2020 | 4,900 | 4,868 | ||||||
San Diego Gas & Electric Co | Roche HoldingsInc | ||||||||||
1.91%, 02/01/2022 | 3,128 | 3,068 | 2.94%, 09/30/2019(c) | 9,327 | 9,338 | ||||||
Sempra Energy | 3 Month USD LIBOR + 0.34% | ||||||||||
2.40%, 02/01/2020 | 9,750 | 9,722 | UnitedHealth GroupInc | ||||||||
3.10%, 01/15/2021 | 14,500 | 14,435 | 1.95%, 10/15/2020 | 6,750 | 6,687 | ||||||
3 Month USD LIBOR + 0.50% | $ | 20,893 | |||||||||
Southern California Edison Co | Home Equity Asset Backed Securities - 0.00% | ||||||||||
1.85%, 02/01/2022 | 5,017 | 4,862 | RASC Series 2005-AHL2 Trust | ||||||||
WEC Energy GroupInc | 2.83%, 10/25/2035 | 96 | 96 | ||||||||
3.38%, 06/15/2021 | 14,600 | 14,776 | 1.00 x 1 Month USD LIBOR + 0.35% | ||||||||
$ | 219,327 | ||||||||||
Electronics - 0.36% | Housewares - 0.12% | ||||||||||
Newell BrandsInc | |||||||||||
FortiveCorp | 3.85%, 04/01/2023 | 5,800 | 5,766 | ||||||||
1.80%, 06/15/2019 | 1,121 | 1,119 | |||||||||
2.35%, 06/15/2021 | 6,700 | 6,631 | Insurance - 3.49% | ||||||||
Honeywell InternationalInc | Allstate Corp/The | ||||||||||
1.85%, 11/01/2021 | 9,600 | 9,457 | 3.23%, 03/29/2023 | 12,500 | 12,445 | ||||||
$ | 17,207 | 3 Month USD LIBOR + 0.63% | |||||||||
Berkshire Hathaway Finance Corp | |||||||||||
Finance - Mortgage Loan/Banker - 12.94% | 2.90%, 01/10/2020 | 14,500 | 14,528 | ||||||||
Fannie Mae | 3 Month USD LIBOR + 0.32% | ||||||||||
1.38%, 02/26/2021 | 25,000 | 24,582 | Berkshire HathawayInc | ||||||||
1.38%, 10/07/2021 | 22,350 | 21,845 | 2.75%, 03/15/2023 | 5,500 | 5,515 | ||||||
1.50%, 06/22/2020 | 15,000 | 14,847 | Five Corners Funding Trust | ||||||||
1.50%, 11/30/2020 | 25,000 | 24,677 | 4.42%, 11/15/2023(c) | 24,250 | 25,585 | ||||||
1.63%, 01/21/2020 | 20,000 | 19,885 | MassMutual Global Funding II | ||||||||
1.88%, 12/28/2020 | 25,000 | 24,821 | 1.55%, 10/11/2019(c) | 9,650 | 9,605 | ||||||
1.88%, 04/05/2022 | 30,000 | 29,631 | 2.00%, 04/15/2021(c) | 13,638 | 13,475 | ||||||
2.00%, 01/05/2022 | 19,000 | 18,863 | Metropolitan Life Global Funding I | ||||||||
2.00%, 10/05/2022 | 14,550 | 14,412 | 1.95%, 09/15/2021(c) | 15,000 | 14,719 | ||||||
2.38%, 01/19/2023 | 34,300 | 34,398 | 3.00%, 06/12/2020(c) | 6,750 | 6,769 | ||||||
2.50%, 02/05/2024 | 48,750 | 49,083 | 3 Month USD LIBOR + 0.40% | ||||||||
2.63%, 09/06/2024 | 63,450 | 64,299 | 3.05%, 09/07/2020(c) | 9,750 | 9,746 | ||||||
2.75%, 06/22/2021 | 26,025 | 26,265 | United States Secured Overnight Financing | ||||||||
2.88%, 10/30/2020 | 27,200 | 27,417 | Rate + 0.57% | ||||||||
2.88%, 09/12/2023 | 73,150 | 74,817 | New York Life Global Funding | ||||||||
Federal Home Loan Banks | 1.95%, 02/11/2020(c) | 9,600 | 9,549 | ||||||||
2.63%, 10/01/2020 | 25,000 | 25,097 | 2.00%, 04/13/2021(c) | 9,600 | 9,489 | ||||||
Freddie Mac | 2.15%, 06/18/2019(c) | 12,626 | 12,619 | ||||||||
2.38%, 02/16/2021 | 29,500 | 29,516 | 3.12%, 06/10/2022(c) | 24,000 | 24,072 | ||||||
2.38%, 01/13/2022 | 24,000 | 24,050 | 3 Month USD LIBOR + 0.52% | ||||||||
2.75%, 06/19/2023 | 73,900 | 75,145 | $ | 168,116 | |||||||
$ | 623,650 | ||||||||||
Food - 1.35% | Internet - 0.19% | ||||||||||
Amazon.comInc | |||||||||||
ConagraBrands Inc | 2.60%, 12/05/2019 | 9,327 | 9,326 | ||||||||
3.34%, 10/22/2020 | 9,750 | 9,753 | |||||||||
3 Month USD LIBOR + 0.75% | Machinery - Construction & Mining - 0.20% | ||||||||||
3.80%, 10/22/2021 | 4,900 | 4,996 | Caterpillar Financial Services Corp | ||||||||
Kraft Heinz Foods Co | 2.55%, 11/29/2022 | 9,700 | 9,654 | ||||||||
3.27%, 02/10/2021 | 9,600 | 9,598 | |||||||||
3 Month USD LIBOR + 0.57% | |||||||||||
4.00%, 06/15/2023 | 4,850 | 4,987 |
See accompanying notes.
250
Schedule of Investments Short-Term Income Fund April 30, 2019 (unaudited)
Principal | Principal | ||||||||||
BONDS (continued) | Amount (000’s) Value (000’s) | BONDS (continued) | Amount (000’s) Value (000’s) | ||||||||
Machinery - Diversified- 0.25% | Mortgage Backed Securities (continued) | ||||||||||
John Deere Capital Corp | JP Morgan Mortgage Trust 2019-2 | ||||||||||
2.05%, 03/10/2020 | $ | 4,650 | $ | 4,627 | 4.00%, 08/25/2049(c),(g) | $ | 9,291 | $ | 9,430 | ||
2.65%, 01/06/2022 | 7,212 | 7,226 | MASTR Asset Securitization Trust 2004-11 | ||||||||
$ | 11,853 | 5.00%, 12/25/2019 | 2 | 2 | |||||||
Media - 0.40% | MASTR Asset Securitization Trust 2004-9 | ||||||||||
Comcast Corp | 5.00%, 09/25/2019 | 4 | 4 | ||||||||
3.30%, 10/01/2020 | 9,750 | 9,825 | MetlifeSecuritization Trust2019-1 | ||||||||
TWDC Enterprises 18 Corp | 3.75%, 04/25/2058(c),(g),(h) | 7,200 | 7,331 | ||||||||
1.95%, 03/04/2020 | 9,500 | 9,445 | PHH Mortgage Trust Series 2008-CIM1 | ||||||||
$ | 19,270 | 5.22%, 06/25/2038 | 1,286 | 1,261 | |||||||
Mining - 0.22% | 1.00 x 1 Month USD LIBOR + 2.25% | ||||||||||
Glencore Finance Canada Ltd | Prime Mortgage Trust 2005-2 | ||||||||||
4.25%, 10/25/2022(c) | 2,000 | 2,064 | 5.25%, 07/25/2020 | 212 | 212 | ||||||
Glencore Funding LLC | Provident Funding Mortgage Loan Trust 2005-1 | ||||||||||
4.13%, 05/30/2023(c) | 8,300 | 8,479 | 3.06%, 05/25/2035 | 1,389 | 1,386 | ||||||
$ | 10,543 | 1.00 x 1 Month USD LIBOR + 0.58% | |||||||||
Miscellaneous Manufacturers - 0.58% | PSMC 2018-1 Trust | ||||||||||
General Electric Co | 3.50%, 02/25/2048(c),(g) | 20,366 | 20,387 | ||||||||
5.50%, 01/08/2020 | 3,850 | 3,917 | PSMC 2018-2 Trust | ||||||||
Ingersoll-Rand Global Holding Co Ltd | 3.50%, 06/25/2048(c),(g) | 18,229 | 18,320 | ||||||||
2.90%, 02/21/2021 | 14,500 | 14,516 | PSMC 2018-3 Trust | ||||||||
SiemensFinancieringsmaatschappijNV | 4.00%, 08/25/2048(c),(g) | 18,567 | 18,824 | ||||||||
2.20%, 03/16/2020(c) | 9,650 | 9,613 | PSMC 2018-4 Trust | ||||||||
$ | 28,046 | 4.00%, 11/25/2048(c),(g) | 19,313 | 19,571 | |||||||
RALI Series 2003-QS23 Trust | |||||||||||
Mortgage Backed Securities - 7.66% | 5.00%, 12/26/2018 | 12 | 12 | ||||||||
Alternative Loan Trust 2004-J8 | RBSSP Resecuritization Trust 2009-7 | ||||||||||
6.00%, 02/25/2017 | 45 | 47 | 2.89%, 06/26/2037(c) | 305 | 303 | ||||||
Banc of America Funding 2004-1 Trust | 1.00 x 1 Month USD LIBOR + 0.40% | ||||||||||
5.25%, 02/25/2019 | 15 | 16 | Sequoia Mortgage Trust 2013-4 | ||||||||
Banc of America Funding 2004-3 Trust | 1.55%, 04/25/2043(g) | 7,209 | 6,728 | ||||||||
4.75%, 09/25/2019 | 1 | 1 | Sequoia Mortgage Trust 2013-8 | ||||||||
CHL Mortgage Pass-Through Trust 2003-46 | 2.25%, 06/25/2043(g) | 4,105 | 4,040 | ||||||||
4.29%, 01/19/2034(g) | 473 | 476 | Sequoia Mortgage Trust 2017-1 | ||||||||
CHL Mortgage Pass-Through Trust 2004-J7 | 3.50%, 02/25/2047(c),(g) | 11,177 | 11,247 | ||||||||
5.00%, 09/25/2019 | 7 | 7 | Sequoia Mortgage Trust 2017-2 | ||||||||
Credit Suisse First Boston Mortgage Securities | 3.50%, 02/25/2047(c),(g) | 5,248 | 5,281 | ||||||||
Corp | Sequoia Mortgage Trust 2017-3 | ||||||||||
5.00%, 09/25/2019 | 5 | 5 | 3.50%, 04/25/2047(c),(g) | 9,738 | 9,799 | ||||||
CSFB Mortgage-Backed Pass-Through | Sequoia Mortgage Trust 2018-3 | ||||||||||
Certificates Series 2004-AR4 | 3.50%, 03/25/2048(c),(g) | 10,326 | 10,334 | ||||||||
3.44%, 05/25/2034 | 115 | 115 | Sequoia Mortgage Trust 2018-5 | ||||||||
1.00 x 1 Month USD LIBOR + 0.96% | 3.50%, 05/25/2048(c),(g) | 13,805 | 13,834 | ||||||||
CSFB Mortgage-Backed Trust Series 2004-7 | Sequoia Mortgage Trust 2018-6 | ||||||||||
5.00%, 10/25/2019 | 21 | 21 | 4.00%, 07/25/2048(c),(g) | 7,776 | 7,893 | ||||||
CSMC 2017-HL1 Trust | Sequoia Mortgage Trust 2018-7 | ||||||||||
3.50%, 06/25/2047(c),(g) | 17,027 | 17,017 | 4.00%, 09/25/2048(c),(g) | 8,626 | 8,785 | ||||||
CSMC 2017-HL2 Trust | Sequoia Mortgage Trust 2018-8 | ||||||||||
3.50%, 10/25/2047(c),(g) | 15,614 | 15,639 | 4.00%, 11/25/2048(c),(g) | 19,197 | 19,477 | ||||||
JP Morgan Mortgage Trust 2004-A3 | Sequoia Mortgage Trust 2018-CH3 | ||||||||||
4.54%, 07/25/2034(g) | 629 | 633 | 4.00%, 08/25/2048(c),(g) | 6,963 | 7,056 | ||||||
JP Morgan Mortgage Trust 2004-S1 | Sequoia Mortgage Trust 2019-1 | ||||||||||
5.00%, 09/25/2034 | 236 | 235 | 4.00%, 02/25/2049(c),(g) | 5,901 | 5,964 | ||||||
JP Morgan Mortgage Trust 2016-4 | Wells Fargo Mortgage Backed Securities 2018-1 | ||||||||||
3.50%, 10/25/2046(c),(g) | 12,026 | 12,079 | 3.50%, 07/25/2047(c),(g) | 16,786 | 16,882 | ||||||
JP Morgan Mortgage Trust 2017-2 | Wells Fargo Mortgage Backed Securities 2019-1 | ||||||||||
3.50%, 05/25/2047(c),(g) | 10,427 | 10,460 | Trust | ||||||||
JP Morgan Mortgage Trust 2017-4 | 4.00%, 11/25/2048(c),(g) | 6,784 | 6,890 | ||||||||
3.50%, 11/25/2048(c),(g) | 15,086 | 15,157 | 4.00%, 11/25/2048(c),(g) | 11,537 | 11,715 | ||||||
JP Morgan Mortgage Trust 2017-6 | $ | 369,179 | |||||||||
3.50%, 12/25/2048(c),(g) | 11,248 | 11,284 | |||||||||
JP Morgan Mortgage Trust 2018-3 | Oil & Gas - 1.05% | ||||||||||
3.50%, 09/25/2048(c),(g) | 13,006 | 13,031 | Chevron Corp | ||||||||
JP Morgan Mortgage Trust 2018-4 | 2.90%, 03/03/2024 | 4,750 | 4,782 | ||||||||
3.50%, 10/25/2048(c),(g) | 10,390 | 10,410 | Cimarex Energy Co | ||||||||
JP Morgan Mortgage Trust 2018-6 | 4.38%, 06/01/2024 | 12,500 | 12,993 | ||||||||
3.50%, 12/25/2048(c),(g) | 12,269 | 12,299 | Phillips 66 | ||||||||
JP Morgan Mortgage Trust 2018-9 | 3.35%, 04/15/2020(c) | 9,700 | 9,702 | ||||||||
4.00%, 02/25/2049(c),(g) | 7,172 | 7,279 | 3 Month USD LIBOR + 0.75% |
See accompanying notes.
251
Schedule of Investments Short-Term Income Fund April 30, 2019 (unaudited)
Principal | Principal | ||||||||||
BONDS (continued) | Amount (000’s) Value (000’s) | BONDS (continued) | Amount (000’s) Value (000’s) | ||||||||
Oil & Gas (continued) | Other Asset Backed Securities (continued) | ||||||||||
Shell International Finance BV | Volvo Financial Equipment LLC Series 2018-1 | ||||||||||
2.13%, 05/11/2020 | $ | 11,495 | $ | 11,439 | 2.26%, 09/15/2020(c) | $ | 4,752 | $ | 4,746 | ||
2.38%, 08/21/2022 | 11,700 | 11,606 | 2.76%, 10/17/2022(c) | 4,900 | 4,913 | ||||||
$ | 50,522 | Volvo Financial Equipment LLC Series 2019-1 | |||||||||
Oil & Gas Services - 0.20% | 3.00%, 03/15/2023(c) | 12,900 | 12,980 | ||||||||
Baker Hughes a GE Co LLC / Baker Hughes Co- | VSE 2018-AVoiMortgage LLC | ||||||||||
ObligorInc | 3.56%, 02/20/2036(c) | 9,793 | 9,957 | ||||||||
2.77%, 12/15/2022 | 9,750 | 9,715 | $ | 358,329 | |||||||
Other Asset Backed Securities - 7.44% | Packaging & Containers - 0.14% | ||||||||||
CCG Receivables Trust | Packaging Corp of America | ||||||||||
2.80%, 09/14/2026(c) | 15,500 | 15,509 | 2.45%, 12/15/2020 | 6,800 | 6,746 | ||||||
CCG Receivables Trust 2018-1 | Pharmaceuticals - 1.52% | ||||||||||
2.50%, 06/16/2025(c) | 3,553 | 3,546 | AbbVieInc | ||||||||
CCG Receivables Trust 2018-2 | 2.30%, 05/14/2021 | 4,800 | 4,753 | ||||||||
3.09%, 12/15/2025(c) | 19,500 | 19,556 | 2.50%, 05/14/2020 | 8,414 | 8,387 | ||||||
Daimler Trucks Retail Trust 2019-1 | Bayer US Finance II LLC | ||||||||||
2.77%, 04/15/2021(c) | 17,250 | 17,254 | 3.50%, 06/25/2021(c) | 4,750 | 4,774 | ||||||
Drug Royalty II LP 2 | 3.62%, 12/15/2023(c) | 4,750 | 4,682 | ||||||||
3.48%, 07/15/2023(c) | 1,407 | 1,404 | 3 Month USD LIBOR + 1.01% | ||||||||
Drug Royalty III LP 1 | 3.88%, 12/15/2023(c) | 5,800 | 5,850 | ||||||||
3.60%, 04/15/2027(c) | 2,587 | 2,574 | Cigna Corp | ||||||||
3.98%, 04/15/2027(c) | 2,095 | 2,098 | 3.26%, 09/17/2021(c) | 14,500 | 14,504 | ||||||
4.27%, 10/15/2031(c) | 3,861 | 3,917 | 3 Month USD LIBOR + 0.65% | ||||||||
4.39%, 10/15/2031(c) | 3,179 | 3,180 | CVS Health Corp | ||||||||
1.00 x 3 Month USD LIBOR + 1.60% | 3.13%, 03/09/2020 | 9,800 | 9,822 | ||||||||
5.29%, 04/15/2027(c) | 2,587 | 2,609 | Mead Johnson Nutrition Co | ||||||||
1.00 x 3 Month USD LIBOR + 2.50% | 3.00%, 11/15/2020 | 4,750 | 4,763 | ||||||||
MMAF Equipment Finance LLC 2018-A | Merck & CoInc | ||||||||||
2.92%, 07/12/2021(c) | 7,702 | 7,707 | 2.90%, 03/07/2024 | 5,800 | 5,873 | ||||||
MMAF Equipment Finance LLC 2019-A | PfizerInc | ||||||||||
2.84%, 01/10/2022(c) | 12,000 | 12,027 | 2.80%, 03/11/2022 | 9,750 | 9,820 | ||||||
MVW Owner Trust 2015-1 | $ | 73,228 | |||||||||
2.52%, 12/20/2032(c) | 6,354 | 6,303 | Pipelines - 2.38% | ||||||||
MVW Owner Trust 2016-1 | Buckeye Partners LP | ||||||||||
2.25%, 12/20/2033(c) | 4,098 | 4,030 | 4.15%, 07/01/2023 | 11,300 | 11,532 | ||||||
MVW Owner Trust 2018-1 | Columbia Pipeline GroupInc | ||||||||||
3.45%, 01/21/2036(c) | 12,589 | 12,789 | 3.30%, 06/01/2020 | 8,528 | 8,565 | ||||||
PFS Financing Corp | Enterprise Products Operating LLC | ||||||||||
1.87%, 10/15/2021(c) | 5,500 | 5,475 | 3.50%, 02/01/2022 | 19,500 | 19,809 | ||||||
2.40%, 10/17/2022(c) | 11,700 | 11,633 | Florida Gas Transmission Co LLC | ||||||||
2.86%, 04/15/2024(c) | 9,750 | 9,750 | 3.88%, 07/15/2022(c) | 12,550 | 12,844 | ||||||
2.94%, 10/15/2021(c) | 6,800 | 6,794 | 7.90%, 05/15/2019(c) | 10,271 | 10,290 | ||||||
1.00 x 1 Month USD LIBOR + 0.47% | Kinder MorganInc/DE | ||||||||||
3.07%, 07/15/2022(c) | 19,250 | 19,295 | 3.88%, 01/15/2023 | 14,500 | 14,573 | ||||||
1.00 x 1 Month USD LIBOR + 0.60% | 3 Month USD LIBOR + 1.28% | ||||||||||
3.19%, 04/17/2023(c) | 8,750 | 8,805 | ONEOK Partners LP | ||||||||
3.52%, 10/15/2023(c) | 6,750 | 6,861 | 5.00%, 09/15/2023 | 13,600 | 14,429 | ||||||
TrafiguraSecuritisationFinance PLC 2017-1 | Southeast Supply Header LLC | ||||||||||
3.32%, 12/15/2020(c) | 17,500 | 17,481 | 4.25%, 06/15/2024(c) | 3,100 | 3,120 | ||||||
1.00 x 1 Month USD LIBOR + 0.85% | TransCanadaPipeLines Ltd | ||||||||||
TrafiguraSecuritisationFinance PLC 2018-1 | 4.89%, 05/15/2067 | 23,657 | 19,635 | ||||||||
3.73%, 03/15/2022(c) | 22,000 | 22,206 | 3 Month USD LIBOR + 2.21% | ||||||||
Verizon Owner Trust 2016-1 | $ | 114,797 | |||||||||
1.42%, 01/20/2021(c) | 1,668 | 1,663 | REITs - 1.77% | ||||||||
Verizon Owner Trust 2016-2 | Alexandria Real Estate EquitiesInc | ||||||||||
1.68%, 05/20/2021(c) | 14,953 | 14,909 | 2.75%, 01/15/2020 | 11,990 | 11,975 | ||||||
Verizon Owner Trust 2017-1 | 3.90%, 06/15/2023 | 9,750 | 10,084 | ||||||||
2.06%, 09/20/2021(c) | 8,488 | 8,470 | CubeSmartLP | ||||||||
Verizon Owner Trust 2017-2 | 4.38%, 12/15/2023 | 4,000 | 4,164 | ||||||||
1.92%, 12/20/2021(c) | 15,000 | 14,933 | Digital Realty Trust LP | ||||||||
Verizon Owner Trust 2017-3 | 3.40%, 10/01/2020 | 6,700 | 6,750 | ||||||||
2.06%, 04/20/2022(c) | 13,200 | 13,129 | Healthcare Realty TrustInc | ||||||||
Verizon Owner Trust 2018-1 | 3.75%, 04/15/2023 | 12,000 | 12,093 | ||||||||
2.82%, 09/20/2022(c) | 15,500 | 15,545 | Hospitality Properties Trust | ||||||||
Verizon Owner Trust 2018-A | 4.50%, 06/15/2023 | 4,800 | 4,884 | ||||||||
3.23%, 04/20/2023 | 20,400 | 20,661 | Omega Healthcare Investors Inc | ||||||||
Verizon Owner Trust 2019-A | 4.95%, 04/01/2024 | 4,750 | 4,937 | ||||||||
2.93%, 09/20/2023 | 13,500 | 13,620 |
See accompanying notes.
252
Schedule of Investments Short-Term Income Fund April 30, 2019 (unaudited)
Principal | Principal | |||||||||||
BONDS (continued) | Amount (000’s) Value (000’s) | BONDS (continued) | Amount (000’s) Value (000’s) | |||||||||
REITs (continued) | Student Loan Asset Backed Securities (continued) | |||||||||||
SBA Tower Trust | NavientPrivate Education Loan Trust 2017-A | |||||||||||
2.88%, 07/15/2046(c) | $ | 9,600 | $ | 9,547 | 2.87%, 12/16/2058(c) | $ | 2,842 | $ | 2,844 | |||
3.17%, 04/09/2047(c) | 9,600 | 9,603 | 1.00 x 1 Month USD LIBOR + 0.40% | |||||||||
WelltowerInc | NavientPrivate Education Loan Trust 2018-B | |||||||||||
3.75%, 03/15/2023 | 2,924 | 3,001 | 2.82%, 12/15/2059(c) | 4,785 | 4,784 | |||||||
4.95%, 01/15/2021 | 8,110 | 8,349 | 1.00 x 1 Month USD LIBOR + 0.35% | |||||||||
$ | 85,387 | NavientPrivate Education Refi Loan Trust | ||||||||||
Retail - 0.93% | 2018-A | |||||||||||
Home Depot Inc/The | 2.53%, 02/18/2042(c) | 7,679 | 7,664 | |||||||||
1.80%, 06/05/2020 | 11,500 | 11,399 | NavientPrivate Education Refi Loan Trust | |||||||||
McDonald's Corp | 2018-C | |||||||||||
2.63%, 01/15/2022 | 7,250 | 7,241 | 3.01%, 06/16/2042(c) | 7,198 | 7,215 | |||||||
2.75%, 12/09/2020 | 8,256 | 8,263 | NavientPrivate Education Refi Loan Trust | |||||||||
WalmartInc | 2018-D | |||||||||||
1.75%, 10/09/2019 | 4,900 | 4,879 | 2.77%, 12/15/2059(c) | 9,811 | 9,806 | |||||||
1.90%, 12/15/2020 | 6,850 | 6,785 | 1.00 x 1 Month USD LIBOR + 0.30% | |||||||||
2.85%, 07/08/2024 | 6,000 | 6,030 | NavientPrivate Education Refi Loan Trust | |||||||||
$ | 44,597 | 2019-A | ||||||||||
Savings & Loans - 0.00% | 3.03%, 01/15/2043(c) | 4,644 | 4,663 | |||||||||
Washington Mutual Bank / Henderson NV | 3.42%, 01/15/2043(c) | 4,900 | 4,966 | |||||||||
0.00%, 01/15/2013(i) | 1,200 | — | NavientStudent Loan Trust 2018-EA | |||||||||
Semiconductors - 1.01% | 3.43%, 12/15/2059(c) | 20,764 | 20,882 | |||||||||
Broadcom Corp / Broadcom Cayman Finance Ltd | NavientStudent Loan Trust 2019-B | |||||||||||
2.38%, 01/15/2020 | 14,400 | 14,338 | 2.89%, 12/15/2059(c) | 9,750 | 9,754 | |||||||
3.00%, 01/15/2022 | 4,800 | 4,771 | 1.00 x 1 Month USD LIBOR + 0.40% | |||||||||
Broadcom Inc | SLM Private Credit Student Loan Trust 2002-A | |||||||||||
3.13%, 04/15/2021(c) | 9,750 | 9,746 | 3.16%, 12/16/2030 | 6,118 | 6,119 | |||||||
Microchip TechnologyInc | 1.00 x 3 Month USD LIBOR + 0.55% | |||||||||||
4.33%, 06/01/2023(c) | 9,800 | 10,070 | SLM Private Credit Student Loan Trust 2004-A | |||||||||
QUALCOMMInc | 3.01%, 06/15/2033 | 1,473 | 1,456 | |||||||||
3.31%, 01/30/2023 | 9,750 | 9,794 | 1.00 x 3 Month USD LIBOR + 0.40% | |||||||||
3 Month USD LIBOR + 0.73% | SLM Private Credit Student Loan Trust 2004-B | |||||||||||
$ | 48,719 | 2.94%, 03/15/2024 | 15,151 | 15,040 | ||||||||
1.00 x 3 Month USD LIBOR + 0.33% | ||||||||||||
Software - 0.84% | SLM Private Credit Student Loan Trust 2006-A | |||||||||||
Microsoft Corp | 2.90%, 06/15/2039 | 27,510 | 26,902 | |||||||||
1.10%, 08/08/2019 | 4,750 | 4,732 | 1.00 x 3 Month USD LIBOR + 0.29% | |||||||||
1.85%, 02/12/2020 | 14,600 | 14,530 | SLM Private Credit Student Loan Trust 2006-B | |||||||||
Oracle Corp | 2.81%, 12/15/2039 | 15,863 | 15,539 | |||||||||
1.90%, 09/15/2021 | 4,800 | 4,720 | 1.00 x 3 Month USD LIBOR + 0.20% | |||||||||
2.25%, 10/08/2019 | 4,750 | 4,741 | SLM Private Education Loan Trust 2013-B | |||||||||
VMwareInc | 1.85%, 06/17/2030(c) | 2,317 | 2,312 | |||||||||
2.95%, 08/21/2022 | 11,750 | 11,694 | SMB Private Education Loan Trust 2017-B | |||||||||
$ | 40,417 | 2.74%, 06/17/2024(c) | 4,510 | 4,510 | ||||||||
Student Loan Asset Backed Securities - 4.96% | 1.00 x 1 Month USD LIBOR + 0.27% | |||||||||||
AccessLexInstitute | SMB Private Education Loan Trust 2018-A | |||||||||||
3.65%, 07/01/2038 | 532 | 531 | 2.82%, 03/16/2026(c) | 9,926 | 9,930 | |||||||
1.00 x US Treasury Yield Curve Rate T | 1.00 x 1 Month USD LIBOR + 0.35% | |||||||||||
Note Constant Maturity 3 Month + 1.20% | SMB Private Education Loan Trust 2018-B | |||||||||||
Commonbond Student Loan Trust 2018-BGS | 2.79%, 12/16/2024(c) | 6,033 | 6,028 | |||||||||
3.56%, 09/25/2045(c) | 12,464 | 12,528 | 1.00 x 1 Month USD LIBOR + 0.32% | |||||||||
Commonbond Student Loan Trust 2018-C-GS | SMB Private Education Loan Trust 2018-C | |||||||||||
3.87%, 02/25/2046(c) | 13,612 | 13,916 | 2.77%, 09/15/2025(c) | 6,148 | 6,148 | |||||||
KeyCorp Student Loan Trust 2000-A | 1.00 x 1 Month USD LIBOR + 0.30% | |||||||||||
2.97%, 05/25/2029 | 2,059 | 2,053 | SMB Private Education Loan Trust 2019-A | |||||||||
1.00 x 3 Month USD LIBOR + 0.32% | 2.96%, 02/16/2026(c) | 9,750 | 9,754 | |||||||||
Keycorp Student Loan Trust 2000-b | 1.00 x 1 Month USD LIBOR + 0.35% | |||||||||||
2.89%, 07/25/2029 | 12,471 | 12,377 | $ | 238,960 | ||||||||
1.00 x 3 Month USD LIBOR + 0.31% | Telecommunications - 2.18% | |||||||||||
KeyCorp Student Loan Trust 2003-A | AT&TInc | |||||||||||
3.11%, 01/25/2037 | 17,812 | 17,485 | 2.80%, 02/17/2021 | 11,000 | 11,007 | |||||||
1.00 x 3 Month USD LIBOR + 0.53% | 3.58%, 02/15/2023 | 6,750 | 6,680 | |||||||||
KeyCorp Student Loan Trust 2006-A | 3 Month USD LIBOR + 0.89% | |||||||||||
2.92%, 09/27/2035 | 720 | 720 | 3.60%, 02/17/2023 | 4,800 | 4,900 | |||||||
1.00 x 3 Month USD LIBOR + 0.31% | Cisco SystemsInc | |||||||||||
NavientPrivate Education Loan Trust 2014-CT | 2.20%, 02/28/2021 | 4,750 | 4,721 | |||||||||
3.17%, 09/16/2024(c) | 3,032 | 3,034 | Crown Castle Towers LLC | |||||||||
1.00 x 1 Month USD LIBOR + 0.70% | 3.22%, 05/15/2022(c) | 11,430 | 11,472 |
See accompanying notes.
253
Schedule of Investments Short-Term Income Fund April 30, 2019 (unaudited)
Principal | U.S. GOVERNMENT & GOVERNMENT | Principal | |||||||||||
BONDS (continued) | Amount (000’s) Value (000’s) | AGENCY OBLIGATIONS (continued) | Amount (000’s) Value (000’s) | ||||||||||
Telecommunications (continued) | U.S. Treasury - 1.68% | ||||||||||||
Sprint Spectrum Co LLC / Sprint Spectrum Co II | 1.88%, 08/31/2022 | $ | 24,000 | $ | 23,711 | ||||||||
LLC / Sprint Spectrum Co III LLC | 2.63%, 05/15/2021 | 19,500 | 19,632 | ||||||||||
3.36%, 03/20/2023(c) | $ | 14,531 | $ | 14,495 | 2.63%, 06/15/2021 | 4,875 | 4,912 | ||||||
4.74%, 03/20/2025(c) | 26,550 | 27,048 | 2.75%, 07/31/2023 | 3,300 | 3,363 | ||||||||
Verizon CommunicationsInc | 2.88%, 11/15/2021 | 28,800 | 29,238 | ||||||||||
3.21%, 05/22/2020 | 4,800 | 4,819 | $ | 80,856 | |||||||||
3 Month USD LIBOR + 0.55% | TOTAL U.S. GOVERNMENT & GOVERNMENT AGENCY | ||||||||||||
Vodafone Group PLC | OBLIGATIONS | $ | 81,401 | ||||||||||
3.75%, 01/16/2024 | 19,450 | 19,788 | Total Investments | $ | 4,822,472 | ||||||||
$ | 104,930 | Other Assets and Liabilities - (0.08)% | (4,003 | ) | |||||||||
Transportation - 0.25% | TOTAL NET ASSETS - 100.00% | $ | 4,818,469 | ||||||||||
Ryder SystemInc | |||||||||||||
2.25%, 09/01/2021 | 4,800 | 4,729 | (a) | Affiliated Security. Security is either an affiliate (and registered under the | |||||||||
3.75%, 06/09/2023 | 7,300 | 7,454 | Investment Company Act of 1940) or an affiliate as defined by the Investment | ||||||||||
$ | 12,183 | Company Act of 1940 (controls 5.0% or more of the outstanding voting | |||||||||||
Trucking & Leasing - 0.20% | shares of the security). Please see affiliated sub-schedule for transactional | ||||||||||||
Penske Truck Leasing CoLp/ PTL Finance Corp | information. | ||||||||||||
3.45%, 07/01/2024(c),(e) | 9,800 | 9,804 | (b) | Current yield shown is as of period end. | |||||||||
TOTAL BONDS | $ | 4,650,437 | (c) | Security exempt from registration under Rule 144A of the Securities Act of | |||||||||
U.S. GOVERNMENT & GOVERNMENT | Principal | 1933. These securities may be resold in transactions exempt from registration, | |||||||||||
AGENCY OBLIGATIONS - 1.69% | Amount (000's) Value (000's) | normally to qualified institutional buyers. At the end of the period, the value of | |||||||||||
Federal Home Loan Mortgage Corporation (FHLMC) - 0.00% | these securities totaled $1,628,689 or 33.80% of net assets. | ||||||||||||
4.24%, 11/01/2021 | $ | 1 | $ | 1 | (d) | Rate shown is as of period end. The rate may be a variable or floating rate or | |||||||
1.00 x US Treasury Yield Curve Rate T | a fixed rate which may convert to a variable or floating rate in the future. | ||||||||||||
Note Constant Maturity 1 Year + 2.12% | (e) | Security purchased on a when-issued basis. | |||||||||||
4.61%, 09/01/2035 | 44 | 46 | (f) | Security is an Interest Only Strip. | |||||||||
1.00 x US Treasury Yield Curve Rate T | (g) | Certain variable rate securities are not based on a published reference rate | |||||||||||
Note Constant Maturity 1 Year + 2.25% | and spread but are determined by the issuer or agent and are based on current | ||||||||||||
7.00%, 12/01/2022 | 57 | 58 | market conditions. These securities do not indicate a reference rate and | ||||||||||
$ | 105 | spread in their description. Rate shown is the rate in effect as of period end. | |||||||||||
Federal National Mortgage Association (FNMA) - 0.01% | (h) | Fair value of these investments is determined in good faith by the Manager | |||||||||||
4.32%, 10/01/2035 | 120 | 126 | under procedures established and periodically reviewed by the Board of | ||||||||||
1.00 x 12 Month USD LIBOR + 1.57% | Directors. Certain inputs used in the valuation may be unobservable; however, | ||||||||||||
4.33%, 08/01/2034 | 34 | 36 | each security is evaluated individually for purposes of ASC 820 which results | ||||||||||
1.00 x 12 Month USD LIBOR + 1.63% | in not all securities being identified as Level 3 of the fair value hierarchy. At | ||||||||||||
4.40%, 07/01/2034 | 78 | 81 | the end of the period, the fair value of these securities totaled $7,331 or 0.15% | ||||||||||
1.00 x 12 Month USD LIBOR + 1.65% | of net assets. | ||||||||||||
4.42%, 07/01/2034 | 16 | 16 | (i) | Non-income producing security | |||||||||
1.00 x 12 Month USD LIBOR + 1.64% | |||||||||||||
4.43%, 11/01/2022 | 1 | 1 | |||||||||||
1.00 x US Treasury Yield Curve Rate T | Portfolio Summary (unaudited) | ||||||||||||
Note Constant Maturity 1 Year + 2.05% | Sector | Percent | |||||||||||
4.48%, 02/01/2037 | 73 | 76 | Financial | 25.16 | % | ||||||||
1.00 x US Treasury Yield Curve Rate T | Asset Backed Securities | 23.28 | % | ||||||||||
Note Constant Maturity 1 Year + 2.10% | Government | 14.62 | % | ||||||||||
4.69%, 11/01/2035 | 2 | 2 | Mortgage Securities | 8.50 | % | ||||||||
1.00 x Cost of funds for the 11th District of | Consumer, Non-cyclical | 5.91 | % | ||||||||||
San Francisco + 1.26% | Utilities | 4.63 | % | ||||||||||
4.77%, 12/01/2032 | 14 | 14 | Energy | 3.63 | % | ||||||||
1.00 x 12 Month USD LIBOR + 1.64% | Industrial | 3.30 | % | ||||||||||
4.79%, 11/01/2032 | 25 | 27 | Consumer, Cyclical | 2.85 | % | ||||||||
1.00 x US Treasury Yield Curve Rate T | Communications | 2.77 | % | ||||||||||
Note Constant Maturity 1 Year + 2.29% | Technology | 2.34 | % | ||||||||||
4.87%, 01/01/2035 | 38 | 40 | Money Market Funds | 1.88 | % | ||||||||
1.00 x 12 Month USD LIBOR + 1.75% | Basic Materials | 1.21 | % | ||||||||||
4.89%, 02/01/2035 | 15 | 16 | Other Assets and Liabilities | (0.08 | )% | ||||||||
1.00 x 6 Month USD LIBOR + 2.07% | TOTAL NET ASSETS | 100.00 | % | ||||||||||
$ | 435 | ||||||||||||
Federal National Mortgage Association (FNMA)/Federal Home Loan Mortgage | |||||||||||||
Corporation (FHLMC) Uniform Mortgage-Backed Security - 0.00% | |||||||||||||
7.50%, 10/01/2029 | 3 | 3 | |||||||||||
8.00%, 05/01/2027 | 1 | 1 | |||||||||||
$ | 4 | ||||||||||||
Government National Mortgage Association (GNMA) - 0.00% | |||||||||||||
9.00%, 04/20/2025 | 1 | 1 |
See accompanying notes.
254
Schedule of Investments | ||||||||||||
Short-Term Income Fund | ||||||||||||
April 30, 2019 (unaudited) | ||||||||||||
Affiliated Securities | October 31, 2018 | Purchases | Sales | April 30, 2019 | ||||||||
Value | Cost | Proceeds | Value | |||||||||
Principal Government Money Market Fund 2.38% | $ | 80,165 | $ | 773,992 | $ | 763,523 | $ | 90,634 | ||||
$ | 80,165 | $ | 773,992 | $ | 763,523 | $ | 90,634 | |||||
Realized Gain/Loss | Realized Gain from | Change in Unrealized | ||||||||||
Income | on Investments | Capital Gain Distributions | Gain/Loss | |||||||||
Principal Government Money Market Fund 2.38% | $ | 626 | $ | —$ | —$ | — | ||||||
$ | 626 | $ | —$ | —$ | — | |||||||
Amounts in thousands |
See accompanying notes.
255
Schedule of Investments SmallCap Fund April 30, 2019 (unaudited)
COMMON STOCKS - 97.15% | Shares Held Value (000's) | COMMON STOCKS (continued) | Shares Held Value (000’s) | ||||||||
Agriculture - 1.28% | Electric - 3.02% | ||||||||||
Darling Ingredients Inc(a) | 407,000 | $ | 8,877 | PNM ResourcesInc | 217,680 | $ | 10,109 | ||||
Automobile Parts & Equipment - 2.36% | Portland General Electric Co | 206,200 | 10,786 | ||||||||
Altra Industrial Motion Corp | 280,300 | 10,508 | $ | 20,895 | |||||||
ModineManufacturing Co(a) | 166,900 | 2,469 | Electrical Components & Equipment - 1.18% | ||||||||
Visteon Corp(a) | 50,700 | 3,347 | EnerSys | 90,700 | 6,275 | ||||||
$ | 16,324 | nLight Inc(a) | 71,664 | 1,873 | |||||||
Banks - 8.73% | $ | 8,148 | |||||||||
BancFirstCorp | 34,500 | 1,946 | Electronics - 3.93% | ||||||||
Cathay General Bancorp | 231,700 | 8,524 | Advanced Energy IndustriesInc(a) | 97,900 | 5,655 | ||||||
CenterState Bank Corp | 322,060 | 7,948 | II-VI Inc(a) | 147,390 | 5,872 | ||||||
First InterstateBancSystemInc | 100,900 | 4,264 | SYNNEX Corp | 77,600 | 8,372 | ||||||
First Merchants Corp | 110,900 | 4,067 | Vishay IntertechnologyInc | 367,810 | 7,286 | ||||||
Flagstar Bancorp Inc | 126,200 | 4,512 | $ | 27,185 | |||||||
Franklin Financial NetworkInc | 77,170 | 2,134 | Engineering & Construction - 2.15% | ||||||||
IBERIABANK Corp | 49,200 | 3,911 | MasTecInc(a) | 187,900 | 9,517 | ||||||
Independent Bank Corp/MI | 72,900 | 1,569 | Tutor Perini Corp(a) | 267,500 | 5,342 | ||||||
Lakeland BancorpInc | 75,820 | 1,256 | $ | 14,859 | |||||||
TCF Financial Corp | 370,400 | 8,197 | Entertainment - 2.52% | ||||||||
Union Bankshares Corp | 131,350 | 4,794 | Eldorado ResortsInc(a) | 189,200 | 9,341 | ||||||
United Community BanksInc/GA | 261,250 | 7,336 | Golden EntertainmentInc(a) | 169,690 | 2,669 | ||||||
$ | 60,458 | Vail ResortsInc | 23,900 | 5,470 | |||||||
Biotechnology - 3.91% | $ | 17,480 | |||||||||
AcceleronPharma Inc(a) | 62,360 | 2,540 | Environmental Control - 2.78% | ||||||||
Allogene TherapeuticsInc(a) | 32,900 | 985 | Advanced Disposal ServicesInc(a) | 311,700 | 10,080 | ||||||
Bluebird BioInc(a) | 11,700 | 1,659 | AquaVentureHoldings Ltd(a) | 53,860 | 1,048 | ||||||
Denali TherapeuticsInc(a) | 99,200 | 2,427 | Energy RecoveryInc(a) | 154,860 | 1,507 | ||||||
DNIB UnwindInc- Warrants(a),(b),(c) | 17,472 | — | Tetra TechInc | 102,500 | 6,634 | ||||||
Exact Sciences Corp(a) | 40,600 | 4,007 | $ | 19,269 | |||||||
FibroGenInc(a) | 58,700 | 2,743 | Forest Products & Paper - 0.05% | ||||||||
Insmed Inc(a) | 100,300 | 3,053 | PH Glatfelter Co | 20,847 | 329 | ||||||
MacroGenicsInc(a) | 105,068 | 1,762 | |||||||||
Magenta TherapeuticsInc(a) | 129,900 | 1,872 | Gas - 1.34% | ||||||||
Precision BioSciences Inc(a) | 33,400 | 434 | Southwest Gas HoldingsInc | 111,690 | 9,292 | ||||||
Seattle GeneticsInc(a) | 40,156 | 2,722 | Healthcare - Products - 1.72% | ||||||||
Spark TherapeuticsInc(a) | 26,820 | 2,862 | Intersect ENTInc(a) | 84,500 | 2,746 | ||||||
$ | 27,066 | NevroCorp(a) | 84,400 | 5,208 | |||||||
Chemicals - 0.75% | RA Medical SystemsInc(a) | 185,326 | 793 | ||||||||
Cabot Corp | 115,100 | 5,223 | STAAR Surgical Co(a) | 97,800 | 3,177 | ||||||
Commercial Services - 7.30% | $ | 11,924 | |||||||||
AMN Healthcare ServicesInc(a) | 162,900 | 8,481 | Healthcare - Services - 3.84% | ||||||||
ASGNInc(a) | 52,600 | 3,316 | Addus HomeCare Corp(a) | 67,200 | 4,563 | ||||||
BrightViewHoldings Inc(a) | 254,500 | 4,082 | Encompass Health Corp | 115,400 | 7,438 | ||||||
Brink's Co/The | 90,700 | 7,250 | Natera Inc(a) | 108,400 | 2,072 | ||||||
HMS Holdings Corp(a) | 122,800 | 3,737 | SyneosHealth Inc(a) | 173,800 | 8,156 | ||||||
ICF InternationalInc | 79,900 | 6,222 | TeladocHealth Inc(a) | 76,500 | 4,351 | ||||||
K12Inc(a) | 199,900 | 6,021 | $ | 26,580 | |||||||
Korn Ferry | 89,600 | 4,213 | Holding Companies - Diversified- 0.61% | ||||||||
Medifast Inc | 36,850 | 5,405 | Capitol Investment Corp IV(a) | 412,100 | 4,249 | ||||||
SP Plus Corp(a) | 51,800 | 1,788 | Home Builders - 0.96% | ||||||||
$ | 50,515 | William Lyon Homes(a) | 393,160 | 6,629 | |||||||
Computers - 4.19% | Insurance - 4.77% | ||||||||||
CACI InternationalInc(a) | 52,900 | 10,312 | Hanover Insurance GroupInc/The | 69,600 | 8,394 | ||||||
ExlService Holdings Inc(a) | 84,500 | 5,019 | Kemper Corp | 125,370 | 11,268 | ||||||
Perspecta Inc | 372,102 | 8,588 | MGIC Investment Corp(a) | 533,300 | 7,808 | ||||||
PlayAGSInc(a) | 137,900 | 3,326 | National General Holdings Corp | 226,500 | 5,583 | ||||||
Tenable HoldingsInc(a) | 50,265 | 1,805 | $ | 33,053 | |||||||
$ | 29,050 | Internet - 0.56% | |||||||||
Consumer Products - 0.53% | AnaplanInc(a) | 39,845 | 1,569 | ||||||||
Central Garden & Pet Co - A Shares(a) | 149,580 | 3,662 | EventbriteInc(a) | 91,500 | 2,287 | ||||||
Diversified Financial Services- 3.06% | $ | 3,856 | |||||||||
Hamilton Lane Inc | 79,290 | 3,874 | Iron & Steel - 0.76% | ||||||||
LPL Financial Holdings Inc | 43,800 | 3,245 | Cleveland-CliffsInc | 275,100 | 2,748 | ||||||
PiperJaffray Cos | 63,940 | 5,154 | Reliance Steel & Aluminum Co | 27,250 | 2,506 | ||||||
StifelFinancial Corp | 149,211 | 8,903 | $ | 5,254 | |||||||
$ | 21,176 | Leisure Products & Services - 1.92% | |||||||||
OneSpaWorldHoldings Ltd(a) | 312,400 | 4,242 | |||||||||
Planet Fitness Inc(a) | 119,300 | 9,031 | |||||||||
$ | 13,273 |
See accompanying notes.
256
Schedule of Investments | ||||||||||||
SmallCap Fund | ||||||||||||
April 30, 2019 (unaudited) | ||||||||||||
COMMON STOCKS (continued) | Shares Held Value (000’s) | COMMON STOCKS (continued) | Shares Held Value (000’s) | |||||||||
Lodging - 1.12% | Software (continued) | |||||||||||
Extended Stay AmericaInc | 431,850 | $ | 7,734 | SolarWinds Corp(a) | 371,508 | $ | 7,263 | |||||
Machinery - Diversified- 0.51% | Zoom Video CommunicationsInc(a) | 18,192 | 1,318 | |||||||||
Columbus McKinnon Corp/NY | 90,653 | 3,568 | $ | 38,280 | ||||||||
Media - 0.73% | Telecommunications - 1.47% | |||||||||||
World Wrestling EntertainmentInc | 60,300 | 5,056 | NETGEARInc(a) | 94,660 | 2,937 | |||||||
Metal Fabrication & Hardware - 1.31% | Plantronics Inc | 125,150 | 6,443 | |||||||||
Rexnord Corp(a) | 317,030 | 9,067 | SwitchInc | 76,450 | 831 | |||||||
Mining - 0.26% | $ | 10,211 | ||||||||||
Alcoa Corp(a) | 67,390 | 1,798 | TOTAL COMMON STOCKS | $ | 672,569 | |||||||
INVESTMENT COMPANIES - 3.11% | Shares Held Value (000's) | |||||||||||
Miscellaneous Manufacturers - 1.07% | Money Market Funds - 3.11% | |||||||||||
HillenbrandInc | 112,440 | 4,837 | ||||||||||
Trinseo SA | 58,110 | 2,612 | Principal Government Money Market Fund | 21,498,445 | 21,498 | |||||||
$ | 7,449 | 2.38%(d),(e) | ||||||||||
TOTAL INVESTMENT COMPANIES | $ | 21,498 | ||||||||||
Oil & Gas - 2.40% | Total Investments | $ | 694,067 | |||||||||
Carrizo Oil & GasInc(a) | 200,600 | 2,572 | Other Assets and Liabilities - (0.26)% | (1,810 | ) | |||||||
Delek US HoldingsInc | 186,200 | 6,901 | TOTAL NET ASSETS - 100.00% | $ | 692,257 | |||||||
Mammoth Energy ServicesInc | 170,690 | 2,661 | ||||||||||
Ring EnergyInc(a) | 429,600 | 2,225 | ||||||||||
Whiting Petroleum Corp(a) | 81,500 | 2,232 | (a) | Non-income producing security | ||||||||
$ | 16,591 | (b) | The value of these investments was determined using significant unobservable | |||||||||
Oil & Gas Services - 0.70% | inputs. | |||||||||||
Pioneer Energy Services Corp(a) | 523,700 | 911 | (c) | Fair value of these investments is determined in good faith by the Manager | ||||||||
Select Energy ServicesInc(a) | 340,200 | 3,919 | under procedures established and periodically reviewed by the Board of | |||||||||
$ | 4,830 | Directors. Certain inputs used in the valuation may be unobservable; however, | ||||||||||
Packaging & Containers - 0.71% | each security is evaluated individually for purposes of ASC 820 which results | |||||||||||
Graphic Packaging Holding Co | 354,500 | 4,921 | in not all securities being identified as Level 3 of the fair value hierarchy. At | |||||||||
Pharmaceuticals - 3.21% | the end of the period, the fair value of these securities totaled $0 or 0.00% of | |||||||||||
ArrayBioPharma Inc(a) | 154,710 | 3,498 | net assets. | |||||||||
Bellicum Pharmaceuticals Inc(a) | 185,700 | 566 | (d) | Affiliated Security. Security is either an affiliate (and registered under the | ||||||||
Clovis OncologyInc(a) | 36,820 | 673 | Investment Company Act of 1940) or an affiliate as defined by the Investment | |||||||||
DexComInc(a) | 29,670 | 3,592 | Company Act of 1940 (controls 5.0% or more of the outstanding voting | |||||||||
Horizon Pharma Plc(a) | 250,000 | 6,383 | shares of the security). Please see affiliated sub-schedule for transactional | |||||||||
Neurocrine Biosciences Inc(a) | 10,900 | 787 | information. | |||||||||
PRA Health SciencesInc(a) | 59,800 | 5,790 | (e) | Current yield shown is as of period end. | ||||||||
Revance TherapeuticsInc(a) | 70,900 | 939 | ||||||||||
$ | 22,228 | Portfolio Summary (unaudited) | ||||||||||
Real Estate - 0.22% | Sector | Percent | ||||||||||
Newmark GroupInc | 176,200 | 1,501 | Financial | 23.75 | % | |||||||
REITs - 6.73% | Consumer, Non-cyclical | 21.79 | % | |||||||||
Agree Realty Corp | 136,700 | 8,950 | Industrial | 13.64 | % | |||||||
Brandywine Realty Trust | 543,200 | 8,360 | Consumer, Cyclical | 13.58 | % | |||||||
First Industrial Realty TrustInc | 303,440 | 10,702 | Technology | 11.74 | % | |||||||
Pebblebrook Hotel Trust | 307,936 | 10,026 | Utilities | 4.36 | % | |||||||
Tier REITInc | 181,000 | 5,129 | Money Market Funds | 3.11 | % | |||||||
Two Harbors Investment Corp | 246,360 | 3,415 | Energy | 3.10 | % | |||||||
$ | 46,582 | Communications | 2.76 | % | ||||||||
Retail - 4.70% | Basic Materials | 1.82 | % | |||||||||
BJ's Wholesale Club HoldingsInc(a) | 302,451 | 8,574 | Diversified | 0.61 | % | |||||||
CaleresInc | 274,440 | 7,199 | Other Assets and Liabilities | (0.26 | )% | |||||||
Carvana Co(a) | 131,600 | 9,417 | TOTAL NET ASSETS | 100.00 | % | |||||||
GMSInc(a) | 207,200 | 3,651 | ||||||||||
Ruth's Hospitality GroupInc | 141,800 | 3,684 | ||||||||||
$ | 32,525 | |||||||||||
Savings & Loans - 0.24% | ||||||||||||
Berkshire Hills BancorpInc | 54,600 | 1,638 | ||||||||||
Semiconductors - 2.02% | ||||||||||||
Aquantia Corp(a) | 121,500 | 1,156 | ||||||||||
Entegris Inc | 313,470 | 12,808 | ||||||||||
$ | 13,964 | |||||||||||
Software - 5.53% | ||||||||||||
AlteryxInc(a) | 44,470 | 3,942 | ||||||||||
Aspen TechnologyInc(a) | 80,500 | 9,814 | ||||||||||
Ceridian HCM HoldingInc(a) | 44,244 | 2,351 | ||||||||||
Manhattan AssociatesInc(a) | 73,890 | 4,984 | ||||||||||
Pluralsight Inc(a) | 69,900 | 2,481 | ||||||||||
SailPointTechnologies HoldingInc(a) | 124,800 | 3,527 | ||||||||||
Smartsheet Inc(a) | 61,431 | 2,600 |
See accompanying notes.
257
Schedule of Investments | ||||||||||||
SmallCap Fund | ||||||||||||
April 30, 2019 (unaudited) | ||||||||||||
Affiliated Securities | October 31, 2018 | Purchases | Sales | April 30, 2019 | ||||||||
Value | Cost | Proceeds | Value | |||||||||
Principal Government Money Market Fund 2.38% | $ | 15,877 | $ | 96,358 | $ | 90,737 | $ | 21,498 | ||||
$ | 15,877 | $ | 96,358 | $ | 90,737 | $ | 21,498 | |||||
Realized Gain/Loss | Realized Gain from | Change in Unrealized | ||||||||||
Income | on Investments | Capital Gain Distributions | Gain/Loss | |||||||||
Principal Government Money Market Fund 2.38% | $ | 146 | $ | —$ | —$ | — | ||||||
$ | 146 | $ | —$ | —$ | — | |||||||
Amounts in thousands |
See accompanying notes.
258
Schedule of Investments SmallCap Value Fund II April 30, 2019 (unaudited)
COMMON STOCKS - 95.94% | Shares Held Value (000's) | COMMON STOCKS (continued) | Shares Held Value (000’s) | ||||||||
Advertising - 0.13% | Automobile Parts & Equipment (continued) | ||||||||||
Boston Omaha Corp(a) | 530 | $ | 13 | Tower International Inc | 72,575 | $ | 1,694 | ||||
Clear Channel Outdoor Holdings Inc(a) | 3,354 | 17 | $ | 15,911 | |||||||
Fluent Inc(a) | 3,317 | 23 | Banks - 14.07% | ||||||||
MDC Partners Inc(a) | 507,330 | 1,065 | 1st Constitution Bancorp | 750 | 14 | ||||||
National CineMedia Inc | 44,914 | 313 | 1st Source Corp | 26,535 | 1,243 | ||||||
Telaria Inc(a) | 2,648 | 19 | ACNB Corp | 591 | 22 | ||||||
$ | 1,450 | Allegiance Bancshares Inc(a) | 827 | 29 | |||||||
Aerospace & Defense - 0.95% | Amalgamated Bank | 51,060 | 865 | ||||||||
AAR Corp | 6,010 | 203 | American National Bankshares Inc | 10,903 | 412 | ||||||
Aerovironment Inc(a) | 2,050 | 140 | Ames National Corp | 742 | 21 | ||||||
Barnes Group Inc | 26,499 | 1,474 | Arrow Financial Corp | 4,752 | 160 | ||||||
Ducommun Inc(a) | 887 | 36 | Associated Banc-Corp | 71,600 | 1,625 | ||||||
Kratos Defense & Security Solutions Inc(a) | 3,451 | 55 | Atlantic Capital Bancshares Inc(a) | 735 | 13 | ||||||
Moog Inc | 73,372 | 6,871 | Auburn National Bancorporation Inc | 293 | 10 | ||||||
National Presto Industries Inc | 14,535 | 1,548 | BancFirst Corp | 1,623 | 92 | ||||||
Triumph Group Inc | 2,963 | 70 | Bancorp Inc/The(a) | 9,009 | 92 | ||||||
Wesco Aircraft Holdings Inc(a) | 3,172 | 27 | BancorpSouth Bank | 5,871 | 179 | ||||||
$ | 10,424 | Bank of Commerce Holdings | 1,627 | 18 | |||||||
Agriculture - 0.17% | Bank of Hawaii Corp | 10,200 | 840 | ||||||||
Alico Inc | 387 | 11 | Bank of Marin Bancorp | 1,142 | 48 | ||||||
Andersons Inc/The | 2,683 | 88 | Bank of Princeton/The | 546 | 16 | ||||||
Darling Ingredients Inc(a) | 10,274 | 224 | Bank7 Corp(a) | 505 | 9 | ||||||
Limoneira Co | 912 | 21 | BankUnited Inc | 45,600 | 1,668 | ||||||
Tejon Ranch Co(a) | 1,781 | 31 | Bankwell Financial Group Inc | 561 | 17 | ||||||
Universal Corp/VA | 18,003 | 970 | Banner Corp | 4,712 | 250 | ||||||
Vector Group Ltd | 57,071 | 543 | Bar Harbor Bankshares | 16,720 | 440 | ||||||
$ | 1,888 | Baycom Corp(a) | 892 | 21 | |||||||
Airlines - 0.34% | BCB Bancorp Inc | 1,318 | 17 | ||||||||
Allegiant Travel Co | 6,146 | 903 | Bridge Bancorp Inc | 28,134 | 871 | ||||||
Hawaiian Holdings Inc | 58,382 | 1,647 | Bridgewater Bancshares Inc(a) | 2,083 | 22 | ||||||
Mesa Air Group Inc(a) | 1,059 | 10 | Bryn Mawr Bank Corp | 13,960 | 532 | ||||||
SkyWest Inc | 15,084 | 929 | Business First Bancshares Inc | 937 | 24 | ||||||
Spirit Airlines Inc(a) | 4,875 | 265 | Byline Bancorp Inc(a) | 1,449 | 29 | ||||||
$ | 3,754 | C&F Financial Corp | 313 | 15 | |||||||
Apparel - 0.61% | Cadence BanCorp | 27,765 | 632 | ||||||||
Carter's Inc | 32,150 | 3,405 | Cambridge Bancorp | 244 | 20 | ||||||
Columbia Sportswear Co | 2,820 | 282 | Camden National Corp | 20,775 | 914 | ||||||
Deckers Outdoor Corp(a) | 1,020 | 161 | Capital Bancorp Inc(a) | 784 | 9 | ||||||
Rocky Brands Inc | 688 | 17 | Capital City Bank Group Inc | 1,532 | 36 | ||||||
Unifi Inc(a) | 19,225 | 389 | Capstar Financial Holdings Inc | 760 | 12 | ||||||
Weyco Group Inc | 600 | 21 | Carolina Financial Corp | 47,755 | 1,724 | ||||||
Wolverine World Wide Inc | 65,525 | 2,412 | Cathay General Bancorp | 57,829 | 2,128 | ||||||
$ | 6,687 | CB Financial Services Inc | 531 | 13 | |||||||
CenterState Bank Corp | 23,535 | 581 | |||||||||
Automobile Manufacturers - 0.68% | Central Pacific Financial Corp | 7,671 | 230 | ||||||||
Blue Bird Corp(a) | 85,659 | 1,483 | Central Valley Community Bancorp | 1,028 | 21 | ||||||
Navistar International Corp(a) | 66,120 | 2,257 | Century Bancorp Inc/MA | 260 | 24 | ||||||
REV Group Inc | 139,176 | 1,766 | Chemical Financial Corp | 36,252 | 1,592 | ||||||
Wabash National Corp | 128,561 | 1,939 | Chemung Financial Corp | 328 | 16 | ||||||
$ | 7,445 | Citizens & Northern Corp | 2,643 | 75 | |||||||
Automobile Parts & Equipment - 1.45% | City Holding Co | 12,190 | 967 | ||||||||
Adient PLC | 107,276 | 2,478 | Civista Bancshares Inc | 990 | 22 | ||||||
Altra Industrial Motion Corp | 16,164 | 606 | CNB Financial Corp/PA | 1,689 | 48 | ||||||
American Axle & Manufacturing Holdings Inc(a) | 11,930 | 176 | Coastal Financial Corp/WA(a) | 727 | 12 | ||||||
Commercial Vehicle Group Inc(a) | 194,439 | 1,734 | Codorus Valley Bancorp Inc | 862 | 18 | ||||||
Cooper Tire & Rubber Co | 42,545 | 1,271 | Columbia Banking System Inc | 10,232 | 384 | ||||||
Cooper-Standard Holdings Inc(a) | 27,567 | 1,397 | Community Bank System Inc | 11,875 | 789 | ||||||
Dana Inc | 23,984 | 468 | Community Financial Corp/The | 529 | 16 | ||||||
Delphi Technologies PLC | 23,500 | 520 | Community Trust Bancorp Inc | 19,123 | 808 | ||||||
Gentherm Inc(a) | 2,157 | 91 | ConnectOne Bancorp Inc | 58,616 | 1,280 | ||||||
Meritor Inc(a) | 71,084 | 1,725 | County Bancorp Inc | 634 | 11 | ||||||
Methode Electronics Inc | 66,986 | 1,976 | Customers Bancorp Inc(a) | 83,827 | 1,899 | ||||||
Miller Industries Inc/TN | 921 | 30 | CVB Financial Corp | 65,051 | 1,411 | ||||||
Modine Manufacturing Co(a) | 3,573 | 53 | Eagle Bancorp Inc(a) | 19,388 | 1,071 | ||||||
Motorcar Parts of America Inc(a) | 62,439 | 1,290 | Enterprise Bancorp Inc/MA | 756 | 24 | ||||||
Standard Motor Products Inc | 6,269 | 313 | Enterprise Financial Services Corp | 148,000 | 6,296 | ||||||
Superior Industries International Inc | 4,574 | 23 | Equity Bancshares Inc(a) | 777 | 20 | ||||||
Tenneco Inc | 1,619 | 35 | Esquire Financial Holdings Inc(a) | 497 | 12 | ||||||
Titan International Inc | 4,447 | 31 | Evans Bancorp Inc | 500 | 18 |
See accompanying notes.
259
Schedule of Investments SmallCap Value Fund II April 30, 2019 (unaudited)
COMMON STOCKS (continued) | Shares Held Value (000’s) | COMMON STOCKS (continued) | Shares Held Value (000’s) | ||||||||
Banks (continued) | Banks (continued) | ||||||||||
Farmers & Merchants Bancorp Inc/Archbold OH | 184 | $ | 6 | Midland States Bancorp Inc | 64,699 | $ | 1,735 | ||||
Farmers National Banc Corp | 2,204 | 32 | MidWestOne Financial Group Inc | 13,641 | 385 | ||||||
FB Financial Corp | 710 | 26 | MVB Financial Corp | 829 | 14 | ||||||
Fidelity Southern Corp | 1,830 | 53 | National Bank Holdings Corp | 7,816 | 298 | ||||||
Fifth Third Bancorp | 6,936 | 200 | National Bankshares Inc | 606 | 26 | ||||||
Financial Institutions Inc | 33,310 | 916 | NBT Bancorp Inc | 12,724 | 484 | ||||||
First Bancorp Inc/ME | 836 | 22 | Nicolet Bankshares Inc(a) | 699 | 43 | ||||||
First BanCorp/Puerto Rico | 162,579 | 1,837 | Northeast Bancorp | 751 | 16 | ||||||
First Bancorp/Southern Pines NC | 182,112 | 6,904 | Northrim BanCorp Inc | 12,707 | 451 | ||||||
First Bancshares Inc/The | 1,061 | 33 | Norwood Financial Corp | 530 | 17 | ||||||
First Bank/Hamilton NJ | 1,553 | 18 | OFG Bancorp | 4,929 | 99 | ||||||
First Busey Corp | 9,853 | 255 | Ohio Valley Banc Corp | 381 | 14 | ||||||
First Business Financial Services Inc | 16,852 | 388 | Old Line Bancshares Inc | 1,189 | 30 | ||||||
First Choice Bancorp | 836 | 18 | Old National Bancorp/IN | 32,068 | 548 | ||||||
First Commonwealth Financial Corp | 10,013 | 136 | Old Second Bancorp Inc | 2,514 | 33 | ||||||
First Community Bankshares Inc | 1,358 | 47 | OP Bancorp | 1,496 | 14 | ||||||
First Community Corp/SC | 778 | 15 | Opus Bank | 34,700 | 759 | ||||||
First Financial Bancorp | 387,142 | 9,718 | Origin Bancorp Inc | 962 | 34 | ||||||
First Financial Corp/IN | 25,641 | 1,056 | Orrstown Financial Services Inc | 16,950 | 351 | ||||||
First Foundation Inc | 2,207 | 31 | Pacific City Financial Corp | 982 | 18 | ||||||
First Guaranty Bancshares Inc | 631 | 14 | Pacific Mercantile Bancorp(a) | 1,744 | 14 | ||||||
First Hawaiian Inc | 59,107 | 1,634 | Park National Corp | 4,850 | 474 | ||||||
First Internet Bancorp | 55,656 | 1,218 | Parke Bancorp Inc | 683 | 16 | ||||||
First Interstate BancSystem Inc | 3,309 | 140 | PCSB Financial Corp | 1,288 | 25 | ||||||
First Merchants Corp | 238,974 | 8,763 | Peapack Gladstone Financial Corp | 43,447 | 1,257 | ||||||
First Mid Bancshares Inc | 11,738 | 404 | Penns Woods Bancorp Inc | 424 | 19 | ||||||
First Midwest Bancorp Inc/IL | 18,569 | 399 | Peoples Bancorp Inc/OH | 1,443 | 47 | ||||||
First Northwest Bancorp | 866 | 14 | Peoples Bancorp of North Carolina Inc | 519 | 15 | ||||||
First of Long Island Corp/The | 2,077 | 48 | Peoples Financial Services Corp | 600 | 26 | ||||||
First United Corp | 728 | 14 | Premier Financial Bancorp Inc | 1,114 | 18 | ||||||
Flagstar Bancorp Inc | 1,778 | 64 | QCR Holdings Inc | 1,104 | 38 | ||||||
FNB Corp/PA | 99,700 | 1,209 | RBB Bancorp | 21,385 | 414 | ||||||
Franklin Financial Network Inc | 53,532 | 1,480 | Renasant Corp | 27,952 | 1,013 | ||||||
Fulton Financial Corp | 58,392 | 1,007 | Republic Bancorp Inc/KY | 821 | 39 | ||||||
FVCBankcorp Inc(a) | 331 | 5 | S&T Bancorp Inc | 18,251 | 732 | ||||||
German American Bancorp Inc | 4,684 | 139 | Sandy Spring Bancorp Inc | 25,619 | 894 | ||||||
Glacier Bancorp Inc | 11,193 | 477 | SB One Bancorp | 745 | 18 | ||||||
Great Southern Bancorp Inc | 8,430 | 489 | Seacoast Banking Corp of Florida(a) | 2,290 | 65 | ||||||
Great Western Bancorp Inc | 53,177 | 1,870 | Select Bancorp Inc(a) | 1,545 | 19 | ||||||
Guaranty Bancshares Inc/TX | 656 | 18 | Shore Bancshares Inc | 1,261 | 20 | ||||||
Hancock Whitney Corp | 34,290 | 1,500 | Sierra Bancorp | 4,496 | 119 | ||||||
Hanmi Financial Corp | 75,740 | 1,797 | Simmons First National Corp | 22,569 | 573 | ||||||
Heartland Financial USA Inc | 3,001 | 134 | SmartFinancial Inc(a) | 1,044 | 22 | ||||||
Heritage Commerce Corp | 4,941 | 62 | South State Corp | 20,510 | 1,552 | ||||||
Heritage Financial Corp/WA | 2,263 | 69 | Southern First Bancshares Inc(a) | 576 | 21 | ||||||
Hilltop Holdings Inc | 81,843 | 1,721 | Southern National Bancorp of Virginia Inc | 52,623 | 785 | ||||||
Home BancShares Inc/AR | 75,555 | 1,450 | Southside Bancshares Inc | 2,004 | 70 | ||||||
HomeStreet Inc(a) | 59,932 | 1,687 | Spirit of Texas Bancshares Inc(a) | 878 | 20 | ||||||
Hope Bancorp Inc | 143,684 | 2,021 | Sterling Bancorp Inc/MI | 44,675 | 437 | ||||||
Horizon Bancorp Inc/IN | 25,338 | 412 | Stock Yards Bancorp Inc | 1,754 | 60 | ||||||
IBERIABANK Corp | 22,789 | 1,812 | Summit Financial Group Inc | 1,012 | 26 | ||||||
Independent Bank Corp/MI | 8,478 | 182 | TCF Financial Corp | 52,500 | 1,162 | ||||||
Independent Bank Corp/Rockland MA | 1,793 | 144 | Texas Capital Bancshares Inc(a) | 26,800 | 1,735 | ||||||
Independent Bank Group Inc | 1,907 | 109 | Tompkins Financial Corp | 1,766 | 142 | ||||||
International Bancshares Corp | 39,931 | 1,655 | Towne Bank/Portsmouth VA | 22,855 | 596 | ||||||
Investar Holding Corp | 590 | 14 | TriCo Bancshares | 24,058 | 959 | ||||||
Kearny Financial Corp/MD | 3,836 | 54 | TriState Capital Holdings Inc(a) | 1,567 | 36 | ||||||
Lakeland Bancorp Inc | 51,211 | 848 | Triumph Bancorp Inc(a) | 23,500 | 729 | ||||||
Lakeland Financial Corp | 118,961 | 5,680 | TrustCo Bank Corp NY | 188,792 | 1,510 | ||||||
LCNB Corp | 979 | 17 | Trustmark Corp | 54,764 | 1,969 | ||||||
LegacyTexas Financial Group Inc | 15,386 | 617 | UMB Financial Corp | 2,843 | 199 | ||||||
Level One Bancorp Inc | 545 | 14 | Umpqua Holdings Corp | 5,090 | 88 | ||||||
Live Oak Bancshares Inc | 102,386 | 1,789 | Union Bankshares Corp | 256,155 | 9,351 | ||||||
Luther Burbank Corp | 79,072 | 833 | United Bankshares Inc/WV | 28,205 | 1,106 | ||||||
Macatawa Bank Corp | 2,145 | 22 | United Community Banks Inc/GA | 336,201 | 9,441 | ||||||
Mercantile Bank Corp | 2,027 | 68 | United Security Bancshares/Fresno CA | 1,382 | 15 | ||||||
Merchants Bancorp/IN | 34,858 | 843 | Unity Bancorp Inc | 707 | 15 | ||||||
Metropolitan Bank Holding Corp(a) | 578 | 23 | Univest Financial Corp | 21,481 | 542 | ||||||
Middlefield Banc Corp | 337 | 14 | Valley National Bancorp | 174,825 | 1,832 |
See accompanying notes.
260
Schedule of Investments SmallCap Value Fund II April 30, 2019 (unaudited)
COMMON STOCKS (continued) | Shares Held Value (000’s) | COMMON STOCKS (continued) | Shares Held Value (000’s) | ||||||||
Banks (continued) | Biotechnology (continued) | ||||||||||
Veritex Holdings Inc | 16,959 | $ | 449 | Ovid therapeutics Inc(a) | 469 | $ | 1 | ||||
Walker & Dunlop Inc | 8,331 | 457 | PDL BioPharma Inc(a) | 11,458 | 37 | ||||||
Washington Trust Bancorp Inc | 7,461 | 386 | Prothena Corp PLC(a) | 3,197 | 33 | ||||||
Webster Financial Corp | 120,625 | 6,409 | Replimune Group Inc(a) | 174 | 3 | ||||||
WesBanco Inc | 9,631 | 389 | Rigel Pharmaceuticals Inc(a) | 2,181 | 5 | ||||||
West Bancorporation Inc | 17,700 | 371 | Rubius Therapeutics Inc(a) | 505 | 9 | ||||||
Westamerica Bancorporation | 1,592 | 102 | Scholar Rock Holding Corp(a) | 220 | 5 | ||||||
Western New England Bancorp Inc | 2,400 | 23 | Spectrum Pharmaceuticals Inc(a) | 2,660 | 25 | ||||||
Wintrust Financial Corp | 7,830 | 596 | Syndax Pharmaceuticals Inc(a) | 800 | 6 | ||||||
$ | 154,281 | Synlogic Inc(a) | 1,377 | 12 | |||||||
Beverages - 0.00% | Synthorx Inc(a) | 108 | 2 | ||||||||
MGP Ingredients Inc | 106 | 9 | Tocagen Inc(a) | 154 | 2 | ||||||
Biotechnology - 0.46% | Translate Bio Inc(a) | 438 | 4 | ||||||||
Abeona Therapeutics Inc(a) | 405 | 3 | XOMA Corp(a) | 414 | 5 | ||||||
Acceleron Pharma Inc(a) | 588 | 24 | Y-mAbs Therapeutics Inc(a) | 103 | 2 | ||||||
Achillion Pharmaceuticals Inc(a) | 10,842 | 32 | $ | 4,985 | |||||||
Acorda Therapeutics Inc(a) | 3,424 | 36 | Building Materials - 1.84% | ||||||||
Adverum Biotechnologies Inc(a) | 4,003 | 26 | American Woodmark Corp(a) | 75,875 | 6,823 | ||||||
AgeX Therapeutics Inc(a) | 833 | 4 | Apogee Enterprises Inc | 41,098 | 1,657 | ||||||
Albireo Pharma Inc(a) | 555 | 19 | Armstrong Flooring Inc(a) | 117,223 | 1,698 | ||||||
Alder Biopharmaceuticals Inc(a) | 962 | 13 | Boise Cascade Co | 50,885 | 1,409 | ||||||
Allakos Inc(a) | 160 | 6 | Builders FirstSource Inc(a) | 30,531 | 421 | ||||||
Allogene Therapeutics Inc(a) | 347 | 10 | Caesarstone Ltd | 102,404 | 1,549 | ||||||
AMAG Pharmaceuticals Inc(a) | 2,670 | 30 | Eagle Materials Inc | 9,200 | 836 | ||||||
Aptinyx Inc(a) | 260 | 1 | Gibraltar Industries Inc(a) | 5,469 | 217 | ||||||
Aratana Therapeutics Inc(a) | 2,994 | 14 | Griffon Corp | 4,974 | 97 | ||||||
Arbutus Biopharma Corp(a) | 2,525 | 7 | Louisiana-Pacific Corp | 72,640 | 1,820 | ||||||
Arcus Biosciences Inc(a) | 937 | 9 | Masonite International Corp(a) | 32,824 | 1,690 | ||||||
Ardelyx Inc(a) | 3,906 | 13 | Simpson Manufacturing Co Inc | 1,095 | 70 | ||||||
Arena Pharmaceuticals Inc(a) | 5,598 | 257 | SPX Corp(a) | 1,979 | 72 | ||||||
ArQule Inc(a) | 1,123 | 7 | Universal Forest Products Inc | 48,600 | 1,797 | ||||||
Athersys Inc(a) | 779 | 1 | $ | 20,156 | |||||||
Audentes Therapeutics Inc(a) | 260 | 10 | Chemicals - 1.87% | ||||||||
AVEO Pharmaceuticals Inc(a) | 4,321 | 4 | AdvanSix Inc(a) | 2,178 | 66 | ||||||
Avrobio Inc(a) | 118 | 2 | American Vanguard Corp | 40,656 | 640 | ||||||
BioCryst Pharmaceuticals Inc(a) | 1,613 | 12 | Cabot Corp | 24,600 | 1,116 | ||||||
BioTime Inc(a) | 6,121 | 8 | Element Solutions Inc(a) | 607,975 | 6,603 | ||||||
Bluebird Bio Inc(a) | 237 | 34 | Hawkins Inc | 836 | 31 | ||||||
Calithera Biosciences Inc(a) | 2,708 | 17 | HB Fuller Co | 781 | 38 | ||||||
Cambrex Corp(a) | 1,662 | 71 | Innophos Holdings Inc | 47,265 | 1,521 | ||||||
Cara Therapeutics Inc(a) | 390 | 7 | Innospec Inc | 17,259 | 1,463 | ||||||
CASI Pharmaceuticals Inc(a) | 659 | 2 | Intrepid Potash Inc(a) | 16,126 | 60 | ||||||
Constellation Pharmaceuticals Inc(a) | 234 | 3 | Koppers Holdings Inc(a) | 15,030 | 402 | ||||||
Crinetics Pharmaceuticals Inc(a) | 135 | 3 | Kraton Corp(a) | 526 | 18 | ||||||
Cymabay Therapeutics Inc(a) | 971 | 12 | Landec Corp(a) | 2,067 | 22 | ||||||
Dynavax Technologies Corp(a) | 672 | 4 | Minerals Technologies Inc | 16,082 | 1,010 | ||||||
Eidos Therapeutics Inc(a) | 240 | 6 | Oil-Dri Corp of America | 454 | 14 | ||||||
Emergent BioSolutions Inc(a) | 74,240 | 3,837 | PolyOne Corp | 10,388 | 287 | ||||||
Epizyme Inc(a) | 1,384 | 17 | PQ Group Holdings Inc(a) | 2,975 | 47 | ||||||
Five Prime Therapeutics Inc(a) | 2,665 | 30 | Rayonier Advanced Materials Inc | 60,460 | 897 | ||||||
Forty Seven Inc(a) | 207 | 4 | Rogers Corp(a) | 2,910 | 488 | ||||||
Gossamer Bio Inc(a) | 164 | 3 | Sensient Technologies Corp | 3,443 | 241 | ||||||
Guardant Health Inc(a) | 168 | 11 | Stepan Co | 4,054 | 375 | ||||||
Harvard Bioscience Inc(a) | 3,101 | 12 | Tronox Holdings PLC | 23,517 | 333 | ||||||
Immunomedics Inc(a) | 1,106 | 18 | Univar Inc(a) | 974 | 22 | ||||||
Karyopharm Therapeutics Inc(a) | 655 | 3 | Valhi Inc | 3,738 | 9 | ||||||
Kezar Life Sciences Inc(a) | 186 | 4 | Valvoline Inc | 35,600 | 659 | ||||||
Kiniksa Pharmaceuticals Ltd(a) | 176 | 3 | Versum Materials Inc | 79,475 | 4,147 | ||||||
Magenta Therapeutics Inc(a) | 213 | 3 | $ | 20,509 | |||||||
Medicines Co/The(a) | 385 | 12 | Coal - 0.20% | ||||||||
MeiraGTx Holdings plc(a) | 178 | 3 | Advanced Emissions Solutions Inc | 533 | 6 | ||||||
Menlo Therapeutics Inc(a) | 1,061 | 8 | Arch Coal Inc | 1,883 | 182 | ||||||
Molecular Templates Inc(a) | 1,257 | 9 | Cloud Peak Energy Inc(a) | 10,401 | 1 | ||||||
Myriad Genetics Inc(a) | 3,994 | 126 | CONSOL Energy Inc(a) | 7,489 | 254 | ||||||
NantKwest Inc(a) | 3,342 | 4 | Hallador Energy Co | 6,588 | 34 | ||||||
NewLink Genetics Corp(a) | 2,458 | 4 | NACCO Industries Inc | 2,519 | 103 | ||||||
Novavax Inc(a) | 23,486 | 12 | Peabody Energy Corp | 16,429 | 473 | ||||||
Nymox Pharmaceutical Corp(a) | 1,823 | 3 | Ramaco Resources Inc(a) | 580 | 4 | ||||||
Osmotica Pharmaceuticals PLC(a) | 357 | 1 | SunCoke Energy Inc | 9,051 | 78 |
See accompanying notes.
261
Schedule of Investments SmallCap Value Fund II April 30, 2019 (unaudited)
COMMON STOCKS (continued) | Shares Held Value (000’s) | COMMON STOCKS (continued) | Shares Held Value (000’s) | ||||||||
Coal (continued) | Computers (continued) | ||||||||||
SunCoke Energy Partners LP | 60,078 | $ | 753 | Electronics For Imaging Inc(a) | 4,354 | $ | 162 | ||||
Warrior Met Coal Inc | 11,042 | 342 | ForeScout Technologies Inc(a) | 930 | 39 | ||||||
$ | 2,230 | Insight Enterprises Inc(a) | 23,555 | 1,332 | |||||||
Commercial Services - 6.72% | KeyW Holding Corp/The(a) | 3,946 | 45 | ||||||||
Aaron's Inc | 159,730 | 8,895 | Lumentum Holdings Inc(a) | 687 | 43 | ||||||
ABM Industries Inc | 5,753 | 218 | Mercury Systems Inc(a) | 7,799 | 570 | ||||||
Acacia Research Corp(a) | 4,536 | 14 | MTS Systems Corp | 1,865 | 102 | ||||||
Adtalem Global Education Inc(a) | 212,193 | 10,465 | NetScout Systems Inc(a) | 4,666 | 137 | ||||||
American Public Education Inc(a) | 9,676 | 310 | PAR Technology Corp(a) | 216 | 5 | ||||||
AMN Healthcare Services Inc(a) | 120,850 | 6,291 | Perspecta Inc | 249,083 | 5,748 | ||||||
Avalara Inc(a) | 4,239 | 250 | Presidio Inc | 32,877 | 494 | ||||||
Barrett Business Services Inc | 14,672 | 1,069 | Science Applications International Corp | 6,108 | 457 | ||||||
Booz Allen Hamilton Holding Corp | 185,450 | 10,995 | Stratasys Ltd(a) | 3,080 | 72 | ||||||
BrightView Holdings Inc(a) | 1,113 | 18 | Sykes Enterprises Inc(a) | 15,999 | 444 | ||||||
Brink's Co/The | 160,725 | 12,847 | Tenable Holdings Inc(a) | 1,614 | 58 | ||||||
CAI International Inc(a) | 787 | 20 | Unisys Corp(a) | 1,345 | 15 | ||||||
Cardtronics PLC(a) | 5,764 | 207 | Virtusa Corp(a) | 3,110 | 173 | ||||||
Carriage Services Inc | 961 | 17 | $ | 27,727 | |||||||
CBIZ Inc(a) | 15,718 | 304 | Consumer Products - 0.15% | ||||||||
CRA International Inc | 6,388 | 332 | ACCO Brands Corp | 141,506 | 1,293 | ||||||
Cross Country Healthcare Inc(a) | 2,907 | 20 | Central Garden & Pet Co(a) | 269 | 7 | ||||||
Emerald Expositions Events Inc | 86,895 | 1,220 | Central Garden & Pet Co - A Shares(a) | 1,623 | 40 | ||||||
Ennis Inc | 51,925 | 1,048 | Helen of Troy Ltd(a) | 1,976 | 285 | ||||||
EVERTEC Inc | 4,789 | 150 | Quanex Building Products Corp | 2,853 | 48 | ||||||
Evo Payments Inc(a) | 482 | 14 | $ | 1,673 | |||||||
FTI Consulting Inc(a) | 10,002 | 850 | Cosmetics & Personal Care - 0.03% | ||||||||
GP Strategies Corp(a) | 97,001 | 1,235 | Edgewell Personal Care Co(a) | 5,775 | 238 | ||||||
Green Dot Corp(a) | 66,550 | 4,244 | Inter Parfums Inc | 1,187 | 86 | ||||||
Hackett Group Inc/The | 346 | 5 | $ | 324 | |||||||
Heidrick & Struggles International Inc | 3,600 | 129 | Distribution & Wholesale - 0.49% | ||||||||
Hertz Global Holdings Inc(a) | 6,634 | 121 | Anixter International Inc(a) | 29,392 | 1,849 | ||||||
HMS Holdings Corp(a) | 14,951 | 455 | Core-Mark Holding Co Inc | 14,237 | 517 | ||||||
Huron Consulting Group Inc(a) | 1,362 | 66 | Fossil Group Inc(a) | 2,936 | 38 | ||||||
I3 Verticals Inc(a) | 271 | 7 | G-III Apparel Group Ltd(a) | 4,599 | 198 | ||||||
ICF International Inc | 3,913 | 304 | H&E Equipment Services Inc | 5,165 | 157 | ||||||
Information Services Group Inc(a) | 1,584 | 6 | Manitex International Inc(a) | 440 | 3 | ||||||
K12 Inc(a) | 9,557 | 288 | ScanSource Inc(a) | 12,736 | 480 | ||||||
Kelly Services Inc | 51,280 | 1,142 | Systemax Inc | 519 | 12 | ||||||
Korn Ferry | 28,445 | 1,337 | Titan Machinery Inc(a) | 1,647 | 28 | ||||||
Laureate Education Inc(a) | 5,902 | 93 | Triton International Ltd/Bermuda | 24,007 | 791 | ||||||
LiveRamp Holdings Inc(a) | 2,103 | 123 | Veritiv Corp(a) | 929 | 26 | ||||||
LSC Communications Inc | 2,781 | 19 | WESCO International Inc(a) | 21,764 | 1,246 | ||||||
Matthews International Corp | 1,937 | 78 | $ | 5,345 | |||||||
National Research Corp | 121 | 5 | Diversified Financial Services- 3.86% | ||||||||
Navigant Consulting Inc | 2,625 | 60 | Aircastle Ltd | 22,065 | 439 | ||||||
Quad/Graphics Inc | 129,826 | 1,585 | AllianceBernstein Holding LP | 25,452 | 751 | ||||||
Rent-A-Center Inc/TX(a) | 19,455 | 485 | Altisource Portfolio Solutions SA(a) | 847 | 20 | ||||||
Resources Connection Inc | 95,897 | 1,540 | Blucora Inc(a) | 96,569 | 3,380 | ||||||
Rosetta Stone Inc(a) | 1,451 | 37 | Boston Private Financial Holdings Inc | 97,623 | 1,118 | ||||||
RR Donnelley & Sons Co | 6,012 | 28 | CBTX Inc | 1,549 | 49 | ||||||
SEACOR Marine Holdings Inc(a) | 1,489 | 20 | Columbia Financial Inc(a) | 3,020 | 48 | ||||||
Sotheby's(a) | 30,800 | 1,299 | Deluxe Corp | 34,136 | 1,527 | ||||||
SP Plus Corp(a) | 1,753 | 61 | Encore Capital Group Inc(a) | 1,605 | 45 | ||||||
Strategic Education Inc | 1,300 | 186 | Federal Agricultural Mortgage Corp | 519 | 40 | ||||||
Textainer Group Holdings Ltd(a) | 2,241 | 21 | Federated Investors Inc | 53,599 | 1,647 | ||||||
Travelport Worldwide Ltd | 9,055 | 142 | Focus Financial Partners Inc(a) | 668 | 25 | ||||||
TrueBlue Inc(a) | 7,746 | 187 | GAIN Capital Holdings Inc | 56,900 | 300 | ||||||
Vectrus Inc(a) | 58,403 | 2,369 | GAMCO Investors Inc | 22,607 | 490 | ||||||
Viad Corp | 506 | 31 | Greenhill & Co Inc | 50,599 | 1,048 | ||||||
Weight Watchers International Inc(a) | 19,254 | 393 | Hannon Armstrong Sustainable Infrastructure | 6,057 | 161 | ||||||
$ | 73,655 | Capital Inc | |||||||||
Computers - 2.53% | INTL. FCStone Inc(a) | 1,286 | 52 | ||||||||
3D Systems Corp(a) | 6,458 | 69 | Ladenburg Thalmann Financial Services Inc | 1,928 | 7 | ||||||
Agilysys Inc(a) | 765 | 15 | Legg Mason Inc | 55,898 | 1,870 | ||||||
CACI International Inc(a) | 72,993 | 14,229 | LendingClub Corp(a) | 19,498 | 62 | ||||||
Cray Inc(a) | 2,021 | 53 | LPL Financial Holdings Inc | 156,600 | 11,602 | ||||||
Cubic Corp | 510 | 29 | Marlin Business Services Corp | 596 | 13 | ||||||
CyberArk Software Ltd(a) | 26,275 | 3,388 | Mr Cooper Group Inc(a) | 8,283 | 71 | ||||||
Diebold Nixdorf Inc(a) | 4,741 | 48 | Navient Corp | 127,450 | 1,722 |
See accompanying notes.
262
Schedule of Investments SmallCap Value Fund II April 30, 2019 (unaudited)
COMMON STOCKS (continued) | Shares Held Value (000’s) | COMMON STOCKS (continued) | Shares Held Value (000’s) | ||||||||
Diversified Financial Services (continued) | Electronics (continued) | ||||||||||
Nelnet Inc | 1,152 | $ | 67 | Stoneridge Inc(a) | 13,931 | $ | 438 | ||||
NewStar Financial Inc(a),(b),(c) | 52,106 | 13 | SYNNEX Corp | 8,201 | 884 | ||||||
Och-Ziff Capital Management Group LLC | 30,895 | 454 | Tech Data Corp(a) | 23,281 | 2,482 | ||||||
On Deck Capital Inc(a) | 15,170 | 83 | TTM Technologies Inc(a) | 113,445 | 1,502 | ||||||
Oppenheimer Holdings Inc | 41,569 | 1,091 | Vishay Intertechnology Inc | 99,520 | 1,971 | ||||||
PennyMac Financial Services Inc | 1,714 | 38 | Vishay Precision Group Inc(a) | 2,529 | 95 | ||||||
Piper Jaffray Cos | 2,287 | 185 | Watts Water Technologies Inc | 4,837 | 414 | ||||||
PJT Partners Inc | 110 | 5 | ZAGG Inc(a) | 123,154 | 1,015 | ||||||
PRA Group Inc(a) | 2,705 | 76 | $ | 32,906 | |||||||
Pzena Investment Management Inc | 9,946 | 99 | Energy - Alternate Sources - 0.41% | ||||||||
Regional Management Corp(a) | 2,552 | 64 | Clean Energy Fuels Corp(a) | 11,739 | 37 | ||||||
SLM Corp | 81,500 | 828 | Enphase Energy Inc(a) | 5,377 | 54 | ||||||
Stifel Financial Corp | 32,116 | 1,916 | FutureFuel Corp | 15,499 | 227 | ||||||
Virtu Financial Inc | 332,825 | 8,181 | Green Plains Inc | 3,282 | 57 | ||||||
Virtus Investment Partners Inc | 12,400 | 1,520 | Pattern Energy Group Inc | 5,106 | 118 | ||||||
Waddell & Reed Financial Inc | 50,228 | 940 | Renewable Energy Group Inc(a) | 38,643 | 932 | ||||||
Westwood Holdings Group Inc | 9,800 | 307 | REX American Resources Corp(a) | 19,300 | 1,631 | ||||||
$ | 42,354 | SolarEdge Technologies Inc(a) | 30,000 | 1,329 | |||||||
Electric - 1.78% | Sunrun Inc(a) | 6,017 | 92 | ||||||||
ALLETE Inc | 30,973 | 2,523 | TerraForm Power Inc | 3,620 | 49 | ||||||
Ameresco Inc(a) | 1,641 | 25 | Vivint Solar Inc(a) | 2,723 | 15 | ||||||
Atlantic Power Corp(a) | 9,487 | 22 | $ | 4,541 | |||||||
Avista Corp | 39,087 | 1,686 | Engineering & Construction - 0.83% | ||||||||
Black Hills Corp | 24,995 | 1,818 | Aegion Corp(a) | 2,674 | 53 | ||||||
Clearway Energy Inc - Class A | 3,005 | 46 | Argan Inc | 1,187 | 57 | ||||||
Clearway Energy Inc - Class C | 8,856 | 141 | EMCOR Group Inc | 10,984 | 924 | ||||||
El Paso Electric Co | 29,042 | 1,775 | Exponent Inc | 5,940 | 336 | ||||||
IDACORP Inc | 11,289 | 1,118 | Granite Construction Inc | 571 | 26 | ||||||
MGE Energy Inc | 9,496 | 644 | Great Lakes Dredge & Dock Corp(a) | 4,641 | 48 | ||||||
NorthWestern Corp | 23,691 | 1,654 | IES Holdings Inc(a) | 912 | 16 | ||||||
Ormat Technologies Inc | 2,469 | 144 | Infrastructure and Energy Alternatives Inc(a) | 1,866 | 9 | ||||||
Otter Tail Corp | 11,083 | 569 | KBR Inc | 89,826 | 1,996 | ||||||
PNM Resources Inc | 40,641 | 1,887 | MasTec Inc(a) | 24,500 | 1,241 | ||||||
Portland General Electric Co | 49,110 | 2,569 | Mistras Group Inc(a) | 565 | 8 | ||||||
Spark Energy Inc | 130,790 | 1,237 | MYR Group Inc(a) | 34,607 | 1,251 | ||||||
Unitil Corp | 29,379 | 1,672 | Orion Group Holdings Inc(a) | 1,986 | 5 | ||||||
$ | 19,530 | Primoris Services Corp | 56,611 | 1,241 | |||||||
Electrical Components & Equipment - 1.22% | Sterling Construction Co Inc(a) | 8,353 | 113 | ||||||||
Belden Inc | 35,803 | 1,988 | Tutor Perini Corp(a) | 84,927 | 1,696 | ||||||
Encore Wire Corp | 10,968 | 651 | VSE Corp | 735 | 22 | ||||||
Energizer Holdings Inc | 23,500 | 1,125 | $ | 9,042 | |||||||
EnerSys | 9,292 | 643 | Entertainment - 0.07% | ||||||||
Graham Corp | 44,999 | 931 | AMC Entertainment Holdings Inc | 4,523 | 69 | ||||||
Insteel Industries Inc | 274 | 6 | Eros International PLC(a) | 1,665 | 15 | ||||||
Littelfuse Inc | 39,283 | 7,898 | International Speedway Corp | 2,408 | 106 | ||||||
Powell Industries Inc | 770 | 23 | Marriott Vacations Worldwide Corp | 395 | 42 | ||||||
Vicor Corp(a) | 1,739 | 65 | Monarch Casino & Resort Inc(a) | 1,626 | 69 | ||||||
$ | 13,330 | Penn National Gaming Inc(a) | 11,053 | 239 | |||||||
Electronics - 3.00% | RCI Hospitality Holdings Inc | 307 | 7 | ||||||||
Advanced Energy Industries Inc(a) | 26,309 | 1,519 | Reading International Inc(a) | 8,383 | 128 | ||||||
Applied Optoelectronics Inc(a) | 612 | 8 | Speedway Motorsports Inc | 2,174 | 40 | ||||||
Bel Fuse Inc | 864 | 20 | $ | 715 | |||||||
Benchmark Electronics Inc | 56,450 | 1,526 | Environmental Control - 0.42% | ||||||||
Brady Corp | 205,255 | 10,014 | Advanced Disposal Services Inc(a) | 322 | 10 | ||||||
Comtech Telecommunications Corp | 28,063 | 660 | AquaVenture Holdings Ltd(a) | 892 | 17 | ||||||
Control4 Corp(a) | 4,953 | 87 | Casella Waste Systems Inc(a) | 97,486 | 3,638 | ||||||
FARO Technologies Inc(a) | 2,273 | 128 | CECO Environmental Corp(a) | 2,638 | 21 | ||||||
Fitbit Inc(a) | 10,401 | 55 | Charah Solutions Inc(a) | 885 | 6 | ||||||
II-VI Inc(a) | 21,800 | 869 | Heritage-Crystal Clean Inc(a) | 11,782 | 339 | ||||||
Jabil Inc | 44,500 | 1,344 | Pure Cycle Corp(a) | 992 | 10 | ||||||
KEMET Corp | 10,982 | 197 | Tetra Tech Inc | 9,246 | 599 | ||||||
Kimball Electronics Inc(a) | 46,305 | 701 | $ | 4,640 | |||||||
Knowles Corp(a) | 23,693 | 448 | Food - 1.08% | ||||||||
NVE Corp | 2,845 | 273 | B&G Foods Inc | 5,080 | 132 | ||||||
OSI Systems Inc(a) | 4,934 | 444 | Cal-Maine Foods Inc | 1,942 | 80 | ||||||
Park Electrochemical Corp | 12,962 | 213 | Dean Foods Co | 8,086 | 14 | ||||||
Plexus Corp(a) | 36,321 | 2,186 | Fresh Del Monte Produce Inc | 3,148 | 93 | ||||||
Resideo Technologies Inc(a) | 57,700 | 1,310 | Hostess Brands Inc(a) | 8,981 | 120 | ||||||
Sanmina Corp(a) | 61,985 | 2,103 | Ingles Markets Inc | 1,221 | 33 |
See accompanying notes.
263
Schedule of Investments SmallCap Value Fund II April 30, 2019 (unaudited)
COMMON STOCKS (continued) | Shares Held Value (000’s) | COMMON STOCKS (continued) | Shares Held Value (000’s) | ||||||||
Food (continued) | Healthcare - Services (continued) | ||||||||||
John B Sanfilippo & Son Inc | 1,370 | $ | 99 | Community Health Systems Inc(a) | 7,101 | $ | 24 | ||||
Lancaster Colony Corp | 521 | 77 | Magellan Health Inc(a) | 26,007 | 1,820 | ||||||
Performance Food Group Co(a) | 211,500 | 8,661 | Miragen Therapeutics Inc(a) | 595 | 2 | ||||||
Sanderson Farms Inc | 10,811 | 1,639 | National HealthCare Corp | 1,039 | 78 | ||||||
Seneca Foods Corp - Class A(a) | 5,607 | 139 | Neuronetics Inc(a) | 143 | 2 | ||||||
Simply Good Foods Co/The(a) | 3,794 | 85 | R1 RCM Inc(a) | 603 | 6 | ||||||
Smart & Final Stores Inc(a) | 2,435 | 16 | SI-BONE Inc(a) | 138 | 2 | ||||||
SpartanNash Co | 4,597 | 74 | Surgery Partners Inc(a) | 1,520 | 17 | ||||||
Tootsie Roll Industries Inc | 1,331 | 52 | Syneos Health Inc(a) | 4,635 | 218 | ||||||
United Natural Foods Inc(a) | 4,265 | 55 | Triple-S Management Corp(a) | 1,790 | 41 | ||||||
Village Super Market Inc | 14,377 | 423 | $ | 2,513 | |||||||
Weis Markets Inc | 827 | 35 | Home Builders - 1.20% | ||||||||
$ | 11,827 | Beazer Homes USA Inc(a) | 2,649 | 35 | |||||||
Forest Products & Paper - 0.33% | Century Communities Inc(a) | 70,103 | 1,783 | ||||||||
Clearwater Paper Corp(a) | 57,959 | 1,170 | Green Brick Partners Inc(a) | 47,369 | 423 | ||||||
Mercer International Inc | 26,400 | 374 | KB Home | 17,104 | 443 | ||||||
Neenah Inc | 6,387 | 433 | LGI Homes Inc(a) | 12,811 | 888 | ||||||
PH Glatfelter Co | 3,703 | 58 | M/I Homes Inc(a) | 31,360 | 884 | ||||||
Schweitzer-Mauduit International Inc | 42,592 | 1,515 | MDC Holdings Inc | 4,671 | 143 | ||||||
Verso Corp(a) | 2,742 | 61 | Meritage Homes Corp(a) | 30,457 | 1,558 | ||||||
$ | 3,611 | Taylor Morrison Home Corp(a) | 103,510 | 2,004 | |||||||
Gas - 2.51% | Thor Industries Inc | 23,700 | 1,561 | ||||||||
Chesapeake Utilities Corp | 1,605 | 149 | TRI Pointe Group Inc(a) | 124,579 | 1,626 | ||||||
New Jersey Resources Corp | 7,843 | 393 | William Lyon Homes(a) | 31,816 | 536 | ||||||
Northwest Natural Holding Co | 20,424 | 1,366 | Winnebago Industries Inc | 35,900 | 1,270 | ||||||
ONE Gas Inc | 13,956 | 1,235 | $ | 13,154 | |||||||
RGC Resources Inc | 667 | 18 | Home Furnishings - 0.28% | ||||||||
South Jersey Industries Inc | 41,853 | 1,345 | Daktronics Inc | 101,048 | 766 | ||||||
Southwest Gas Holdings Inc | 131,864 | 10,970 | Ethan Allen Interiors Inc | 50,304 | 1,112 | ||||||
Spire Inc | 142,408 | 11,989 | Flexsteel Industries Inc | 15,396 | 333 | ||||||
$ | 27,465 | Hooker Furniture Corp | 25,962 | 774 | |||||||
Hand & Machine Tools - 0.62% | Sonos Inc(a) | 901 | 10 | ||||||||
Franklin Electric Co Inc | 118,956 | 5,812 | Universal Electronics Inc(a) | 1,122 | 43 | ||||||
Kennametal Inc | 17,811 | 725 | $ | 3,038 | |||||||
Milacron Holdings Corp(a) | 20,659 | 302 | Housewares - 0.08% | ||||||||
$ | 6,839 | Tupperware Brands Corp | 35,597 | 847 | |||||||
Healthcare - Products - 1.87% | Insurance - 6.26% | ||||||||||
AngioDynamics Inc(a) | 3,181 | 65 | Ambac Financial Group Inc(a) | 42,800 | 800 | ||||||
Avanos Medical Inc(a) | 12,889 | 541 | American Equity Investment Life Holding Co | 36,381 | 1,070 | ||||||
CareDx Inc(a) | 179 | 5 | AMERISAFE Inc | 4,371 | 259 | ||||||
Cerus Corp(a) | 1,167 | 7 | Argo Group International Holdings Ltd | 10,193 | 796 | ||||||
CONMED Corp | 9,911 | 794 | Brown & Brown Inc | 322,150 | 10,228 | ||||||
CryoLife Inc(a) | 704 | 22 | CNO Financial Group Inc | 131,531 | 2,177 | ||||||
FONAR Corp(a) | 1,144 | 23 | Crawford & Co | 1,539 | 14 | ||||||
Haemonetics Corp(a) | 2,350 | 205 | Donegal Group Inc | 2,240 | 30 | ||||||
Hanger Inc(a) | 74,400 | 1,478 | eHealth Inc(a) | 1,358 | 83 | ||||||
Integer Holdings Corp(a) | 4,296 | 297 | EMC Insurance Group Inc | 816 | 26 | ||||||
Integra LifeSciences Holdings Corp(a) | 97,650 | 5,096 | Employers Holdings Inc | 20,343 | 873 | ||||||
Invacare Corp | 2,756 | 20 | Enstar Group Ltd(a) | 9,506 | 1,685 | ||||||
Lantheus Holdings Inc(a) | 218,353 | 5,275 | Essent Group Ltd(a) | 31,260 | 1,483 | ||||||
LivaNova PLC(a) | 61,194 | 4,216 | FBL Financial Group Inc | 9,415 | 588 | ||||||
Luminex Corp | 4,789 | 109 | FedNat Holding Co | 7,747 | 126 | ||||||
Meridian Bioscience Inc | 169,862 | 1,955 | FGL Holdings | 207,312 | 1,768 | ||||||
NanoString Technologies Inc(a) | 279 | 7 | Genworth Financial Inc(a) | 155,757 | 590 | ||||||
OPKO Health Inc(a) | 25,681 | 61 | Global Indemnity Ltd | 24,143 | 744 | ||||||
OraSure Technologies Inc(a) | 5,845 | 55 | Hallmark Financial Services Inc(a) | 11,128 | 127 | ||||||
Orthofix Medical Inc(a) | 1,111 | 61 | HCI Group Inc | 620 | 26 | ||||||
Patterson Cos Inc | 6,808 | 149 | Horace Mann Educators Corp | 45,632 | 1,760 | ||||||
Rockwell Medical Inc(a) | 521 | 3 | Independence Holding Co | 458 | 18 | ||||||
RTI Surgical Holdings Inc(a) | 3,918 | 21 | Investors Title Co | 101 | 17 | ||||||
SeaSpine Holdings Corp(a) | 1,347 | 20 | James River Group Holdings Ltd | 1,748 | 74 | ||||||
Utah Medical Products Inc | 63 | 5 | Kemper Corp | 10,076 | 905 | ||||||
$ | 20,490 | MBIA Inc(a) | 163,667 | 1,583 | |||||||
Healthcare - Services - 0.23% | Mercury General Corp | 121,400 | 6,529 | ||||||||
AAC Holdings Inc(a) | 1,067 | 2 | MGIC Investment Corp(a) | 763,075 | 11,171 | ||||||
Addus HomeCare Corp(a) | 3,260 | 221 | National General Holdings Corp | 1,603 | 40 | ||||||
American Renal Associates Holdings Inc(a) | 268 | 2 | National Western Life Group Inc | 7,698 | 2,054 | ||||||
Brookdale Senior Living Inc(a) | 11,816 | 73 | Navigators Group Inc/The | 3,677 | 257 | ||||||
Cellular Biomedicine Group Inc(a) | 274 | 5 | NI Holdings Inc(a) | 950 | 15 |
See accompanying notes.
264
Schedule of Investments SmallCap Value Fund II April 30, 2019 (unaudited)
COMMON STOCKS (continued) | Shares Held Value (000’s) | COMMON STOCKS (continued) | Shares Held Value (000’s) | ||||||||
Insurance (continued) | Machinery - Construction & Mining - 0.21% | ||||||||||
NMI Holdings Inc(a) | 22,514 | $ | 632 | Astec Industries Inc | 10,886 | $ | 367 | ||||
ProAssurance Corp | 69,375 | 2,604 | Hyster-Yale Materials Handling Inc | 16,987 | 1,132 | ||||||
Protective Insurance Corp | 29,334 | 477 | Terex Corp | 25,100 | 836 | ||||||
Radian Group Inc | 71,545 | 1,676 | $ | 2,335 | |||||||
RLI Corp | 1,121 | 91 | Machinery - Diversified- 1.70% | ||||||||
Safety Insurance Group Inc | 1,491 | 139 | Alamo Group Inc | 4,705 | 488 | ||||||
Selective Insurance Group Inc | 147,709 | 10,533 | Albany International Corp | 83,050 | 6,143 | ||||||
State Auto Financial Corp | 1,399 | 47 | Applied Industrial Technologies Inc | 5,540 | 332 | ||||||
Stewart Information Services Corp | 35,929 | 1,528 | Briggs & Stratton Corp | 3,311 | 40 | ||||||
Third Point Reinsurance Ltd(a) | 145,903 | 1,694 | Cactus Inc(a) | 24,200 | 878 | ||||||
Tiptree Inc | 2,473 | 14 | Chart Industries Inc(a) | 1,380 | 121 | ||||||
United Fire Group Inc | 2,660 | 116 | Columbus McKinnon Corp/NY | 4,347 | 171 | ||||||
United Insurance Holdings Corp | 620 | 10 | CSW Industrials Inc | 5,200 | 312 | ||||||
White Mountains Insurance Group Ltd | 1,223 | 1,148 | Curtiss-Wright Corp | 150 | 17 | ||||||
$ | 68,625 | DXP Enterprises Inc/TX(a) | 3,824 | 164 | |||||||
Internet - 0.27% | Gencor Industries Inc(a) | 5,372 | 65 | ||||||||
1-800-Flowers.com Inc(a) | 1,624 | 35 | Gorman-Rupp Co/The | 1,806 | 61 | ||||||
Anaplan Inc(a) | 313 | 12 | GrafTech International Ltd | 472,525 | 5,410 | ||||||
Cars.com Inc(a) | 4,302 | 90 | Hurco Cos Inc | 3,508 | 138 | ||||||
ChannelAdvisor Corp(a) | 273 | 3 | Ichor Holdings Ltd(a) | 66,030 | 1,663 | ||||||
Lands' End Inc(a) | 927 | 16 | Manitowoc Co Inc/The(a) | 4,657 | 83 | ||||||
Leaf Group Ltd(a) | 2,700 | 23 | Mueller Water Products Inc - Class A | 170,895 | 1,834 | ||||||
Liberty Expedia Holdings Inc(a) | 3,178 | 148 | SPX FLOW Inc(a) | 18,748 | 674 | ||||||
Meet Group Inc/The(a) | 6,265 | 35 | Twin Disc Inc(a) | 1,525 | 29 | ||||||
New Media Investment Group Inc | 50,886 | 544 | $ | 18,623 | |||||||
NIC Inc | 69,635 | 1,202 | Media - 2.78% | ||||||||
Perficient Inc(a) | 17,600 | 518 | Beasley Broadcast Group Inc | 1,141 | 4 | ||||||
Shutterfly Inc(a) | 8,400 | 368 | Entercom Communications Corp | 14,825 | 102 | ||||||
TechTarget Inc(a) | 620 | 10 | Entravision Communications Corp | 460,043 | 1,321 | ||||||
Upwork Inc(a) | 160 | 3 | EW Scripps Co/The | 4,657 | 106 | ||||||
$ | 3,007 | Gannett Co Inc | 7,045 | 66 | |||||||
Investment Companies - 0.56% | Gray Television Inc(a) | 48,002 | 1,124 | ||||||||
Altus Midstream Co(a) | 126,400 | 638 | Hemisphere Media Group Inc(a) | 943 | 14 | ||||||
BlackRock TCP Capital Corp | 146,450 | 2,123 | Houghton Mifflin Harcourt Co(a) | 5,775 | 41 | ||||||
BrightSphere Investment Group PLC | 126,703 | 1,858 | Liberty Latin America Ltd - Class A(a) | 11,489 | 241 | ||||||
Ellington Financial Inc | 86,140 | 1,554 | Liberty Latin America Ltd - Class C(a) | 16,126 | 336 | ||||||
$ | 6,173 | Media General Inc - Rights(a),(c),(d) | 15,053 | 1 | |||||||
Iron & Steel - 0.19% | Meredith Corp | 16,958 | 1,000 | ||||||||
AK Steel Holding Corp(a) | 19,430 | 47 | MSG Networks Inc(a) | 78,344 | 1,805 | ||||||
Allegheny Technologies Inc(a) | 8,021 | 200 | New York Times Co/The | 1,514 | 50 | ||||||
Carpenter Technology Corp | 2,896 | 144 | Nexstar Media Group Inc | 102,825 | 12,036 | ||||||
Cleveland-Cliffs Inc | 132,747 | 1,326 | Saga Communications Inc | 829 | 26 | ||||||
Commercial Metals Co | 12,306 | 212 | Scholastic Corp | 4,866 | 194 | ||||||
Schnitzer Steel Industries Inc | 4,718 | 112 | Sinclair Broadcast Group Inc | 14,628 | 669 | ||||||
Shiloh Industries Inc(a) | 3,225 | 19 | TEGNA Inc | 705,784 | 11,236 | ||||||
Universal Stainless & Alloy Products Inc(a) | 860 | 12 | Value Line Inc | 112 | 3 | ||||||
$ | 2,072 | WideOpenWest Inc(a) | 5,926 | 47 | |||||||
Leisure Products & Services - 0.38% | $ | 30,422 | |||||||||
Acushnet Holdings Corp | 2,083 | 52 | Metal Fabrication & Hardware - 0.75% | ||||||||
Callaway Golf Co | 19,788 | 348 | AZZ Inc | 28,313 | 1,344 | ||||||
Camping World Holdings Inc | 82,800 | 1,235 | CIRCOR International Inc(a) | 100 | 3 | ||||||
Clarus Corp | 1,763 | 24 | Eastern Co/The | 1,721 | 49 | ||||||
Escalade Inc | 1,202 | 14 | Global Brass & Copper Holdings Inc | 49,154 | 2,133 | ||||||
Johnson Outdoors Inc | 12,429 | 953 | Lawson Products Inc/DE(a) | 536 | 18 | ||||||
Nautilus Inc(a) | 277,148 | 1,483 | LB Foster Co(a) | 3,575 | 77 | ||||||
Town Sports International Holdings Inc(a) | 1,778 | 6 | Northwest Pipe Co(a) | 845 | 20 | ||||||
YETI Holdings Inc(a) | 637 | 23 | Olympic Steel Inc | 3,128 | 51 | ||||||
$ | 4,138 | Rexnord Corp(a) | 32,613 | 933 | |||||||
Lodging - 0.28% | Timken Co/The | 17,747 | 851 | ||||||||
BBX Capital Corp | 5,666 | 31 | TimkenSteel Corp(a) | 3,334 | 34 | ||||||
Boyd Gaming Corp | 3,405 | 98 | TriMas Corp(a) | 14,441 | 447 | ||||||
Century Casinos Inc(a) | 2,389 | 22 | Valmont Industries Inc | 6,255 | 843 | ||||||
Hilton Grand Vacations Inc(a) | 28,207 | 904 | Worthington Industries Inc | 35,238 | 1,414 | ||||||
Marcus Corp/The | 9,140 | 344 | $ | 8,217 | |||||||
Red Lion Hotels Corp(a) | 1,628 | 13 | Mining - 0.30% | ||||||||
St Joe Co/The(a) | 2,987 | 51 | Coeur Mining Inc(a) | 9,663 | 35 | ||||||
Wyndham Destinations Inc | 37,800 | 1,646 | Compass Minerals International Inc | 21,205 | 1,217 | ||||||
$ | 3,109 | Energy Fuels Inc/Canada(a) | 7,033 | 21 | |||||||
Gold Resource Corp | 1,218 | 4 |
See accompanying notes.
265
Schedule of Investments SmallCap Value Fund II April 30, 2019 (unaudited)
COMMON STOCKS (continued) | Shares Held Value (000’s) | COMMON STOCKS (continued) | Shares Held Value (000’s) | ||||||||
Mining (continued) | Oil & Gas (continued) | ||||||||||
Hecla Mining Co | 25,577 | $ | 54 | Quintana Energy Services Inc(a) | 1,362 | $ | 6 | ||||
Kaiser Aluminum Corp | 14,490 | 1,426 | Ring Energy Inc(a) | 839 | 4 | ||||||
Livent Corp(a) | 4,987 | 54 | SandRidge Energy Inc(a) | 8,705 | 73 | ||||||
Materion Corp | 6,933 | 402 | SilverBow Resources Inc(a) | 711 | 13 | ||||||
Pan American Silver - CVR(a),(c) | 11,857 | 3 | SM Energy Co | 49,111 | 782 | ||||||
United States Lime & Minerals Inc | 185 | 15 | Southwestern Energy Co(a) | 50,633 | 200 | ||||||
$ | 3,231 | Star Group LP | 43,002 | 408 | |||||||
Miscellaneous Manufacturers - 1.27% | Talos Energy Inc(a) | 24,341 | 723 | ||||||||
Actuant Corp | 1,871 | 48 | Transocean Ltd(a) | 4,741 | 37 | ||||||
Ambarella Inc(a) | 1,139 | 57 | Trecora Resources(a) | 1,807 | 17 | ||||||
American Outdoor Brands Corp(a) | 4,387 | 43 | Ultra Petroleum Corp(a) | 33,127 | 14 | ||||||
EnPro Industries Inc | 25,049 | 1,861 | Unit Corp(a) | 108,209 | 1,468 | ||||||
ESCO Technologies Inc | 1,640 | 124 | W&T Offshore Inc(a) | 9,599 | 61 | ||||||
Fabrinet(a) | 115,022 | 6,961 | Whiting Petroleum Corp(a) | 64,678 | 1,772 | ||||||
Federal Signal Corp | 9,194 | 264 | $ | 33,817 | |||||||
Haynes International Inc | 1,030 | 33 | Oil & Gas Services - 2.61% | ||||||||
Hillenbrand Inc | 99,550 | 4,283 | Apergy Corp(a) | 37,700 | 1,496 | ||||||
Lydall Inc(a) | 1,148 | 28 | Archrock Inc | 77,343 | 782 | ||||||
NL Industries Inc(a) | 1,394 | 5 | Basic Energy Services Inc(a) | 2,377 | 6 | ||||||
Standex International Corp | 187 | 12 | C&J Energy Services Inc(a) | 105,446 | 1,481 | ||||||
Synalloy Corp | 829 | 15 | Dawson Geophysical Co(a) | 3,132 | 9 | ||||||
Tredegar Corp | 6,295 | 114 | Dril-Quip Inc(a) | 32,368 | 1,410 | ||||||
Trinseo SA | 1,463 | 66 | Era Group Inc(a) | 3,943 | 38 | ||||||
$ | 13,914 | Exterran Corp(a) | 2,735 | 39 | |||||||
Office & Business Equipment- 0.00% | Forum Energy Technologies Inc(a) | 6,631 | 40 | ||||||||
Pitney Bowes Inc | 5,838 | 42 | Frank's International NV(a) | 257,160 | 1,502 | ||||||
Office Furnishings- 0.39% | FTS International Inc(a) | 69,997 | 724 | ||||||||
CompX International Inc | 445 | 7 | Helix Energy Solutions Group Inc(a) | 13,571 | 106 | ||||||
Herman Miller Inc | 43,394 | 1,684 | Hi-Crush Partners LP | 84,700 | 300 | ||||||
Interface Inc | 61,343 | 985 | Independence Contract Drilling Inc(a) | 3,314 | 9 | ||||||
Kimball International Inc | 3,538 | 55 | Keane Group Inc(a) | 145,758 | 1,529 | ||||||
Knoll Inc | 45,608 | 997 | KLX Energy Services Holdings Inc(a) | 1,794 | 50 | ||||||
Steelcase Inc | 30,402 | 525 | Liberty Oilfield Services Inc | 76,100 | 1,135 | ||||||
$ | 4,253 | Matrix Service Co(a) | 2,172 | 43 | |||||||
Oil & Gas - 3.09% | McDermott International Inc(a) | 21,912 | 177 | ||||||||
Abraxas Petroleum Corp(a) | 3,051 | 4 | MRC Global Inc(a) | 2,406 | 42 | ||||||
Adams Resources & Energy Inc | 287 | 10 | Natural Gas Services Group Inc(a) | 3,485 | 56 | ||||||
Approach Resources Inc(a) | 7,296 | 2 | NCS Multistage Holdings Inc(a) | 1,394 | 6 | ||||||
Berry Petroleum Corp | 126,875 | 1,442 | Newpark Resources Inc(a) | 462,781 | 3,379 | ||||||
Bonanza Creek Energy Inc(a) | 69,124 | 1,664 | Nine Energy Service Inc(a) | 16,200 | 326 | ||||||
California Resources Corp(a) | 2,804 | 59 | NOW Inc(a) | 6,750 | 99 | ||||||
Callon Petroleum Co(a) | 461,890 | 3,469 | Nuverra Environmental Solutions Inc(a) | 261 | 2 | ||||||
Contango Oil & Gas Co(a) | 237,303 | 717 | Oceaneering International Inc(a) | 55,002 | 1,056 | ||||||
CVR Energy Inc | 1,018 | 46 | Oil States International Inc(a) | 158,580 | 3,063 | ||||||
Delek US Holdings Inc | 34,294 | 1,271 | Patterson-UTI Energy Inc | 57,400 | 780 | ||||||
Denbury Resources Inc(a) | 46,569 | 104 | PHI Inc(a) | 10,560 | 5 | ||||||
Earthstone Energy Inc(a) | 227,567 | 1,524 | Pioneer Energy Services Corp(a) | 6,788 | 12 | ||||||
Ensco Rowan plc | 5,458 | 76 | ProPetro Holding Corp(a) | 180,500 | 3,994 | ||||||
EXCO Resources Inc(a) | 1 | — | RPC Inc | 64,900 | 668 | ||||||
Goodrich Petroleum Corp(a) | 494 | 7 | Select Energy Services Inc(a) | 98,540 | 1,135 | ||||||
Gulfport Energy Corp(a) | 95,678 | 626 | Seventy Seven Energy Inc(a),(c),(d) | 16,216 | — | ||||||
Halcon Resources Corp(a) | 9,250 | 12 | Smart Sand Inc(a) | 197,058 | 774 | ||||||
HighPoint Resources Corp(a) | 201,858 | 553 | Solaris Oilfield Infrastructure Inc | 74,700 | 1,269 | ||||||
Isramco Inc(a) | 85 | 10 | Superior Energy Services Inc(a) | 12,534 | 45 | ||||||
Kosmos Energy Ltd | 1,346,146 | 9,006 | TETRA Technologies Inc(a) | 12,491 | 30 | ||||||
Laredo Petroleum Inc(a) | 239,901 | 725 | Thermon Group Holdings Inc(a) | 23,381 | 603 | ||||||
Mammoth Energy Services Inc | 68,300 | 1,065 | US Silica Holdings Inc | 1,895 | 30 | ||||||
Matador Resources Co(a) | 588 | 12 | US Well Services Inc(a) | 48,700 | 350 | ||||||
Midstates Petroleum Co Inc(a) | 28,005 | 358 | $ | 28,600 | |||||||
Montage Resources Corp(a) | 340 | 4 | Packaging & Containers - 0.44% | ||||||||
Murphy USA Inc(a) | 14,627 | 1,250 | Graphic Packaging Holding Co | 249,925 | 3,469 | ||||||
Noble Corp PLC(a) | 15,206 | 40 | Greif Inc - Class A | 29,339 | 1,160 | ||||||
Northern Oil and Gas Inc(a) | 305,332 | 809 | Greif Inc - Class B | 472 | 23 | ||||||
Oasis Petroleum Inc(a) | 32,694 | 200 | Multi-Color Corp | 1,139 | 57 | ||||||
Panhandle Oil and Gas Inc | 5,826 | 87 | UFP Technologies Inc(a) | 3,844 | 139 | ||||||
Par Pacific Holdings Inc(a) | 71,090 | 1,389 | $ | 4,848 | |||||||
PDC Energy Inc(a) | 6,007 | 261 | |||||||||
Penn Virginia Corp(a) | 18,000 | 808 | |||||||||
QEP Resources Inc(a) | 83,688 | 629 |
See accompanying notes.
266
Schedule of Investments SmallCap Value Fund II April 30, 2019 (unaudited)
COMMON STOCKS (continued) | Shares Held Value (000’s) | COMMON STOCKS (continued) | Shares Held Value (000’s) | ||||||||
Pharmaceuticals - 0.75% | REITs (continued) | ||||||||||
Achaogen Inc(a) | 506 | $ | — | Ares Commercial Real Estate Corp | 79,703 | $ | 1,211 | ||||
Adamas Pharmaceuticals Inc(a) | 1,068 | 7 | Arlington Asset Investment Corp | 2,675 | 21 | ||||||
Akebia Therapeutics Inc(a) | 606 | 4 | Armada Hoffler Properties Inc | 6,771 | 110 | ||||||
Akorn Inc(a) | 6,798 | 18 | ARMOUR Residential REIT Inc | 13,626 | 260 | ||||||
Amphastar Pharmaceuticals Inc(a) | 1,794 | 39 | Ashford Hospitality Trust Inc | 6,986 | 38 | ||||||
Anika Therapeutics Inc(a) | 41,842 | 1,333 | Blackstone Mortgage Trust Inc | 17,306 | 616 | ||||||
Aquestive Therapeutics Inc(a) | 289 | 2 | Bluerock Residential Growth REIT Inc | 1,982 | 22 | ||||||
Assertio Therapeutics Inc(a) | 1,397 | 6 | Braemar Hotels & Resorts Inc | 2,784 | 39 | ||||||
Bellicum Pharmaceuticals Inc(a) | 1,131 | 3 | Brandywine Realty Trust | 182,725 | 2,812 | ||||||
BioScrip Inc(a) | 8,756 | 17 | BRT Apartments Corp | 1,141 | 16 | ||||||
Catalyst Biosciences Inc(a) | 1,062 | 9 | Capstead Mortgage Corp | 7,118 | 61 | ||||||
Chimerix Inc(a) | 8,172 | 22 | CareTrust REIT Inc | 20,612 | 500 | ||||||
Concert Pharmaceuticals Inc(a) | 4,235 | 44 | CatchMark Timber Trust Inc | 23,656 | 237 | ||||||
Corium International Inc(a),(c) | 454 | — | CBL & Associates Properties Inc | 13,620 | 14 | ||||||
Corvus Pharmaceuticals Inc(a) | 183 | 1 | Cedar Realty Trust Inc | 7,472 | 23 | ||||||
Cytokinetics Inc(a) | 557 | 5 | Chatham Lodging Trust | 12,380 | 244 | ||||||
Diplomat Pharmacy Inc(a) | 963 | 5 | Cherry Hill Mortgage Investment Corp | 1,424 | 25 | ||||||
Endo International PLC(a) | 13,094 | 98 | Chesapeake Lodging Trust | 22,202 | 633 | ||||||
Lannett Co Inc(a) | 2,447 | 19 | City Office REIT Inc | 2,891 | 34 | ||||||
Mallinckrodt PLC(a) | 6,821 | 105 | Colony Capital Inc | 276,814 | 1,423 | ||||||
Minerva Neurosciences Inc(a) | 636 | 5 | Colony Credit Real Estate Inc | 101,955 | 1,584 | ||||||
Natural Grocers by Vitamin Cottage Inc(a) | 952 | 12 | Community Healthcare Trust Inc | 119,096 | 4,345 | ||||||
Natural Health Trends Corp | 62,463 | 722 | CoreCivic Inc | 267,805 | 5,573 | ||||||
Nature's Sunshine Products Inc(a) | 906 | 8 | CorEnergy Infrastructure Trust Inc | 1,084 | 41 | ||||||
Owens & Minor Inc | 5,143 | 17 | CorePoint Lodging Inc | 3,467 | 43 | ||||||
Phibro Animal Health Corp | 3,437 | 119 | Cousins Properties Inc | 92,563 | 885 | ||||||
Portola Pharmaceuticals Inc(a) | 398 | 14 | DiamondRock Hospitality Co | 64,726 | 703 | ||||||
PRA Health Sciences Inc(a) | 39,575 | 3,832 | Dynex Capital Inc | 5,984 | 37 | ||||||
Prestige Consumer Healthcare Inc(a) | 3,232 | 95 | Easterly Government Properties Inc | 2,776 | 50 | ||||||
Principia Biopharma Inc(a) | 93 | 3 | Essential Properties Realty Trust Inc | 2,641 | 55 | ||||||
Proteostasis Therapeutics Inc(a) | 613 | 1 | Exantas Capital Corp | 107,548 | 1,177 | ||||||
Ra Pharmaceuticals Inc(a) | 1,410 | 31 | First Industrial Realty Trust Inc | 35,180 | 1,241 | ||||||
Spero Therapeutics Inc(a) | 672 | 7 | Four Corners Property Trust Inc | 2,834 | 81 | ||||||
Taro Pharmaceutical Industries Ltd | 14,200 | 1,525 | Franklin Street Properties Corp | 6,396 | 50 | ||||||
Tetraphase Pharmaceuticals Inc(a) | 5,800 | 6 | GEO Group Inc/The | 77,296 | 1,548 | ||||||
Tricida Inc(a) | 292 | 10 | Getty Realty Corp | 12,540 | 406 | ||||||
Xeris Pharmaceuticals Inc(a) | 388 | 4 | Gladstone Commercial Corp | 7,063 | 153 | ||||||
Zogenix Inc(a) | 639 | 25 | Gladstone Land Corp | 1,382 | 18 | ||||||
$ | 8,173 | Global Medical REIT Inc | 2,290 | 23 | |||||||
Pipelines - 0.18% | Global Net Lease Inc | 4,761 | 91 | ||||||||
Noble Midstream Partners LP | 22,500 | 775 | Granite Point Mortgage Trust Inc | 4,849 | 93 | ||||||
Oasis Midstream Partners LP | 38,600 | 769 | Great Ajax Corp | 33,072 | 474 | ||||||
PBF Logistics LP | 17,184 | 366 | Healthcare Realty Trust Inc | 28,185 | 871 | ||||||
SemGroup Corp | 7,281 | 95 | Hersha Hospitality Trust | 2,805 | 52 | ||||||
$ | 2,005 | Independence Realty Trust Inc | 10,036 | 106 | |||||||
Private Equity - 0.12% | Industrial Logistics Properties Trust | 7,791 | 155 | ||||||||
Kennedy-Wilson Holdings Inc | 3,815 | 82 | InfraREIT Inc | 13,837 | 291 | ||||||
Victory Capital Holdings Inc(a) | 74,839 | 1,234 | Innovative Industrial Properties Inc | 1,063 | 91 | ||||||
$ | 1,316 | Invesco Mortgage Capital Inc | 24,022 | 392 | |||||||
Real Estate - 0.41% | Investors Real Estate Trust | 990 | 60 | ||||||||
American Realty Investors Inc(a) | 371 | 5 | iStar Inc | 5,550 | 48 | ||||||
Consolidated-Tomoka Land Co | 270 | 17 | Jernigan Capital Inc | 1,642 | 35 | ||||||
Cushman & Wakefield PLC(a) | 133,542 | 2,623 | Kite Realty Group Trust | 5,067 | 80 | ||||||
Five Point Holdings LLC(a) | 96,500 | 821 | KKR Real Estate Finance Trust Inc | 1,852 | 37 | ||||||
Forestar Group Inc(a) | 936 | 18 | Ladder Capital Corp | 9,169 | 160 | ||||||
RE/MAX Holdings Inc | 22,157 | 960 | Lexington Realty Trust | 37,940 | 344 | ||||||
Safehold Inc | 929 | 24 | LTC Properties Inc | 4,181 | 188 | ||||||
Transcontinental Realty Investors Inc(a) | 220 | 7 | Mack-Cali Realty Corp | 5,665 | 132 | ||||||
Whitestone REIT | 3,448 | 44 | MedEquities Realty Trust Inc | 2,592 | 28 | ||||||
$ | 4,519 | Monmouth Real Estate Investment Corp | 44,661 | 614 | |||||||
National Health Investors Inc | 7,519 | 567 | |||||||||
REITs - 6.34% | National Storage Affiliates Trust | 176,064 | 5,152 | ||||||||
Acadia Realty Trust | 4,999 | 141 | New Senior Investment Group Inc | 6,692 | 37 | ||||||
AG Mortgage Investment Trust Inc | 2,433 | 42 | New York Mortgage Trust Inc | 18,419 | 116 | ||||||
Agree Realty Corp | 3,206 | 210 | NexPoint Residential Trust Inc | 6,561 | 246 | ||||||
Alexander & Baldwin Inc | 6,689 | 158 | NorthStar Realty Europe Corp | 2,698 | 48 | ||||||
American Assets Trust Inc | 20,831 | 962 | Office Properties Income Trust | 10,762 | 292 | ||||||
Anworth Mortgage Asset Corp | 8,454 | 35 | One Liberty Properties Inc | 1,367 | 39 | ||||||
Apollo Commercial Real Estate Finance Inc | 11,330 | 212 | Orchid Island Capital Inc | 4,319 | 28 | ||||||
Arbor Realty Trust Inc | 8,154 | 111 |
See accompanying notes.
267
Schedule of Investments SmallCap Value Fund II April 30, 2019 (unaudited)
COMMON STOCKS (continued) | Shares Held Value (000’s) | COMMON STOCKS (continued) | Shares Held Value (000’s) | ||||||||
REITs (continued) | Retail (continued) | ||||||||||
Pebblebrook Hotel Trust | 26,798 | $ | 873 | Express Inc(a) | 5,883 | $ | 22 | ||||
Pennsylvania Real Estate Investment Trust | 3,070 | 18 | EZCORP Inc(a) | 4,353 | 47 | ||||||
PennyMac Mortgage Investment Trust | 92,316 | 1,939 | Fiesta Restaurant Group Inc(a) | 641 | 8 | ||||||
Physicians Realty Trust | 344,328 | 6,219 | FirstCash Inc | 76,451 | 7,468 | ||||||
Piedmont Office Realty Trust Inc | 37,761 | 786 | Foundation Building Materials Inc(a) | 1,204 | 16 | ||||||
PotlatchDeltic Corp | 9,075 | 350 | GameStop Corp | 43,425 | 376 | ||||||
Preferred Apartment Communities Inc | 3,474 | 54 | Genesco Inc(a) | 2,108 | 94 | ||||||
PS Business Parks Inc | 1,900 | 292 | GMS Inc(a) | 379 | 7 | ||||||
QTS Realty Trust Inc | 1,700 | 77 | GNC Holdings Inc(a) | 6,736 | 15 | ||||||
Ready Capital Corp | 77,772 | 1,175 | Group 1 Automotive Inc | 25,039 | 1,960 | ||||||
Redwood Trust Inc | 9,487 | 155 | Guess? Inc | 13,020 | 266 | ||||||
Retail Opportunity Investments Corp | 19,207 | 337 | Habit Restaurants Inc/The(a) | 1,730 | 18 | ||||||
Rexford Industrial Realty Inc | 34,594 | 1,311 | Haverty Furniture Cos Inc | 24,454 | 583 | ||||||
RLJ Lodging Trust | 76,425 | 1,407 | Hibbett Sports Inc(a) | 51,838 | 1,073 | ||||||
RPT Realty | 4,815 | 58 | J Alexander's Holdings Inc(a) | 1,288 | 14 | ||||||
Sabra Health Care REIT Inc | 16,151 | 316 | J. Jill Inc | 2,225 | 12 | ||||||
Saul Centers Inc | 192 | 10 | Jack in the Box Inc | 7,034 | 542 | ||||||
Seritage Growth Properties | 40,471 | 1,804 | JC Penney Co Inc(a) | 25,780 | 35 | ||||||
Spirit MTA REIT | 3,844 | 26 | Kirkland's Inc(a) | 1,379 | 8 | ||||||
STAG Industrial Inc | 27,045 | 779 | La-Z-Boy Inc | 20,031 | 657 | ||||||
Summit Hotel Properties Inc | 38,383 | 446 | Lithia Motors Inc | 18,266 | 2,073 | ||||||
Sunstone Hotel Investors Inc | 65,290 | 940 | Lumber Liquidators Holdings Inc(a) | 671 | 9 | ||||||
Terreno Realty Corp | 12,605 | 562 | MarineMax Inc(a) | 939 | 16 | ||||||
Tier REIT Inc | 3,330 | 94 | Movado Group Inc | 44,209 | 1,577 | ||||||
TPG RE Finance Trust Inc | 3,573 | 70 | Office Depot Inc | 505,368 | 1,213 | ||||||
Two Harbors Investment Corp | 608,300 | 8,431 | Papa John's International Inc | 733 | 37 | ||||||
UMH Properties Inc | 1,300 | 19 | Party City Holdco Inc(a) | 4,407 | 30 | ||||||
Universal Health Realty Income Trust | 84 | 7 | PC Connection Inc | 40,115 | 1,490 | ||||||
Urban Edge Properties | 17,512 | 325 | Penske Automotive Group Inc | 16,200 | 744 | ||||||
Urstadt Biddle Properties Inc | 3,962 | 87 | PetIQ Inc(a) | 177 | 5 | ||||||
Washington Prime Group Inc | 11,509 | 51 | PetMed Express Inc | 15,900 | 347 | ||||||
Washington Real Estate Investment Trust | 19,329 | 546 | Red Robin Gourmet Burgers Inc(a) | 1,084 | 35 | ||||||
Western Asset Mortgage Capital Corp | 4,042 | 43 | Regis Corp(a) | 2,536 | 47 | ||||||
Xenia Hotels & Resorts Inc | 36,402 | 788 | Rite Aid Corp(a) | 3,251 | 30 | ||||||
$ | 69,485 | RTW RetailWinds Inc(a) | 2,004 | 5 | |||||||
Retail - 4.08% | Rush Enterprises Inc - Class A | 42,442 | 1,799 | ||||||||
Abercrombie & Fitch Co | 19,433 | 581 | Rush Enterprises Inc - Class B | 335 | 14 | ||||||
American Eagle Outfitters Inc | 34,374 | 817 | Ruth's Hospitality Group Inc | 4,190 | 109 | ||||||
America's Car-Mart Inc/TX(a) | 320 | 32 | Sally Beauty Holdings Inc(a) | 8,333 | 148 | ||||||
Asbury Automotive Group Inc(a) | 15,873 | 1,273 | Shoe Carnival Inc | 913 | 33 | ||||||
AutoNation Inc(a) | 29,800 | 1,249 | Signet Jewelers Ltd | 7,236 | 168 | ||||||
Barnes & Noble Education Inc(a) | 3,482 | 15 | Sonic Automotive Inc | 106,520 | 2,155 | ||||||
Barnes & Noble Inc | 5,134 | 26 | Sportsman's Warehouse Holdings Inc(a) | 71,910 | 321 | ||||||
Bassett Furniture Industries Inc | 5,655 | 100 | Suburban Propane Partners LP | 74,037 | 1,727 | ||||||
Beacon Roofing Supply Inc(a) | 1,079 | 41 | Tile Shop Holdings Inc | 5,070 | 25 | ||||||
Bed Bath & Beyond Inc | 85,291 | 1,425 | Tilly's Inc | 17,801 | 209 | ||||||
Big Lots Inc | 1,902 | 71 | Vera Bradley Inc(a) | 17,894 | 220 | ||||||
Biglari Holdings Inc(a) | 97 | 13 | Wingstop Inc | 1,859 | 140 | ||||||
BJ's Wholesale Club Holdings Inc(a) | 11,684 | 331 | World Fuel Services Corp | 43,305 | 1,336 | ||||||
BMC Stock Holdings Inc(a) | 10,702 | 220 | Zumiez Inc(a) | 24,683 | 658 | ||||||
Brinker International Inc | 560 | 24 | $ | 44,768 | |||||||
Buckle Inc/The | 22,792 | 421 | Savings & Loans - 2.04% | ||||||||
Caleres Inc | 4,222 | 111 | Banc of California Inc | 3,580 | 52 | ||||||
Cannae Holdings Inc(a) | 4,287 | 110 | BankFinancial Corp | 6,673 | 100 | ||||||
Carrols Restaurant Group Inc(a) | 636 | 6 | Berkshire Hills Bancorp Inc | 23,274 | 698 | ||||||
Cato Corp/The | 4,902 | 74 | Brookline Bancorp Inc | 89,966 | 1,354 | ||||||
Chico's FAS Inc | 11,109 | 39 | Capitol Federal Financial Inc | 104,448 | 1,441 | ||||||
Children's Place Inc/The | 8,600 | 970 | Community Bankers Trust Corp | 2,275 | 18 | ||||||
Chuy's Holdings Inc(a) | 378 | 8 | Dime Community Bancshares Inc | 91,251 | 1,839 | ||||||
Citi Trends Inc | 8,658 | 161 | Entegra Financial Corp(a) | 637 | 19 | ||||||
Conn's Inc(a) | 2,194 | 57 | ESSA Bancorp Inc | 1,019 | 16 | ||||||
Container Store Group Inc/The(a) | 1,476 | 13 | First Defiance Financial Corp | 2,812 | 83 | ||||||
Del Taco Restaurants Inc(a) | 2,646 | 27 | First Financial Northwest Inc | 839 | 14 | ||||||
Denny's Corp(a) | 3,754 | 70 | First Savings Financial Group Inc | 219 | 13 | ||||||
Designer Brands Inc | 23,715 | 527 | Flushing Financial Corp | 57,473 | 1,300 | ||||||
Dillard's Inc | 12,694 | 869 | FS Bancorp Inc | 8,040 | 415 | ||||||
Dine Brands Global Inc | 476 | 42 | Greene County Bancorp Inc | 150 | 5 | ||||||
Dunkin' Brands Group Inc | 68,075 | 5,080 | Hingham Institution for Savings | 76 | 14 | ||||||
El Pollo Loco Holdings Inc(a) | 1,861 | 24 | Home Bancorp Inc | 657 | 24 |
See accompanying notes.
268
Schedule of Investments SmallCap Value Fund II April 30, 2019 (unaudited)
COMMON STOCKS (continued) | Shares Held Value (000’s) | COMMON STOCKS (continued) | Shares Held Value (000’s) | ||||||||
Savings & Loans (continued) | Software (continued) | ||||||||||
HomeTrust Bancshares Inc | 16,341 | $ | 414 | InnerWorkings Inc(a) | 320,559 | $ | 1,084 | ||||
Investors Bancorp Inc | 192,700 | 2,264 | ManTech International Corp/VA | 7,788 | 483 | ||||||
Malvern Bancorp Inc(a) | 646 | 14 | MicroStrategy Inc(a) | 531 | 80 | ||||||
Meridian Bancorp Inc | 85,540 | 1,473 | Monotype Imaging Holdings Inc | 38,992 | 672 | ||||||
MutualFirst Financial Inc | 1,099 | 32 | NextGen Healthcare Inc(a) | 6,205 | 116 | ||||||
Northfield Bancorp Inc | 99,829 | 1,497 | PDF Solutions Inc(a) | 2,172 | 28 | ||||||
Northwest Bancshares Inc | 11,039 | 193 | Progress Software Corp | 13,193 | 602 | ||||||
OceanFirst Financial Corp | 35,250 | 887 | SecureWorks Corp(a) | 728 | 14 | ||||||
Oritani Financial Corp | 103,259 | 1,791 | Telenav Inc(a) | 1,640 | 10 | ||||||
Pacific Premier Bancorp Inc | 29,030 | 844 | TiVo Corp | 7,629 | 72 | ||||||
People's United Financial Inc | 1,131 | 20 | Verint Systems Inc(a) | 22,662 | 1,369 | ||||||
Provident Financial Services Inc | 17,856 | 474 | Workiva Inc(a) | 2,660 | 141 | ||||||
Prudential Bancorp Inc | 839 | 15 | $ | 7,762 | |||||||
Riverview Bancorp Inc | 2,070 | 15 | Storage & Warehousing - 0.00% | ||||||||
SI Financial Group Inc | 1,056 | 15 | Mobile Mini Inc | 901 | 32 | ||||||
Southern Missouri Bancorp Inc | 11,252 | 377 | Telecommunications - 1.35% | ||||||||
Territorial Bancorp Inc | 17,972 | 521 | Acacia Communications Inc(a) | 7,743 | 448 | ||||||
Timberland Bancorp Inc/WA | 674 | 21 | ADTRAN Inc | 8,302 | 142 | ||||||
United Community Financial Corp/OH | 4,178 | 39 | ATN International Inc | 2,924 | 179 | ||||||
United Financial Bancorp Inc | 52,273 | 689 | Calix Inc(a) | 1,859 | 13 | ||||||
Washington Federal Inc | 72,124 | 2,391 | Casa Systems Inc(a) | 308,821 | 2,961 | ||||||
Waterstone Financial Inc | 26,074 | 431 | Ciena Corp(a) | 25,664 | 985 | ||||||
WSFS Financial Corp | 13,289 | 573 | Cincinnati Bell Inc(a) | 3,772 | 34 | ||||||
$ | 22,395 | Clearfield Inc(a) | 587 | 9 | |||||||
Semiconductors - 4.18% | CommScope Holding Co Inc(a) | 67,100 | 1,663 | ||||||||
Alpha & Omega Semiconductor Ltd(a) | 1,714 | 21 | Consolidated Communications Holdings Inc | 5,749 | 30 | ||||||
Amkor Technology Inc(a) | 60,909 | 552 | DASAN Zhone Solutions Inc(a) | 751 | 9 | ||||||
Aquantia Corp(a) | 83,261 | 792 | Digi International Inc(a) | 77,718 | 1,000 | ||||||
AVX Corp | 86,320 | 1,407 | Extreme Networks Inc(a) | 115,300 | 922 | ||||||
Axcelis Technologies Inc(a) | 6,798 | 145 | Finisar Corp(a) | 7,310 | 176 | ||||||
AXT Inc(a) | 3,392 | 19 | Frontier Communications Corp(a) | 8,265 | 23 | ||||||
Cabot Microelectronics Corp | 89,785 | 11,336 | Harmonic Inc(a) | 7,103 | 40 | ||||||
CEVA Inc(a) | 211 | 5 | Infinera Corp(a) | 12,084 | 52 | ||||||
Cirrus Logic Inc(a) | 40,767 | 1,939 | Intelsat SA(a) | 3,493 | 71 | ||||||
Cohu Inc | 2,143 | 32 | InterDigital Inc | 1,346 | 88 | ||||||
Cree Inc(a) | 17,396 | 1,150 | Iridium Communications Inc(a) | 6,007 | 165 | ||||||
CTS Corp | 25,750 | 772 | KVH Industries Inc(a) | 1,395 | 14 | ||||||
Diodes Inc(a) | 63,254 | 2,304 | NeoPhotonics Corp(a) | 2,781 | 19 | ||||||
FormFactor Inc(a) | 4,230 | 80 | NETGEAR Inc(a) | 46,955 | 1,457 | ||||||
Lattice Semiconductor Corp(a) | 454,525 | 5,886 | Plantronics Inc | 10,300 | 530 | ||||||
MACOM Technology Solutions Holdings Inc(a) | 2,843 | 40 | Preformed Line Products Co | 6,528 | 368 | ||||||
MaxLinear Inc(a) | 202,445 | 5,448 | Quantenna Communications Inc(a) | 63,927 | 1,557 | ||||||
Nanometrics Inc(a) | 6,276 | 187 | Ribbon Communications Inc(a) | 232,105 | 1,244 | ||||||
Photronics Inc(a) | 168,163 | 1,571 | RigNet Inc(a) | 1,331 | 12 | ||||||
Power Integrations Inc | 35,675 | 2,819 | Spok Holdings Inc | 1,498 | 21 | ||||||
Rambus Inc(a) | 226,062 | 2,590 | ViaSat Inc(a) | 3,457 | 314 | ||||||
Semtech Corp(a) | 4,936 | 266 | Viavi Solutions Inc(a) | 14,789 | 196 | ||||||
Sigma Designs Inc(a) | 11,220 | 2 | $ | 14,742 | |||||||
Silicon Laboratories Inc(a) | 41,400 | 4,457 | Textiles - 0.04% | ||||||||
Synaptics Inc(a) | 3,242 | 122 | Culp Inc | 1,012 | 21 | ||||||
Ultra Clean Holdings Inc(a) | 146,562 | 1,755 | UniFirst Corp/MA | 2,534 | 400 | ||||||
Veeco Instruments Inc(a) | 3,806 | 46 | $ | 421 | |||||||
Xperi Corp | 4,038 | 100 | Transportation - 1.37% | ||||||||
$ | 45,843 | ArcBest Corp | 6,436 | 197 | |||||||
Software - 0.71% | Ardmore Shipping Corp(a) | 3,161 | 22 | ||||||||
ACI Worldwide Inc(a) | 1,054 | 37 | Atlas Air Worldwide Holdings Inc(a) | 1,620 | 79 | ||||||
Allscripts Healthcare Solutions Inc(a) | 12,687 | 125 | Costamare Inc | 4,385 | 26 | ||||||
American Software Inc/GA | 3,144 | 41 | Covenant Transportation Group Inc(a) | 58,844 | 1,149 | ||||||
Avaya Holdings Corp(a) | 6,562 | 125 | Daseke Inc(a) | 3,496 | 18 | ||||||
Avid Technology Inc(a) | 982 | 7 | Dorian LPG Ltd(a) | 2,865 | 23 | ||||||
Castlight Health Inc(a) | 1,100 | 4 | Echo Global Logistics Inc(a) | 3,988 | 92 | ||||||
Computer Programs & Systems Inc | 528 | 16 | Frontline Ltd/Bermuda(a) | 6,400 | 52 | ||||||
CSG Systems International Inc | 34,200 | 1,527 | GasLog Ltd | 3,373 | 53 | ||||||
Daily Journal Corp(a) | 89 | 20 | Golar LNG Ltd | 9,204 | 180 | ||||||
Domo Inc(a) | 199 | 8 | Hoegh LNG Partners LP | 66,000 | 1,297 | ||||||
Donnelley Financial Solutions Inc(a) | 1,578 | 24 | Hub Group Inc(a) | 1,320 | 55 | ||||||
Ebix Inc | 21,300 | 1,075 | Landstar System Inc | 73,300 | 7,987 | ||||||
eGain Corp(a) | 1,916 | 19 | Marten Transport Ltd | 2,570 | 50 | ||||||
Evolent Health Inc(a) | 4,627 | 63 | Matson Inc | 46,695 | 1,850 |
See accompanying notes.
269
Schedule of Investments
SmallCap Value Fund II
April 30, 2019 (unaudited)
COMMON STOCKS (continued) | Shares Held | Value (000’s) | (a) | Non-income producing security | |||||||||||
Transportation (continued) | (b) | Restricted Security. Please see Restricted Security Sub-Schedule for more | |||||||||||||
Nordic American Tankers Ltd | 12,019 | $ | 26 | information. | |||||||||||
Overseas Shipholding Group Inc(a) | 102,265 | 186 | (c) | Fair value of these investments is determined in good faith by the Manager | |||||||||||
PAM Transportation Services Inc(a) | 129 | 6 | under procedures established and periodically reviewed by the Board of | ||||||||||||
Park-Ohio Holdings Corp | 799 | 29 | Directors. Certain inputs used in the valuation may be unobservable; however, | ||||||||||||
Radiant Logistics Inc | 3,664 | 24 | each security is evaluated individually for purposes of ASC 820 which results | ||||||||||||
Safe Bulkers Inc(a) | 6,882 | 12 | in not all securities being identified as Level 3 of the fair value hierarchy. At | ||||||||||||
Schneider National Inc | 36,900 | 771 | the end of the period, the fair value of these securities totaled $17 or 0.00% of | ||||||||||||
Scorpio Tankers Inc | 2,833 | 73 | net assets. | ||||||||||||
SEACOR Holdings Inc(a) | 10,513 | 468 | (d) | The value of these investments was determined using significant unobservable | |||||||||||
Ship Finance International Ltd | 7,773 | 99 | inputs. | ||||||||||||
Teekay Tankers Ltd(a) | 17,920 | 20 | (e) | Affiliated Security. Security is either an affiliate (and registered under the | |||||||||||
Tidewater Inc(a) | 2,461 | 55 | Investment Company Act of 1940) or an affiliate as defined by the Investment | ||||||||||||
US Xpress Enterprises Inc(a) | 1,186 | 8 | Company Act of 1940 (controls 5.0% or more of the outstanding voting | ||||||||||||
USA Truck Inc(a) | 283 | 4 | shares of the security). Please see affiliated sub-schedule for transactional | ||||||||||||
Werner Enterprises Inc | 2,582 | 87 | information. | ||||||||||||
YRC Worldwide Inc(a) | 2,505 | 17 | (f) | Current yield shown is as of period end. | |||||||||||
$ | 15,015 | ||||||||||||||
Trucking & Leasing - 0.18% | |||||||||||||||
GATX Corp | 2,355 | 182 | |||||||||||||
Greenbrier Cos Inc/The | 49,270 | 1,751 | |||||||||||||
Willis Lease Finance Corp(a) | 310 | 15 | |||||||||||||
$ | 1,948 | ||||||||||||||
Water - 0.23% | |||||||||||||||
American States Water Co | 6,329 | 451 | |||||||||||||
Artesian Resources Corp | 8,747 | 318 | |||||||||||||
California Water Service Group | 26,866 | 1,353 | |||||||||||||
Connecticut Water Service Inc | 2,549 | 174 | |||||||||||||
Consolidated Water Co Ltd | 1,471 | 19 | |||||||||||||
Middlesex Water Co | 172 | 10 | |||||||||||||
PICO Holdings Inc(a) | 1,698 | 19 | |||||||||||||
SJW Group | 511 | 32 | |||||||||||||
York Water Co/The | 4,248 | 145 | |||||||||||||
$ | 2,521 | ||||||||||||||
TOTAL COMMON STOCKS | $ | 1,051,666 | |||||||||||||
INVESTMENT COMPANIES - 4.13% | Shares Held | Value (000's) | |||||||||||||
Money Market Funds - 4.01% | |||||||||||||||
Principal Government Money Market Fund | 43,969,766 | 43,970 | |||||||||||||
2.38%(e),(f) | |||||||||||||||
Principal Exchange-Traded Funds - 0.12% | |||||||||||||||
Principal U.S. Small-Cap Multi-Factor Index | 39,506 | 1,272 | |||||||||||||
ETF(e) | |||||||||||||||
TOTAL INVESTMENT COMPANIES | $ | 45,242 | |||||||||||||
PREFERRED STOCKS - 0.00% | Shares Held | Value (000's) | |||||||||||||
Investment Companies - 0.00% | |||||||||||||||
Steel Partners Holdings LP 6.00%, 02/07/2026 | 507 | $ | 11 | ||||||||||||
TOTAL PREFERRED STOCKS | $ | 11 | |||||||||||||
Total Investments | $ | 1,096,919 | |||||||||||||
Other Assets and Liabilities - (0.07)% | (756 | ) | |||||||||||||
TOTAL NET ASSETS - 100.00% | $ | 1,096,163 | |||||||||||||
Affiliated Securities | October 31, 2018 | Purchases | Sales | April 30, 2019 | |||||||||||
Value | Cost | Proceeds | Value | ||||||||||||
Principal Government Money Market Fund 2.38% | $ | 35,811 | $ | 167,827 | $ | 159,668 | $ | 43,970 | |||||||
Principal U.S. Small-Cap Multi-Factor Index ETF | — | 1,239 | — | 1,272 | |||||||||||
$ | 35,811 | $ | 169,066 | $ | 159,668 | $ | 45,242 | ||||||||
Realized Gain/Loss | Realized Gain from | Change in Unrealized | |||||||||||||
Income | on Investments | Capital Gain Distributions | Gain/Loss | ||||||||||||
Principal Government Money Market Fund 2.38% | $ | 319 | $ | —$ | —$ | — | |||||||||
Principal U.S. Small-Cap Multi-Factor Index ETF | 10 | — | — | 33 | |||||||||||
$ | 329 | $ | —$ | —$ | 33 | ||||||||||
Amounts in thousands |
See accompanying notes.
270
Schedule of Investments | ||||||||||||
SmallCap Value Fund II | ||||||||||||
April 30, 2019 (unaudited) | ||||||||||||
Restricted Securities | ||||||||||||
Security Name | Acquisition Date | Cost | Value | Percent of Net Assets | ||||||||
NewStar Financial Inc | 12/27/2017 | $ | 28 | $ | 13 | 0.00 | % | |||||
Total | $ | 13 | 0.00 | % | ||||||||
Amounts in thousands. | ||||||||||||
Futures Contracts | ||||||||||||
Description and Expiration Date | Type | Contracts | Notional Amount | Value and Unrealized Appreciation/(Depreciation) | ||||||||
Russell 2000 Emini; June 2019 | Long | 40 | $ | 3,188 | $ | 51 | ||||||
Total | $ | 51 | ||||||||||
Amounts in thousands except contracts. |
See accompanying notes.
271
Schedule of Investments | |||||||||||
Tax-Exempt Bond Fund | |||||||||||
April 30, 2019 (unaudited) | |||||||||||
INVESTMENT COMPANIES - 1.52% | Shares Held Value (000's) | Principal | |||||||||
Exchange-Traded Funds - 1.52% | MUNICIPAL BONDS (continued) | Amount (000’s) Value (000’s) | |||||||||
iShares National Muni Bond ETF | 59,000 | $ | 6,581 | California (continued) | |||||||
TOTAL INVESTMENT COMPANIES | $ | 6,581 | Lancaster Redevelopment Agency Successor | ||||||||
Principal | Agency | ||||||||||
MUNICIPAL BONDS - 100.41% | Amount (000's) Value (000's) | 6.50%, 08/01/2029 | $ | 580 | $ | 587 | |||||
Alabama - 3.22% | Los Angeles Unified School District/CA | ||||||||||
Birmingham Airport Authority (credit support | 5.00%, 07/01/2029 | 1,000 | 1,006 | ||||||||
fromAGM) | Metropolitan Water District of Southern | ||||||||||
5.25%, 07/01/2030(a) | $ | 1,000 | $ | 1,034 | California | ||||||
Lower Alabama Gas District/The | 5.00%, 07/01/2029 | 1,150 | 1,157 | ||||||||
5.00%, 09/01/2034 | 3,500 | 4,290 | Oakland Unified School District/Alameda County | ||||||||
5.00%, 09/01/2046 | 4,500 | 5,777 | 5.00%, 08/01/2034 | 2,210 | 2,510 | ||||||
Selma Industrial Development Board | Port of Los Angeles | ||||||||||
6.25%, 11/01/2033 | 700 | 715 | 5.00%, 08/01/2031 | 1,240 | 1,250 | ||||||
Tuscaloosa County Industrial Development | Richmond Joint Powers Financing Authority | ||||||||||
Authority | 6.25%, 07/01/2024 | 1,000 | 1,008 | ||||||||
4.50%, 05/01/2032(b),(c) | 1,000 | 1,054 | Riverside Community Properties Development | ||||||||
5.25%, 05/01/2044(b),(c) | 1,000 | 1,071 | Inc | ||||||||
$ | 13,941 | 6.00%, 10/15/2038 | 1,150 | 1,375 | |||||||
Alaska - 0.35% | Sacramento Area Flood Control Agency (credit | ||||||||||
Borough of Matanuska-Susitna AK (credit | support fromBAM) | ||||||||||
support fromAGC) | 5.00%, 10/01/2039(a) | 1,340 | 1,512 | ||||||||
5.50%, 09/01/2023(a) | 1,500 | 1,519 | San Diego Unified School District/CA | ||||||||
Arizona - 3.88% | 0.00%, 07/01/2032(f) | 5,000 | 3,454 | ||||||||
Arizona Industrial Development Authority | Southern California Public Power Authority | ||||||||||
5.00%, 01/01/2043 | 2,000 | 2,192 | 5.00%, 11/01/2028 | 2,200 | 2,619 | ||||||
5.00%, 01/01/2049 | 1,000 | 1,070 | 5.25%, 07/01/2028 | 1,000 | 1,073 | ||||||
5.00%, 01/01/2054 | 1,000 | 1,079 | State of California | ||||||||
5.13%, 01/01/2054 | 1,000 | 1,079 | 5.00%, 08/01/2028 | 2,000 | 2,527 | ||||||
5.50%, 01/01/2054(c) | 1,500 | 1,565 | University of California | ||||||||
Chandler Industrial Development Authority | 5.75%, 05/15/2025 | 1,380 | 1,382 | ||||||||
2.70%, 12/01/2037(d) | 1,300 | 1,320 | West Contra Costa Unified School District | ||||||||
City of Phoenix Civic Improvement Corp | 5.25%, 08/01/2033 | 1,000 | 1,138 | ||||||||
5.00%, 07/01/2034 | 1,000 | 1,006 | $ | 45,344 | |||||||
Navajo Nation | Colorado - 3.07% | ||||||||||
5.50%, 12/01/2030(c) | 1,240 | 1,385 | Denver Convention Center Hotel Authority | ||||||||
Salt Verde Financial Corp | 5.00%, 12/01/2036 | 1,000 | 1,131 | ||||||||
5.00%, 12/01/2032 | 4,965 | 6,129 | Dominion Water & Sanitation District | ||||||||
$ | 16,825 | 5.25%, 12/01/2027 | 1,500 | 1,596 | |||||||
California - 10.46% | Elbert County Independence Water & Sanitation | ||||||||||
Alum Rock Union Elementary School District | District | ||||||||||
5.25%, 08/01/2043 | 1,000 | 1,120 | 7.25%, 12/01/2038 | 1,000 | 1,034 | ||||||
California Health Facilities Financing Authority | Platte River Power Authority | ||||||||||
5.00%, 11/15/2046(e) | 1,691 | 1,911 | 5.00%, 06/01/2026 | 1,135 | 1,138 | ||||||
California Municipal Finance Authority | Regional Transportation District | ||||||||||
4.00%, 12/31/2047 | 2,000 | 2,078 | 6.00%, 01/15/2041 | 450 | 467 | ||||||
5.00%, 05/15/2033 | 1,000 | 1,171 | 6.50%, 01/15/2030 | 500 | 522 | ||||||
5.00%, 05/15/2034 | 600 | 700 | Velocity Metropolitan District No 3 | ||||||||
California Pollution Control Financing Authority | 5.13%, 12/01/2034 | 2,235 | 2,288 | ||||||||
4.30%, 07/01/2040 | 2,000 | 2,143 | 5.38%, 12/01/2039 | 2,500 | 2,558 | ||||||
California Statewide Communities Development | 5.50%, 12/01/2048 | 2,500 | 2,562 | ||||||||
Authority | $ | 13,296 | |||||||||
6.25%, 11/15/2019(c) | 100 | 102 | Connecticut - 1.59% | ||||||||
6.63%, 11/15/2024(c) | 500 | 511 | Mohegan Tribal Finance Authority | ||||||||
California Statewide Communities Development | 7.00%, 02/01/2045(c) | 5,500 | 5,689 | ||||||||
Authority (credit support fromFHA INS) | State of Connecticut (credit support fromACA) | ||||||||||
6.63%, 08/01/2029(a) | 890 | 901 | 6.60%, 07/01/2024(a) | 1,215 | 1,219 | ||||||
California Statewide Communities Development | $ | 6,908 | |||||||||
Authority (credit support fromGNMA COLL) | District of Columbia - 1.79% | ||||||||||
4.90%, 07/20/2039(a) | 500 | 512 | District of Columbia | ||||||||
City of Los Angeles Department of Airports | 5.00%, 12/01/2023 | 1,785 | 1,820 | ||||||||
5.00%, 05/15/2028 | 2,000 | 2,478 | 5.00%, 12/01/2024 | 715 | 729 | ||||||
5.00%, 05/15/2035 | 1,500 | 1,554 | 5.00%, 10/15/2044 | 3,500 | 4,199 | ||||||
5.00%, 05/15/2044(e) | 5,150 | 5,973 | 6.38%, 10/01/2034 | 1,000 | 1,020 | ||||||
City of Vernon CA Electric System Revenue | $ | 7,768 | |||||||||
5.13%, 08/01/2021 | 230 | 232 | Florida - 5.29% | ||||||||
5.13%, 08/01/2021 | 340 | 343 | Canaveral Port Authority | ||||||||
Golden State Tobacco Securitization Corp | 5.00%, 06/01/2048 | 2,000 | 2,314 | ||||||||
5.30%, 06/01/2037 | 1,000 | 1,017 |
See accompanying notes.
272
Schedule of Investments Tax-Exempt Bond Fund April 30, 2019 (unaudited)
Principal | Principal | ||||||||||
MUNICIPAL BONDS (continued) | Amount (000’s) Value (000’s) | MUNICIPAL BONDS (continued) | Amount (000’s) Value (000’s) | ||||||||
Florida (continued) | Illinois (continued) | ||||||||||
City of Lakeland FL Department of Electric | Sales Tax Securitization Corp | ||||||||||
Utilities | 5.00%, 01/01/2048 | $ | 3,000 | $ | 3,298 | ||||||
5.25%, 10/01/2036 | $ | 1,000 | $ | 1,320 | State of Illinois | ||||||
Collier County Health Facilities Authority | 5.50%, 07/01/2027 | 3,410 | 3,684 | ||||||||
5.00%, 05/01/2043 | 3,500 | 3,923 | United City of Yorkville IL | ||||||||
Escambia County Health Facilities | 5.75%, 03/01/2028 | 400 | 400 | ||||||||
Authority (credit support fromAMBAC) | Village of Gilberts IL Special Service Area No 24 | ||||||||||
5.95%, 07/01/2020(a) | 10 | 11 | 5.38%, 03/01/2034 | 149 | 146 | ||||||
Florida Development Finance Corp | $ | 55,376 | |||||||||
6.25%, 01/01/2049(c),(d) | 500 | 511 | Indiana - 0.88% | ||||||||
6.37%, 01/01/2049(c),(d) | 1,000 | 1,026 | Indiana Finance Authority | ||||||||
6.50%, 01/01/2049(c),(d) | 2,500 | 2,561 | 7.00%, 03/01/2039(c) | 3,000 | 3,060 | ||||||
Greater Orlando Aviation Authority | Town of Shoals IN | ||||||||||
5.00%, 10/01/2047(e) | 7,001 | 8,051 | 7.25%, 11/01/2043 | 700 | 775 | ||||||
Martin County Health Facilities Authority | $ | 3,835 | |||||||||
4.00%, 01/01/2046(b) | 3,000 | 3,213 | Iowa - 0.50% | ||||||||
$ | 22,930 | Iowa Finance Authority | |||||||||
Georgia - 0.71% | 5.25%, 06/01/2034(c) | 2,110 | 2,187 | ||||||||
Atlanta Development Authority | Kansas - 0.24% | ||||||||||
7.00%, 01/01/2040 | 2,000 | 2,071 | Kansas Development Finance Authority | ||||||||
City of Atlanta GA Water & Wastewater Revenue | 5.50%, 11/15/2029 | 20 | 20 | ||||||||
6.00%, 11/01/2027 | 1,000 | 1,022 | 5.50%, 11/15/2029 | 980 | 999 | ||||||
$ | 3,093 | $ | 1,019 | ||||||||
Idaho - 1.43% | Kentucky - 0.76% | ||||||||||
Idaho Health Facilities Authority | Kentucky Public Energy Authority | ||||||||||
2.26%, 03/01/2048(d) | 4,000 | 4,000 | 4.00%, 01/01/2049(d) | 3,000 | 3,279 | ||||||
6.65%, 02/15/2021(d) | 2,000 | 2,176 | Louisiana - 2.08% | ||||||||
$ | 6,176 | Lafayette Public Trust Financing | |||||||||
Illinois - 12.77% | Authority (credit support fromAGM) | ||||||||||
Chicago O'Hare International Airport | 5.25%, 10/01/2030(a) | 1,000 | 1,051 | ||||||||
5.00%, 01/01/2052 | 1,500 | 1,676 | Louisiana Local Government Environmental | ||||||||
5.25%, 01/01/2036 | 2,000 | 2,363 | Facilities & Community Development Authority | ||||||||
5.25%, 01/01/2037 | 4,000 | 4,712 | 3.50%, 11/01/2032 | 3,000 | 3,045 | ||||||
City of Chicago IL | 5.50%, 11/01/2039(c) | 3,270 | 3,452 | ||||||||
5.25%, 01/01/2029 | 2,000 | 2,184 | Louisiana Public Facilities Authority | ||||||||
5.50%, 01/01/2035 | 1,500 | 1,701 | 0.00%, 07/01/2039(f) | 417 | — | ||||||
5.50%, 01/01/2049 | 1,000 | 1,103 | 0.00%, 07/01/2039(f) | 659 | — | ||||||
6.00%, 01/01/2038 | 2,965 | 3,379 | Louisiana Public Facilities Authority (credit | ||||||||
7.13%, 03/15/2022 | 200 | 200 | support fromFNMA) | ||||||||
7.46%, 02/15/2026 | 632 | 467 | 0.00%, 12/01/2019(a),(f) | 1,500 | 1,484 | ||||||
City of Chicago IL Wastewater Transmission | $ | 9,032 | |||||||||
Revenue | Maine - 0.42% | ||||||||||
5.00%, 01/01/2030 | 1,000 | 1,116 | Finance Authority of Maine | ||||||||
5.00%, 01/01/2032 | 1,000 | 1,108 | 4.38%, 08/01/2035(c),(d) | 1,800 | 1,841 | ||||||
5.00%, 01/01/2033 | 2,000 | 2,209 | |||||||||
City of Chicago IL Waterworks Revenue | Maryland - 0.26% | ||||||||||
5.00%, 11/01/2028 | 1,000 | 1,118 | Maryland Economic Development Corp | ||||||||
County of Cook IL Sales Tax Revenue | 5.75%, 06/01/2035 | 545 | 569 | ||||||||
5.25%, 11/15/2036 | 1,520 | 1,778 | Maryland Health & Higher Educational Facilities | ||||||||
Illinois Finance Authority | Authority | ||||||||||
2.22%, 08/15/2042(d) | 350 | 350 | 6.00%, 07/01/2041 | 500 | 546 | ||||||
4.38%, 12/01/2042 | 1,400 | 1,054 | $ | 1,115 | |||||||
5.38%, 08/15/2024 | 500 | 505 | Massachusetts - 1.94% | ||||||||
5.75%, 08/15/2030 | 1,050 | 1,062 | Commonwealth of Massachusetts | ||||||||
6.25%, 11/15/2035 | 650 | 666 | 5.00%, 01/01/2042 | 1,940 | 2,284 | ||||||
6.25%, 11/15/2035 | 350 | 358 | Massachusetts Bay Transportation Authority | ||||||||
Illinois State Toll Highway Authority | 5.25%, 07/01/2028 | 2,000 | 2,574 | ||||||||
5.00%, 12/01/2032 | 5,200 | 6,001 | Massachusetts Development Finance Agency | ||||||||
5.00%, 01/01/2040(e) | 2,000 | 2,266 | 5.75%, 12/01/2042(d) | 1,000 | 1,000 | ||||||
5.25%, 01/01/2030 | 1,000 | 1,022 | Massachusetts Educational Financing Authority | ||||||||
Metropolitan Pier & Exposition Authority | 4.90%, 07/01/2028 | 1,495 | 1,567 | ||||||||
5.00%, 06/15/2057 | 700 | 749 | Massachusetts State College Building | ||||||||
Metropolitan Pier & Exposition Authority (credit | Authority (credit support fromST APPROP) | ||||||||||
support fromNATL) | 5.50%, 05/01/2039(a) | 1,000 | 1,000 | ||||||||
5.50%, 06/15/2029(a) | 2,410 | 2,782 | $ | 8,425 | |||||||
Metropolitan Water Reclamation District of | |||||||||||
Greater Chicago | |||||||||||
5.00%, 12/01/2028 | 5,000 | 5,919 |
See accompanying notes.
273
Schedule of Investments Tax-Exempt Bond Fund April 30, 2019 (unaudited)
Principal | Principal | ||||||||||
MUNICIPAL BONDS (continued) | Amount (000’s) Value (000’s) | MUNICIPAL BONDS (continued) | Amount (000’s) Value (000’s) | ||||||||
Michigan - 0.61% | New York (continued) | ||||||||||
City of Detroit MI Sewage Disposal System | New York City Industrial Development | ||||||||||
Revenue (credit support fromAGM) | Agency (credit support fromAGC) | ||||||||||
7.00%, 07/01/2027(a) | $ | 1,500 | $ | 1,513 | 6.13%, 01/01/2029(a) | $ | 1,000 | $ | 1,004 | ||
Wayne County Airport Authority | New York City Transitional Finance Authority | ||||||||||
5.00%, 12/01/2045 | 1,000 | 1,133 | Future Tax Secured Revenue | ||||||||
$ | 2,646 | 2.28%, 08/01/2042(d) | 4,100 | 4,100 | |||||||
Minnesota - 0.49% | New York City Water & Sewer System | ||||||||||
City of Rochester MN | 2.28%, 06/15/2045(d) | 4,000 | 4,000 | ||||||||
5.00%, 11/15/2034 | 1,600 | 2,114 | 2.30%, 06/15/2050(d) | 3,000 | 3,000 | ||||||
Mississippi - 0.23% | New York Counties Tobacco Trust VI | ||||||||||
Mississippi Business Finance Corp | 5.00%, 06/01/2031 | 215 | 237 | ||||||||
3.20%, 09/01/2028 | 1,000 | 1,008 | 5.00%, 06/01/2036 | 740 | 802 | ||||||
Missouri - 0.94% | 5.00%, 06/01/2041 | 400 | 428 | ||||||||
City of St Louis MO Airport Revenue (credit | New York Liberty Development Corp | ||||||||||
support fromNATL) | 5.00%, 11/15/2031 | 1,000 | 1,079 | ||||||||
5.50%, 07/01/2028(a) | 1,500 | 1,922 | 5.00%, 09/15/2040 | 1,000 | 1,086 | ||||||
Health & Educational Facilities Authority of the | New York Liberty Development Corp (credit | ||||||||||
State of Missouri | support fromGO OF AUTH) | ||||||||||
5.00%, 02/01/2034 | 1,000 | 1,105 | 5.00%, 12/15/2041(a) | 1,000 | 1,076 | ||||||
Maryland Heights Industrial Development | New York State Dormitory Authority (credit | ||||||||||
Authority | support fromAGC ST AID WITHHLDG) | ||||||||||
5.00%, 03/15/2049 | 1,000 | 1,037 | 5.00%, 10/01/2023(a) | 1,860 | 1,887 | ||||||
$ | 4,064 | 5.00%, 10/01/2023(a) | 140 | 142 | |||||||
New York Transportation Development Corp | |||||||||||
Montana - 0.47% | 5.00%, 08/01/2021 | 3,500 | 3,699 | ||||||||
Montana Facility Finance Authority | 5.00%, 01/01/2030 | 2,000 | 2,366 | ||||||||
4.13%, 07/01/2038 | 2,000 | 2,021 | 5.00%, 01/01/2031 | 2,500 | 2,938 | ||||||
Nevada - 2.72% | 5.00%, 01/01/2036 | 3,200 | 3,698 | ||||||||
County of Clark Department of Aviation | 5.25%, 01/01/2050 | 3,125 | 3,413 | ||||||||
5.13%, 07/01/2034 | 1,000 | 1,021 | Tompkins County Development Corp | ||||||||
Las Vegas Convention & Visitors Authority | 5.00%, 07/01/2027 | 115 | 115 | ||||||||
5.00%, 07/01/2043(e) | 5,606 | 6,523 | Westchester County Local Development Corp | ||||||||
Las Vegas Redevelopment Agency | 5.00%, 11/01/2046 | 2,400 | 2,636 | ||||||||
5.00%, 06/15/2040 | 3,850 | 4,265 | $ | 43,363 | |||||||
$ | 11,809 | North Carolina - 1.58% | |||||||||
New Hampshire - 0.47% | City of Raleigh NC Combined Enterprise System | ||||||||||
New Hampshire Business Finance Authority | Revenue | ||||||||||
4.00%, 11/01/2027(c) | 1,000 | 1,017 | 5.00%, 03/01/2031 | 1,000 | 1,062 | ||||||
4.88%, 11/01/2042(c) | 1,000 | 1,020 | North Carolina Medical Care Commission | ||||||||
$ | 2,037 | 5.00%, 10/01/2047 | 1,000 | 1,078 | |||||||
New Jersey - 5.85% | North Carolina Turnpike Authority | ||||||||||
Casino Reinvestment Development Authority | 5.00%, 01/01/2040 | 4,100 | 4,702 | ||||||||
5.25%, 11/01/2039 | 750 | 807 | $ | 6,842 | |||||||
New Jersey Economic Development Authority | Ohio - 5.22% | ||||||||||
4.00%, 07/01/2032 | 805 | 832 | American Municipal PowerInc | ||||||||
5.00%, 09/01/2034 | 1,000 | 1,011 | 5.25%, 02/15/2033 | 2,575 | 2,790 | ||||||
5.75%, 04/01/2031 | 1,005 | 1,121 | Buckeye Tobacco Settlement Financing Authority | ||||||||
5.75%, 06/01/2031 | 550 | 575 | 6.00%, 06/01/2042 | 2,000 | 1,966 | ||||||
New Jersey Transportation Trust Fund Authority | Buckeye Tobacco Settlement Financing | ||||||||||
5.25%, 06/15/2032 | 2,000 | 2,206 | Authority (credit support fromBUCKEYE OHIO | ||||||||
5.25%, 06/15/2034 | 2,250 | 2,477 | TOB SETTLEMENT) | ||||||||
South Jersey Port Corp | 5.75%, 06/01/2034(a) | 3,000 | 2,842 | ||||||||
5.00%, 01/01/2042 | 2,500 | 2,766 | City of Cincinnati OH | ||||||||
5.00%, 01/01/2048 | 3,000 | 3,309 | 5.00%, 12/01/2032 | 815 | 898 | ||||||
Tobacco Settlement Financing Corp/NJ | County of Hamilton OH | ||||||||||
4.00%, 06/01/2037 | 4,700 | 4,800 | 5.00%, 01/01/2036 | 1,435 | 1,520 | ||||||
5.00%, 06/01/2046 | 5,000 | 5,457 | 5.00%, 01/01/2046 | 2,500 | 2,614 | ||||||
$ | 25,361 | Ohio Air Quality Development Authority | |||||||||
New York - 10.00% | 3.75%, 12/01/2023 | 2,000 | 1,825 | ||||||||
Brooklyn Arena Local Development Corp | 4.25%, 01/15/2038(c) | 1,000 | 1,033 | ||||||||
6.38%, 07/15/2043 | 1,400 | 1,448 | 4.50%, 01/15/2048(c) | 850 | 887 | ||||||
Hudson Yards Infrastructure Corp | Ohio Higher Educational Facility Commission | ||||||||||
5.75%, 02/15/2047 | 1,585 | 1,702 | 2.15%, 01/01/2039(d) | 3,050 | 3,050 | ||||||
5.75%, 02/15/2047 | 915 | 977 | 2.28%, 01/01/2043(d) | 3,200 | 3,200 | ||||||
Metropolitan Transportation Authority | $ | 22,625 | |||||||||
5.25%, 11/15/2030 | 1,500 | 1,530 | Oklahoma - 0.46% | ||||||||
Oklahoma Development Finance Authority | |||||||||||
5.25%, 08/15/2043 | 1,085 | 1,235 |
See accompanying notes.
274
Schedule of Investments Tax-Exempt Bond Fund April 30, 2019 (unaudited)
Principal | Principal | ||||||||||
MUNICIPAL BONDS (continued) | Amount (000’s) Value (000’s) | MUNICIPAL BONDS (continued) | Amount (000’s) Value (000’s) | ||||||||
Oklahoma (continued) | Texas (continued) | ||||||||||
Tulsa Airports Improvement Trust | Tarrant County Cultural Education Facilities | ||||||||||
5.00%, 06/01/2035(d) | $ | 700 | $ | 769 | Finance Corp | ||||||
$ | 2,004 | 5.00%, 11/15/2037 | $ | 2,060 | $ | 2,277 | |||||
Oregon - 1.14% | 6.00%, 11/15/2027 | 2,250 | 2,541 | ||||||||
Oregon State Business Development Commission | Texas A&M University | ||||||||||
5.00%, 03/01/2049(d) | 2,500 | 2,705 | 5.00%, 05/15/2027 | 1,000 | 1,001 | ||||||
6.50%, 04/01/2031(c) | 1,000 | 925 | Texas Municipal Gas Acquisition & Supply Corp | ||||||||
State of Oregon | I | ||||||||||
5.00%, 05/01/2020 | 1,285 | 1,329 | 6.25%, 12/15/2026 | 1,135 | 1,316 | ||||||
$ | 4,959 | Texas Private Activity Bond Surface | |||||||||
Pennsylvania - 2.94% | Transportation Corp | ||||||||||
Blythe Township Solid Waste Authority | 7.00%, 12/31/2038 | 1,000 | 1,172 | ||||||||
7.75%, 12/01/2037 | 1,000 | 1,106 | Texas Transportation Commission | ||||||||
Commonwealth Financing Authority | 5.00%, 08/01/2057 | 2,000 | 2,261 | ||||||||
5.00%, 06/01/2032 | 3,000 | 3,548 | $ | 30,885 | |||||||
5.00%, 06/01/2033 | 2,000 | 2,356 | Utah - 2.03% | ||||||||
Pennsylvania Economic Development Financing | Utah Infrastructure Agency | ||||||||||
Authority | 5.00%, 10/15/2028 | 1,000 | 1,106 | ||||||||
2.15%, 11/01/2021(d) | 2,250 | 2,250 | 5.00%, 10/15/2034 | 4,385 | 4,749 | ||||||
6.00%, 06/01/2031 | 500 | 500 | 5.00%, 10/15/2037 | 1,500 | 1,605 | ||||||
Pennsylvania Turnpike Commission | 5.38%, 10/15/2040 | 1,200 | 1,318 | ||||||||
5.00%, 12/01/2036 | 1,725 | 1,984 | $ | 8,778 | |||||||
5.75%, 12/01/2028 | 175 | 186 | Virginia - 1.20% | ||||||||
5.75%, 12/01/2028 | 245 | 261 | County of Botetourt VA | ||||||||
6.00%, 12/01/2034 | 80 | 86 | 6.00%, 07/01/2034 | 1,000 | 1,110 | ||||||
6.00%, 12/01/2034 | 355 | 379 | 6.00%, 07/01/2044 | 1,000 | 1,094 | ||||||
6.00%, 12/01/2034 | 65 | 69 | King George County Economic Development | ||||||||
$ | 12,725 | Authority | |||||||||
South Carolina - 0.37% | 2.50%, 06/01/2023(d) | 1,600 | 1,600 | ||||||||
South Carolina Jobs-Economic Development | Roanoke Economic Development Authority | ||||||||||
Authority | 6.63%, 12/01/2044 | 1,295 | 1,396 | ||||||||
5.25%, 11/15/2047 | 1,500 | 1,615 | $ | 5,200 | |||||||
South Dakota - 0.35% | Washington - 0.47% | ||||||||||
Oglala Sioux Tribe | FYI Properties | ||||||||||
5.75%, 10/01/2025(c) | 1,500 | 1,503 | 5.50%, 06/01/2039 | 1,000 | 1,003 | ||||||
Tennessee - 1.78% | Washington Higher Education Facilities Authority | ||||||||||
Metropolitan Government Nashville & Davidson | 5.63%, 10/01/2040 | 1,000 | 1,016 | ||||||||
County Health & EducationalFacs Bd | $ | 2,019 | |||||||||
5.00%, 07/01/2040 | 5,860 | 6,574 | West Virginia - 0.29% | ||||||||
Tennergy Corp/TN | West Virginia Hospital Finance Authority | ||||||||||
5.00%, 02/01/2050(d) | 1,000 | 1,143 | 5.50%, 06/01/2034 | 1,250 | 1,254 | ||||||
$ | 7,717 | Wisconsin - 2.04% | |||||||||
Texas - 7.12% | City of Superior WI (credit support fromGO OF | ||||||||||
Capital Area Cultural Education Facilities Finance | CORP) | ||||||||||
Corp | 5.38%, 11/01/2021(a) | 750 | 752 | ||||||||
6.13%, 04/01/2045(d) | 1,000 | 1,034 | Public Finance Authority | ||||||||
Central Texas Regional Mobility Authority | 5.00%, 12/01/2025 | 3,000 | 3,394 | ||||||||
5.00%, 01/01/2048 | 2,740 | 3,107 | 5.00%, 09/30/2037 | 500 | 565 | ||||||
Central Texas Turnpike System | 5.00%, 10/01/2048(c) | 1,500 | 1,588 | ||||||||
5.00%, 08/15/2031 | 1,285 | 1,441 | 5.25%, 04/01/2030 | 1,400 | 1,524 | ||||||
City of Houston TX Airport System Revenue | State of Wisconsin (credit support fromST | ||||||||||
5.00%, 07/01/2029 | 2,000 | 2,208 | APPROP) | ||||||||
Harris County Industrial Development Corp | 5.38%, 05/01/2025(a) | 125 | 125 | ||||||||
5.00%, 02/01/2023 | 400 | 408 | 5.38%, 05/01/2025(a) | 875 | 875 | ||||||
Harris County-Houston Sports Authority | $ | 8,823 | |||||||||
5.00%, 11/15/2030 | 3,000 | 3,403 | TOTAL MUNICIPAL BONDS | $ | 435,281 | ||||||
Metropolitan Transit Authority of Harris County | Total Investments | $ | 441,862 | ||||||||
5.00%, 11/01/2033 | 2,435 | 2,873 | Liability for Floating Rate Notes Issued in Conjunction with | ||||||||
North Texas Tollway Authority | Securities Held - (2.96)% | ||||||||||
5.00%, 01/01/2045 | 1,000 | 1,118 | Notes with an interest rate of 2.10% - 2.32% | $ | (12,823 | ) | (12,823 | ) | |||
Port Beaumont Navigation District | at April 30, 2019 and contractual maturity of | ||||||||||
7.25%, 02/01/2036(c),(d) | 4,500 | 4,623 | collateral from 2023-2026.(g) | ||||||||
Sea Breeze Public Facility Corp | Total Net Investments | $ | 429,039 | ||||||||
6.50%, 01/01/2046 | 100 | 102 | Other Assets and Liabilities - 1.03% | 4,457 | |||||||
TOTAL NET ASSETS - 100.00% | $ | 433,496 |
See accompanying notes.
275
Schedule of Investments
Tax-Exempt Bond Fund
April 30, 2019 (unaudited)
(a) | Credit support indicates investments that benefit from credit enhancement orliquidity support provided by a third party bank, institution, or government agency. |
(b) | Security purchased on a when-issued basis. |
(c) | 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 ofthese securities totaled $38,611 or 8.91% of net assets. |
(d) | Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description. Rate shown is the rate in effect as of period end. |
(e) | Security or portion of underlying security related to Inverse Floaters entered into by the Fund. See Notes to Financial Statements for additional information. |
(f) | Non-income producing security |
(g) | Floating rate securities. The interest rate(s) shown reflect the rates in effect at |
April 30, 2019. |
Portfolio Summary (unaudited) | |||
Sector | Percent | ||
Revenue Bonds | 75.70 | % | |
General Obligation Unlimited | 7.90 | % | |
Prerefunded | 6.89 | % | |
Insured | 5.81 | % | |
General Obligation Limited | 2.24 | % | |
Investment Companies | 1.52 | % | |
Tax Allocation | 0.98 | % | |
Special Tax | 0.47 | % | |
Special Assessment | 0.26 | % | |
Certificate Participation | 0.16 | % | |
Liability For Floating Rate Notes Issued | (2.96 | )% | |
Other Assets and Liabilities | 1.03 | % | |
TOTAL NET ASSETS | 100.00 | % |
See accompanying notes.
276
Glossary to the Schedule of Investments
April 30, 2019 (unaudited)
Currency Abbreviations | |
ARS | Argentine Peso |
AUD | Australian Dollar |
BRL | Brazilian Real |
CAD | Canadian Dollar |
CHF | Swiss Franc |
CLP | Chilean Peso |
CNY | Chinese Renminbi |
COP | Colombian Peso |
CZK | Czech Koruna |
EGP | Egyptian Pound |
EUR | Euro |
GBP | British Pound Sterling |
HKD | Hong Kong Dollar |
HUF | Hungarian Forint |
IDR | Indonesian Rupiah |
INR | Indian Rupee |
JPY | Japanese Yen |
KZT | Kazakhstani Tenge |
MXN | Mexican Peso |
NZD | New Zealand Dollar |
PEN | Peruvian Nuevo Sol |
PLN | Polish Zloty |
RUB | Russian Ruble |
TRY | Turkish Lira |
USD/$ | United States Dollar |
UYU | Uruguayan Peso |
ZAR | South African Rand |
See accompanying notes.
277
Financial Highlights | ||||||||||||||||||||||||||||
Principal Funds, Inc. | ||||||||||||||||||||||||||||
(unaudited) | ||||||||||||||||||||||||||||
Selected data for a share of Capital Stock outstanding throughout each year ended October 31 (except as noted): | ||||||||||||||||||||||||||||
Net Realized | ||||||||||||||||||||||||||||
Net Asset Value, | and Unrealized | Total From | Dividends from | |||||||||||||||||||||||||
Beginning of | Net Investment | Gain (Loss) on | Investment | Net Investment | Total Dividends | Net Asset Value, | ||||||||||||||||||||||
Period | Income (Loss)(a) | Investments | Operations | Income | and Distributions | End of Period | ||||||||||||||||||||||
CALIFORNIA MUNICIPAL FUND | ||||||||||||||||||||||||||||
Class A shares | ||||||||||||||||||||||||||||
2019 | (c) | $ | 10.10 | $ | 0.17 | $ | 0.39 | $ | 0.56 | ($0.16 | ) | ($0.16 | ) | $ | 10.50 | |||||||||||||
2018 | 10.53 | 0.36 | (0.46 | ) | (0.10 | ) | (0.33 | ) | (0.33 | ) | 10.10 | |||||||||||||||||
2017 | 10.68 | 0.36 | (0.17 | ) | 0.19 | (0.34 | ) | (0.34 | ) | 10.53 | ||||||||||||||||||
2016 | 10.46 | 0.36 | 0.21 | 0.57 | (0.35 | ) | (0.35 | ) | 10.68 | |||||||||||||||||||
2015 | 10.51 | 0.41 | (0.03 | ) | 0.38 | (0.43 | ) | (0.43 | ) | 10.46 | ||||||||||||||||||
2014 | 9.75 | 0.43 | 0.74 | 1.17 | (0.41 | ) | (0.41 | ) | 10.51 | |||||||||||||||||||
Class C shares | ||||||||||||||||||||||||||||
2019 | (c) | 10.12 | 0.13 | 0.38 | 0.51 | (0.11 | ) | (0.11 | ) | 10.52 | ||||||||||||||||||
2018 | 10.55 | 0.27 | (0.46 | ) | (0.19 | ) | (0.24 | ) | (0.24 | ) | 10.12 | |||||||||||||||||
2017 | 10.70 | 0.28 | (0.18 | ) | 0.10 | (0.25 | ) | (0.25 | ) | 10.55 | ||||||||||||||||||
2016 | 10.48 | 0.26 | 0.22 | 0.48 | (0.26 | ) | (0.26 | ) | 10.70 | |||||||||||||||||||
2015 | 10.53 | 0.31 | (0.03 | ) | 0.28 | (0.33 | ) | (0.33 | ) | 10.48 | ||||||||||||||||||
2014 | 9.77 | 0.33 | 0.74 | 1.07 | (0.31 | ) | (0.31 | ) | 10.53 | |||||||||||||||||||
CORE PLUS BOND FUND | ||||||||||||||||||||||||||||
Class A shares | ||||||||||||||||||||||||||||
2019 | (c) | 10.36 | 0.16 | 0.37 | 0.53 | (0.16 | ) | (0.16 | ) | 10.73 | ||||||||||||||||||
2018 | 10.98 | 0.30 | (0.60 | ) | (0.30 | ) | (0.32 | ) | (0.32 | ) | 10.36 | |||||||||||||||||
2017 | 11.05 | 0.28 | (0.07 | ) | 0.21 | (0.28 | ) | (0.28 | ) | 10.98 | ||||||||||||||||||
2016 | 10.80 | 0.24 | 0.23 | 0.47 | (0.22 | ) | (0.22 | ) | 11.05 | |||||||||||||||||||
2015 | 10.97 | 0.24 | (0.17 | ) | 0.07 | (0.24 | ) | (0.24 | ) | 10.80 | ||||||||||||||||||
2014 | 10.80 | 0.23 | 0.20 | 0.43 | (0.26 | ) | (0.26 | ) | 10.97 |
See accompanying notes.
278
Financial Highlights (Continued) | ||||||||||||||||||
Principal Funds, Inc. | ||||||||||||||||||
(unaudited) | ||||||||||||||||||
Ratio of Expenses to | ||||||||||||||||||
Average Net Assets | Ratio of Net Investment | |||||||||||||||||
Net Assets, End of Period (in | Ratio of Expenses to | (Excluding Interest | Income to Average Net | |||||||||||||||
Total Return(b) | thousands) | Average Net Assets | Expense and Fees) | Assets | Portfolio Turnover Rate | |||||||||||||
5.55 | %(d) | $ | 300,928 | 0.81 | %(e) | 0.77 | %(e),(f) | 3.42 | %(e) | 41.3 | %(e) | |||||||
(1.00 | ) | 283,709 | 0.83 | 0.77 | (f) | 3.45 | 49.0 | |||||||||||
1.82 | 292,217 | 0.82 | 0.77 | (f) | 3.48 | 39.8 | ||||||||||||
5.50 | 334,431 | 0.82 | 0.77 | (f) | 3.31 | 27.9 | ||||||||||||
3.67 | 201,572 | 0.81 | 0.78 | (f) | 3.92 | 26.6 | ||||||||||||
12.28 | 215,618 | 0.81 | 0.77 | (f) | 4.25 | 28.7 | ||||||||||||
5.11 | (d) | 34,772 | 1.64 | (e) | 1.60 | (e),(f) | 2.59 | (e) | 41.3 | (e) | ||||||||
(1.82 | ) | 33,333 | 1.67 | 1.61 | (f) | 2.62 | 49.0 | |||||||||||
0.99 | 39,252 | 1.64 | 1.59 | (f) | 2.66 | 39.8 | ||||||||||||
4.60 | 48,468 | 1.65 | 1.60 | (f) | 2.43 | 27.9 | ||||||||||||
2.70 | 16,014 | 1.74 | 1.71 | (f) | 2.99 | 26.6 | ||||||||||||
11.15 | 11,563 | 1.79 | 1.75 | (f) | 3.27 | 28.7 | ||||||||||||
5.11 | (d) | 85,914 | 0.88 | (e),(g) | N/A | 3.01 | (e) | 147.3 | (e) | |||||||||
(2.74 | ) | 78,179 | 0.88 | (g) | N/A | 2.80 | 134.0 | |||||||||||
1.96 | 90,713 | 0.88 | (g) | N/A | 2.55 | 128.3 | ||||||||||||
4.40 | 95,813 | 0.88 | (g) | N/A | 2.20 | 168.4 | ||||||||||||
0.63 | 96,057 | 0.88 | (g) | N/A | 2.16 | 208.3 | ||||||||||||
4.02 | 101,747 | 0.88 | (g) | N/A | 2.15 | 204.5 |
(a)Calculated based on average shares outstanding during the period.
(b)Total return is calculated without the front-end sales charge or contingent deferred sales charge, if applicable.
(c)Six months ended April 30, 2019.
(d)Total return amounts have not been annualized.(e)Computed on an annualized basis.
(f)Excludes interest expense and fees paid through inverse floater agreements. See "Operating Policies" in notes to financial statements(g)Reflects Manager's contractual expense limit.
See accompanying notes.
279
Financial Highlights
Principal Funds, Inc.
(unaudited)
Selected data for a share of Capital Stock outstanding throughout each year ended October 31 (except as noted):
Net Realized | |||||||||||||||||||||||||||
Net Asset Value, | Net Investment | and Unrealized | Total From | Dividends from | Distributions | Total | |||||||||||||||||||||
Beginning of | Income (Loss) | Gain (Loss) on | Investment | Net Investment | from Realized | Dividends and | Net Asset Value, | ||||||||||||||||||||
Period | (a) | Investments | Operations | Income | Gains | Distributions | End of Period | ||||||||||||||||||||
DIVERSIFIED INTERNATIONAL FUND | |||||||||||||||||||||||||||
Class A shares | |||||||||||||||||||||||||||
2019 | (c) | $12.26 | $0.09 | $ | 0.66 | $ | 0.75 | ($0.15 | ) | ($0.56 | ) | ($0.71 | ) | $ | 12.30 | ||||||||||||
2018 | 13.96 | 0.20 | (1.71) | (1.51) | (0.19 | ) | – | (0.19 | ) | 12.26 | |||||||||||||||||
2017 | 11.35 | 0.11 | 2.63 | 2.74 | (0.13 | ) | – | (0.13 | ) | 13.96 | |||||||||||||||||
2016 | 11.55 | 0.13 | (0.22) | (0.09) | (0.11 | ) | – | (0.11 | ) | 11.35 | |||||||||||||||||
2015 | 11.96 | 0.15 | (0.44) | (0.29) | (0.12 | ) | – | (0.12 | ) | 11.55 | |||||||||||||||||
2014 | 11.79 | 0.13 | 0.22 | 0.35 | (0.18 | ) | – | (0.18 | ) | 11.96 | |||||||||||||||||
Class C shares | |||||||||||||||||||||||||||
2019 | (c) | 12.21 | 0.04 | 0.67 | 0.71 | (0.05 | ) | (0.56 | ) | (0.61 | ) | 12.31 | |||||||||||||||
2018 | 13.92 | 0.10 | (1.71) | (1.61) | (0.10 | ) | – | (0.10 | ) | 12.21 | |||||||||||||||||
2017 | 11.30 | 0.02 | 2.64 | 2.66 | (0.04 | ) | – | (0.04 | ) | 13.92 | |||||||||||||||||
2016 | 11.51 | 0.06 | (0.23) | (0.17) | (0.04 | ) | – | (0.04 | ) | 11.30 | |||||||||||||||||
2015 | 11.91 | 0.06 | (0.43) | (0.37) | (0.03 | ) | – | (0.03 | ) | 11.51 | |||||||||||||||||
2014 | 11.77 | 0.04 | 0.21 | 0.25 | (0.11 | ) | – | (0.11 | ) | 11.91 | |||||||||||||||||
EQUITY INCOME FUND | |||||||||||||||||||||||||||
Class A shares | |||||||||||||||||||||||||||
2019 | (c) | 30.97 | 0.31 | 2.34 | 2.65 | (0.33 | ) | (1.43 | ) | (1.76 | ) | 31.86 | |||||||||||||||
2018 | 31.55 | 0.64 | 0.87 | 1.51 | (0.57 | ) | (1.52 | ) | (2.09 | ) | 30.97 | ||||||||||||||||
2017 | 26.69 | 0.56 | 5.28 | 5.84 | (0.46 | ) | (0.52 | ) | (0.98 | ) | 31.55 | ||||||||||||||||
2016 | 25.80 | 0.56 | 0.86 | 1.42 | (0.53 | ) | – | (0.53 | ) | 26.69 | |||||||||||||||||
2015 | 26.27 | 0.54 | (0.50) | 0.04 | (0.51 | ) | – | (0.51 | ) | 25.80 | |||||||||||||||||
2014 | 23.14 | 0.56 | 3.04 | 3.60 | (0.47 | ) | – | (0.47 | ) | 26.27 | |||||||||||||||||
Class C shares | |||||||||||||||||||||||||||
2019 | (c) | 30.17 | 0.19 | 2.27 | 2.46 | (0.22 | ) | (1.43 | ) | (1.65 | ) | 30.98 | |||||||||||||||
2018 | 30.78 | 0.40 | 0.85 | 1.25 | (0.34 | ) | (1.52 | ) | (1.86 | ) | 30.17 | ||||||||||||||||
2017 | 26.07 | 0.33 | 5.16 | 5.49 | (0.26 | ) | (0.52 | ) | (0.78 | ) | 30.78 | ||||||||||||||||
2016 | 25.22 | 0.36 | 0.83 | 1.19 | (0.34 | ) | – | (0.34 | ) | 26.07 | |||||||||||||||||
2015 | 25.69 | 0.34 | (0.49) | (0.15) | (0.32 | ) | – | (0.32 | ) | 25.22 | |||||||||||||||||
2014 | 22.65 | 0.37 | 2.96 | 3.33 | (0.29 | ) | – | (0.29 | ) | 25.69 |
See accompanying notes.
280
Financial Highlights (Continued) | |||||||||||||||
Principal Funds, Inc. | |||||||||||||||
(unaudited) | |||||||||||||||
Ratio of Expenses to Average | Ratio of Net Investment Income | ||||||||||||||
Total Return(b) | Net Assets, End of Period (in thousands) | Net Assets | to Average Net Assets | Portfolio Turnover Rate | |||||||||||
7.01 | %(d) | $ | 223,350 | 1.28 | %(e),(f) | 1.51 | %(e) | 66.1 | %(e) | ||||||
(10.99 | ) | 217,118 | 1.31 | 1.42 | 51.1 | ||||||||||
24.41 | 256,761 | 1.35 | 0.92 | 46.7 | |||||||||||
(0.78 | ) | 221,880 | 1.36 | 1.21 | 48.2 | ||||||||||
(2.39 | ) | 242,162 | 1.35 | 1.28 | 51.7 | ||||||||||
2.94 | 255,248 | 1.33 | 1.10 | 67.0 | |||||||||||
6.58 | (d) | 12,115 | 2.02 | (e),(f) | 0.64 | (e) | 66.1 | (e) | |||||||
(11.68 | ) | 15,031 | 2.08 | (f) | 0.70 | 51.1 | |||||||||
23.60 | 16,331 | 2.08 | (f) | 0.18 | 46.7 | ||||||||||
(1.49 | ) | 13,511 | 2.08 | (f) | 0.51 | 48.2 | |||||||||
(3.12 | ) | 14,376 | 2.08 | (f) | 0.55 | 51.7 | |||||||||
2.10 | 13,125 | 2.08 | (f) | 0.36 | 67.0 | ||||||||||
9.39 | (d) | 1,161,697 | 0.90 | (e) | 2.06 | (e) | 15.1 | (e) | |||||||
4.77 | 1,094,052 | 0.89 | 2.02 | 13.2 | |||||||||||
22.32 | 962,989 | 0.89 | 1.90 | 23.3 | |||||||||||
5.56 | 891,633 | 0.91 | 2.15 | 16.4 | |||||||||||
0.16 | 942,277 | 0.91 | 2.06 | 15.8 | |||||||||||
15.66 | 990,916 | 0.89 | 2.26 | 14.5 | |||||||||||
8.95 | (d) | 149,217 | 1.65 | (e) | 1.29 | (e) | 15.1 | (e) | |||||||
4.03 | 178,958 | 1.62 | 1.30 | 13.2 | |||||||||||
21.42 | 189,509 | 1.63 | 1.16 | 23.3 | |||||||||||
4.76 | 181,177 | 1.65 | 1.41 | 16.4 | |||||||||||
(0.57 | ) | 189,402 | 1.64 | 1.32 | 15.8 | ||||||||||
14.79 | 191,198 | 1.63 | 1.51 | 14.5 |
(a)Calculated based on average shares outstanding during the period.
(b)Total return is calculated without the front-end sales charge or contingent deferred sales charge, if applicable.
(c)Six months ended April 30, 2019.
(d)Total return amounts have not been annualized.(e)Computed on an annualized basis.
(f)Reflects Manager's contractual expense limit.
See accompanying notes.
281
Financial Highlights | |||||||||||||||||||||||||||
Principal Funds, Inc. | |||||||||||||||||||||||||||
(unaudited) | |||||||||||||||||||||||||||
Selected data for a share of Capital Stock outstanding throughout each year ended October 31 (except as noted): | |||||||||||||||||||||||||||
Net Asset | Net Realized | Dividends | |||||||||||||||||||||||||
Value, | Net Investment | and Unrealized | Total From | from Net | Distributions | Tax Return | Total | Net Asset | |||||||||||||||||||
Beginning of | Income (Loss) | Gain (Loss) on | Investment | Investment | from Realized | of Capital | Dividends and | Value, End of | |||||||||||||||||||
Period | (a) | Investments | Operations | Income | Gains | Distribution | Distributions | Period | |||||||||||||||||||
FINISTERRE UNCONSTRAINED EMERGING MARKETS BOND FUND | |||||||||||||||||||||||||||
Class A shares | |||||||||||||||||||||||||||
2019 | (c) | $ | 9.78 | $ | 0.21 | $0.31 | $0.52 | ($0.32 | ) | $– | $– | ($0.32 | ) | $ | 9.98 | ||||||||||||
2018 | 10.44 | 0.33 | (0.44 | ) | (0.11 | ) | (0.25 | ) | (0.30 | ) | – | (0.55 | ) | 9.78 | |||||||||||||
2017 | 10.14 | 0.41 | 0.44 | 0.85 | (0.44 | ) | (0.11 | ) | – | (0.55 | ) | 10.44 | |||||||||||||||
2016 | (h) | 10.00 | 0.13 | 0.13 | 0.26 | (0.12 | ) | – | – | (0.12 | ) | 10.14 | |||||||||||||||
GLOBAL DIVERSIFIED INCOME FUND | |||||||||||||||||||||||||||
Class A shares | |||||||||||||||||||||||||||
2019 | (c) | 13.20 | 0.35 | 0.38 | 0.73 | (0.34 | ) | – | – | (0.34 | ) | 13.59 | |||||||||||||||
2018 | 14.16 | 0.65 | (1.01 | ) | (0.36 | ) | (0.58 | ) | – | (0.02 | ) | (0.60 | ) | 13.20 | |||||||||||||
2017 | 13.72 | 0.69 | 0.46 | 1.15 | (0.71 | ) | – | – | (0.71 | ) | 14.16 | ||||||||||||||||
2016 | 13.59 | 0.70 | 0.14 | 0.84 | (0.71 | ) | – | – | (0.71 | ) | 13.72 | ||||||||||||||||
2015 | 14.76 | 0.65 | (0.86 | ) | (0.21 | ) | (0.61 | ) | (0.35 | ) | – | (0.96 | ) | 13.59 | |||||||||||||
2014 | 14.23 | 0.63 | 0.51 | 1.14 | (0.61 | ) | – | – | (0.61 | ) | 14.76 | ||||||||||||||||
Class C shares | |||||||||||||||||||||||||||
2019 | (c) | 13.12 | 0.30 | 0.37 | 0.67 | (0.29 | ) | – | – | (0.29 | ) | 13.50 | |||||||||||||||
2018 | 14.07 | 0.54 | (1.00 | ) | (0.46 | ) | (0.48 | ) | – | (0.01 | ) | (0.49 | ) | 13.12 | |||||||||||||
2017 | 13.64 | 0.59 | 0.44 | 1.03 | (0.60 | ) | – | – | (0.60 | ) | 14.07 | ||||||||||||||||
2016 | 13.51 | 0.60 | 0.14 | 0.74 | (0.61 | ) | – | – | (0.61 | ) | 13.64 | ||||||||||||||||
2015 | 14.69 | 0.54 | (0.87 | ) | (0.33 | ) | (0.50 | ) | (0.35 | ) | – | (0.85 | ) | 13.51 | |||||||||||||
2014 | 14.17 | 0.52 | 0.51 | 1.03 | (0.51 | ) | – | – | (0.51 | ) | 14.69 |
See accompanying notes.
282
Financial Highlights (Continued) | ||||||||||||||||||
Principal Funds, Inc. | ||||||||||||||||||
(unaudited) | ||||||||||||||||||
Ratio of Expenses to Average | ||||||||||||||||||
Net Assets (Excluding | ||||||||||||||||||
Dividends and Interest | Ratio of Net Investment | |||||||||||||||||
Net Assets, End of Period (in | Ratio of Expenses to | Expense on Short Sales and | Income to Average Net | |||||||||||||||
Total Return(b) | thousands) | Average Net Assets | Short Sale Fees) | Assets | Portfolio Turnover Rate | |||||||||||||
5.40 | %(d) | $ | 1,377 | 1.37 | %(e),(f) | N/A | 4.29 | %(e) | 329.4 | %(e) | ||||||||
(1.12 | ) | 1,578 | 1.47 | (f) | N/A | 3.30 | 399.2 | |||||||||||
8.63 | 488 | 1.48 | %(f) | 1.47 | (g) | 4.00 | 465.3 | |||||||||||
2.56 | (d) | 101 | 1.47 | (e),(f) | N/A | 4.23 | (e) | 511.0 | (e) | |||||||||
5.61 | (d) | 1,387,723 | 1.04 | (e),(f) | 1.04 | (e),(g) | 5.38 | (e) | 88.9 | (e) | ||||||||
(2.67 | ) | 1,474,030 | 1.07 | (f) | 1.06 | (g) | 4.68 | 106.9 | ||||||||||
8.63 | 1,916,690 | 1.09 | 1.06 | (g) | 5.01 | 120.1 | ||||||||||||
6.50 | 2,088,052 | 1.19 | 1.09 | (g) | 5.28 | 101.1 | ||||||||||||
(1.49 | ) | 2,353,934 | 1.09 | 1.08 | (g) | 4.64 | 76.9 | |||||||||||
8.18 | 2,466,867 | 1.17 | (f) | 1.08 | (g) | 4.33 | 83.4 | |||||||||||
5.17 | (d) | 1,579,787 | 1.80 | (e),(f) | 1.80 | (e),(g) | 4.63 | (e) | 88.9 | (e) | ||||||||
(3.34 | ) | 1,761,951 | 1.82 | (f) | 1.81 | (g) | 3.93 | 106.9 | ||||||||||
7.79 | 2,263,619 | 1.85 | 1.82 | (g) | 4.25 | 120.1 | ||||||||||||
5.67 | (i) | 2,417,920 | 1.95 | 1.85 | (g) | 4.52 | 101.1 | |||||||||||
(2.17) | (i) | 2,677,807 | 1.85 | 1.84 | (g) | 3.88 | 76.9 | |||||||||||
7.27 | (i) | 2,766,661 | 1.92 | (f) | 1.83 | (g) | 3.56 | 83.4 |
(a)Calculated based on average shares outstanding during the period.
(b)Total return is calculated without the front-end sales charge or contingent deferred sales charge, if applicable.
(c)Six months ended April 30, 2019.
(d)Total return amounts have not been annualized.
(e)Computed on an annualized basis.
(f)Reflects Manager's contractual expense limit.
(g)Excludes dividends and interest expense on short sales and short sale fees and reverse repurchase agreement expense. See "Operating Policies" in notes to financial statements.
(h)Period from July 11, 2016, date shares first offered, through October 31, 2016.
(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.
See accompanying notes.
283
Financial Highlights
Principal Funds, Inc.
(unaudited)
Selected data for a share of Capital Stock outstanding throughout each year ended October 31 (except as noted):
Net Realized | ||||||||||||||||||||||||||||
Net Asset Value, | Net Investment | and Unrealized | Total From | Dividends from | Distributions | Total | ||||||||||||||||||||||
Beginning of | Income (Loss) | Gain (Loss) on | Investment | Net Investment | from Realized | Dividends and | Net Asset Value, | |||||||||||||||||||||
Period | (a) | Investments | Operations | Income | Gains | Distributions | End of Period | |||||||||||||||||||||
GLOBAL REAL ESTATE SECURITIES FUND | ||||||||||||||||||||||||||||
Class A shares | ||||||||||||||||||||||||||||
2019 | (c) | $8.62 | $0.07 | $ | 0.94 | $ | 1.01 | ($0.19 | ) | ($0.06) | ($0.25 | ) | $ | 9.38 | ||||||||||||||
2018 | 8.87 | 0.16 | – | 0.16 | (0.26 | ) | (0.15) | (0.41 | ) | 8.62 | ||||||||||||||||||
2017 | 8.35 | 0.09 | 0.68 | 0.77 | (0.22 | ) | (0.03) | (0.25 | ) | 8.87 | ||||||||||||||||||
2016 | 8.75 | 0.11 | (0.16 | ) | (0.05 | ) | (0.19 | ) | (0.16) | (0.35 | ) | 8.35 | ||||||||||||||||
2015 | 8.72 | 0.10 | 0.21 | 0.31 | (0.23 | ) | (0.05) | (0.28 | ) | 8.75 | ||||||||||||||||||
2014 | 8.30 | 0.10 | 0.76 | 0.86 | (0.16 | ) | (0.28) | (0.44 | ) | 8.72 | ||||||||||||||||||
Class C shares | ||||||||||||||||||||||||||||
2019 | (c) | 8.32 | 0.03 | 0.92 | 0.95 | (0.16 | ) | (0.06) | (0.22 | ) | 9.05 | |||||||||||||||||
2018 | 8.58 | 0.09 | – | 0.09 | (0.20 | ) | (0.15) | (0.35 | ) | 8.32 | ||||||||||||||||||
2017 | 8.11 | 0.02 | 0.66 | 0.68 | (0.18 | ) | (0.03) | (0.21 | ) | 8.58 | ||||||||||||||||||
2016 | 8.50 | 0.04 | (0.14 | ) | (0.10 | ) | (0.13 | ) | (0.16) | (0.29 | ) | 8.11 | ||||||||||||||||
2015 | 8.50 | 0.03 | 0.20 | 0.23 | (0.18 | ) | (0.05) | (0.23 | ) | 8.50 | ||||||||||||||||||
2014 | 8.12 | 0.03 | 0.74 | 0.77 | (0.11 | ) | (0.28) | (0.39 | ) | 8.50 | ||||||||||||||||||
GOVERNMENT & HIGH QUALITY BOND FUND | ||||||||||||||||||||||||||||
Class A shares | ||||||||||||||||||||||||||||
2019 | (c) | 9.94 | 0.11 | 0.33 | 0.44 | (0.13 | ) | – | (0.13 | ) | 10.25 | |||||||||||||||||
2018 | 10.42 | 0.21 | (0.42 | ) | (0.21 | ) | (0.27 | ) | – | (0.27 | ) | 9.94 | ||||||||||||||||
2017 | 10.84 | 0.30 | (0.35 | ) | (0.05 | ) | (0.37 | ) | – | (0.37 | ) | 10.42 | ||||||||||||||||
2016 | 10.93 | 0.32 | (0.02 | ) | 0.30 | (0.39 | ) | – | (0.39 | ) | 10.84 | |||||||||||||||||
2015 | 11.03 | 0.26 | (0.06 | ) | 0.20 | (0.30 | ) | – | (0.30 | ) | 10.93 | |||||||||||||||||
2014 | 10.98 | 0.24 | 0.13 | 0.37 | (0.32 | ) | – | (0.32 | ) | 11.03 | ||||||||||||||||||
Class C shares | ||||||||||||||||||||||||||||
2019 | (c) | 9.94 | 0.07 | 0.33 | 0.40 | (0.09 | ) | – | (0.09 | ) | 10.25 | |||||||||||||||||
2018 | 10.41 | 0.13 | (0.41 | ) | (0.28 | ) | (0.19 | ) | – | (0.19 | ) | 9.94 | ||||||||||||||||
2017 | 10.83 | 0.21 | (0.35 | ) | (0.14 | ) | (0.28 | ) | – | (0.28 | ) | 10.41 | ||||||||||||||||
2016 | 10.92 | 0.23 | (0.02 | ) | 0.21 | (0.30 | ) | – | (0.30 | ) | 10.83 | |||||||||||||||||
2015 | 11.02 | 0.15 | (0.04 | ) | 0.11 | (0.21 | ) | – | (0.21 | ) | 10.92 | |||||||||||||||||
2014 | 10.97 | 0.15 | 0.12 | 0.27 | (0.22 | ) | – | (0.22 | ) | 11.02 |
See accompanying notes.
284
Financial Highlights (Continued)
Principal Funds, Inc.
(unaudited)
Ratio of Net Investment | ||||||||||||||||||
Net Assets, End of Period (in | Ratio of Expenses to | Ratio of Gross Expenses to | Income to Average Net | |||||||||||||||
Total Return(b) | thousands) | Average Net Assets | Average Net Assets | Assets | Portfolio Turnover Rate | |||||||||||||
12.16 | %(d) | $ | 110,127 | 1.31 | %(e) | –% | 1.58 | %(e) | 25.8 | %(e) | ||||||||
1.75 | 101,404 | 1.31 | – | 1.81 | 24.3 | |||||||||||||
9.53 | 134,866 | 1.33 | – | 1.07 | 67.3 | |||||||||||||
(0.50 | ) | 164,926 | 1.32 | – | 1.26 | 54.7 | ||||||||||||
3.59 | 146,690 | 1.32 | (f) | – | 1.11 | 47.5 | ||||||||||||
11.07 | 102,093 | 1.32 | (f) | – | 1.16 | 29.3 | ||||||||||||
11.81 | (d) | 31,717 | 2.09 | (e),(f) | – | 0.80 | (e) | 25.8 | (e) | |||||||||
0.93 | 30,858 | 2.07 | (f) | – | 1.02 | 24.3 | ||||||||||||
8.55 | 36,680 | 2.12 | (f) | – | 0.29 | 67.3 | ||||||||||||
(1.18 | ) | 51,053 | 2.11 | (f) | – | 0.49 | 54.7 | |||||||||||
2.75 | 59,807 | 2.09 | (f) | – | 0.35 | 47.5 | ||||||||||||
10.08 | 47,399 | 2.14 | (f) | – | 0.33 | 29.3 | ||||||||||||
4.45 | (d) | 222,757 | 0.83 | (e) | 0.90 | (e),(g) | 2.13 | (e) | 15.0 | (e) | ||||||||
(2.04 | ) | 227,870 | 0.81 | 0.91 | (g) | 2.06 | 19.9 | |||||||||||
(0.45 | ) | 273,038 | 0.81 | 0.91 | (g) | 2.85 | 22.6 | |||||||||||
2.79 | 312,158 | 0.81 | 0.91 | (g) | 2.89 | 31.4 | ||||||||||||
1.80 | 291,241 | 0.80 | 0.90 | (g) | 2.32 | 31.0 | ||||||||||||
3.39 | 316,531 | 0.79 | 0.89 | (g) | 2.22 | 32.8 | ||||||||||||
4.04 | (d) | 31,708 | 1.63 | (e),(f) | – | 1.33 | (e) | 15.0 | (e) | |||||||||
(2.75 | ) | 36,119 | 1.63 | (f) | – | 1.25 | 19.9 | |||||||||||
(1.33 | ) | 49,114 | 1.63 | (f) | – | 2.04 | 22.6 | |||||||||||
1.91 | 62,811 | 1.63 | (f) | – | 2.08 | 31.4 | ||||||||||||
0.97 | 54,699 | 1.63 | (f) | – | 1.40 | 31.0 | ||||||||||||
2.52 | 59,847 | 1.63 | (f) | – | 1.38 | 32.8 |
(a)Calculated based on average shares outstanding during the period.
(b)Total return is calculated without the front-end sales charge or contingent deferred sales charge, if applicable.
(c)Six months ended April 30, 2019.
(d)Total return amounts have not been annualized.
(e)Computed on an annualized basis.
(f)Reflects Manager's contractual expense limit.
(g)Excludes expense reimbursement from Manager and/or Distributor.
See accompanying notes.
285
Financial Highlights
Principal Funds, Inc.
(unaudited)
Selected data for a share of Capital Stock outstanding throughout each year ended October 31 (except as noted):
Net Realized | |||||||||||||||||||||||||||
Net Asset Value, | Net Investment | and Unrealized | Total From | Dividends from | Distributions | Total | |||||||||||||||||||||
Beginning of | Income (Loss) | Gain (Loss) on | Investment | Net Investment | from Realized | Dividends and | Net Asset Value, | ||||||||||||||||||||
Period | (a) | Investments | Operations | Income | Gains | Distributions | End of Period | ||||||||||||||||||||
HIGH YIELD FUND | |||||||||||||||||||||||||||
Class A shares | |||||||||||||||||||||||||||
2019 | (c) | $7.11 | $0.20 | $ | 0.10 | $ | 0.30 | ($0.21 | ) | $– | ($0.21 | ) | $ | 7.20 | |||||||||||||
2018 | 7.55 | 0.39 | (0.42) | (0.03) | (0.41 | ) | – | (0.41 | ) | 7.11 | |||||||||||||||||
2017 | 7.24 | 0.38 | 0.30 | 0.68 | (0.37 | ) | – | (0.37 | ) | 7.55 | |||||||||||||||||
2016 | 7.16 | 0.40 | 0.11 | 0.51 | (0.43 | ) | – | (0.43 | ) | 7.24 | |||||||||||||||||
2015 | 7.72 | 0.40 | (0.47) | (0.07) | (0.41 | ) | (0.08) | (0.49 | ) | 7.16 | |||||||||||||||||
2014 | 7.94 | 0.43 | (0.03) | 0.40 | (0.46 | ) | (0.16) | (0.62 | ) | 7.72 | |||||||||||||||||
Class C shares | |||||||||||||||||||||||||||
2019 | (c) | 7.19 | 0.17 | 0.10 | 0.27 | (0.18 | ) | – | (0.18 | ) | 7.28 | ||||||||||||||||
2018 | 7.63 | 0.34 | (0.43) | (0.09) | (0.35 | ) | – | (0.35 | ) | 7.19 | |||||||||||||||||
2017 | 7.31 | 0.33 | 0.31 | 0.64 | (0.32 | ) | – | (0.32 | ) | 7.63 | |||||||||||||||||
2016 | 7.23 | 0.35 | 0.11 | 0.46 | (0.38 | ) | – | (0.38 | ) | 7.31 | |||||||||||||||||
2015 | 7.78 | 0.35 | (0.47) | (0.12) | (0.35 | ) | (0.08) | (0.43 | ) | 7.23 | |||||||||||||||||
2014 | 8.01 | 0.38 | (0.04) | 0.34 | (0.41 | ) | (0.16) | (0.57 | ) | 7.78 | |||||||||||||||||
HIGH YIELD FUND I | |||||||||||||||||||||||||||
Class A shares | |||||||||||||||||||||||||||
2019 | (c) | 9.44 | 0.28 | 0.14 | 0.42 | (0.29 | ) | – | (0.29 | ) | 9.57 | ||||||||||||||||
2018 | 9.97 | 0.53 | (0.53) | – | (0.53 | ) | – | (0.53 | ) | 9.44 | |||||||||||||||||
2017 | 9.80 | 0.48 | 0.16 | 0.64 | (0.47 | ) | – | (0.47 | ) | 9.97 | |||||||||||||||||
2016 | 9.64 | 0.51 | 0.16 | 0.67 | (0.51 | ) | – | (0.51 | ) | 9.80 | |||||||||||||||||
2015 | 10.49 | 0.51 | (0.75) | (0.24) | (0.53 | ) | (0.08) | (0.61 | ) | 9.64 | |||||||||||||||||
2014 | 10.76 | 0.54 | (0.06) | 0.48 | (0.54 | ) | (0.21) | (0.75 | ) | 10.49 |
See accompanying notes.
286
Financial Highlights (Continued) | |||||||||||||||
Principal Funds, Inc. | |||||||||||||||
(unaudited) | |||||||||||||||
Ratio of Expenses to Average | Ratio of Net Investment Income | ||||||||||||||
Total Return(b) | Net Assets, End of Period (in thousands) | Net Assets | to Average Net Assets | Portfolio Turnover Rate | |||||||||||
4.28 | %(d) | $ | 701,332 | 0.93 | %(e) | 5.65 | %(e) | 43.0 | %(e) | ||||||
(0.45 | ) | 609,934 | 0.92 | 5.35 | 42.0 | ||||||||||
9.63 | 851,070 | 0.91 | 5.12 | 51.2 | |||||||||||
7.55 | 933,518 | 0.90 | 5.74 | 42.7 | |||||||||||
(0.90 | ) | 1,039,461 | 0.88 | 5.42 | 45.1 | ||||||||||
5.32 | 1,192,803 | 0.93 | 5.53 | 51.7 | |||||||||||
3.85 | (d) | 205,172 | 1.66 | (e) | 4.95 | (e) | 43.0 | (e) | |||||||
(1.16 | ) | 259,729 | 1.63 | 4.64 | 42.0 | ||||||||||
8.89 | 339,347 | 1.63 | 4.40 | 51.2 | |||||||||||
6.68 | 382,177 | 1.65 | 5.00 | 42.7 | |||||||||||
(1.50 | ) | 415,004 | 1.63 | 4.69 | 45.1 | ||||||||||
4.42 | 502,489 | 1.62 | 4.82 | 51.7 | |||||||||||
4.40 | (d),(f) | 6,225 | 1.05 | (e),(g) | 6.03 | (e) | 36.5 | (e) | |||||||
0.07 | (f) | 6,376 | 1.05 | (g) | 5.50 | 42.5 | |||||||||
6.67 | 6,031 | 1.05 | (g) | 4.80 | 104.8 | ||||||||||
7.31 | 5,426 | 1.05 | (g) | 5.36 | 51.5 | ||||||||||
(2.37 | ) | 3,981 | 1.05 | (g) | 4.96 | 49.6 | |||||||||
4.56 | 2,661 | 1.05 | (g) | 5.09 | 43.2 |
(a)Calculated based on average shares outstanding during the period.
(b)Total return is calculated without the front-end sales charge or contingent deferred sales charge, if applicable.
(c)Six months ended April 30, 2019.
(d)Total return amounts have not been annualized.
(e)Computed on an annualized basis.
(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)Reflects Manager's contractual expense limit.
See accompanying notes.
287
Financial Highlights
Principal Funds, Inc.
(unaudited)
Selected data for a share of Capital Stock outstanding throughout each year ended October 31 (except as noted):
Net Realized | |||||||||||||||||||||||||||
Net Asset Value, | Net Investment | and Unrealized | Total From | Dividends from | Distributions | Total | |||||||||||||||||||||
Beginning of | Income (Loss) | Gain (Loss) on | Investment | Net Investment | from Realized | Dividends and | Net Asset Value, | ||||||||||||||||||||
Period | (a) | Investments | Operations | Income | Gains | Distributions | End of Period | ||||||||||||||||||||
INCOME FUND | |||||||||||||||||||||||||||
Class A shares | |||||||||||||||||||||||||||
2019 | (c) | $9.18 | $0.12 | $ | 0.31 | $ | 0.43 | ($0.15 | ) | $– | ($0.15 | ) | $ | 9.46 | |||||||||||||
2018 | 9.56 | 0.28 | (0.37) | (0.09) | (0.29 | ) | – | (0.29 | ) | 9.18 | |||||||||||||||||
2017 | 9.64 | 0.25 | (0.05) | 0.20 | (0.28 | ) | – | (0.28 | ) | 9.56 | |||||||||||||||||
2016 | 9.48 | 0.27 | 0.21 | 0.48 | (0.32 | ) | – | (0.32 | ) | 9.64 | |||||||||||||||||
2015 | 9.76 | 0.27 | (0.26) | 0.01 | (0.29 | ) | – | (0.29 | ) | 9.48 | |||||||||||||||||
2014 | 9.65 | 0.32 | 0.13 | 0.45 | (0.34 | ) | – | (0.34 | ) | 9.76 | |||||||||||||||||
Class C shares | |||||||||||||||||||||||||||
2019 | (c) | 9.23 | 0.08 | 0.32 | 0.40 | (0.11 | ) | – | (0.11 | ) | 9.52 | ||||||||||||||||
2018 | 9.62 | 0.21 | (0.38) | (0.17) | (0.22 | ) | – | (0.22 | ) | 9.23 | |||||||||||||||||
2017 | 9.69 | 0.18 | (0.05) | 0.13 | (0.20 | ) | – | (0.20 | ) | 9.62 | |||||||||||||||||
2016 | 9.53 | 0.19 | 0.21 | 0.40 | (0.24 | ) | – | (0.24 | ) | 9.69 | |||||||||||||||||
2015 | 9.81 | 0.20 | (0.27) | (0.07) | (0.21 | ) | – | (0.21 | ) | 9.53 | |||||||||||||||||
2014 | 9.70 | 0.24 | 0.13 | 0.37 | (0.26 | ) | – | (0.26 | ) | 9.81 | |||||||||||||||||
INFLATION PROTECTION FUND | |||||||||||||||||||||||||||
Class A shares | |||||||||||||||||||||||||||
2019 | (c) | 8.16 | – | 0.33 | 0.33 | (0.23 | ) | – | (0.23 | ) | 8.26 | ||||||||||||||||
2018 | 8.47 | 0.17 | (0.32) | (0.15) | (0.16 | ) | – | (0.16 | ) | 8.16 | |||||||||||||||||
2017 | 8.62 | 0.11 | (0.20) | (0.09) | (0.06 | ) | – | (0.06 | ) | 8.47 | |||||||||||||||||
2016 | 8.29 | 0.03 | 0.36 | 0.39 | (0.06 | ) | – | (0.06 | ) | 8.62 | |||||||||||||||||
2015 | 8.62 | 0.01 | (0.23) | (0.22) | (0.11 | ) | – | (0.11 | ) | 8.29 | |||||||||||||||||
2014 | 8.69 | 0.05 | 0.04 | 0.09 | – | (0.16) | (0.16 | ) | 8.62 |
See accompanying notes.
288
Financial Highlights (Continued) | |||||||||||||||
Principal Funds, Inc. | |||||||||||||||
(unaudited) | |||||||||||||||
Ratio of Expenses to Average | Ratio of Net Investment Income | ||||||||||||||
Total Return(b) | Net Assets, End of Period (in thousands) | Net Assets | to Average Net Assets | Portfolio Turnover Rate | |||||||||||
4.68 | %(d) | $ | 241,490 | 0.89 | %(e) | 2.58 | %(e) | 9.0 | %(e) | ||||||
(0.94 | ) | 226,417 | 0.88 | 3.01 | 9.2 | ||||||||||
2.13 | 254,848 | 0.87 | 2.67 | 12.5 | |||||||||||
5.12 | 273,241 | 0.88 | 2.81 | 12.9 | |||||||||||
0.06 | 265,113 | 0.87 | 2.82 | 11.5 | |||||||||||
4.77 | 272,809 | 0.86 | 3.26 | 11.3 | |||||||||||
4.34 | (d) | 49,645 | 1.70 | (e) | 1.77 | (e) | 9.0 | (e) | |||||||
(1.82 | ) | 52,031 | 1.67 | 2.21 | 9.2 | ||||||||||
1.40 | 62,012 | 1.68 | 1.86 | 12.5 | |||||||||||
4.25 | 66,576 | 1.69 | 2.00 | 12.9 | |||||||||||
(0.73 | ) | 64,349 | 1.66 | 2.02 | 11.5 | ||||||||||
3.90 | 65,027 | 1.67 | 2.45 | 11.3 | |||||||||||
4.19 | (d) | 11,110 | 0.90 | (e),(f) | 0.04 | (e) | 73.9 | (e) | |||||||
(1.92) (g) | 10,052 | 0.90 | (f) | 2.00 | 84.0 | ||||||||||
(0.87) (g) | 11,735 | 0.90 | (f) | 1.31 | 60.9 | ||||||||||
4.72 | 13,910 | 0.90 | (f) | 0.30 | 62.0 | ||||||||||
(2.62 | ) | 13,490 | 0.90 | (f) | 0.09 | 54.5 | |||||||||
1.07 | 15,296 | 0.90 | (f) | 0.55 | 101.6 |
(a)Calculated based on average shares outstanding during the period.
(b)Total return is calculated without the front-end sales charge or contingent deferred sales charge, if applicable.
(c)Six months ended April 30, 2019.
(d)Total return amounts have not been annualized.
(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.
289
Financial Highlights
Principal Funds, Inc.
(unaudited)
Selected data for a share of Capital Stock outstanding throughout each year ended October 31 (except as noted):
Net Realized | |||||||||||||||||||||||||||||
Net Asset Value, | Net Investment | and Unrealized | Total From | Dividends from | Distributions | Total | |||||||||||||||||||||||
Beginning of | Income (Loss) | Gain (Loss) on | Investment | Net Investment | from Realized | Dividends and | Net Asset Value, | ||||||||||||||||||||||
Period | (a) | Investments | Operations | Income | Gains | Distributions | End of Period | ||||||||||||||||||||||
INTERNATIONAL EMERGING MARKETS FUND | |||||||||||||||||||||||||||||
Class A shares | |||||||||||||||||||||||||||||
2019 | (c) | $24.03 | ($0.02) | $ | 2.29 | $ | 2.27 | ($0.17 | ) | ($0.51) | ($0.68 | ) | $ | 25.62 | |||||||||||||||
2018 | 29.17 | 0.23 | (5.10) | (4.87) | (0.27 | ) | – | (0.27 | ) | 24.03 | |||||||||||||||||||
2017 | 22.74 | 0.23 | 6.40 | 6.63 | (0.20 | ) | – | (0.20 | ) | 29.17 | |||||||||||||||||||
2016 | 21.37 | 0.11 | 1.32 | 1.43 | (0.06 | ) | – | (0.06 | ) | 22.74 | |||||||||||||||||||
2015 | 25.01 | 0.19 | (3.56) | (3.37) | (0.27 | ) | – | (0.27 | ) | 21.37 | |||||||||||||||||||
2014 | 25.11 | 0.18 | (0.23) | (0.05) | (0.05 | ) | – | (0.05 | ) | 25.01 | |||||||||||||||||||
Class C shares | |||||||||||||||||||||||||||||
2019 | (c) | 22.76 | (0.14) | 2.19 | 2.05 | – | (0.51) | (0.51 | ) | 24.30 | |||||||||||||||||||
2018 | 27.68 | (0.06) | (4.85) | (4.91) | (0.01 | ) | – | (0.01 | ) | 22.76 | |||||||||||||||||||
2017 | 21.61 | (0.03) | 6.10 | 6.07 | – | – | – | 27.68 | |||||||||||||||||||||
2016 | 20.45 | (0.10) | 1.26 | 1.16 | – | – | – | 21.61 | |||||||||||||||||||||
2015 | 23.96 | (0.06) | (3.39) | (3.45) | (0.06 | ) | – | (0.06 | ) | 20.45 | |||||||||||||||||||
2014 | 24.24 | (0.05) | (0.23) | (0.28) | – | – | – | 23.96 | |||||||||||||||||||||
INTERNATIONAL FUND I | |||||||||||||||||||||||||||||
Class A shares | |||||||||||||||||||||||||||||
2019 | (c) | 14.06 | 0.08 | 1.08 | 1.16 | (0.26 | ) | (0.66) | (0.92 | ) | 14.30 | ||||||||||||||||||
2018 | 16.60 | 0.24 | (2.67) | (2.43) | (0.11 | ) | – | (0.11 | ) | 14.06 | |||||||||||||||||||
2017 | 12.99 | 0.12 | 3.55 | 3.67 | (0.06 | ) | – | (0.06 | ) | 16.60 | |||||||||||||||||||
2016 | 13.45 | 0.07 | (0.45) | (0.38) | (0.08 | ) | – | (0.08 | ) | 12.99 | |||||||||||||||||||
2015 | 13.63 | 0.14 | (0.01) | 0.13 | (0.31 | ) | – | (0.31 | ) | 13.45 | |||||||||||||||||||
2014 | (i) | 13.71 | – | (0.08) | (0.08) | – | – | – | 13.63 |
See accompanying notes.
290
Financial Highlights (Continued) | ||||||||||||||
Principal Funds, Inc. | ||||||||||||||
(unaudited) | ||||||||||||||
Ratio of Expenses to Average | Ratio of Net Investment Income | |||||||||||||
Total Return(b) | Net Assets, End of Period (in thousands) | Net Assets | to Average Net Assets | Portfolio Turnover Rate | ||||||||||
9.84%(d),(e) | $ | 84,223 | 1.57 | %(f),(g) | (0.16 | )%(f) | 180.4 | %(f) | ||||||
(16.88 | ) | 79,698 | 1.62 | (g),(h) | 0.81 | 118.1 | ||||||||
29.49 | 98,679 | 1.62 | (g),(h) | 0.90 | 97.4 | |||||||||
6.75 | 77,283 | 1.75 | (g) | 0.53 | 120.3 | |||||||||
(13.56 | ) | 78,797 | 1.75 | (g) | 0.79 | 88.4 | ||||||||
(0.18 | ) | 93,053 | 1.76 | (g) | 0.71 | 114.7 | ||||||||
9.29 | (d) | 9,510 | 2.57 | (f),(g) | (1.18 | ) (f) | 180.4 | (f) | ||||||
(17.78) (e) | 10,972 | 2.67 | (g),(h) | (0.22 | ) | 118.1 | ||||||||
28.19 | (e) | 13,144 | 2.67 | (g),(h) | (0.14 | ) | 97.4 | |||||||
5.62 | (e) | 9,220 | 2.80 | (g) | (0.51 | ) | 120.3 | |||||||
(14.43 | ) | 9,388 | 2.80 | (g) | (0.25 | ) | 88.4 | |||||||
(1.16 | ) | 10,906 | 2.70 | (g) | (0.20 | ) | 114.7 | |||||||
9.53 | (d) | 10,038 | 1.35 | (f),(g) | 1.25 | (f) | 85.3 | (f) | ||||||
(14.75 | ) | 7,737 | 1.45 | (g) | 1.47 | 70.2 | ||||||||
28.41 | 6,867 | 1.45 | (g) | 0.84 | 66.6 | |||||||||
(2.91) | (e) | 3,992 | 1.45 | (g) | 0.54 | 69.9 | ||||||||
0.96 | (e) | 5,303 | 1.45 | (g) | 1.02 | 52.8 | ||||||||
(0.51) | (d),(e) | 771 | 1.45 | (f),(g) | (0.01 | ) (f) | 128.4 | (f) |
(a)Calculated based on average shares outstanding during the period.
(b)Total return is calculated without the front-end sales charge or contingent deferred sales charge, if applicable.
(c)Six months ended April 30, 2019.
(d)Total return amounts have not been annualized.
(e)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.
(f)Computed on an annualized basis.
(g)Reflects Manager's contractual expense limit.
(h)Includes .01% of expenses associated with the reclaim of foreign taxes paid. The expense is not subject to the Manager's contractual expense limit.
(i)Period from June 3, 2014, date shares first offered, through October 31, 2014.
See accompanying notes.
291
Financial Highlights
Principal Funds, Inc.
(unaudited)
Selected data for a share of Capital Stock outstanding throughout each year ended October 31 (except as noted):
Net Realized | |||||||||||||||||||||||||||
Net Asset Value, | Net Investment | and Unrealized | Total From | Dividends from | Distributions | Total | |||||||||||||||||||||
Beginning of | Income (Loss) | Gain (Loss) on | Investment | Net Investment | from Realized | Dividends and | Net Asset Value, | ||||||||||||||||||||
Period | (a) | Investments | Operations | Income | Gains | Distributions | End of Period | ||||||||||||||||||||
LARGECAP GROWTH FUND | |||||||||||||||||||||||||||
Class A shares | |||||||||||||||||||||||||||
2019 | (c) | $9.19 | ($0.01 | ) | $ | 0.10 | $ | 0.09 | $– | ($3.43 | ) | ($3.43 | ) | $ | 5.85 | ||||||||||||
2018 | 10.52 | (0.04 | ) | 0.47 | 0.43 | – | (1.76 | ) | (1.76 | ) | 9.19 | ||||||||||||||||
2017 | 9.46 | (0.01 | ) | 2.33 | 2.32 | (0.01) | (1.25 | ) | (1.26 | ) | 10.52 | ||||||||||||||||
2016 | 10.94 | – | (0.40) | (0.40) | – | (1.08 | ) | (1.08 | ) | 9.46 | |||||||||||||||||
2015 | 11.55 | (0.02 | ) | 0.63 | 0.61 | – | (1.22 | ) | (1.22 | ) | 10.94 | ||||||||||||||||
2014 | 11.25 | (0.02 | ) | 1.53 | 1.51 | – | (1.21 | ) | (1.21 | ) | 11.55 | ||||||||||||||||
LARGECAP GROWTH FUND I | |||||||||||||||||||||||||||
Class A shares | |||||||||||||||||||||||||||
2019 | (c) | 15.08 | (0.01 | ) | 1.70 | 1.69 | – | (1.70 | ) | (1.70 | ) | 15.07 | |||||||||||||||
2018 | 14.62 | (0.05 | ) | 1.90 | 1.85 | – | (1.39 | ) | (1.39 | ) | 15.08 | ||||||||||||||||
2017 | 11.79 | (0.05 | ) | 3.41 | 3.36 | – | (0.53 | ) | (0.53 | ) | 14.62 | ||||||||||||||||
2016 | 13.31 | (0.05 | ) | 0.02 | (0.03) | – | (1.49 | ) | (1.49 | ) | 11.79 | ||||||||||||||||
2015 | 13.47 | (0.06 | ) | 1.17 | 1.11 | – | (1.27 | ) | (1.27 | ) | 13.31 | ||||||||||||||||
2014 | 12.70 | (0.06 | ) | 1.60 | 1.54 | – | (0.77 | ) | (0.77 | ) | 13.47 |
See accompanying notes.
292
Financial Highlights (Continued) | |||||||||||||||
Principal Funds, Inc. | |||||||||||||||
(unaudited) | |||||||||||||||
Ratio of Expenses to Average | Ratio of Net Investment Income | ||||||||||||||
Total Return(b) | Net Assets, End of Period (in thousands) | Net Assets | to Average Net Assets | Portfolio Turnover Rate | |||||||||||
9.34 | %(d) | $ | 392,137 | 1.14 | %(e) | (0.30 | )%(e) | 97.8 | %(e) | ||||||
4.34 | 371,405 | 1.10 | (0.40 | ) | 77.2 | ||||||||||
28.35 | 379,271 | 1.12 | (0.10 | ) | 80.0 | ||||||||||
(4.09 | ) | 328,689 | 1.11 | (0.02 | ) | 62.5 | |||||||||
5.96 | 380,233 | 1.07 | (0.19 | ) | 54.1 | ||||||||||
14.61 | 374,202 | 1.07 | (0.17 | ) | 57.7 | ||||||||||
13.59 | (d),(f) | 47,018 | 1.04 | (e),(g) | (0.10 | ) (e) | 29.5 | (e) | |||||||
13.21 | (f) | 39,217 | 1.04 | (g) | (0.36 | ) | 34.8 | ||||||||
29.68 | 23,722 | 1.16 | (g) | (0.36 | ) | 38.5 | |||||||||
(0.21 | ) | 22,488 | 1.15 | (g) | (0.41 | ) | 32.8 | ||||||||
9.22 | 14,606 | 1.25 | (g) | (0.50 | ) | 39.3 | |||||||||
12.70 | 6,464 | 1.25 | (g) | (0.47 | ) | 38.4 |
(a)Calculated based on average shares outstanding during the period.
(b)Total return is calculated without the front-end sales charge or contingent deferred sales charge, if applicable.
(c)Six months ended April 30, 2019.
(d)Total return amounts have not been annualized.
(e)Computed on an annualized basis.
(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)Reflects Manager's contractual expense limit.
See accompanying notes.
293
Financial Highlights
Principal Funds, Inc.
(unaudited)
Selected data for a share of Capital Stock outstanding throughout each year ended October 31 (except as noted):
Net Realized | ||||||||||||||||||||||||
Net Asset Value, | Net Investment | and Unrealized | Total From | Dividends from | Distributions | Total | ||||||||||||||||||
Beginning of | Income (Loss) | Gain (Loss) on | Investment | Net Investment | from Realized | Dividends and | Net Asset Value, | |||||||||||||||||
Period | (a) | Investments | Operations | Income | Gains | Distributions | End of Period | |||||||||||||||||
LARGECAP S&P 500 INDEX FUND | ||||||||||||||||||||||||
Class A shares | ||||||||||||||||||||||||
2019 | (c) | $17.99 | $ | 0.16 | $1.35 | $1.51 | ($0.28 | ) | ($0.84 | ) | ($1.12 | ) | $ | 18.38 | ||||||||||
2018 | 17.96 | 0.29 | 0.92 | 1.21 | (0.25 | ) | (0.93 | ) | (1.18 | ) | 17.99 | |||||||||||||
2017 | 15.02 | 0.26 | 3.14 | 3.40 | (0.26 | ) | (0.20 | ) | (0.46 | ) | 17.96 | |||||||||||||
2016 | 14.79 | 0.25 | 0.32 | 0.57 | (0.22 | ) | (0.12 | ) | (0.34 | ) | 15.02 | |||||||||||||
2015 | 14.35 | 0.23 | 0.44 | 0.67 | (0.22 | ) | (0.01 | ) | (0.23 | ) | 14.79 | |||||||||||||
2014 | 12.46 | 0.20 | 1.86 | 2.06 | (0.17 | ) | – | (0.17 | ) | 14.35 | ||||||||||||||
Class C shares | ||||||||||||||||||||||||
2019 | (c) | 17.51 | 0.08 | 1.34 | 1.42 | (0.15 | ) | (0.84 | ) | (0.99 | ) | 17.94 | ||||||||||||
2018 | 17.54 | 0.13 | 0.90 | 1.03 | (0.13 | ) | (0.93 | ) | (1.06 | ) | 17.51 | |||||||||||||
2017 | 14.69 | 0.12 | 3.08 | 3.20 | (0.15 | ) | (0.20 | ) | (0.35 | ) | 17.54 | |||||||||||||
2016 | 14.49 | 0.13 | 0.31 | 0.44 | (0.12 | ) | (0.12 | ) | (0.24 | ) | 14.69 | |||||||||||||
2015 | 14.08 | 0.11 | 0.44 | 0.55 | (0.13 | ) | (0.01 | ) | (0.14 | ) | 14.49 | |||||||||||||
2014 | 12.29 | 0.09 | 1.82 | 1.91 | (0.12 | ) | – | (0.12 | ) | 14.08 | ||||||||||||||
MIDCAP FUND | ||||||||||||||||||||||||
Class A shares | ||||||||||||||||||||||||
2019 | (c) | 26.24 | (0.02) | 4.38 | 4.36 | – | (2.74 | ) | (2.74 | ) | 27.86 | |||||||||||||
2018 | 26.90 | (0.04) | 0.29 | 0.25 | – | (0.91 | ) | (0.91 | ) | 26.24 | ||||||||||||||
2017 | 21.79 | (0.02) | 5.63 | 5.61 | (0.03 | ) | (0.47 | ) | (0.50 | ) | 26.90 | |||||||||||||
2016 | 22.25 | 0.04 | 0.79 | 0.83 | – | (1.29 | ) | (1.29 | ) | 21.79 | ||||||||||||||
2015 | 21.99 | (0.01) | 1.35 | 1.34 | – | (1.08 | ) | (1.08 | ) | 22.25 | ||||||||||||||
2014 | 19.87 | 0.02 | 2.52 | 2.54 | – | (0.42 | ) | (0.42 | ) | 21.99 | ||||||||||||||
Class C shares | ||||||||||||||||||||||||
2019 | (c) | 23.77 | (0.10) | 3.89 | 3.79 | – | (2.74 | ) | (2.74 | ) | 24.82 | |||||||||||||
2018 | 24.63 | (0.22) | 0.27 | 0.05 | – | (0.91 | ) | (0.91 | ) | 23.77 | ||||||||||||||
2017 | 20.10 | (0.18) | 5.18 | 5.00 | – | (0.47 | ) | (0.47 | ) | 24.63 | ||||||||||||||
2016 | 20.77 | (0.11) | 0.73 | 0.62 | – | (1.29 | ) | (1.29 | ) | 20.10 | ||||||||||||||
2015 | 20.74 | (0.17) | 1.28 | 1.11 | – | (1.08 | ) | (1.08 | ) | 20.77 | ||||||||||||||
2014 | 18.90 | (0.12) | 2.38 | 2.26 | – | (0.42 | ) | (0.42 | ) | 20.74 |
See accompanying notes.
294
Financial Highlights (Continued) | |||||||||||||||
Principal Funds, Inc. | |||||||||||||||
(unaudited) | |||||||||||||||
Ratio of Expenses to Average | Ratio of Net Investment Income | ||||||||||||||
Total Return(b) | Net Assets, End of Period (in thousands) | Net Assets | to Average Net Assets | Portfolio Turnover Rate | |||||||||||
9.55 | %(d) | $ | 426,496 | 0.45 | %(e) | 1.82 | %(e) | 2.6 | %(e) | ||||||
6.89 | 380,299 | 0.44 | 1.60 | 5.8 | |||||||||||
23.04 | 355,131 | 0.46 | 1.57 | 3.4 | |||||||||||
3.97 | 289,269 | 0.48 | 1.70 | 4.2 | |||||||||||
4.68 | 269,123 | 0.48 | 1.56 | 6.3 | |||||||||||
16.70 | 245,546 | 0.49 | (f) | 1.48 | 5.9 | ||||||||||
9.08 | (d) | 66,774 | 1.30 | (e),(f) | 0.99 | (e) | 2.6 | (e) | |||||||
5.92 | 65,204 | 1.30 | (f) | 0.75 | 5.8 | ||||||||||
22.07 | 56,953 | 1.30 | (f) | 0.72 | 3.4 | ||||||||||
3.11 | 41,497 | 1.30 | (f) | 0.88 | 4.2 | ||||||||||
3.92 | 32,500 | 1.30 | (f) | 0.74 | 6.3 | ||||||||||
15.62 | 25,433 | 1.30 | (f) | 0.66 | 5.9 | ||||||||||
19.39 | (d) | 1,609,226 | 0.99 | (e) | (0.17 | ) (e) | 13.5 | (e) | |||||||
0.86 | 1,439,026 | 0.96 | (0.14 | ) | 25.8 | ||||||||||
26.19 | 1,714,560 | 1.00 | (0.10 | ) | 15.4 | ||||||||||
4.14 | 2,096,851 | 0.99 | 0.19 | 22.4 | |||||||||||
6.35 | 1,995,620 | 0.98 | (0.06 | ) | 22.6 | ||||||||||
13.05 | 1,863,094 | 1.00 | 0.11 | 18.3 | |||||||||||
18.97 | (d) | 251,282 | 1.71 | (e) | (0.88 | ) (e) | 13.5 | (e) | |||||||
0.11 | 248,197 | 1.69 | (0.86 | ) | 25.8 | ||||||||||
25.31 | 301,746 | 1.71 | (0.81 | ) | 15.4 | ||||||||||
3.39 | 309,404 | 1.73 | (0.57 | ) | 22.4 | ||||||||||
5.59 | 346,242 | 1.71 | (0.79 | ) | 22.6 | ||||||||||
12.22 | 353,109 | 1.74 | (f) | (0.63 | ) | 18.3 |
(a)Calculated based on average shares outstanding during the period.
(b)Total return is calculated without the front-end sales charge or contingent deferred sales charge, if applicable.
(c)Six months ended April 30, 2019.
(d)Total return amounts have not been annualized.
(e)Computed on an annualized basis.
(f)Reflects Manager's contractual expense limit.
See accompanying notes.
295
Financial Highlights | |||||||||||||||||||||||
Principal Funds, Inc. | |||||||||||||||||||||||
(unaudited) | |||||||||||||||||||||||
Selected data for a share of Capital Stock outstanding throughout each year ended October 31 (except as noted): | |||||||||||||||||||||||
Net Realized | |||||||||||||||||||||||
Net Asset Value, | and Unrealized | Total From | Dividends from | ||||||||||||||||||||
Beginning of | Net Investment | Gain (Loss) on | Investment | Net Investment | Total Dividends | Net Asset Value, | |||||||||||||||||
Period | Income (Loss)(a) | Investments | Operations | Income | and Distributions | End of Period | |||||||||||||||||
MIDCAP VALUE FUND I | |||||||||||||||||||||||
Class A shares | |||||||||||||||||||||||
2019 | (c) | $ | 13.56 | ($0.01 | ) | $ | 0.45 | $ | 0.44 | $– | $– | $ | 14.00 | ||||||||||
MONEY MARKET FUND | |||||||||||||||||||||||
Class A shares | |||||||||||||||||||||||
2019 | (g) | 1.00 | 0.01 | – | 0.01 | (0.01 | ) | (0.01 | ) | 1.00 | |||||||||||||
2018 | 1.00 | 0.01 | – | 0.01 | (0.01 | ) | (0.01 | ) | 1.00 | ||||||||||||||
2017 | 1.00 | – | 0.01 | 0.01 | (0.01 | ) | (0.01 | ) | 1.00 | ||||||||||||||
2016 | 1.00 | – | – | – | – | – | 1.00 | ||||||||||||||||
2015 | 1.00 | – | – | – | – | – | 1.00 | ||||||||||||||||
2014 | 1.00 | – | – | – | – | – | 1.00 |
See accompanying notes.
296
Financial Highlights (Continued) | ||||||||||||
Principal Funds, Inc. | ||||||||||||
(unaudited) | ||||||||||||
Ratio of Net Investment | ||||||||||||
Net Assets, End of Period (in | Ratio of Expenses to | Ratio of Gross Expenses to | Income to Average Net | |||||||||
Total Return(b) | thousands) | Average Net Assets | Average Net Assets | Assets | Portfolio Turnover Rate | |||||||
3.24 | %(d) | $ | 25,618 | 1.25 | %(e),(f) | –% | (1.02 | )%(e) | 54.1 | %(e) | ||
1.02 | (d) | 240,405 | 0.50(e) | ,(f) | 0.61 | (e),(h) | 2.04 | (e) | 0.0 | (e) | ||
1.36 | 231,844 | 0.52 | (f) | 0.63 | (h) | 1.34 | 0.0 | |||||
0.53 | 245,177 | 0.53 | 0.53 | (h) | 0.47 | 0.0 | ||||||
0.00 | 451,554 | 0.50 | 0.54 | (h) | 0.00 | 0.0 | ||||||
0.00 | 465,970 | 0.20 | 0.53 | (h) | 0.00 | 0.0 | ||||||
0.00 | 471,109 | 0.17 | 0.54 | (h) | 0.00 | 0.0 |
(a)Calculated based on average shares outstanding during the period.
(b)Total return is calculated without the front-end sales charge or contingent deferred sales charge, if applicable.
(c)Period from April 2, 2019, date shares first offered, through April 30, 2019.
(d)Total return amounts have not been annualized.
(e)Computed on an annualized basis.
(f)Reflects Manager's contractual expense limit.
(g)Six months ended April 30, 2019.
(h)Excludes expense reimbursement from Manager.
See accompanying notes.
297
Financial Highlights
Principal Funds, Inc.
(unaudited)
Selected data for a share of Capital Stock outstanding throughout each year ended October 31 (except as noted):
Net Realized | ||||||||||||||||||||||
Net Asset Value, | Net Investment | and Unrealized | Total From | Dividends from | Distributions | Total | ||||||||||||||||
Beginning of | Income (Loss) | Gain (Loss) on | Investment | Net Investment | from Realized | Dividends and | Net Asset Value, | |||||||||||||||
Period | (a) | Investments | Operations | Income | Gains | Distributions | End of Period | |||||||||||||||
PRINCIPAL CAPITAL APPRECIATION FUND | ||||||||||||||||||||||
Class A shares | ||||||||||||||||||||||
2019 | (c) | $63.24 | $0.27 | $3.38 | $3.65 | ($0.66 | ) | ($18.20 | ) | ($18.86 | ) | $ | 48.03 | |||||||||
2018 | 63.68 | 0.84 | 3.47 | 4.31 | (0.62 | ) | (4.13 | ) | (4.75 | ) | 63.24 | |||||||||||
2017 | 57.28 | 0.56 | 11.52 | 12.08 | (0.59 | ) | (5.09 | ) | (5.68 | ) | 63.68 | |||||||||||
2016 | 59.26 | 0.64 | 0.39 | 1.03 | (0.66 | ) | (2.35 | ) | (3.01 | ) | 57.28 | |||||||||||
2015 | 58.80 | 0.62 | 2.60 | 3.22 | (0.53 | ) | (2.23 | ) | (2.76 | ) | 59.26 | |||||||||||
2014 | 52.54 | 0.50 | 7.32 | 7.82 | (0.41 | ) | (1.15 | ) | (1.56 | ) | 58.80 | |||||||||||
Class C shares | ||||||||||||||||||||||
2019 | (c) | 48.95 | 0.05 | 1.83 | 1.88 | (0.45 | ) | (18.20 | ) | (18.65 | ) | 32.18 | ||||||||||
2018 | 50.38 | 0.24 | 2.75 | 2.99 | (0.29 | ) | (4.13 | ) | (4.42 | ) | 48.95 | |||||||||||
2017 | 46.47 | 0.06 | 9.21 | 9.27 | (0.27 | ) | (5.09 | ) | (5.36 | ) | 50.38 | |||||||||||
2016 | 48.72 | 0.13 | 0.32 | 0.45 | (0.35 | ) | (2.35 | ) | (2.70 | ) | 46.47 | |||||||||||
2015 | 48.88 | 0.12 | 2.15 | 2.27 | (0.20 | ) | (2.23 | ) | (2.43 | ) | 48.72 | |||||||||||
2014 | 44.06 | 0.02 | 6.11 | 6.13 | (0.16 | ) | (1.15 | ) | (1.31 | ) | 48.88 | |||||||||||
REAL ESTATE SECURITIES FUND | ||||||||||||||||||||||
Class A shares | ||||||||||||||||||||||
2019 | (c) | 23.20 | 0.17 | 2.90 | 3.07 | (0.18 | ) | (0.43 | ) | (0.61 | ) | 25.66 | ||||||||||
2018 | 23.65 | 0.35 | 0.11 | 0.46 | (0.45 | ) | (0.46 | ) | (0.91 | ) | 23.20 | |||||||||||
2017 | 22.80 | 0.23 | 1.46 | 1.69 | (0.24 | ) | (0.60 | ) | (0.84 | ) | 23.65 | |||||||||||
2016 | 23.22 | 0.25 | 0.87 | 1.12 | (0.28 | ) | (1.26 | ) | (1.54 | ) | 22.80 | |||||||||||
2015 | 22.25 | 0.25 | 1.19 | 1.44 | (0.25 | ) | (0.22 | ) | (0.47 | ) | 23.22 | |||||||||||
2014 | 21.63 | 0.19 | 3.63 | 3.82 | (0.29 | ) | (2.91 | ) | (3.20 | ) | 22.25 | |||||||||||
Class C shares | ||||||||||||||||||||||
2019 | (c) | 22.77 | 0.08 | 2.85 | 2.93 | (0.09 | ) | (0.43 | ) | (0.52 | ) | 25.18 | ||||||||||
2018 | 23.23 | 0.17 | 0.10 | 0.27 | (0.27 | ) | (0.46 | ) | (0.73 | ) | 22.77 | |||||||||||
2017 | 22.42 | 0.05 | 1.43 | 1.48 | (0.07 | ) | (0.60 | ) | (0.67 | ) | 23.23 | |||||||||||
2016 | 22.90 | 0.06 | 0.85 | 0.91 | (0.13 | ) | (1.26 | ) | (1.39 | ) | 22.42 | |||||||||||
2015 | 21.95 | 0.08 | 1.17 | 1.25 | (0.08 | ) | (0.22 | ) | (0.30 | ) | 22.90 | |||||||||||
2014 | 21.38 | 0.03 | 3.59 | 3.62 | (0.14 | ) | (2.91 | ) | (3.05 | ) | 21.95 |
See accompanying notes.
298
Financial Highlights (Continued) | |||||||||||||||
Principal Funds, Inc. | |||||||||||||||
(unaudited) | |||||||||||||||
Ratio of Expenses to Average | Ratio of Net Investment Income | ||||||||||||||
Total Return(b) | Net Assets, End of Period (in thousands) | Net Assets | to Average Net Assets | Portfolio Turnover Rate | |||||||||||
11.51 | %(d) | $ | 988,709 | 0.86 | %(e) | 1.13 | %(e) | 51.9 | %(e) | ||||||
6.95 | 950,601 | 0.83 | 1.30 | 36.3 | |||||||||||
22.53 | 970,151 | 0.82 | 0.94 | 20.1 | |||||||||||
1.91 | 878,686 | 0.84 | 1.13 | 34.5 | |||||||||||
5.72 | 933,710 | 0.84 | 1.06 | 14.0 | |||||||||||
15.22 | 810,788 | 0.82 | 0.91 | 8.3 | |||||||||||
11.03 | (d) | 42,704 | 1.71 | (e) | 0.32 | (e) | 51.9 | (e) | |||||||
6.09 | 51,955 | 1.65 | 0.48 | 36.3 | |||||||||||
21.54 | 52,721 | 1.65 | 0.12 | 20.1 | |||||||||||
1.05 | 46,507 | 1.67 | 0.29 | 34.5 | |||||||||||
4.87 | 48,298 | 1.65 | (f) | 0.25 | 14.0 | ||||||||||
14.22 | 42,658 | 1.67 | (f) | 0.05 | 8.3 | ||||||||||
13.56 | (d) | 305,152 | 1.26 | (e) | 1.43 | (e) | 19.2 | (e) | |||||||
1.99 | 277,447 | 1.25 | 1.51 | 22.7 | |||||||||||
7.59 | 297,516 | 1.28 | 1.00 | 24.3 | |||||||||||
4.99 | (g) | 370,306 | 1.25 | 1.08 | 24.8 | ||||||||||
6.57 | (g) | 289,165 | 1.30 | 1.08 | 26.2 | ||||||||||
21.34 | 208,670 | 1.30 | (f) | 0.92 | 11.1 | ||||||||||
13.15 | (d) | 47,654 | 2.04 | (e) | 0.66 | (e) | 19.2 | (e) | |||||||
1.19 | 47,303 | 2.03 | 0.73 | 22.7 | |||||||||||
6.75 | 50,302 | 2.05 | 0.21 | 24.3 | |||||||||||
4.17 | 52,388 | 2.07 | (f) | 0.27 | 24.8 | ||||||||||
5.71 | 42,051 | 2.07 | (f) | 0.35 | 26.2 | ||||||||||
20.42 | 33,740 | 2.09 | (f) | 0.13 | 11.1 |
(a)Calculated based on average shares outstanding during the period.
(b)Total return is calculated without the front-end sales charge or contingent deferred sales charge, if applicable.
(c)Six months ended April 30, 2019.
(d)Total return amounts have not been annualized.
(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.
299
Financial Highlights
Principal Funds, Inc.
(unaudited)
Selected data for a share of Capital Stock outstanding throughout each year ended October 31 (except as noted):
Net Realized | ||||||||||||||||||||||||||||||
Net Asset Value, | Net Investment | and Unrealized | Total From | Dividends from | Distributions | Total | ||||||||||||||||||||||||
Beginning of | Income (Loss) | Gain (Loss) on | Investment | Net Investment | from Realized | Dividends and | Net Asset Value, | |||||||||||||||||||||||
Period | (a) | Investments | Operations | Income | Gains | Distributions | End of Period | |||||||||||||||||||||||
SHORT-TERM INCOME FUND | ||||||||||||||||||||||||||||||
Class A shares | ||||||||||||||||||||||||||||||
2019 | (c) | $12.01 | $ | 0.14 | $ | 0.16 | $ | 0.30 | ($0.14 | ) | $– | ($0.14 | ) | $ | 12.17 | |||||||||||||||
2018 | 12.21 | 0.24 | (0.20) | 0.04 | (0.24 | ) | – | (0.24 | ) | 12.01 | ||||||||||||||||||||
2017 | 12.23 | 0.21 | (0.02) | 0.19 | (0.21 | ) | – | (0.21 | ) | 12.21 | ||||||||||||||||||||
2016 | 12.18 | 0.20 | 0.06 | 0.26 | (0.21 | ) | – | (0.21 | ) | 12.23 | ||||||||||||||||||||
2015 | 12.23 | 0.17 | (0.05) | 0.12 | (0.17 | ) | – | (0.17 | ) | 12.18 | ||||||||||||||||||||
2014 | 12.27 | 0.18 | (0.03) | 0.15 | (0.18 | ) | (0.01) | (0.19 | ) | 12.23 | ||||||||||||||||||||
Class C shares | ||||||||||||||||||||||||||||||
2019 | (c) | 12.01 | 0.08 | 0.17 | 0.25 | (0.08 | ) | – | (0.08 | ) | 12.18 | |||||||||||||||||||
2018 | 12.21 | 0.13 | (0.20) | (0.07) | (0.13 | ) | – | (0.13 | ) | 12.01 | ||||||||||||||||||||
2017 | 12.24 | 0.10 | (0.03) | 0.07 | (0.10 | ) | – | (0.10 | ) | 12.21 | ||||||||||||||||||||
2016 | 12.18 | 0.09 | 0.07 | 0.16 | (0.10 | ) | – | (0.10 | ) | 12.24 | ||||||||||||||||||||
2015 | 12.24 | 0.06 | (0.06) | – | (0.06 | ) | – | (0.06 | ) | 12.18 | ||||||||||||||||||||
2014 | 12.28 | 0.07 | (0.03) | 0.04 | (0.07 | ) | (0.01) | (0.08 | ) | 12.24 | ||||||||||||||||||||
SMALLCAP FUND | ||||||||||||||||||||||||||||||
Class A shares | ||||||||||||||||||||||||||||||
2019 | (c) | 22.60 | – | 1.44 | 1.44 | (0.01 | ) | (2.90) | (2.91 | ) | 21.13 | |||||||||||||||||||
2018 | 24.13 | 0.01 | 0.43 | 0.44 | – | (1.97) | (1.97 | ) | 22.60 | |||||||||||||||||||||
2017 | 20.02 | (0.02) | 4.65 | 4.63 | (0.09 | ) | (0.43) | (0.52 | ) | 24.13 | ||||||||||||||||||||
2016 | 20.62 | 0.10 | 0.04 | 0.14 | – | (0.74) | (0.74 | ) | 20.02 | |||||||||||||||||||||
2015 | 21.74 | (0.04) | 1.39 | 1.35 | – | (2.47) | (2.47 | ) | 20.62 | |||||||||||||||||||||
2014 | 21.60 | (0.04) | 1.74 | 1.70 | – | (1.56) | (1.56 | ) | 21.74 | |||||||||||||||||||||
Class C shares | ||||||||||||||||||||||||||||||
2019 | (c) | 20.33 | (0.07) | 1.21 | 1.14 | – | (2.90) | (2.90 | ) | 18.57 | ||||||||||||||||||||
2018 | 22.06 | (0.16) | 0.40 | 0.24 | – | (1.97) | (1.97 | ) | 20.33 | |||||||||||||||||||||
2017 | 18.40 | (0.19) | 4.28 | 4.09 | – | (0.43) | (0.43 | ) | 22.06 | |||||||||||||||||||||
2016 | 19.16 | (0.05) | 0.03 | (0.02) | – | (0.74) | (0.74 | ) | 18.40 | |||||||||||||||||||||
2015 | 20.53 | (0.20) | 1.30 | 1.10 | – | (2.47) | (2.47 | ) | 19.16 | |||||||||||||||||||||
2014 | 20.65 | (0.21) | 1.65 | 1.44 | – | (1.56) | (1.56 | ) | 20.53 |
See accompanying notes.
300
Financial Highlights (Continued) | |||||||||||||||
Principal Funds, Inc. | |||||||||||||||
(unaudited) | |||||||||||||||
Ratio of Expenses to Average | Ratio of Net Investment Income | ||||||||||||||
Total Return(b) | Net Assets, End of Period (in thousands) | Net Assets | to Average Net Assets | Portfolio Turnover Rate | |||||||||||
2.49 | %(d) | $ | 293,640 | 0.69 | %(e) | 2.31 | %(e) | 46.8 | %(e) | ||||||
0.31 | 292,426 | 0.67 | 1.98 | 57.3 | |||||||||||
1.55 | 325,872 | 0.68 | 1.72 | 59.5 | |||||||||||
2.17 | 340,470 | 0.69 | 1.63 | 53.6 | |||||||||||
0.98 | 297,899 | 0.68 | 1.39 | 56.4 | |||||||||||
1.20 | 277,110 | 0.69 | 1.45 | 49.1 | |||||||||||
2.11 | (d) | 58,674 | 1.58 | (e) | 1.41 | (e) | 46.8 | (e) | |||||||
(0.59 | ) | 63,169 | 1.57 | 1.07 | 57.3 | ||||||||||
0.57 | 77,278 | 1.57 | 0.82 | 59.5 | |||||||||||
1.36 | 86,734 | 1.57 | 0.75 | 53.6 | |||||||||||
0.00 | 84,886 | 1.57 | 0.50 | 56.4 | |||||||||||
0.30 | 90,275 | 1.57 | (f) | 0.57 | 49.1 | ||||||||||
9.13 | (d) | 232,784 | 1.21 | (e) | 0.02 | (e) | 38.5 | (e) | |||||||
1.73 | 218,500 | 1.18 | 0.06 | 51.6 | |||||||||||
23.33 | 228,263 | 1.23 | (0.11 | ) | 67.5 | ||||||||||
0.77 | 214,666 | 1.24 | (f) | 0.52 | 59.1 | ||||||||||
6.90 | 225,217 | 1.23 | (f) | (0.19 | ) | 69.2 | |||||||||
8.08 | 189,911 | 1.23 | (f) | (0.19 | ) | 67.6 | |||||||||
8.61 | (d) | 30,192 | 2.02 | (e),(f) | (0.78 | ) (e) | 38.5 | (e) | |||||||
0.93 | 34,505 | 1.98 | (f) | (0.75 | ) | 51.6 | |||||||||
22.39 | 31,527 | 2.02 | (f) | (0.91 | ) | 67.5 | |||||||||
(0.03 | ) | 25,294 | 2.08 | (f) | (0.31 | ) | 59.1 | ||||||||
5.99 | 25,086 | 2.07 | (f) | (1.01 | ) | 69.2 | |||||||||
7.13 | 15,737 | 2.08 | (f) | (1.04 | ) | 67.6 |
(a)Calculated based on average shares outstanding during the period.
(b)Total return is calculated without the front-end sales charge or contingent deferred sales charge, if applicable.
(c)Six months ended April 30, 2019.
(d)Total return amounts have not been annualized.
(e)Computed on an annualized basis.
(f)Reflects Manager's contractual expense limit.
See accompanying notes.
301
Financial Highlights
Principal Funds, Inc.
(unaudited)
Selected data for a share of Capital Stock outstanding throughout each year ended October 31 (except as noted):
Net Realized | ||||||||||||||||||||||||||
Net Asset Value, | Net Investment | and Unrealized | Total From | Dividends from | Distributions | Total | ||||||||||||||||||||
Beginning of | Income (Loss) | Gain (Loss) on | Investment | Net Investment | from Realized | Dividends and | Net Asset Value, | |||||||||||||||||||
Period | (a) | Investments | Operations | Income | Gains | Distributions | End of Period | |||||||||||||||||||
SMALLCAP VALUE FUND II | ||||||||||||||||||||||||||
Class A shares | ||||||||||||||||||||||||||
2019 | (c) | $11.96 | $ | 0.03 | $0.33 | $ | 0.36 | ($0.04 | ) | ($1.78) | ($1.82 | ) | $ | 10.50 | ||||||||||||
2018 | 13.61 | 0.01 | (0.36 | ) | (0.35 | ) | – | (1.30) | (1.30 | ) | 11.96 | |||||||||||||||
2017 | 11.84 | (0.02) | 2.55 | 2.53 | (0.04 | ) | (0.72) | (0.76 | ) | 13.61 | ||||||||||||||||
2016 | 12.68 | 0.01 | 0.45 | 0.46 | (0.05 | ) | (1.25) | (1.30 | ) | 11.84 | ||||||||||||||||
2015 | 14.08 | – | 0.14 | 0.14 | (0.04 | ) | (1.50) | (1.54 | ) | 12.68 | ||||||||||||||||
2014 | (g) | 13.75 | (0.03) | 0.36 | 0.33 | – | – | – | 14.08 | |||||||||||||||||
TAX-EXEMPT BOND FUND | ||||||||||||||||||||||||||
Class A shares | ||||||||||||||||||||||||||
2019 | (c) | 6.95 | 0.13 | 0.28 | 0.41 | (0.12 | ) | – | (0.12 | ) | 7.24 | |||||||||||||||
2018 | 7.24 | 0.28 | (0.31 | ) | (0.03 | ) | (0.26 | ) | – | (0.26 | ) | 6.95 | ||||||||||||||
2017 | 7.42 | 0.29 | (0.20 | ) | 0.09 | (0.27 | ) | – | (0.27 | ) | 7.24 | |||||||||||||||
2016 | 7.34 | 0.28 | 0.06 | 0.34 | (0.26 | ) | – | (0.26 | ) | 7.42 | ||||||||||||||||
2015 | 7.42 | 0.30 | (0.07 | ) | 0.23 | (0.31 | ) | – | (0.31 | ) | 7.34 | |||||||||||||||
2014 | 7.00 | 0.31 | 0.41 | 0.72 | (0.30 | ) | – | (0.30 | ) | 7.42 | ||||||||||||||||
Class C shares | ||||||||||||||||||||||||||
2019 | (c) | 6.97 | 0.10 | 0.29 | 0.39 | (0.09 | ) | – | (0.09 | ) | 7.27 | |||||||||||||||
2018 | 7.27 | 0.22 | (0.32 | ) | (0.10 | ) | (0.20 | ) | – | (0.20 | ) | 6.97 | ||||||||||||||
2017 | 7.44 | 0.23 | (0.19 | ) | 0.04 | (0.21 | ) | – | (0.21 | ) | 7.27 | |||||||||||||||
2016 | 7.36 | 0.21 | 0.07 | 0.28 | (0.20 | ) | – | (0.20 | ) | 7.44 | ||||||||||||||||
2015 | 7.44 | 0.24 | (0.07 | ) | 0.17 | (0.25 | ) | – | (0.25 | ) | 7.36 | |||||||||||||||
2014 | 7.02 | 0.25 | 0.41 | 0.66 | (0.24 | ) | – | (0.24 | ) | 7.44 |
See accompanying notes.
302
Financial Highlights (Continued) | |||||||||||||||||||||||
Principal Funds, Inc. | |||||||||||||||||||||||
(unaudited) | |||||||||||||||||||||||
Ratio of Expenses to | |||||||||||||||||||||||
Average Net Assets | Ratio of Gross | Ratio of Net | |||||||||||||||||||||
Net Assets, End of Period (in | Ratio of Expenses to | (Excluding Interest | Expenses to Average | Investment Income to | Portfolio Turnover | ||||||||||||||||||
Total Return(b) | thousands) | Average Net Assets | Expense and Fees) | Net Assets | Average Net Assets | Rate | |||||||||||||||||
5.74 | %(d) | $ | 7,813 | 1.45 | %(e),(f) | N/A | –% | 0.49 | %(e) | 74.4 | %(e) | ||||||||||||
(3.25 | ) | 7,529 | 1.45 | (f) | N/A | – | 0.04 | 84.1 | |||||||||||||||
21.53 | 6,994 | 1.45 | (f) | N/A | – | (0.12 | ) | 58.6 | |||||||||||||||
4.38 | 2,862 | 1.45 | (f) | N/A | – | 0.13 | 52.5 | ||||||||||||||||
1.12 | 2,320 | 1.45 | (f) | N/A | – | (0.01 | ) | 47.8 | |||||||||||||||
2.40 | (d) | 223 | 1.45 | (e),(f) | N/A | – | (0.58) (e) | 42.1 | (e) | ||||||||||||||
5.93 | (d) | 302,933 | 0.87 | %(e) | 0.78 | (e),(h) | – | 3.64 | (e) | 67.6 | (e) | ||||||||||||
(0.42 | ) | 269,439 | 0.85 | 0.78 | (h) | – | 3.87 | 65.8 | |||||||||||||||
1.29 | 277,289 | 0.83 | 0.79 | (h) | – | 3.97 | 30.9 | ||||||||||||||||
4.71 | 326,545 | 0.81 | 0.78 | (h) | – | 3.68 | 33.7 | ||||||||||||||||
3.17 | 226,170 | 0.81 | 0.79 | (h) | 0.81 | 4.06 | 21.0 | ||||||||||||||||
10.52 | 207,234 | 0.81 | 0.78 | (f),(h) | 0.81 | (i) | 4.35 | 22.3 | |||||||||||||||
5.63 | (d) | 31,999 | 1.69 | (e) | 1.60 | (e),(f),(h) | 1.73 | (e),(i) | 2.82 | (e) | 67.6 | (e) | |||||||||||
(1.38 | ) | 26,337 | 1.67 | 1.60 | (f),(h) | 1.73 | (i) | 3.05 | 65.8 | ||||||||||||||
0.60 | 27,133 | 1.64 | 1.60 | (f),(h) | 1.68 | (i) | 3.16 | 30.9 | |||||||||||||||
3.84 | 31,846 | 1.63 | 1.60 | (f),(h) | 1.69 | (i) | 2.84 | 33.7 | |||||||||||||||
2.32 | 14,771 | 1.62 | 1.60 | (f),(h) | 1.78 | (i) | 3.25 | 21.0 | |||||||||||||||
9.59 | 9,901 | 1.63 | 1.60 | (f),(h) | 1.84 | (i) | 3.52 | 22.3 |
(a)Calculated based on average shares outstanding during the period.
(b)Total return is calculated without the front-end sales charge or contingent deferred sales charge, if applicable.
(c)Six months ended April 30, 2019.
(d)Total return amounts have not been annualized.
(e)Computed on an annualized basis.
(f)Reflects Manager's contractual expense limit.
(g)Period from June 3, 2014, date shares first offered, through October 31, 2014.
(h)Excludes interest expense and fees paid through inverse floater agreements. See "Operating Policies" in notes to financial statements.
(i)Excludes expense reimbursement from Manager.
See accompanying notes.
303
Shareholder Expense Example
Principal Funds, Inc.
April 30, 2019 (unaudited)
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. In addition to the expenses the Funds bear directly, each of the Funds may indirectly bear its pro rata share of the expenses incurred by the investment companies in which the fund invests. 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 (November 1, 2018 to April 30, 2019), 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. An annual fee may apply to IRA accounts and 403(b) accounts within Class A and Class C shares. 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 | |||||||||||||||||||||||||||
Expenses Paid | Expenses Paid | |||||||||||||||||||||||||||
Beginning | During Period | During Period | ||||||||||||||||||||||||||
Account | Ending Account | November 1, | Beginning Account | Ending Account | November 1, | Annualized | ||||||||||||||||||||||
Value November | Value April 30, | 2018 to April 30, | Value November | Value April 30, | 2018 to April 30, | Expense | ||||||||||||||||||||||
1, 2018 | 2019 | 2019 | (a) | 1, 2018 | 2019 | 2019 | (a) | Ratio | ||||||||||||||||||||
California Municipal Fund | ||||||||||||||||||||||||||||
Class A | $1,000.00 | $ | 1,055.51 | $ | 4.13 | $1,000.00 | $ | 1,020.78 | $ | 4.06 | 0.81 | % | ||||||||||||||||
Class C | 1,000.00 | 1,051.09 | 8.34 | 1,000.00 | 1,016.66 | 8.20 | 1.64 | |||||||||||||||||||||
California Municipal Fund (Excluding Interest Expense and Fees) | ||||||||||||||||||||||||||||
Class A | 1,000.00 | 1,055.50 | 3.92 | 1,000.00 | 1,020.93 | 3.87 | 0.77 | |||||||||||||||||||||
Class C | 1,000.00 | 1,051.10 | 8.14 | 1,000.00 | 1,016.76 | 8.03 | 1.60 | |||||||||||||||||||||
Core Plus Bond Fund | ||||||||||||||||||||||||||||
Class A | 1,000.00 | 1,051.10 | 4.48 | 1,000.00 | 1,020.43 | 4.41 | 0.88 | |||||||||||||||||||||
Diversified International Fund | ||||||||||||||||||||||||||||
Class A | 1,000.00 | 1,070.14 | 6.57 | 1,000.00 | 1,018.45 | 6.41 | 1.28 | |||||||||||||||||||||
Class C | 1,000.00 | 1,065.80 | 10.35 | 1,000.00 | 1,014.78 | 10.09 | 2.02 | |||||||||||||||||||||
Equity Income Fund | ||||||||||||||||||||||||||||
Class A | 1,000.00 | 1,093.93 | 4.67 | 1,000.00 | 1,020.33 | 4.51 | 0.90 | |||||||||||||||||||||
Class C | 1,000.00 | 1,089.50 | 8.55 | 1,000.00 | 1,016.61 | 8.25 | 1.65 | |||||||||||||||||||||
Finisterre Unconstrained Emerging | ||||||||||||||||||||||||||||
Markets Bond Fund | ||||||||||||||||||||||||||||
Class A | 1,000.00 | 1,053.98 | 6.98 | 1,000.00 | 1,018.00 | 6.85 | 1.37 | |||||||||||||||||||||
Global Diversified Income Fund | ||||||||||||||||||||||||||||
Class A | 1,000.00 | 1,056.10 | 5.30 | 1,000.00 | 1,019.64 | 5.21 | 1.04 | |||||||||||||||||||||
Class C | 1,000.00 | 1,051.69 | 9.16 | 1,000.00 | 1,015.87 | 9.00 | 1.80 |
304
Shareholder Expense Example | |||||||||||||||||||||||||||||||
Principal Funds, Inc. | |||||||||||||||||||||||||||||||
April 30, 2019 (unaudited) | |||||||||||||||||||||||||||||||
Actual | Hypothetical | ||||||||||||||||||||||||||||||
Expenses Paid | Expenses Paid | ||||||||||||||||||||||||||||||
Beginning | During Period | During Period | |||||||||||||||||||||||||||||
Account | Ending Account | November 1, | Beginning Account | Ending Account | November 1, | Annualized | |||||||||||||||||||||||||
Value November | Value April 30, | 2018 to April 30, | Value November | Value April 30, | 2018 to April 30, | Expense | |||||||||||||||||||||||||
1, 2018 | 2019 | 2019 | (a) | 1, 2018 | 2019 | 2019 | (a) | Ratio | |||||||||||||||||||||||
Global Diversified Income Fund (Excluding Dividends and Interest Expense | |||||||||||||||||||||||||||||||
on Shorts and Short Sale Fees) | |||||||||||||||||||||||||||||||
Class A | $1,000.00 | $ | 1,056.10 | $ | 5.30 | $ | 1,000.00 | $ | 1,019.64 | $ | 5.21 | 1.04 | % | ||||||||||||||||||
Class C | 1,000.00 | 1,051.69 | 9.16 | 1,000.00 | 1,015.87 | 9.00 | 1.80 | ||||||||||||||||||||||||
Global Real Estate Securities Fund | |||||||||||||||||||||||||||||||
Class A | 1,000.00 | 1,121.59 | 6.89 | 1,000.00 | 1,018.30 | 6.56 | 1.31 | ||||||||||||||||||||||||
Class C | 1,000.00 | 1,118.09 | 10.98 | 1,000.00 | 1,014.43 | 10.44 | 2.09 | ||||||||||||||||||||||||
Government & High Quality Bond | |||||||||||||||||||||||||||||||
Fund | |||||||||||||||||||||||||||||||
Class A | 1,000.00 | 1,044.52 | 4.21 | 1,000.00 | 1,020.68 | 4.16 | 0.83 | ||||||||||||||||||||||||
Class C | 1,000.00 | 1,040.42 | 8.25 | 1,000.00 | 1,016.71 | 8.15 | 1.63 | ||||||||||||||||||||||||
High Yield Fund | |||||||||||||||||||||||||||||||
Class A | 1,000.00 | 1,042.75 | 4.71 | 1,000.00 | 1,020.18 | 4.66 | 0.93 | ||||||||||||||||||||||||
Class C | 1,000.00 | 1,038.52 | 8.39 | 1,000.00 | 1,016.56 | 8.30 | 1.66 | ||||||||||||||||||||||||
High Yield Fund I | |||||||||||||||||||||||||||||||
Class A | 1,000.00 | 1,044.04 | 5.32 | 1,000.00 | 1,019.59 | 5.26 | 1.05 | ||||||||||||||||||||||||
Income Fund | |||||||||||||||||||||||||||||||
Class A | 1,000.00 | 1,046.82 | 4.52 | 1,000.00 | 1,020.38 | 4.46 | 0.89 | ||||||||||||||||||||||||
Class C | 1,000.00 | 1,043.45 | 8.61 | 1,000.00 | 1,016.36 | 8.50 | 1.70 | ||||||||||||||||||||||||
Inflation Protection Fund | |||||||||||||||||||||||||||||||
Class A | 1,000.00 | 1,041.86 | 4.56 | 1,000.00 | 1,020.33 | 4.51 | 0.90 | ||||||||||||||||||||||||
International Emerging Markets | |||||||||||||||||||||||||||||||
Fund | |||||||||||||||||||||||||||||||
Class A | 1,000.00 | 1,098.36 | 8.17 | 1,000.00 | 1,017.01 | 7.85 | 1.57 | ||||||||||||||||||||||||
Class C | 1,000.00 | 1,092.87 | 13.34 | 1,000.00 | 1,012.05 | 12.82 | 2.57 | ||||||||||||||||||||||||
International Fund I | |||||||||||||||||||||||||||||||
Class A | 1,000.00 | 1,095.26 | 7.01 | 1,000.00 | 1,018.10 | 6.76 | 1.35 | ||||||||||||||||||||||||
LargeCap Growth Fund | |||||||||||||||||||||||||||||||
Class A | 1,000.00 | 1,093.41 | 5.92 | 1,000.00 | 1,019.14 | 5.71 | 1.14 | ||||||||||||||||||||||||
LargeCap Growth Fund I | |||||||||||||||||||||||||||||||
Class A | 1,000.00 | 1,135.90 | 5.51 | 1,000.00 | 1,019.64 | 5.21 | 1.04 | ||||||||||||||||||||||||
LargeCap S&P 500 Index Fund | |||||||||||||||||||||||||||||||
Class A | 1,000.00 | 1,095.46 | 2.34 | 1,000.00 | 1,022.56 | 2.26 | 0.45 | ||||||||||||||||||||||||
Class C | 1,000.00 | 1,090.80 | 6.74 | 1,000.00 | 1,018.35 | 6.51 | 1.30 | ||||||||||||||||||||||||
MidCapFund | |||||||||||||||||||||||||||||||
Class A | 1,000.00 | 1,193.93 | 5.39 | 1,000.00 | 1,019.89 | 4.96 | 0.99 | ||||||||||||||||||||||||
Class C | 1,000.00 | 1,189.71 | 9.28 | 1,000.00 | 1,016.31 | 8.55 | 1.71 | ||||||||||||||||||||||||
MidCapValue Fund I | |||||||||||||||||||||||||||||||
Class A | 1,000.00 | 1,032.45 | 0.97 | (b) | 1,000.00 | 1,018.60 | 6.26 | 1.25 | |||||||||||||||||||||||
Money Market Fund | |||||||||||||||||||||||||||||||
Class A | 1,000.00 | 1,010.19 | 2.49 | 1,000.00 | 1,022.32 | 2.51 | 0.50 | ||||||||||||||||||||||||
Principal Capital Appreciation Fund | |||||||||||||||||||||||||||||||
Class A | 1,000.00 | 1,115.11 | 4.51 | 1,000.00 | 1,020.53 | 4.31 | 0.86 | ||||||||||||||||||||||||
Class C | 1,000.00 | 1,110.32 | 8.95 | 1,000.00 | 1,016.31 | 8.55 | 1.71 | ||||||||||||||||||||||||
Real Estate Securities Fund | |||||||||||||||||||||||||||||||
Class A | 1,000.00 | 1,135.56 | 6.67 | 1,000.00 | 1,018.55 | 6.31 | 1.26 | ||||||||||||||||||||||||
Class C | 1,000.00 | 1,131.54 | 10.78 | 1,000.00 | 1,014.68 | 10.19 | 2.04 | ||||||||||||||||||||||||
Short-Term Income Fund | |||||||||||||||||||||||||||||||
Class A | 1,000.00 | 1,024.85 | 3.46 | 1,000.00 | 1,021.37 | 3.46 | 0.69 | ||||||||||||||||||||||||
Class C | 1,000.00 | 1,021.15 | 7.92 | 1,000.00 | 1,016.96 | 7.90 | 1.58 | ||||||||||||||||||||||||
SmallCapFund | |||||||||||||||||||||||||||||||
Class A | 1,000.00 | 1,091.35 | 6.27 | 1,000.00 | 1,018.79 | 6.06 | 1.21 | ||||||||||||||||||||||||
Class C | 1,000.00 | 1,086.08 | 10.45 | 1,000.00 | 1,014.78 | 10.09 | 2.02 |
305
Shareholder Expense Example | ||||||||||||||||||||||||||||||||
Principal Funds, Inc. | ||||||||||||||||||||||||||||||||
April 30, 2019 (unaudited) | ||||||||||||||||||||||||||||||||
Actual | Hypothetical | |||||||||||||||||||||||||||||||
Expenses Paid | Expenses Paid | |||||||||||||||||||||||||||||||
Beginning | During Period | During Period | ||||||||||||||||||||||||||||||
Account | Ending Account | November 1, | Beginning Account | Ending Account | November 1, | Annualized | ||||||||||||||||||||||||||
Value November | Value April 30, | 2018 to April 30, | Value November | Value April 30, | 2018 to Aprl 30,i | Expense | ||||||||||||||||||||||||||
1, 2018 | 2019 | 2019 | (a) | 1, 2018 | 2019 | 2019 | (a) | Ratio | ||||||||||||||||||||||||
SmallCapValue Fund II | ||||||||||||||||||||||||||||||||
Class A | $1,000.00 | $ | 1,057.35 | $ | 7.40 | $ | 1,000.00 | $ | 1,017.60 | $ | 7.25 | 1.45 | % | |||||||||||||||||||
Tax-Exempt Bond Fund | ||||||||||||||||||||||||||||||||
Class A | 1,000.00 | 1,059.25 | 4.44 | 1,000.00 | 1,020.48 | 4.36 | 0.87 | |||||||||||||||||||||||||
Class C | 1,000.00 | 1,056.26 | 8.62 | 1,000.00 | 1,016.41 | 8.45 | 1.69 | |||||||||||||||||||||||||
Tax-Exempt Bond Fund (Excluding Interest Expense and Fees) | ||||||||||||||||||||||||||||||||
Class A | 1,000.00 | 1,059.30 | 3.98 | 1,000.00 | 1,020.88 | 3.92 | 0.78 | |||||||||||||||||||||||||
Class C | 1,000.00 | 1,056.30 | 8.16 | 1,000.00 | 1,016.76 | 8.03 | 1.60 |
(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). |
(b) | Expenses are equal to a fund's annualized expense ratio multiplied by the average account value over the period (April 2, 2019, toApril 30, 2019), multiplied by 28/365 (to reflect the period since inception). |
306
(This page intentionally left blank)
Principal Funds, Inc.
(unaudited)
Notification of Source of Distributions
Pursuant to Rule 19a-1 of the Investment Company Act of 1940
As noted in the table provided below, certain of the Principal Funds made distributions for the months of December 2018, January 2019, February 2019, March 2019, April 2019 and May 2019 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:
December 2018 | |||||||||
Fund | Net Income | Realized Gain | Capital Sources | ||||||
Diversified International Fund | 60.14 | % | 0.00 | % | 39.86 | % | |||
Finisterre Unconstrained Emerging Markets Bond Fund | 81.93 | 0.00 | 18.07 | ||||||
Global Diversified Income Fund | 0.00 | 0.00 | 100.00 | ||||||
Global Real Estate Securities Fund | 46.01 | 16.78 | 37.21 | ||||||
Government & High Quality Bond Fund | 0.00 | 0.00 | 100.00 | ||||||
High Yield Fund | 27.13 | 0.00 | 72.87 | ||||||
High Yield Fund I | 98.48 | 0.00 | 1.52 | ||||||
Income Fund | 0.00 | 0.00 | 100.00 | ||||||
Inflation Protection Fund | 94.17 | 0.00 | 5.83 | ||||||
International Emerging Markets Fund | 59.26 | 0.00 | 40.74 | ||||||
International Fund I | 92.45 | 0.00 | 7.55 | ||||||
LargeCap Growth Fund | 0.00 | 100.00 | 0.00 | ||||||
SmallCap Value Fund II | 84.63 | 0.00 | 15.37 | ||||||
January 2019 | |||||||||
Fund | Net Income | Realized Gain | Capital Sources | ||||||
Finisterre Unconstrained Emerging Markets Bond Fund | 83.46 | % | 0.00 | % | 16.54 | % | |||
Global Diversified Income Fund | 0.00 | 0.00 | 100.00 | ||||||
Government & High Quality Bond Fund | 0.00 | 0.00 | 100.00 | ||||||
High Yield Fund | 28.85 | 0.00 | 71.15 | ||||||
High Yield Fund I | 99.28 | 0.00 | 0.72 | ||||||
Income Fund | 0.00 | 0.00 | 100.00 | ||||||
February 2019 | |||||||||
Fund | Net Income | Realized Gain | Capital Sources | ||||||
Finisterre Unconstrained Emerging Markets Bond Fund | 9.27 | % | 0.00 | % | 90.73 | % | |||
Global Diversified Income Fund | 0.00 | 0.00 | 100.00 | ||||||
Government & High Quality Bond Fund | 0.00 | 0.00 | 100.00 | ||||||
High Yield Fund | 26.11 | 0.00 | 73.89 | ||||||
High Yield Fund I | 97.73 | 0.00 | 2.27 | ||||||
Income Fund | 0.00 | 0.00 | 100.00 | ||||||
March 2019 | |||||||||
Fund | Net Income | Realized Gain | Capital Sources | ||||||
Finisterre Unconstrained Emerging Markets Bond Fund | 0.00 | % | 0.00 | % | 100.00 | % | |||
Global Diversified Income Fund | 0.00 | 0.00 | 100.00 | ||||||
Global Real Estate Securities Fund | 0.00 | 100.00 | 0.00 | ||||||
Government & High Quality Bond Fund | 0.00 | 0.00 | 100.00 | ||||||
High Yield Fund | 28.14 | 0.00 | 71.86 | ||||||
High Yield Fund I | 99.86 | 0.00 | 0.14 | ||||||
Income Fund | 0.00 | 0.00 | 100.00 |
308
Principal Funds, Inc. | |||||||||
(unaudited) | |||||||||
April 2019 | |||||||||
Fund | Net Income | Realized Gain | Capital Sources | ||||||
Finisterre Unconstrained Emerging Markets Bond Fund | 0.00 | % | 0.00 | % | 100.00 | % | |||
Government & High Quality Bond Fund | 0.00 | 0.00 | 100.00 | ||||||
High Yield Fund | 46.92 | 0.00 | 53.08 | ||||||
Income Fund | 0.00 | 0.00 | 100.00 | ||||||
May 2019 | |||||||||
Fund | Net Income | Realized Gain | Capital Sources | ||||||
Finisterre Unconstrained Emerging Markets Bond Fund | 0.00 | % | 0.00 | % | 100.00 | % | |||
Global Diversified Income Fund | 76.69 | 0.00 | 23.31 | ||||||
Government & High Quality Bond Fund | 0.00 | 0.00 | 100.00 | ||||||
High Yield Fund | 31.32 | 0.00 | 68.68 | ||||||
Income Fund | 0.00 | 0.00 | 100.00 |
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 atprincipalfunds.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 informationregarding the risk factors, expenses, policies, and objectives of the investment. Contact your financial professional or call800-222-5852to 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.
309
FUND DIRECTORS AND OFFICERS
Under Maryland law, a Board of Directors oversees the Fund. The Directors have financial or other relevant experience and meet several times during the year to review contracts, Fund activities and the quality of services provided to the Fund. Each director also has the same position with Principal Variable Contracts Funds, Inc. and Principal Exchange-Traded Funds which are also sponsored by Principal Life Insurance Company. Each director holds office for an indefinite term or until reaching age 72. Directors considered to be “interested persons” as defined in the Investment CompanyAct of 1940, as shown below are considered to be interested because of an affiliation with the Manager and Principal Life Insurance Company.
The following directors are considered not to be “interested persons” as defined in the 1940 Act
Other | ||||
Name, | Number of Portfolios | Directorships | ||
Position Held with the Fund, | Principal Occupation(s) | in Fund Complex | Held by Director | |
Year of Birth | During past 5 years | Overseen by Director | During Past 5 Years | |
Elizabeth Ballantine | Principal, EBA Associates | 131 | Durango Herald, Inc.; | |
Director since 2004 | McClatchy Newspapers, Inc. | |||
Member, Nominating and Governance | ||||
Committee | ||||
1948 | ||||
Leroy T. Barnes, Jr. | Retired. | 131 | McClatchy Newspapers, Inc.; | |
Director since 2012 | Frontier Communications, | |||
Member, Audit Committee | Inc.; formerly, Herbalife Ltd. | |||
1951 | ||||
Craig Damos | President, C.P. Damos Consulting LLC | 131 | None | |
Director since 2008 | ||||
Member, Audit Committee Member, | ||||
15(c) Committee | ||||
1954 | ||||
Mark A. Grimmett | Formerly, Executive Vice President and CFO, Merle | 131 | None | |
Lead Independent Director since 2011 | Norman Cosmetics, Inc. | |||
Director since 2004 | ||||
Member, Nominating and Governance | ||||
Committee | ||||
Member, 15(c) Committee | ||||
Member, Executive Committee | ||||
1960 | ||||
Fritz S. Hirsch | Formerly, CEO, MAM USA | 131 | MAM USA | |
Director since 2005 | ||||
Member, Operations Committee | ||||
Member, 15(c) Committee | ||||
1951 | ||||
Tao Huang | Retired. | 131 | Armstrong World Industries, | |
Director since 2012 | Inc. and Equity Lifestyle | |||
Member, Operations Committee | Properties, Inc. | |||
Member, 15(c) Committee | ||||
1962 | ||||
Karen (“Karrie”) McMillan | Managing Director, Patomak Global Partners, LLC. | 131 | None | |
Director since 2014 | Formerly, General Counsel, Investment Company | |||
Member, Operations Committee | Institute | |||
1961 | ||||
Elizabeth A. Nickels | Formerly, Executive Director, Herman Miller | 131 | SpartanNash; formerly: | |
Director since 2015 | Foundation; Formerly President, Herman Miller | Charlotte Russe; Follet | ||
Member, Audit Committee | Healthcare | Corporation; PetSmart; | ||
1962 | Spectrum Health Systems | |||
Mary M. (“Meg”) VanDeWeghe | CEO and President, Forte Consulting, Inc. | 131 | Denbury Resources Inc. | |
Director since 2018 | and Helmerich & Payne; | |||
Member, Operations Committee | Formerly: Brown Advisory; | |||
1959 | B/E Aerospace; WP Carey; | |||
Nalco (and its successor | ||||
Ecolab) |
310
The following directors are considered to be “interested persons” as defined in the 1940 Act, because of an affiliation with theManager and Principal Life.
Other | |||
Name, | Number of Portfolios | Directorships | |
Position Held with the Fund, | Principal Occupation(s) | in Fund Complex | Held by Director |
Year of Birth | During past 5 years | Overseen by Director | During Past 5 Years |
Michael J. Beer | Chief Executive Officer, Principal Funds | 131 | None |
Director since 2012 | Distributor, Inc. (“PFD”) since 2015 | ||
President, Chief Executive Officer | Executive Director – Funds, Principal Global | ||
Member, Executive Committee | Investors, LLC (“PGI”) since 2017 | ||
1961 | Director, PGI since 2017 | ||
Director, PFD since 2015 | |||
Vice President/Mutual Funds and Broker Dealer, | |||
Principal Life Insurance Company (“PLIC”) (2001- | |||
2014) | |||
Vice President/Chief Operating Officer, | |||
Principal Funds, PLIC (2014-2015) | |||
Executive Director, Principal Funds & | |||
Trust, PLIC since 2015 | |||
Director, Principal Management | |||
Corporation, (“PMC”) (2006-2015) | |||
President & Chief Executive Officer, PMC (2015- | |||
2017) | |||
Executive Vice President/Chief Operating Officer, | |||
PMC (2008-2015) | |||
Chair, PMC (2015-2017) | |||
Director, Principal Securities, Inc. (“PSI”) (2005- | |||
2015) | |||
President, PSI (2005-2015) | |||
Director, Principal Shareholder Services (“PSS”) | |||
(2007-2015) | |||
Chairman, PSS since 2015 | |||
President, PSS (2007-2015) | |||
Executive Vice President, PSS since 2015 | |||
Timothy M. Dunbar | Director, PGI since 2018 | 131 | None |
Director since 2019 | President, Principal Global Asset Management, PGI, | ||
1957 | PLIC, Principal Financial Services, Inc. (“PFSI”), | ||
and Principal Financial Group (“PFG”) since 2018 | |||
Chair/Executive Vice President, RobustWealth, Inc. | |||
since 2018 | |||
Director, Post Advisory Group, LLC (“Post”) since | |||
2018 | |||
Executive Vice President/Chief Investment Officer, | |||
PLIC, PFSI and PFG (2014-2018) | |||
Patrick Halter | Chief Executive Officer and President, PGI since | 131 | None |
Director since 2017 | 2018 | ||
Member, Executive Committee | Chief Operating Officer, PGI (2017-2018) | ||
1959 | Chair, PGI since 2018 | ||
Director, PGI (2003-2018) | |||
Director, Finisterre Capital LLP since 2018 | |||
Director, Origin Asset Management LLP since 2018 | |||
Chair, Post since 2017 | |||
Chief Executive Officer, Principal Real Estate | |||
Investors, LLC (“PREI”) since 2005 | |||
Chair, PREI since 2004 | |||
Chair, Spectrum Asset Management, Inc. since 2017 |
Correspondence intended for each Director who is other than an Interested Director may be sent to 655 9th Street, Des Moines, IA 50392.
311
The following table presents officers of the Funds.
Name, | ||
Position Held with the Fund, | Principal Occupation(s) | |
Address, and Year of Birth | During past 5 years | |
Randy L. Bergstrom | Counsel, PGI | |
Assistant Tax Counsel | Counsel, PLIC | |
Des Moines, IA 50392 | ||
1955 | ||
Jennifer A. Block | Vice President and Counsel (2017-2018) | |
Deputy Chief Compliance Officer | Assistant Counsel (2010-2017) | |
Des Moines, IA 50392 | Assistant Secretary (2015-2018) | |
1973 | Counsel, PGI (2017-2018) | |
Counsel, PLIC (2009-2018) | ||
Counsel, PMC (2009-2013, 2014-2017) | ||
Tracy Bollin | Managing Director, PGI since 2016 | |
Chief Financial Officer | Chief Operating Officer, PMC (2015-2017) | |
Des Moines, IA 50392 | Chief Financial Officer, PFA (2010-2015) | |
1970 | Senior Vice President, PFD since 2015 | |
Chief Financial Officer, PFD (2010-2016) | ||
Senior Vice President, PMC (2015–2017) | ||
Chief Financial Officer, PMC (2010-2015) | ||
Director, PMC (2014–2017) | ||
Chief Financial Officer, PSI (2010-2015) | ||
Director, PSS since 2014 | ||
President, PSS since 2015 | ||
Chief Financial Officer, PSS (2010-2015) | ||
Gina L. Graham | Vice President/Treasurer, PFA since 2016 | |
Treasurer | Vice President/Treasurer, PFD since 2016 | |
Des Moines, IA 50392 | Vice President/Treasurer, PGI since 2016 | |
1965 | Vice President/Treasurer, PLIC since 2016 | |
Vice President/Treasurer, PMC (2016-2017) | ||
Vice President/Treasurer, PREI since 2016 | ||
Vice President/Treasurer, PSI since 2016 | ||
Vice President/Treasurer, PSS since 2016 | ||
Laura B. Latham | Counsel, PGI since 2018 | |
Assistant Counsel and Assistant Secretary | Prior thereto, Attorney in Private Practice | |
Des Moines, IA 50392 | ||
1986 | ||
Diane K. Nelson | Chief Compliance Officer/AML Officer, PSS since | |
AML Officer | 2015 | |
Des Moines, IA 50392 | Compliance Advisor, PMC (2013-2015) | |
1965 | ||
Sara L. Reece | Director - Accounting, PLIC since 2015 | |
Vice President and Controller | Assistant Financial Controller, PLIC prior to 2015 | |
Des Moines, IA 50392 | ||
1975 | ||
Teri R. Root | Interim Chief Compliance Officer (2018) | |
Chief Compliance Officer | Deputy Chief Compliance Officer (2015-2018) | |
Des Moines, IA 50392 | Deputy Chief Compliance Officer, PGI (2017-2018) | |
1979 | Vice President and Chief Compliance Officer, PMC | |
(2015–2017 | ) | |
Vice President, PSS since 2015 | ||
Britney L. Schnathorst | Counsel, PLIC since 2013 | |
Assistant Counsel and Assistant | Prior thereto, Attorney in Private Practice | |
Secretary | ||
Des Moines, IA 50392 | ||
1981 | ||
Adam U. Shaikh | Assistant General Counsel, PGI since 2018 | |
Assistant Counsel | Counsel, PGI (2017-2018) | |
Des Moines, IA 50392 | Counsel, PLIC since 2006 | |
1972 | Counsel, PMC (2007-2013, 2014-2017) | |
John Sullivan | Counsel, PGI since 2019 | |
Assistant Counsel and Assistant Secretary | Prior thereto, Attorney in Private Practice | |
Des Moines, IA 50392 | ||
1970 |
312
Name, | |
Position Held with the Fund, | Principal Occupation(s) |
Address, and Year of Birth | During past 5 years |
Dan Westholm | Assistant Vice President/Treasurer, PGI since 2017 |
Assistant Treasurer | Assistant Vice President/Treasury, PFA since 2013 |
Des Moines, IA 50392 | Assistant Vice President/Treasury, PFD since 2013 |
1966 | Assistant Vice President/Treasury, PLIC since 2014 |
Director – Treasury, PLIC (2007-2014) | |
Assistant Vice President/Treasury, PMC (2013- | |
2017) | |
Assistant Vice President/Treasury, PSI since 2013 | |
Assistant Vice President/Treasury, PSS since 2013 | |
Beth Wilson | Director and Secretary – Funds, PLIC |
Vice President and Secretary | |
Des Moines, IA 50392 | |
1956 | |
Clint Woods | Of Counsel (2017-2018) |
Counsel, Vice President, and | Vice President (2016-2017) |
Assistant Secretary | Counsel (2015-2017) |
Des Moines, IA 50392 | Vice President, PLIC since 2015 |
1961 | Associate General Counsel, Governance Officer, and |
Assistant Corporate Secretary, PLIC since 2013 | |
Jared Yepsen | Counsel, PGI since 2017 |
Assistant Tax Counsel | Counsel, PLIC since 2015 |
Des Moines, IA 50392 | Senior Attorney, Transamerica Life Insurance |
1981 | Company (2013-2015) |
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 materials.
The Audit Committee’s primary purpose is to assist the Board in fulfilling certain of its responsibilities. The Audit Committee serves 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 business of the Fund Complex except the power to 1) authorize dividends or distributions on stock; 2) issue stock, except as permitted by law; 3) recommend to the stockholders any action which requires stockholder approval; 4) amend the bylaws; or 5) 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 established by the Board. The Committee responsibilities include evaluating Board membership and functions, committee membership and functions, insurance coverage, and legal matters. The nominating functions of the Committee include selecting and nominating all candidates who are not “interested persons” of the Fund Complex for election to the Board. Generally, the Committee requests director nominee suggestions from the committee members and management. In addition, the Committee will consider Director candidates recommended by shareholders of the Fund Complex. Recommendations should be submitted in writing to Principal Funds, Inc. at 711 High Street, Des Moines, IA 50392. When evaluating a person as a potential nominee to serve as an Independent Director, the Committee will generally consider, among other factors: age; education; relevant business experience; geographical factors; whether the person is “independent” and otherwise qualified under applicable laws and regulations to serve as a director; and whether the person is willing to serve, and willing and able to commit the time necessary for attendance at meetings and the performance of the duties of an independent director. The Committee also meets personally with the 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 Committee believes the Board generally benefits from diversity of background, experience and views among its members, and considers these factors in evaluating the composition of the Board. The Board does not use regularly the services of any professional search firms to identify or evaluate or assist in identifying or evaluating potential candidates or nominees.
313
The Operations Committee’s primary purpose is to oversee the provision of administrative and distribution services to the Funds 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 Prospectus dated March 1, 2019, and the Statement ofAdditional Information dated March 1, 2019. 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.
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 as of January 31 and July 31 each year as a part of Form N-PORT. The Fund’s Form N-PORT can be reviewed and copied at the Commission’s Public Reference Room in Washington, D.C. or on the Commission’s website at www.sec.gov. Information on the operation of the Public Reference Room may be obtained by calling the Commission at 1-202-551-8090.
314
BOARD CONSIDERATION OF INVESTMENT ADVISORY CONTRACTS
During the period covered by this report, the Board of Directors of Principal Funds, Inc. (“PFI”) approved (1) a Subadvisory Agreement with Finisterre Capital, LLP related to the Global Diversified Income Fund; (2) Amended Subadvisory Agreements with Principal Real Estate Investors, LLC and Spectrum Asset Management, Inc. related to the Global Diversified Income Fund; (3) an Amended Management Agreement with Principal Global Investors, LLC and Amended Subadvisory Agreements with Los Angeles Capital Management and Equity Research, Inc. and Victory Capital Management Inc. related to the MidCap Value Fund I; (4) an Amended Subadvisory Agreement with Principal Real Estate Investors, LLC related to the Real Estate Securities Fund and the Global Real Estate Securities Fund; (5) a Subadvisory Agreement with Post Advisory Group, LLC related to the High Yield Fund I; (6) an Amended Subadvisory Agreement with Post Advisory Group, Inc. related to the Global Diversified Income Fund; and (7) an Amended Management Agreement with Principal Global Investors, LLC and Subadvisory Agreement with Finisterre Capital, LLC related to the Finisterre Unconstrained Emerging Markets Bond Fund.
Finisterre Capital, LLP Subadvisory Agreement
On December 11, 2018, the Board considered for the Global Diversified Income Fund (the “Fund”) the approval of a subadvisory agreement (the “SubadvisoryAgreement”) among Principal Global Investors, LLC (the “Manager”) and Finisterre Capital, LLP (the “Subadvisor”) with respect to the emerging markets debt investment sleeve of the Fund.
Nature, Quality and Extent of Services
The Board considered the nature, quality and extent of the services expected to be provided under the Subadvisory Agreement. The Board considered the reputation, qualifications and background of the Subadvisor, the investment approach of the Subadvisor, the experience and skills of the Subadvisor’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 Subadvisory currently provides subadvisory serves for other PFI funds, and that the Board has reviewed and approved for renewal those subadvisory agreements at its September 2018 Board meeting. In addition, the Board considered the Manager’s program for recommending, monitoring and replacing subadvisors and that the Manager recommended the Subadvisor based upon that program.
The Board reviewed the historical one-year and since inception (October 1, 2016) performance returns as of September 30, 2018, gross and net of proposed fees, of the Subadvisor in a composite managed in accordance with the proposed investment strategy for the emerging markets debt investment sleeve of the Fund, as compared to the historical performance returns (gross of fees) of a current subadvisor to the Fund’s emerging markets debt investment sleeve and a relevant benchmark index. The Board concluded, based upon the information provided, that the Subadvisor is qualified.
Fees, Economies of Scale and Profitability
The Board considered the proposed subadvisory fee, noting that the Manager compensates subadvisors 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 subadvisory services to be provided to the Fund under the Subadvisory Agreement. The Board noted that the proposed subadvisory fee schedule includes breakpoints and concluded that the subadvisory fee schedule reflects an appropriate recognition of economies of scale at currently anticipated asset levels. The Board considered the Manager’s statement that it found the proposed subadvisory fee schedule to be competitive. The Board also considered that the Subadvisor’s appointment is contingent upon the Fund’s shareholders approving the Subadvisory Agreement, which will involve the costs of holding a shareholder meeting. In this connection, they noted the Manager’s proposed addition of a seven-basis point contractual fee waiver through February 29, 2020. On the basis of the information provided, the Board concluded that the proposed subadvisory fee was reasonable.
Other Benefits
The Board also considered the character and amount of other fall-out benefits to be received by the Subadvisor. The Board noted that the Subadvisor does not engage in soft dollar trading. The Board concluded that, on the basis of the information provided, the proposed subadvisory fee was reasonable.
Overall Conclusions
Based upon all of the information considered and the conclusions reached, the Board determined that the terms of the SubadvisoryAgreement are fair and reasonable and that approval of the Subadvisory Agreement is in the best interests of the Fund.
Approval of Amended SubadvisoryAgreements for Global Diversified Income Fund
On December 11, 2018, the Board considered for the Global Diversified Income Fund (the “Fund”) the approval of (1) an amended fee schedule under the subadvisory agreement between Principal Global Investors, LLC (the “Manager”) and Principal Real Estate Investors, LLC (“Principal-REI” or a “Subadvisor”) with respect to the global real estate investment sleeve of the Fund (the “Principal-REI Subadvisory Agreement”), which would result in a reduction of Principal-REI’s subadvisory fee rate at all asset levels; and (2) an amended fee schedule under the subadvisory agreement between the Manager and Spectrum Asset Management, Inc. (“Spectrum” or a “Subadvisor”) with respect to the preferred securities investment sleeve of the Fund (the “Spectrum Subadvisory Agreement”), which would result in a reduction of Spectrum’s subadvisory fee rate at current asset levels and an increase in Spectrum’s subadvisory fee rate at significantly higher asset levels. (The Principal-REI Subadvisory Agreement and the Spectrum Subadvisory Agreement are referred to as the “Subadvisory Agreements.”)
315
The Board reviewed materials received from the Manager regarding the proposed changes in the subadvisory fee schedules. The Board considered the Manager’s representation that the changes in the subadvisory fee schedules would not impact the quality or extent of the services the Subadvisors provide to the Fund and that each Subadvisor’s obligations under the applicable Subadvisory Agreement would remain the same in all material respects. The Board also considered that the Manager was not proposing any material changes to the terms of any Subadvisory Agreement other than to the fee schedule.
The Board considered that they had last approved the Subadvisory Agreements for the Fund during the annual contract renewal process that concluded at the Board of Directors’ September 2018 meeting. They noted that during the annual contract renewal process, they had considered the nature, quality and extent of the services provided by each Subadvisor under the applicable Subadvisory Agreement and had concluded, based upon the information provided, that the terms of each Subadvisory Agreement were reasonable and that approval of each Subadvisory Agreement was in the best interests of the Fund.
Based upon all of the information considered, the Board concluded that it was in the best interests of the Fund to approve the amended Subadvisory Agreements at this time and, accordingly, recommended to the Board of Directors the approval of the amended Subadvisory Agreements.
Approval of Amended Management and Subadvisory Agreements for MidCap Value Fund I
On December 11, 2018, the Board considered for the MidCap Value Fund I (the “Fund”) the approval of: (1) an amended fee schedule under the management agreement (the “ManagementAgreement”) between PFI, for the Fund, and Principal Global Investors, LLC (the “Manager”), which would result in a reduction of the management fee rate at all asset levels; (2) an amended fee schedule under the subadvisory agreement between the Manager and Los Angeles Capital Management and Equity Research, Inc. (“LA Capital” or a “Subadvisor”) with respect to the Fund (a “Subadvisory Agreement”) which would add new breakpoints to LA Capital’s subadvisory fee schedule; and (3) an amended fee schedule under the subadvisory agreement between the Manager and Victory Capital Management Inc. (“Victory” or a “Subadvisor”) with respect to the Fund (a “Subadvisory Agreement”), which would add new breakpoints to Victory’s subadvisory fee schedule. (The Management Agreement and the Subadvisory Agreements are together referred to as the “Advisory Agreements.”) The Board reviewed materials received from the Manager regarding the proposed changes in the management fee and subadvisory fee schedules. The Board considered the Manager’s representation that the changes in the management fee and subadvisory fee schedules would not reduce the nature, the quality or quantity of the services the Manager and the Subadvisors provide to the Fund and that the obligations of the Manager and each Subadvisor under the applicable Advisory Agreement would remain the same in all material respects. The Board also considered that the Manager was not proposing any material changes to the terms of any Advisory Agreement other than to the fee schedule.
The Board considered that they had last approved the Advisory Agreements for the Fund during the annual contract renewal process that concluded at the Board of Directors’ September 2018 meeting. They noted that during the annual contract renewal process, they had considered the nature, quality and extent of the services provided by the Manager and each Subadvisor under the applicable Advisory Agreement and had concluded, based upon the information provided, that the terms of each Advisory Agreement were reasonable and that approval of each Advisory Agreement was in the best interests of the Fund.
Based upon all of the information considered, the Board concluded that it was in the best interests of the Fund to approve the amended Advisory Agreements reduced management and subadvisory fees at this time and, accordingly, recommended to the Board of Directors the approval of the amended Advisory Agreements.
Approval of Amended Subadvisory Agreements for Real Estate Securities Fund and Global Real Estate Securities Fund
On December 11, 2018, the Board considered for each of the Real Estate Securities Fund and the Global Real Estate Securities Fund (each, a “Fund”) the approval of an amended fee schedule under a subadvisory agreement (each, a “Subadvisory Agreement”) between Principal Global Investors, LLC (the “Manager”) and Principal Real Estate Investors, LLC (the “Subadvisor”), which would result in a reduction of the subadvisory fee rate at all asset levels.
The Board reviewed materials received from the Manager regarding the proposed changes in the subadvisory fee schedules. The Board considered the Manager’s representation that the changes in the subadvisory fee schedules would not reduce the quality or quantity of the services provided by the Subadvisor to each Fund and that the Subadvisor’s obligations under each Subadvisory Agreement would remain the same in all material respects. The Board also considered that the Manager was not proposing any material changes to the terms of any Subadvisory Agreement other than to the fee schedule.
The Board considered that they had last approved the Subadvisory Agreement for each Fund during the annual contract renewal process that concluded at the Board of Directors’ September 2018 meeting. They noted that during the annual contract renewal process, they had considered the nature, quality and extent of the services provided by the Subadvisor under each Subadvisory Agreement and had concluded, based upon the information provided, that the terms of each Subadvisory Agreement were reasonable and that approval of each Subadvisory Agreement was in the best interests of the applicable Fund.
316
Based upon all of the information considered, the Board concluded that it was in the best interests of each Fund to approve the applicable amended Subadvisory Agreement at this time and, accordingly, recommended to the Board of Directors the approval of each amended Subadvisory Agreement.
Post Advisory Group, LLC Subadvisory Agreement
On March 12, 2019, the Board met to consider for High Yield Fund I (the “Fund”) the approval of a subadvisory agreement (the “Subadvisory Agreement”) among Principal Global Investors, LLC (the “Manager”) and Post Advisory Group, LLC (the “Subadvisor”) with respect to an actively managed investment sleeve of the Fund.
Nature, Quality and Extent of Services
The Board considered the nature, quality and extent of the services expected to be provided under the Subadvisory Agreement. The Board considered the reputation, qualifications and background of the Subadvisor, the investment approach of the Subadvisor, the experience and skills of the Subadvisor’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 Subadvisory currently provides subadvisory serves for other PFI funds, and that the Board has reviewed and approved for renewal those subadvisory agreements at its September 2018 Board meeting. In addition, the Board considered the Manager’s program for recommending, monitoring and replacing subadvisors and that the Manager recommended the Subadvisor based upon that program.
The Board reviewed the historical one, three, five and ten year performance returns as of December 31, 2018, gross and net of proposed fees, of the Subadvisor in a composite managed in accordance with the proposed investment strategy for the actively managed investment sleeve of the Fund that the Subadvisor is proposed to manage, as compared to the historical performance returns of the current subadvisor to that investment sleeve and a relevant benchmark index. The Board concluded, based upon the information provided, that the Subadvisor is qualified.
Fees, Economies of Scale and Profitability
The Board considered the proposed subadvisory fee, noting that the Manager compensates subadvisors 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 subadvisory services to be provided to the Fund under the Subadvisory Agreement. The Board noted that the proposed subadvisory fee schedule includes breakpoints and concluded that the subadvisory fee schedule reflects an appropriate recognition of economies of scale at currently anticipated asset levels. The Board considered the Manager’s statement that it found the proposed subadvisory fee schedule to be competitive. The Board also considered that the Subadvisor’s appointment is contingent upon the Fund’s shareholders approving the Subadvisory Agreement, which will involve the costs of holding a shareholder meeting. On the basis of the information provided, the Board concluded that the proposed subadvisory fee was reasonable.
Other Benefits
The Board also considered the character and amount of other fall-out benefits to be received by the Subadvisor. The Board noted that the portfolio trades for the investment sleeve to be managed by the Subadvisor would not generate commissions, and therefore soft dollars would not be applicable. The Board concluded that, on the basis of the information provided, the proposed subadvisory fee was reasonable.
Overall Conclusions
Based upon all of the information considered and the conclusions reached, the Board determined that the terms of the SubadvisoryAgreement are fair and reasonable and that approval of the Subadvisory Agreement is in the best interests of the Fund.
Post Advisory Group, LLC Amended Subadvisory Agreement
On March 12, 2019, the Board considered for the Global Diversified Income Fund (the “Fund”) the approval of an amended subadvisory agreement (the “Subadvisory Agreement”) between Principal Global Investors, LLC (the “Manager”) and Post Advisory Group, LLC (the “Subadvisor”) in connection with a proposal to change the methodology for calculating the subadvisory fee and to add a breakpoint to the subadvisory fee schedule.
The Board reviewed materials received from the Manager regarding the proposed amendment to the Fund’s Subadvisory Agreement and noted that because the subadvisory fee was paid by the Manager, the change in the calculation methodology for the subadvisory fee and the addition of a breakpoint to the subadvisory fee schedule would not change the management fee paid by the Fund. The Board considered the Manager’s representation that the amendment would not reduce the quality or quantity of the services the Subadvisor provides to the Fund and that the Subadvisor’s obligations under the Subadvisory 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 Subadvisory Agreement other than to the methodology for calculating the subadvisory fee and the addition of a breakpoint to the subadvisory fee schedule.
The Board considered that they had last approved the Subadvisory Agreement for the Fund during the annual contract renewal process that concluded at the Board of Directors’ September 2018 meeting. They noted that during the annual contract renewal process, they had considered the nature, quality and extent of the services provided by the Subadvisor under the Subadvisory Agreement and had concluded,
317
based upon the information provided, that the terms of the Subadvisory Agreement were reasonable and that approval of the Subadvisory Agreement was in the best interests of the Fund.
Based upon all of the information considered, the Board concluded that it was in the best interests of the Fund to approve the amended Subadvisory Agreement at this time and, accordingly, recommended to the Board of Directors the approval of the amended Subadvisory Agreement.
Approval of Amended Management and Subadvisory Agreements for Finisterre Unconstrained Emerging Markets Bond Fund
On March 12, 2019, the Board considered for the Finisterre Unconstrained Emerging Markets Bond Fund (the “Fund”) the approval of: (1) an amended management agreement (the “Management Agreement”) between PFI, for the Fund, and Principal Global Investors, LLC (the “Manager”), in connection with a proposal to amend the management fee schedule that would result in a reduction in the management fee rate at all asset levels; and (2) an amended subadvisory agreement between the Manager and Finisterre Capital, LLC (the “Subadvisor”) with respect to the Fund (a “Subadvisory Agreement”) in connection with a proposal to amend the subadvisory fee schedule that would add new breakpoints and result in a lower subadvisory fee rate at certain asset levels. The Management Agreement and the Subadvisory Agreements are together referred to as the “Advisory Agreements.” The Board reviewed materials received from the Manager regarding the proposed changes in the management fee and subadvisory fee schedules. The Board considered the Manager’s representation that the changes in the management fee and subadvisory fee schedules would not reduce the quality or quantity of the services the Manager and the Subadvisor provide to the Fund and that the obligations of the Manager and the Subadvisor under the applicable Advisory Agreement would remain the same in all material respects. The Board also considered that the Manager was not proposing any material changes to the terms of any Advisory Agreement other than to the fee schedule.
The Board considered that they had last approved the Advisory Agreements for the Fund during the annual contract renewal process that concluded at the Board of Directors’September 2018 meeting.They noted that during the annual contract renewal process, they had considered the nature, quality and extent of the services provided by the Manager and the Subadvisor under the applicable Advisory Agreement and had concluded, based upon the information provided, that the terms of each Advisory Agreement were reasonable and that approval of each 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 amendedAdvisory Agreements at this time and, accordingly, recommended to the Board of Directors the approval of the amended Advisory Agreements.
318
Special Meeting of Shareholders
Principal Funds, Inc. – MidCap Value Fund III
Held April 5, 2019
1. Shareholders of the MidCap Value Fund III voted to approve a Plan of Acquisition providing for the reorganization of the MidCap Value Fund III into MidCap Value Fund I.
In Favor | Opposed | Abstain |
47,374,591.000 | 21,272.000 | 30,992.000 |
Special Meeting of Shareholders | ||
Principal Funds, Inc. | ||
Held April 25, 2019 | ||
1. Election of Board of Directors. | ||
For | Withheld | |
Ballantine | 12,736,375,875.836 | 392,415,903.137 |
Barnes | 12,721,375,051.848 | 407,416,727.125 |
Damos | 12,700,790,898.144 | 428,000,880.829 |
Grimmett | 12,716,449,359.614 | 412,342,419.359 |
Hirsch | 12,711,116,734.002 | 417,675,044.971 |
Huang | 12,731,541,889.427 | 397,249,889.546 |
McMillan | 12,751,851,243.595 | 376,940,535.378 |
Nickels | 12,760,972,969.127 | 367,818,809.846 |
VanDeWeghe | 12,745,791,367.482 | 383,000,411.491 |
Beer | 12,706,497,212.449 | 422,294,566.524 |
Dunbar | 12,712,526,433.112 | 416,265,345.861 |
Halter | 12,710,379,929.381 | 418,411,849.592 |
3. Approval of a new Sub-Advisory Agreement with Finisterre Capital LLP for the Global Diversified Income Fund.
For | Against | Abstain | Broker Non-Vote | |
Global Diversified Income Fund | 206,346,060.589 | 2,753,236.504 | 5,473,360.558 | 92,304,522.44 |
4. Approval of the ability of Principal Global Investors, LLC to enter into and/or materially amend agreements with wholly-owned affiliated sub-advisors, as defined in the proposal, on behalf of the Fund without o btaining shareholder approval (Group A Funds, as set forth in the proposal, only).
For | Against | Abstain | Broker Non-Vote | |
California Municipal Fund | 7,632,139.822 | 538,475.555 | 788,655.289 | 7,621,883.169 |
Core Plus Bond Fund | 266,081,012.903 | 9,815,879.616 | 10,020,920.092 | 2,727,039.045 |
Diversified International Fund | 839,129,975.011 | 69,570,386.739 | 33,287,102.115 | 7,195,414.163 |
Equity Income Fund | 159,725,397.726 | 11,522,894.631 | 11,120,010.905 | 33,023,226.869 |
Global Real Estate Securities Fund | 187,259,825.197 | 991,539.590 | 4,508,463.721 | 41,915,680.813 |
Government & High Quality Bond Fund | 111,092,459.513 | 1,950,391.788 | 3,295,744.051 | 14,099,830.764 |
High Yield Fund | 173,512,349.604 | 6,580,563.854 | 3,746,839.266 | 74,691,889.403 |
High Yield Fund I | 312,315,574.195 | 46,574,543.751 | 21,513,938.976 | 1,670,475.209 |
Income Fund | 240,051,813.045 | 23,178,841.083 | 4,975,617.243 | 25,765,421.073 |
Inflation Protection Fund | 93,768,572.166 | 94,037,799.184 | 106,823.583 | 952,585.647 |
International Emerging Markets Fund | 25,914,064.028 | 1,817,301.786 | 998,564.563 | 1,682,817.983 |
International Fund I | 24,416,392.541 | 465,097.272 | 68,157.598 | 1,501,326.656 |
LargeCap Growth Fund | 44,901,786.532 | 8,347,111.319 | 4,869,837.154 | 6,342,759.486 |
LargeCap Growth Fund I | 346,060,855.922 | 52,407,253.261 | 48,176,222.579 | 104,678,134.877 |
LargeCap S&P 500 Index Fund | 227,372,216.535 | 28,980,668.937 | 22,289,836.001 | 26,353,263.420 |
LargeCap Value Fund III | 110,114,016.367 | 502,751.676 | 18,404,633.690 | 1,179,449.443 |
MidCap Fund | 276,764,709.401 | 5,562,823.197 | 2,759,505.462 | 82,794,654.550 |
MidCap Growth Fund | 14,677,675.635 | 1,565,329.202 | 1,289,748.916 | 1,470,321.883 |
MidCap Growth Fund III | 50,741,455.675 | 43,945,323.575 | 684,119.005 | 806,515.646 |
MidCap S&P 400 Index Fund | 40,093,514.714 | 4,474,673.389 | 5,179,134.167 | 5,806,881.149 |
MidCap Value Fund I | 56,747,925.437 | 5,089,742.937 | 4,332,038.436 | 1,530,879.835 |
MidCap Value Fund III | 48,430,625.982 | 3,525,762.041 | 1,787,139.060 | 811,638.994 |
Money Market Fund | 258,165,866.102 | 90,684,370.758 | 30,959,761.317 | 19,304,755.190 |
319
For | Against | Abstain | Broker Non-Vote | |
Overseas Fund | 208,466,587.720 | 18,572.853 | - | 411,880.974 |
Principal Capital Appreciation Fund | 18,138,520.881 | 2,975,831.357 | 891,860.800 | 3,666,650.690 |
SAM Balanced Portfolio | 158,284,074.700 | 18,023,454.159 | 10,467,606.527 | 35,769,411.838 |
SAM Conservative Balanced Portfolio | 88,657,730.195 | 11,397,333.647 | 2,153,848.753 | 28,889,552.873 |
SAM Conservative Growth Portfolio | 71,328,832.247 | 40,460,952.304 | 1,796,222.358 | 22,161,855.561 |
SAM Flexible Income Portfolio | 122,920,915.298 | 4,945,275.811 | 18,411,012.553 | 38,941,467.872 |
SAM Strategic Growth Portfolio | 40,063,153.463 | 24,698,478.984 | 1,129,102.715 | 11,549,369.421 |
Short-Term Income Fund | 287,995,692.468 | 35,457,888.542 | 4,235,580.220 | 43,168,334.299 |
SmallCap Fund | 14,727,819.969 | 2,910,390.173 | 900,766.733 | 3,387,570.106 |
SmallCap Growth Fund I | 103,403,577.647 | 20,648,414.289 | 12,221,827.402 | 2,365,041.424 |
SmallCap S&P 600 Index Fund | 30,421,238.910 | 4,323,020.144 | 3,003,546.682 | 4,726,802.361 |
SmallCap Value Fund II | 63,194,403.671 | 16,139,806.302 | 14,787,286.671 | 1,401,103.878 |
Tax-Exempt Bond Fund | 13,553,435.408 | 695,800.232 | 625,555.355 | 11,707,204.857 |
5.Approval of the ability of Principal Global Investors, LLC to enter into and/or materially amend agreements with majority-owned affiliated sub-advisors, as defined in the proposal, on behalf of the Fund without obtaining shareholder approval (Group A Funds, as set forth in the proposal, only).
For | Against | Abstain | Broker Non-Vote | |
California Municipal Fund | 7,650,243.989 | 539,501.168 | 769,525.509 | 7,621,883.169 |
Core Plus Bond Fund | 264,818,305.523 | 10,794,859.466 | 10,304,647.622 | 2,727,039.045 |
Diversified International Fund | 832,065,408.201 | 69,659,310.392 | 40,262,745.272 | 7,195,414.163 |
Equity Income Fund | 163,339,594.663 | 13,522,968.005 | 5,505,740.594 | 33,023,226.869 |
Global Real Estate Securities Fund | 187,088,897.689 | 1,168,516.870 | 4,502,413.949 | 41,915,680.813 |
Government & High Quality Bond Fund | 111,051,530.557 | 1,735,060.543 | 3,552,004.252 | 14,099,830.764 |
High Yield Fund | 173,377,313.327 | 6,674,271.305 | 3,788,168.092 | 74,691,889.403 |
High Yield Fund I | 305,791,861.545 | 53,098,256.401 | 21,513,938.976 | 1,670,475.209 |
Income Fund | 239,498,653.076 | 23,320,724.095 | 5,386,894.200 | 25,765,421.073 |
Inflation Protection Fund | 70,191,821.477 | 117,366,190.617 | 355,182.839 | 952,585.647 |
International Emerging Markets Fund | 25,901,283.807 | 1,830,082.007 | 998,564.563 | 1,682,817.983 |
International Fund I | 24,404,580.302 | 466,441.607 | 78,625.502 | 1,501,326.656 |
LargeCap Growth Fund | 44,876,438.913 | 8,398,614.235 | 4,843,681.857 | 6,342,759.486 |
LargeCap Growth Fund I | 343,455,728.819 | 55,689,155.661 | 47,499,447.282 | 104,678,134.877 |
LargeCap S&P 500 Index Fund | 226,225,894.898 | 30,522,021.366 | 21,894,805.209 | 26,353,263.420 |
LargeCap Value Fund III | 109,003,155.004 | 503,443.185 | 19,514,803.544 | 1,179,449.443 |
MidCap Fund | 276,553,660.663 | 5,770,388.815 | 2,762,988.582 | 82,794,654.550 |
MidCap Growth Fund | 14,669,193.300 | 1,561,753.797 | 1,301,806.656 | 1,470,321.883 |
MidCap Growth Fund III | 50,740,432.426 | 43,946,346.824 | 684,119.005 | 806,515.646 |
MidCap S&P 400 Index Fund | 39,967,623.694 | 4,530,267.853 | 5,249,430.723 | 5,806,881.149 |
MidCap Value Fund I | 56,747,160.993 | 5,090,507.365 | 4,332,038.452 | 1,530,879.835 |
MidCap Value Fund III | 48,102,499.355 | 3,874,316.935 | 1,766,710.793 | 811,638.994 |
Money Market Fund | 296,811,662.595 | 52,051,981.601 | 30,946,353.981 | 19,304,755.190 |
Overseas Fund | 208,466,587.720 | 18,572.853 | - | 411,880.974 |
Principal Capital Appreciation Fund | 18,138,006.834 | 2,944,905.725 | 923,300.479 | 3,666,650.690 |
SAM Balanced Portfolio | 157,902,871.437 | 17,775,057.965 | 11,097,205.984 | 35,769,411.838 |
SAM Conservative Balanced Portfolio | 88,726,742.771 | 11,172,288.924 | 2,309,880.900 | 28,889,552.873 |
SAM Conservative Growth Portfolio | 70,218,381.891 | 41,551,670.249 | 1,815,954.769 | 22,161,855.561 |
SAM Flexible Income Portfolio | 122,935,572.772 | 4,844,150.472 | 18,497,480.418 | 38,941,467.872 |
SAM Strategic Growth Portfolio | 39,993,619.989 | 24,780,409.322 | 1,116,705.851 | 11,549,369.421 |
Short-Term Income Fund | 287,889,682.868 | 17,194,170.418 | 22,605,307.944 | 43,168,334.299 |
SmallCap Fund | 14,682,129.185 | 2,938,338.210 | 918,509.480 | 3,387,570.106 |
SmallCap Growth Fund I | 104,906,628.321 | 19,155,041.540 | 12,212,149.477 | 2,365,041.424 |
SmallCap S&P 600 Index Fund | 30,370,907.386 | 4,326,066.793 | 3,050,831.557 | 4,726,802.361 |
SmallCap Value Fund II | 56,761,825.101 | 16,187,667.393 | 21,172,004.150 | 1,401,103.878 |
Tax-Exempt Bond Fund | 13,585,289.481 | 693,418.489 | 596,083.025 | 11,707,204.857 |
320
6A. Approval of an amended fundamental investment restriction relating to commodities for the Fund (each Fund).
For | Against | Abstain | Broker Non-Vote | |
California Municipal Fund | 7,858,485.903 | 322,436.879 | 778,347.884 | 7,621,883.169 |
Core Plus Bond Fund | 266,048,673.775 | 6,926,623.954 | 12,942,514.882 | 2,727,039.045 |
Diversified International Fund | 845,784,642.229 | 38,424,406.610 | 57,778,415.026 | 7,195,414.163 |
Equity Income Fund | 173,581,539.845 | 4,016,002.659 | 4,770,760.758 | 33,023,226.869 |
Finisterre Unconstrained Emerging Markets | 2,835,255.604 | 2,817.000 | 5,528.170 | 890,395.042 |
Bond Fund | ||||
Global Diversified Income Fund | 206,185,004.478 | 2,703,496.749 | 5,684,156.424 | 92,304,522.044 |
Global Real Estate Securities Fund | 187,415,515.247 | 817,097.587 | 4,527,215.674 | 41,915,680.813 |
Government & High Quality Bond Fund | 110,126,164.054 | 1,251,144.319 | 4,961,286.979 | 14,099,830.764 |
Government Money Market Fund | 2,699,970,350.050 | - | - | N/A |
High Yield Fund | 174,291,575.156 | 5,317,958.074 | 4,230,219.494 | 74,691,889.403 |
High Yield Fund I | 332,842,756.555 | 43,920.180 | 47,517,380.187 | 1,670,475.209 |
Income Fund | 247,148,156.740 | 11,464,508.655 | 9,593,605.976 | 25,765,421.073 |
Inflation Protection Fund | 160,121,926.503 | 26,351,904.673 | 1,439,363.757 | 952,585.647 |
International Emerging Markets Fund | 27,012,683.460 | 593,625.500 | 1,123,621.417 | 1,682,817.983 |
International Fund I | 24,596,214.663 | 79,373.103 | 274,059.645 | 1,501,326.656 |
LargeCap Growth Fund | 52,385,894.697 | 1,705,390.617 | 4,027,449.691 | 6,342,759.486 |
LargeCap Growth Fund I | 355,358,728.261 | 30,481,441.324 | 60,804,162.177 | 104,678,134.877 |
LargeCap S&P 500 Index Fund | 235,792,192.097 | 16,412,876.287 | 26,437,653.089 | 26,353,263.420 |
LargeCap Value Fund III | 108,632,031.845 | 307,212.475 | 20,082,157.413 | 1,179,449.443 |
MidCap Fund | 279,827,812.846 | 2,332,224.558 | 2,927,000.656 | 82,794,654.550 |
MidCap Growth Fund | 15,143,179.364 | 1,270,463.218 | 1,119,111.171 | 1,470,321.883 |
MidCap Growth Fund III | 56,766,889.933 | 37,915,355.281 | 688,653.041 | 806,515.646 |
MidCap S&P 400 Index Fund | 41,662,479.168 | 3,109,625.166 | 4,975,217.936 | 5,806,881.149 |
MidCap Value Fund I | 58,616,851.821 | 6,263,020.822 | 1,289,834.167 | 1,530,879.835 |
MidCap Value Fund III | 50,232,204.670 | 895,488.260 | 2,615,834.153 | 811,638.994 |
Money Market Fund | 309,535,876.110 | 36,075,013.224 | 34,199,108.843 | 19,304,755.190 |
Overseas Fund | 208,466,604.401 | 18,556.172 | - | 411,880.974 |
Principal Capital Appreciation Fund | 20,070,635.968 | 1,198,211.098 | 737,365.972 | 3,666,650.690 |
Principal LifeTime 2010 Fund | 29,196,697.167 | 1,832,982.499 | 9,291,375.383 | 1,027,046.892 |
Principal LifeTime 2015 Fund | 34,530,950.004 | 215,138.570 | 7,846,696.992 | 511,735.713 |
Principal LifeTime 2020 Fund | 245,508,185.816 | 8,525,910.896 | 42,874,721.572 | 5,638,880.028 |
Principal LifeTime 2025 Fund | 107,729,763.248 | 6,111,564.769 | 20,419,422.791 | 2,063,124.826 |
Principal LifeTime 2030 Fund | 231,149,216.761 | 31,241,601.661 | 115,866,562.523 | 5,920,079.839 |
Principal LifeTime 2035 Fund | 77,109,749.002 | 3,953,101.991 | 19,182,048.094 | 1,120,643.618 |
Principal LifeTime 2040 Fund | 208,490,902.912 | 13,751,744.296 | 22,752,083.159 | 2,704,465.564 |
Principal LifeTime 2045 Fund | 63,721,538.700 | 257,274.164 | 5,615,126.286 | 280,845.740 |
Principal LifeTime 2050 Fund | 99,973,395.685 | 5,214,698.640 | 37,611,439.864 | 1,606,932.169 |
Principal LifeTime 2055 Fund | 27,658,974.833 | 1,388,919.522 | 2,527,616.691 | 151,197.858 |
Principal LifeTime 2060 Fund | 10,605,201.087 | 6,132,109.807 | 5,308,763.382 | 141,413.011 |
Principal LifeTime 2065 Fund | 744,123.521 | 358,871.733 | 160.588 | N/A |
Principal Life Time Hybrid 2015 Fund | 6,623,551.926 | 748,824.413 | 620,107.354 | 149,450.935 |
Principal Life Time Hybrid 2020 Fund | 21,221,767.647 | 795,027.590 | 2,076,921.594 | 515,767.840 |
Principal Life Time Hybrid 2025 Fund | 13,925,179.190 | 667,372.210 | 796,360.266 | 868,142.228 |
Principal Life Time Hybrid 2030 Fund | 17,195,183.257 | 448,264.534 | 1,430,448.483 | 1,060,182.276 |
Principal Life Time Hybrid 2035 Fund | 9,093,574.923 | 140,612.259 | 464,647.062 | 1,152,235.958 |
Principal Life Time Hybrid 2040 Fund | 7,687,737.282 | 763,513.130 | 3,338,306.791 | 1,481,144.162 |
Principal Life Time Hybrid 2045 Fund | 4,374,125.672 | 278,024.338 | 1,201,013.304 | 661,776.310 |
Principal Life Time Hybrid 2050 Fund | 4,908,395.353 | 52,077.088 | 254,200.130 | 342,348.000 |
Principal Life Time Hybrid 2055 Fund | 1,785,790.129 | - | 136.571 | 91,077.280 |
Principal Life Time Hybrid 2060 Fund | 345,544.795 | - | 162,814.330 | 19,583.471 |
Principal Life Time Hybrid 2065 Fund | 62,624.749 | 1,002.435 | - | N/A |
Principal Life Time Hybrid Income Fund | 3,454,184.072 | 485,967.394 | 363,321.596 | 98,009.927 |
Principal LifeTime Strategic Income Fund | 29,269,051.252 | 221,378.313 | 4,600,805.720 | 846,047.681 |
Real Estate Securities Fund | 78,135,587.604 | 7,583,360.786 | 2,070,414.151 | 18,456,438.758 |
SAM Balanced Portfolio | 159,498,223.214 | 16,825,809.429 | 10,451,102.743 | 35,769,411.838 |
SAM Conservative Balanced Portfolio | 97,936,411.881 | 967,419.904 | 3,305,080.810 | 28,889,552.873 |
SAM Conservative Growth Portfolio | 75,898,318.208 | 36,555,932.935 | 1,131,755.766 | 22,161,855.561 |
SAM Flexible Income Portfolio | 123,475,809.182 | 3,991,514.827 | 18,809,879.653 | 38,941,467.872 |
SAM Strategic Growth Portfolio | 64,791,189.226 | 493,797.498 | 605,748.438 | 11,549,369.421 |
Short-Term Income Fund | 290,736,891.013 | 32,758,322.851 | 4,193,947.366 | 43,168,334.299 |
SmallCap Fund | 14,973,997.373 | 2,707,878.359 | 857,101.143 | 3,387,570.106 |
SmallCap Growth Fund I | 107,614,251.659 | 8,919,362.940 | 19,740,204.739 | 2,365,041.424 |
SmallCap S&P 600 Index Fund | 31,503,810.363 | 3,211,134.410 | 3,032,860.963 | 4,726,802.361 |
SmallCap Value Fund II | 69,535,191.985 | 15,076,441.369 | 9,509,863.290 | 1,401,103.878 |
Tax-Exempt Bond Fund | 13,938,129.123 | 248,172.144 | 688,489.728 | 11,707,204.857 |
321
6B. Approval of an amended fundamental investment restriction relating to diversification for the California Municipal Fund.
For | Against | Abstain | Broker Non-Vote | |
California Municipal Fund | 8,060,193.850 | 220,801.082 | 678,275.734 | 7,621,883.169 |
6C. Approval of an amended fundamental investment restriction relating to concentration for the Fund (Group B Funds, as set forth in the proposal, only).
For | Against | Abstain | Broker Non-Vote | |
California Municipal Fund | 8,016,685.429 | 205,764.237 | 736,821.000 | 7,621,883.169 |
Core Plus Bond Fund | 268,942,727.167 | 4,093,921.004 | 12,881,164.440 | 2,727,039.045 |
Diversified International Fund | 842,811,645.104 | 43,718,357.203 | 55,457,461.558 | 7,195,414.163 |
Equity Income Fund | 174,637,349.018 | 4,150,933.877 | 3,580,020.367 | 33,023,226.869 |
Finisterre Unconstrained Emerging Markets | 2,835,255.604 | 2,817.000 | 5,528.170 | 890,395.042 |
Bond Fund | ||||
Global Diversified Income Fund | 205,958,510.994 | 2,728,000.745 | 5,886,145.912 | 92,304,522.044 |
Government & High Quality Bond Fund | 110,038,306.259 | 1,375,129.942 | 4,925,159.151 | 14,099,830.764 |
Government Money Market Fund | 2,699,970,350.050 | - | - | N/A |
High Yield Fund | 175,364,153.254 | 4,118,798.731 | 4,356,800.739 | 74,691,889.403 |
High Yield Fund I | 332,881,671.931 | 12,300.796 | 47,510,084.195 | 1,670,475.209 |
Income Fund | 247,700,916.431 | 11,828,421.489 | 8,676,933.451 | 25,765,421.073 |
Inflation Protection Fund | 161,200,707.806 | 26,326,946.189 | 385,540.938 | 952,585.647 |
International Emerging Markets Fund | 27,143,235.711 | 440,351.874 | 1,146,342.792 | 1,682,817.983 |
International Fund I | 24,606,682.566 | 79,373.102 | 263,591.743 | 1,501,326.656 |
LargeCap Growth Fund | 52,743,525.371 | 1,782,861.144 | 3,592,348.490 | 6,342,759.486 |
LargeCap Growth Fund I | 351,525,602.185 | 32,029,635.337 | 63,089,094.240 | 104,678,134.877 |
LargeCap Value Fund III | 109,482,697.908 | 529,973.843 | 19,008,729.982 | 1,179,449.443 |
MidCap Fund | 279,830,364.500 | 2,431,545.667 | 2,825,127.893 | 82,794,654.550 |
MidCap Growth Fund | 15,444,532.770 | 1,231,334.022 | 856,886.961 | 1,470,321.883 |
MidCap Growth Fund III | 56,735,918.189 | 37,945,303.776 | 689,676.290 | 806,515.646 |
MidCap Value Fund I | 58,613,476.808 | 6,266,395.835 | 1,289,834.167 | 1,530,879.835 |
MidCap Value Fund III | 50,215,237.478 | 2,449,946.868 | 1,078,342.737 | 811,638.994 |
Money Market Fund | 311,253,232.564 | 30,073,346.771 | 38,483,418.842 | 19,304,755.190 |
Overseas Fund | 208,466,604.401 | 18,556.172 | - | 411,880.974 |
Principal Capital Appreciation Fund | 20,188,478.787 | 1,046,528.083 | 771,206.168 | 3,666,650.690 |
Short-Term Income Fund | 305,738,943.089 | 17,677,202.589 | 4,273,015.552 | 43,168,334.299 |
SmallCap Fund | 14,951,621.875 | 2,709,614.837 | 877,740.163 | 3,387,570.106 |
SmallCap Growth Fund I | 107,327,645.934 | 9,202,208.296 | 19,743,965.108 | 2,365,041.424 |
SmallCap Value Fund II | 69,409,985.510 | 15,201,647.971 | 9,509,863.163 | 1,401,103.878 |
Tax-Exempt Bond Fund | 13,896,623.444 | 275,782.371 | 702,385.180 | 11,707,204.857 |
6D. Approval of an amended fundamental investment restriction relating to concentration for the Fund (Group C Funds, as set forth in the proposal, only).
For | Against | Abstain | Broker Non-Vote | |
Principal LifeTime 2010 Fund | 29,161,798.167 | 1,832,221.666 | 9,327,035.216 | 1,027,046.892 |
Principal LifeTime 2015 Fund | 34,176,321.244 | 705,002.340 | 7,711,461.982 | 511,735.713 |
Principal LifeTime 2020 Fund | 250,708,806.931 | 6,652,296.056 | 39,547,715.297 | 5,638,880.028 |
Principal LifeTime 2025 Fund | 108,948,444.771 | 5,108,373.116 | 20,203,932.921 | 2,063,124.826 |
Principal LifeTime 2030 Fund | 231,497,203.480 | 30,974,924.825 | 115,785,252.640 | 5,920,079.839 |
Principal LifeTime 2035 Fund | 79,738,977.371 | 1,098,571.642 | 19,407,350.074 | 1,120,643.618 |
Principal LifeTime 2040 Fund | 209,727,262.467 | 11,521,435.602 | 23,746,032.298 | 2,704,465.564 |
Principal LifeTime 2045 Fund | 63,451,256.021 | 142,089.243 | 6,000,593.886 | 280,845.740 |
Principal LifeTime 2050 Fund | 106,337,612.076 | 6,932,699.786 | 29,529,222.327 | 1,606,932.169 |
Principal LifeTime 2055 Fund | 26,354,066.964 | 2,014,438.232 | 3,207,005.850 | 151,197.858 |
Principal LifeTime 2060 Fund | 19,858,554.083 | 991,256.801 | 1,196,263.392 | 141,413.011 |
Principal LifeTime 2065 Fund | 744,123.521 | 358,871.733 | 160.588 | N/A |
Principal Life Time Hybrid 2015 Fund | 6,167,577.126 | 748,824.413 | 1,076,082.154 | 149,450.935 |
Principal Life Time Hybrid 2020 Fund | 21,200,831.787 | 803,983.784 | 2,088,901.260 | 515,767.840 |
Principal Life Time Hybrid 2025 Fund | 13,935,094.745 | 656,301.402 | 797,515.519 | 868,142.228 |
Principal Life Time Hybrid 2030 Fund | 17,130,098.830 | 203,785.335 | 1,740,012.109 | 1,060,182.276 |
Principal Life Time Hybrid 2035 Fund | 8,983,612.324 | 250,574.854 | 464,647.066 | 1,152,235.958 |
Principal Life Time Hybrid 2040 Fund | 7,687,691.316 | 763,559.100 | 3,338,306.787 | 1,481,144.162 |
Principal Life Time Hybrid 2045 Fund | 4,374,125.672 | 278,024.338 | 1,201,013.304 | 661,776.310 |
Principal Life Time Hybrid 2050 Fund | 5,135,549.916 | 52,077.088 | 27,045.567 | 342,348.000 |
Principal Life Time Hybrid 2055 Fund | 1,785,790.129 | - | 136.571 | 91,077.280 |
Principal Life Time Hybrid 2060 Fund | 345,544.795 | - | 162,814.330 | 19,583.471 |
Principal Life Time Hybrid 2065 Fund | 62,624.749 | 1,002.435 | - | N/A |
322
For | Against | Abstain | Broker Non-Vote | |
Principal Life Time Hybrid Income Fund | 3,329,133.672 | 481,419.300 | 492,920.090 | 98,009.927 |
Principal LifeTime Strategic Income Fund | 29,469,882.717 | 177,665.820 | 4,443,686.748 | 846,047.681 |
SAM Balanced Portfolio | 158,243,485.763 | 16,802,614.766 | 11,729,034.857 | 35,769,411.838 |
SAM Conservative Balanced Portfolio | 97,891,831.191 | 887,750.193 | 3,429,331.211 | 28,889,552.873 |
SAM Conservative Growth Portfolio | 75,768,516.268 | 36,687,863.669 | 1,129,626.972 | 22,161,855.561 |
SAM Flexible Income Portfolio | 123,175,432.356 | 3,890,983.337 | 19,210,787.969 | 38,941,467.872 |
SAM Strategic Growth Portfolio | 64,767,789.495 | 516,598.910 | 606,346.757 | 11,549,369.421 |
323
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 contactyour financial professional or call 800-222-5852.
Principal Funds are distributed by Principal Funds Distributor, Inc.
- 2019 Principal Financial Services, Inc. | FV381-13 | 04/2019 | 806391-042021
Principal Strategic Asset Management Portfolios and Principal LifeTime Funds Class A & C Shares
Semiannual Report for Asset Allocation Investments
April 30, 2019
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 PrincipalFunds but through a brokerage firm, please contact yourbroker for electronic delivery options available.
Beginning on May 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, papercopies of the Fund’s annual and semi-annual shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the report from the Fund or your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and providedwith a website link to access the report.
If you already elected to receive such reports electronically, you will not be affected by this change and you do not need to take any action. If you have not previously elected electronic delivery, you may elect to receive reports and other communications from the Fund electronically by visiting our website at www.principalfunds.com/edelivery for instructionson enrolling in eDelivery or calling 800-222-5852. If you own these shares through a financial intermediary, you may contact your financial intermediary.
You may elect to receive all future reports in paper free of charge. If you wish to continue receiving paper copies of yourreports, you can inform the Fund by calling 800-222-5852. If you own these shares through a financial intermediary, you may contact your financial intermediary or follow instructions included with this disclosure to elect to continue to receivepaper copies of reports. Your election to receive reports in paper will apply to all funds with the Fund complex or to theshares you own through your financial intermediary.
Table of Contents | |
Letter from the President | 1 |
Financial Statements | 2 |
Notes to Financial Statements | 21 |
Schedule of Investments | 28 |
Financial Highlights (includes performance information) | 48 |
Shareholder Expense Example | 58 |
Supplemental Information | 60 |
Not FDIC or NCUA insured
May lose value • Not a deposit • No bank or credit union guarantee Not insured by any Federal government agency
GLOBAL INVESTMENT MANAGEMENT • ASSET ALLOCATION EXPERTISE • RETIREMENT LEADERSHIP
Mike Beer
President, Principal Funds
Inflation has been subdued for so long, it’s no wonder investors think it will stay that way forever.
But the forces for disinflation are fading. This year’s soft inflation was likely related to last year’s world economic slowdown, which seems to be ending. Labor markets are tight and wage growth is accelerating in the United States as well as the United Kingdom, Europe, and Japan. As businesses regain some pricing power, those healthy wage gains will turn into moderately higher inflation. We expect the “lower for longer” consensus will slowly crumble over the next couple of years and a larger premium for future inflation will gradually creep back into long-term bond yields.
There were plenty of long-term investment trends to ride during the last decade. A transition, though, hints at a period without major trends. The U.S. Federal Reserve’s about-face in response to December’s market plunge intimates that it’s mitigating the downside. Stock market downdrafts may be somewhat limited in scope. Conversely, with U.S. equity valuations back to nosebleed levels, the upside may also be constrained. As we’ve been noting for more than a year, good financial returns may be hard to find.
Because markets tend to fluctuate, we believe the most prudent approach for investing is to select a portfolio allocation that’s broadly diversified both across and within asset classes. We encourage you to work closely with your financial professional to select and monitor those investments best suited to helping you realize your financial goals.1Our focus at Principal Funds has always been on consistent, long-term performance for our investors. Our investment strategies cover a wide range of asset classes to help you diversify your portfolio as you save for the future—whether you’re investing for goals that are years down the road or closer at hand.
Mike Beer
President, Principal Funds
* All data cited, unless otherwise indicated from Bloomberg. Commentary taken from April 2019 Economic Insights by Robert F. Baur and the economic committee, available at principalfunds.com/commentary.
1Asset allocation and diversification do not ensure a profit or protect against a loss. Past performance does not guarantee future results.
1
Statement of Assets and Liabilities | |||||||||
Principal Funds, Inc. | |||||||||
April 30, 2019 (unaudited) | |||||||||
Principal LifeTime | Principal LifeTime | Principal LifeTime | |||||||
Amounts in thousands, except per share amounts | 2010Fund | 2020Fund | 2030Fund | ||||||
Investment in affiliated Funds--at cost | $ | 696,966 | $ | 3,606,566 | $ | 4,740,321 | |||
Assets | |||||||||
Investment in affiliated Funds--at value | $ | 764,105 | $ | 4,172,590 | $ | 5,551,107 | |||
Receivables: | |||||||||
Dividends and interest | 667 | 2,447 | 1,797 | ||||||
Expense reimbursement from Manager | 2 | 1 | 1 | ||||||
Expense reimbursement from Distributor | 5 | 22 | 29 | ||||||
Fund shares sold | 20 | 715 | 1,123 | ||||||
Investment securities sold | 1,302 | 8,816 | 9,285 | ||||||
Total Assets | 766,101 | 4,184,591 | 5,563,342 | ||||||
Liabilities | |||||||||
Accrued administrative service fees | 4 | 22 | 24 | ||||||
Accrued distribution fees | 42 | 180 | 227 | ||||||
Accrued service fees | 19 | 104 | 120 | ||||||
Accrued transfer agent fees | 17 | 77 | 125 | ||||||
Accrued chief compliance officer fees | – | 1 | – | ||||||
Accrued directors' expenses | 2 | 3 | 6 | ||||||
Accrued professional fees | 11 | 15 | 16 | ||||||
Accrued other expenses | 7 | 10 | 36 | ||||||
Deposits from counterparty | – | – | – | ||||||
Payables: | |||||||||
Fund shares redeemed | 1,322 | 9,523 | 10,401 | ||||||
Investment securities purchased | 667 | 2,447 | 1,797 | ||||||
Total Liabilities | 2,091 | 12,382 | 12,752 | ||||||
Net Assets Applicable to Outstanding Shares | $ | 764,010 | $ | 4,172,209 | $ | 5,550,590 | |||
Net Assets Consist of: | |||||||||
Capital shares and additional paid-in-capital | $ | 675,475 | $ | 3,441,282 | $ | 4,489,397 | |||
Total distributable earnings (accumulated loss) | 88,535 | 730,927 | 1,061,193 | ||||||
Total Net Assets$ | 764,010 | $ | 4,172,209 | $ | 5,550,590 | ||||
Capital Stock (par value: $.01 per share): | |||||||||
Shares authorized | 650,000 | 1,100,000 | 1,200,000 | ||||||
Net Asset Value Per Share: | |||||||||
Class A: Net Assets | $ | 26,875 | $ | 102,697 | $ | 123,551 | |||
Shares Issued and Outstanding | 2,062 | 7,361 | 8,605 | ||||||
Net Asset Value per share | $ | 13.04 | $ | 13.95 | $ | 14.36 | |||
Maximum Offering Price | $ | 13.55 | $ | 14.76 | $ | 15.20 | |||
Class J: Net Assets | $ | 215,430 | $ | 895,377 | $ | 1,200,278 | |||
Shares Issued and Outstanding | 16,718 | 65,002 | 84,133 | ||||||
Net Asset Value per share | $ | 12.89 | (a) | $ | 13.77 | (a) | $ | 14.27 | (a) |
Institutional: Net Assets | $ | 431,715 | $ | 2,666,174 | $ | 3,640,746 | |||
Shares Issued and Outstanding | 33,376 | 192,511 | 254,427 | ||||||
Net Asset Value per share | $ | 12.93 | $ | 13.85 | $ | 14.31 | |||
R-1: Net Assets | $ | 4,060 | $ | 23,489 | $ | 22,041 | |||
Shares Issued and Outstanding | 314 | 1,704 | 1,549 | ||||||
Net Asset Value per share | $ | 12.93 | $ | 13.78 | $ | 14.23 | |||
R-2: Net Assets | $ | 5,836 | $ | 24,769 | $ | 27,790 | |||
Shares Issued and Outstanding | 452 | 1,797 | 1,945 | ||||||
Net Asset Value per share | $ | 12.92 | $ | 13.78 | $ | 14.29 | |||
R-3: Net Assets | $ | 28,331 | $ | 140,077 | $ | 161,723 | |||
Shares Issued and Outstanding | 2,205 | 10,205 | 11,344 | ||||||
Net Asset Value per share | $ | 12.85 | $ | 13.73 | $ | 14.26 | |||
R-4: Net Assets | $ | 13,795 | $ | 95,447 | $ | 111,420 | |||
Shares Issued and Outstanding | 1,072 | 6,941 | 7,539 | ||||||
Net Asset Value per share | $ | 12.87 | $ | 13.75 | $ | 14.78 | |||
R-5: Net Assets | $ | 37,968 | $ | 224,179 | $ | 263,041 | |||
Shares Issued and Outstanding | 2,947 | 16,265 | 18,398 | ||||||
Net Asset Value per share | $ | 12.89 | $ | 13.78 | $ | 14.30 |
(a) | Redemption price per share is equal to net asset value per share less any applicable contingent deferred sales charge. |
See accompanying notes.
2
Statement of Assets and Liabilities | |||||||||
Principal Funds, Inc. | |||||||||
April 30, 2019 (unaudited) | |||||||||
Principal LifeTime | Principal LifeTime | Principal LifeTime | |||||||
Amounts in thousands, except per share amounts | 2040Fund | 2050Fund | Strategic Income Fund | ||||||
Investment in affiliated Funds--at cost | $ | 3,118,037 | $ | 1,852,835 | $ | 385,176 | |||
Assets | |||||||||
Investment in affiliated Funds--at value | $ | 3,819,303 | $ | 2,259,427 | $ | 412,951 | |||
Receivables: | |||||||||
Dividends and interest | 940 | 278 | 427 | ||||||
Expense reimbursement from Manager | 4 | 7 | 2 | ||||||
Expense reimbursement from Distributor | 18 | 6 | 1 | ||||||
Fund shares sold | 445 | 406 | 405 | ||||||
Investment securities sold | 4,749 | 1,600 | 407 | ||||||
Total Assets | 3,825,459 | 2,261,724 | 414,193 | ||||||
Liabilities | |||||||||
Accrued administrative service fees | 18 | 12 | 3 | ||||||
Accrued distribution fees | 150 | 70 | 17 | ||||||
Accrued service fees | 85 | 54 | 10 | ||||||
Accrued transfer agent fees | 101 | 78 | 7 | ||||||
Accrued directors' expenses | 4 | 3 | 1 | ||||||
Accrued professional fees | 14 | 12 | 10 | ||||||
Accrued other expenses | 40 | 22 | 9 | ||||||
Deposits from counterparty | – | – | – | ||||||
Payables: | |||||||||
Fund shares redeemed | 5,191 | 1,925 | 812 | ||||||
Investment securities purchased | 939 | 278 | 426 | ||||||
Total Liabilities | 6,542 | 2,454 | 1,295 | ||||||
Net Assets Applicable to Outstanding Shares | $ | 3,818,917 | $ | 2,259,270 | $ | 412,898 | |||
Net Assets Consist of: | |||||||||
Capital shares and additional paid-in-capital | $ | 2,913,656 | $ | 1,723,616 | $ | 376,161 | |||
Total distributable earnings (accumulated loss) | 905,261 | 535,654 | 36,737 | ||||||
Total Net Assets$ | 3,818,917 | $ | 2,259,270 | $ | 412,898 | ||||
Capital Stock (par value: $.01 per share): | |||||||||
Shares authorized | 1,025,000 | 800,000 | 725,000 | ||||||
Net Asset Value Per Share: | |||||||||
Class A: Net Assets | $ | 93,298 | $ | 71,906 | $ | 16,966 | |||
Shares Issued and Outstanding | 6,242 | 4,665 | 1,414 | ||||||
Net Asset Value per share | $ | 14.95 | $ | 15.41 | $ | 12.00 | |||
Maximum Offering Price | $ | 15.82 | $ | 16.31 | $ | 12.47 | |||
Class J: Net Assets | $ | 741,571 | $ | 235,159 | $ | 66,828 | |||
Shares Issued and Outstanding | 49,094 | 15,800 | 5,650 | ||||||
Net Asset Value per share | $ | 15.11 | (a) | $ | 14.88 | (a) | $ | 11.83 | (a) |
Institutional: Net Assets | $ | 2,569,546 | $ | 1,685,175 | $ | 282,772 | |||
Shares Issued and Outstanding | 168,597 | 109,901 | 23,784 | ||||||
Net Asset Value per share | $ | 15.24 | $ | 15.33 | $ | 11.89 | |||
R-1: Net Assets | $ | 18,774 | $ | 13,746 | $ | 2,965 | |||
Shares Issued and Outstanding | 1,243 | 906 | 249 | ||||||
Net Asset Value per share | $ | 15.10 | $ | 15.18 | $ | 11.93 | |||
R-2: Net Assets | $ | 23,466 | $ | 17,065 | $ | 4,384 | |||
Shares Issued and Outstanding | 1,550 | 1,123 | 368 | ||||||
Net Asset Value per share | $ | 15.13 | $ | 15.20 | $ | 11.92 | |||
R-3: Net Assets | $ | 105,161 | $ | 70,644 | $ | 15,214 | |||
Shares Issued and Outstanding | 6,990 | 4,663 | 1,290 | ||||||
Net Asset Value per share | $ | 15.04 | $ | 15.15 | $ | 11.79 | |||
R-4: Net Assets | $ | 79,822 | $ | 48,088 | $ | 7,478 | |||
Shares Issued and Outstanding | 5,298 | 3,155 | 633 | ||||||
Net Asset Value per share | $ | 15.07 | $ | 15.24 | $ | 11.81 | |||
R-5: Net Assets | $ | 187,279 | $ | 117,487 | $ | 16,291 | |||
Shares Issued and Outstanding | 12,347 | 7,691 | 1,370 | ||||||
Net Asset Value per share | $ | 15.17 | $ | 15.28 | $ | 11.89 |
(a) | Redemption price per share is equal to net asset value per share less any applicable contingent deferred sales charge. |
See accompanying notes.
3
Statement of Assets and Liabilities | |||||||||
Principal Funds, Inc. | |||||||||
April 30, 2019 (unaudited) | |||||||||
SAM Balanced | SAM Conservative | SAM Conservative | |||||||
Amounts in thousands, except per share amounts | Portfolio | Balanced Portfolio | Growth Portfolio | ||||||
Investment in affiliated Funds--at cost | $ | 3,828,078 | $ | 1,513,074 | $ | 2,522,713 | |||
Assets | |||||||||
Investment in affiliated Funds--at value | $ | 4,565,185 | $ | 1,684,812 | $ | 3,059,036 | |||
Receivables: | |||||||||
Dividends and interest | 3,063 | 1,772 | 872 | ||||||
Expense reimbursement from Distributor | 27 | 16 | 14 | ||||||
Fund shares sold | 908 | 1,059 | 950 | ||||||
Investment securities sold | 2,161 | 2,542 | 766 | ||||||
Total Assets | 4,571,344 | 1,690,201 | 3,061,638 | ||||||
Liabilities | |||||||||
Accrued management and investment advisory fees | 1,031 | 381 | 689 | ||||||
Accrued administrative service fees | 4 | 2 | 2 | ||||||
Accrued distribution fees | 929 | 335 | 635 | ||||||
Accrued service fees | 18 | 12 | 12 | ||||||
Accrued transfer agent fees | 434 | 131 | 290 | ||||||
Accrued directors' expenses | 8 | 4 | 5 | ||||||
Accrued professional fees | 14 | 11 | 11 | ||||||
Accrued other expenses | 111 | 47 | 71 | ||||||
Deposits from counterparty | – | – | – | ||||||
Payables: | |||||||||
Fund shares redeemed | 2,988 | 3,558 | 1,552 | ||||||
Investment securities purchased | 3,036 | 1,755 | 856 | ||||||
Total Liabilities | 8,573 | 6,236 | 4,123 | ||||||
Net Assets Applicable to Outstanding Shares | $ | 4,562,771 | $ | 1,683,965 | $ | 3,057,515 | |||
Net Assets Consist of: | |||||||||
Capital shares and additional paid-in-capital | $ | 3,774,498 | $ | 1,502,396 | $ | 2,466,195 | |||
Total distributable earnings (accumulated loss) | 788,273 | 181,569 | 591,320 | ||||||
Total Net Assets$ | 4,562,771 | $ | 1,683,965 | $ | 3,057,515 | ||||
Capital Stock (par value: $.01 per share): | |||||||||
Shares authorized | 1,775,000 | 1,575,000 | 1,675,000 | ||||||
Net Asset Value Per Share: | |||||||||
Class A: Net Assets | $ | 2,207,350 | $ | 552,884 | $ | 1,694,984 | |||
Shares Issued and Outstanding | 144,563 | 46,724 | 100,175 | ||||||
Net Asset Value per share | $ | 15.27 | $ | 11.83 | $ | 16.92 | |||
Maximum Offering Price | $ | 16.16 | $ | 12.52 | $ | 17.90 | |||
Class C: Net Assets | $ | 409,551 | $ | 167,048 | $ | 260,445 | |||
Shares Issued and Outstanding | 27,289 | 14,282 | 16,734 | ||||||
Net Asset Value per share | $ | 15.01 | (a) | $ | 11.70 | (a) | $ | 15.56 | (a) |
Class J: Net Assets | $ | 1,082,390 | $ | 647,969 | $ | 572,982 | |||
Shares Issued and Outstanding | 73,556 | 55,533 | 35,274 | ||||||
Net Asset Value per share | $ | 14.72 | (a) | $ | 11.67 | (a) | $ | 16.24 | (a) |
Institutional: Net Assets | $ | 774,329 | $ | 258,110 | $ | 470,552 | |||
Shares Issued and Outstanding | 51,601 | 22,041 | 28,530 | ||||||
Net Asset Value per share | $ | 15.01 | $ | 11.71 | $ | 16.49 | |||
R-1: Net Assets | $ | 3,377 | $ | 2,452 | $ | 1,043 | |||
Shares Issued and Outstanding | 226 | 210 | 64 | ||||||
Net Asset Value per share | $ | 14.96 | $ | 11.66 | $ | 16.32 | |||
R-2: Net Assets | $ | 3,137 | $ | 506 | $ | 1,522 | |||
Shares Issued and Outstanding | 210 | 44 | 93 | ||||||
Net Asset Value per share | $ | 14.92 | $ | 11.76 | $ | 16.32 | |||
R-3: Net Assets | $ | 25,434 | $ | 13,271 | $ | 18,539 | |||
Shares Issued and Outstanding | 1,701 | 1,136 | 1,142 | ||||||
Net Asset Value per share | $ | 14.96 | $ | 11.68 | $ | 16.23 | |||
R-4: Net Assets | $ | 19,952 | $ | 24,625 | $ | 11,215 | |||
Shares Issued and Outstanding | 1,331 | 2,105 | 682 | ||||||
Net Asset Value per share | $ | 14.99 | $ | 11.70 | $ | 16.43 | |||
R-5: Net Assets | $ | 37,251 | $ | 17,100 | $ | 26,233 | |||
Shares Issued and Outstanding | 2,487 | 1,462 | 1,600 | ||||||
Net Asset Value per share | $ | 14.98 | $ | 11.70 | $ | 16.39 |
(a) | Redemption price per share is equal to net asset value per share less any applicable contingent deferred sales charge. |
See accompanying notes.
4
Statement of Assets and Liabilities | ||||||
Principal Funds, Inc. | ||||||
April 30, 2019 (unaudited) | ||||||
SAM Flexible Income | SAM Strategic Growth | |||||
Amounts in thousands, except per share amounts | Portfolio | Portfolio | ||||
Investment in affiliated Funds--at cost | $ | 2,479,276 | $ | 1,633,483 | ||
Assets | ||||||
Investment in affiliated Funds--at value | $ | 2,613,536 | $ | 1,893,671 | ||
Receivables: | ||||||
Dividends and interest | 3,685 | 97 | ||||
Expense reimbursement from Distributor | 27 | 7 | ||||
Fund shares sold | 9,922 | 399 | ||||
Investment securities sold | – | 585 | ||||
Total Assets | 2,627,170 | 1,894,759 | ||||
Liabilities | ||||||
Accrued management and investment advisory fees | 592 | 426 | ||||
Accrued administrative service fees | 1 | 1 | ||||
Accrued distribution fees | 564 | 391 | ||||
Accrued service fees | 4 | 8 | ||||
Accrued transfer agent fees | 182 | 233 | ||||
Accrued directors' expenses | 5 | 4 | ||||
Accrued professional fees | 11 | 11 | ||||
Accrued other expenses | 37 | 56 | ||||
Deposits from counterparty | – | – | ||||
Payables: | ||||||
Dividends payable | 5,011 | – | ||||
Fund shares redeemed | 1,641 | 1,084 | ||||
Investment securities purchased | 3,839 | 78 | ||||
Total Liabilities | 11,887 | 2,292 | ||||
Net Assets Applicable to Outstanding Shares | $ | 2,615,283 | $ | 1,892,467 | ||
Net Assets Consist of: | ||||||
Capital shares and additional paid-in-capital | $ | 2,497,854 | $ | 1,600,993 | ||
Total distributable earnings (accumulated loss) | 117,429 | 291,474 | ||||
Total Net Assets$ | 2,615,283 | $ | 1,892,467 | |||
Capital Stock (par value: $.01 per share): | ||||||
Shares authorized | 1,650,000 | 1,875,000 | ||||
Net Asset Value Per Share: | ||||||
Class A: Net Assets | $ | 994,779 | $ | 1,125,604 | ||
Shares Issued and Outstanding | 82,459 | 62,552 | ||||
Net Asset Value per share | $ | 12.06 | $ | 17.99 | ||
Maximum Offering Price | $ | 12.53 | $ | 19.04 | ||
Class C: Net Assets | $ | 269,901 | $ | 148,378 | ||
Shares Issued and Outstanding | 22,617 | 9,239 | ||||
Net Asset Value per share | $ | 11.93 | (a) | $ | 16.06 | (a) |
Class J: Net Assets | $ | 1,109,612 | $ | 305,773 | ||
Shares Issued and Outstanding | 92,812 | 17,708 | ||||
Net Asset Value per share | $ | 11.96 | (a) | $ | 17.27 | (a) |
Institutional: Net Assets | $ | 219,791 | $ | 273,284 | ||
Shares Issued and Outstanding | 18,280 | 15,621 | ||||
Net Asset Value per share | $ | 12.02 | $ | 17.49 | ||
R-1: Net Assets | $ | 2,371 | $ | 463 | ||
Shares Issued and Outstanding | 198 | 27 | ||||
Net Asset Value per share | $ | 11.96 | $ | 17.38 | ||
R-2: Net Assets | $ | 1,000 | $ | 2,456 | ||
Shares Issued and Outstanding | 84 | 142 | ||||
Net Asset Value per share | $ | 12.00 | $ | 17.24 | ||
R-3: Net Assets | $ | 5,264 | $ | 7,989 | ||
Shares Issued and Outstanding | 439 | 464 | ||||
Net Asset Value per share | $ | 12.00 | $ | 17.23 | ||
R-4: Net Assets | $ | 4,601 | $ | 12,739 | ||
Shares Issued and Outstanding | 383 | 733 | ||||
Net Asset Value per share | $ | 12.01 | $ | 17.37 | ||
R-5: Net Assets | $ | 7,964 | $ | 15,781 | ||
Shares Issued and Outstanding | 664 | 911 | ||||
Net Asset Value per share | $ | 12.00 | $ | 17.32 |
(a) | Redemption price per share is equal to net asset value per share less any applicable contingent deferred sales charge. |
See accompanying notes.
5
Statement of Operations Principal Funds, Inc.
Six Months Ended April 30, 2019 (unaudited)
Principal LifeTime | Principal LifeTime | Principal LifeTime | |||||||||
Amounts in thousands | 2010Fund | 2020Fund | 2030Fund | ||||||||
Net Investment Income (Loss) | |||||||||||
Income: | |||||||||||
Dividends from affiliated Funds | $ | 16,081 | $ | 88,286 | $ | 113,680 | |||||
Total Income | 16,081 | 88,286 | 113,680 | ||||||||
Expenses: | |||||||||||
Distribution fees -Class A | 33 | 124 | 145 | ||||||||
Distribution fees -Class J | 158 | 648 | 852 | ||||||||
Distribution fees -R-1 | 8 | 42 | 40 | ||||||||
Distribution fees -R-2 | 8 | 37 | 40 | ||||||||
Distribution fees -R-3 | 35 | 177 | 197 | ||||||||
Distribution fees -R-4 | 8 | 51 | 58 | ||||||||
Administrative service fees - R-1 | 6 | 34 | 32 | ||||||||
Administrative service fees - R-2 | 6 | 25 | 27 | ||||||||
Administrative service fees - R-3 | 10 | 49 | 55 | ||||||||
Administrative service fees - R-4 | 2 | 15 | 17 | ||||||||
Administrative service fees - R-5 | 2 | 11 | 13 | ||||||||
Registration fees - Class A | 8 | 8 | 9 | ||||||||
Registration fees - Class J | 8 | 13 | 13 | ||||||||
Registration fees -Institutional | 16 | 49 | 59 | ||||||||
Service fees -R-1 | 6 | 30 | 29 | ||||||||
Service fees -R-2 | 7 | 31 | 33 | ||||||||
Service fees -R-3 | 35 | 176 | 197 | ||||||||
Service fees -R-4 | 19 | 127 | 145 | ||||||||
Service fees -R-5 | 51 | 283 | 325 | ||||||||
Shareholder meeting expense -Class A | 1 | 1 | 2 | ||||||||
Shareholder meeting expense -Class J | 1 | 5 | 8 | ||||||||
Shareholder reports -Class A | 1 | 6 | 10 | ||||||||
Shareholder reports -Class J | 11 | 45 | 71 | ||||||||
Shareholder reports - Institutional | – | 1 | 1 | ||||||||
Transfer agentfees -Class A | 15 | 50 | 66 | ||||||||
Transfer agentfees -Class J | 45 | 148 | 235 | ||||||||
Transfer agentfees - Institutional | 7 | 32 | 37 | ||||||||
Chief compliance officer expenses | 1 | 3 | 4 | ||||||||
Directors' expenses | 9 | 46 | 58 | ||||||||
Professional fees | 9 | 11 | 12 | ||||||||
Other expenses | 4 | 19 | 23 | ||||||||
Total Gross Expenses | 530 | 2,297 | 2,813 | ||||||||
Less: Reimbursement from Manager - Class A | 8 | 4 | 14 | ||||||||
Less: Reimbursement from Distributor - Class J | 32 | 130 | 170 | ||||||||
Total Net Expenses | 490 | 2,163 | 2,629 | ||||||||
Net Investment Income (Loss) | 15,591 | 86,123 | 111,051 | ||||||||
Net Realized and Unrealized Gain (Loss) on Investments | |||||||||||
Net realized gain (loss) from: | |||||||||||
Investment transactions in affiliated Funds | 1,937 | 9,170 | 70 | ||||||||
Capital gain distribution received from affiliated Funds | 16,841 | 145,041 | 249,989 | ||||||||
Net change in unrealized appreciation/depreciation of: | |||||||||||
Investments in affiliated Funds | 9,326 | 40,103 | 60,151 | ||||||||
Net Realized and Unrealized Gain (Loss) on Investments | 28,104 | 194,314 | 310,210 | ||||||||
Net Increase (Decrease) in Net Assets Resulting from Operations$ | 43,695 | $ | 280,437 | $ | 421,261 |
See accompanying notes.
6
Statement of Operations Principal Funds, Inc.
Six Months Ended April 30, 2019 (unaudited)
Principal LifeTime | Principal LifeTime | Principal LifeTime | |||||||||
Amounts in thousands | 2040Fund | 2050Fund | Strategic Income Fund | ||||||||
Net Investment Income (Loss) | |||||||||||
Income: | |||||||||||
Dividends from affiliated Funds | $ | 73,827 | $ | 42,859 | $ | 8,558 | |||||
Total Income | 73,827 | 42,859 | 8,558 | ||||||||
Expenses: | |||||||||||
Distribution fees -Class A | 109 | 88 | 21 | ||||||||
Distribution fees -Class J | 523 | 165 | 49 | ||||||||
Distribution fees -R-1 | 32 | 23 | 5 | ||||||||
Distribution fees -R-2 | 33 | 24 | 6 | ||||||||
Distribution fees -R-3 | 127 | 84 | 21 | ||||||||
Distribution fees -R-4 | 41 | 23 | 4 | ||||||||
Administrative service fees - R-1 | 26 | 18 | 4 | ||||||||
Administrative service fees - R-2 | 22 | 16 | 4 | ||||||||
Administrative service fees - R-3 | 36 | 24 | 6 | ||||||||
Administrative service fees - R-4 | 12 | 7 | 1 | ||||||||
Administrative service fees - R-5 | 9 | 5 | 1 | ||||||||
Registration fees - Class A | 9 | 9 | 8 | ||||||||
Registration fees - Class J | 12 | 9 | 7 | ||||||||
Registration fees -Institutional | 47 | 42 | 17 | ||||||||
Service fees -R-1 | 23 | 16 | 4 | ||||||||
Service fees -R-2 | 28 | 20 | 5 | ||||||||
Service fees -R-3 | 127 | 85 | 21 | ||||||||
Service fees -R-4 | 102 | 58 | 9 | ||||||||
Service fees -R-5 | 225 | 141 | 23 | ||||||||
Shareholder meeting expense -Class A | 2 | 2 | – | ||||||||
Shareholder meeting expense -Class J | 6 | 3 | 1 | ||||||||
Shareholder reports -Class A | 8 | 9 | 1 | ||||||||
Shareholder reports -Class J | 50 | 26 | 5 | ||||||||
Shareholder reports - Institutional | 1 | 1 | – | ||||||||
Transfer agentfees -Class A | 59 | 64 | 12 | ||||||||
Transfer agentfees -Class J | 179 | 93 | 21 | ||||||||
Transfer agentfees - Institutional | 30 | 23 | 4 | ||||||||
Chief compliance officer expenses | 2 | 1 | – | ||||||||
Directors' expenses | 40 | 24 | 6 | ||||||||
Professional fees | 11 | 10 | 9 | ||||||||
Other expenses | 16 | 10 | 3 | ||||||||
Total Gross Expenses | 1,947 | 1,123 | 278 | ||||||||
Less: Reimbursement from Manager - Class A | 24 | 40 | 11 | ||||||||
Less: Reimbursement from Distributor - Class J | 105 | 33 | 10 | ||||||||
Total Net Expenses | 1,818 | 1,050 | 257 | ||||||||
Net Investment Income (Loss) | 72,009 | 41,809 | 8,301 | ||||||||
Net Realized and Unrealized Gain (Loss) on Investments | |||||||||||
Net realized gain (loss) from: | |||||||||||
Investment transactions in affiliated Funds | 4,083 | 1,617 | 762 | ||||||||
Capital gain distribution received from affiliated Funds | 194,421 | 125,930 | 6,397 | ||||||||
Net change in unrealized appreciation/depreciation of: | |||||||||||
Investments in affiliated Funds | 36,798 | 20,333 | 7,294 | ||||||||
Net Realized and Unrealized Gain (Loss) on Investments | 235,302 | 147,880 | 14,453 | ||||||||
Net Increase (Decrease) in Net Assets Resulting from Operations$ | 307,311 | $ | 189,689 | $ | 22,754 |
See accompanying notes.
7
Statement of Operations | |||||||||||
Principal Funds, Inc. | |||||||||||
Six Months Ended April 30, 2019 (unaudited) | |||||||||||
SAM Balanced | SAM Conservative | SAM Conservative | |||||||||
Amounts in thousands | Portfolio | Balanced Portfolio | Growth Portfolio | ||||||||
Net Investment Income (Loss) | |||||||||||
Income: | |||||||||||
Dividends from affiliated Funds | $ | 75,987 | $ | 30,615 | $ | 46,087 | |||||
Total Income | 75,987 | 30,615 | 46,087 | ||||||||
Expenses: | |||||||||||
Management and investment advisory fees | 6,099 | 2,297 | 4,058 | ||||||||
Distribution fees -Class A | 2,541 | 638 | 1,896 | ||||||||
Distribution fees -Class C | 2,532 | 957 | 1,756 | ||||||||
Distribution fees -Class J | 771 | 461 | 406 | ||||||||
Distribution fees -R-1 | 6 | 4 | 2 | ||||||||
Distribution fees -R-2 | 5 | 1 | 2 | ||||||||
Distribution fees -R-3 | 32 | 15 | 24 | ||||||||
Distribution fees -R-4 | 10 | 11 | 5 | ||||||||
Administrative service fees - R-1 | 5 | 3 | 2 | ||||||||
Administrative service fees - R-2 | 3 | 1 | 1 | ||||||||
Administrative service fees - R-3 | 9 | 4 | 7 | ||||||||
Administrative service fees - R-4 | 3 | 3 | 2 | ||||||||
Administrative service fees - R-5 | 2 | 1 | 1 | ||||||||
Registration fees - Class A | 20 | 15 | 15 | ||||||||
Registration fees - Class C | 11 | 8 | 8 | ||||||||
Registration fees - Class J | 16 | 14 | 11 | ||||||||
Registration fees -Institutional | 15 | 12 | 16 | ||||||||
Service fees -R-1 | 4 | 3 | 1 | ||||||||
Service fees -R-2 | 4 | 1 | 2 | ||||||||
Service fees -R-3 | 33 | 15 | 24 | ||||||||
Service fees -R-4 | 26 | 27 | 14 | ||||||||
Service fees -R-5 | 45 | 21 | 31 | ||||||||
Shareholder meeting expense -Class A | 20 | 5 | 17 | ||||||||
Shareholder meeting expense -Class C | 5 | 2 | 4 | ||||||||
Shareholder meeting expense -Class J | 6 | 3 | 3 | ||||||||
Shareholder reports -Class A | 100 | 25 | 83 | ||||||||
Shareholder reports -Class C | 37 | 13 | 31 | ||||||||
Shareholder reports -Class J | 48 | 24 | 27 | ||||||||
Shareholder reports - Institutional | 1 | – | 1 | ||||||||
Transfer agentfees -Class A | 742 | 196 | 575 | ||||||||
Transfer agentfees -Class C | 240 | 87 | 176 | ||||||||
Transfer agentfees -Class J | 152 | 80 | 93 | ||||||||
Transfer agentfees - Institutional | 23 | 8 | 13 | ||||||||
Chief compliance officer expenses | 3 | 1 | 2 | ||||||||
Directors' expenses | 48 | 19 | 33 | ||||||||
Professional fees | 11 | 9 | 10 | ||||||||
Other expenses | 19 | 8 | 13 | ||||||||
Total Gross Expenses | 13,647 | 4,992 | 9,365 | ||||||||
Less: Reimbursement from Manager - Class A | – | 3 | – | ||||||||
Less: Reimbursement from Manager - Class C | – | 8 | – | ||||||||
Less: Reimbursement from Manager -Institutional | – | 7 | – | ||||||||
Less: Reimbursement from Distributor - Class J | 154 | 92 | 81 | ||||||||
Total Net Expenses | 13,493 | 4,882 | 9,284 | ||||||||
Net Investment Income (Loss) | 62,494 | 25,733 | 36,803 | ||||||||
Net Realized and Unrealized Gain (Loss) on Investments | |||||||||||
Net realized gain (loss) from: | |||||||||||
Investment transactions in affiliated Funds | 12,301 | 1,378 | (6,320 | ) | |||||||
Capital gain distribution received from affiliated Funds | 86,552 | 22,001 | 83,172 | ||||||||
Net change in unrealized appreciation/depreciation of: | |||||||||||
Investments in affiliated Funds | 160,844 | 52,447 | 131,693 | ||||||||
Net Realized and Unrealized Gain (Loss) on Investments | 259,697 | 75,826 | 208,545 | ||||||||
Net Increase (Decrease) in Net Assets Resulting from Operations$ | 322,191 | $ | 101,559 | $ | 245,348 |
See accompanying notes.
8
Statement of Operations Principal Funds, Inc.
Six Months Ended April 30, 2019 (unaudited)
SAM Flexible Income | SAM Strategic Growth | |||||
Amounts in thousands | Portfolio | Portfolio | ||||
Net Investment Income (Loss) | ||||||
Income: | ||||||
Dividends from affiliated Funds | $ | 47,831 | $ | 26,123 | ||
Total Income | 47,831 | 26,123 | ||||
Expenses: | ||||||
Management and investment advisory fees | 3,533 | 2,486 | ||||
Distribution fees -Class A | 1,168 | 1,254 | ||||
Distribution fees -Class C | 1,455 | 1,019 | ||||
Distribution fees -Class J | 807 | 214 | ||||
Distribution fees -R-1 | 3 | 1 | ||||
Distribution fees -R-2 | 1 | 3 | ||||
Distribution fees -R-3 | 6 | 11 | ||||
Distribution fees -R-4 | 3 | 6 | ||||
Administrative service fees - R-1 | 2 | 1 | ||||
Administrative service fees - R-2 | 1 | 2 | ||||
Administrative service fees - R-3 | 2 | 3 | ||||
Administrative service fees - R-4 | 1 | 2 | ||||
Administrative service fees - R-5 | – | 1 | ||||
Registration fees - Class A | 24 | 12 | ||||
Registration fees - Class C | 10 | 8 | ||||
Registration fees - Class J | 16 | 9 | ||||
Registration fees -Institutional | 9 | 12 | ||||
Service fees -R-1 | 2 | 1 | ||||
Service fees -R-2 | 1 | 3 | ||||
Service fees -R-3 | 7 | 11 | ||||
Service fees -R-4 | 6 | 15 | ||||
Service fees -R-5 | 12 | 19 | ||||
Shareholder meeting expense -Class A | 7 | 14 | ||||
Shareholder meeting expense -Class C | 3 | 3 | ||||
Shareholder meeting expense -Class J | 4 | 2 | ||||
Shareholder reports -Class A | 34 | 69 | ||||
Shareholder reports -Class C | 18 | 23 | ||||
Shareholder reports -Class J | 36 | 19 | ||||
Shareholder reports - Institutional | 2 | 1 | ||||
Transfer agentfees -Class A | 312 | 441 | ||||
Transfer agentfees -Class C | 124 | 125 | ||||
Transfer agentfees -Class J | 120 | 63 | ||||
Transfer agentfees - Institutional | 24 | 11 | ||||
Chief compliance officer expenses | 2 | 1 | ||||
Directors' expenses | 29 | 21 | ||||
Professional fees | 10 | 9 | ||||
Other expenses | 11 | 8 | ||||
Total Gross Expenses | 7,805 | 5,903 | ||||
Less: Reimbursement from Manager - Class A | 21 | – | ||||
Less: Reimbursement from Manager - Class C | 28 | – | ||||
Less: Reimbursement from Manager -Institutional | 2 | – | ||||
Less: Reimbursement from Distributor - Class J | 161 | 43 | ||||
Total Net Expenses | 7,593 | 5,860 | ||||
Net Investment Income (Loss) | 40,238 | 20,263 | ||||
Net Realized and Unrealized Gain (Loss) on Investments | ||||||
Net realized gain (loss) from: | ||||||
Investment transactions in affiliated Funds | (4,968 | ) | (6,961 | ) | ||
Capital gain distribution received from affiliated Funds | 13,359 | 56,209 | ||||
Net change in unrealized appreciation/depreciation of: | ||||||
Investments in affiliated Funds | 92,729 | 99,734 | ||||
Net Realized and Unrealized Gain (Loss) on Investments | 101,120 | 148,982 | ||||
Net Increase (Decrease) in Net Assets Resulting from Operations$ | 141,358 | $ | 169,245 |
See accompanying notes.
9
Statement of Changes in Net Assets | |||||||||||||||||
Principal Funds, Inc. | |||||||||||||||||
(unaudited) | |||||||||||||||||
Amounts in thousands | Principal LifeTime 2010 Fund | ||||||||||||||||
Period Ended | Year Ended | ||||||||||||||||
April 30, 2019 | October 31, 2018 | ||||||||||||||||
Operations | |||||||||||||||||
Net investment income (loss) | $ | 15,591 | $ | 25,331 | |||||||||||||
Net realized gain (loss) on investments . | 18,778 | 45,780 | |||||||||||||||
Net change in unrealized appreciation/depreciation of investments | 9,326 | (73,360 | ) | ||||||||||||||
Net Increase (Decrease) in Net Assets Resulting from Operations | 43,695 | (2,249 | ) | ||||||||||||||
Dividends and Distributions to Shareholders | |||||||||||||||||
From net investment income and net realized gain on investments | (61,532 | ) | (49,006 | ) | |||||||||||||
Total Dividends and Distributions | (61,532 | ) | (49,006 | ) | |||||||||||||
Capital Share Transactions | |||||||||||||||||
Net increase (decrease) in capital share transactions | (26,539 | ) | (181,509 | ) | |||||||||||||
Total Increase (Decrease) in Net Assets | (44,376 | ) | (232,764 | ) | |||||||||||||
Net Assets | |||||||||||||||||
Beginning of period | 808,386 | 1,041,150 | |||||||||||||||
End of period | $ | 764,010 | $ | 808,386 | |||||||||||||
Class A | Class J | Institutional | R-1 | R-2 | R-3 | R-4 | R-5 | ||||||||||
Capital Share Transactions: | |||||||||||||||||
Period EndedApril 30, 2019 | |||||||||||||||||
Dollars: | |||||||||||||||||
Sold | $ | 593 | $ | 2,270 | $ | 18,824 | $ | 183 | $ | 218 | $ | 1,231 | $ | 1,496 | $ | 1,423 | |
Reinvested | 1,999 | 16,644 | 35,501 | 335 | 405 | 2,099 | 1,248 | 3,273 | |||||||||
Redeemed | (2,093 | ) | (14,870 | ) | (76,463 | ) | (1,162 | ) | (357 | ) | (4,355 | ) | (4,939 | ) | (10,042 | ) | |
Net Increase (Decrease) | $ | 499 | $ | 4,044 | $ | (22,138 | ) $ | (644 | ) $ | 266 | $ | (1,025 | ) $ | (2,195 | ) $ | (5,346 | ) |
Shares: | |||||||||||||||||
Sold | 46 | 182 | 1,495 | 14 | 17 | 99 | 118 | 111 | |||||||||
Reinvested | 163 | 1,371 | 2,912 | 28 | 34 | 174 | 103 | 270 | |||||||||
Redeemed | (163 | ) | (1,178 | ) | (6,076 | ) | (94 | ) | (28 | ) | (347 | ) | (394 | ) | (794 | ) | |
Net Increase (Decrease) | 46 | 375 | (1,669 | ) | (52 | ) | 23 | (74 | ) | (173 | ) | (413 | ) | ||||
Year EndedOctober 31, 2018 | |||||||||||||||||
Dollars: | |||||||||||||||||
Sold | $ | 3,957 | $ | 8,891 | $ | 33,518 | $ | 844 | $ | 1,474 | $ | 5,334 | $ | 2,767 | $ | 6,547 | |
Reinvested | 1,374 | 11,684 | 30,138 | 245 | 259 | 1,817 | 1,041 | 2,422 | |||||||||
Redeemed | (10,100 | ) | (40,658) | (196,694) | (2,312 | ) | (2,759 | ) | (17,423 | ) | (9,225 | ) | (14,650 | ) | |||
Net Increase (Decrease) | $ | (4,769 | ) $ | (20,083) $ | (133,038) $ | (1,223 | ) $ | (1,026 | ) $ | (10,272 | ) $ | (5,417 | ) $ | (5,681 | ) | ||
Shares: | |||||||||||||||||
Sold | 286 | 652 | 2,450 | 63 | 109 | 392 | 203 | 481 | |||||||||
Reinvested | 100 | 858 | 2,206 | 18 | 19 | 134 | 77 | 178 | |||||||||
Redeemed | (730 | ) | (2,989 | ) | (14,450 | ) | (170 | ) | (202 | ) | (1,288 | ) | (683 | ) | (1,076 | ) | |
Net Increase (Decrease) | (344 | ) | (1,479 | ) | (9,794 | ) | (89 | ) | (74 | ) | (762 | ) | (403 | ) | (417 | ) | |
Distributions: | |||||||||||||||||
Period EndedApril 30, 2019 | |||||||||||||||||
From net investment income and net realized gain on | |||||||||||||||||
investments | $ | (2,006 | ) $ | (16,665 | ) $ | (35,501 | ) $ | (335 | ) $ | (405 | ) $ | (2,099 | ) $ | (1,248 | ) $ | (3,273 | ) |
Total Dividends and Distributions | $ | (2,006 | ) $ | (16,665 | ) $ | (35,501 | ) $ | (335 | ) $ | (405 | ) $ | (2,099 | ) $ | (1,248 | ) $ | (3,273 | ) |
Year Ended October 31, 2018 | |||||||||||||||||
From net investment income and net realized gain on | |||||||||||||||||
investments | $ | (1,386 | ) $ | (11,698 | ) $ | (30,138 | ) $ | (245 | ) $ | (259 | ) $ | (1,817 | ) $ | (1,041 | ) $ | (2,422 | ) |
Total Dividends and Distributions | $ | (1,386 | ) $ | (11,698 | ) $ | (30,138 | ) $ | (245 | ) $ | (259 | ) $ | (1,817 | ) $ | (1,041 | ) $ | (2,422 | ) |
See accompanying notes.
10
Statement of Changes in Net Assets | ||||||||||||||||||
Principal Funds, Inc. | ||||||||||||||||||
(unaudited) | ||||||||||||||||||
Amounts in thousands | Principal LifeTime 2020 Fund | |||||||||||||||||
Period Ended | Year Ended | |||||||||||||||||
April 30, 2019 | October 31, 2018 | |||||||||||||||||
Operations | ||||||||||||||||||
Net investment income (loss) | $ | 86,123 | $ | 137,887 | ||||||||||||||
Net realized gain (loss) on investments . | 154,211 | 205,578 | ||||||||||||||||
Net change in unrealized appreciation/depreciation of investments | 40,103 | (350,287 | ) | |||||||||||||||
Net Increase (Decrease) in Net Assets Resulting from Operations | 280,437 | (6,822 | ) | |||||||||||||||
Dividends and Distributions to Shareholders | ||||||||||||||||||
From net investment income and net realized gain on investments | (285,179 | ) | (297,035 | ) | ||||||||||||||
Total Dividends and Distributions | (285,179 | ) | (297,035 | ) | ||||||||||||||
Capital Share Transactions | ||||||||||||||||||
Net increase (decrease) in capital share transactions | (225,792 | ) | (763,260 | ) | ||||||||||||||
Total Increase (Decrease) in Net Assets | (230,534 | ) | (1,067,117 | ) | ||||||||||||||
Net Assets | ||||||||||||||||||
Beginning of period | 4,402,743 | 5,469,860 | ||||||||||||||||
End of period | $ | 4,172,209 | $ | 4,402,743 | ||||||||||||||
Class A | Class J | Institutional | R-1 | R-2 | R-3 | R-4 | R-5 | |||||||||||
Capital Share Transactions: | ||||||||||||||||||
Period EndedApril 30, 2019 | ||||||||||||||||||
Dollars: | ||||||||||||||||||
Sold | $ | 4,163 | $ | 16,559 | $ | 75,148 | $ | 1,205 | $ | 2,174 | $ | 6,176 | $ | 4,581 | $ | 13,475 | ||
Reinvested | 6,038 | 57,361 | 187,516 | 1,487 | 1,390 | 8,900 | 7,033 | 15,026 | ||||||||||
Redeemed | (8,800 | ) | (60,588) | (456,192) | (5,445 | ) | (5,372 | ) | (26,758 | ) | (28,986 | ) | (41,883 | ) | ||||
Net Increase (Decrease) | $ | 1,401 | $ | 13,332 | $ (193,528) $ | (2,753 | ) $ | (1,808 | ) $ | (11,682 | ) $ | (17,372 | ) $ | (13,382 | ) | |||
Shares: | ||||||||||||||||||
Sold | 307 | 1,234 | 5,807 | 90 | 164 | 472 | 343 | 1,009 | ||||||||||
Reinvested | 473 | 4,544 | 14,769 | 118 | 110 | 708 | 558 | 1,189 | ||||||||||
Redeemed | (653 | ) | (4,558 | ) | (35,099 | ) | (419 | ) | (406 | ) | (2,028 | ) | (2,216 | ) | (3,146 | ) | ||
Net Increase (Decrease) | 127 | 1,220 | (14,523 | ) | (211 | ) | (132 | ) | (848 | ) | (1,315 | ) | (948 | ) | ||||
Year EndedOctober 31, 2018 | ||||||||||||||||||
Dollars: | ||||||||||||||||||
Sold | $ | 14,309 | $ | 51,995 | $110,794$ | 2,728 | $ | 3,131 | $ | 17,454 | $ | 21,830 | $ | 47,287 | ||||
Reinvested | 5,830 | 52,801 | 201,631 | 1,589 | 1,975 | 10,528 | 7,394 | 14,932 | ||||||||||
Redeemed | (36,747) | (134,802) | (903,618) | (11,190 | ) | (21,548 | ) | (80,239 | ) | (57,252 | ) | (84,072 | ) | |||||
Net Increase (Decrease) | $ | (16,608 | ) $ | (30,006) | $ (591,193) $ | (6,873 | ) $ | (16,442 | ) $ | (52,257 | ) $ | (28,028 | ) $ | (21,853 | ) | |||
Shares: | ||||||||||||||||||
Sold | 991 | 3,622 | 7,693 | 190 | 218 | 1,226 | 1,525 | 3,292 | ||||||||||
Reinvested | 403 | 3,690 | 14,019 | 111 | 139 | 739 | 518 | 1,043 | ||||||||||
Redeemed | (2,526 | ) | (9,435 | ) | (63,049 | ) | (782 | ) | (1,502 | ) | (5,621 | ) | (3,995 | ) | (5,898 | ) | ||
Net Increase (Decrease) | (1,132 | ) | (2,123 | ) | (41,337 | ) | (481 | ) | (1,145 | ) | (3,656 | ) | (1,952 | ) | (1,563 | ) | ||
Distributions: | ||||||||||||||||||
Period EndedApril 30, 2019 | ||||||||||||||||||
From net investment income and net realized gain on | ||||||||||||||||||
investments | $ | (6,314 | ) $ | (57,416) $ | (187,548) $ | (1,487 | ) $ | (1,449 | ) $ | (8,902 | ) $ | (7,033 | ) $ | (15,030 | ) | |||
Total Dividends and Distributions | $ | (6,314 | ) $ | (57,416) | $ (187,548) $ | (1,487 | ) $ | (1,449 | ) $ | (8,902 | ) $ | (7,033 | ) $ | (15,030 | ) | |||
Year Ended October 31, 2018 | ||||||||||||||||||
From net investment income and net realized gain on | ||||||||||||||||||
investments | $ | (6,093 | ) $ | (52,849) | $ (201,635) $ | (1,589 | ) $ | (2,015 | ) $ | (10,528 | ) $ | (7,394 | ) $ | (14,932 | ) | |||
Total Dividends and Distributions | $ | (6,093 | ) $ | (52,849) | $ (201,635) $ | (1,589 | ) $ | (2,015 | ) $ | (10,528 | ) $ | (7,394 | ) $ | (14,932 | ) |
See accompanying notes.
11
Statement of Changes in Net Assets | ||||||||||||||||||
Principal Funds, Inc. | ||||||||||||||||||
(unaudited) | ||||||||||||||||||
Amounts in thousands | Principal LifeTime 2030 Fund | |||||||||||||||||
Period Ended | Year Ended | |||||||||||||||||
April 30, 2019 | October 31, 2018 | |||||||||||||||||
Operations | ||||||||||||||||||
Net investment income (loss) | $ | 111,051 | $ | 165,326 | ||||||||||||||
Net realized gain (loss) on investments . | 250,059 | 311,572 | ||||||||||||||||
Net change in unrealized appreciation/depreciation of investments | 60,151 | (483,947 | ) | |||||||||||||||
Net Increase (Decrease) in Net Assets Resulting from Operations | 421,261 | (7,049 | ) | |||||||||||||||
Dividends and Distributions to Shareholders | ||||||||||||||||||
From net investment income and net realized gain on investments | (394,095 | ) | (369,546 | ) | ||||||||||||||
Total Dividends and Distributions | (394,095 | ) | (369,546 | ) | ||||||||||||||
Capital Share Transactions | ||||||||||||||||||
Net increase (decrease) in capital share transactions | 19,348 | (712,995 | ) | |||||||||||||||
Total Increase (Decrease) in Net Assets | 46,514 | (1,089,590 | ) | |||||||||||||||
Net Assets | ||||||||||||||||||
Beginning of period | 5,504,076 | 6,593,666 | ||||||||||||||||
End of period | $ | 5,550,590 | $ | 5,504,076 | ||||||||||||||
Class A | Class J | Institutional | R-1 | R-2 | R-3 | R-4 | R-5 | |||||||||||
Capital Share Transactions: | ||||||||||||||||||
Period EndedApril 30, 2019 | ||||||||||||||||||
Dollars: | ||||||||||||||||||
Sold | $ | 6,643 | $ | 19,023 | $ | 139,562 | $ | 1,540 | $ | 1,368 | $ | 10,015 | $ | 6,710 | $ | 14,967 | ||
Reinvested | 7,687 | 81,851 | 262,927 | 1,509 | 1,703 | 10,746 | 8,490 | 18,800 | ||||||||||
Redeemed | (7,966 | ) | (57,535) | (399,723) | (6,145 | ) | (3,837 | ) | (24,081 | ) | (33,787 | ) | (41,119 | ) | ||||
Net Increase (Decrease) | $ | 6,364 | $ | 43,339 | $ | 2,766 | $ | (3,096 | ) $ | (766 | ) $ | (3,320 | ) $ | (18,587 | ) $ | (7,352 | ) | |
Shares: | ||||||||||||||||||
Sold | 483 | 1,392 | 10,507 | 112 | 102 | 736 | 472 | 1,097 | ||||||||||
Reinvested | 598 | 6,405 | 20,511 | 119 | 133 | 843 | 643 | 1,468 | ||||||||||
Redeemed | (584 | ) | (4,194 | ) | (30,236 | ) | (451 | ) | (283 | ) | (1,762 | ) | (2,421 | ) | (3,009 | ) | ||
Net Increase (Decrease) | 497 | 3,603 | 782 | (220 | ) | (48 | ) | (183 | ) | (1,306 | ) | (444 | ) | |||||
Year EndedOctober 31, 2018 | ||||||||||||||||||
Dollars: | ||||||||||||||||||
Sold | $ | 20,146 | $ | 58,746 | $ | 192,700 | $ | 2,628 | $ | 4,909 | $ | 24,277 | $ | 23,132 | $ | 49,152 | ||
Reinvested | 6,881 | 68,490 | 254,694 | 1,582 | 2,064 | 11,012 | 8,386 | 16,131 | ||||||||||
Redeemed | (43,063) | (122,908) | (1,037,436) | (11,216 | ) | (23,236 | ) | (79,115 | ) | (64,884 | ) | (76,067 | ) | |||||
Net Increase (Decrease) | $ | (16,036 | ) $ | 4,328 | $ (590,042) $ | (7,006 | ) $ | (16,263 | ) $ | (43,826 | ) $ | (33,366 | ) $ | (10,784 | ) | |||
Shares: | ||||||||||||||||||
Sold | 1,348 | 3,922 | 12,834 | 177 | 330 | 1,627 | 1,504 | 3,282 | ||||||||||
Reinvested | 460 | 4,608 | 17,082 | 107 | 139 | 742 | 547 | 1,083 | ||||||||||
Redeemed | (2,876 | ) | (8,245 | ) | (69,710 | ) | (755 | ) | (1,545 | ) | (5,301 | ) | (4,207 | ) | (5,083 | ) | ||
Net Increase (Decrease) | (1,068 | ) | 285 | (39,794 | ) | (471 | ) | (1,076 | ) | (2,932 | ) | (2,156 | ) | (718 | ) | |||
Distributions: | ||||||||||||||||||
Period EndedApril 30, 2019 | ||||||||||||||||||
From net investment income and net realized gain on | ||||||||||||||||||
investments | $ | (8,041 | ) $ | (81,858) | $ (262,937) $ | (1,509 | ) $ | (1,707 | ) $ | (10,753 | ) $ | (8,490 | ) $ | (18,800 | ) | |||
Total Dividends and Distributions | $ | (8,041 | ) $ | (81,858) | $ (262,937) $ | (1,509 | ) $ | (1,707 | ) $ | (10,753 | ) $ | (8,490 | ) $ | (18,800 | ) | |||
Year Ended October 31, 2018 | ||||||||||||||||||
From net investment income and net realized gain on | ||||||||||||||||||
investments | $ | (7,177 | ) $ | (68,494) | $ (254,694) $ | (1,582 | ) $ | (2,066 | ) $ | (11,015 | ) $ | (8,386 | ) $ | (16,132 | ) | |||
Total Dividends and Distributions | $ | (7,177 | ) $ | (68,494) | $ (254,694) $ | (1,582 | ) $ | (2,066 | ) $ | (11,015 | ) $ | (8,386 | ) $ | (16,132 | ) |
See accompanying notes.
12
Statement of Changes in Net Assets | |||||||||||||||||
Principal Funds, Inc. | |||||||||||||||||
(unaudited) | |||||||||||||||||
Amounts in thousands | Principal LifeTime 2040 Fund | ||||||||||||||||
Period Ended | Year Ended | ||||||||||||||||
April 30, 2019 | October 31, 2018 | ||||||||||||||||
Operations | |||||||||||||||||
Net investment income (loss) | $ | 72,009 | $ | 99,154 | |||||||||||||
Net realized gain (loss) on investments . | 198,504 | 255,356 | |||||||||||||||
Net change in unrealized appreciation/depreciation of investments | 36,798 | (323,739 | ) | ||||||||||||||
Net Increase (Decrease) in Net Assets Resulting from Operations | 307,311 | 30,771 | |||||||||||||||
Dividends and Distributions to Shareholders | |||||||||||||||||
From net investment income and net realized gain on investments | (300,183 | ) | (261,727 | ) | |||||||||||||
Total Dividends and Distributions | (300,183 | ) | (261,727 | ) | |||||||||||||
Capital Share Transactions | |||||||||||||||||
Net increase (decrease) in capital share transactions | 70,724 | (515,797 | ) | ||||||||||||||
Total Increase (Decrease) in Net Assets | 77,852 | (746,753 | ) | ||||||||||||||
Net Assets | |||||||||||||||||
Beginning of period | 3,741,065 | 4,487,818 | |||||||||||||||
End of period | $ | 3,818,917 | $ | 3,741,065 | |||||||||||||
Class A | Class J | Institutional | R-1 | R-2 | R-3 | R-4 | R-5 | ||||||||||
Capital Share Transactions: | |||||||||||||||||
Period EndedApril 30, 2019 | |||||||||||||||||
Dollars: | |||||||||||||||||
Sold | $ | 4,486 | $ | 11,545 | $ 121,436 $ | 1,148 | $ | 1,610 | $ | 5,655 | $ | 5,632 | $ | 14,113 | |||
Reinvested | 6,760 | 56,074 | 205,005 | 1,399 | 1,534 | 7,931 | 7,013 | 14,270 | |||||||||
Redeemed | (5,998 | ) | (31,424) | (287,635) | (3,179 | ) | (2,659 | ) | (15,811 | ) | (22,650 | ) | (25,531 | ) | |||
Net Increase (Decrease) | $ | 5,248 | $ | 36,195 | $ | 38,806 | $ | (632 | ) $ | 485 | $ | (2,225 | ) $ | (10,005 | ) $ | 2,852 | |
Shares: | |||||||||||||||||
Sold | 314 | 792 | 8,554 | 80 | 113 | 393 | 393 | 993 | |||||||||
Reinvested | 513 | 4,208 | 15,237 | 105 | 115 | 598 | 528 | 1,066 | |||||||||
Redeemed | (422 | ) | (2,167 | ) | (20,608 | ) | (223 | ) | (184 | ) | (1,106 | ) | (1,620 | ) | (1,770 | ) | |
Net Increase (Decrease) | 405 | 2,833 | 3,183 | (38 | ) | 44 | (115 | ) | (699 | ) | 289 | ||||||
Year EndedOctober 31, 2018 | |||||||||||||||||
Dollars: | |||||||||||||||||
Sold | $ | 15,431 | $ | 35,349 | $ 145,680 $ | 2,694 | $ | 3,512 | $ | 13,062 | $ | 12,989 | $ | 38,479 | |||
Reinvested | 5,264 | 42,913 | 185,087 | 1,143 | 1,832 | 7,603 | 6,175 | 11,559 | |||||||||
Redeemed | (27,937 | ) | (68,770) | (771,348) | (6,264 | ) | (17,865 | ) | (51,729 | ) | (42,854 | ) | (57,802 | ) | |||
Net Increase (Decrease) | $ | (7,242 | ) $ | 9,492 | $ (440,581) $ | (2,427 | ) $ | (12,521 | ) $ | (31,064 | ) $ | (23,690 | ) $ | (7,764 | ) | ||
Shares: | |||||||||||||||||
Sold | 985 | 2,226 | 9,045 | 170 | 220 | 824 | 822 | 2,402 | |||||||||
Reinvested | 338 | 2,726 | 11,662 | 73 | 117 | 486 | 394 | 732 | |||||||||
Redeemed | (1,772 | ) | (4,323 | ) | (48,521 | ) | (395 | ) | (1,111 | ) | (3,270 | ) | (2,702 | ) | (3,621 | ) | |
Net Increase (Decrease) | (449 | ) | 629 | (27,814 | ) | (152 | ) | (774 | ) | (1,960 | ) | (1,486 | ) | (487 | ) | ||
Distributions: | |||||||||||||||||
Period EndedApril 30, 2019 | |||||||||||||||||
From net investment income and net realized gain on | |||||||||||||||||
investments | $ | (6,925 | ) $ | (56,095) | $ (205,006) $ | (1,399 | ) $ | (1,544 | ) $ | (7,931 | ) $ | (7,013 | ) $ | (14,270 | ) | ||
Total Dividends and Distributions | $ | (6,925 | ) $ | (56,095) | $ (205,006) $ | (1,399 | ) $ | (1,544 | ) $ | (7,931 | ) $ | (7,013 | ) $ | (14,270 | ) | ||
Year Ended October 31, 2018 | |||||||||||||||||
From net investment income and net realized gain on | |||||||||||||||||
investments | $ | (5,394 | ) $ | (42,924) | $ (185,087) $ | (1,143 | ) $ | (1,842 | ) $ | (7,603 | ) $ | (6,175 | ) $ | (11,559 | ) | ||
Total Dividends and Distributions | $ | (5,394 | ) $ | (42,924) | $ (185,087) $ | (1,143 | ) $ | (1,842 | ) $ | (7,603 | ) $ | (6,175 | ) $ | (11,559 | ) |
See accompanying notes.
13
Statement of Changes in Net Assets | |||||||||||||||||
Principal Funds, Inc. | |||||||||||||||||
(unaudited) | |||||||||||||||||
Amounts in thousands | Principal LifeTime 2050 Fund | ||||||||||||||||
Period Ended | Year Ended | ||||||||||||||||
April 30, 2019 | October 31, 2018 | ||||||||||||||||
Operations | |||||||||||||||||
Net investment income (loss) | $ | 41,809 | $ | 54,700 | |||||||||||||
Net realized gain (loss) on investments . | 127,547 | 138,760 | |||||||||||||||
Net change in unrealized appreciation/depreciation of investments | 20,333 | (175,766 | ) | ||||||||||||||
Net Increase (Decrease) in Net Assets Resulting from Operations | 189,689 | 17,694 | |||||||||||||||
Dividends and Distributions to Shareholders | |||||||||||||||||
From net investment income and net realized gain on investments | (162,841 | ) | (126,863 | ) | |||||||||||||
Total Dividends and Distributions | (162,841 | ) | (126,863 | ) | |||||||||||||
Capital Share Transactions | |||||||||||||||||
Net increase (decrease) in capital share transactions | 53,284 | (263,536 | ) | ||||||||||||||
Total Increase (Decrease) in Net Assets | 80,132 | (372,705 | ) | ||||||||||||||
Net Assets | |||||||||||||||||
Beginning of period | 2,179,138 | 2,551,843 | |||||||||||||||
End of period | $ | 2,259,270 | $ | 2,179,138 | |||||||||||||
Class A | Class J | Institutional | R-1 | R-2 | R-3 | R-4 | R-5 | ||||||||||
Capital Share Transactions: | |||||||||||||||||
Period EndedApril 30, 2019 | |||||||||||||||||
Dollars: | |||||||||||||||||
Sold | $ | 4,926 | $ | 5,700 | $109,560$ | 1,387 | $ | 1,318 | $ | 5,807 | $ | 3,822 | $ | 9,035 | |||
Reinvested | 5,135 | 16,590 | 122,336 | 898 | 1,017 | 4,886 | 3,535 | 8,350 | |||||||||
Redeemed | (12,745 | ) | (10,852) | (189,441) | (2,071 | ) | (1,742 | ) | (10,186 | ) | (8,281 | ) | (15,700 | ) | |||
Net Increase (Decrease) | $ | (2,684 | ) $ | 11,438 | $ | 42,455 | $ | 214 | $ | 593 | $ | 507 | $ | (924 | ) $ | 1,685 | |
Shares: | |||||||||||||||||
Sold | 337 | 398 | 7,764 | 96 | 92 | 402 | 265 | 625 | |||||||||
Reinvested | 383 | 1,278 | 9,149 | 68 | 77 | 370 | 266 | 627 | |||||||||
Redeemed | (865 | ) | (766 | ) | (13,538 | ) | (149 | ) | (120 | ) | (714 | ) | (589 | ) | (1,087 | ) | |
Net Increase (Decrease) | (145 | ) | 910 | 3,375 | 15 | 49 | 58 | (58 | ) | 165 | |||||||
Year EndedOctober 31, 2018 | |||||||||||||||||
Dollars: | |||||||||||||||||
Sold | $ | 15,754 | $ | 16,190 | $ 136,702 $ | 2,524 | $ | 3,268 | $ | 11,447 | $ | 10,983 | $ | 33,882 | |||
Reinvested | 3,769 | 11,547 | 97,832 | 651 | 1,070 | 3,835 | 2,789 | 5,304 | |||||||||
Redeemed | (25,195 | ) | (26,628) | (472,065) | (4,969 | ) | (12,574 | ) | (27,112 | ) | (27,415 | ) | (25,125 | ) | |||
Net Increase (Decrease) | $ | (5,672 | ) $ | 1,109 | $ (237,531) $ | (1,794 | ) $ | (8,236 | ) $ | (11,830 | ) $ | (13,643 | ) $ | 14,061 | |||
Shares: | |||||||||||||||||
Sold | 981 | 1,038 | 8,525 | 160 | 206 | 724 | 691 | 2,118 | |||||||||
Reinvested | 237 | 750 | 6,184 | 42 | 68 | 245 | 178 | 336 | |||||||||
Redeemed | (1,574 | ) | (1,710 | ) | (29,706 | ) | (315 | ) | (782 | ) | (1,722 | ) | (1,726 | ) | (1,570 | ) | |
Net Increase (Decrease) | (356 | ) | 78 | (14,997 | ) | (113 | ) | (508 | ) | (753 | ) | (857 | ) | 884 | |||
Distributions: | |||||||||||||||||
Period EndedApril 30, 2019 | |||||||||||||||||
From net investment income and net realized gain on | |||||||||||||||||
investments | $ | (5,214 | ) $ | (16,590) | $ (122,346) $ | (898 | ) $ | (1,022 | ) $ | (4,886 | ) $ | (3,535 | ) $ | (8,350 | ) | ||
Total Dividends and Distributions | $ | (5,214 | ) $ | (16,590) | $ (122,346) $ | (898 | ) $ | (1,022 | ) $ | (4,886 | ) $ | (3,535 | ) $ | (8,350 | ) | ||
Year Ended October 31, 2018 | |||||||||||||||||
From net investment income and net realized gain on | |||||||||||||||||
investments | $ | (3,828 | ) $ | (11,550 | ) $ | (97,832 | ) $ | (651 | ) $ | (1,071 | ) $ | (3,838 | ) $ | (2,789 | ) $ | (5,304 | ) |
Total Dividends and Distributions | $ | (3,828 | ) $ | (11,550 | ) $ | (97,832 | ) $ | (651 | ) $ | (1,071 | ) $ | (3,838 | ) $ | (2,789 | ) $ | (5,304 | ) |
See accompanying notes.
14
Statement of Changes in Net Assets | |||||||||||||||||
Principal Funds, Inc. | |||||||||||||||||
(unaudited) | |||||||||||||||||
Principal LifeTime Strategic Income | |||||||||||||||||
Amounts in thousands | Fund | ||||||||||||||||
Period Ended | Year Ended | ||||||||||||||||
April 30, 2019 | October 31, 2018 | ||||||||||||||||
Operations | |||||||||||||||||
Net investment income (loss) | $ | 8,301 | $ | 13,708 | |||||||||||||
Net realized gain (loss) on investments . | 7,159 | 20,259 | |||||||||||||||
Net change in unrealized appreciation/depreciation of investments | 7,294 | (37,359 | ) | ||||||||||||||
Net Increase (Decrease) in Net Assets Resulting from Operations | 22,754 | (3,392 | ) | ||||||||||||||
Dividends and Distributions to Shareholders | |||||||||||||||||
From net investment income and net realized gain on investments | (30,084 | ) | (25,464 | ) | |||||||||||||
Total Dividends and Distributions | (30,084 | ) | (25,464 | ) | |||||||||||||
Capital Share Transactions | |||||||||||||||||
Net increase (decrease) in capital share transactions | (17,264 | ) | (111,083 | ) | |||||||||||||
Total Increase (Decrease) in Net Assets | (24,594 | ) | (139,939 | ) | |||||||||||||
Net Assets | |||||||||||||||||
Beginning of period | 437,492 | 577,431 | |||||||||||||||
End of period | $ | 412,898 | $ | 437,492 | |||||||||||||
Class A | Class J | Institutional | R-1 | R-2 | R-3 | R-4 | R-5 | ||||||||||
Capital Share Transactions: | |||||||||||||||||
Period EndedApril 30, 2019 | |||||||||||||||||
Dollars: | |||||||||||||||||
Sold | $ | 612 | $ | 1,516 | $ | 17,875 | $ | 157 | $ | 204 | $ | 2,423 | $ | 1,217 | $ | 1,529 | |
Reinvested | 1,098 | 4,607 | 20,824 | 191 | 262 | 1,197 | 515 | 1,351 | |||||||||
Redeemed | (1,108 | ) | (5,324 | ) | (50,877 | ) | (653 | ) | (134 | ) | (6,886 | ) | (2,001 | ) | (5,859 | ) | |
Net Increase (Decrease) | $ | 602 | $ | 799 | $ | (12,178 | ) $ | (305 | ) $ | 332 | $ | (3,266 | ) $ | (269 | ) $ | (2,979 | ) |
Shares: | |||||||||||||||||
Sold | 51 | 130 | 1,548 | 14 | 18 | 211 | 105 | 129 | |||||||||
Reinvested | 96 | 409 | 1,841 | 17 | 23 | 107 | 46 | 119 | |||||||||
Redeemed | (94 | ) | (457 | ) | (4,398 | ) | (55 | ) | (12 | ) | (602 | ) | (172 | ) | (505 | ) | |
Net Increase (Decrease) | 53 | 82 | (1,009 | ) | (24 | ) | 29 | (284 | ) | (21 | ) | (257 | ) | ||||
Year EndedOctober 31, 2018 | |||||||||||||||||
Dollars: | |||||||||||||||||
Sold | $ | 2,406 | $ | 2,298 | $ | 28,107 | $ | 441 | $ | 510 | $ | 4,531 | $ | 2,292 | $ | 5,122 | |
Reinvested | 749 | 3,476 | 18,453 | 133 | 167 | 921 | 470 | 1,074 | |||||||||
Redeemed | (6,629 | ) | (12,883) | (135,664) | (669 | ) | (802 | ) | (9,145 | ) | (5,459 | ) | (10,982 | ) | |||
Net Increase (Decrease) | $ | (3,474 | ) $ | (7,109 | ) $ | (89,104 | ) $ | (95 | ) $ | (125 | ) $ | (3,693 | ) $ | (2,697 | ) $ | (4,786 | ) |
Shares: | |||||||||||||||||
Sold | 193 | 185 | 2,266 | 35 | 41 | 370 | 186 | 415 | |||||||||
Reinvested | 59 | 280 | 1,480 | 11 | 14 | 74 | 38 | 86 | |||||||||
Redeemed | (524 | ) | (1,046 | ) | (10,959 | ) | (54 | ) | (65 | ) | (743 | ) | (444 | ) | (884 | ) | |
Net Increase (Decrease) | (272 | ) | (581 | ) | (7,213 | ) | (8 | ) | (10 | ) | (299 | ) | (220 | ) | (383 | ) | |
Distributions: | |||||||||||||||||
Period EndedApril 30, 2019 | |||||||||||||||||
From net investment income and net realized gain on | |||||||||||||||||
investments | $ | (1,124 | ) $ | (4,615 | ) $ | (20,829 | ) $ | (191 | ) $ | (262 | ) $ | (1,197 | ) $ | (515 | ) $ | (1,351 | ) |
Total Dividends and Distributions | $ | (1,124 | ) $ | (4,615 | ) $ | (20,829 | ) $ | (191 | ) $ | (262 | ) $ | (1,197 | ) $ | (515 | ) $ | (1,351 | ) |
Year Ended October 31, 2018 | |||||||||||||||||
From net investment income and net realized gain on | |||||||||||||||||
investments | $ | (764 | ) $ | (3,478 | ) $ | (18,456 | ) $ | (133 | ) $ | (168 | ) $ | (921 | ) $ | (470 | ) $ | (1,074 | ) |
Total Dividends and Distributions | $ | (764 | ) $ | (3,478 | ) $ | (18,456 | ) $ | (133 | ) $ | (168 | ) $ | (921 | ) $ | (470 | ) $ | (1,074 | ) |
See accompanying notes.
15
Statement of Changes in Net Assets | |||||||||||||||||||
Principal Funds, Inc. | |||||||||||||||||||
(unaudited) | |||||||||||||||||||
Amounts in thousands | SAM Balanced Portfolio | ||||||||||||||||||
Period Ended | Year Ended | ||||||||||||||||||
April 30, 2019 | October 31, 2018 | ||||||||||||||||||
Operations | |||||||||||||||||||
Net investment income (loss) | $ | 62,494 | $ | 106,259 | |||||||||||||||
Net realized gain (loss) on investments . | 98,853 | 353,051 | |||||||||||||||||
Net change in unrealized appreciation/depreciation of investments | 160,844 | (450,593 | ) | ||||||||||||||||
Net Increase (Decrease) in Net Assets Resulting from Operations | 322,191 | 8,717 | |||||||||||||||||
Dividends and Distributions to Shareholders | |||||||||||||||||||
From net investment income and net realized gain on investments | (365,524 | ) | (341,973 | ) | |||||||||||||||
Total Dividends and Distributions | (365,524 | ) | (341,973 | ) | |||||||||||||||
Capital Share Transactions | |||||||||||||||||||
Net increase (decrease) in capital share transactions | 147,341 | (94,656 | ) | ||||||||||||||||
Total Increase (Decrease) in Net Assets | 104,008 | (427,912 | ) | ||||||||||||||||
Net Assets | |||||||||||||||||||
Beginning of period | 4,458,763 | 4,886,675 | |||||||||||||||||
End of period | $ | 4,562,771 | $ | 4,458,763 | |||||||||||||||
Class A | Class C | Class J | Institutional | R-1 | R-2 | R-3 | R-4 | R-5 | |||||||||||
Capital Share Transactions: | |||||||||||||||||||
Period EndedApril 30, 2019 | |||||||||||||||||||
Dollars: | |||||||||||||||||||
Sold | $ | 268,567 | $ | 18,599 | $ | 43,305 | $ | 63,311 | $ | 243 | $ | 79 | $ | 1,592 | $ | 2,336 | $ | 3,515 | |
Reinvested | 156,808 | 50,064 | 87,868 | 60,855 | 264 | 265 | 2,272 | 1,846 | 3,051 | ||||||||||
Redeemed | (173,224) | (285,265) | (70,799 | ) | (69,811 | ) | (230 | ) | (526 | ) | (6,244 | ) | (7,039 | ) | (4,361 | ) | |||
Net Increase (Decrease) | $ | 252,151 | $ (216,602) $ | 60,374 | $ | 54,355 | $ | 277 | $ | (182 | ) $ | (2,380 | ) $ | (2,857 | ) $ | 2,205 | |||
Shares: | |||||||||||||||||||
Sold | 18,723 | 1,273 | 3,031 | 4,360 | 17 | 5 | 111 | 167 | 236 | ||||||||||
Reinvested | 11,273 | 3,670 | 6,547 | 4,448 | 19 | 20 | 167 | 135 | 223 | ||||||||||
Redeemed | (11,768 | ) | (20,202 | ) | (4,963 | ) | (4,804 | ) | (16 | ) | (36 | ) | (440 | ) | (493 | ) | (299 | ) | |
Net Increase (Decrease) | 18,228 | (15,259 | ) | 4,615 | 4,004 | 20 | (11 | ) | (162 | ) | (191 | ) | 160 | ||||||
Year EndedOctober 31, 2018 | |||||||||||||||||||
Dollars: | |||||||||||||||||||
Sold | $ | 133,692 | $ | 58,494 | $ | 91,186 | $ | 88,862 | $ | 755 | $ | 448 | $ | 3,957 | $ | 5,134 | $ | 5,325 | |
Reinvested | 144,785 | 46,150 | 81,484 | 58,158 | 207 | 257 | 2,249 | 2,134 | 4,000 | ||||||||||
Redeemed | (298,510) | (144,555) | (166,205) | (158,209) | (1,251 | ) | (783 | ) | (8,813 | ) | (15,062 | ) | (28,545 | ) | |||||
Net Increase (Decrease) | $ | (20,033 | ) $ | (39,911 | ) $ | 6,465 | $ | (11,189 | ) $ | (289 | ) $ | (78 | ) $ | (2,607 | ) $ | (7,794 | ) $ | (19,220 | ) |
Shares: | |||||||||||||||||||
Sold | 8,289 | 3,678 | 5,839 | 5,608 | 48 | 28 | 250 | 326 | 338 | ||||||||||
Reinvested | 9,022 | 2,920 | 5,248 | 3,681 | 13 | 16 | 143 | 135 | 253 | ||||||||||
Redeemed | (18,506 | ) | (9,113 | ) | (10,683 | ) | (9,979 | ) | (78 | ) | (49 | ) | (560 | ) | (953 | ) | (1,817 | ) | |
Net Increase (Decrease) | (1,195 | ) | (2,515 | ) | 404 | (690 | ) | (17 | ) | (5 | ) | (167 | ) | (492 | ) | (1,226 | ) | ||
Distributions: | |||||||||||||||||||
Period EndedApril 30, 2019 | |||||||||||||||||||
From net investment income and net realized | |||||||||||||||||||
gain on investments | $ (158,610) $ | (50,248 | ) $ | (87,991 | ) $ | (60,977 | ) $ | (264 | ) $ | (265 | ) $ | (2,272 | ) $ | (1,846 | ) $ | (3,051 | ) | ||
Total Dividends and Distributions | $ (158,610) $ | (50,248 | ) $ | (87,991 | ) $ | (60,977 | ) $ | (264 | ) $ | (265 | ) $ | (2,272 | ) $ | (1,846 | ) $ | (3,051 | ) | ||
Year Ended October 31, 2018 | |||||||||||||||||||
From net investment income and net realized | |||||||||||||||||||
gain on investments | $ (146,780) $ | (46,449 | ) $ | (81,645 | ) $ | (58,252 | ) $ | (207 | ) $ | (257 | ) $ | (2,249 | ) $ | (2,134 | ) $ | (4,000 | ) | ||
Total Dividends and Distributions | $ (146,780) $ | (46,449 | ) $ | (81,645 | ) $ | (58,252 | ) $ | (207 | ) $ | (257 | ) $ | (2,249 | ) $ | (2,134 | ) $ | (4,000 | ) |
See accompanying notes.
16
Statement of Changes in Net Assets | |||||||||||||||||||
Principal Funds, Inc. | |||||||||||||||||||
(unaudited) | |||||||||||||||||||
Amounts in thousands | SAM Conservative Balanced Portfolio | ||||||||||||||||||
Period Ended | Year Ended | ||||||||||||||||||
April 30, 2019 | October 31, 2018 | ||||||||||||||||||
Operations | |||||||||||||||||||
Net investment income (loss) | $ | 25,733 | $ | 44,539 | |||||||||||||||
Net realized gain (loss) on investments . | 23,379 | 85,752 | |||||||||||||||||
Net change in unrealized appreciation/depreciation of investments | 52,447 | (137,727 | ) | ||||||||||||||||
Net Increase (Decrease) in Net Assets Resulting from Operations | 101,559 | (7,436 | ) | ||||||||||||||||
Dividends and Distributions to Shareholders | |||||||||||||||||||
From net investment income and net realized gain on investments | (101,493 | ) | (88,557 | ) | |||||||||||||||
Total Dividends and Distributions | (101,493 | ) | (88,557 | ) | |||||||||||||||
Capital Share Transactions | |||||||||||||||||||
Net increase (decrease) in capital share transactions | 10,203 | (37,055 | ) | ||||||||||||||||
Total Increase (Decrease) in Net Assets | 10,269 | (133,048 | ) | ||||||||||||||||
Net Assets | |||||||||||||||||||
Beginning of period | 1,673,696 | 1,806,744 | |||||||||||||||||
End of period | $ | 1,683,965 | $ | 1,673,696 | |||||||||||||||
Class A | Class C | Class J | Institutional | R-1 | R-2 | R-3 | R-4 | R-5 | |||||||||||
Capital Share Transactions: | |||||||||||||||||||
Period EndedApril 30, 2019 | |||||||||||||||||||
Dollars: | |||||||||||||||||||
Sold | $ | 79,999 | $ | 9,887 | $ | 39,906 | $ | 33,808 | $ | 266 | $ | 39 | $ | 1,347 | $ | 6,071 | $ | 1,531 | |
Reinvested | 29,130 | 12,622 | 38,096 | 18,046 | 139 | 25 | 733 | 1,222 | 1,026 | ||||||||||
Redeemed | (44,569 | ) | (81,321 | ) | (45,295 | ) | (85,691 | ) | (291 | ) | (37 | ) | (673 | ) | (3,172 | ) | (2,641 | ) | |
Net Increase (Decrease) | $ | 64,560 | $ | (58,812 | ) $ | 32,707 | $ | (33,837 | ) $ | 114 | $ | 27 | $ | 1,407 | $ | 4,121 | $ | (84 | ) |
Shares: | |||||||||||||||||||
Sold | 7,070 | 877 | 3,510 | 2,932 | 24 | 4 | 118 | 544 | 134 | ||||||||||
Reinvested | 2,629 | 1,156 | 3,487 | 1,646 | 13 | 2 | 67 | 111 | 94 | ||||||||||
Redeemed | (3,878 | ) | (7,268 | ) | (3,985 | ) | (7,470 | ) | (26 | ) | (3 | ) | (59 | ) | (279 | ) | (230 | ) | |
Net Increase (Decrease) | 5,821 | (5,235 | ) | 3,012 | (2,892 | ) | 11 | 3 | 126 | 376 | (2 | ) | |||||||
Year EndedOctober 31, 2018 | |||||||||||||||||||
Dollars: | |||||||||||||||||||
Sold | $ | 57,361 | $ | 23,975 | $ | 95,561 | $ | 31,379 | $ | 834 | $ | 134 | $ | 3,203 | $ | 5,911 | $ | 5,955 | |
Reinvested | 25,070 | 10,538 | 32,533 | 16,780 | 123 | 28 | 581 | 1,049 | 1,266 | ||||||||||
Redeemed | (98,804 | ) | (47,849) | (108,004) | (66,750 | ) | (1,637 | ) | (279 | ) | (3,977 | ) | (6,567 | ) | (15,469 | ) | |||
Net Increase (Decrease) | $ | (16,373 | ) $ | (13,336 | ) $ | 20,090 | $ | (18,591 | ) $ | (680 | ) $ | (117 | ) $ | (193 | ) $ | 393 | $ | (8,248 | ) |
Shares: | |||||||||||||||||||
Sold | 4,679 | 1,977 | 7,889 | 2,596 | 69 | 11 | 266 | 483 | 495 | ||||||||||
Reinvested | 2,043 | 867 | 2,687 | 1,381 | 10 | 2 | 48 | 86 | 104 | ||||||||||
Redeemed | (8,068 | ) | (3,953 | ) | (8,942 | ) | (5,505 | ) | (135 | ) | (23 | ) | (329 | ) | (542 | ) | (1,284 | ) | |
Net Increase (Decrease) | (1,346 | ) | (1,109 | ) | 1,634 | (1,528 | ) | (56 | ) | (10 | ) | (15 | ) | 27 | (685 | ) | |||
Distributions: | |||||||||||||||||||
Period EndedApril 30, 2019 | |||||||||||||||||||
From net investment income and net realized | |||||||||||||||||||
gain on investments | $ | (29,431 | ) $ | (12,706 | ) $ | (38,142 | ) $ | (18,067 | ) $ | (139 | ) $ | (27 | ) $ | (733 | ) $ | (1,222 | ) $ | (1,026 | ) |
Total Dividends and Distributions | $ | (29,431 | ) $ | (12,706 | ) $ | (38,142 | ) $ | (18,067 | ) $ | (139 | ) $ | (27 | ) $ | (733 | ) $ | (1,222 | ) $ | (1,026 | ) |
Year Ended October 31, 2018 | |||||||||||||||||||
From net investment income and net realized | |||||||||||||||||||
gain on investments | $ | (25,522 | ) $ | (10,628 | ) $ | (32,562 | ) $ | (16,797 | ) $ | (123 | ) $ | (29 | ) $ | (581 | ) $ | (1,049 | ) $ | (1,266 | ) |
Total Dividends and Distributions | $ | (25,522 | ) $ | (10,628 | ) $ | (32,562 | ) $ | (16,797 | ) $ | (123 | ) $ | (29 | ) $ | (581 | ) $ | (1,049 | ) $ | (1,266 | ) |
See accompanying notes.
17
Statement of Changes in Net Assets | |||||||||||||||||||
Principal Funds, Inc. | |||||||||||||||||||
(unaudited) | |||||||||||||||||||
Amounts in thousands | SAM Conservative Growth Portfolio | ||||||||||||||||||
Period Ended | Year Ended | ||||||||||||||||||
April 30, 2019 | October 31, 2018 | ||||||||||||||||||
Operations | |||||||||||||||||||
Net investment income (loss) | $ | 36,803 | $ | 66,257 | |||||||||||||||
Net realized gain (loss) on investments . | 76,852 | 347,178 | |||||||||||||||||
Net change in unrealized appreciation/depreciation of investments | 131,693 | (401,039 | ) | ||||||||||||||||
Net Increase (Decrease) in Net Assets Resulting from Operations | 245,348 | 12,396 | |||||||||||||||||
Dividends and Distributions to Shareholders | |||||||||||||||||||
From net investment income and net realized gain on investments | (356,537 | ) | (262,357 | ) | |||||||||||||||
Total Dividends and Distributions | (356,537 | ) | (262,357 | ) | |||||||||||||||
Capital Share Transactions | |||||||||||||||||||
Net increase (decrease) in capital share transactions | 195,663 | (6,417 | ) | ||||||||||||||||
Total Increase (Decrease) in Net Assets | 84,474 | (256,378 | ) | ||||||||||||||||
Net Assets | |||||||||||||||||||
Beginning of period | 2,973,041 | 3,229,419 | |||||||||||||||||
End of period | $ | 3,057,515 | $ | 2,973,041 | |||||||||||||||
Class A | Class C | Class J | Institutional | R-1 | R-2 | R-3 | R-4 | R-5 | |||||||||||
Capital Share Transactions: | |||||||||||||||||||
Period EndedApril 30, 2019 | |||||||||||||||||||
Dollars: | |||||||||||||||||||
Sold | $ | 249,149 | $ | 14,971 | $ | 17,637 | $ | 27,288 | $ | 43 | $ | 106 | $ | 1,361 | $ | 3,164 | $ | 3,665 | |
Reinvested | 166,193 | 56,642 | 67,962 | 55,742 | 131 | 163 | 2,562 | 1,315 | 3,103 | ||||||||||
Redeemed | (120,885) | (253,991) | (34,982 | ) | (51,264 | ) | (225 | ) | (125 | ) | (5,228 | ) | (3,769 | ) | (5,065 | ) | |||
Net Increase (Decrease) | $ | 294,457 | $ (182,378) $ | 50,617 | $ | 31,766 | $ | (51 | ) $ | 144 | $ | (1,305 | ) $ | 710 | $ | 1,703 | |||
Shares: | |||||||||||||||||||
Sold | 15,930 | 1,008 | 1,103 | 1,731 | 3 | 7 | 85 | 212 | 224 | ||||||||||
Reinvested | 11,044 | 4,101 | 4,697 | 3,792 | 9 | 11 | 177 | 90 | 212 | ||||||||||
Redeemed | (7,424 | ) | (17,589 | ) | (2,222 | ) | (3,220 | ) | (15 | ) | (8 | ) | (346 | ) | (242 | ) | (314 | ) | |
Net Increase (Decrease) | 19,550 | (12,480 | ) | 3,578 | 2,303 | (3 | ) | 10 | (84 | ) | 60 | 122 | |||||||
Year EndedOctober 31, 2018 | |||||||||||||||||||
Dollars: | |||||||||||||||||||
Sold | $ | 97,666 | $ | 42,419 | $ | 49,829 | $ | 41,955 | $ | 288 | $ | 148 | $ | 5,082 | $ | 3,413 | $ | 7,361 | |
Reinvested | 121,339 | 41,609 | 48,438 | 42,212 | 176 | 166 | 1,651 | 1,254 | 3,272 | ||||||||||
Redeemed | (212,550) | (96,872 | ) | (77,014 | ) | (90,349 | ) | (2,324 | ) | (937 | ) | (3,507 | ) | (8,445 | ) | (22,697 | ) | ||
Net Increase (Decrease) | $ | 6,455 | $ | (12,844 | ) $ | 21,253 | $ | (6,182 | ) $ | (1,860 | ) $ | (623 | ) $ | 3,226 | $ | (3,778 | ) $ | (12,064 | ) |
Shares: | |||||||||||||||||||
Sold | 5,283 | 2,453 | 2,770 | 2,299 | 17 | 8 | 283 | 187 | 411 | ||||||||||
Reinvested | 6,603 | 2,439 | 2,728 | 2,345 | 10 | 9 | 93 | 70 | 183 | ||||||||||
Redeemed | (11,437 | ) | (5,609 | ) | (4,296 | ) | (4,973 | ) | (128 | ) | (51 | ) | (198 | ) | (471 | ) | (1,270 | ) | |
Net Increase (Decrease) | 449 | (717 | ) | 1,202 | (329 | ) | (101 | ) | (34 | ) | 178 | (214 | ) | (676 | ) | ||||
Distributions: | |||||||||||||||||||
Period EndedApril 30, 2019 | |||||||||||||||||||
From net investment income and net realized | |||||||||||||||||||
gain on investments | $ (168,250) $ | (56,924 | ) $ | (68,017 | ) $ | (56,072 | ) $ | (131 | ) $ | (163 | ) $ | (2,562 | ) $ | (1,315 | ) $ | (3,103 | ) | ||
Total Dividends and Distributions | $ (168,250) $ | (56,924 | ) $ | (68,017 | ) $ | (56,072 | ) $ | (131 | ) $ | (163 | ) $ | (2,562 | ) $ | (1,315 | ) $ | (3,103 | ) | ||
Year Ended October 31, 2018 | |||||||||||||||||||
From net investment income and net realized | |||||||||||||||||||
gain on investments | $ (123,029) $ | (41,951 | ) $ | (48,472 | ) $ | (42,385 | ) $ | (176 | ) $ | (167 | ) $ | (1,651 | ) $ | (1,254 | ) $ | (3,272 | ) | ||
Total Dividends and Distributions | $ (123,029) $ | (41,951 | ) $ | (48,472 | ) $ | (42,385 | ) $ | (176 | ) $ | (167 | ) $ | (1,651 | ) $ | (1,254 | ) $ | (3,272 | ) |
See accompanying notes.
18
Statement of Changes in Net Assets | |||||||||||||||||||
Principal Funds, Inc. | |||||||||||||||||||
(unaudited) | |||||||||||||||||||
Amounts in thousands | SAM Flexible Income Portfolio | ||||||||||||||||||
Period Ended | Year Ended | ||||||||||||||||||
April 30, 2019 | October 31, 2018 | ||||||||||||||||||
Operations | |||||||||||||||||||
Net investment income (loss) | $ | 40,238 | $ | 74,720 | |||||||||||||||
Net realized gain (loss) on investments . | 8,391 | 109,300 | |||||||||||||||||
Net change in unrealized appreciation/depreciation of investments | 92,729 | (190,908 | ) | ||||||||||||||||
Net Increase (Decrease) in Net Assets Resulting from Operations | 141,358 | (6,888 | ) | ||||||||||||||||
Dividends and Distributions to Shareholders | |||||||||||||||||||
From net investment income and net realized gain on investments | (141,372 | ) | (93,151 | ) | |||||||||||||||
Total Dividends and Distributions | (141,372 | ) | (93,151 | ) | |||||||||||||||
Capital Share Transactions | |||||||||||||||||||
Net increase (decrease) in capital share transactions | 47,954 | (91,321 | ) | ||||||||||||||||
Total Increase (Decrease) in Net Assets | 47,940 | (191,360 | ) | ||||||||||||||||
Net Assets | |||||||||||||||||||
Beginning of period | 2,567,343 | 2,758,703 | |||||||||||||||||
End of period | $ | 2,615,283 | $ | 2,567,343 | |||||||||||||||
Class A | Class C | Class J | Institutional | R-1 | R-2 | R-3 | R-4 | R-5 | |||||||||||
Capital Share Transactions: | |||||||||||||||||||
Period EndedApril 30, 2019 | |||||||||||||||||||
Dollars: | |||||||||||||||||||
Sold | $ | 134,183 | $ | 15,380 | $ | 54,568 | $ | 32,321 | $ | 682 | $ | 145 | $ | 648 | $ | 1,220 | $ | 1,043 | |
Reinvested | 50,047 | 16,209 | 60,998 | 11,799 | 89 | 50 | 278 | 289 | 596 | ||||||||||
Redeemed | (109,193) | (84,923 | ) | (91,048 | ) | (38,977 | ) | (149 | ) | (10 | ) | (1,034 | ) | (2,239 | ) | (5,018 | ) | ||
Net Increase (Decrease) | $ | 75,037 | $ | (53,334 | ) $ | 24,518 | $ | 5,143 | $ | 622 | $ | 185 | $ | (108 | ) $ | (730 | ) $ | (3,379 | ) |
Shares: | |||||||||||||||||||
Sold | 11,393 | 1,308 | 4,642 | 2,751 | 57 | 12 | 55 | 103 | 89 | ||||||||||
Reinvested | 4,335 | 1,424 | 5,329 | 1,025 | 8 | 5 | 24 | 25 | 52 | ||||||||||
Redeemed | (9,207 | ) | (7,327 | ) | (7,775 | ) | (3,307 | ) | (13 | ) | (1 | ) | (88 | ) | (191 | ) | (431 | ) | |
Net Increase (Decrease) | 6,521 | (4,595 | ) | 2,196 | 469 | 52 | 16 | (9 | ) | (63 | ) | (290 | ) | ||||||
Year EndedOctober 31, 2018 | |||||||||||||||||||
Dollars: | |||||||||||||||||||
Sold | $ | 176,014 | $ | 42,278 | $ | 114,682 | $ | 48,626 | $ | 781 | $ | 311 | $ | 972 | $ | 1,653 | $ | 1,870 | |
Reinvested | 32,629 | 9,368 | 41,517 | 7,960 | 45 | 20 | 182 | 184 | 515 | ||||||||||
Redeemed | (236,935) | (77,067) | (198,345) | (47,487 | ) | (623 | ) | (148 | ) | (1,617 | ) | (2,008 | ) | (6,698 | ) | ||||
Net Increase (Decrease) | $ | (28,292 | ) $ | (25,421 | ) $ | (42,146 | ) $ | 9,099 | $ | 203 | $ | 183 | $ | (463 | ) $ | (171 | ) $ | (4,313 | ) |
Shares: | |||||||||||||||||||
Sold | 14,197 | 3,445 | 9,310 | 3,937 | 64 | 25 | 80 | 135 | 151 | ||||||||||
Reinvested | 2,628 | 761 | 3,373 | 644 | 4 | 2 | 14 | 15 | 42 | ||||||||||
Redeemed | (19,134 | ) | (6,289 | ) | (16,137 | ) | (3,845 | ) | (50 | ) | (12 | ) | (131 | ) | (163 | ) | (544 | ) | |
Net Increase (Decrease) | (2,309 | ) | (2,083 | ) | (3,454 | ) | 736 | 17 | 15 | (37 | ) | (13 | ) | (351 | ) | ||||
Distributions: | |||||||||||||||||||
Period EndedApril 30, 2019 | |||||||||||||||||||
From net investment income and net realized | |||||||||||||||||||
gain on investments | $ | (50,451 | ) $ | (16,362 | ) $ | (61,167 | ) $ | (12,090 | ) $ | (89 | ) $ | (50 | ) $ | (278 | ) $ | (289 | ) $ | (596 | ) |
Total Dividends and Distributions | $ | (50,451 | ) $ | (16,362 | ) $ | (61,167 | ) $ | (12,090 | ) $ | (89 | ) $ | (50 | ) $ | (278 | ) $ | (289 | ) $ | (596 | ) |
Year Ended October 31, 2018 | |||||||||||||||||||
From net investment income and net realized | |||||||||||||||||||
gain on investments | $ | (33,037 | ) $ | (9,482 | ) $ | (41,603 | ) $ | (8,083 | ) $ | (45 | ) $ | (20 | ) $ | (182 | ) $ | (184 | ) $ | (515 | ) |
Total Dividends and Distributions | $ | (33,037 | ) $ | (9,482 | ) $ | (41,603 | ) $ | (8,083 | ) $ | (45 | ) $ | (20 | ) $ | (182 | ) $ | (184 | ) $ | (515 | ) |
See accompanying notes.
19
Statement of Changes in Net Assets | |||||||||||||||||||
Principal Funds, Inc. | |||||||||||||||||||
(unaudited) | |||||||||||||||||||
Amounts in thousands | SAM Strategic Growth Portfolio | ||||||||||||||||||
Period Ended | Year Ended | ||||||||||||||||||
April 30, 2019 | October 31, 2018 | ||||||||||||||||||
Operations | |||||||||||||||||||
Net investment income (loss) | $ | 20,263 | $ | 40,694 | |||||||||||||||
Net realized gain (loss) on investments . | 49,248 | 302,203 | |||||||||||||||||
Net change in unrealized appreciation/depreciation of investments | 99,734 | (354,289 | ) | ||||||||||||||||
Net Increase (Decrease) in Net Assets Resulting from Operations | 169,245 | (11,392 | ) | ||||||||||||||||
Dividends and Distributions to Shareholders | |||||||||||||||||||
From net investment income and net realized gain on investments | (303,856 | ) | (132,976 | ) | |||||||||||||||
Total Dividends and Distributions | (303,856 | ) | (132,976 | ) | |||||||||||||||
Capital Share Transactions | |||||||||||||||||||
Net increase (decrease) in capital share transactions | 212,197 | (22,194 | ) | ||||||||||||||||
Total Increase (Decrease) in Net Assets | 77,586 | (166,562 | ) | ||||||||||||||||
Net Assets | |||||||||||||||||||
Beginning of period | 1,814,881 | 1,981,443 | |||||||||||||||||
End of period | $ | 1,892,467 | $ | 1,814,881 | |||||||||||||||
Class A | Class C | Class J | Institutional | R-1 | R-2 | R-3 | R-4 | R-5 | |||||||||||
Capital Share Transactions: | |||||||||||||||||||
Period EndedApril 30, 2019 | |||||||||||||||||||
Dollars: | |||||||||||||||||||
Sold | $ | 153,368 | $ | 9,139 | $ | 14,106 | $ | 19,739 | $ | 59 | $ | 73 | $ | 683 | $ | 1,478 | $ | 1,776 | |
Reinvested | 153,600 | 48,567 | 49,165 | 43,611 | 100 | 375 | 1,740 | 2,219 | 2,556 | ||||||||||
Redeemed | (71,610) | (157,110) | (22,114 | ) | (29,602 | ) | (232 | ) | (44 | ) | (4,358 | ) | (3,019 | ) | (2,068 | ) | |||
Net Increase (Decrease) | $ | 235,358 | $ | (99,404 | ) $ | 41,157 | $ | 33,748 | $ | (73 | ) $ | 404 | $ | (1,935 | ) $ | 678 | $ | 2,264 | |
Shares: | |||||||||||||||||||
Sold | 9,298 | 583 | 847 | 1,191 | 3 | 4 | 44 | 92 | 100 | ||||||||||
Reinvested | 9,743 | 3,458 | 3,244 | 2,837 | 7 | 25 | 115 | 146 | 168 | ||||||||||
Redeemed | (4,138 | ) | (10,639 | ) | (1,319 | ) | (1,743 | ) | (14 | ) | (3 | ) | (266 | ) | (188 | ) | (119 | ) | |
Net Increase (Decrease) | 14,903 | (6,598 | ) | 2,772 | 2,285 | (4 | ) | 26 | (107 | ) | 50 | 149 | |||||||
Year EndedOctober 31, 2018 | |||||||||||||||||||
Dollars: | |||||||||||||||||||
Sold | $ | 55,482 | $ | 21,299 | $ | 23,866 | $ | 34,726 | $ | 417 | $ | 174 | $ | 1,778 | $ | 3,401 | $ | 4,039 | |
Reinvested | 66,557 | 20,996 | 21,650 | 19,347 | 74 | 161 | 797 | 1,053 | 1,243 | ||||||||||
Redeemed | (128,225) | (57,368 | ) | (46,373 | ) | (48,777 | ) | (1,915 | ) | (402 | ) | (3,166 | ) | (5,434 | ) | (7,594 | ) | ||
Net Increase (Decrease) | $ | (6,186 | ) $ | (15,073 | ) $ | (857 | ) $ | 5,296 | $ | (1,424 | ) $ | (67 | ) $ | (591 | ) $ | (980 | ) $ | (2,312 | ) |
Shares: | |||||||||||||||||||
Sold | 2,658 | 1,116 | 1,182 | 1,693 | 21 | 9 | 88 | 167 | 200 | ||||||||||
Reinvested | 3,208 | 1,112 | 1,078 | 954 | 4 | 8 | 40 | 52 | 62 | ||||||||||
Redeemed | (6,128 | ) | (3,008 | ) | (2,297 | ) | (2,389 | ) | (94 | ) | (20 | ) | (155 | ) | (269 | ) | (377 | ) | |
Net Increase (Decrease) | (262 | ) | (780 | ) | (37 | ) | 258 | (69 | ) | (3 | ) | (27 | ) | (50 | ) | (115 | ) | ||
Distributions: | |||||||||||||||||||
Period EndedApril 30, 2019 | |||||||||||||||||||
From net investment income and net realized | |||||||||||||||||||
gain on investments | $ (155,226) $ | (48,733 | ) $ | (49,174 | ) $ | (43,733 | ) $ | (100 | ) $ | (375 | ) $ | (1,740 | ) $ | (2,219 | ) $ | (2,556 | ) | ||
Total Dividends and Distributions | $ (155,226) $ | (48,733 | ) $ | (49,174 | ) $ | (43,733 | ) $ | (100 | ) $ | (375 | ) $ | (1,740 | ) $ | (2,219 | ) $ | (2,556 | ) | ||
Year Ended October 31, 2018 | |||||||||||||||||||
From net investment income and net realized | |||||||||||||||||||
gain on investments | $ | (67,496 | ) $ | (21,112 | ) $ | (21,651 | ) $ | (19,389 | ) $ | (74 | ) $ | (161 | ) $ | (797 | ) $ | (1,053 | ) $ | (1,243 | ) |
Total Dividends and Distributions | $ | (67,496 | ) $ | (21,112 | ) $ | (21,651 | ) $ | (19,389 | ) $ | (74 | ) $ | (161 | ) $ | (797 | ) $ | (1,053 | ) $ | (1,243 | ) |
See accompanying notes.
20
Notes to Financial Statements
Principal Funds, Inc.
April 30, 2019 (unaudited)
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 Principal LifeTime 2010 Fund, Principal LifeTime 2020 Fund, Principal LifeTime 2030 Fund, Principal LifeTime 2040 Fund, Principal LifeTime 2050 Fund, Principal LifeTime Strategic Income Fund (collectively, the “Principal LifeTime Funds”), SAM Balanced Portfolio, SAM Conservative Balanced Portfolio, SAM Conservative Growth Portfolio, SAM Flexible Income Portfolio, and SAM Strategic Growth Portfolio (collectively, the “SAM Portfolios”) (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-2, R-3, R-4, and R-5. Information presented in these financial statements pertains to Class A and Class C shares. Certain detailed financial information for Class J, Institutional, R-1, R-2, R-3, R-4, and R-5 classes of shares is provided separately.
Each of the Funds is an investment company and applies specialized accounting and reporting under Accounting Standards Codification 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.
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 invest in R-6 and Institutional shares of other series of the Fund, which are valued at the closing net asset value per share of each respective fund on the day of valuation. In addition, the SAM Portfolios invest in Principal Exchange-Traded Funds, which are valued at fair value. The Funds also invest in other publicly traded investment funds. Other publicly traded investment funds are valued at the respective fund’s net asset value. The shares of the other series of Principal Funds, Inc., Principal Exchange-Traded Funds and other publicly traded investment funds are referred to as the “Underlying Funds”.
Income and Investment Transactions.The Funds record 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 Funds record dividend income on the ex-dividend date. Interest income is recognized on an accrual basis. 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 Principal Global Investors, LLC (the “Manager”).
Management fees are allocated daily to each class of shares based upon the relative proportion of the value of shares outstanding of each class. Expenses specifically attributable to a particular class are charged directly to such class and are included separately in the statements of operations.
In addition to the expenses the Funds bear directly, each of the Funds may indirectly bear a pro rata share of the fees and expenses of the Underlying Funds in which they invest. Because the Underlying Funds have varied expense levels and each of the Funds may own different proportions of 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.
Distributions to Shareholders.Dividends and distributions to shareholders of the Funds 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 losses deferred due to wash sales. 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.
21
Notes to Financial Statements
Principal Funds, Inc.
April 30, 2019 (unaudited)
2. Significant Accounting Policies (continued)
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 endedApril 30, 2019, the Funds did not record any such tax benefit or expense in the accompanying financial statements. The statute of limitations remains open for the fiscal years from 2015-2017.
Recent Accounting Pronouncements.In August 2018, the Financial Accounting Standards Board issued Accounting Standards Update (“ASU”) No. 2018-13,Fair Value Measurement (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement,which amends and eliminates certain disclosure requirements for fair value as part of its framework project. The ASU is effective for annual and interim periods beginning after December 15, 2019. The early adoption of the removal or modification of disclosures and delay of adoption of the additional disclosures is permitted. As of October 31, 2018, the Funds have adopted the removal and modification of applicable disclosures.
3. Operating Policies
Borrowings.Pursuant to an exemptive order issued by the Securities and Exchange Commission, 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 higher of (i) the Federal Funds Rate or (ii) the One Month London Interbank Offered Rate (“LIBOR”) rate plus 1.00%). During theperiod endedApril 30, 2019, the Funds did not borrow from or loan to the Facility.
In addition, the Funds 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 $100 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 plus 1.00%. 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. During the period ended April 30, 2019, the Funds did not borrow against the line of credit.
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.
4. Fair Valuation
Fair value is defined as the price that the Funds 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 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.
22
Notes to Financial Statements
Principal Funds, Inc.
April 30, 2019 (unaudited)
4. Fair Valuation (continued)
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. The type of securities included in Level 1 includes 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, senior floating rate interests, municipal bonds 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, corporate bonds, mortgage backed securities 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.
For the period endedApril 30, 2019, 100% of the Funds’ investments were valued based on Level 1 inputs.
5. Management Agreement and Transactions with Affiliates
Management Services.Certain of the Funds have agreed to pay investment advisory and management fees to the Manager computed at an annual percentage rate of each fund’s average daily net assets. A portion of the management fee is paid by the Manager to the sub-advisor of each of the Funds, which are affiliates of the Manager. The annual rate paid by the SAM Portfolios is based upon the aggregate average daily net assets (“aggregate net assets”) of the SAM Portfolios. The investment advisory and management fee schedule for the SAM Portfolios is .35% of aggregate net assets up to $3 billion, .30% of the next $4 billion of aggregate net assets, .25% of the next $4 billion of aggregate net assets, .20% of the next $4 billion of aggregate net assets, and .18% of aggregate net assets over $15 billion. The Principal LifeTime Funds do not pay investment advisory and management fees.
In addition to the management fee, R-1, R-2, 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%, .25%, and .25% and the annual rates for the administrative service fee are .28%, .20%, .07%, .03%, and .01% for R-1, R-2, R-3, R-4, and R-5, respectively. Class A, Class C, and Institutional shares of the Funds reimburse Principal Shareholder Services, Inc. (the “Transfer Agent”) (wholly owned by the Manager) for transfer agent services. Class J shares pays 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 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 operating expense limits are as follows:
Period from November 1, 2018 throughApril 30, 2019 | ||||||
Class A | Class C | Class J | Institutional | Expiration | ||
PrincipalLifeTime2010 Fund | .38 | % | N/A | N/A | N/A | February 29, 2020 |
23
Notes to Financial Statements | |||||
Principal Funds, Inc. | |||||
April 30, 2019 (unaudited) | |||||
5. Management Agreement and Transactions with Affiliates (continued) | |||||
Period from November 1, 2018 throughApril 30, 2019 | |||||
Class A | Class C | Class J | Institutional | Expiration | |
PrincipalLifeTime2020 Fund | .38 | N/A | N/A | N/A | February 29, 2020 |
PrincipalLifeTime2030 Fund | .38 | N/A | N/A | N/A | February 29, 2020 |
PrincipalLifeTime2040 Fund | .38 | N/A | N/A | N/A | February 29, 2020 |
PrincipalLifeTime2050 Fund | .38 | N/A | N/A | N/A | February 29, 2020 |
PrincipalLifeTimeStrategic Income Fund | .38 | N/A | N/A | N/A | February 29, 2020 |
The Manager contractually agreed to limit the expenses (including acquired fund fees and expenses, but excluding interest expense, expenses related to fund investments, 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 operating expense limits, which expired February 28, 2019, were as follows:
Period from November 1, 2018 through February 28, 2019 | ||||||||||||||||||
Class A | Class C | Class J | Institutional | R-1 | R-2 | R-3 | R-4 | R-5 | ||||||||||
SAM Balanced Portfolio | 1.31 | % | 2.05 | % | 1.13 | % | .97 | % | 1.84 | % | 1.71 | % | 1.53 | % | 1.34 | % | 1.22 | % |
SAM Conservative Balanced Portfolio | 1.24 | 1.99 | 1.06 | .90 | 1.77 | 1.64 | 1.46 | 1.27 | 1.15 | |||||||||
SAM Conservative Growth Portfolio | 1.32 | 2.07 | 1.15 | .98 | 1.85 | 1.72 | 1.54 | 1.35 | 1.23 | |||||||||
SAM Flexible Income Portfolio | 1.13 | 1.88 | .98 | .83 | 1.68 | 1.55 | 1.37 | 1.18 | 1.06 | |||||||||
SAM Strategic Growth Portfolio | 1.34 | 2.09 | 1.15 | .97 | 1.84 | 1.71 | 1.53 | 1.34 | 1.22 |
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-2, 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%, .30%, .25%, and .10% for Class A, Class C, Class J, R-1, R-2, 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 .12% 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 periodically.
Chief Compliance Officer Expenses.The Funds pay certain expenses associated with the Chief Compliance Officer (“CCO”). This expense is allocated 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 ClassAshares based on declining rates which begin at 3.75% for Principal LifeTime 2010 Fund, Principal LifeTime Strategic Income Fund, and SAM Flexible Income Portfolio, and 5.50% for all other Funds. The aggregate amounts of these charges retained by the Distributor for the period ended April 30, 2019, were as follows (amounts in thousands):
Class A | Class C | Class J | ||||
PrincipalLifeTime2010 Fund | $ | 6 | N/A | $ | 1 | |
PrincipalLifeTime2020 Fund | 61 | N/A | 15 | |||
PrincipalLifeTime2030 Fund | 138 | N/A | 19 | |||
PrincipalLifeTime2040 Fund | 117 | N/A | 25 | |||
PrincipalLifeTime2050 Fund | 131 | N/A | 6 | |||
PrincipalLifeTimeStrategic Income Fund | 5 | N/A | – | |||
SAM Balanced Portfolio | 435 | $ | 20 | 39 | ||
SAM Conservative Balanced Portfolio | 223 | 5 | 41 |
24
Notes to Financial Statements | |
Principal Funds, Inc. | |
April 30, 2019 (unaudited) | |
5. Management Agreement and Transactions with Affiliates (continued) |
Class A | Class C | Class J | |
SAM Conservative Growth Portfolio | 427 | 10 | 19 |
SAM Flexible Income Portfolio | 275 | 12 | 50 |
SAM Strategic Growth Portfolio | 327 | 6 | 9 |
Effective January 22, 2019, Class C shares automatically convert into Class A shares, based on relative net asset value (without a sales charge), 10 years after purchase.
Affiliated Ownership.At April 30, 2019, Principal Life Insurance Company (an affiliate of the Manager), the Manager, the Distributor, Principal Securities, Inc., Collective Investment Trusts sponsored by Principal Trust Company, benefit plans and separate accounts sponsored on behalf of Principal Life Insurance Company, and other affiliated entities owned shares of the Funds as follows (amounts in thousands):
Institutional | |
PrincipalLifeTime2010 Fund | 28,938 |
PrincipalLifeTime2020 Fund | 172,917 |
PrincipalLifeTime2030 Fund | 230,362 |
PrincipalLifeTime2040 Fund | 150,958 |
PrincipalLifeTime2050 Fund | 96,687 |
PrincipalLifeTimeStrategic Income Fund | 21,693 |
SAM Balanced Portfolio | 44,654 |
SAM Conservative Balanced Portfolio | 18,940 |
SAM Conservative Growth Portfolio | 23,785 |
SAM Flexible Income Portfolio | 12,178 |
SAM Strategic Growth Portfolio | 13,104 |
6. Investment Transactions |
For the period ended April 30, 2019, the cost of investment securities purchased and proceeds from investment securities sold (not including short-term investments and return of capital) by the Funds were as follows (amounts in thousands):
Purchases | Sales | |||
PrincipalLifeTime2010 Fund | $ | 58,013 | $ | 113,673 |
Principal LifeTime 2020 Fund | 331,969 | 611,887 | ||
Principal LifeTime 2030 Fund | 414,079 | 427,859 | ||
Principal LifeTime 2040 Fund | 323,228 | 286,298 | ||
Principal LifeTime 2050 Fund | 231,567 | 173,490 | ||
Principal LifeTime Strategic Income Fund | 32,651 | 65,320 | ||
SAM Balanced Portfolio | 251,078 | 317,279 | ||
SAM Conservative Balanced Portfolio | 91,576 | 134,565 | ||
SAM Conservative Growth Portfolio | 136,777 | 174,528 | ||
SAM Flexible Income Portfolio | 81,756 | 124,009 | ||
SAM Strategic Growth Portfolio | 119,044 | 131,522 | ||
7. Federal Tax Information |
Distributions to Shareholders.The federal income tax character of distributions paid for the periods ended April 30, 2019 and October 31, 2018 were as follows (amounts in thousands):
Long-Term Capital | |||||||||||
Ordinary Income | Gain | ||||||||||
2019 | 2018 | 2019 | 2018 | * | |||||||
PrincipalLifeTime2010 Fund | $ | 21,708 | $ | 28,315 | $ | 39,824 | $ | 20,691 | |||
PrincipalLifeTime2020 Fund | 111,711 | 147,706 | 173,468 | 149,329 | |||||||
PrincipalLifeTime2030 Fund | 127,286 | 174,296 | 266,809 | 195,250 | |||||||
PrincipalLifeTime2040 Fund | 82,305 | 105,321 | 217,878 | 156,406 | |||||||
PrincipalLifeTime2050 Fund | 44,587 | 57,743 | 118,254 | 69,120 | |||||||
PrincipalLifeTimeStrategic Income Fund | 12,463 | 16,414 | 17,621 | 9,050 | |||||||
SAM Balanced Portfolio | 70,581 | 103,998 | 294,943 | 237,975 | |||||||
SAM Conservative Balanced Portfolio | 26,886 | 45,930 | 74,607 | 42,627 | |||||||
SAM Conservative Growth Portfolio | 51,920 | 63,116 | 304,617 | 199,241 | |||||||
SAM Flexible Income Portfolio | 44,855 | 75,502 | 96,517 | 17,649 | |||||||
SAM Strategic Growth Portfolio | 39,353 | 35,390 | 264,503 | 97,586 |
*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-perfecnt rate or a 0-percent rate, depending on the shareholder’s taxable income.
25
Notes to Financial Statements
Principal Funds, Inc.
April 30, 2019 (unaudited)
7. Federal Tax Information (continued)
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 October 31, 2018, the components of total distributable earnings (accumulated loss) on a federal tax-basis were as follows (amounts in thousands):
Total | |||||||||||||
Undistributed | Undistributed | Net Unrealized | Other | Accumulated | |||||||||
Ordinary | Long-Term | Accumulated | Appreciation | Temporary | Earnings | ||||||||
Income | Capital Gains | Losses | (Depreciation) | Differences | (Deficit) | ||||||||
PrincipalLifeTime2010 Fund | $ | 9,760 | $ | 39,822 | $ | — | $ | 56,790 | $—$ | 106,372 | |||
PrincipalLifeTime2020 Fund | 40,928 | 173,443 | — | 521,298 | — | 735,669 | |||||||
PrincipalLifeTime2030 Fund | 30,078 | 266,791 | — | 737,158 | — | 1,034,027 | |||||||
PrincipalLifeTime2040 Fund | 18,351 | 217,854 | — | 661,928 | — | 898,133 | |||||||
PrincipalLifeTime2050 Fund | 6,044 | 118,241 | — | 384,521 | — | 508,806 | |||||||
PrincipalLifeTimeStrategic Income Fund | 6,421 | 17,620 | — | 20,026 | — | 44,067 | |||||||
SAM Balanced Portfolio | 14,085 | 294,935 | — | 522,586 | — | 831,606 | |||||||
SAM Conservative Balanced Portfolio | 3,807 | 74,597 | — | 103,099 | — | 181,503 | |||||||
SAM Conservative Growth Portfolio | 19,582 | 304,606 | — | 378,321 | — | 702,509 | |||||||
SAM Flexible Income Portfolio | 3,299 | 96,501 | — | 17,643 | — | 117,443 | |||||||
SAM Strategic Growth Portfolio | 20,839 | 264,501 | — | 140,745 | — | 426,085 |
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. At October 31, 2018, the Funds had no net capital loss carryforwards.
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. At October 31, 2018, 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. GAAPand 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 capital depending on the type of book and tax differences that exist. For the year ended October 31, 2018, the Funds recorded reclassifications as follows (amounts in thousands):
Total Distributable | ||||||
Earnings (Accumulated | Capital Shares and | |||||
Loss) | Additional Paid-in-Capital | |||||
PrincipalLifeTime2010 Fund | $ | (5,560 | ) | $ | 5,560 | |
PrincipalLifeTime2020 Fund | (27,691 | ) | 27,691 | |||
PrincipalLifeTime2030 Fund | (40,753 | ) | 40,753 | |||
PrincipalLifeTime2040 Fund | (34,237 | ) | 34,237 | |||
PrincipalLifeTime2050 Fund | (19,895 | ) | 19,895 | |||
PrincipalLifeTimeStrategic Income Fund | (2,512 | ) | 2,512 | |||
SAM Balanced Portfolio | (35,906 | ) | 35,906 | |||
SAM Conservative Balanced Portfolio | (10,015 | ) | 10,015 | |||
SAM Conservative Growth Portfolio | (33,736 | ) | 33,736 | |||
SAM Flexible Income Portfolio | (11,331 | ) | 11,331 | |||
SAM Strategic Growth Portfolio | (26,545 | ) | 26,545 |
Federal Income Tax Basis.At April 30, 2019, the net federal income tax unrealized appreciation (depreciation) and federal tax cost of investments held by the Funds were as follows (amounts in thousands):
Cost for Federal | ||||||||
Unrealized | Unrealized | Net Unrealized | Income Tax | |||||
Appreciation | (Depreciation) | Appreciation/(Depreciation) | Purposes | |||||
Principal LifeTime 2010 Fund | $ | 80,466 | $ | (14,349 | ) | $ | 66,117 | $697,988 |
26
Notes to Financial Statements | |||||||||||
Principal Funds, Inc. | |||||||||||
April 30, 2019 (unaudited) | |||||||||||
7. Federal Tax Information (continued) | |||||||||||
Cost for Federal | |||||||||||
Unrealized | Unrealized | Net Unrealized | Income Tax | ||||||||
Appreciation | (Depreciation) | Appreciation/(Depreciation) | Purposes | ||||||||
Principal LifeTime 2020 Fund | $ | 652,800 | $ | (91,399 | ) | $ | 561,401 | $ | 3,611,189 | ||
Principal LifeTime 2030 Fund | 918,773 | (121,464 | ) | 797,309 | 4,753,798 | ||||||
Principal LifeTime 2040 Fund | 768,439 | (69,712 | ) | 698,727 | 3,120,576 | ||||||
Principal LifeTime 2050 Fund | 448,668 | (43,814 | ) | 404,854 | 1,854,573 | ||||||
Principal LifeTime Strategic Income Fund | 34,367 | (7,048 | ) | 27,319 | 385,632 | ||||||
SAM Balanced Portfolio | 744,947 | (61,517 | ) | 683,430 | 3,881,755 | ||||||
SAM Conservative Balanced Portfolio | 180,050 | (24,505 | ) | 155,545 | 1,529,267 | ||||||
SAM Conservative Growth Portfolio | 541,226 | (31,212 | ) | 510,014 | 2,549,022 | ||||||
SAM Flexible Income Portfolio | 154,718 | (44,347 | ) | 110,371 | 2,503,165 | ||||||
SAM Strategic Growth Portfolio | 262,503 | (22,025 | ) | 240,478 | 1,653,193 | ||||||
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.
27
Schedule of Investments | |||||
Principal LifeTime 2010 Fund | |||||
April 30, 2019 (unaudited) | |||||
INVESTMENT COMPANIES - 100.01% | Shares Held | Value (000's) | |||
Principal Funds, Inc. Class R-6 - 23.76% | |||||
Blue Chip Fund(a) | 1,011,746 | $ | 25,456 | ||
Diversified International Fund(a) | 2,490,779 | 30,437 | |||
Diversified Real Asset Fund(a) | 1,189,623 | 13,479 | |||
Global Multi-Strategy Fund(a) | 4,200,006 | 44,436 | |||
International Small Company Fund(a) | 898,758 | 9,608 | |||
LargeCap Growth Fund I(a) | 1,566,565 | 24,438 | |||
MidCapFund(a) | 738,482 | 21,091 | |||
SmallCap Growth Fund I(a) | 493,452 | 6,790 | |||
SmallCap Value Fund II(a) | 544,132 | 5,784 | |||
$ | 181,519 | ||||
Principal Funds, Inc. Institutional Class - 76.25% | |||||
Bond Market Index Fund(a) | 8,033,922 | 87,971 | |||
Core Plus Bond Fund(a) | 13,089,363 | 140,318 | |||
Equity Income Fund(a) | 579,986 | 18,507 | |||
High Yield Fund I(a) | 5,493,928 | 52,632 | |||
Inflation Protection Fund(a) | 4,821,063 | 40,690 | |||
LargeCapS&P 500 Index Fund(a) | 2,324,138 | 42,694 | |||
LargeCap Value Fund III(a) | 1,155,529 | 19,032 | |||
MidCap Value Fund I(a) | 804,314 | 11,260 | |||
Overseas Fund(a) | 3,142,495 | 30,294 | |||
Short-Term Income Fund(a) | 11,446,366 | 139,188 | |||
$ | 582,586 | ||||
TOTAL INVESTMENT COMPANIES | $ | 764,105 | |||
Total Investments | $ | 764,105 | |||
Other Assets and Liabilities - (0.01)% | (95 | ) | |||
TOTAL NET ASSETS - 100.00% | $ | 764,010 |
(a) | Affiliated Security. Security is either an affiliate (and registered under the Investment Company Act of 1940) or an affiliate as defined by the Investment Company Act of 1940 (controls 5.0% or more of the outstanding voting shares of the security). Please see affiliated sub-schedule for transactional information. |
Portfolio Summary (unaudited) | |||
Fund Type | Percent | ||
Fixed Income Funds | 64.30 | % | |
Domestic Equity Funds | 22.91 | % | |
Specialty Funds | 7.58 | % | |
International Equity Funds | 5.22 | % | |
Other Assets and Liabilities | (0.01 | )% | |
TOTAL NET ASSETS | 100.00 | % |
See accompanying notes.
28
Schedule of Investments | ||||||||||||||
Principal LifeTime 2010 Fund | ||||||||||||||
April 30, 2019 (unaudited) | ||||||||||||||
Affiliated Securities | October 31, 2018 | Purchases(a),(b) | Sales(a),(b) | April 30, 2019 | ||||||||||
Value | Cost | Proceeds | Value | |||||||||||
Blue Chip Fund | $ | 23,411 | $ | 1,772 | $ | 2,220 | $ | 25,456 | ||||||
Bond Market Index Fund | 76,340 | 19,948 | 10,664 | 87,971 | ||||||||||
Core Plus Bond Fund | 149,993 | 3,959 | 18,635 | 140,318 | ||||||||||
Diversified International Fund | Class R-6 | — | 41,549 | 1,038 | 30,437 | |||||||||
Diversified International Fund | Institutional Class | 32,365 | 2,205 | 44,638 | — | |||||||||
Diversified Real Asset Fund | 15,087 | 672 | 2,412 | 13,479 | ||||||||||
Equity Income Fund | 18,930 | 1,258 | 2,220 | 18,507 | ||||||||||
Global Multi-Strategy Fund | 48,799 | 3,405 | 5,815 | 44,436 | ||||||||||
High Yield Fund I | 74,700 | 2,633 | 25,293 | 52,632 | ||||||||||
Inflation Protection Fund | 43,969 | 1,700 | 5,500 | 40,690 | ||||||||||
International Small Company Fund | 10,432 | 922 | 1,400 | 9,608 | ||||||||||
LargeCap Growth Fund I | 23,482 | 2,735 | 2,220 | 24,438 | ||||||||||
LargeCapS&P 500 Index Fund | 43,043 | 3,124 | 4,440 | 42,694 | ||||||||||
LargeCap Value Fund III | 19,798 | 2,006 | 2,219 | 19,032 | ||||||||||
MidCapFund | 19,545 | 2,151 | 2,122 | 21,091 | ||||||||||
MidCap Value Fund I | — | 11,178 | 106 | 11,260 | ||||||||||
MidCap Value Fund III | 11,821 | 1,162 | 12,616 | — | ||||||||||
Overseas Fund | 32,928 | 3,094 | 4,294 | 30,294 | ||||||||||
Short-Term Income Fund | 151,134 | 3,211 | 17,030 | 139,188 | ||||||||||
SmallCap Growth Fund I | 6,624 | 910 | 675 | 6,790 | ||||||||||
SmallCap Value Fund II | 6,099 | 978 | 675 | 5,784 | ||||||||||
$ | 808,500 | $ | 110,572 | $ | 166,232 | $ | 764,105 | |||||||
Realized Gain/Loss | Realized Gain from | Change in Unrealized | ||||||||||||
Income | on Investments | Capital Gain Distributions | Gain/Loss | |||||||||||
Blue Chip Fund | $ | 3 | $ | 291 | $ | 1,586 | $ | 2,202 | ||||||
Bond Market Index Fund | 1,857 | 33 | — | 2,314 | ||||||||||
Core Plus Bond Fund | 2,428 | (36 | ) | — | 5,037 | |||||||||
Diversified International Fund | Class R-6 | — | (208 | ) | — | (9,866 | ) | |||||||
Diversified International Fund | Institutional Class | 582 | (278 | ) | 1,438 | 10,346 | ||||||||
Diversified Real Asset Fund | 474 | 166 | — | (34 | ) | |||||||||
Equity Income Fund | 359 | 389 | 717 | 150 | ||||||||||
Global Multi-Strategy Fund | 1,923 | 19 | 1,011 | (1,972 | ) | |||||||||
High Yield Fund I | 2,005 | (509 | ) | — | 1,101 | |||||||||
Inflation Protection Fund | 1,249 | 82 | — | 439 | ||||||||||
International Small Company Fund | 290 | 11 | 517 | (357 | ) | |||||||||
LargeCap Growth Fund I | 126 | 405 | 2,426 | 36 | ||||||||||
LargeCapS&P 500 Index Fund | 833 | 613 | 1,927 | 354 | ||||||||||
LargeCap Value Fund III | 532 | 178 | 1,291 | (731 | ) | |||||||||
MidCapFund | 65 | 359 | 1,912 | 1,158 | ||||||||||
MidCap Value Fund I | — | — | — | 188 | ||||||||||
MidCap Value Fund III | 393 | — | 643 | (367 | ) | |||||||||
Overseas Fund | 887 | 215 | 1,855 | (1,649 | ) | |||||||||
Short-Term Income Fund | 1,814 | 2 | — | 1,871 | ||||||||||
SmallCap Growth Fund I | 91 | 117 | 764 | (186 | ) | |||||||||
SmallCap Value Fund II | 168 | 90 | 754 | (708 | ) | |||||||||
$ | 16,079 | $ | 1,939 | $ | 16,841 | $ | 9,326 | |||||||
Amounts in thousands |
(a) | Purchases and Sales include transactions related to the transition of assets from the Institutional Class to Class R-6. |
(b) | Purchases and Sales include transactions related to the acquisition of the MidCap Value Fund III by the MidCap Value Fund I. |
See accompanying notes.
29
Schedule of Investments | ||||||
Principal LifeTime 2020 Fund | ||||||
April 30, 2019 (unaudited) | ||||||
INVESTMENT COMPANIES - 100.01% | Shares Held | Value (000's) | ||||
Principal Funds, Inc. Class R-6 - 32.25% | ||||||
Blue Chip Fund(a) | 8,359,687 | $ | 210,330 | |||
Diversified International Fund(a) | 23,047,029 | 281,635 | ||||
Diversified Real Asset Fund(a) | 6,435,807 | 72,918 | ||||
Global Multi-Strategy Fund(a) | 18,268,402 | 193,280 | ||||
International Small Company Fund(a) | 8,123,991 | 86,845 | ||||
LargeCap Growth Fund I(a) | 13,364,935 | 208,493 | ||||
MidCapFund(a) | 6,202,874 | 177,154 | ||||
SmallCap Growth Fund I(a) | 4,568,096 | 62,857 | ||||
SmallCap Value Fund II(a) | 4,902,685 | 52,115 | ||||
$ | 1,345,627 | |||||
Principal Funds, Inc. Institutional Class - 67.76% | ||||||
Bond Market Index Fund(a) | 37,417,369 | 409,720 | ||||
Core Plus Bond Fund(a) | 60,182,066 | 645,152 | ||||
Equity Income Fund(a) | 5,065,067 | 161,626 | ||||
High Yield Fund I(a) | 22,325,703 | 213,880 | ||||
Inflation Protection Fund(a) | 17,954,605 | 151,537 | ||||
LargeCapS&P 500 Index Fund(a) | 19,226,675 | 353,194 | ||||
LargeCap Value Fund III(a) | 9,822,961 | 161,784 | ||||
MidCap Value Fund I(a) | 7,534,089 | 105,477 | ||||
Overseas Fund(a) | 28,720,896 | 276,870 | ||||
Short-Term Income Fund(a) | 28,595,623 | 347,723 | ||||
$ | 2,826,963 | |||||
TOTAL INVESTMENT COMPANIES | $ | 4,172,590 | ||||
Total Investments | $ | 4,172,590 | ||||
Other Assets and Liabilities - (0.01)% | (381 | ) | ||||
TOTAL NET ASSETS - 100.00% | $ | 4,172,209 |
(a) | Affiliated Security. Security is either an affiliate (and registered under the Investment Company Act of 1940) or an affiliate as defined by the Investment Company Act of 1940 (controls 5.0% or more of the outstanding voting shares of the security). Please see affiliated sub-schedule for transactional information. |
Portfolio Summary (unaudited) | |||
Fund Type | Percent | ||
Fixed Income Funds | 49.12 | % | |
Domestic Equity Funds | 35.79 | % | |
International Equity Funds | 8.72 | % | |
Specialty Funds | 6.38 | % | |
Other Assets and Liabilities | (0.01 | )% | |
TOTAL NET ASSETS | 100.00 | % |
See accompanying notes.
30
Schedule of Investments | ||||||||||||||
Principal LifeTime 2020 Fund | ||||||||||||||
April 30, 2019 (unaudited) | ||||||||||||||
Affiliated Securities | October 31, 2018 | Purchases(a),(b) | Sales(a),(b) | April 30, 2019 | ||||||||||
Value | Cost | Proceeds | Value | |||||||||||
Blue Chip Fund | $ | 195,709 | $ | 13,722 | $ | 19,310 | $ | 210,330 | ||||||
Bond Market Index Fund | 349,407 | 99,402 | 49,324 | 409,720 | ||||||||||
Core Plus Bond Fund | 696,760 | 12,702 | 87,436 | 645,152 | ||||||||||
Diversified International Fund | Class R-6 | — | 324,883 | 7,815 | 281,635 | |||||||||
Diversified International Fund | Institutional Class | 299,992 | 19,482 | 354,259 | — | |||||||||
Diversified Real Asset Fund | 82,549 | 2,840 | 13,048 | 72,918 | ||||||||||
Equity Income Fund | 166,697 | 9,888 | 19,311 | 161,626 | ||||||||||
Global Multi-Strategy Fund | 214,068 | 13,426 | 25,412 | 193,280 | ||||||||||
High Yield Fund I | 328,009 | 9,631 | 126,146 | 213,880 | ||||||||||
Inflation Protection Fund | 165,441 | 5,089 | 20,875 | 151,537 | ||||||||||
International Small Company Fund | 94,340 | 7,600 | 11,742 | 86,845 | ||||||||||
LargeCap Growth Fund I | 202,127 | 22,490 | 19,310 | 208,493 | ||||||||||
LargeCapS&P 500 Index Fund | 360,798 | 23,975 | 38,619 | 353,194 | ||||||||||
LargeCap Value Fund III | 170,188 | 16,159 | 19,310 | 161,784 | ||||||||||
MidCapFund | 165,671 | 17,230 | 18,005 | 177,154 | ||||||||||
MidCap Value Fund I | — | 98,012 | 717 | 105,477 | ||||||||||
MidCap Value Fund III | 111,245 | 10,038 | 111,090 | — | ||||||||||
Overseas Fund | 301,954 | 26,095 | 37,314 | 276,870 | ||||||||||
Short-Term Income Fund | 380,809 | 5,273 | 43,055 | 347,723 | ||||||||||
SmallCap Growth Fund I | 61,836 | 8,164 | 6,263 | 62,857 | ||||||||||
SmallCap Value Fund II | 55,625 | 8,605 | 6,263 | 52,115 | ||||||||||
$ | 4,403,225 | $ | 754,706 | $ | 1,034,624 | $ | 4,172,590 | |||||||
Realized Gain/Loss | Realized Gain from | Change in Unrealized | ||||||||||||
Income | on Investments | Capital Gain Distributions | Gain/Loss | |||||||||||
Blue Chip Fund | $ | 25 | $ | 2,322 | $ | 13,377 | $ | 17,887 | ||||||
Bond Market Index Fund | 8,580 | 204 | — | 10,031 | ||||||||||
Core Plus Bond Fund | 11,248 | (157 | ) | — | 23,283 | |||||||||
Diversified International Fund | Class R-6 | — | (250 | ) | — | (35,183 | ) | |||||||
Diversified International Fund | Institutional Class | 5,457 | 345 | 13,529 | 34,440 | |||||||||
Diversified Real Asset Fund | 2,623 | (167 | ) | — | 744 | |||||||||
Equity Income Fund | 3,180 | 3,577 | 6,387 | 775 | ||||||||||
Global Multi-Strategy Fund | 8,525 | 44 | 4,486 | (8,846 | ) | |||||||||
High Yield Fund I | 9,034 | (1,633 | ) | — | 4,019 | |||||||||
Inflation Protection Fund | 4,743 | 18 | — | 1,864 | ||||||||||
International Small Company Fund | 2,662 | (22 | ) | 4,744 | (3,331 | ) | ||||||||
LargeCap Growth Fund I | 1,098 | 2,573 | 21,072 | 613 | ||||||||||
LargeCapS&P 500 Index Fund | 7,032 | (882 | ) | 16,304 | 7,922 | |||||||||
LargeCap Value Fund III | 4,618 | 1,082 | 11,221 | (6,335 | ) | |||||||||
MidCapFund | 555 | 1,051 | 16,376 | 11,207 | ||||||||||
MidCap Value Fund I | — | 9 | — | 8,173 | ||||||||||
MidCap Value Fund III | 3,709 | (98 | ) | 6,135 | (10,095 | ) | ||||||||
Overseas Fund | 8,224 | 116 | 17,252 | (13,981 | ) | |||||||||
Short-Term Income Fund | 4,560 | (11 | ) | — | 4,707 | |||||||||
SmallCap Growth Fund I | 854 | 845 | 7,206 | (1,725 | ) | |||||||||
SmallCap Value Fund II | 1,549 | 214 | 6,952 | (6,066 | ) | |||||||||
$ | 88,276 | $ | 9,180 | $ | 145,041 | $ | 40,103 | |||||||
Amounts in thousands |
(a) | Purchases and Sales include transactions related to the transition of assets from the Institutional Class to Class R-6. |
(b) | Purchases and Sales include transactions related to the acquisition of the MidCap Value Fund III by the MidCap Value Fund I. |
See accompanying notes.
31
Schedule of Investments | ||||||
Principal LifeTime 2030 Fund | ||||||
April 30, 2019 (unaudited) | ||||||
INVESTMENT COMPANIES - 100.01% | Shares Held | Value (000's) | ||||
Principal Funds, Inc. Class R-6 - 40.98% | ||||||
Blue Chip Fund(a) | 7,308,919 | $ | 183,892 | |||
Diversified International Fund(a) | 37,937,436 | 463,596 | ||||
Diversified Real Asset Fund(a) | 8,741,147 | 99,037 | ||||
Global Multi-Strategy Fund(a) | 20,739,754 | 219,427 | ||||
International Emerging Markets Fund(a) | 2,143,617 | 54,341 | ||||
International Small Company Fund(a) | 14,418,624 | 154,135 | ||||
LargeCap Growth Fund I(a) | 33,677,247 | 525,365 | ||||
MidCapFund(a) | 11,015,558 | 314,604 | ||||
Origin Emerging Markets Fund(a) | 5,152,247 | 55,747 | ||||
SmallCap Growth Fund I(a) | 8,103,065 | 111,498 | ||||
SmallCap Value Fund II(a) | 8,760,923 | 93,129 | ||||
$ | 2,274,771 | |||||
Principal Funds, Inc. Institutional Class - 59.03% | ||||||
Bond Market Index Fund(a) | 30,246,775 | 331,202 | ||||
Core Plus Bond Fund(a) | 63,390,068 | 679,542 | ||||
Equity Income Fund(a) | 4,796,792 | 153,066 | ||||
High Yield Fund I(a) | 30,084,917 | 288,214 | ||||
Inflation Protection Fund(a) | 12,922,148 | 109,063 | ||||
LargeCapS&P 500 Index Fund(a) | 34,430,717 | 632,492 | ||||
LargeCap Value Fund III(a) | 26,221,639 | 431,870 | ||||
MidCap Value Fund I(a) | 13,935,669 | 195,099 | ||||
Overseas Fund(a) | 47,280,891 | 455,788 | ||||
$ | 3,276,336 | |||||
TOTAL INVESTMENT COMPANIES | $ | 5,551,107 | ||||
Total Investments | $ | 5,551,107 | ||||
Other Assets and Liabilities - (0.01)% | (517 | ) | ||||
TOTAL NET ASSETS - 100.00% | $ | 5,550,590 |
(a) | Affiliated Security. Security is either an affiliate (and registered under the Investment Company Act of 1940) or an affiliate as defined by the Investment Company Act of 1940 (controls 5.0% or more of the outstanding voting shares of the security). Please see affiliated sub-schedule for transactional information. |
Portfolio Summary (unaudited) | |||
Fund Type | Percent | ||
Domestic Equity Funds | 47.60 | % | |
Fixed Income Funds | 33.71 | % | |
International Equity Funds | 12.97 | % | |
Specialty Funds | 5.73 | % | |
Other Assets and Liabilities | (0.01 | )% | |
TOTAL NET ASSETS | 100.00 | % |
See accompanying notes.
32
Schedule of Investments | ||||||||||||||
Principal LifeTime 2030 Fund | ||||||||||||||
April 30, 2019 (unaudited) | ||||||||||||||
Affiliated Securities | October 31, 2018 | Purchases(a),(b) | Sales(a),(b) | April 30, 2019 | ||||||||||
Value | Cost | Proceeds | Value | |||||||||||
Blue Chip Fund | $ | 164,220 | $ | 12,589 | $ | 10,912 | $ | 183,892 | ||||||
Bond Market Index Fund | 341,292 | 12,176 | 31,551 | 331,202 | ||||||||||
Core Plus Bond Fund | 695,826 | 18,477 | 58,610 | 679,542 | ||||||||||
Diversified International Fund | Class R-6 | — | 490,206 | 7,699 | 463,596 | |||||||||
Diversified International Fund | Institutional Class | 466,115 | 32,609 | 518,605 | — | |||||||||
Diversified Real Asset Fund | 104,066 | 4,604 | 10,696 | 99,037 | ||||||||||
Equity Income Fund | 149,409 | 9,955 | 10,911 | 153,066 | ||||||||||
Global Multi-Strategy Fund | 230,405 | 16,141 | 17,871 | 219,427 | ||||||||||
High Yield Fund I | 295,157 | 11,931 | 22,463 | 288,214 | ||||||||||
Inflation Protection Fund | 112,693 | 4,367 | 9,413 | 109,063 | ||||||||||
International Emerging Markets Fund | 53,241 | 2,221 | 4,428 | 54,341 | ||||||||||
International Small Company Fund | 157,884 | 14,000 | 12,837 | 154,135 | ||||||||||
LargeCap Growth Fund I | 490,097 | 57,837 | 32,519 | 525,365 | ||||||||||
LargeCapS&P 500 Index Fund | 616,104 | 45,245 | 43,855 | 632,492 | ||||||||||
LargeCap Value Fund III | 431,756 | 44,259 | 32,518 | 431,870 | ||||||||||
MidCapFund | 280,446 | 31,179 | 19,896 | 314,604 | ||||||||||
MidCap Value Fund I | — | 175,284 | 564 | 195,099 | ||||||||||
MidCap Value Fund III | 194,246 | 19,102 | 190,365 | — | ||||||||||
Origin Emerging Markets Fund | 53,400 | 1,409 | 4,128 | 55,747 | ||||||||||
Overseas Fund | 469,048 | 44,315 | 37,652 | 455,788 | ||||||||||
SmallCap Growth Fund I | 104,839 | 14,575 | 7,060 | 111,498 | ||||||||||
SmallCap Value Fund II | 94,414 | 15,351 | 7,059 | 93,129 | ||||||||||
$ | 5,504,658 | $ | 1,077,832 | $ | 1,091,612 | $ | 5,551,107 | |||||||
Realized Gain/Loss | Realized Gain from | Change in Unrealized | ||||||||||||
Income | on Investments | Capital Gain Distributions | Gain/Loss | |||||||||||
Blue Chip Fund | $ | 21 | $ | 1,028 | $ | 11,281 | $ | 16,967 | ||||||
Bond Market Index Fund | 8,436 | (66 | ) | — | 9,351 | |||||||||
Core Plus Bond Fund | 11,527 | 39 | — | 23,810 | ||||||||||
Diversified International Fund | Class R-6 | — | 46 | — | (18,957 | ) | ||||||||
Diversified International Fund | Institutional Class | 8,554 | 16 | 21,171 | 19,865 | |||||||||
Diversified Real Asset Fund | 3,344 | (547 | ) | — | 1,610 | |||||||||
Equity Income Fund | 2,905 | 381 | 5,764 | 4,232 | ||||||||||
Global Multi-Strategy Fund | 9,241 | (23 | ) | 4,860 | (9,225 | ) | ||||||||
High Yield Fund I | 9,284 | (455 | ) | — | 4,044 | |||||||||
Inflation Protection Fund | 3,258 | (14 | ) | — | 1,430 | |||||||||
International Emerging Markets Fund | 619 | 20 | 1,120 | 3,287 | ||||||||||
International Small Company Fund | 4,492 | 10 | 7,996 | (4,922 | ) | |||||||||
LargeCap Growth Fund I | 2,675 | (112 | ) | 51,330 | 10,062 | |||||||||
LargeCapS&P 500 Index Fund | 12,076 | (414 | ) | 28,001 | 15,412 | |||||||||
LargeCap Value Fund III | 11,786 | (35 | ) | 28,641 | (11,592 | ) | ||||||||
MidCapFund | 946 | 160 | 27,888 | 22,715 | ||||||||||
MidCap Value Fund I | — | 7 | — | 20,372 | ||||||||||
MidCap Value Fund III | 6,634 | (40 | ) | 10,786 | (22,943 | ) | ||||||||
Origin Emerging Markets Fund | 884 | (53 | ) | — | 5,119 | |||||||||
Overseas Fund | 12,888 | 41 | 26,990 | (19,964 | ) | |||||||||
SmallCap Growth Fund I | 1,456 | (109 | ) | 12,287 | (747 | ) | ||||||||
SmallCap Value Fund II | 2,646 | 198 | 11,874 | (9,775 | ) | |||||||||
$ | 113,672 | $ | 78 | $ | 249,989 | $ | 60,151 | |||||||
Amounts in thousands |
(a) | Purchases and Sales include transactions related to the transition of assets from the Institutional Class to Class R-6. |
(b) | Purchases and Sales include transactions related to the acquisition of the MidCap Value Fund III by the MidCap Value Fund I. |
See accompanying notes.
33
Schedule of Investments | ||||||
Principal LifeTime 2040 Fund | ||||||
April 30, 2019 (unaudited) | ||||||
INVESTMENT COMPANIES - 100.01% | Shares Held | Value (000's) | ||||
Principal Funds, Inc. Class R-6 - 36.78% | ||||||
Blue Chip Fund(a) | 5,833,754 | $ | 146,777 | |||
Diversified International Fund(a) | 30,423,285 | 371,772 | ||||
International Emerging Markets Fund(a) | 2,087,921 | 52,929 | ||||
International Small Company Fund(a) | 10,938,511 | 116,933 | ||||
LargeCap Growth Fund I(a) | 26,973,704 | 420,790 | ||||
Origin Emerging Markets Fund(a) | 4,936,302 | 53,411 | ||||
Real Estate Securities Fund(a) | 3,069,800 | 78,863 | ||||
SmallCap Growth Fund I(a) | 6,304,483 | 86,750 | ||||
SmallCap Value Fund II(a) | 7,184,092 | 76,367 | ||||
$ | 1,404,592 | |||||
Principal Funds, Inc. Institutional Class - 63.23% | ||||||
Bond Market Index Fund(a) | 14,911,190 | 163,277 | ||||
Core Plus Bond Fund(a) | 33,151,567 | 355,385 | ||||
Equity Income Fund(a) | 3,923,961 | 125,214 | ||||
High Yield Fund I(a) | 13,881,349 | 132,983 | ||||
LargeCapS&P 500 Index Fund(a) | 27,990,954 | 514,194 | ||||
LargeCap Value Fund III(a) | 21,887,417 | 360,486 | ||||
MidCap Growth Fund III(a) | 18,105,784 | 213,467 | ||||
MidCap Value Fund I(a) | 12,878,844 | 180,304 | ||||
Overseas Fund(a) | 38,319,622 | 369,401 | ||||
$ | 2,414,711 | |||||
TOTAL INVESTMENT COMPANIES | $ | 3,819,303 | ||||
Total Investments | $ | 3,819,303 | ||||
Other Assets and Liabilities - (0.01)% | (386 | ) | ||||
TOTAL NET ASSETS - 100.00% | $ | 3,818,917 |
(a) | Affiliated Security. Security is either an affiliate (and registered under the Investment Company Act of 1940) or an affiliate as defined by the Investment Company Act of 1940 (controls 5.0% or more of the outstanding voting shares of the security). Please see affiliated sub-schedule for transactional information. |
Portfolio Summary (unaudited) | |||
Fund Type | Percent | ||
Domestic Equity Funds | 57.69 | % | |
Fixed Income Funds | 26.80 | % | |
International Equity Funds | 15.52 | % | |
Other Assets and Liabilities | (0.01 | )% | |
TOTAL NET ASSETS | 100.00 | % |
See accompanying notes.
34
Schedule of Investments | ||||||||||||||
Principal LifeTime 2040 Fund | ||||||||||||||
April 30, 2019 (unaudited) | ||||||||||||||
Affiliated Securities | October 31, 2018 | Purchases(a),(b) | Sales(a),(b) | April 30, 2019 | ||||||||||
Value | Cost | Proceeds | Value | |||||||||||
Blue Chip Fund | $ | 130,467 | $ | 10,693 | $ | 8,732 | $ | 146,777 | ||||||
Bond Market Index Fund | 167,494 | 7,242 | 16,033 | 163,277 | ||||||||||
Core Plus Bond Fund | 361,088 | 11,758 | 29,918 | 355,385 | ||||||||||
Diversified International Fund | Class R-6 | — | 367,922 | 7,354 | 371,772 | |||||||||
Diversified International Fund | Institutional Class | 371,582 | 27,309 | 388,461 | — | |||||||||
Equity Income Fund | 121,423 | 8,757 | 8,732 | 125,214 | ||||||||||
High Yield Fund I | 134,913 | 6,142 | 9,735 | 132,983 | ||||||||||
International Emerging Markets Fund | 51,526 | 2,466 | 4,276 | 52,929 | ||||||||||
International Small Company Fund | 119,051 | 11,335 | 9,733 | 116,933 | ||||||||||
LargeCap Growth Fund I | 390,789 | 48,268 | 26,195 | 420,790 | ||||||||||
LargeCapS&P 500 Index Fund | 497,796 | 39,264 | 35,073 | 514,194 | ||||||||||
LargeCap Value Fund III | 357,641 | 38,683 | 26,196 | 360,486 | ||||||||||
MidCap Growth Fund III | 197,585 | 22,169 | 14,315 | 213,467 | ||||||||||
MidCap Value Fund I | — | 168,721 | 430 | 180,304 | ||||||||||
MidCap Value Fund III | 178,222 | 18,597 | 182,383 | — | ||||||||||
Origin Emerging Markets Fund | 50,926 | 1,667 | 4,027 | 53,411 | ||||||||||
Overseas Fund | 377,650 | 38,079 | 30,204 | 369,401 | ||||||||||
Real Estate Securities Fund | 75,010 | 3,465 | 7,158 | 78,863 | ||||||||||
SmallCap Growth Fund I | 81,373 | 11,809 | 5,725 | 86,750 | ||||||||||
SmallCap Value Fund II | 76,956 | 12,990 | 5,726 | 76,367 | ||||||||||
$ | 3,741,492 | $ | 857,336 | $ | 820,406 | $ | 3,819,303 | |||||||
Realized Gain/Loss | Realized Gain from | Change in Unrealized | ||||||||||||
Income | on Investments | Capital Gain Distributions | Gain/Loss | |||||||||||
Blue Chip Fund | $ | 17 | $ | 595 | $ | 8,999 | $ | 13,754 | ||||||
Bond Market Index Fund | 4,163 | (10 | ) | — | 4,584 | |||||||||
Core Plus Bond Fund | 6,013 | (27 | ) | — | 12,484 | |||||||||
Diversified International Fund | Class R-6 | — | (136 | ) | — | 11,340 | ||||||||
Diversified International Fund | Institutional Class | 6,859 | 110 | 16,963 | (10,540 | ) | ||||||||
Equity Income Fund | 2,374 | 263 | 4,706 | 3,503 | ||||||||||
High Yield Fund I | 4,273 | 13 | — | 1,650 | ||||||||||
International Emerging Markets Fund | 602 | (51 | ) | 1,089 | 3,264 | |||||||||
International Small Company Fund | 3,405 | 63 | 6,060 | (3,783 | ) | |||||||||
LargeCap Growth Fund I | 2,141 | 2,340 | 41,096 | 5,588 | ||||||||||
LargeCapS&P 500 Index Fund | 9,803 | 667 | 22,727 | 11,540 | ||||||||||
LargeCap Value Fund III | 9,812 | (107 | ) | 23,840 | (9,535 | ) | ||||||||
MidCap Growth Fund III | 2,694 | 34 | 16,726 | 7,994 | ||||||||||
MidCap Value Fund I | — | — | — | 12,013 | ||||||||||
MidCap Value Fund III | 6,123 | (23 | ) | 9,948 | (14,413 | ) | ||||||||
Origin Emerging Markets Fund | 848 | (111 | ) | — | 4,956 | |||||||||
Overseas Fund | 10,436 | 25 | 21,842 | (16,149 | ) | |||||||||
Real Estate Securities Fund | 963 | (46 | ) | 1,127 | 7,592 | |||||||||
SmallCap Growth Fund I | 1,135 | 382 | 9,574 | (1,089 | ) | |||||||||
SmallCap Value Fund II | 2,167 | 102 | 9,724 | (7,955 | ) | |||||||||
$ | 73,828 | $ | 4,083 | $ | 194,421 | $ | 36,798 | |||||||
Amounts in thousands |
(a) | Purchases and Sales include transactions related to the transition of assets from the Institutional Class to Class R-6. |
(b) | Purchases and Sales include transactions related to the acquisition of the MidCap Value Fund III by the MidCap Value Fund I. |
See accompanying notes.
35
Schedule of Investments | ||||||
Principal LifeTime 2050 Fund | ||||||
April 30, 2019 (unaudited) | ||||||
INVESTMENT COMPANIES - 100.01% | Shares Held | Value (000's) | ||||
Principal Funds, Inc. Class R-6 - 40.43% | ||||||
Blue Chip Fund(a) | 3,746,031 | $ | 94,250 | |||
Diversified International Fund(a) | 19,882,271 | 242,961 | ||||
International Emerging Markets Fund(a) | 1,397,073 | 35,416 | ||||
International Small Company Fund(a) | 7,013,059 | 74,970 | ||||
LargeCap Growth Fund I(a) | 17,481,721 | 272,715 | ||||
Origin Emerging Markets Fund(a) | 3,304,269 | 35,752 | ||||
Real Estate Securities Fund(a) | 1,830,367 | 47,022 | ||||
SmallCap Growth Fund I(a) | 4,239,782 | 58,339 | ||||
SmallCap Value Fund II(a) | 4,882,932 | 51,906 | ||||
$ | 913,331 | |||||
Principal Funds, Inc. Institutional Class - 59.58% | ||||||
Bond Market Index Fund(a) | 3,417,000 | 37,416 | ||||
Core Plus Bond Fund(a) | 9,826,708 | 105,342 | ||||
Equity Income Fund(a) | 2,544,619 | 81,199 | ||||
High Yield Fund I(a) | 5,307,961 | 50,850 | ||||
LargeCapS&P 500 Index Fund(a) | 18,145,691 | 333,337 | ||||
LargeCap Value Fund III(a) | 14,363,272 | 236,563 | ||||
MidCap Growth Fund III(a) | 12,032,831 | 141,867 | ||||
MidCap Value Fund I(a) | 8,441,602 | 118,183 | ||||
Overseas Fund(a) | 25,035,167 | 241,339 | ||||
$ | 1,346,096 | |||||
TOTAL INVESTMENT COMPANIES | $ | 2,259,427 | ||||
Total Investments | $ | 2,259,427 | ||||
Other Assets and Liabilities - (0.01)% | (157 | ) | ||||
TOTAL NET ASSETS - 100.00% | $ | 2,259,270 |
(a) | Affiliated Security. Security is either an affiliate (and registered under the Investment Company Act of 1940) or an affiliate as defined by the Investment Company Act of 1940 (controls 5.0% or more of the outstanding voting shares of the security). Please see affiliated sub-schedule for transactional information. |
Portfolio Summary (unaudited) | |||
Fund Type | Percent | ||
Domestic Equity Funds | 63.53 | % | |
Fixed Income Funds | 19.33 | % | |
International Equity Funds | 17.15 | % | |
Other Assets and Liabilities | (0.01 | )% | |
TOTAL NET ASSETS | 100.00 | % |
See accompanying notes.
36
Schedule of Investments | ||||||||||||||
Principal LifeTime 2050 Fund | ||||||||||||||
April 30, 2019 (unaudited) | ||||||||||||||
Affiliated Securities | October 31, 2018 | Purchases(a),(b) | Sales(a),(b) | April 30, 2019 | ||||||||||
Value | Cost | Proceeds | Value | |||||||||||
Blue Chip Fund | $ | 82,932 | $ | 7,736 | $ | 5,702 | $ | 94,250 | ||||||
Bond Market Index Fund | 41,945 | 2,847 | 8,459 | 37,416 | ||||||||||
Core Plus Bond Fund | 106,345 | 5,262 | 9,958 | 105,342 | ||||||||||
Diversified International Fund | Class R-6 | — | 233,915 | 5,637 | 242,961 | |||||||||
Diversified International Fund | Institutional Class | 239,661 | 19,570 | 245,338 | — | |||||||||
Equity Income Fund | 77,840 | 6,548 | 5,702 | 81,199 | ||||||||||
High Yield Fund I | 47,662 | 6,098 | 3,568 | 50,850 | ||||||||||
International Emerging Markets Fund | 34,052 | 2,059 | 2,857 | 35,416 | ||||||||||
International Small Company Fund | 75,318 | 8,207 | 6,298 | 74,970 | ||||||||||
LargeCap Growth Fund I | 250,676 | 33,829 | 17,279 | 272,715 | ||||||||||
LargeCapS&P 500 Index Fund | 319,208 | 28,998 | 23,151 | 333,337 | ||||||||||
LargeCap Value Fund III | 231,913 | 27,912 | 17,279 | 236,563 | ||||||||||
MidCap Growth Fund III | 129,684 | 16,077 | 9,449 | 141,867 | ||||||||||
MidCap Value Fund I | — | 113,300 | 162 | 118,183 | ||||||||||
MidCap Value Fund III | 115,289 | 13,435 | 122,284 | — | ||||||||||
Origin Emerging Markets Fund | 33,666 | 1,588 | 2,760 | 35,752 | ||||||||||
Overseas Fund | 243,522 | 27,808 | 19,834 | 241,339 | ||||||||||
Real Estate Securities Fund | 44,027 | 2,722 | 4,255 | 47,022 | ||||||||||
SmallCap Growth Fund I | 54,056 | 8,468 | 3,831 | 58,339 | ||||||||||
SmallCap Value Fund II | 51,604 | 9,331 | 3,830 | 51,906 | ||||||||||
$ | 2,179,400 | $ | 575,710 | $ | 517,633 | $ | 2,259,427 | |||||||
Realized Gain/Loss | Realized Gain from | Change in Unrealized | ||||||||||||
Income | on Investments | Capital Gain Distributions | Gain/Loss | |||||||||||
Blue Chip Fund | $ | 11 | $ | 358 | $ | 5,731 | $ | 8,926 | ||||||
Bond Market Index Fund | 1,044 | (210 | ) | — | 1,293 | |||||||||
Core Plus Bond Fund | 1,780 | (3 | ) | — | 3,696 | |||||||||
Diversified International Fund | Class R-6 | — | 8 | — | 14,675 | |||||||||
Diversified International Fund | Institutional Class | 4,442 | (48 | ) | 10,966 | (13,845 | ) | |||||||
Equity Income Fund | 1,531 | 157 | 3,023 | 2,356 | ||||||||||
High Yield Fund I | 1,576 | 6 | — | 652 | ||||||||||
International Emerging Markets Fund | 399 | (22 | ) | 721 | 2,184 | |||||||||
International Small Company Fund | 2,161 | 64 | 3,843 | (2,321 | ) | |||||||||
LargeCap Growth Fund I | 1,377 | 1,265 | 26,411 | 4,224 | ||||||||||
LargeCapS&P 500 Index Fund | 6,303 | 107 | 14,602 | 8,175 | ||||||||||
LargeCap Value Fund III | 6,378 | (105 | ) | 15,492 | (5,878 | ) | ||||||||
MidCap Growth Fund III | 1,772 | 26 | 11,002 | 5,529 | ||||||||||
MidCap Value Fund I | — | — | — | 5,045 | ||||||||||
MidCap Value Fund III | 3,984 | 6 | 6,450 | (6,446 | ) | |||||||||
Origin Emerging Markets Fund | 563 | (53 | ) | — | 3,311 | |||||||||
Overseas Fund | 6,756 | 40 | 14,117 | (10,197 | ) | |||||||||
Real Estate Securities Fund | 570 | 38 | 663 | 4,490 | ||||||||||
SmallCap Growth Fund I | 755 | (8 | ) | 6,374 | (346 | ) | ||||||||
SmallCap Value Fund II | 1,457 | (9 | ) | 6,535 | (5,190 | ) | ||||||||
$ | 42,859 | $ | 1,617 | $ | 125,930 | $ | 20,333 | |||||||
Amounts in thousands |
(a) | Purchases and Sales include transactions related to the transition of assets from the Institutional Class to Class R-6. |
(b) | Purchases and Sales include transactions related to the acquisition of the MidCap Value Fund III by the MidCap Value Fund I. |
See accompanying notes.
37
Schedule of Investments Principal LifeTime Strategic Income Fund April 30, 2019 (unaudited)
INVESTMENT COMPANIES - 100.01% | Shares Held Value (000's) | ||||
Principal Funds, Inc. Class R-6 - 21.23% | |||||
Blue Chip Fund(a) | 773,143 | $ | 19,452 | ||
Diversified International Fund(a) | 927,552 | 11,335 | |||
Diversified Real Asset Fund(a) | 638,803 | 7,238 | |||
Global Multi-Strategy Fund(a) | 2,627,978 | 27,804 | |||
International Small Company Fund(a) | 333,864 | 3,569 | |||
MidCapFund(a) | 459,799 | 13,132 | |||
SmallCap Growth Fund I(a) | 201,133 | 2,767 | |||
SmallCap Value Fund II(a) | 223,775 | 2,379 | |||
$ | 87,676 | ||||
Principal Funds, Inc. Institutional Class - 78.78% | |||||
Bond Market Index Fund(a) | 4,823,752 | 52,820 | |||
Core Plus Bond Fund(a) | 8,344,434 | 89,452 | |||
Equity Income Fund(a) | 447,434 | 14,278 | |||
High Yield Fund I(a) | 3,339,578 | 31,993 | |||
Inflation Protection Fund(a) | 2,231,192 | 18,831 | |||
LargeCapS&P 500 Index Fund(a) | 890,689 | 16,362 | |||
Overseas Fund(a) | 1,158,856 | 11,172 | |||
Short-Term Income Fund(a) | 7,431,522 | 90,367 | |||
$ | 325,275 | ||||
TOTAL INVESTMENT COMPANIES | $ | 412,951 | |||
Total Investments | $ | 412,951 | |||
Other Assets and Liabilities - (0.01)% | (53 | ) | |||
TOTAL NET ASSETS - 100.00% | $ | 412,898 |
(a) | Affiliated Security. Security is either an affiliate (and registered under the Investment Company Act of 1940) or an affiliate as defined by the Investment Company Act of 1940 (controls 5.0% or more of the outstanding voting shares of the security). Please see affiliated sub-schedule for transactional information. |
Portfolio Summary (unaudited) | |||
Fund Type | Percent | ||
Fixed Income Funds | 71.40 | % | |
Domestic Equity Funds | 16.56 | % | |
Specialty Funds | 8.48 | % | |
International Equity Funds | 3.57 | % | |
Other Assets and Liabilities | (0.01 | )% | |
TOTAL NET ASSETS | 100.00 | % |
Affiliated Securities | October 31, 2018 | Purchases(a) | Sales(a) | April 30, 2019 | ||||||||||
Value | Cost | Proceeds | Value | |||||||||||
Blue Chip Fund | $ | 17,820 | $ | 1,548 | $ | 1,829 | $ | 19,452 | ||||||
Bond Market Index Fund | 48,860 | 9,808 | 7,283 | 52,820 | ||||||||||
Core Plus Bond Fund | 95,384 | 3,922 | 13,051 | 89,452 | ||||||||||
Diversified International Fund | Class R-6 | — | 11,478 | 431 | 11,335 | |||||||||
Diversified International Fund | Institutional Class | 12,002 | 941 | 12,660 | — | |||||||||
Diversified Real Asset Fund | 8,096 | 518 | 1,452 | 7,238 | ||||||||||
Equity Income Fund | 14,523 | 1,162 | 1,830 | 14,278 | ||||||||||
Global Multi-Strategy Fund | 30,578 | 2,545 | 4,085 | 27,804 | ||||||||||
High Yield Fund I | 41,984 | 2,080 | 12,452 | 31,993 | ||||||||||
Inflation Protection Fund | 20,389 | 1,105 | 2,903 | 18,831 | ||||||||||
International Small Company Fund | 3,869 | 407 | 580 | 3,569 | ||||||||||
LargeCapS&P 500 Index Fund | 16,398 | 1,383 | 1,799 | 16,362 | ||||||||||
MidCapFund | 12,183 | 1,513 | 1,510 | 13,132 | ||||||||||
Overseas Fund | 12,105 | 1,331 | 1,741 | 11,172 | ||||||||||
Short-Term Income Fund | 98,203 | 3,425 | 12,482 | 90,367 | ||||||||||
SmallCap Growth Fund I | 2,681 | 401 | 290 | 2,767 | ||||||||||
SmallCap Value Fund II | 2,488 | 432 | 290 | 2,379 | ||||||||||
$ | 437,563 | $ | 43,999 | $ | 76,668 | $ | 412,951 | |||||||
Realized Gain/Loss | Realized Gain from | Change in Unrealized | ||||||||||||
Income | on Investments | Capital Gain Distributions | Gain/Loss | |||||||||||
Blue Chip Fund | $ | 2 | $ | 183 | $ | 1,217 | $ | 1,730 | ||||||
Bond Market Index Fund | 1,197 | 18 | — | 1,417 | ||||||||||
Core Plus Bond Fund | 1,550 | (39 | ) | — | 3,236 | |||||||||
Diversified International Fund | Class R-6 | — | 57 | — | 231 | |||||||||
Diversified International Fund | Institutional Class | 218 | 68 | 539 | (351 | ) | ||||||||
Diversified Real Asset Fund | 257 | (45 | ) | — | 121 | |||||||||
Equity Income Fund | 278 | 282 | 555 | 141 | ||||||||||
Global Multi-Strategy Fund | 1,215 | 27 | 639 | (1,261 | ) | |||||||||
High Yield Fund I | 1,171 | (151 | ) | — | 532 | |||||||||
Inflation Protection Fund | 584 | 24 | — | 216 | ||||||||||
International Small Company Fund | 109 | 10 | 194 | (137 | ) | |||||||||
LargeCapS&P 500 Index Fund | 319 | 19 | 740 | 361 | ||||||||||
MidCapFund | 41 | 202 | 1,201 | 744 | ||||||||||
Overseas Fund | 329 | 50 | 689 | (573 | ) | |||||||||
Short-Term Income Fund | 1,181 | 5 | — | 1,216 | ||||||||||
SmallCap Growth Fund I | 37 | 42 | 312 | (67 | ) | |||||||||
SmallCap Value Fund II | 69 | 11 | 311 | (262 | ) | |||||||||
$ | 8,557 | $ | 763 | $ | 6,397 | $ | 7,294 | |||||||
Amounts in thousands |
(a) | Purchases and Sales include transactions related to the transition of assets from the Institutional Class to Class R-6. |
See accompanying notes.
38
Schedule of Investments | ||||||
SAM Balanced Portfolio | ||||||
April 30, 2019 (unaudited) | ||||||
INVESTMENT COMPANIES - 100.05% | Shares Held | Value (000's) | ||||
Money Market Funds - 0.30% | ||||||
Principal Government Money Market Fund | 13,621,084 | $ | 13,621 | |||
2.38%(a),(b) | ||||||
Principal Exchange-Traded Funds - 20.45% | ||||||
Principal Active Global Dividend Income ETF(a) | 7,708,100 | 215,788 | ||||
Principal EDGE Active Income ETF(a) | 1,406,000 | 56,608 | ||||
Principal Investment Grade Corporate Active | 2,774,000 | 70,390 | ||||
ETF(a) | ||||||
Principal U.S. Mega-Cap Multi-Factor Index | 16,906,700 | 487,589 | ||||
ETF(a) | ||||||
Principal U.S. Small-Cap Multi-Factor Index | 3,197,700 | 102,998 | ||||
ETF(a) | ||||||
$ | 933,373 | |||||
Principal Funds, Inc. Class R-6 - 52.80% | ||||||
Blue Chip Fund(a) | 16,263,940 | 409,201 | ||||
Diversified International Fund(a) | 42,476,460 | 519,062 | ||||
Diversified Real Asset Fund(a) | 13,296,630 | 150,651 | ||||
EDGE MidCapFund(a) | 12,539,469 | 180,568 | ||||
Global Multi-Strategy Fund(a) | 15,563,972 | 164,667 | ||||
Global Real Estate Securities Fund(a) | 13,546,821 | 136,823 | ||||
High Yield Fund(a) | 9,746,018 | 69,587 | ||||
Income Fund(a) | 52,884,215 | 501,342 | ||||
International Small Company Fund(a) | 5,126,298 | 54,800 | ||||
Origin Emerging Markets Fund(a) | 5,362,538 | 58,023 | ||||
Preferred Securities Fund(a) | 11,931,484 | 118,957 | ||||
Real Estate Debt Income Fund(a) | 4,686,779 | 45,321 | ||||
$ | 2,409,002 | |||||
Principal Funds, Inc. Institutional Class - 26.50% | ||||||
Equity Income Fund(a) | 17,990,896 | 574,090 | ||||
Government & High Quality Bond Fund(a) | 24,141,374 | 247,690 | ||||
Inflation Protection Fund(a) | 8,328,421 | 70,292 | ||||
Short-Term Income Fund(a) | 26,078,688 | 317,117 | ||||
$ | 1,209,189 | |||||
TOTAL INVESTMENT COMPANIES | $ | 4,565,185 | ||||
Total Investments | $ | 4,565,185 | ||||
Other Assets and Liabilities - (0.05)% | (2,414 | ) | ||||
TOTAL NET ASSETS - 100.00% | $ | 4,562,771 |
(a) | Affiliated Security. Security is either an affiliate (and registered under the Investment Company Act of 1940) or an affiliate as defined by the Investment Company Act of 1940 (controls 5.0% or more of the outstanding voting shares of the security). Please see affiliated sub-schedule for transactional information. |
(b) | Current yield shown is as of period end. |
Portfolio Summary (unaudited) | |||
Fund Type | Percent | ||
Fixed Income Funds | 44.19 | % | |
Domestic Equity Funds | 38.45 | % | |
International Equity Funds | 10.20 | % | |
Specialty Funds | 6.91 | % | |
Money Market Funds | 0.30 | % | |
Other Assets and Liabilities | (0.05 | )% | |
TOTAL NET ASSETS | 100.00 | % |
See accompanying notes.
39
Schedule of Investments | ||||||||||||||
SAM Balanced Portfolio | ||||||||||||||
April 30, 2019 (unaudited) | ||||||||||||||
Affiliated Securities | October 31, 2018 | Purchases(a) | Sales(a) | April 30, 2019 | ||||||||||
Value | Cost | Proceeds | Value | |||||||||||
Blue Chip Fund | $ | 362,422 | $ | 28,790 | $ | 23,864 | $ | 409,201 | ||||||
Diversified International Fund | Class R-6 | — | 431,224 | 5,925 | 519,062 | |||||||||
Diversified International Fund | Institutional Class | 477,998 | 39,436 | 428,056 | — | |||||||||
Diversified Real Asset Fund | 153,382 | 6,448 | 11,130 | 150,651 | ||||||||||
EDGE MidCapFund | 163,524 | 11,719 | 6,605 | 180,568 | ||||||||||
Equity Income Fund | 541,804 | 35,893 | 22,646 | 574,090 | ||||||||||
Global Multi-Strategy Fund | 180,024 | 10,807 | 19,073 | 164,667 | ||||||||||
Global Real Estate Securities Fund | 133,513 | 4,484 | 13,523 | 136,823 | ||||||||||
Government & High Quality Bond Fund | 263,272 | 5,943 | 29,111 | 247,690 | ||||||||||
High Yield Fund | 74,715 | 3,007 | 8,752 | 69,587 | ||||||||||
Income Fund | 527,176 | 12,138 | 53,066 | 501,342 | ||||||||||
Inflation Protection Fund | 74,404 | 2,821 | 7,866 | 70,292 | ||||||||||
International Emerging Markets Fund | 52,620 | 1,988 | 58,398 | — | ||||||||||
International Small Company Fund | 52,000 | 4,418 | 316 | 54,800 | ||||||||||
Origin Emerging Markets Fund | — | 58,289 | — | 58,023 | ||||||||||
Preferred Securities Fund | 123,911 | 4,222 | 11,565 | 118,957 | ||||||||||
Principal Active Global Dividend Income ETF | 200,557 | — | — | 215,788 | ||||||||||
Principal EDGE Active Income ETF | 55,509 | — | — | 56,608 | ||||||||||
Principal Government Money Market Fund 2.38% | 16,930 | 14,202 | 17,511 | 13,621 | ||||||||||
Principal Investment Grade Corporate Active ETF | 67,300 | — | — | 70,390 | ||||||||||
Principal U.S. Mega-Cap Multi-Factor Index ETF | 455,129 | — | — | 487,589 | ||||||||||
Principal U.S. Small-Cap Multi-Factor Index ETF | 98,261 | 2,459 | — | 102,998 | ||||||||||
Real Estate Debt Income Fund | 48,642 | 952 | 5,826 | 45,321 | ||||||||||
Short-Term Income Fund | 338,457 | 9,882 | 35,399 | 317,117 | ||||||||||
$ | 4,461,550 | $ | 689,122 | $ | 758,632 | $ | 4,565,185 | |||||||
Realized Gain/Loss | Realized Gain from | Change in Unrealized | ||||||||||||
Income | on Investments | Capital Gain Distributions | Gain/Loss | |||||||||||
Blue Chip Fund | $ | 48 | $ | (170 | ) $ | 25,207 | $ | 42,023 | ||||||
Diversified International Fund | Class R-6 | — | (38 | ) | — | 93,801 | ||||||||
Diversified International Fund | Institutional Class | 8,912 | (45 | ) | 22,045 | (89,333 | ) | |||||||
Diversified Real Asset Fund | 4,877 | (12 | ) | — | 1,963 | |||||||||
EDGE MidCapFund | 2,621 | 41 | 7,029 | 11,889 | ||||||||||
Equity Income Fund | 10,670 | (254 | ) | 21,021 | 19,293 | |||||||||
Global Multi-Strategy Fund | 7,021 | (305 | ) | 3,712 | (6,786 | ) | ||||||||
Global Real Estate Securities Fund | 3,009 | 294 | 913 | 12,055 | ||||||||||
Government & High Quality Bond Fund | 3,634 | (1,250 | ) | — | 8,836 | |||||||||
High Yield Fund | 2,199 | (534 | ) | — | 1,151 | |||||||||
Income Fund | 8,997 | (1,583 | ) | — | 16,677 | |||||||||
Inflation Protection Fund | 2,082 | (294 | ) | — | 1,227 | |||||||||
International Emerging Markets Fund | 620 | 17,860 | 1,121 | (14,070 | ) | |||||||||
International Small Company Fund | 1,501 | 9 | 2,671 | (1,311 | ) | |||||||||
Origin Emerging Markets Fund | — | — | — | (266 | ) | |||||||||
Preferred Securities Fund | 3,414 | (837 | ) | — | 3,226 | |||||||||
Principal Active Global Dividend Income ETF | 2,268 | — | 2,296 | 15,231 | ||||||||||
Principal EDGE Active Income ETF | 1,334 | — | 478 | 1,099 | ||||||||||
Principal Government Money Market Fund 2.38% | 162 | — | — | — | ||||||||||
Principal Investment Grade Corporate Active ETF | 1,360 | — | 59 | 3,090 | ||||||||||
Principal U.S. Mega-Cap Multi-Factor Index ETF | 5,465 | — | — | 32,460 | ||||||||||
Principal U.S. Small-Cap Multi-Factor Index ETF | 780 | — | — | 2,278 | ||||||||||
Real Estate Debt Income Fund | 952 | (128 | ) | — | 1,681 | |||||||||
Short-Term Income Fund | 4,061 | (453 | ) | — | 4,630 | |||||||||
$ | 75,987 | $ | 12,301 | $ | 86,552 | $ | 160,844 | |||||||
Amounts in thousands |
(a) | Purchases and Sales include transactions related to the transition of assets from the Institutional Class to Class R-6. |
See accompanying notes.
40
Schedule of Investments | ||||||
SAM Conservative Balanced Portfolio | ||||||
April 30, 2019 (unaudited) | ||||||
INVESTMENT COMPANIES - 100.05% | Shares Held | Value (000's) | ||||
Money Market Funds - 0.50% | ||||||
Principal Government Money Market Fund | 8,387,737 | $ | 8,388 | |||
2.38%(a),(b) | ||||||
Principal Exchange-Traded Funds - 15.05% | ||||||
Principal Active Global Dividend Income ETF(a) | 1,207,000 | 33,790 | ||||
Principal EDGE Active Income ETF(a) | 1,047,000 | 42,154 | ||||
Principal Investment Grade Corporate Active | 1,517,600 | 38,509 | ||||
ETF(a) | ||||||
Principal U.S. Mega-Cap Multi-Factor Index | 4,014,000 | 115,764 | ||||
ETF(a) | ||||||
Principal U.S. Small-Cap Multi-Factor Index | 722,700 | 23,278 | ||||
ETF(a) | ||||||
$ | 253,495 | |||||
Principal Funds, Inc. Class R-6 - 53.03% | ||||||
Blue Chip Fund(a) | 3,813,171 | 95,939 | ||||
Diversified International Fund(a) | 10,803,020 | 132,013 | ||||
Diversified Real Asset Fund(a) | 4,430,672 | 50,200 | ||||
EDGE MidCapFund(a) | 2,903,983 | 41,817 | ||||
Global Diversified Income Fund(a) | 3,361,475 | 45,414 | ||||
Global Multi-Strategy Fund(a) | 6,237,608 | 65,994 | ||||
Global Real Estate Securities Fund(a) | 3,636,261 | 36,726 | ||||
High Yield Fund(a) | 5,910,098 | 42,198 | ||||
Income Fund(a) | 28,552,780 | 270,680 | ||||
International Small Company Fund(a) | 1,352,707 | 14,460 | ||||
Origin Emerging Markets Fund(a) | 1,313,218 | 14,209 | ||||
Preferred Securities Fund(a) | 6,880,170 | 68,595 | ||||
Real Estate Debt Income Fund(a) | 1,517,442 | 14,674 | ||||
$ | 892,919 | |||||
Principal Funds, Inc. Institutional Class - 31.47% | ||||||
Equity Income Fund(a) | 4,406,466 | 140,610 | ||||
Government & High Quality Bond Fund(a) | 15,600,708 | 160,063 | ||||
Inflation Protection Fund(a) | 5,246,429 | 44,280 | ||||
Short-Term Income Fund(a) | 15,218,460 | 185,057 | ||||
$ | 530,010 | |||||
TOTAL INVESTMENT COMPANIES | $ | 1,684,812 | ||||
Total Investments | $ | 1,684,812 | ||||
Other Assets and Liabilities - (0.05)% | (847 | ) | ||||
TOTAL NET ASSETS - 100.00% | $ | 1,683,965 |
(a) | Affiliated Security. Security is either an affiliate (and registered under the Investment Company Act of 1940) or an affiliate as defined by the Investment Company Act of 1940 (controls 5.0% or more of the outstanding voting shares of the security). Please see affiliated sub-schedule for transactional information. |
(b) | Current yield shown is as of period end. |
Portfolio Summary (unaudited) | |||
Fund Type | Percent | ||
Fixed Income Funds | 59.28 | % | |
Domestic Equity Funds | 24.78 | % | |
Specialty Funds | 9.60 | % | |
International Equity Funds | 5.89 | % | |
Money Market Funds | 0.50 | % | |
Other Assets and Liabilities | (0.05 | )% | |
TOTAL NET ASSETS | 100.00 | % |
See accompanying notes.
41
Schedule of Investments | ||||||||||||||
SAM Conservative Balanced Portfolio | ||||||||||||||
April 30, 2019 (unaudited) | ||||||||||||||
Affiliated Securities | October 31, 2018 | Purchases(a) | Sales(a) | April 30, 2019 | ||||||||||
Value | Cost | Proceeds | Value | |||||||||||
Blue Chip Fund | $ | 88,014 | $ | 8,966 | $ | 11,039 | $ | 95,939 | ||||||
Diversified International Fund | Class R-6 | — | 108,063 | 254 | 132,013 | |||||||||
Diversified International Fund | Institutional Class | 119,635 | 12,030 | 108,675 | — | |||||||||
Diversified Real Asset Fund | 49,763 | 2,322 | 2,575 | 50,200 | ||||||||||
EDGE MidCapFund | 38,081 | 3,836 | 2,887 | 41,817 | ||||||||||
Equity Income Fund | 133,672 | 12,216 | 10,037 | 140,610 | ||||||||||
Global Diversified Income Fund | 45,951 | 1,855 | 3,633 | 45,414 | ||||||||||
Global Multi-Strategy Fund | 68,059 | 4,729 | 4,149 | 65,994 | ||||||||||
Global Real Estate Securities Fund | 37,573 | 2,410 | 6,728 | 36,726 | ||||||||||
Government & High Quality Bond Fund | 167,676 | 4,066 | 16,574 | 160,063 | ||||||||||
High Yield Fund | 42,959 | 2,365 | 3,584 | 42,198 | ||||||||||
Income Fund | 284,817 | 7,107 | 29,516 | 270,680 | ||||||||||
Inflation Protection Fund | 44,483 | 2,002 | 2,807 | 44,280 | ||||||||||
International Emerging Markets Fund | 12,627 | 723 | 14,275 | — | ||||||||||
International Small Company Fund | 13,381 | 1,396 | — | 14,460 | ||||||||||
Origin Emerging Markets Fund | — | 14,274 | — | 14,209 | ||||||||||
Preferred Securities Fund | 69,754 | 3,009 | 5,608 | 68,595 | ||||||||||
Principal Active Global Dividend Income ETF | 31,405 | — | — | 33,790 | ||||||||||
Principal EDGE Active Income ETF | 41,335 | — | — | 42,154 | ||||||||||
Principal Government Money Market Fund 2.38% | 9,090 | 4,410 | 5,112 | 8,388 | ||||||||||
Principal Investment Grade Corporate Active ETF | 36,819 | — | — | 38,509 | ||||||||||
Principal U.S. Mega-Cap Multi-Factor Index ETF | 108,057 | — | — | 115,764 | ||||||||||
Principal U.S. Small-Cap Multi-Factor Index ETF | 21,906 | 848 | — | 23,278 | ||||||||||
Real Estate Debt Income Fund | 15,662 | 310 | 1,803 | 14,674 | ||||||||||
Short-Term Income Fund | 193,957 | 6,385 | 17,755 | 185,057 | ||||||||||
$ | 1,674,676 | $ | 203,322 | $ | 247,011 | $ | 1,684,812 | |||||||
Realized Gain/Loss | Realized Gain from | Change in Unrealized | ||||||||||||
Income | on Investments | Capital Gain Distributions | Gain/Loss | |||||||||||
Blue Chip Fund | $ | 12 | $ | 44 | $ | 6,193 | $ | 9,954 | ||||||
Diversified International Fund | Class R-6 | — | 2 | — | 24,202 | |||||||||
Diversified International Fund | Institutional Class | 2,231 | (7 | ) | 5,517 | (22,983 | ) | |||||||
Diversified Real Asset Fund | 1,603 | (41 | ) | — | 731 | |||||||||
EDGE MidCapFund | 611 | 52 | 1,639 | 2,735 | ||||||||||
Equity Income Fund | 2,664 | (264 | ) | 5,273 | 5,023 | |||||||||
Global Diversified Income Fund | 1,222 | (187 | ) | — | 1,428 | |||||||||
Global Multi-Strategy Fund | 2,688 | (142 | ) | 1,418 | (2,503 | ) | ||||||||
Global Real Estate Securities Fund | 839 | 73 | 257 | 3,398 | ||||||||||
Government & High Quality Bond Fund | 2,362 | (1,035 | ) | — | 5,930 | |||||||||
High Yield Fund | 1,320 | (202 | ) | — | 660 | |||||||||
Income Fund | 4,927 | (901 | ) | — | 9,173 | |||||||||
Inflation Protection Fund | 1,283 | (107 | ) | — | 709 | |||||||||
International Emerging Markets Fund | 149 | 4,721 | 269 | (3,796 | ) | |||||||||
International Small Company Fund | 386 | — | 687 | (317 | ) | |||||||||
Origin Emerging Markets Fund | — | — | — | (65 | ) | |||||||||
Preferred Securities Fund | 1,965 | (361 | ) | — | 1,801 | |||||||||
Principal Active Global Dividend Income ETF | 355 | — | 360 | 2,385 | ||||||||||
Principal EDGE Active Income ETF | 994 | — | 356 | 819 | ||||||||||
Principal Government Money Market Fund 2.38% | 97 | — | — | — | ||||||||||
Principal Investment Grade Corporate Active ETF | 744 | — | 32 | 1,690 | ||||||||||
Principal U.S. Mega-Cap Multi-Factor Index ETF | 1,297 | — | — | 7,707 | ||||||||||
Principal U.S. Small-Cap Multi-Factor Index ETF | 176 | — | — | 524 | ||||||||||
Real Estate Debt Income Fund | 310 | (36 | ) | — | 541 | |||||||||
Short-Term Income Fund | 2,380 | (231 | ) | — | 2,701 | |||||||||
$ | 30,615 | $ | 1,378 | $ | 22,001 | $ | 52,447 | |||||||
Amounts in thousands |
(a) | Purchases and Sales include transactions related to the transition of assets from the Institutional Class to Class R-6. |
See accompanying notes.
42
Schedule of Investments | ||||||
SAM Conservative Growth Portfolio | ||||||
April 30, 2019 (unaudited) | ||||||
INVESTMENT COMPANIES - 100.05% | Shares Held | Value (000's) | ||||
Money Market Funds - 0.25% | ||||||
Principal Government Money Market Fund | 7,575,629 | $ | 7,576 | |||
2.38%(a),(b) | ||||||
Principal Exchange-Traded Funds - 21.35% | ||||||
Principal Active Global Dividend Income ETF(a) | 3,580,000 | 100,222 | ||||
Principal Investment Grade Corporate Active | 816,000 | 20,706 | ||||
ETF(a) | ||||||
Principal U.S. Mega-Cap Multi-Factor Index | 15,051,400 | 434,082 | ||||
ETF(a) | ||||||
Principal U.S. Small-Cap Multi-Factor Index | 3,039,800 | 97,912 | ||||
ETF(a) | ||||||
$ | 652,922 | |||||
Principal Funds, Inc. Class R-6 - 54.61% | ||||||
Blue Chip Fund(a) | 14,963,568 | 376,483 | ||||
Diversified International Fund(a) | 41,252,418 | 504,105 | ||||
Diversified Real Asset Fund(a) | 9,612,149 | 108,906 | ||||
EDGE MidCapFund(a) | 12,637,859 | 181,985 | ||||
Global Multi-Strategy Fund(a) | 3,896,776 | 41,228 | ||||
Global Real Estate Securities Fund(a) | 10,243,049 | 103,455 | ||||
Income Fund(a) | 14,268,554 | 135,266 | ||||
International Small Company Fund(a) | 4,433,045 | 47,389 | ||||
Multi-Manager Equity Long/Short Fund(a) | 7,293,175 | 68,337 | ||||
Origin Emerging Markets Fund(a) | 5,190,967 | 56,166 | ||||
Preferred Securities Fund(a) | 4,653,308 | 46,393 | ||||
$ | 1,669,713 | |||||
Principal Funds, Inc. Institutional Class - 23.84% | ||||||
Equity Income Fund(a) | 16,200,257 | 516,950 | ||||
Government & High Quality Bond Fund(a) | 7,900,201 | 81,056 | ||||
Short-Term Income Fund(a) | 10,758,094 | 130,819 | ||||
$ | 728,825 | |||||
TOTAL INVESTMENT COMPANIES | $ | 3,059,036 | ||||
Total Investments | $ | 3,059,036 | ||||
Other Assets and Liabilities - (0.05)% | (1,521 | ) | ||||
TOTAL NET ASSETS - 100.00% | $ | 3,057,515 |
(a) | Affiliated Security. Security is either an affiliate (and registered under the Investment Company Act of 1940) or an affiliate as defined by the Investment Company Act of 1940 (controls 5.0% or more of the outstanding voting shares of the security). Please see affiliated sub-schedule for transactional information. |
(b) | Current yield shown is as of period end. |
Portfolio Summary (unaudited) | |||
Fund Type | Percent | ||
Domestic Equity Funds | 52.56 | % | |
Fixed Income Funds | 30.04 | % | |
International Equity Funds | 10.05 | % | |
Specialty Funds | 7.15 | % | |
Money Market Funds | 0.25 | % | |
Other Assets and Liabilities | (0.05 | )% | |
TOTAL NET ASSETS | 100.00 | % |
See accompanying notes.
43
Schedule of Investments | ||||||||||||||
SAM Conservative Growth Portfolio | ||||||||||||||
April 30, 2019 (unaudited) | ||||||||||||||
Affiliated Securities | October 31, 2018 | Purchases(a) | Sales(a) | April 30, 2019 | ||||||||||
Value | Cost | Proceeds | Value | |||||||||||
Blue Chip Fund | $ | 336,612 | $ | 25,840 | $ | 23,929 | $ | 376,483 | ||||||
Diversified International Fund | Class R-6 | — | 430,165 | 950 | 504,105 | |||||||||
Diversified International Fund | Institutional Class | 470,235 | 34,819 | 433,932 | — | |||||||||
Diversified Real Asset Fund | 115,915 | 3,762 | 12,110 | 108,906 | ||||||||||
EDGE MidCapFund | 167,012 | 12,007 | 9,132 | 181,985 | ||||||||||
Equity Income Fund | 497,675 | 29,878 | 27,347 | 516,950 | ||||||||||
Global Multi-Strategy Fund | 48,758 | 2,948 | 8,511 | 41,228 | ||||||||||
Global Real Estate Securities Fund | 102,719 | 3,082 | 11,543 | 103,455 | ||||||||||
Government & High Quality Bond Fund | 90,324 | 1,239 | 13,072 | 81,056 | ||||||||||
Income Fund | 150,285 | 2,532 | 21,724 | 135,266 | ||||||||||
International Small Company Fund | 45,477 | 3,679 | 644 | 47,389 | ||||||||||
Multi-Manager Equity Long/Short Fund | 77,086 | 8,336 | 10,701 | 68,337 | ||||||||||
Origin Emerging Markets Fund | 52,800 | 958 | 2,894 | 56,166 | ||||||||||
Preferred Securities Fund | 49,753 | 1,362 | 5,644 | 46,393 | ||||||||||
Principal Active Global Dividend Income ETF | 93,148 | — | — | 100,222 | ||||||||||
Principal Government Money Market Fund 2.38% | 11,394 | 8,240 | 12,058 | 7,576 | ||||||||||
Principal Investment Grade Corporate Active ETF | 19,797 | — | — | 20,706 | ||||||||||
Principal U.S. Mega-Cap Multi-Factor Index ETF | 405,184 | — | — | 434,082 | ||||||||||
Principal U.S. Small-Cap Multi-Factor Index ETF | 94,426 | 1,347 | — | 97,912 | ||||||||||
Short-Term Income Fund | 146,632 | 1,918 | 19,490 | 130,819 | ||||||||||
$ | 2,975,232 | $ | 572,112 | $ | 613,681 | $ | 3,059,036 | |||||||
Realized Gain/Loss | Realized Gain from | Change in Unrealized | ||||||||||||
Income | on Investments | Capital Gain Distributions | Gain/Loss | |||||||||||
Blue Chip Fund | $ | 44 | $ | (1,770 | ) $ | 23,192 | $ | 39,730 | ||||||
Diversified International Fund | Class R-6 | — | (13 | ) | — | 74,903 | ||||||||
Diversified International Fund | Institutional Class | 8,668 | (399 | ) | 21,478 | (70,723 | ) | |||||||
Diversified Real Asset Fund | 3,634 | (212 | ) | — | 1,551 | |||||||||
EDGE MidCapFund | 2,673 | 222 | 7,167 | 11,876 | ||||||||||
Equity Income Fund | 9,675 | (2,437 | ) | 19,139 | 19,181 | |||||||||
Global Multi-Strategy Fund | 1,885 | 232 | 998 | (2,199 | ) | |||||||||
Global Real Estate Securities Fund | 2,260 | (181 | ) | 692 | 9,378 | |||||||||
Government & High Quality Bond Fund | 1,217 | (508 | ) | — | 3,073 | |||||||||
Income Fund | 2,496 | (622 | ) | — | 4,795 | |||||||||
International Small Company Fund | 1,294 | 54 | 2,302 | (1,177 | ) | |||||||||
Multi-Manager Equity Long/Short Fund | 1,137 | (691 | ) | 7,120 | (5,693 | ) | ||||||||
Origin Emerging Markets Fund | 879 | 528 | — | 4,774 | ||||||||||
Preferred Securities Fund | 1,353 | (297 | ) | — | 1,219 | |||||||||
Principal Active Global Dividend Income ETF | 1,053 | — | 1,066 | 7,074 | ||||||||||
Principal Government Money Market Fund 2.38% | 94 | — | — | — | ||||||||||
Principal Investment Grade Corporate Active ETF | 400 | — | 18 | 909 | ||||||||||
Principal U.S. Mega-Cap Multi-Factor Index ETF | 4,865 | — | — | 28,898 | ||||||||||
Principal U.S. Small-Cap Multi-Factor Index ETF | 740 | — | — | 2,139 | ||||||||||
Short-Term Income Fund | 1,720 | (226 | ) | — | 1,985 | |||||||||
$ | 46,087 | $ | (6,320 | ) $ | 83,172 | $ | 131,693 | |||||||
Amounts in thousands |
(a) | Purchases and Sales include transactions related to the transition of assets from the Institutional Class to Class R-6. |
See accompanying notes.
44
Schedule of Investments | ||||||
SAM Flexible Income Portfolio | ||||||
April 30, 2019 (unaudited) | ||||||
INVESTMENT COMPANIES - 99.93% | Shares Held | Value (000's) | ||||
Money Market Funds - 1.00% | ||||||
Principal Government Money Market Fund | 26,027,405 | $ | 26,027 | |||
2.38%(a),(b) | ||||||
Principal Exchange-Traded Funds - 16.51% | ||||||
Principal Active Global Dividend Income ETF(a) | 6,584,100 | 184,322 | ||||
Principal EDGE Active Income ETF(a) | 1,664,800 | 67,027 | ||||
Principal Investment Grade Corporate Active | 3,197,000 | 81,124 | ||||
ETF(a) | ||||||
Principal U.S. Mega-Cap Multi-Factor Index | 3,448,200 | 99,446 | ||||
ETF(a) | ||||||
$ | 431,919 | |||||
Principal Funds, Inc. Class R-6 - 45.83% | ||||||
Blue Chip Fund(a) | 1,455,166 | 36,612 | ||||
EDGE MidCapFund(a) | 2,775,368 | 39,965 | ||||
Global Diversified Income Fund(a) | 9,587,211 | 129,523 | ||||
Global Real Estate Securities Fund(a) | 9,865,531 | 99,642 | ||||
High Yield Fund(a) | 16,236,200 | 115,927 | ||||
Income Fund(a) | 62,568,482 | 593,149 | ||||
Preferred Securities Fund(a) | 13,545,116 | 135,045 | ||||
Real Estate Debt Income Fund(a) | 5,035,922 | 48,697 | ||||
$ | 1,198,560 | |||||
Principal Funds, Inc. Institutional Class - 36.59% | ||||||
Equity Income Fund(a) | 5,556,856 | 177,319 | ||||
Government & High Quality Bond Fund(a) | 27,919,443 | 286,454 | ||||
Inflation Protection Fund(a) | 19,835,116 | 167,409 | ||||
Short-Term Income Fund(a) | 26,796,719 | 325,848 | ||||
$ | 957,030 | |||||
TOTAL INVESTMENT COMPANIES | $ | 2,613,536 | ||||
Total Investments | $ | 2,613,536 | ||||
Other Assets and Liabilities - 0.07% | 1,747 | |||||
TOTAL NET ASSETS - 100.00% | $ | 2,615,283 |
(a) | Affiliated Security. Security is either an affiliate (and registered under the Investment Company Act of 1940) or an affiliate as defined by the Investment Company Act of 1940 (controls 5.0% or more of the outstanding voting shares of the security). Please see affiliated sub-schedule for transactional information. |
(b) | Current yield shown is as of period end. |
Portfolio Summary (unaudited) | |||
Fund Type | Percent | ||
Fixed Income Funds | 69.61 | % | |
Domestic Equity Funds | 13.51 | % | |
International Equity Funds | 10.86 | % | |
Specialty Funds | 4.95 | % | |
Money Market Funds | 1.00 | % | |
Other Assets and Liabilities | 0.07 | % | |
TOTAL NET ASSETS | 100.00 | % |
See accompanying notes.
45
Schedule of Investments | |||||||||||||
SAM Flexible Income Portfolio | |||||||||||||
April 30, 2019 (unaudited) | |||||||||||||
Affiliated Securities | October 31, 2018 | Purchases | Sales | April 30, 2019 | |||||||||
Value | Cost | Proceeds | Value | ||||||||||
Blue Chip Fund | $ | 30,602 | $ | 3,182 | $ | 893 | $ | 36,612 | |||||
EDGE MidCapFund | 33,839 | 5,666 | 2,234 | 39,965 | |||||||||
Equity Income Fund | 160,271 | 14,992 | 4,021 | 177,319 | |||||||||
Global Diversified Income Fund | 128,953 | 4,483 | 7,455 | 129,523 | |||||||||
Global Real Estate Securities Fund | 94,180 | 3,582 | 6,946 | 99,642 | |||||||||
Government & High Quality Bond Fund | 290,264 | 6,134 | 18,502 | 286,454 | |||||||||
High Yield Fund | 114,735 | 5,404 | 5,506 | 115,927 | |||||||||
Income Fund | 597,454 | 14,831 | 36,706 | 593,149 | |||||||||
Inflation Protection Fund | 167,139 | 6,353 | 8,349 | 167,409 | |||||||||
Preferred Securities Fund | 134,466 | 4,834 | 7,093 | 135,045 | |||||||||
Principal Active Global Dividend Income ETF | 170,011 | 1,284 | — | 184,322 | |||||||||
Principal EDGE Active Income ETF | 65,726 | — | — | 67,027 | |||||||||
Principal Government Money Market Fund 2.38% | 26,494 | 9,006 | 9,473 | 26,027 | |||||||||
Principal Investment Grade Corporate Active ETF | 77,563 | — | — | 81,124 | |||||||||
Principal U.S. Mega-Cap Multi-Factor Index ETF | 92,825 | — | — | 99,446 | |||||||||
Real Estate Debt Income Fund | 49,337 | 1,192 | 3,447 | 48,697 | |||||||||
Short-Term Income Fund | 334,632 | 9,837 | 22,871 | 325,848 | |||||||||
$ | 2,568,491 | $ | 90,780 | $ | 133,496 | $ | 2,613,536 | ||||||
Realized Gain/Loss | Realized Gain from | Change in Unrealized | |||||||||||
Income | on Investments | Capital Gain Distributions | Gain/Loss | ||||||||||
Blue Chip Fund | $ | 4 | $ | (48 | ) $ | 2,165 | $ | 3,769 | |||||
EDGE MidCapFund | 591 | (12 | ) | 1,586 | 2,706 | ||||||||
Equity Income Fund | 3,256 | 10 | 6,381 | 6,067 | |||||||||
Global Diversified Income Fund | 3,461 | (442 | ) | — | 3,984 | ||||||||
Global Real Estate Securities Fund | 2,144 | 146 | 648 | 8,680 | |||||||||
Government & High Quality Bond Fund | 4,139 | (1,476 | ) | — | 10,034 | ||||||||
High Yield Fund | 3,574 | (270 | ) | — | 1,564 | ||||||||
Income Fund | 10,425 | (1,593 | ) | — | 19,163 | ||||||||
Inflation Protection Fund | 4,846 | (316 | ) | — | 2,582 | ||||||||
Preferred Securities Fund | 3,829 | (467 | ) | — | 3,305 | ||||||||
Principal Active Global Dividend Income ETF | 1,930 | — | 1,946 | 13,027 | |||||||||
Principal EDGE Active Income ETF | 1,580 | — | 565 | 1,301 | |||||||||
Principal Government Money Market Fund 2.38% | 290 | — | — | — | |||||||||
Principal Investment Grade Corporate Active ETF | 1,567 | — | 68 | 3,561 | |||||||||
Principal U.S. Mega-Cap Multi-Factor Index ETF | 1,115 | — | — | 6,621 | |||||||||
Real Estate Debt Income Fund | 985 | (96 | ) | — | 1,711 | ||||||||
Short-Term Income Fund | 4,095 | (404 | ) | — | 4,654 | ||||||||
$ | 47,831 | $ | (4,968 | ) $ | 13,359 | $ | 92,729 | ||||||
Amounts in thousands |
See accompanying notes.
46
Schedule of Investments | |||||||||||||||||||
SAM Strategic Growth Portfolio | |||||||||||||||||||
April 30, 2019 (unaudited) | |||||||||||||||||||
INVESTMENT COMPANIES - 100.06% | Shares Held Value (000's) | (a) | Affiliated Security. Security is either an affiliate (and registered under the | ||||||||||||||||
Money Market Funds - 0.30% | Investment Company Act of 1940) or an affiliate as defined by the Investment | ||||||||||||||||||
Principal Government Money Market Fund | 5,627,606 | $ | 5,628 | Company Act of 1940 (controls 5.0% or more of the outstanding voting | |||||||||||||||
2.38%(a),(b) | shares of the security). Please see affiliated sub-schedule for transactional | ||||||||||||||||||
Principal Exchange-Traded Funds - 26.66% | information. | ||||||||||||||||||
Principal Active Global Dividend Income ETF(a) | 3,889,000 | 108,873 | (b) | Current yield shown is as of period end. | |||||||||||||||
Principal EDGE Active Income ETF(a) | 1,321,300 | 53,197 | |||||||||||||||||
Principal U.S. Mega-Cap Multi-Factor Index | 9,084,800 | 262,006 | Portfolio Summary (unaudited) | ||||||||||||||||
ETF(a) | Fund Type | Percent | |||||||||||||||||
Principal U.S. Small-Cap Multi-Factor Index | 2,499,500 | 80,509 | Domestic Equity Funds | 58.64 | % | ||||||||||||||
ETF(a) | Fixed Income Funds | 24.97 | % | ||||||||||||||||
$ | 504,585 | International Equity Funds | 16.15 | % | |||||||||||||||
Principal Funds, Inc. Class R-6 - 52.04% | Money Market Funds | 0.30 | % | ||||||||||||||||
Blue Chip Fund(a) | 11,573,485 | 291,189 | Other Assets and Liabilities | (0.06 | )% | ||||||||||||||
Diversified International Fund(a) | 30,502,399 | 372,739 | TOTAL NET ASSETS | 100.00 | % | ||||||||||||||
EDGE MidCapFund(a) | 8,613,391 | 124,033 | |||||||||||||||||
Global Real Estate Securities Fund(a) | 9,865,535 | 99,642 | |||||||||||||||||
International Small Company Fund(a) | 3,004,051 | 32,113 | |||||||||||||||||
Origin Emerging Markets Fund(a) | 6,015,214 | 65,085 | |||||||||||||||||
$ | 984,801 | ||||||||||||||||||
Principal Funds, Inc. Institutional Class - 21.06% | |||||||||||||||||||
Equity Income Fund(a) | 11,033,853 | 352,090 | |||||||||||||||||
Short-Term Income Fund(a) | 3,829,547 | 46,567 | |||||||||||||||||
$ | 398,657 | ||||||||||||||||||
TOTAL INVESTMENT COMPANIES | $ | 1,893,671 | |||||||||||||||||
Total Investments | $ | 1,893,671 | |||||||||||||||||
Other Assets and Liabilities - (0.06)% | (1,204 | ) | |||||||||||||||||
TOTAL NET ASSETS - 100.00% | $ | 1,892,467 | |||||||||||||||||
Affiliated Securities | October 31, 2018 | Purchases(a) | Sales(a) | April 30, 2019 | |||||||||||||||
Value | Cost | Proceeds | Value | ||||||||||||||||
Blue Chip Fund | $ | 265,454 | $ | 20,407 | $ | 23,672 | $ | 291,189 | |||||||||||
Diversified International Fund | Class R-6 | — | 337,782 | 3,400 | 372,739 | ||||||||||||||
Diversified International Fund | Institutional Class | 349,344 | 27,401 | 340,359 | — | ||||||||||||||
EDGE MidCapFund | 116,467 | 9,024 | 9,313 | 124,033 | |||||||||||||||
Equity Income Fund | 341,313 | 21,661 | 22,032 | 352,090 | |||||||||||||||
Global Real Estate Securities Fund | 101,938 | 3,155 | 14,647 | 99,642 | |||||||||||||||
International Small Company Fund | 32,375 | 2,733 | 2,051 | 32,113 | |||||||||||||||
Origin Emerging Markets Fund | 63,856 | 1,229 | 5,984 | 65,085 | |||||||||||||||
Principal Active Global Dividend Income ETF | 101,188 | — | — | 108,873 | |||||||||||||||
Principal EDGE Active Income ETF | 79,840 | — | 27,850 | 53,197 | |||||||||||||||
Principal Government Money Market Fund 2.38% | 8,520 | 36,379 | 39,271 | 5,628 | |||||||||||||||
Principal U.S. Mega-Cap Multi-Factor Index ETF | 244,563 | — | — | 262,006 | |||||||||||||||
Principal U.S. Small-Cap Multi-Factor Index ETF | 76,607 | 2,121 | — | 80,509 | |||||||||||||||
Short-Term Income Fund | 34,803 | 18,224 | 6,907 | 46,567 | |||||||||||||||
$ | 1,816,268 | $ | 480,116 | $ | 495,486 | $ | 1,893,671 | ||||||||||||
Realized Gain/Loss | Realized Gain from | Change in Unrealized | |||||||||||||||||
Income | on Investments | Capital Gain Distributions | Gain/Loss | ||||||||||||||||
Blue Chip Fund | $ | 34 | $ | (2,579 | ) $ | 18,166 | $ | 31,579 | |||||||||||
Diversified International Fund | Class R-6 | — | (42 | ) | — | 38,399 | |||||||||||||
Diversified International Fund | Institutional Class | 6,364 | (1,040 | ) | 15,880 | (35,346 | ) | ||||||||||||
EDGE MidCapFund | 1,819 | (1,019 | ) | 4,907 | 8,874 | ||||||||||||||
Equity Income Fund | 6,596 | (2,482 | ) | 13,094 | 13,630 | ||||||||||||||
Global Real Estate Securities Fund | 2,263 | (15 | ) | 693 | 9,211 | ||||||||||||||
International Small Company Fund | 907 | (4 | ) | 1,624 | (940 | ) | |||||||||||||
Origin Emerging Markets Fund | 1,029 | 82 | — | 5,902 | |||||||||||||||
Principal Active Global Dividend Income ETF | 1,144 | — | 1,158 | 7,685 | |||||||||||||||
Principal EDGE Active Income ETF | 1,918 | 190 | 687 | 1,017 | |||||||||||||||
Principal Government Money Market Fund 2.38% | 80 | — | — | — | |||||||||||||||
Principal U.S. Mega-Cap Multi-Factor Index ETF | 2,937 | — | — | 17,443 | |||||||||||||||
Principal U.S. Small-Cap Multi-Factor Index ETF | 609 | — | — | 1,781 | |||||||||||||||
Short-Term Income Fund | 423 | (52 | ) | — | 499 | ||||||||||||||
$ | 26,123 | $ | (6,961 | ) $ | 56,209 | $ | 99,734 | ||||||||||||
Amounts in thousands |
(a) | Purchases and Sales include transactions related to the transition of assets from the Institutional Class to Class R-6. |
See accompanying notes.
47
Financial Highlights | |||||||||||||||||||||||||||
Principal Funds, Inc. | |||||||||||||||||||||||||||
(unaudited) | |||||||||||||||||||||||||||
Selected data for a share of Capital Stock outstanding throughout each year ended October 31 (except as noted): | |||||||||||||||||||||||||||
Net Realized | |||||||||||||||||||||||||||
Net Asset Value, | Net Investment | and Unrealized | Total From | Dividends from | Distributions | Total | |||||||||||||||||||||
Beginning of | Income (Loss) | Gain (Loss) on | Investment | Net Investment | from Realized | Dividends and | Net Asset Value, | ||||||||||||||||||||
Period | (a) | Investments | Operations | Income | Gains | Distributions | End of Period | ||||||||||||||||||||
PRINCIPAL LIFETIME 2010 FUND | |||||||||||||||||||||||||||
Class A shares | |||||||||||||||||||||||||||
2019 | (c) | $13.33 | $0.24 | $ | 0.46 | $ | 0.70 | ($0.31 | ) | ($0.68 | ) | ($0.99 | ) | $ | 13.04 | ||||||||||||
2018 | 14.07 | 0.33 | (0.45) | (0.12) | (0.32 | ) | (0.30 | ) | (0.62 | ) | 13.33 | ||||||||||||||||
2017 | 13.31 | 0.23 | 1.03 | 1.26 | (0.22 | ) | (0.28 | ) | (0.50 | ) | 14.07 | ||||||||||||||||
2016 | 13.55 | 0.22 | 0.14 | 0.36 | (0.20 | ) | (0.40 | ) | (0.60 | ) | 13.31 | ||||||||||||||||
2015 | 13.76 | 0.26 | (0.22) | 0.04 | (0.25 | ) | – | (0.25 | ) | 13.55 | |||||||||||||||||
2014 | 13.18 | 0.23 | 0.57 | 0.80 | (0.22 | ) | – | (0.22 | ) | 13.76 | |||||||||||||||||
PRINCIPAL LIFETIME 2020 FUND | |||||||||||||||||||||||||||
Class A shares | |||||||||||||||||||||||||||
2019 | (c) | 13.92 | 0.25 | 0.65 | 0.90 | (0.30 | ) | (0.57 | ) | (0.87 | ) | 13.95 | |||||||||||||||
2018 | 14.81 | 0.35 | (0.48) | (0.13) | (0.34 | ) | (0.42 | ) | (0.76 | ) | 13.92 | ||||||||||||||||
2017 | 13.45 | 0.22 | 1.58 | 1.80 | (0.21 | ) | (0.23 | ) | (0.44 | ) | 14.81 | ||||||||||||||||
2016 | 14.24 | 0.20 | 0.09 | 0.29 | (0.18 | ) | (0.90 | ) | (1.08 | ) | 13.45 | ||||||||||||||||
2015 | 14.99 | 0.33 | (0.25) | 0.08 | (0.31 | ) | (0.52 | ) | (0.83 | ) | 14.24 | ||||||||||||||||
2014 | 14.32 | 0.23 | 0.82 | 1.05 | (0.23 | ) | (0.15 | ) | (0.38 | ) | 14.99 | ||||||||||||||||
PRINCIPAL LIFETIME 2030 FUND | |||||||||||||||||||||||||||
Class A shares | |||||||||||||||||||||||||||
2019 | (c) | 14.31 | 0.26 | 0.77 | 1.03 | (0.27 | ) | (0.71 | ) | (0.98 | ) | 14.36 | |||||||||||||||
2018 | 15.24 | 0.35 | (0.47) | (0.12) | (0.34 | ) | (0.47 | ) | (0.81 | ) | 14.31 | ||||||||||||||||
2017 | 13.44 | 0.18 | 2.10 | 2.28 | (0.19 | ) | (0.29 | ) | (0.48 | ) | 15.24 | ||||||||||||||||
2016 | 14.44 | 0.18 | (0.01) | 0.17 | (0.16 | ) | (1.01 | ) | (1.17 | ) | 13.44 | ||||||||||||||||
2015 | 15.24 | 0.34 | (0.22) | 0.12 | (0.34 | ) | (0.58 | ) | (0.92 | ) | 14.44 | ||||||||||||||||
2014 | 14.48 | 0.23 | 0.95 | 1.18 | (0.23 | ) | (0.19 | ) | (0.42 | ) | 15.24 |
See accompanying notes.
48
Financial Highlights (Continued) | ||||||||||||||
Principal Funds, Inc. | ||||||||||||||
(unaudited) | ||||||||||||||
Ratio of Expenses to Average | Ratio of Net Investment Income | |||||||||||||
Total Return(b) | Net Assets, End of Period (in thousands) | Net Assets | to Average Net Assets | Portfolio Turnover Rate | ||||||||||
5.86 | %(d) | $ | 26,875 | 0.38 | %(e),(f),(g) | 3.79 | %(e) | 15.0 | %(e) | |||||
(0.89 | ) | 26,867 | 0.38 | (f),(g) | 2.40 | 21.7 | ||||||||
9.78 | 33,206 | 0.38 | (f),(g) | 1.69 | 13.0 | |||||||||
2.83 | 33,881 | 0.39 | (f),(g) | 1.68 | 15.1 | |||||||||
0.26 | 42,365 | 0.41 | (f),(g) | 1.90 | 32.7 | |||||||||
6.14 | 42,880 | 0.41 | (f),(g) | 1.69 | 24.1 | |||||||||
7.09 | (d) | 102,697 | 0.38 | (e),(f),(g) | 3.81 | (e) | 15.8 | (e) | ||||||
(1.00 | ) | 100,709 | 0.38 | (f),(g) | 2.42 | 20.4 | ||||||||
13.78 | 123,884 | 0.37 | (f),(g) | 1.55 | 14.2 | |||||||||
2.31 | 118,522 | 0.39 | (f),(g) | 1.54 | 12.0 | |||||||||
0.58 | 133,985 | 0.41 | (f),(g) | 2.26 | 33.5 | |||||||||
7.44 | 128,189 | 0.41 | (f),(g) | 1.60 | 18.6 | |||||||||
8.12 | (d) | 123,551 | 0.38 | (e),(f),(g) | 3.85 | (e) | 15.3 | (e) | ||||||
(0.94 | ) | 115,998 | 0.38 | (f),(g) | 2.35 | 23.8 | ||||||||
17.45 | 139,849 | 0.38 | (f),(g) | 1.31 | 20.9 | |||||||||
1.49 | 117,542 | 0.39 | (f),(g) | 1.36 | 15.2 | |||||||||
0.88 | 125,826 | 0.41 | (f),(g) | 2.31 | 36.0 | |||||||||
8.36 | 116,459 | 0.41 | (f),(g) | 1.57 | 15.3 |
(a)Calculated based on average shares outstanding during the period.
(b)Total return is calculated without the front-end sales charge or contingent deferred sales charge, if applicable.(c)Six months ended April 30, 2019.
(d)Total return amounts have not been annualized.(e)Computed on an annualized basis.
(f)Reflects Manager's contractual expense limit.
(g)Does not include expenses of the investment companies in which the Fund invests.
See accompanying notes.
49
Financial Highlights | |||||||||||||||||||||||||||
Principal Funds, Inc. | |||||||||||||||||||||||||||
(unaudited) | |||||||||||||||||||||||||||
Selected data for a share of Capital Stock outstanding throughout each year ended October 31 (except as noted): | |||||||||||||||||||||||||||
Net Realized | |||||||||||||||||||||||||||
Net Asset Value, | Net Investment | and Unrealized | Total From | Dividends from | Distributions | Total | |||||||||||||||||||||
Beginning of | Income (Loss) | Gain (Loss) on | Investment | Net Investment | from Realized | Dividends and | Net Asset Value, | ||||||||||||||||||||
Period | (a) | Investments | Operations | Income | Gains | Distributions | End of Period | ||||||||||||||||||||
PRINCIPAL LIFETIME 2040 FUND | |||||||||||||||||||||||||||
Class A shares | |||||||||||||||||||||||||||
2019 | (c) | $14.99 | $0.26 | $ | 0.87 | $ | 1.13 | ($0.26 | ) | ($0.91 | ) | ($1.17 | ) | $ | 14.95 | ||||||||||||
2018 | 15.89 | 0.31 | (0.32) | (0.01) | (0.30 | ) | (0.59 | ) | (0.89 | ) | 14.99 | ||||||||||||||||
2017 | 13.86 | 0.18 | 2.48 | 2.66 | (0.17 | ) | (0.46 | ) | (0.63 | ) | 15.89 | ||||||||||||||||
2016 | 14.67 | 0.17 | (0.11) | 0.06 | (0.15 | ) | (0.72 | ) | (0.87 | ) | 13.86 | ||||||||||||||||
2015 | 15.50 | 0.34 | (0.18) | 0.16 | (0.36 | ) | (0.63 | ) | (0.99 | ) | 14.67 | ||||||||||||||||
2014 | 14.80 | 0.21 | 1.09 | 1.30 | (0.23 | ) | (0.37 | ) | (0.60 | ) | 15.50 | ||||||||||||||||
PRINCIPAL LIFETIME 2050 FUND | |||||||||||||||||||||||||||
Class A shares | |||||||||||||||||||||||||||
2019 | (c) | 15.28 | 0.27 | 0.94 | 1.21 | (0.24 | ) | (0.84 | ) | (1.08 | ) | 15.41 | |||||||||||||||
2018 | 16.03 | 0.31 | (0.31) | – | (0.29 | ) | (0.46 | ) | (0.75 | ) | 15.28 | ||||||||||||||||
2017 | 13.78 | 0.15 | 2.70 | 2.85 | (0.15 | ) | (0.45 | ) | (0.60 | ) | 16.03 | ||||||||||||||||
2016 | 14.51 | 0.16 | (0.13) | 0.03 | (0.14 | ) | (0.62 | ) | (0.76 | ) | 13.78 | ||||||||||||||||
2015 | 15.31 | 0.34 | (0.17) | 0.17 | (0.36 | ) | (0.61 | ) | (0.97 | ) | 14.51 | ||||||||||||||||
2014 | 14.61 | 0.20 | 1.13 | 1.33 | (0.22 | ) | (0.41 | ) | (0.63 | ) | 15.31 | ||||||||||||||||
PRINCIPAL LIFETIME STRATEGIC INCOME FUND | |||||||||||||||||||||||||||
Class A shares | |||||||||||||||||||||||||||
2019 | (c) | 12.19 | 0.22 | 0.39 | 0.61 | (0.30 | ) | (0.50 | ) | (0.80 | ) | 12.00 | |||||||||||||||
2018 | 12.87 | 0.30 | (0.45) | (0.15) | (0.30 | ) | (0.23 | ) | (0.53 | ) | 12.19 | ||||||||||||||||
2017 | 12.29 | 0.22 | 0.61 | 0.83 | (0.20 | ) | (0.05 | ) | (0.25 | ) | 12.87 | ||||||||||||||||
2016 | 12.09 | 0.21 | 0.19 | 0.40 | (0.20 | ) | – | (0.20 | ) | 12.29 | |||||||||||||||||
2015 | 12.30 | 0.23 | (0.23) | – | (0.21 | ) | – | (0.21 | ) | 12.09 | |||||||||||||||||
2014 | 11.94 | 0.22 | 0.36 | 0.58 | (0.22 | ) | – | (0.22 | ) | 12.30 |
See accompanying notes.
50
Financial Highlights (Continued) | ||||||||||||||
Principal Funds, Inc. | ||||||||||||||
(unaudited) | ||||||||||||||
Ratio of Expenses to Average | Ratio of Net Investment Income | |||||||||||||
Total Return(b) | Net Assets, End of Period (in thousands) | Net Assets | to Average Net Assets | Portfolio Turnover Rate | ||||||||||
8.75 | %(d) | $ | 93,298 | 0.38 | %(e),(f),(g) | 3.66 | %(e) | 15.5 | %(e) | |||||
(0.16 | ) | 87,497 | 0.38 | (f),(g) | 1.96 | 16.0 | ||||||||
19.88 | 99,913 | 0.38 | (f),(g) | 1.20 | 26.6 | |||||||||
0.58 | 84,378 | 0.39 | (f),(g) | 1.24 | 17.9 | |||||||||
1.13 | 91,391 | 0.41 | (f),(g) | 2.25 | 25.2 | |||||||||
9.02 | 82,944 | 0.41 | (f),(g) | 1.43 | 11.5 | |||||||||
9.08 | (d) | 71,906 | 0.38 | (e),(f),(g) | 3.69 | (e) | 16.0 | (e) | ||||||
(0.15 | ) | 73,509 | 0.38 | (f),(g) | 1.91 | 16.9 | ||||||||
21.47 | 82,816 | 0.38 | (f),(g) | 1.04 | 29.6 | |||||||||
0.36 | 64,995 | 0.39 | (f),(g) | 1.19 | 17.0 | |||||||||
1.20 | 68,799 | 0.41 | (f),(g) | 2.28 | 21.6 | |||||||||
9.43 | 61,439 | 0.41 | (f),(g) | 1.35 | 9.9 | |||||||||
5.52 | (d) | 16,966 | 0.38 | (e),(f),(g) | 3.71 | (e) | 15.5 | (e) | ||||||
(1.23 | ) | 16,585 | 0.38 | (f),(g) | 2.36 | 22.7 | ||||||||
6.86 | 21,016 | 0.38 | (f),(g) | 1.80 | 18.6 | |||||||||
3.40 | 21,260 | 0.39 | (f),(g) | 1.73 | 18.2 | |||||||||
0.01 | 29,781 | 0.41 | (f),(g) | 1.85 | 36.8 | |||||||||
4.92 | 31,332 | 0.41 | (f),(g) | 1.85 | 26.8 |
(a)Calculated based on average shares outstanding during the period.
(b)Total return is calculated without the front-end sales charge or contingent deferred sales charge, if applicable.(c)Six months ended April 30, 2019.
(d)Total return amounts have not been annualized.(e)Computed on an annualized basis.
(f)Reflects Manager's contractual expense limit.
(g)Does not include expenses of the investment companies in which the Fund invests.
See accompanying notes.
51
Financial Highlights
Principal Funds, Inc.
(unaudited)
Selected data for a share of Capital Stock outstanding throughout each year ended October 31 (except as noted):
Net Realized | |||||||||||||||||||||||||||
Net Asset Value, | Net Investment | and Unrealized | Total From | Dividends from | Distributions | Total | |||||||||||||||||||||
Beginning of | Income (Loss) | Gain (Loss) on | Investment | Net Investment | from Realized | Dividends and | Net Asset Value, | ||||||||||||||||||||
Period | (a) | Investments | Operations | Income | Gains | Distributions | End of Period | ||||||||||||||||||||
SAM BALANCED PORTFOLIO | |||||||||||||||||||||||||||
Class A shares | |||||||||||||||||||||||||||
2019 | (c) | $15.50 | $0.20 | $ | 0.83 | $ | 1.03 | ($0.21 | ) | ($1.05 | ) | ($1.26 | ) | $ | 15.27 | ||||||||||||
2018 | 16.63 | 0.36 | (0.34) | 0.02 | (0.33 | ) | (0.82 | ) | (1.15 | ) | 15.50 | ||||||||||||||||
2017 | 15.07 | 0.23 | 1.85 | 2.08 | (0.22 | ) | (0.30 | ) | (0.52 | ) | 16.63 | ||||||||||||||||
2016 | 15.87 | 0.22 | 0.17 | 0.39 | (0.21 | ) | (0.98 | ) | (1.19 | ) | 15.07 | ||||||||||||||||
2015 | 16.39 | 0.31 | (0.14) | 0.17 | (0.31 | ) | (0.38 | ) | (0.69 | ) | 15.87 | ||||||||||||||||
2014 | 15.60 | 0.26 | 1.04 | 1.30 | (0.26 | ) | (0.25 | ) | (0.51 | ) | 16.39 | ||||||||||||||||
Class C shares | |||||||||||||||||||||||||||
2019 | (c) | 15.25 | 0.18 | 0.78 | 0.96 | (0.15 | ) | (1.05 | ) | (1.20 | ) | 15.01 | |||||||||||||||
2018 | 16.39 | 0.24 | (0.34) | (0.10) | (0.22 | ) | (0.82 | ) | (1.04 | ) | 15.25 | ||||||||||||||||
2017 | 14.87 | 0.11 | 1.83 | 1.94 | (0.12 | ) | (0.30 | ) | (0.42 | ) | 16.39 | ||||||||||||||||
2016 | 15.68 | 0.11 | 0.16 | 0.27 | (0.10 | ) | (0.98 | ) | (1.08 | ) | 14.87 | ||||||||||||||||
2015 | 16.20 | 0.18 | (0.12) | 0.06 | (0.20 | ) | (0.38 | ) | (0.58 | ) | 15.68 | ||||||||||||||||
2014 | 15.43 | 0.14 | 1.02 | 1.16 | (0.14 | ) | (0.25 | ) | (0.39 | ) | 16.20 | ||||||||||||||||
SAM CONSERVATIVE BALANCED PORTFOLIO | |||||||||||||||||||||||||||
Class A shares | |||||||||||||||||||||||||||
2019 | (c) | 11.86 | 0.17 | 0.52 | 0.69 | (0.18 | ) | (0.54 | ) | (0.72 | ) | 11.83 | |||||||||||||||
2018 | 12.52 | 0.31 | (0.36) | (0.05) | (0.29 | ) | (0.32 | ) | (0.61 | ) | 11.86 | ||||||||||||||||
2017 | 11.70 | 0.24 | 0.94 | 1.18 | (0.24 | ) | (0.12 | ) | (0.36 | ) | 12.52 | ||||||||||||||||
2016 | 12.04 | 0.24 | 0.12 | 0.36 | (0.23 | ) | (0.47 | ) | (0.70 | ) | 11.70 | ||||||||||||||||
2015 | 12.41 | 0.26 | (0.16) | 0.10 | (0.27 | ) | (0.20 | ) | (0.47 | ) | 12.04 | ||||||||||||||||
2014 | 12.05 | 0.25 | 0.58 | 0.83 | (0.24 | ) | (0.23 | ) | (0.47 | ) | 12.41 | ||||||||||||||||
Class C shares | |||||||||||||||||||||||||||
2019 | (c) | 11.73 | 0.14 | 0.50 | 0.64 | (0.13 | ) | (0.54 | ) | (0.67 | ) | 11.70 | |||||||||||||||
2018 | 12.39 | 0.21 | (0.35) | (0.14) | (0.20 | ) | (0.32 | ) | (0.52 | ) | 11.73 | ||||||||||||||||
2017 | 11.58 | 0.15 | 0.93 | 1.08 | (0.15 | ) | (0.12 | ) | (0.27 | ) | 12.39 | ||||||||||||||||
2016 | 11.93 | 0.15 | 0.11 | 0.26 | (0.14 | ) | (0.47 | ) | (0.61 | ) | 11.58 | ||||||||||||||||
2015 | 12.30 | 0.17 | (0.15) | 0.02 | (0.19 | ) | (0.20 | ) | (0.39 | ) | 11.93 | ||||||||||||||||
2014 | 11.95 | 0.16 | 0.58 | 0.74 | (0.16 | ) | (0.23 | ) | (0.39 | ) | 12.30 |
See accompanying notes.
52
Financial Highlights (Continued) | ||||||||||||||
Principal Funds, Inc. | ||||||||||||||
(unaudited) | ||||||||||||||
Ratio of Expenses to Average | Ratio of Net Investment Income | |||||||||||||
Total Return(b) | Net Assets, End of Period (in thousands) | Net Assets | to Average Net Assets | Portfolio Turnover Rate | ||||||||||
7.52 | %(d) | $ | 2,207,350 | 0.62 | %(e),(f),(g) | 2.76 | %(e) | 11.3 | %(e) | |||||
0.00 | 1,957,610 | 0.61 | (f),(g) | 2.24 | 26.7 | |||||||||
14.18 | 2,120,767 | 0.61 | (g) | 1.48 | 17.6 | |||||||||
2.80 | 2,047,943 | 0.66 | (g) | 1.51 | 17.1 | |||||||||
1.10 | 2,124,905 | 0.65 | (g) | 1.90 | 27.6 | |||||||||
8.50 | 2,083,846 | 0.65 | (g) | 1.63 | 3.3 | |||||||||
7.17 | (d) | 409,551 | 1.40 | (e),(f),(g) | 2.47 | (e) | 11.3 | (e) | ||||||
(0.80 | ) | 648,980 | 1.36 | (f),(g) | 1.50 | 26.7 | ||||||||
13.32 | 738,524 | 1.36 | (g) | 0.74 | 17.6 | |||||||||
2.03 | 747,750 | 1.40 | (g) | 0.75 | 17.1 | |||||||||
0.39 | 762,424 | 1.39 | (g) | 1.14 | 27.6 | |||||||||
7.67 | 732,362 | 1.40 | (g) | 0.88 | 3.3 | |||||||||
6.24 | (d) | 552,884 | 0.63 | (e),(f),(g) | 3.01 | (e) | 11.0 | (e) | ||||||
(0.51 | ) | 485,084 | 0.62 | (f),(g) | 2.49 | 21.9 | ||||||||
10.27 | 529,131 | 0.61 | (f),(g) | 1.97 | 21.8 | |||||||||
3.26 | 512,080 | 0.63 | (f),(g) | 2.04 | 17.3 | |||||||||
0.84 | 512,264 | 0.63 | (f),(g) | 2.16 | 22.7 | |||||||||
7.10 | 490,692 | 0.63 | (f),(g) | 2.07 | 3.2 | |||||||||
5.88 | (d) | 167,048 | 1.39 | (e),(f),(g) | 2.55 | (e) | 11.0 | (e) | ||||||
(1.26 | ) | 228,910 | 1.37 | (f),(g) | 1.76 | 21.9 | ||||||||
9.47 | 255,601 | 1.36 | (f),(g) | 1.23 | 21.8 | |||||||||
2.45 | 264,058 | 1.38 | (f),(g) | 1.29 | 17.3 | |||||||||
0.10 | 264,904 | 1.38 | (f),(g) | 1.40 | 22.7 | |||||||||
6.30 | 242,887 | 1.38 | (f),(g) | 1.30 | 3.2 |
(a)Calculated based on average shares outstanding during the period.
(b)Total return is calculated without the front-end sales charge or contingent deferred sales charge, if applicable.(c)Six months ended April 30, 2019.
(d)Total return amounts have not been annualized.(e)Computed on an annualized basis.
(f)Reflects Manager's contractual expense limit.
(g)Does not include expenses of the investment companies in which the Portfolio invests.
See accompanying notes.
53
Financial Highlights
Principal Funds, Inc.
(unaudited)
Selected data for a share of Capital Stock outstanding throughout each year ended October 31 (except as noted):
Net Realized | |||||||||||||||||||||||||||
Net Asset Value, | Net Investment | and Unrealized | Total From | Dividends from | Distributions | Total | |||||||||||||||||||||
Beginning of | Income (Loss) | Gain (Loss) on | Investment | Net Investment | from Realized | Dividends and | Net Asset Value, | ||||||||||||||||||||
Period | (a) | Investments | Operations | Income | Gains | Distributions | End of Period | ||||||||||||||||||||
SAM CONSERVATIVE GROWTH PORTFOLIO | |||||||||||||||||||||||||||
Class A shares | |||||||||||||||||||||||||||
2019 | (c) | $17.76 | $0.20 | $ | 1.04 | $ | 1.24 | ($0.26 | ) | ($1.82 | ) | ($2.08 | ) | $ | 16.92 | ||||||||||||
2018 | 19.24 | 0.39 | (0.33) | 0.06 | (0.31 | ) | (1.23 | ) | (1.54 | ) | 17.76 | ||||||||||||||||
2017 | 16.68 | 0.21 | 2.90 | 3.11 | (0.20 | ) | (0.35 | ) | (0.55 | ) | 19.24 | ||||||||||||||||
2016 | 18.16 | 0.16 | 0.14 | 0.30 | (0.14 | ) | (1.64 | ) | (1.78 | ) | 16.68 | ||||||||||||||||
2015 | 18.86 | 0.29 | (0.11) | 0.18 | (0.30 | ) | (0.58 | ) | (0.88 | ) | 18.16 | ||||||||||||||||
2014 | 17.53 | 0.21 | 1.50 | 1.71 | (0.23 | ) | (0.15 | ) | (0.38 | ) | 18.86 | ||||||||||||||||
Class C shares | |||||||||||||||||||||||||||
2019 | (c) | 16.45 | 0.18 | 0.90 | 1.08 | (0.15 | ) | (1.82 | ) | (1.97 | ) | 15.56 | |||||||||||||||
2018 | 17.93 | 0.24 | (0.31) | (0.07) | (0.18 | ) | (1.23 | ) | (1.41 | ) | 16.45 | ||||||||||||||||
2017 | 15.59 | 0.07 | 2.70 | 2.77 | (0.08 | ) | (0.35 | ) | (0.43 | ) | 17.93 | ||||||||||||||||
2016 | 17.09 | 0.04 | 0.13 | 0.17 | (0.03 | ) | (1.64 | ) | (1.67 | ) | 15.59 | ||||||||||||||||
2015 | 17.81 | 0.15 | (0.11) | 0.04 | (0.18 | ) | (0.58 | ) | (0.76 | ) | 17.09 | ||||||||||||||||
2014 | 16.59 | 0.08 | 1.40 | 1.48 | (0.11 | ) | (0.15 | ) | (0.26 | ) | 17.81 | ||||||||||||||||
SAM FLEXIBLE INCOME PORTFOLIO | |||||||||||||||||||||||||||
Class A shares | |||||||||||||||||||||||||||
2019 | (c) | 12.08 | 0.18 | 0.46 | 0.64 | (0.19 | ) | (0.47 | ) | (0.66 | ) | 12.06 | |||||||||||||||
2018 | 12.54 | 0.34 | (0.38) | (0.04) | (0.34 | ) | (0.08 | ) | (0.42 | ) | 12.08 | ||||||||||||||||
2017 | 12.07 | 0.30 | 0.52 | 0.82 | (0.30 | ) | (0.05 | ) | (0.35 | ) | 12.54 | ||||||||||||||||
2016 | 12.21 | 0.32 | 0.16 | 0.48 | (0.32 | ) | (0.30 | ) | (0.62 | ) | 12.07 | ||||||||||||||||
2015 | 12.64 | 0.33 | (0.31) | 0.02 | (0.32 | ) | (0.13 | ) | (0.45 | ) | 12.21 | ||||||||||||||||
2014 | 12.37 | 0.32 | 0.46 | 0.78 | (0.32 | ) | (0.19 | ) | (0.51 | ) | 12.64 | ||||||||||||||||
Class C shares | |||||||||||||||||||||||||||
2019 | (c) | 11.96 | 0.14 | 0.44 | 0.58 | (0.14 | ) | (0.47 | ) | (0.61 | ) | 11.93 | |||||||||||||||
2018 | 12.42 | 0.25 | (0.38) | (0.13) | (0.25 | ) | (0.08 | ) | (0.33 | ) | 11.96 | ||||||||||||||||
2017 | 11.95 | 0.21 | 0.52 | 0.73 | (0.21 | ) | (0.05 | ) | (0.26 | ) | 12.42 | ||||||||||||||||
2016 | 12.10 | 0.22 | 0.16 | 0.38 | (0.23 | ) | (0.30 | ) | (0.53 | ) | 11.95 | ||||||||||||||||
2015 | 12.53 | 0.23 | (0.30) | (0.07) | (0.23 | ) | (0.13 | ) | (0.36 | ) | 12.10 | ||||||||||||||||
2014 | 12.27 | 0.22 | 0.45 | 0.67 | (0.22 | ) | (0.19 | ) | (0.41 | ) | 12.53 |
See accompanying notes.
54
Financial Highlights (Continued) | ||||||||||||||
Principal Funds, Inc. | ||||||||||||||
(unaudited) | ||||||||||||||
Ratio of Expenses to Average | Ratio of Net Investment Income | |||||||||||||
Total Return(b) | Net Assets, End of Period (in thousands) | Net Assets | to Average Net Assets | Portfolio Turnover Rate | ||||||||||
8.69 | %(d) | $ | 1,694,984 | 0.62 | %(e),(f),(g) | 2.40 | %(e) | 9.3 | %(e) | |||||
0.12 | 1,432,165 | 0.61 | (f),(g) | 2.10 | 33.8 | |||||||||
19.17 | 1,542,284 | 0.61 | (g) | 1.17 | 20.9 | |||||||||
2.05 | 1,418,053 | 0.66 | (g) | 1.00 | 22.4 | |||||||||
1.05 | 1,506,074 | 0.65 | (g) | 1.60 | 35.6 | |||||||||
9.90 | 1,493,034 | 0.65 | (g) | 1.17 | 4.0 | |||||||||
8.24 | (d) | 260,445 | 1.41 | (e),(f),(g) | 2.39 | (e) | 9.3 | (e) | ||||||
(0.59 | ) | 480,699 | 1.36 | (f),(g) | 1.38 | 33.8 | ||||||||
18.22 | 536,771 | 1.37 | (g) | 0.43 | 20.9 | |||||||||
1.31 | 515,921 | 1.42 | (g) | 0.24 | 22.4 | |||||||||
0.28 | 549,093 | 1.40 | (g) | 0.87 | 35.6 | |||||||||
9.05 | 551,460 | 1.40 | (g) | 0.44 | 4.0 | |||||||||
5.64 | (d) | 994,779 | 0.61 | (e),(f),(g) | 3.14 | (e) | 6.4 | (e) | ||||||
(0.33 | ) | 917,357 | 0.60 | (f),(g) | 2.77 | 22.6 | ||||||||
6.92 | 981,216 | 0.59 | (g) | 2.47 | 19.1 | |||||||||
4.18 | 917,507 | 0.64 | (g) | 2.67 | 10.4 | |||||||||
0.20 | 840,440 | 0.63 | (g) | 2.63 | 17.7 | |||||||||
6.44 | 793,238 | 0.64 | (g) | 2.57 | 2.2 | |||||||||
5.21 | (d) | 269,901 | 1.37 | (e),(f),(g) | 2.47 | (e) | 6.4 | (e) | ||||||
(1.09 | ) | 325,369 | 1.37 | (f),(g) | 2.01 | 22.6 | ||||||||
6.17 | 363,723 | 1.36 | (g) | 1.71 | 19.1 | |||||||||
3.35 | 368,051 | 1.41 | (g) | 1.90 | 10.4 | |||||||||
(0.55 | ) | 347,647 | 1.39 | (g) | 1.87 | 17.7 | ||||||||
5.61 | 311,494 | 1.40 | (g) | 1.79 | 2.2 |
(a)Calculated based on average shares outstanding during the period.
(b)Total return is calculated without the front-end sales charge or contingent deferred sales charge, if applicable.(c)Six months ended April 30, 2019.
(d)Total return amounts have not been annualized.(e)Computed on an annualized basis.
(f)Reflects Manager's contractual expense limit.
(g)Does not include expenses of the investment companies in which the Portfolio invests.
See accompanying notes.
55
Financial Highlights
Principal Funds, Inc.
(unaudited)
Selected data for a share of Capital Stock outstanding throughout each year ended October 31 (except as noted):
Net Realized | |||||||||||||||||||||||||||
Net Asset Value, | Net Investment | and Unrealized | Total From | Dividends from | Distributions | Total | |||||||||||||||||||||
Beginning of | Income (Loss) | Gain (Loss) on | Investment | Net Investment | from Realized | Dividends and | Net Asset Value, | ||||||||||||||||||||
Period | (a) | Investments | Operations | Income | Gains | Distributions | End of Period | ||||||||||||||||||||
SAM STRATEGIC GROWTH PORTFOLIO | |||||||||||||||||||||||||||
Class A shares | |||||||||||||||||||||||||||
2019 | (c) | $19.81 | $0.19 | $ | 1.21 | $ | 1.40 | ($0.33 | ) | ($2.89 | ) | ($3.22 | ) | $ | 17.99 | ||||||||||||
2018 | 21.35 | 0.44 | (0.58) | (0.14) | (0.34 | ) | (1.06 | ) | (1.40 | ) | 19.81 | ||||||||||||||||
2017 | 18.24 | 0.23 | 3.55 | 3.78 | (0.19 | ) | (0.48 | ) | (0.67 | ) | 21.35 | ||||||||||||||||
2016 | 20.60 | 0.20 | (0.07) | 0.13 | (0.17 | ) | (2.32 | ) | (2.49 | ) | 18.24 | ||||||||||||||||
2015 | 21.79 | 0.37 | (0.19) | 0.18 | (0.37 | ) | (1.00 | ) | (1.37 | ) | 20.60 | ||||||||||||||||
2014 | 19.91 | 0.21 | 2.03 | 2.24 | (0.22 | ) | (0.14 | ) | (0.36 | ) | 21.79 | ||||||||||||||||
Class C shares | |||||||||||||||||||||||||||
2019 | (c) | 17.98 | 0.17 | 1.01 | 1.18 | (0.21 | ) | (2.89 | ) | (3.10 | ) | 16.06 | |||||||||||||||
2018 | 19.52 | 0.26 | (0.53) | (0.27) | (0.21 | ) | (1.06 | ) | (1.27 | ) | 17.98 | ||||||||||||||||
2017 | 16.73 | 0.08 | 3.26 | 3.34 | (0.07 | ) | (0.48 | ) | (0.55 | ) | 19.52 | ||||||||||||||||
2016 | 19.11 | 0.06 | (0.07) | (0.01) | (0.05 | ) | (2.32 | ) | (2.37 | ) | 16.73 | ||||||||||||||||
2015 | 20.32 | 0.21 | (0.19) | 0.02 | (0.23 | ) | (1.00 | ) | (1.23 | ) | 19.11 | ||||||||||||||||
2014 | 18.61 | 0.05 | 1.89 | 1.94 | (0.09 | ) | (0.14 | ) | (0.23 | ) | 20.32 |
See accompanying notes.
56
Financial Highlights (Continued) | ||||||||||||||
Principal Funds, Inc. | ||||||||||||||
(unaudited) | ||||||||||||||
Ratio of Expenses to Average | Ratio of Net Investment Income | |||||||||||||
Total Return(b) | Net Assets, End of Period (in thousands) | Net Assets | to Average Net Assets | Portfolio Turnover Rate | ||||||||||
9.74 | %(d) | $ | 1,125,604 | 0.64 | %(e),(f),(g) | 2.17 | %(e) | 13.2 | %(e) | |||||
(0.86 | ) | 943,803 | 0.63 | (f),(g) | 2.10 | 49.4 | ||||||||
21.34 | 1,023,096 | 0.63 | (g) | 1.16 | 19.5 | |||||||||
1.03 | 926,183 | 0.69 | (g) | 1.10 | 22.9 | |||||||||
0.92 | 996,126 | 0.67 | (g) | 1.77 | 51.2 | |||||||||
11.39 | 989,320 | 0.67 | (g) | 1.00 | 5.9 | |||||||||
9.33 | (d) | 148,378 | 1.44 | (e),(f),(g) | 2.13 | (e) | 13.2 | (e) | ||||||
(1.63 | ) | 284,797 | 1.38 | (f),(g) | 1.37 | 49.4 | ||||||||
20.48 | 324,383 | 1.38 | (g) | 0.42 | 19.5 | |||||||||
0.26 | 302,748 | 1.44 | (g) | 0.35 | 22.9 | |||||||||
0.16 | 326,391 | 1.42 | (g) | 1.06 | 51.2 | |||||||||
10.54 | 333,072 | 1.42 | (g) | 0.27 | 5.9 |
(a)Calculated based on average shares outstanding during the period.
(b)Total return is calculated without the front-end sales charge or contingent deferred sales charge, if applicable.(c)Six months ended April 30, 2019.
(d)Total return amounts have not been annualized.(e)Computed on an annualized basis.
(f)Reflects Manager's contractual expense limit.
(g)Does not include expenses of the investment companies in which the Portfolio invests.
See accompanying notes.
57
Shareholder Expense Example
Principal Funds, Inc.
April 30, 2019 (unaudited)
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. As a shareholder of Principal LifeTime 2010 Fund, Principal LifeTime 2020 Fund, Principal LifeTime 2030 Fund, Principal LifeTime 2040 Fund, Principal LifeTime 2050 Fund, Principal LifeTime Strategic Income Fund, SAM Balanced Portfolio, SAM Conservative Balanced Portfolio, SAM Conservative Growth Portfolio, SAM Flexible Income Portfolio, or SAM Strategic Growth Portfolio, your fund will indirectly bear its pro rata share of the expenses incurred by the investment companies in which the fund invests. These expenses are not included in the fund’s annualized expense ratio used to calculate the expenses paid in this example. If they were, the expenses paid would be higher.
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (November 1, 2018 to April 30, 2019), 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. An annual fee may apply to IRA accounts and 403(b) accounts, respectively within Class A and Class C shares. 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 | |||||||||||||||||||||||
Expenses Paid | Expenses Paid | |||||||||||||||||||||||
Beginning | During Period | During Period | ||||||||||||||||||||||
Account | Ending Account | November 1, | Beginning Account | Ending Account | November 1, | Annualized | ||||||||||||||||||
Value November | Value April 30, | 2018 to April 30, | Value November | Value April 30, | 2018 to April 30, | Expense | ||||||||||||||||||
1, 2018 | 2019 | 2019 | (a) | 1, 2018 | 2019 | 2019 | (a) | Ratio | ||||||||||||||||
PrincipalLifeTime2010 Fund | ||||||||||||||||||||||||
Class A | $1,000.00 | $ | 1,058.61 | $ | 1.94 | $1,000.00 | $ | 1,022.91 | $ | 1.91 | 0.38 | % | ||||||||||||
PrincipalLifeTime2020 Fund | ||||||||||||||||||||||||
Class A | 1,000.00 | 1,070.92 | 1.95 | 1,000.00 | 1,022.91 | 1.91 | 0.38 | |||||||||||||||||
PrincipalLifeTime2030 Fund | ||||||||||||||||||||||||
Class A | 1,000.00 | 1,081.20 | 1.96 | 1,000.00 | 1,022.91 | 1.91 | 0.38 | |||||||||||||||||
PrincipalLifeTime2040 Fund | ||||||||||||||||||||||||
Class A | 1,000.00 | 1,087.45 | 1.97 | 1,000.00 | 1,022.91 | 1.91 | 0.38 | |||||||||||||||||
PrincipalLifeTime2050 Fund | ||||||||||||||||||||||||
Class A | 1,000.00 | 1,090.77 | 1.97 | 1,000.00 | 1,022.91 | 1.91 | 0.38 | |||||||||||||||||
PrincipalLifeTimeStrategic Income | ||||||||||||||||||||||||
Fund | ||||||||||||||||||||||||
Class A | 1,000.00 | 1,055.24 | 1.94 | 1,000.00 | 1,022.91 | 1.91 | 0.38 | |||||||||||||||||
SAM Balanced Portfolio | ||||||||||||||||||||||||
Class A | 1,000.00 | 1,075.22 | 3.19 | 1,000.00 | 1,021.72 | 3.11 | 0.62 | |||||||||||||||||
Class C | 1,000.00 | 1,071.68 | 7.19 | 1,000.00 | 1,017.85 | 7.00 | 1.40 |
58
Shareholder Expense Example | ||||||||||||||||||||||||
Principal Funds, Inc. | ||||||||||||||||||||||||
April 30, 2019 (unaudited) | ||||||||||||||||||||||||
Actual | Hypothetical | |||||||||||||||||||||||
Expenses Paid | Expenses Paid | |||||||||||||||||||||||
Beginning | During Period | During Period | ||||||||||||||||||||||
Account | Ending Account | November 1, | Beginning Account | Ending Account | November 1, | Annualized | ||||||||||||||||||
Value November | Value April 30, | 2018 to April 30, | Value November | Value April 30, | 2018 to April 30, | Expense | ||||||||||||||||||
1, 2018 | 2019 | 2019 | (a) | 1, 2018 | 2019 | 2019 | (a) | Ratio | ||||||||||||||||
SAM Conservative Balanced | ||||||||||||||||||||||||
Portfolio | ||||||||||||||||||||||||
Class A | $1,000.00 | $ | 1,062.41 | $ | 3.22 | $1,000.00 | $ | 1,021.67 | $ | 3.16 | 0.63 | % | ||||||||||||
Class C | 1,000.00 | 1,058.79 | 7.10 | 1,000.00 | 1,017.90 | 6.95 | 1.39 | |||||||||||||||||
SAM Conservative Growth Portfolio | ||||||||||||||||||||||||
Class A | 1,000.00 | 1,086.92 | 3.21 | 1,000.00 | 1,021.72 | 3.11 | 0.62 | |||||||||||||||||
Class C | 1,000.00 | 1,082.38 | 7.28 | 1,000.00 | 1,017.80 | 7.05 | 1.41 | |||||||||||||||||
SAM Flexible Income Portfolio | ||||||||||||||||||||||||
Class A | 1,000.00 | 1,056.39 | 3.11 | 1,000.00 | 1,021.77 | 3.06 | 0.61 | |||||||||||||||||
Class C | 1,000.00 | 1,052.07 | 6.97 | 1,000.00 | 1,018.00 | 6.85 | 1.37 | |||||||||||||||||
SAM Strategic Growth Portfolio | ||||||||||||||||||||||||
Class A | 1,000.00 | 1,097.38 | 3.33 | 1,000.00 | 1,021.62 | 3.21 | 0.64 | |||||||||||||||||
Class C | 1,000.00 | 1,093.32 | 7.47 | 1,000.00 | 1,017.65 | 7.20 | 1.44 |
(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). |
59
Principal Funds, Inc.
(unaudited)
Notification of Source of Distributions
Pursuant to Rule 19a-1 of the Investment Company Act of 1940
As noted in the table provided below, certain of the Principal Funds made distributions for the months of December 2018, January 2019, February 2019, March 2019, April 2019 and May 2019 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:
December 2018 | |||||||||
Fund | Net Income | Realized Gain | Capital Sources | ||||||
Principal LifeTime 2010 Fund | 99.67 | % | 0.33 | % | 0.00 | % | |||
Principal LifeTime 2020 Fund | 99.56 | 0.44 | 0.00 | ||||||
Principal LifeTime 2030 Fund | 99.38 | 0.62 | 0.00 | ||||||
Principal LifeTime 2040 Fund | 99.04 | 0.96 | 0.00 | ||||||
Principal LifeTime 2050 Fund | 99.02 | 0.98 | 0.00 | ||||||
Principal LifeTime Strategic Income Fund | 99.68 | 0.32 | 0.00 | ||||||
SAM Balanced Portfolio | 99.01 | 0.99 | 0.00 | ||||||
SAM Conservative Balanced Portfolio | 99.43 | 0.57 | 0.00 | ||||||
SAM Conservative Growth Portfolio | 99.05 | 0.95 | 0.00 | ||||||
SAM Flexible Income Portfolio | 96.88 | 0.00 | 3.12 | ||||||
SAM Strategic Growth Portfolio | 99.04 | 0.96 | 0.00 | ||||||
January 2019 | |||||||||
Fund | Net Income | Realized Gain | Capital Sources | ||||||
SAM Flexible Income Portfolio | 62.27 | % | 0.00 | % | 37.73 | % | |||
February 2019 | |||||||||
Fund | Net Income | Realized Gain | Capital Sources | ||||||
SAM Flexible Income Portfolio | 44.44 | % | 0.00 | % | 55.56 | % | |||
March 2019 | |||||||||
Fund | Net Income | Realized Gain | Capital Sources | ||||||
SAM Balanced Portfolio | 99.97 | % | 0.03 | % | 0.00 | % | |||
SAM Flexible Income Portfolio | 59.76 | 0.00 | 40.24 | ||||||
April 2019 | |||||||||
Fund | Net Income | Realized Gain | Capital Sources | ||||||
SAM Flexible Income Portfolio | 78.97 | % | 0.00 | % | 21.03 | % | |||
May 2019 | |||||||||
Fund | Net Income | Realized Gain | Capital Sources | ||||||
SAM Flexible Income Portfolio | 71.13 | % | 0.00 | % | 28.87 | % |
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 atprincipalfunds.com/sources-of-distribution. You may also request a copy of such notices, free of charge, by telephoning 800-222-5852.
60
Principal Funds, Inc.
(unaudited)
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 call800-222-5852toobtain 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.
61
FUND DIRECTORS AND OFFICERS
Under Maryland law, a Board of Directors oversees the Fund. The Directors have financial or other relevant experience and meet several times during the year to review contracts, Fund activities and the quality of services provided to the Fund. Each director also has the same position with Principal Variable Contracts Funds, Inc. and Principal Exchange-Traded Funds which are also sponsored by Principal Life Insurance Company. Each director holds office for an indefinite term or until reaching age 72. Directors considered to be “interested persons” as defined in the Investment CompanyAct of 1940, as shown below are considered to be interested because of an affiliation with the Manager and Principal Life Insurance Company.
The following directors are considered not to be “interested persons” as defined in the 1940 Act
Other | ||||
Name, | Number of Portfolios | Directorships | ||
Position Held with the Fund, | Principal Occupation(s) | in Fund Complex | Held by Director | |
Year of Birth | During past 5 years | Overseen by Director | During Past 5 Years | |
Elizabeth Ballantine | Principal, EBA Associates | 131 | Durango Herald, Inc.; | |
Director since 2004 | McClatchy Newspapers, Inc. | |||
Member, Nominating and Governance | ||||
Committee | ||||
1948 | ||||
Leroy T. Barnes, Jr. | Retired. | 131 | McClatchy Newspapers, Inc.; | |
Director since 2012 | Frontier Communications, | |||
Member, Audit Committee | Inc.; formerly, Herbalife Ltd. | |||
1951 | ||||
Craig Damos | President, C.P. Damos Consulting LLC | 131 | None | |
Director since 2008 | ||||
Member, Audit Committee Member, | ||||
15(c) Committee | ||||
1954 | ||||
Mark A. Grimmett | Formerly, Executive Vice President and CFO, Merle | 131 | None | |
Lead Independent Director since 2011 | Norman Cosmetics, Inc. | |||
Director since 2004 | ||||
Member, Nominating and Governance | ||||
Committee | ||||
Member, 15(c) Committee | ||||
Member, Executive Committee | ||||
1960 | ||||
Fritz S. Hirsch | Formerly, CEO, MAM USA | 131 | MAM USA | |
Director since 2005 | ||||
Member, Operations Committee | ||||
Member, 15(c) Committee | ||||
1951 | ||||
Tao Huang | Retired. | 131 | Armstrong World Industries, | |
Director since 2012 | Inc. and Equity Lifestyle | |||
Member, Operations Committee | Properties, Inc. | |||
Member, 15(c) Committee | ||||
1962 | ||||
Karen (“Karrie”) McMillan | Managing Director, Patomak Global Partners, LLC. | 131 | None | |
Director since 2014 | Formerly, General Counsel, Investment Company | |||
Member, Operations Committee | Institute | |||
1961 | ||||
Elizabeth A. Nickels | Formerly, Executive Director, Herman Miller | 131 | SpartanNash; formerly: | |
Director since 2015 | Foundation; Formerly President, Herman Miller | Charlotte Russe; Follet | ||
Member, Audit Committee | Healthcare | Corporation; PetSmart; | ||
1962 | Spectrum Health Systems | |||
Mary M. (“Meg”) VanDeWeghe | CEO and President, Forte Consulting, Inc. | 131 | Denbury Resources Inc. | |
Director since 2018 | and Helmerich & Payne; | |||
Member, Operations Committee | Formerly: Brown Advisory; | |||
1959 | B/E Aerospace; WP Carey; | |||
Nalco (and its successor | ||||
Ecolab) |
62
The following directors are considered to be “interested persons” as defined in the 1940 Act, because of an affiliation with the Manager and Principal Life.
Other | |||
Name, | Number of Portfolios | Directorships | |
Position Held with the Fund, | Principal Occupation(s) | in Fund Complex | Held by Director |
Year of Birth | During past 5 years | Overseen by Director | During Past 5 Years |
Michael J. Beer | Chief Executive Officer, Principal Funds | 131 | None |
Director since 2012 | Distributor, Inc. (“PFD”) since 2015 | ||
President, Chief Executive Officer | Executive Director – Funds, Principal Global | ||
Member, Executive Committee | Investors, LLC (“PGI”) since 2017 | ||
1961 | Director, PGI since 2017 | ||
Director, PFD since 2015 | |||
Vice President/Mutual Funds and Broker Dealer, | |||
Principal Life Insurance Company (“PLIC”) (2001- | |||
2014) | |||
Vice President/Chief Operating Officer, | |||
Principal Funds, PLIC (2014-2015) | |||
Executive Director, Principal Funds & | |||
Trust, PLIC since 2015 | |||
Director, Principal Management | |||
Corporation, (“PMC”) (2006-2015) | |||
President & Chief Executive Officer, PMC (2015- | |||
2017) | |||
Executive Vice President/Chief Operating Officer, | |||
PMC (2008-2015) | |||
Chair, PMC (2015-2017) | |||
Director, Principal Securities, Inc. (“PSI”) (2005- | |||
2015) | |||
President, PSI (2005-2015) | |||
Director, Principal Shareholder Services (“PSS”) | |||
(2007-2015) | |||
Chairman, PSS since 2015 | |||
President, PSS (2007-2015) | |||
Executive Vice President, PSS since 2015 | |||
Timothy M. Dunbar | Director, PGI since 2018 | 131 | None |
Director since 2019 | President, Principal Global Asset Management, PGI, | ||
1957 | PLIC, Principal Financial Services, Inc. (“PFSI”), | ||
and Principal Financial Group (“PFG”) since 2018 | |||
Chair/Executive Vice President, RobustWealth, Inc. | |||
since 2018 | |||
Director, Post Advisory Group, LLC (“Post”) since | |||
2018 | |||
Executive Vice President/Chief Investment Officer, | |||
PLIC, PFSI and PFG (2014-2018) | |||
Patrick Halter | Chief Executive Officer and President, PGI since | 131 | None |
Director since 2017 | 2018 | ||
Member, Executive Committee | Chief Operating Officer, PGI (2017-2018) | ||
1959 | Chair, PGI since 2018 | ||
Director, PGI (2003-2018) | |||
Director, Finisterre Capital LLP since 2018 | |||
Director, Origin Asset Management LLP since 2018 | |||
Chair, Post since 2017 | |||
Chief Executive Officer, Principal Real Estate | |||
Investors, LLC (“PREI”) since 2005 | |||
Chair, PREI since 2004 | |||
Chair, Spectrum Asset Management, Inc. since 2017 |
Correspondence intended for each Director who is other than an Interested Director may be sent to 655 9th Street, Des Moines, IA 50392.
63
The following table presents officers of the Funds.
Name, | ||
Position Held with the Fund, | Principal Occupation(s) | |
Address, and Year of Birth | During past 5 years | |
Randy L. Bergstrom | Counsel, PGI | |
Assistant Tax Counsel | Counsel, PLIC | |
Des Moines, IA 50392 | ||
1955 | ||
Jennifer A. Block | Vice President and Counsel (2017-2018) | |
Deputy Chief Compliance Officer | Assistant Counsel (2010-2017) | |
Des Moines, IA 50392 | Assistant Secretary (2015-2018) | |
1973 | Counsel, PGI (2017-2018) | |
Counsel, PLIC (2009-2018) | ||
Counsel, PMC (2009-2013, 2014-2017) | ||
Tracy Bollin | Managing Director, PGI since 2016 | |
Chief Financial Officer | Chief Operating Officer, PMC (2015-2017) | |
Des Moines, IA 50392 | Chief Financial Officer, PFA (2010-2015) | |
1970 | Senior Vice President, PFD since 2015 | |
Chief Financial Officer, PFD (2010-2016) | ||
Senior Vice President, PMC (2015–2017) | ||
Chief Financial Officer, PMC (2010-2015) | ||
Director, PMC (2014–2017) | ||
Chief Financial Officer, PSI (2010-2015) | ||
Director, PSS since 2014 | ||
President, PSS since 2015 | ||
Chief Financial Officer, PSS (2010-2015) | ||
Gina L. Graham | Vice President/Treasurer, PFA since 2016 | |
Treasurer | Vice President/Treasurer, PFD since 2016 | |
Des Moines, IA 50392 | Vice President/Treasurer, PGI since 2016 | |
1965 | Vice President/Treasurer, PLIC since 2016 | |
Vice President/Treasurer, PMC (2016-2017) | ||
Vice President/Treasurer, PREI since 2016 | ||
Vice President/Treasurer, PSI since 2016 | ||
Vice President/Treasurer, PSS since 2016 | ||
Laura B. Latham | Counsel, PGI since 2018 | |
Assistant Counsel and Assistant Secretary | Prior thereto, Attorney in Private Practice | |
Des Moines, IA 50392 | ||
1986 | ||
Diane K. Nelson | Chief Compliance Officer/AML Officer, PSS since | |
AML Officer | 2015 | |
Des Moines, IA 50392 | Compliance Advisor, PMC (2013-2015) | |
1965 | ||
Sara L. Reece | Director - Accounting, PLIC since 2015 | |
Vice President and Controller | Assistant Financial Controller, PLIC prior to 2015 | |
Des Moines, IA 50392 | ||
1975 | ||
Teri R. Root | Interim Chief Compliance Officer (2018) | |
Chief Compliance Officer | Deputy Chief Compliance Officer (2015-2018) | |
Des Moines, IA 50392 | Deputy Chief Compliance Officer, PGI (2017-2018) | |
1979 | Vice President and Chief Compliance Officer, PMC | |
(2015–2017 | ) | |
Vice President, PSS since 2015 | ||
Britney L. Schnathorst | Counsel, PLIC since 2013 | |
Assistant Counsel and Assistant | Prior thereto, Attorney in Private Practice | |
Secretary | ||
Des Moines, IA 50392 | ||
1981 | ||
Adam U. Shaikh | Assistant General Counsel, PGI since 2018 | |
Assistant Counsel | Counsel, PGI (2017-2018) | |
Des Moines, IA 50392 | Counsel, PLIC since 2006 | |
1972 | Counsel, PMC (2007-2013, 2014-2017) | |
John Sullivan | Counsel, PGI since 2019 | |
Assistant Counsel and Assistant Secretary | Prior thereto, Attorney in Private Practice | |
Des Moines, IA 50392 | ||
1970 |
64
Name, | |
Position Held with the Fund, | Principal Occupation(s) |
Address, and Year of Birth | During past 5 years |
Dan Westholm | Assistant Vice President/Treasurer, PGI since 2017 |
Assistant Treasurer | Assistant Vice President/Treasury, PFA since 2013 |
Des Moines, IA 50392 | Assistant Vice President/Treasury, PFD since 2013 |
1966 | Assistant Vice President/Treasury, PLIC since 2014 |
Director – Treasury, PLIC (2007-2014) | |
Assistant Vice President/Treasury, PMC (2013- | |
2017) | |
Assistant Vice President/Treasury, PSI since 2013 | |
Assistant Vice President/Treasury, PSS since 2013 | |
Beth Wilson | Director and Secretary – Funds, PLIC |
Vice President and Secretary | |
Des Moines, IA 50392 | |
1956 | |
Clint Woods | Of Counsel (2017-2018) |
Counsel, Vice President, and | Vice President (2016-2017) |
Assistant Secretary | Counsel (2015-2017) |
Des Moines, IA 50392 | Vice President, PLIC since 2015 |
1961 | Associate General Counsel, Governance Officer, and |
Assistant Corporate Secretary, PLIC since 2013 | |
Jared Yepsen | Counsel, PGI since 2017 |
Assistant Tax Counsel | Counsel, PLIC since 2015 |
Des Moines, IA 50392 | Senior Attorney, Transamerica Life Insurance |
1981 | Company (2013-2015) |
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 materials.
The Audit Committee’s primary purpose is to assist the Board in fulfilling certain of its responsibilities. The Audit Committee serves 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 business of the Fund Complex except the power to 1) authorize dividends or distributions on stock; 2) issue stock, except as permitted by law; 3) recommend to the stockholders any action which requires stockholder approval; 4) amend the bylaws; or 5) 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 established by the Board. The Committee responsibilities include evaluating Board membership and functions, committee membership and functions, insurance coverage, and legal matters. The nominating functions of the Committee include selecting and nominating all candidates who are not “interested persons” of the Fund Complex for election to the Board. Generally, the Committee requests director nominee suggestions from the committee members and management. In addition, the Committee will consider Director candidates recommended by shareholders of the Fund Complex. Recommendations should be submitted in writing to Principal Funds, Inc. at 711 High Street, Des Moines, IA 50392. When evaluating a person as a potential nominee to serve as an Independent Director, the Committee will generally consider, among other factors: age; education; relevant business experience; geographical factors; whether the person is “independent” and otherwise qualified under applicable laws and regulations to serve as a director; and whether the person is willing to serve, and willing and able to commit the time necessary for attendance at meetings and the performance of the duties of an independent director. The Committee also meets personally with the 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 Committee believes the Board generally benefits from diversity of background, experience and views among its members, and considers these factors in evaluating the composition of the Board. The Board does not use regularly the services of any professional search firms to identify or evaluate or assist in identifying or evaluating potential candidates or nominees.
65
The Operations Committee’s primary purpose is to oversee the provision of administrative and distribution services to the Funds 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 Prospectus dated March 1, 2019, and the Statement ofAdditional Information dated March 1, 2019. 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.
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 as of January 31 and July 31 each year as a part of Form N-PORT. The Fund’s Form N-PORT can be reviewed and copied at the Commission’s Public Reference Room in Washington, D.C. or on the Commission’s website at www.sec.gov. Information on the operation of the Public Reference Room may be obtained by calling the Commission at 1-202-551-8090.
66
BOARD CONSIDERATION OF INVESTMENTADVISORY CONTRACTS
During the period covered by this report, the Board of Directors of Principal Funds, Inc. (“PFI”) approved (1) a Subadvisory Agreement with Finisterre Capital, LLP related to the Global Diversified Income Fund; (2) Amended Subadvisory Agreements with Principal Real Estate Investors, LLC and Spectrum Asset Management, Inc. related to the Global Diversified Income Fund; (3) an Amended Management Agreement with Principal Global Investors, LLC and Amended Subadvisory Agreements with Los Angeles Capital Management and Equity Research, Inc. and Victory Capital Management Inc. related to the MidCap Value Fund I; (4) an Amended Subadvisory Agreement with Principal Real Estate Investors, LLC related to the Real Estate Securities Fund and the Global Real Estate Securities Fund; (5) a Subadvisory Agreement with Post Advisory Group, LLC related to the High Yield Fund I; (6) an Amended Subadvisory Agreement with Post Advisory Group, Inc. related to the Global Diversified Income Fund; and (7) an Amended Management Agreement with Principal Global Investors, LLC and Subadvisory Agreement with Finisterre Capital, LLC related to the Finisterre Unconstrained Emerging Markets Bond Fund.
Finisterre Capital, LLPSubadvisory Agreement
On December 11, 2018, the Board considered for the Global Diversified Income Fund (the “Fund”) the approval of a subadvisory agreement (the “SubadvisoryAgreement”) among Principal Global Investors, LLC (the “Manager”) and Finisterre Capital, LLP (the “Subadvisor”) with respect to the emerging markets debt investment sleeve of the Fund.
Nature, Quality and Extent of Services
The Board considered the nature, quality and extent of the services expected to be provided under the Subadvisory Agreement. The Board considered the reputation, qualifications and background of the Subadvisor, the investment approach of the Subadvisor, the experience and skills of the Subadvisor’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 Subadvisory currently provides subadvisory serves for other PFI funds, and that the Board has reviewed and approved for renewal those subadvisory agreements at its September 2018 Board meeting. In addition, the Board considered the Manager’s program for recommending, monitoring and replacing subadvisors and that the Manager recommended the Subadvisor based upon that program.
The Board reviewed the historical one-year and since inception (October 1, 2016) performance returns as of September 30, 2018, gross and net of proposed fees, of the Subadvisor in a composite managed in accordance with the proposed investment strategy for the emerging markets debt investment sleeve of the Fund, as compared to the historical performance returns (gross of fees) of a current subadvisor to the Fund’s emerging markets debt investment sleeve and a relevant benchmark index. The Board concluded, based upon the information provided, that the Subadvisor is qualified.
Fees, Economies of Scale and Profitability
The Board considered the proposed subadvisory fee, noting that the Manager compensates subadvisors 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 subadvisory services to be provided to the Fund under the Subadvisory Agreement. The Board noted that the proposed subadvisory fee schedule includes breakpoints and concluded that the subadvisory fee schedule reflects an appropriate recognition of economies of scale at currently anticipated asset levels. The Board considered the Manager’s statement that it found the proposed subadvisory fee schedule to be competitive. The Board also considered that the Subadvisor’s appointment is contingent upon the Fund’s shareholders approving the Subadvisory Agreement, which will involve the costs of holding a shareholder meeting. In this connection, they noted the Manager’s proposed addition of a seven-basis point contractual fee waiver through February 29, 2020. On the basis of the information provided, the Board concluded that the proposed subadvisory fee was reasonable.
Other Benefits
The Board also considered the character and amount of other fall-out benefits to be received by the Subadvisor. The Board noted that the Subadvisor does not engage in soft dollar trading. The Board concluded that, on the basis of the information provided, the proposed subadvisory fee was reasonable.
Overall Conclusions
Based upon all of the information considered and the conclusions reached, the Board determined that the terms of the SubadvisoryAgreement are fair and reasonable and that approval of the Subadvisory Agreement is in the best interests of the Fund.
Approval of Amended Subadvisory Agreements for Global Diversified Income Fund
On December 11, 2018, the Board considered for the Global Diversified Income Fund (the “Fund”) the approval of (1) an amended fee schedule under the subadvisory agreement between Principal Global Investors, LLC (the “Manager”) and Principal Real Estate Investors, LLC (“Principal-REI” or a “Subadvisor”) with respect to the global real estate investment sleeve of the Fund (the “Principal-REI Subadvisory Agreement”), which would result in a reduction of Principal-REI’s subadvisory fee rate at all asset levels; and (2) an amended fee schedule under the subadvisory agreement between the Manager and Spectrum Asset Management, Inc. (“Spectrum” or a “Subadvisor”) with respect to the preferred securities investment sleeve of the Fund (the “Spectrum Subadvisory Agreement”), which would result in a reduction of Spectrum’s subadvisory fee rate at current asset levels and an increase in Spectrum’s subadvisory fee rate at significantly higher asset levels. (The Principal-REI Subadvisory Agreement and the Spectrum Subadvisory Agreement are referred to as the “Subadvisory Agreements.”)
67
The Board reviewed materials received from the Manager regarding the proposed changes in the subadvisory fee schedules. The Board considered the Manager’s representation that the changes in the subadvisory fee schedules would not impact the quality or extent of the services the Subadvisors provide to the Fund and that each Subadvisor’s obligations under the applicable Subadvisory Agreement would remain the same in all material respects. The Board also considered that the Manager was not proposing any material changes to the terms of any Subadvisory Agreement other than to the fee schedule.
The Board considered that they had last approved the Subadvisory Agreements for the Fund during the annual contract renewal process that concluded at the Board of Directors’ September 2018 meeting. They noted that during the annual contract renewal process, they had considered the nature, quality and extent of the services provided by each Subadvisor under the applicable Subadvisory Agreement and had concluded, based upon the information provided, that the terms of each Subadvisory Agreement were reasonable and that approval of each Subadvisory Agreement was in the best interests of the Fund.
Based upon all of the information considered, the Board concluded that it was in the best interests of the Fund to approve the amended Subadvisory Agreements at this time and, accordingly, recommended to the Board of Directors the approval of the amended Subadvisory Agreements.
Approval of Amended Management and Subadvisory Agreements for MidCapValue Fund I
On December 11, 2018, the Board considered for the MidCap Value Fund I (the “Fund”) the approval of: (1) an amended fee schedule under the management agreement (the “ManagementAgreement”) between PFI, for the Fund, and Principal Global Investors, LLC (the “Manager”), which would result in a reduction of the management fee rate at all asset levels; (2) an amended fee schedule under the subadvisory agreement between the Manager and Los Angeles Capital Management and Equity Research, Inc. (“LA Capital” or a “Subadvisor”) with respect to the Fund (a “Subadvisory Agreement”) which would add new breakpoints to LA Capital’s subadvisory fee schedule; and (3) an amended fee schedule under the subadvisory agreement between the Manager and Victory Capital Management Inc. (“Victory” or a “Subadvisor”) with respect to the Fund (a “Subadvisory Agreement”), which would add new breakpoints to Victory’s subadvisory fee schedule. (The Management Agreement and the Subadvisory Agreements are together referred to as the “Advisory Agreements.”) The Board reviewed materials received from the Manager regarding the proposed changes in the management fee and subadvisory fee schedules. The Board considered the Manager’s representation that the changes in the management fee and subadvisory fee schedules would not reduce the nature, the quality or quantity of the services the Manager and the Subadvisors provide to the Fund and that the obligations of the Manager and each Subadvisor under the applicable Advisory Agreement would remain the same in all material respects. The Board also considered that the Manager was not proposing any material changes to the terms of any Advisory Agreement other than to the fee schedule.
The Board considered that they had last approved the Advisory Agreements for the Fund during the annual contract renewal process that concluded at the Board of Directors’ September 2018 meeting. They noted that during the annual contract renewal process, they had considered the nature, quality and extent of the services provided by the Manager and each Subadvisor under the applicable Advisory Agreement and had concluded, based upon the information provided, that the terms of each Advisory Agreement were reasonable and that approval of each Advisory Agreement was in the best interests of the Fund.
Based upon all of the information considered, the Board concluded that it was in the best interests of the Fund to approve the amended Advisory Agreements reduced management and subadvisory fees at this time and, accordingly, recommended to the Board of Directors the approval of the amended Advisory Agreements.
Approval of Amended Subadvisory Agreements for Real Estate Securities Fund and Global Real Estate Securities Fund
On December 11, 2018, the Board considered for each of the Real Estate Securities Fund and the Global Real Estate Securities Fund (each, a “Fund”) the approval of an amended fee schedule under a subadvisory agreement (each, a “Subadvisory Agreement”) between Principal Global Investors, LLC (the “Manager”) and Principal Real Estate Investors, LLC (the “Subadvisor”), which would result in a reduction of the subadvisory fee rate at all asset levels.
The Board reviewed materials received from the Manager regarding the proposed changes in the subadvisory fee schedules. The Board considered the Manager’s representation that the changes in the subadvisory fee schedules would not reduce the quality or quantity of the services provided by the Subadvisor to each Fund and that the Subadvisor’s obligations under each Subadvisory Agreement would remain the same in all material respects. The Board also considered that the Manager was not proposing any material changes to the terms of any Subadvisory Agreement other than to the fee schedule.
The Board considered that they had last approved the Subadvisory Agreement for each Fund during the annual contract renewal process that concluded at the Board of Directors’ September 2018 meeting. They noted that during the annual contract renewal process, they had considered the nature, quality and extent of the services provided by the Subadvisor under each Subadvisory Agreement and had concluded, based upon the information provided, that the terms of each Subadvisory Agreement were reasonable and that approval of each Subadvisory Agreement was in the best interests of the applicable Fund.
68
Based upon all of the information considered, the Board concluded that it was in the best interests of each Fund to approve the applicable amended Subadvisory Agreement at this time and, accordingly, recommended to the Board of Directors the approval of each amended Subadvisory Agreement.
Post Advisory Group, LLC Subadvisory Agreement
On March 12, 2019, the Board met to consider for High Yield Fund I (the “Fund”) the approval of a subadvisory agreement (the “Subadvisory Agreement”) among Principal Global Investors, LLC (the “Manager”) and Post Advisory Group, LLC (the “Subadvisor”) with respect to an actively managed investment sleeve of the Fund.
Nature, Quality and Extent of Services
The Board considered the nature, quality and extent of the services expected to be provided under the Subadvisory Agreement. The Board considered the reputation, qualifications and background of the Subadvisor, the investment approach of the Subadvisor, the experience and skills of the Subadvisor’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 Subadvisory currently provides subadvisory serves for other PFI funds, and that the Board has reviewed and approved for renewal those subadvisory agreements at its September 2018 Board meeting. In addition, the Board considered the Manager’s program for recommending, monitoring and replacing subadvisors and that the Manager recommended the Subadvisor based upon that program.
The Board reviewed the historical one, three, five and ten year performance returns as of December 31, 2018, gross and net of proposed fees, of the Subadvisor in a composite managed in accordance with the proposed investment strategy for the actively managed investment sleeve of the Fund that the Subadvisor is proposed to manage, as compared to the historical performance returns of the current subadvisor to that investment sleeve and a relevant benchmark index. The Board concluded, based upon the information provided, that the Subadvisor is qualified.
Fees, Economies of Scale and Profitability
The Board considered the proposed subadvisory fee, noting that the Manager compensates subadvisors 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 subadvisory services to be provided to the Fund under the Subadvisory Agreement. The Board noted that the proposed subadvisory fee schedule includes breakpoints and concluded that the subadvisory fee schedule reflects an appropriate recognition of economies of scale at currently anticipated asset levels. The Board considered the Manager’s statement that it found the proposed subadvisory fee schedule to be competitive. The Board also considered that the Subadvisor’s appointment is contingent upon the Fund’s shareholders approving the Subadvisory Agreement, which will involve the costs of holding a shareholder meeting. On the basis of the information provided, the Board concluded that the proposed subadvisory fee was reasonable.
Other Benefits
The Board also considered the character and amount of other fall-out benefits to be received by the Subadvisor. The Board noted that the portfolio trades for the investment sleeve to be managed by the Subadvisor would not generate commissions, and therefore soft dollars would not be applicable. The Board concluded that, on the basis of the information provided, the proposed subadvisory fee was reasonable.
Overall Conclusions
Based upon all of the information considered and the conclusions reached, the Board determined that the terms of the SubadvisoryAgreement are fair and reasonable and that approval of the Subadvisory Agreement is in the best interests of the Fund.
Post Advisory Group, LLC Amended Subadvisory Agreement
On March 12, 2019, the Board considered for the Global Diversified Income Fund (the “Fund”) the approval of an amended subadvisory agreement (the “Subadvisory Agreement”) between Principal Global Investors, LLC (the “Manager”) and Post Advisory Group, LLC (the “Subadvisor”) in connection with a proposal to change the methodology for calculating the subadvisory fee and to add a breakpoint to the subadvisory fee schedule.
The Board reviewed materials received from the Manager regarding the proposed amendment to the Fund’s Subadvisory Agreement and noted that because the subadvisory fee was paid by the Manager, the change in the calculation methodology for the subadvisory fee and the addition of a breakpoint to the subadvisory fee schedule would not change the management fee paid by the Fund. The Board considered the Manager’s representation that the amendment would not reduce the quality or quantity of the services the Subadvisor provides to the Fund and that the Subadvisor’s obligations under the Subadvisory 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 Subadvisory Agreement other than to the methodology for calculating the subadvisory fee and the addition of a breakpoint to the subadvisory fee schedule.
The Board considered that they had last approved the Subadvisory Agreement for the Fund during the annual contract renewal process that concluded at the Board of Directors’ September 2018 meeting. They noted that during the annual contract renewal process, they had considered the nature, quality and extent of the services provided by the Subadvisor under the Subadvisory Agreement and had concluded,
69
based upon the information provided, that the terms of the Subadvisory Agreement were reasonable and that approval of the Subadvisory Agreement was in the best interests of the Fund.
Based upon all of the information considered, the Board concluded that it was in the best interests of the Fund to approve the amended Subadvisory Agreement at this time and, accordingly, recommended to the Board of Directors the approval of the amended Subadvisory Agreement.
Approval of Amended Management and Subadvisory Agreements for Finisterre Unconstrained Emerging Markets Bond Fund
On March 12, 2019, the Board considered for the Finisterre Unconstrained Emerging Markets Bond Fund (the “Fund”) the approval of: (1) an amended management agreement (the “Management Agreement”) between PFI, for the Fund, and Principal Global Investors, LLC (the “Manager”), in connection with a proposal to amend the management fee schedule that would result in a reduction in the management fee rate at all asset levels; and (2) an amended subadvisory agreement between the Manager and Finisterre Capital, LLC (the “Subadvisor”) with respect to the Fund (a “Subadvisory Agreement”) in connection with a proposal to amend the subadvisory fee schedule that would add new breakpoints and result in a lower subadvisory fee rate at certain asset levels. The Management Agreement and the Subadvisory Agreements are together referred to as the “Advisory Agreements.” The Board reviewed materials received from the Manager regarding the proposed changes in the management fee and subadvisory fee schedules. The Board considered the Manager’s representation that the changes in the management fee and subadvisory fee schedules would not reduce the quality or quantity of the services the Manager and the Subadvisor provide to the Fund and that the obligations of the Manager and the Subadvisor under the applicable Advisory Agreement would remain the same in all material respects. The Board also considered that the Manager was not proposing any material changes to the terms of any Advisory Agreement other than to the fee schedule.
The Board considered that they had last approved the Advisory Agreements for the Fund during the annual contract renewal process that concluded at the Board of Directors’September 2018 meeting.They noted that during the annual contract renewal process, they had considered the nature, quality and extent of the services provided by the Manager and the Subadvisor under the applicable Advisory Agreement and had concluded, based upon the information provided, that the terms of each Advisory Agreement were reasonable and that approval of each 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 amendedAdvisory Agreements at this time and, accordingly, recommended to the Board of Directors the approval of the amended Advisory Agreements.
70
Special Meeting of Shareholders
Principal Funds, Inc. – MidCap Value Fund III
Held April 5, 2019
1. Shareholders of the MidCap Value Fund III voted to approve a Plan of Acquisition providing for the reorganization of the MidCap Value Fund III into MidCap Value Fund I.
In Favor | Opposed | Abstain |
47,374,591.000 | 21,272.000 | 30,992.000 |
Special Meeting of Shareholders | ||
Principal Funds, Inc. | ||
Held April 25, 2019 | ||
1. Election of Board of Directors. | ||
For | Withheld | |
Ballantine | 12,736,375,875.836 | 392,415,903.137 |
Barnes | 12,721,375,051.848 | 407,416,727.125 |
Damos | 12,700,790,898.144 | 428,000,880.829 |
Grimmett | 12,716,449,359.614 | 412,342,419.359 |
Hirsch | 12,711,116,734.002 | 417,675,044.971 |
Huang | 12,731,541,889.427 | 397,249,889.546 |
McMillan | 12,751,851,243.595 | 376,940,535.378 |
Nickels | 12,760,972,969.127 | 367,818,809.846 |
VanDeWeghe | 12,745,791,367.482 | 383,000,411.491 |
Beer | 12,706,497,212.449 | 422,294,566.524 |
Dunbar | 12,712,526,433.112 | 416,265,345.861 |
Halter | 12,710,379,929.381 | 418,411,849.592 |
3. Approval of a new Sub-Advisory Agreement with Finisterre Capital LLP for the Global Diversified Income Fund.
For | Against | Abstain | Broker Non-Vote | |
Global Diversified Income Fund | 206,346,060.589 | 2,753,236.504 | 5,473,360.558 | 92,304,522.44 |
4. Approval of the ability of Principal Global Investors, LLC to enter into and/or materially amend agreements with wholly-owned affiliated sub-advisors, as defined in the proposal, on behalf of the Fund without obtaining shareholder approval (Group A Funds, as set forth in the proposal, only).
For | Against | Abstain | Broker Non-Vote | |
California Municipal Fund | 7,632,139.822 | 538,475.555 | 788,655.289 | 7,621,883.169 |
Core Plus Bond Fund | 266,081,012.903 | 9,815,879.616 | 10,020,920.092 | 2,727,039.045 |
Diversified International Fund | 839,129,975.011 | 69,570,386.739 | 33,287,102.115 | 7,195,414.163 |
Equity Income Fund | 159,725,397.726 | 11,522,894.631 | 11,120,010.905 | 33,023,226.869 |
Global Real Estate Securities Fund | 187,259,825.197 | 991,539.590 | 4,508,463.721 | 41,915,680.813 |
Government & High Quality Bond Fund | 111,092,459.513 | 1,950,391.788 | 3,295,744.051 | 14,099,830.764 |
High Yield Fund | 173,512,349.604 | 6,580,563.854 | 3,746,839.266 | 74,691,889.403 |
High Yield Fund I | 312,315,574.195 | 46,574,543.751 | 21,513,938.976 | 1,670,475.209 |
Income Fund | 240,051,813.045 | 23,178,841.083 | 4,975,617.243 | 25,765,421.073 |
Inflation Protection Fund | 93,768,572.166 | 94,037,799.184 | 106,823.583 | 952,585.647 |
International Emerging Markets Fund | 25,914,064.028 | 1,817,301.786 | 998,564.563 | 1,682,817.983 |
International Fund I | 24,416,392.541 | 465,097.272 | 68,157.598 | 1,501,326.656 |
LargeCap Growth Fund | 44,901,786.532 | 8,347,111.319 | 4,869,837.154 | 6,342,759.486 |
LargeCap Growth Fund I | 346,060,855.922 | 52,407,253.261 | 48,176,222.579 | 104,678,134.877 |
LargeCap S&P 500 Index Fund | 227,372,216.535 | 28,980,668.937 | 22,289,836.001 | 26,353,263.420 |
LargeCap Value Fund III | 110,114,016.367 | 502,751.676 | 18,404,633.690 | 1,179,449.443 |
MidCap Fund | 276,764,709.401 | 5,562,823.197 | 2,759,505.462 | 82,794,654.550 |
MidCap Growth Fund | 14,677,675.635 | 1,565,329.202 | 1,289,748.916 | 1,470,321.883 |
MidCap Growth Fund III | 50,741,455.675 | 43,945,323.575 | 684,119.005 | 806,515.646 |
MidCap S&P 400 Index Fund | 40,093,514.714 | 4,474,673.389 | 5,179,134.167 | 5,806,881.149 |
MidCap Value Fund I | 56,747,925.437 | 5,089,742.937 | 4,332,038.436 | 1,530,879.835 |
MidCap Value Fund III | 48,430,625.982 | 3,525,762.041 | 1,787,139.060 | 811,638.994 |
Money Market Fund | 258,165,866.102 | 90,684,370.758 | 30,959,761.317 | 19,304,755.190 |
71
For | Against | Abstain | Broker Non-Vote | |
Overseas Fund | 208,466,587.720 | 18,572.853 | - | 411,880.974 |
Principal Capital Appreciation Fund | 18,138,520.881 | 2,975,831.357 | 891,860.800 | 3,666,650.690 |
SAM Balanced Portfolio | 158,284,074.700 | 18,023,454.159 | 10,467,606.527 | 35,769,411.838 |
SAM Conservative Balanced Portfolio | 88,657,730.195 | 11,397,333.647 | 2,153,848.753 | 28,889,552.873 |
SAM Conservative Growth Portfolio | 71,328,832.247 | 40,460,952.304 | 1,796,222.358 | 22,161,855.561 |
SAM Flexible Income Portfolio | 122,920,915.298 | 4,945,275.811 | 18,411,012.553 | 38,941,467.872 |
SAM Strategic Growth Portfolio | 40,063,153.463 | 24,698,478.984 | 1,129,102.715 | 11,549,369.421 |
Short-Term Income Fund | 287,995,692.468 | 35,457,888.542 | 4,235,580.220 | 43,168,334.299 |
SmallCap Fund | 14,727,819.969 | 2,910,390.173 | 900,766.733 | 3,387,570.106 |
SmallCap Growth Fund I | 103,403,577.647 | 20,648,414.289 | 12,221,827.402 | 2,365,041.424 |
SmallCap S&P 600 Index Fund | 30,421,238.910 | 4,323,020.144 | 3,003,546.682 | 4,726,802.361 |
SmallCap Value Fund II | 63,194,403.671 | 16,139,806.302 | 14,787,286.671 | 1,401,103.878 |
Tax-Exempt Bond Fund | 13,553,435.408 | 695,800.232 | 625,555.355 | 11,707,204.857 |
5.Approval of the ability of Principal Global Investors, LLC to enter into and/or materially amend agreements with majority-owned affiliated sub-advisors, as defined in the proposal, on behalf of the Fund without obtaining shareholder approval (Group A Funds, as set forth in the proposal, only).
For | Against | Abstain | Broker Non-Vote | |
California Municipal Fund | 7,650,243.989 | 539,501.168 | 769,525.509 | 7,621,883.169 |
Core Plus Bond Fund | 264,818,305.523 | 10,794,859.466 | 10,304,647.622 | 2,727,039.045 |
Diversified International Fund | 832,065,408.201 | 69,659,310.392 | 40,262,745.272 | 7,195,414.163 |
Equity Income Fund | 163,339,594.663 | 13,522,968.005 | 5,505,740.594 | 33,023,226.869 |
Global Real Estate Securities Fund | 187,088,897.689 | 1,168,516.870 | 4,502,413.949 | 41,915,680.813 |
Government & High Quality Bond Fund | 111,051,530.557 | 1,735,060.543 | 3,552,004.252 | 14,099,830.764 |
High Yield Fund | 173,377,313.327 | 6,674,271.305 | 3,788,168.092 | 74,691,889.403 |
High Yield Fund I | 305,791,861.545 | 53,098,256.401 | 21,513,938.976 | 1,670,475.209 |
Income Fund | 239,498,653.076 | 23,320,724.095 | 5,386,894.200 | 25,765,421.073 |
Inflation Protection Fund | 70,191,821.477 | 117,366,190.617 | 355,182.839 | 952,585.647 |
International Emerging Markets Fund | 25,901,283.807 | 1,830,082.007 | 998,564.563 | 1,682,817.983 |
International Fund I | 24,404,580.302 | 466,441.607 | 78,625.502 | 1,501,326.656 |
LargeCap Growth Fund | 44,876,438.913 | 8,398,614.235 | 4,843,681.857 | 6,342,759.486 |
LargeCap Growth Fund I | 343,455,728.819 | 55,689,155.661 | 47,499,447.282 | 104,678,134.877 |
LargeCap S&P 500 Index Fund | 226,225,894.898 | 30,522,021.366 | 21,894,805.209 | 26,353,263.420 |
LargeCap Value Fund III | 109,003,155.004 | 503,443.185 | 19,514,803.544 | 1,179,449.443 |
MidCap Fund | 276,553,660.663 | 5,770,388.815 | 2,762,988.582 | 82,794,654.550 |
MidCap Growth Fund | 14,669,193.300 | 1,561,753.797 | 1,301,806.656 | 1,470,321.883 |
MidCap Growth Fund III | 50,740,432.426 | 43,946,346.824 | 684,119.005 | 806,515.646 |
MidCap S&P 400 Index Fund | 39,967,623.694 | 4,530,267.853 | 5,249,430.723 | 5,806,881.149 |
MidCap Value Fund I | 56,747,160.993 | 5,090,507.365 | 4,332,038.452 | 1,530,879.835 |
MidCap Value Fund III | 48,102,499.355 | 3,874,316.935 | 1,766,710.793 | 811,638.994 |
Money Market Fund | 296,811,662.595 | 52,051,981.601 | 30,946,353.981 | 19,304,755.190 |
Overseas Fund | 208,466,587.720 | 18,572.853 | - | 411,880.974 |
Principal Capital Appreciation Fund | 18,138,006.834 | 2,944,905.725 | 923,300.479 | 3,666,650.690 |
SAM Balanced Portfolio | 157,902,871.437 | 17,775,057.965 | 11,097,205.984 | 35,769,411.838 |
SAM Conservative Balanced Portfolio | 88,726,742.771 | 11,172,288.924 | 2,309,880.900 | 28,889,552.873 |
SAM Conservative Growth Portfolio | 70,218,381.891 | 41,551,670.249 | 1,815,954.769 | 22,161,855.561 |
SAM Flexible Income Portfolio | 122,935,572.772 | 4,844,150.472 | 18,497,480.418 | 38,941,467.872 |
SAM Strategic Growth Portfolio | 39,993,619.989 | 24,780,409.322 | 1,116,705.851 | 11,549,369.421 |
Short-Term Income Fund | 287,889,682.868 | 17,194,170.418 | 22,605,307.944 | 43,168,334.299 |
SmallCap Fund | 14,682,129.185 | 2,938,338.210 | 918,509.480 | 3,387,570.106 |
SmallCap Growth Fund I | 104,906,628.321 | 19,155,041.540 | 12,212,149.477 | 2,365,041.424 |
SmallCap S&P 600 Index Fund | 30,370,907.386 | 4,326,066.793 | 3,050,831.557 | 4,726,802.361 |
SmallCap Value Fund II | 56,761,825.101 | 16,187,667.393 | 21,172,004.150 | 1,401,103.878 |
Tax-Exempt Bond Fund | 13,585,289.481 | 693,418.489 | 596,083.025 | 11,707,204.857 |
72
6A. Approval of an amended fundamental investment restriction relating to commodities for the Fund (each Fund).
For | Against | Abstain | Broker Non-Vote | |
California Municipal Fund | 7,858,485.903 | 322,436.879 | 778,347.884 | 7,621,883.169 |
Core Plus Bond Fund | 266,048,673.775 | 6,926,623.954 | 12,942,514.882 | 2,727,039.045 |
Diversified International Fund | 845,784,642.229 | 38,424,406.610 | 57,778,415.026 | 7,195,414.163 |
Equity Income Fund | 173,581,539.845 | 4,016,002.659 | 4,770,760.758 | 33,023,226.869 |
Finisterre Unconstrained Emerging Markets | 2,835,255.604 | 2,817.000 | 5,528.170 | 890,395.042 |
Bond Fund | ||||
Global Diversified Income Fund | 206,185,004.478 | 2,703,496.749 | 5,684,156.424 | 92,304,522.044 |
Global Real Estate Securities Fund | 187,415,515.247 | 817,097.587 | 4,527,215.674 | 41,915,680.813 |
Government & High Quality Bond Fund | 110,126,164.054 | 1,251,144.319 | 4,961,286.979 | 14,099,830.764 |
Government Money Market Fund | 2,699,970,350.050 | - | - | N/A |
High Yield Fund | 174,291,575.156 | 5,317,958.074 | 4,230,219.494 | 74,691,889.403 |
High Yield Fund I | 332,842,756.555 | 43,920.180 | 47,517,380.187 | 1,670,475.209 |
Income Fund | 247,148,156.740 | 11,464,508.655 | 9,593,605.976 | 25,765,421.073 |
Inflation Protection Fund | 160,121,926.503 | 26,351,904.673 | 1,439,363.757 | 952,585.647 |
International Emerging Markets Fund | 27,012,683.460 | 593,625.500 | 1,123,621.417 | 1,682,817.983 |
International Fund I | 24,596,214.663 | 79,373.103 | 274,059.645 | 1,501,326.656 |
LargeCap Growth Fund | 52,385,894.697 | 1,705,390.617 | 4,027,449.691 | 6,342,759.486 |
LargeCap Growth Fund I | 355,358,728.261 | 30,481,441.324 | 60,804,162.177 | 104,678,134.877 |
LargeCap S&P 500 Index Fund | 235,792,192.097 | 16,412,876.287 | 26,437,653.089 | 26,353,263.420 |
LargeCap Value Fund III | 108,632,031.845 | 307,212.475 | 20,082,157.413 | 1,179,449.443 |
MidCap Fund | 279,827,812.846 | 2,332,224.558 | 2,927,000.656 | 82,794,654.550 |
MidCap Growth Fund | 15,143,179.364 | 1,270,463.218 | 1,119,111.171 | 1,470,321.883 |
MidCap Growth Fund III | 56,766,889.933 | 37,915,355.281 | 688,653.041 | 806,515.646 |
MidCap S&P 400 Index Fund | 41,662,479.168 | 3,109,625.166 | 4,975,217.936 | 5,806,881.149 |
MidCap Value Fund I | 58,616,851.821 | 6,263,020.822 | 1,289,834.167 | 1,530,879.835 |
MidCap Value Fund III | 50,232,204.670 | 895,488.260 | 2,615,834.153 | 811,638.994 |
Money Market Fund | 309,535,876.110 | 36,075,013.224 | 34,199,108.843 | 19,304,755.190 |
Overseas Fund | 208,466,604.401 | 18,556.172 | - | 411,880.974 |
Principal Capital Appreciation Fund | 20,070,635.968 | 1,198,211.098 | 737,365.972 | 3,666,650.690 |
Principal LifeTime 2010 Fund | 29,196,697.167 | 1,832,982.499 | 9,291,375.383 | 1,027,046.892 |
Principal LifeTime 2015 Fund | 34,530,950.004 | 215,138.570 | 7,846,696.992 | 511,735.713 |
Principal LifeTime 2020 Fund | 245,508,185.816 | 8,525,910.896 | 42,874,721.572 | 5,638,880.028 |
Principal LifeTime 2025 Fund | 107,729,763.248 | 6,111,564.769 | 20,419,422.791 | 2,063,124.826 |
Principal LifeTime 2030 Fund | 231,149,216.761 | 31,241,601.661 | 115,866,562.523 | 5,920,079.839 |
Principal LifeTime 2035 Fund | 77,109,749.002 | 3,953,101.991 | 19,182,048.094 | 1,120,643.618 |
Principal LifeTime 2040 Fund | 208,490,902.912 | 13,751,744.296 | 22,752,083.159 | 2,704,465.564 |
Principal LifeTime 2045 Fund | 63,721,538.700 | 257,274.164 | 5,615,126.286 | 280,845.740 |
Principal LifeTime 2050 Fund | 99,973,395.685 | 5,214,698.640 | 37,611,439.864 | 1,606,932.169 |
Principal LifeTime 2055 Fund | 27,658,974.833 | 1,388,919.522 | 2,527,616.691 | 151,197.858 |
Principal LifeTime 2060 Fund | 10,605,201.087 | 6,132,109.807 | 5,308,763.382 | 141,413.011 |
Principal LifeTime 2065 Fund | 744,123.521 | 358,871.733 | 160.588 | N/A |
Principal Life Time Hybrid 2015 Fund | 6,623,551.926 | 748,824.413 | 620,107.354 | 149,450.935 |
Principal Life Time Hybrid 2020 Fund | 21,221,767.647 | 795,027.590 | 2,076,921.594 | 515,767.840 |
Principal Life Time Hybrid 2025 Fund | 13,925,179.190 | 667,372.210 | 796,360.266 | 868,142.228 |
Principal Life Time Hybrid 2030 Fund | 17,195,183.257 | 448,264.534 | 1,430,448.483 | 1,060,182.276 |
Principal Life Time Hybrid 2035 Fund | 9,093,574.923 | 140,612.259 | 464,647.062 | 1,152,235.958 |
Principal Life Time Hybrid 2040 Fund | 7,687,737.282 | 763,513.130 | 3,338,306.791 | 1,481,144.162 |
Principal Life Time Hybrid 2045 Fund | 4,374,125.672 | 278,024.338 | 1,201,013.304 | 661,776.310 |
Principal Life Time Hybrid 2050 Fund | 4,908,395.353 | 52,077.088 | 254,200.130 | 342,348.000 |
Principal Life Time Hybrid 2055 Fund | 1,785,790.129 | - | 136.571 | 91,077.280 |
Principal Life Time Hybrid 2060 Fund | 345,544.795 | - | 162,814.330 | 19,583.471 |
Principal Life Time Hybrid 2065 Fund | 62,624.749 | 1,002.435 | - | N/A |
Principal Life Time Hybrid Income Fund | 3,454,184.072 | 485,967.394 | 363,321.596 | 98,009.927 |
Principal LifeTime Strategic Income Fund | 29,269,051.252 | 221,378.313 | 4,600,805.720 | 846,047.681 |
Real Estate Securities Fund | 78,135,587.604 | 7,583,360.786 | 2,070,414.151 | 18,456,438.758 |
SAM Balanced Portfolio | 159,498,223.214 | 16,825,809.429 | 10,451,102.743 | 35,769,411.838 |
SAM Conservative Balanced Portfolio | 97,936,411.881 | 967,419.904 | 3,305,080.810 | 28,889,552.873 |
SAM Conservative Growth Portfolio | 75,898,318.208 | 36,555,932.935 | 1,131,755.766 | 22,161,855.561 |
SAM Flexible Income Portfolio | 123,475,809.182 | 3,991,514.827 | 18,809,879.653 | 38,941,467.872 |
SAM Strategic Growth Portfolio | 64,791,189.226 | 493,797.498 | 605,748.438 | 11,549,369.421 |
Short-Term Income Fund | 290,736,891.013 | 32,758,322.851 | 4,193,947.366 | 43,168,334.299 |
SmallCap Fund | 14,973,997.373 | 2,707,878.359 | 857,101.143 | 3,387,570.106 |
SmallCap Growth Fund I | 107,614,251.659 | 8,919,362.940 | 19,740,204.739 | 2,365,041.424 |
SmallCap S&P 600 Index Fund | 31,503,810.363 | 3,211,134.410 | 3,032,860.963 | 4,726,802.361 |
SmallCap Value Fund II | 69,535,191.985 | 15,076,441.369 | 9,509,863.290 | 1,401,103.878 |
Tax-Exempt Bond Fund | 13,938,129.123 | 248,172.144 | 688,489.728 | 11,707,204.857 |
73
6B. Approval of an amended fundamental investment restriction relating to diversification for the California Municipal Fund.
For | Against | Abstain | Broker Non-Vote | |
California Municipal Fund | 8,060,193.850 | 220,801.082 | 678,275.734 | 7,621,883.169 |
6C. Approval of an amended fundamental investment restriction relating to concentration for the Fund (Group B Funds, as set forth in the proposal, only).
For | Against | Abstain | Broker Non-Vote | |
California Municipal Fund | 8,016,685.429 | 205,764.237 | 736,821.000 | 7,621,883.169 |
Core Plus Bond Fund | 268,942,727.167 | 4,093,921.004 | 12,881,164.440 | 2,727,039.045 |
Diversified International Fund | 842,811,645.104 | 43,718,357.203 | 55,457,461.558 | 7,195,414.163 |
Equity Income Fund | 174,637,349.018 | 4,150,933.877 | 3,580,020.367 | 33,023,226.869 |
Finisterre Unconstrained Emerging Markets | 2,835,255.604 | 2,817.000 | 5,528.170 | 890,395.042 |
Bond Fund | ||||
Global Diversified Income Fund | 205,958,510.994 | 2,728,000.745 | 5,886,145.912 | 92,304,522.044 |
Government & High Quality Bond Fund | 110,038,306.259 | 1,375,129.942 | 4,925,159.151 | 14,099,830.764 |
Government Money Market Fund | 2,699,970,350.050 | - | - | N/A |
High Yield Fund | 175,364,153.254 | 4,118,798.731 | 4,356,800.739 | 74,691,889.403 |
High Yield Fund I | 332,881,671.931 | 12,300.796 | 47,510,084.195 | 1,670,475.209 |
Income Fund | 247,700,916.431 | 11,828,421.489 | 8,676,933.451 | 25,765,421.073 |
Inflation Protection Fund | 161,200,707.806 | 26,326,946.189 | 385,540.938 | 952,585.647 |
International Emerging Markets Fund | 27,143,235.711 | 440,351.874 | 1,146,342.792 | 1,682,817.983 |
International Fund I | 24,606,682.566 | 79,373.102 | 263,591.743 | 1,501,326.656 |
LargeCap Growth Fund | 52,743,525.371 | 1,782,861.144 | 3,592,348.490 | 6,342,759.486 |
LargeCap Growth Fund I | 351,525,602.185 | 32,029,635.337 | 63,089,094.240 | 104,678,134.877 |
LargeCap Value Fund III | 109,482,697.908 | 529,973.843 | 19,008,729.982 | 1,179,449.443 |
MidCap Fund | 279,830,364.500 | 2,431,545.667 | 2,825,127.893 | 82,794,654.550 |
MidCap Growth Fund | 15,444,532.770 | 1,231,334.022 | 856,886.961 | 1,470,321.883 |
MidCap Growth Fund III | 56,735,918.189 | 37,945,303.776 | 689,676.290 | 806,515.646 |
MidCap Value Fund I | 58,613,476.808 | 6,266,395.835 | 1,289,834.167 | 1,530,879.835 |
MidCap Value Fund III | 50,215,237.478 | 2,449,946.868 | 1,078,342.737 | 811,638.994 |
Money Market Fund | 311,253,232.564 | 30,073,346.771 | 38,483,418.842 | 19,304,755.190 |
Overseas Fund | 208,466,604.401 | 18,556.172 | - | 411,880.974 |
Principal Capital Appreciation Fund | 20,188,478.787 | 1,046,528.083 | 771,206.168 | 3,666,650.690 |
Short-Term Income Fund | 305,738,943.089 | 17,677,202.589 | 4,273,015.552 | 43,168,334.299 |
SmallCap Fund | 14,951,621.875 | 2,709,614.837 | 877,740.163 | 3,387,570.106 |
SmallCap Growth Fund I | 107,327,645.934 | 9,202,208.296 | 19,743,965.108 | 2,365,041.424 |
SmallCap Value Fund II | 69,409,985.510 | 15,201,647.971 | 9,509,863.163 | 1,401,103.878 |
Tax-Exempt Bond Fund | 13,896,623.444 | 275,782.371 | 702,385.180 | 11,707,204.857 |
6D. Approval of an amended fundamental investment restriction relating to concentration for the Fund (Group C Funds, as set forth in the proposal, only).
For | Against | Abstain | Broker Non-Vote | |
Principal LifeTime 2010 Fund | 29,161,798.167 | 1,832,221.666 | 9,327,035.216 | 1,027,046.892 |
Principal LifeTime 2015 Fund | 34,176,321.244 | 705,002.340 | 7,711,461.982 | 511,735.713 |
Principal LifeTime 2020 Fund | 250,708,806.931 | 6,652,296.056 | 39,547,715.297 | 5,638,880.028 |
Principal LifeTime 2025 Fund | 108,948,444.771 | 5,108,373.116 | 20,203,932.921 | 2,063,124.826 |
Principal LifeTime 2030 Fund | 231,497,203.480 | 30,974,924.825 | 115,785,252.640 | 5,920,079.839 |
Principal LifeTime 2035 Fund | 79,738,977.371 | 1,098,571.642 | 19,407,350.074 | 1,120,643.618 |
Principal LifeTime 2040 Fund | 209,727,262.467 | 11,521,435.602 | 23,746,032.298 | 2,704,465.564 |
Principal LifeTime 2045 Fund | 63,451,256.021 | 142,089.243 | 6,000,593.886 | 280,845.740 |
Principal LifeTime 2050 Fund | 106,337,612.076 | 6,932,699.786 | 29,529,222.327 | 1,606,932.169 |
Principal LifeTime 2055 Fund | 26,354,066.964 | 2,014,438.232 | 3,207,005.850 | 151,197.858 |
Principal LifeTime 2060 Fund | 19,858,554.083 | 991,256.801 | 1,196,263.392 | 141,413.011 |
Principal LifeTime 2065 Fund | 744,123.521 | 358,871.733 | 160.588 | N/A |
Principal Life Time Hybrid 2015 Fund | 6,167,577.126 | 748,824.413 | 1,076,082.154 | 149,450.935 |
Principal Life Time Hybrid 2020 Fund | 21,200,831.787 | 803,983.784 | 2,088,901.260 | 515,767.840 |
Principal Life Time Hybrid 2025 Fund | 13,935,094.745 | 656,301.402 | 797,515.519 | 868,142.228 |
Principal Life Time Hybrid 2030 Fund | 17,130,098.830 | 203,785.335 | 1,740,012.109 | 1,060,182.276 |
Principal Life Time Hybrid 2035 Fund | 8,983,612.324 | 250,574.854 | 464,647.066 | 1,152,235.958 |
Principal Life Time Hybrid 2040 Fund | 7,687,691.316 | 763,559.100 | 3,338,306.787 | 1,481,144.162 |
Principal Life Time Hybrid 2045 Fund | 4,374,125.672 | 278,024.338 | 1,201,013.304 | 661,776.310 |
Principal Life Time Hybrid 2050 Fund | 5,135,549.916 | 52,077.088 | 27,045.567 | 342,348.000 |
Principal Life Time Hybrid 2055 Fund | 1,785,790.129 | - | 136.571 | 91,077.280 |
Principal Life Time Hybrid 2060 Fund | 345,544.795 | - | 162,814.330 | 19,583.471 |
Principal Life Time Hybrid 2065 Fund | 62,624.749 | 1,002.435 | - | N/A |
74
For | Against | Abstain | Broker Non-Vote | |
Principal Life Time Hybrid Income Fund | 3,329,133.672 | 481,419.300 | 492,920.090 | 98,009.927 |
Principal LifeTime Strategic Income Fund | 29,469,882.717 | 177,665.820 | 4,443,686.748 | 846,047.681 |
SAM Balanced Portfolio | 158,243,485.763 | 16,802,614.766 | 11,729,034.857 | 35,769,411.838 |
SAM Conservative Balanced Portfolio | 97,891,831.191 | 887,750.193 | 3,429,331.211 | 28,889,552.873 |
SAM Conservative Growth Portfolio | 75,768,516.268 | 36,687,863.669 | 1,129,626.972 | 22,161,855.561 |
SAM Flexible Income Portfolio | 123,175,432.356 | 3,890,983.337 | 19,210,787.969 | 38,941,467.872 |
SAM Strategic Growth Portfolio | 64,767,789.495 | 516,598.910 | 606,346.757 | 11,549,369.421 |
75
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 contactyour financial professional or call 800-222-5852.
Principal Funds are distributed by Principal Funds Distributor, Inc.
- 2019 Principal Financial Services, Inc. | FV429-12 | 04/2019 | 806461-042021
Principal Money Market Fund
Class J Shares
Semiannual Report
April 30, 2019
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 PrincipalFunds but through a brokerage firm, please contact yourbroker for electronic delivery options available.
Beginning on May 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, papercopies of the Fund’s annual and semi-annual shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the report from the Fund or your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and providedwith a website link to access the report.
If you already elected to receive such reports electronically, you will not be affected by this change and you do not need to take any action. If you have not previously elected electronic delivery, you may elect to receive reports and other communications from the Fund electronically by visiting our website at www.principalfunds.com/edelivery for instructionson enrolling in eDelivery or calling 800-222-5852. If you own these shares through a financial intermediary, you may contact your financial intermediary.
You may elect to receive all future reports in paper free of charge. If you wish to continue receiving paper copies of yourreports, you can inform the Fund by calling 800-222-5852. If you own these shares through a financial intermediary, you may contact your financial intermediary or follow instructions included with this disclosure to elect to continue to receivepaper copies of reports. Your election to receive reports in paper will apply to all funds with the Fund complex or to theshares you own through your financial intermediary.
Table of Contents | |
Financial Statements | 1 |
Notes to Financial Statements | 4 |
Schedules of Investments | 8 |
Financial Highlights (includes performance information) | 12 |
Shareholder Expense Example | 14 |
Supplemental Information | 15 |
Not FDIC or NCUA insured
May lose value • Not a deposit • No bank or credit union guarantee Not insured by any Federal government agency
Statement of Assets and Liabilities | |||||
Principal Funds, Inc. | |||||
April 30, 2019 (unaudited) | |||||
Amounts in thousands, except per share amounts | Money Market Fund | ||||
Investment in securities--at cost | $ | 503,390 | |||
Assets | |||||
Investment in securities--at value | $ | 503,390 | |||
Cash | 16 | ||||
Receivables: | |||||
Dividends and interest | 233 | ||||
Expense reimbursement from Manager | 22 | ||||
Expense reimbursement from Distributor | 33 | ||||
Fund shares sold | 1,953 | ||||
Other assets | 26 | ||||
Total Assets | 505,673 | ||||
Liabilities | |||||
Accrued management and investment advisory fees | 167 | ||||
Accrued distribution fees | 33 | ||||
Accrued transfer agent fees | 117 | ||||
Accrued directors' expenses | 2 | ||||
Accrued professional fees | 18 | ||||
Accrued other expenses | 53 | ||||
Deposits from counterparty | – | ||||
Payables: | |||||
Dividends payable | 836 | ||||
Fund shares redeemed | 1,336 | ||||
Total Liabilities | 2,562 | ||||
Net Assets Applicable to Outstanding Shares | $ | 503,111 | |||
Net Assets Consist of: | |||||
Capital shares and additional paid-in-capital | $ | 503,015 | |||
Total distributable earnings (accumulated loss) | 96 | ||||
Total Net Assets | $ | 503,111 | |||
Capital Stock (par value: $.01 per share): | |||||
Shares authorized | 5,800,000 | ||||
Net Asset Value Per Share: | |||||
Class A: Net Assets | $ | 240,405 | |||
Shares Issued and Outstanding | 240,360 | ||||
Net Asset Value per share | $ | 1.00 | |||
Maximum Offering Price | $ | 1.00 | |||
Class J: Net Assets | $ | 262,706 | |||
Shares Issued and Outstanding | 262,655 | ||||
Net Asset Value per share | $ | 1.00 | (a) |
(a) | Redemption price per share is equal to net asset value per share less any applicable contingent deferred sales charge. |
See accompanying notes.
1
Statement of Operations | |||
Principal Funds, Inc. | |||
Six Months Ended April 30, 2019 (unaudited) | |||
Amounts in thousands | Money Market Fund | ||
Net Investment Income (Loss) | |||
Income: | |||
Dividends | $ | 257 | |
Interest | 6,144 | ||
Total Income | 6,401 | ||
Expenses: | |||
Management and investment advisory fees | 1,009 | ||
Distribution fees - Class J | 199 | ||
Registration fees - Class A | 23 | ||
Registration fees - Class J | 16 | ||
Shareholder meeting expense - Class A | 6 | ||
Shareholder meeting expense - Class J | 6 | ||
Shareholder reports - Class A | 27 | ||
Shareholder reports - Class J | 58 | ||
Transfer agent fees - Class A | 177 | ||
Transfer agent fees - Class J | 150 | ||
Custodian fees | 6 | ||
Directors' expenses | 6 | ||
Professional fees | 15 | ||
Other expenses | 3 | ||
Total Gross Expenses | 1,701 | ||
Less: Reimbursement from Manager - Class A | 127 | ||
Less: Reimbursement from Distributor - Class J | 199 | ||
Total Net Expenses | 1,375 | ||
Net Investment Income (Loss) | 5,026 | ||
Net Realized and Unrealized Gain (Loss) on Investments | |||
Net realized gain (loss) from: | |||
Investment transactions | 126 | ||
Net Realized and Unrealized Gain (Loss) on Investments | 126 | ||
Net Increase (Decrease) in Net Assets Resulting from Operations$ | 5,152 |
See accompanying notes.
2
Statement of Changes in Net Assets | |||||||||
Principal Funds, Inc. | |||||||||
(unaudited) | |||||||||
Amounts in thousands | Money Market Fund | ||||||||
Period Ended | Year Ended | ||||||||
April 30, 2019 | October 31, 2018 | ||||||||
Operations | |||||||||
Net investment income (loss) | $ | 5,026 | $ | 6,284 | |||||
Net realized gain (loss) on investments . | 126 | 33 | |||||||
Net change in unrealized appreciation/depreciation of investments | – | – | |||||||
Net Increase (Decrease) in Net Assets Resulting from Operations | 5,152 | 6,317 | |||||||
Dividends and Distributions to Shareholders | |||||||||
From net investment income and net realized gain on investments | (5,056 | ) | (6,317 | ) | |||||
Total Dividends and Distributions | (5,056 | ) | (6,317 | ) | |||||
Capital Share Transactions | |||||||||
Net increase (decrease) in capital share transactions | 13,433 | (14,074 | ) | ||||||
Total Increase (Decrease) in Net Assets | 13,529 | (14,074 | ) | ||||||
Net Assets | |||||||||
Beginning of period | 489,582 | 503,656 | |||||||
End of period . | $ | 503,111 | $ | 489,582 | |||||
Class A | Class C | Class J Institutional | |||||||
Capital Share Transactions: | |||||||||
Period Ended April 30, 2019 | |||||||||
Dollars: | |||||||||
Sold | $ | 111,082 | N/A $ | 80,782 | N/A | ||||
Reinvested | 2,408 | N/A | 2,567 | N/A | |||||
Redeemed | (104,974) | N/A | (78,432 | ) | N/A | ||||
Net Increase (Decrease) | $ | 8,516 | N/A $ | 4,917 | N/A | ||||
Shares: | |||||||||
Sold | 111,082 | N/A | 80,782 | N/A | |||||
Reinvested | 2,408 | N/A | 2,567 | N/A | |||||
Redeemed | (104,974) | N/A | (78,432 | ) | N/A | ||||
Net Increase (Decrease) | 8,516 | N/A | 4,917 | N/A | |||||
Year Ended October 31, 2018(a) | |||||||||
Dollars: | |||||||||
Sold | $ 194,918 $ | 1,698 | $ 152,066 | $ | 10 | ||||
Reinvested | 3,057 | 32 | 3,109 | 1 | |||||
Redeemed | (211,308) | (16,611) | (140,632) | (414 | ) | ||||
Net Increase (Decrease) | $ | (13,333 | ) $ | (14,881 | ) $ | 14,543 | $ | (403 | ) |
Shares: | |||||||||
Sold | 194,918 | 1,698 | 152,066 | 10 | |||||
Reinvested | 3,057 | 32 | 3,109 | 1 | |||||
Redeemed | (211,308) | (16,611) | (140,632) | (414 | ) | ||||
Net Increase (Decrease) | (13,333 | ) | (14,881 | ) | 14,543 | (403 | ) | ||
Distributions: | |||||||||
Period Ended April 30, 2019 | |||||||||
From net investment income and net realized gain on investments | $ | (2,451 | ) | N/A $ | (2,605 | ) | N/A | ||
Total Dividends and Distributions | $ | (2,451 | ) | N/A $ | (2,605 | ) | N/A | ||
Year Ended October 31, 2018(a) | |||||||||
From net investment income and net realized gain on investments | $ | (3,116 | ) $ | (44 | ) $ | (3,156 | ) $ | (1 | ) |
Total Dividends and Distributions | $ | (3,116 | ) $ | (44 | ) $ | (3,156 | ) $ | (1 | ) |
(a) Class C and Institutional shares discontinued operations on March 23, 2018. |
See accompanying notes.
3
Notes to Financial Statements
Principal Funds, Inc.
April 30, 2019 (unaudited)
1. Organization
Principal Funds, Inc. (the "Fund") is registered under the Investment Company Act of 1940, as amended, as an open-end managementinvestment company and operates as a series fund in the mutual fund industry. The financial statements for Money Market Fund (the “fund”) are presented herein. The fund offers two classes of shares: Class A and Class J. Information presented in these financial statements pertainto Class J shares. Certain detailed information for the other class of shares is provided separately.
The fund is an investment company and applies specialized accounting and reporting under Accounting Standards Codification Topic 946,Financial Services - Investment Companies. The fund has not provided financial support and is not contractually required to provide financialsupport to any investee.
Effective March 23, 2018, Money Market Fund Class C and Institutional Class shares were redeemed and discontinued operations.
All classes of shares 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 fund:Security Valuation.The fund qualifies as a retail money market fund and values its securities, other than holdings of publicly tradedinvestment funds, at amortized cost, which approximates fair value, as permitted under Rule 2a-7 of the Investment Company Act of 1940. Under the amortized cost method, a security is valued by applying a constant yield to maturity of the difference between the principal amount due at maturity and the cost of the security to the fund. Publicly traded investment funds are valued at the funds’ net asset value.
Income and Investment Transactions.The fund records investment transactions on a trade date basis. The identified cost basis has beenused in determining the net realized gain or loss from investment transactions. Interest income is recognized on an accrual basis. The fund allocates 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 number of settled shares outstanding of each class.
The fund’s investments are with various issuers in various industries. The schedule of investments contained herein summarizes concentrationof credit risk by issuer and industry.
Expenses.Expenses directly attributed to the fund are charged to the fund. Other expenses not directly attributed to the fund are apportionedamong the registered investment companies managed by Principal Global Investors, LLC (“the Manager”).
The fund allocates all expenses (other than class-specific expenses) on a daily basis to each class of shares based upon the relative proportion of the number of settled shares outstanding of each class. Class-specific expenses charged to each class during the period endedApril 30, 2019, are included separately in the statement of operations.
Distributions to Shareholders.The fund declares all net investment income and any net realized gains from investment transactions as dividends daily to settled shares of record as of that day. Dividends 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.
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 andrealized capital gains to shareholders.
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 thecurrent year. During the period ended April 30, 2019, the fund did not record any such tax benefit or expense in the accompanying financial statements. The statute of limitations remains open for the fiscal years from 2015 – 2017.
4
Notes to Financial Statements
Principal Funds, Inc.
April 30, 2019 (unaudited)
2. Significant Accounting Policies (continued)
Recent Accounting Pronouncements.In August 2018, the Financial Accounting Standards Board issued Accounting Standards Update(“ASU”) No. 2018-13, Fair Value Measurement (Topic 820):Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement, which amends and eliminates certain disclosure requirements for fair value as part of its framework project. The ASU is effective for annual and interim periods beginning after December 15, 2019. The early adoption of the removal or modification of disclosures and delay of adoption of the additional disclosures is permitted. As of October 31, 2018, the fund has adopted the removal and modificationof applicable disclosures.
In March 2017, the Financial Accounting Standards Board issued ASU No. 2017-08,Premium Amortization on Purchased Callable Debt Securities, which amends the accounting standards to shorten the amortization period of certain purchased callable debt securities to the earliest call date. The ASU is effective for annual and interim periods beginning after December 15, 2018. The fund will adopt the new amendments for periods beginning after December 15, 2018.
3. Operating Policies
Borrowings.Pursuant to an exemptive order issued by the Securities and Exchange Commission, the fund and other registered investmentcompanies managed by the Manager may participate in an interfund lending facility (“Facility”). The Facility allows the fund to borrowmoney from or loan money to the other participants. Loans under the Facility are made to handle unusual and/or unanticipated short-termcash requirements. Interest paid and received on borrowings is the average of the current repurchase agreement rate and the bank loan rate (the higher of (i) the Federal Funds Rate or (ii) the One Month London Interbank Offered Rate (“LIBOR”) rate plus 1.00%). During theperiod ended April 30, 2019, the fund did not borrow from or loan to 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 $100 million, collectively. Borrowings are made solely to facilitate the handlingof unusual and/or unanticipated short-term cash requirements. Interest is charged to each participant, based on its borrowings, at a rate equalto the higher of the Federal Funds Rate or the LIBOR rate plus 1.00%. Additionally, a commitment fee is charged at an annual rate of 0.15%on the amount of the line of credit which is allocated to each participating fund based on average net assets. The fund did not borrow against the line of credit during the period ended April 30, 2019.
Indemnification.Under the Fund’s by-laws, present and past officers, directors and employees are indemnified against certain liabilitiesarising out of the performance of their duties. In addition, in the normal course of business, the Fund may enter into a variety of contractsthat 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.
Repurchase Agreements.The fund 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 its custodian takes possession of the underlying collateral securities. The fair valueof 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 fund has 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 fund could experience delays in the realization of the collateral.
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 ofobservable 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.
5
Notes to Financial Statements
Principal Funds, Inc.
April 30, 2019 (unaudited)
4. Fair Valuation (continued)
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. The type of securities included inLevel 1 includes 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, senior floating rateinterests, municipal 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 common stocks, corporate bonds, mortgage backed securities or senior floatingrate 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 fund in determining fair value is greatest forinstruments 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 lowestlevel 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 marketparticipants 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.
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in thoseinstruments. For example, short-term securities held in the fund are valued using amortized cost, as permitted under Rule 2a-7 of the Investment Company Act of 1940. Generally, amortized cost approximates the current fair value of these securities, but because the value isnot obtained from a quoted price in an active market, such securities are reflected as Level 2.
As of April 30, 2019, all of the fund’s investments were valued based on Level 2 inputs, with the exception of publicly traded investment funds, which are based on Level 1 inputs.
5. Management Agreement and Transactions with Affiliates
The fund has agreed to pay investment advisory and management fees to the Manager computed at an annual percentage rate of the fund’s average daily net assets. The annual rates used in this calculation for the fund are as follows:
Net Assets of Fund | ||||||||||||
First | Next | Next | Next | Next | Over | |||||||
$500 million | $500 million | $500 million | $500 million | $1 billion | $3 billion | |||||||
Money Market Fund | .40 | % | .39 | % | .38 | % | .37 | % | .36 | % | .35 | % |
Class A shares of the fund reimburse 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 fund’s expenses on certain share classes. 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 respective class, on an annualized basis, during the reporting period.
Period from November 1, 2018 through April 30, 2019 | |||||
Class A | Class J | Expiration | |||
Money Market Fund | .50 | % | .65 | % | February 29, 2020 |
6
Notes to Financial Statements
Principal Funds, Inc.
April 30, 2019 (unaudited)
5. Management Agreement and Transactions with Affiliates (continued)
The Manager has voluntarily agreed to limit the Fund’s expenses for all classes of shares to the extent necessary to maintain a minimum yield. The voluntary expense limit may be terminated at any time.
Amounts owed to the fund under the terms of the expense limitation agreements are reflected in the statement of assets and liabilities asexpense reimbursement from Manager and are settled periodically.
Distribution Fees.Class J shares of the fund bear distribution fees. The fee is computed at an annual rate of the average daily net assetsattributable to each class of the fund. Distribution fees are paid to Principal Funds Distributor, Inc. (“the Distributor”) (an affiliate of theManager), the principal distributor of the fund. A portion of the distribution fees may be paid to other selling dealers for providing certainservices. The annual rate is .15% of the average daily net assets for Class J shares.
The Distributor has contractually agreed to limit the fund’s distribution fees attributable to Class J shares. This waiver will reduce thedistribution fees by .15%. The expense limit expires February 29, 2020.
Amounts owed to the fund under the terms of the expense limitation agreements are reflected in the statement of assets and liabilities asexpense reimbursement from Distributor and are settled periodically.
Chief Compliance Officer Expenses.The fund pays certain expenses associated with the Chief Compliance Officer (“CCO”). This expenseis allocated based on the relative net assets of each fund and is shown on the statement of operations.
Sales Charges.The Distributor receives proceeds of any contingent deferred sales charge (“CDSC”) on certain Class A 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 sold originally without a sales charge. The charge for Class J shares is 1.00% of the lesser of current market value orthe cost of shares redeemed within 18 months of purchase. The aggregate amounts of these charges retained by the Distributor for the period ended April 30, 2019, were approximately $32,000 for Class J shares.
6. Federal Tax Information
Distributions to Shareholders.The federal income tax character of distributions paid for the periods ended April 30, 2019 and October 31, 2018 were as follows (amounts in thousands):
Ordinary Income | ||||
2019 | 2018 | |||
Money Market Fund | $ | 5,056 | $ | 6,317 |
Distributable Earnings.As of October 31, 2018, there were no distributable earnings on a federal tax basis.
Capital Loss Carryforwards.For federal income tax purposes, capital loss carryforwards are losses that can be used to offset future capitalgains although it is unlikely the Fund will recognize future capital gains. At October 31, 2018, the fund had no net capital loss carryforwards.
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 taxableyear subsequent to October 31 and December 31, respectively. For the taxable year ended October 31, 2018, the fund does not intend 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 thefund’s distributions may be shown in the accompanying statement of changes in net assets as from net investment income and net realizedgains on investments or from capital depending on the type of book and tax differences that exist. For the year ended October 31, 2018, the fund did not record any reclassifications.
7. 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 additionaldisclosure.
7
Schedule of Investments Money Market Fund April 30, 2019 (unaudited)
INVESTMENT COMPANIES - 4.14% | Shares Held Value (000's) | Principal | |||||||||
Money Market Funds - 4.14% | MUNICIPAL BONDS (continued) | Amount (000’s) Value (000’s) | |||||||||
DWS Government Money Market Series 2.51%(a) | 5,920,000 | $ | 5,920 | Maryland - 1.57% | |||||||
Goldman Sachs Government Fund 2.46%(a) | 4,920,000 | 4,920 | City of Baltimore MD (credit support from State | ||||||||
Morgan Stanley Institutional Liquidity Funds - | 5,430,000 | 5,430 | Street Bank) | ||||||||
Government Portfolio 2.42%(a) | 2.42%, 05/07/2019(c),(d) | $ | 7,915 | $ | 7,915 | ||||||
STIT - Government & Agency Portfolio 2.43%(a) | 4,570,000 | 4,570 | TOTAL MUNICIPAL BONDS | $ | 30,155 | ||||||
$ | 20,840 | Principal | |||||||||
TOTAL INVESTMENT COMPANIES | $ | 20,840 | COMMERCIAL PAPER - 75.87% | Amount (000's) Value (000's) | |||||||
Principal | Aerospace & Defense - 1.17% | ||||||||||
BONDS - 7.70% | Amount (000's) Value (000's) | General Dynamics Corp | |||||||||
Automobile Asset Backed Securities - 2.43% | 2.46%, 05/16/2019(b) | $ | 3,200 | $ | 3,197 | ||||||
Americredit Automobile Receivables Trust 2019-1 | 2.46%, 05/23/2019(b) | 2,700 | 2,696 | ||||||||
2.66%, 03/18/2020 | $ | 1,895 | $ | 1,895 | $ | 5,893 | |||||
Capital Auto Receivables Asset Trust 2018-2 | Agriculture - 4.17% | ||||||||||
2.70%, 11/20/2019(b) | 301 | 300 | Archer-Daniels-Midland Co | ||||||||
Drive Auto Receivables Trust 2019-1 | 2.45%, 05/07/2019(b) | 3,600 | 3,599 | ||||||||
2.78%, 01/15/2020 | 795 | 795 | 2.50%, 05/13/2019(b) | 3,000 | 2,997 | ||||||
Enterprise Fleet Financing 2019-1 LLC | 2.50%, 05/31/2019(b) | 3,000 | 2,994 | ||||||||
2.70%, 03/23/2020(b) | 3,252 | 3,252 | Philip Morris International Inc | ||||||||
Ford Credit Auto Lease Trust | 2.43%, 05/06/2019(b) | 2,000 | 1,999 | ||||||||
2.45%, 10/15/2019 | 137 | 137 | 2.44%, 05/07/2019(b) | 2,500 | 2,499 | ||||||
Santander Drive Auto Receivables Trust 2019-1 | 2.46%, 05/01/2019(b) | 6,900 | 6,900 | ||||||||
2.72%, 02/18/2020 | 2,284 | 2,284 | $ | 20,988 | |||||||
Santander Retail Auto Lease Trust 2019-A | Automobile Manufacturers - 2.34% | ||||||||||
2.62%, 04/20/2020(b) | 2,056 | 2,056 | American Honda Finance Corp (credit support | ||||||||
World Omni Auto Receivables Trust 2019-A | from Honda Motor Company) | ||||||||||
2.73%, 02/18/2020 | 1,070 | 1,070 | 2.53%, 05/22/2019(d) | 4,000 | 3,994 | ||||||
World Omni Select Auto Trust 2018-1 | Toyota Financial Services de Puerto Rico | ||||||||||
2.78%, 11/15/2019(b) | 417 | 417 | Inc (credit support from Toyota Financial | ||||||||
$ | 12,206 | Services) | |||||||||
Diversified Financial Services- 3.54% | 2.49%, 05/07/2019(d) | 3,800 | 3,798 | ||||||||
Corporate Finance Managers Inc | 2.49%, 05/09/2019(d) | 4,000 | 3,998 | ||||||||
2.48%, 05/07/2019(c) | 790 | 790 | $ | 11,790 | |||||||
MetLife Inc | Banks - 20.19% | ||||||||||
2.93%, 08/16/2019 | 9,000 | 9,000 | Barclays Bank PLC | ||||||||
New York Life | 2.50%, 05/31/2019(b),(e) | 3,500 | 3,493 | ||||||||
2.74%, 07/22/2019 | 8,000 | 8,000 | 2.50%, 06/03/2019(e) | 3,600 | 3,592 | ||||||
$ | 17,790 | 2.54%, 05/23/2019(b),(e) | 3,000 | 2,995 | |||||||
Other Asset Backed Securities - 1.73% | CAFCO LLC | ||||||||||
CNH Equipment Trust 2019-A | 2.50%, 05/24/2019(b) | 3,000 | 2,995 | ||||||||
2.75%, 02/28/2020 | 1,340 | 1,340 | 2.55%, 06/20/2019(b) | 3,600 | 3,587 | ||||||
Dell Equipment Finance Trust 2019-1 | Credit Suisse AG/New York NY | ||||||||||
2.65%, 04/22/2020(b) | 3,300 | 3,300 | 2.48%, 06/20/2019 | 3,500 | 3,488 | ||||||
DLL 2019-1 LLC | Manhattan Asset Funding Co LLC | ||||||||||
2.66%, 04/20/2020(b) | 2,300 | 2,300 | 2.45%, 05/03/2019(b) | 3,000 | 3,000 | ||||||
MMAF Equipment Finance LLC 2019-A | 2.47%, 05/09/2019(b) | 2,771 | 2,770 | ||||||||
2.66%, 04/10/2020(b) | 1,772 | 1,772 | 2.50%, 05/02/2019(b) | 3,400 | 3,400 | ||||||
$ | 8,712 | 2.50%, 05/06/2019(b) | 2,000 | 1,999 | |||||||
TOTAL BONDS | $ | 38,708 | 2.50%, 05/20/2019(b) | 730 | 729 | ||||||
Principal | Mitsubishi UFJ Trust & Banking Corp/NY | ||||||||||
MUNICIPAL BONDS - 5.99% | Amount (000's) Value (000's) | 2.55%, 05/30/2019(b) | 3,000 | 2,994 | |||||||
Colorado - 2.99% | 2.56%, 07/19/2019(b) | 3,500 | 3,480 | ||||||||
City of Colorado Springs CO Utilities System | 2.60%, 05/14/2019(b) | 4,480 | 4,476 | ||||||||
Revenue (credit support fromMizuho Corp Bank | Mizuho Bank Ltd/New York NY | ||||||||||
LTD) | 2.49%, 06/11/2019(b) | 2,700 | 2,692 | ||||||||
2.45%, 05/07/2019(c),(d) | $ | 7,000 | $ | 7,000 | 2.50%, 06/13/2019(b) | 3,000 | 2,991 | ||||
Colorado Housing & Finance Authority (credit | 2.55%, 05/10/2019(b) | 2,500 | 2,498 | ||||||||
support fromFederal Home Loan Bank) | Natixis SA/New York NY | ||||||||||
2.53%, 05/07/2019(c),(d) | 7,510 | 7,510 | 2.56%, 06/18/2019 | 3,000 | 2,990 | ||||||
County of Kit Carson CO (credit support from | 2.57%, 05/03/2019 | 3,500 | 3,500 | ||||||||
Wells Fargo) | Oversea-Chinese Banking Corp Ltd | ||||||||||
2.45%, 05/07/2019(c),(d) | 530 | 530 | 2.55%, 07/05/2019(b),(e) | 3,100 | 3,086 | ||||||
$ | 15,040 | Sheffield Receivables Co LLC | |||||||||
Illinois - 1.43% | 2.51%, 07/01/2019(b) | 2,120 | 2,111 | ||||||||
Memorial Health System/IL (credit support from | 2.53%, 05/23/2019(b) | 3,700 | 3,694 | ||||||||
JPMorgan Chase & Co) | 2.55%, 05/16/2019(b) | 3,000 | 2,997 | ||||||||
2.45%, 05/07/2019(c),(d) | 7,200 | 7,200 | Skandinaviska Enskilda BankenAB | ||||||||
2.50%, 05/13/2019(b),(e) | 2,000 | 1,998 | |||||||||
2.53%, 05/22/2019(b),(e) | 3,500 | 3,495 | |||||||||
2.53%, 05/29/2019(b),(e) | 3,500 | 3,493 |
See accompanying notes.
8
Schedule of Investments Money Market Fund April 30, 2019 (unaudited)
Principal | Principal | ||||||||||
COMMERCIAL PAPER (continued) | Amount (000’s) Value (000’s) | COMMERCIAL PAPER (continued) | Amount (000’s) Value (000’s) | ||||||||
Banks (continued) | Diversified Financial Services (continued) | ||||||||||
Societe Generale SA | Nationwide Building Society | ||||||||||
2.55%, 06/05/2019(b),(e) | $ | 3,000 | $ | 2,993 | 2.47%, 05/23/2019(b) | $ | 3,000 | $ | 2,995 | ||
Standard Chartered Bank/New York | 2.72%, 05/22/2019(b) | 3,500 | 3,494 | ||||||||
2.54%, 08/26/2019(b) | 3,000 | 2,975 | 2.77%, 05/10/2019(b) | 3,500 | 3,498 | ||||||
Toronto-Dominion Bank/The | Nieuw Amsterdam Receivables Corp | ||||||||||
2.51%, 05/21/2019(b),(e) | 4,000 | 3,994 | 2.51%, 05/09/2019(b) | 3,000 | 2,998 | ||||||
2.52%, 05/20/2019(b),(e) | 3,500 | 3,495 | 2.52%, 05/08/2019(b) | 3,800 | 3,798 | ||||||
2.52%, 05/29/2019(b),(e) | 3,500 | 3,493 | 2.53%, 07/05/2019(b) | 2,250 | 2,240 | ||||||
United Overseas Bank Ltd | 2.54%, 07/01/2019(b) | 3,000 | 2,987 | ||||||||
2.54%, 06/21/2019(b),(e) | 3,100 | 3,089 | Ontario Teachers' Finance Trust (credit support | ||||||||
2.54%, 06/26/2019(b),(e) | 3,000 | 2,988 | from Ontario Teachers’ Pension Plan Board) | ||||||||
$ | 101,570 | 2.50%, 05/06/2019(b),(d) | 3,000 | 2,999 | |||||||
Beverages - 0.56% | Regency Markets No. 1 LLC | ||||||||||
Brown-Forman Corp | 2.50%, 05/08/2019(b) | 4,000 | 3,998 | ||||||||
2.53%, 05/07/2019(b) | 2,800 | 2,799 | 2.50%, 05/15/2019(b) | 3,664 | 3,660 | ||||||
Chemicals - 2.20% | 2.50%, 05/16/2019(b) | 3,600 | 3,596 | ||||||||
BASF SE | $ | 121,985 | |||||||||
2.50%, 05/15/2019(b) | 4,460 | 4,456 | Electric - 2.28% | ||||||||
2.50%, 05/16/2019(b) | 3,600 | 3,596 | Engie SA | ||||||||
2.50%, 06/27/2019(b) | 3,000 | 2,988 | 2.51%, 06/04/2019(b) | 3,000 | 2,993 | ||||||
$ | 11,040 | 2.56%, 05/10/2019(b) | 3,500 | 3,498 | |||||||
Computers - 1.29% | 2.61%, 05/15/2019(b) | 3,500 | 3,496 | ||||||||
International Business Machines Corp | NSTAR Electric Co | ||||||||||
2.52%, 05/28/2019(b) | 3,500 | 3,494 | 2.45%, 05/02/2019 | 1,000 | 1,000 | ||||||
2.58%, 08/20/2019(b) | 3,000 | 2,976 | 2.46%, 05/03/2019 | 500 | 500 | ||||||
$ | 6,470 | $ | 11,487 | ||||||||
Diversified Financial Services- 24.25% | Gas - 2.32% | ||||||||||
Anglesea Funding LLC | ONE Gas Inc | ||||||||||
2.46%, 05/01/2019(b) | 3,500 | 3,500 | 2.47%, 05/13/2019(b) | 6,200 | 6,195 | ||||||
2.54%, 05/02/2019(b) | 870 | 870 | 2.47%, 05/15/2019(b) | 3,500 | 3,496 | ||||||
Citigroup Global MarketsInc | 2.47%, 05/16/2019(b) | 2,000 | 1,998 | ||||||||
2.53%, 07/25/2019(b) | 3,600 | 3,579 | $ | 11,689 | |||||||
CME Group Inc | Healthcare - Services - 1.59% | ||||||||||
2.44%, 05/09/2019(b) | 2,000 | 1,999 | UnitedHealth Group Inc | ||||||||
2.45%, 05/01/2019(b) | 9,050 | 9,050 | 2.56%, 05/08/2019(b) | 3,500 | 3,498 | ||||||
Collateralized Commercial Paper II Co LLC | 2.58%, 05/17/2019(b) | 1,020 | 1,019 | ||||||||
2.58%, 07/02/2019(b) | 3,500 | 3,484 | 2.58%, 05/21/2019(b) | 3,500 | 3,495 | ||||||
CRC Funding LLC | $ | 8,012 | |||||||||
2.47%, 05/10/2019(b) | 3,000 | 2,998 | Holding Companies - Diversified- 0.82% | ||||||||
2.50%, 06/13/2019(b) | 1,500 | 1,496 | Koch Industries Inc | ||||||||
DCAT LLC | 2.44%, 05/06/2019 | 4,100 | 4,099 | ||||||||
2.49%, 05/22/2019 | 1,050 | 1,049 | Insurance - 2.58% | ||||||||
2.50%, 05/23/2019 | 3,000 | 2,995 | Nationwide Life Insurance Co | ||||||||
2.52%, 06/17/2019 | 3,500 | 3,489 | 2.48%, 05/17/2019(b) | 3,500 | 3,496 | ||||||
2.55%, 05/31/2019 | 2,800 | 2,794 | Prudential Financial Inc | ||||||||
Gotham Funding Corp | 2.50%, 05/03/2019(b) | 4,000 | 4,000 | ||||||||
2.51%, 05/03/2019(b) | 3,700 | 3,700 | 2.50%, 05/07/2019(b) | 2,500 | 2,499 | ||||||
2.51%, 05/24/2019(b) | 3,300 | 3,295 | 2.50%, 05/14/2019(b) | 3,000 | 2,997 | ||||||
2.52%, 05/10/2019(b) | 2,500 | 2,498 | $ | 12,992 | |||||||
2.54%, 05/21/2019(b) | 3,000 | 2,996 | Machinery - Construction & Mining - 1.80% | ||||||||
Intercontinental Exchange Inc | Caterpillar Financial Services Corp (credit | ||||||||||
2.54%, 06/13/2019(b) | 3,000 | 2,991 | support from Caterpillar Inc) | ||||||||
2.54%, 07/02/2019(b) | 3,500 | 3,485 | 2.50%, 05/24/2019(d) | 3,000 | 2,995 | ||||||
2.56%, 05/13/2019(b) | 3,800 | 3,797 | 2.53%, 06/20/2019(d) | 3,100 | 3,089 | ||||||
JP Morgan Securities LLC | 2.55%, 06/03/2019(d) | 3,000 | 2,993 | ||||||||
2.55%, 05/17/2019 | 3,500 | 3,496 | $ | 9,077 | |||||||
2.80%, 05/01/2019 | 4,000 | 4,000 | Machinery - Diversified- 0.71% | ||||||||
Liberty Street Funding LLC | John Deere Capital Corp | ||||||||||
2.51%, 06/10/2019(b) | 3,500 | 3,490 | 2.49%, 07/03/2019(b) | 3,600 | 3,584 | ||||||
2.55%, 05/28/2019(b) | 3,500 | 3,493 | |||||||||
Longship Funding LLC | Miscellaneous Manufacturers - 0.62% | ||||||||||
2.51%, 05/02/2019(b) | 3,800 | 3,800 | Illinois Tool WorksInc | ||||||||
2.51%, 05/14/2019(b) | 790 | 789 | 2.52%, 06/06/2019(b) | 3,100 | 3,092 | ||||||
2.52%, 06/07/2019(b) | 3,100 | 3,092 | Oil & Gas - 2.38% | ||||||||
National Rural Utilities Cooperative Finance Corp | BP Capital Markets PLC (credit support from BP | ||||||||||
2.47%, 05/14/2019 | 3,500 | 3,497 | Amoco PLC) | ||||||||
2.64%, 07/05/2019(b),(d) | 2,000 | 1,990 |
See accompanying notes.
9
Schedule of Investments Money Market Fund April 30, 2019 (unaudited)
Principal | Portfolio Summary (unaudited) | ||||||||||
COMMERCIAL PAPER (continued) | Amount (000’s) Value (000’s) | Sector | Percent | ||||||||
Oil & Gas (continued) | Financial | 57.75 | % | ||||||||
Total Capital SA (credit support from Total SA) | Consumer, Non-cyclical | 7.01 | % | ||||||||
2.50%, 05/01/2019(b),(d) | $ | 10,000 | $ | 10,000 | Insured | 5.99 | % | ||||
$ | 11,990 | Utilities | 4.60 | % | |||||||
Oil & Gas Services - 0.60% | Industrial | 4.30 | % | ||||||||
Schlumberger Investment SA | Asset Backed Securities | 4.16 | % | ||||||||
2.47%, 05/02/2019(b) | 3,000 | 3,000 | Money Market Funds | 4.14 | % | ||||||
Pharmaceuticals - 0.69% | Energy | 2.98 | % | ||||||||
Sanofi | Communications | 2.48 | % | ||||||||
2.48%, 06/14/2019(b) | 3,500 | 3,489 | Consumer, Cyclical | 2.34 | % | ||||||
Basic Materials | 2.20 | % | |||||||||
REITs- 0.83% | Technology | 1.29 | % | ||||||||
Simon Property Group LP | Diversified | 0.82 | % | ||||||||
2.48%, 05/06/2019(b) | 4,170 | 4,169 | Other Assets and Liabilities | (0.06 | )% | ||||||
Telecommunications - 2.48% | TOTAL NET ASSETS | 100.00 | % | ||||||||
Telstra Corp Ltd | |||||||||||
2.55%, 05/09/2019(b) | 3,500 | 3,498 | |||||||||
2.59%, 05/02/2019(b) | 3,000 | 3,000 | |||||||||
2.63%, 06/11/2019(b) | 3,000 | 2,991 | |||||||||
2.67%, 07/16/2019(b) | 3,000 | 2,983 | |||||||||
$ | 12,472 | ||||||||||
TOTAL COMMERCIAL PAPER | $ | 381,687 | |||||||||
Maturity | |||||||||||
REPURCHASE AGREEMENTS - 6.36% | Amount (000's) Value (000's) | ||||||||||
Banks- 6.36% | |||||||||||
Barclays Capital Repurchase Agreement; 2.75% | $ | 16,001 | $ | 16,000 | |||||||
dated 04/30/2019 maturing 05/01/2019 | |||||||||||
(collateralized by US Government Security; | |||||||||||
$16,320,064; 3.00%; dated 02/15/2047) | |||||||||||
Merrill Lynch Repurchase Agreement; 2.75% | 16,001 | 16,000 | |||||||||
dated 04/30/2019 maturing 05/01/2019 | |||||||||||
(collateralized by US Government | |||||||||||
Securities; $16,320,017; 1.12%-1.62%; dated | |||||||||||
12/31/2019-11/15/2022) | |||||||||||
$ | 32,000 | ||||||||||
TOTAL REPURCHASE AGREEMENTS | $ | 32,000 | |||||||||
Total Investments | $ | 503,390 | |||||||||
Other Assets and Liabilities - (0.06)% | (279 | ) | |||||||||
TOTAL NET ASSETS - 100.00% | $ | 503,111 |
(a) | Current yield shown is 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 ofthese securities totaled $333,728 or 66.33% of net assets. |
(c) | Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description. Rate shown is the rate in effect as of period end. |
(d) | Credit support indicates investments that benefit from credit enhancement orliquidity support provided by a third party bank, institution, or government agency. |
(e) | Security issued by foreign bank and denominated in USD. |
See accompanying notes.
10
(This page intentionally left blank)
Financial Highlights | |||||||||||||||||||||||||
Principal Funds, Inc. | |||||||||||||||||||||||||
(unaudited) | |||||||||||||||||||||||||
Selected data for a share of Capital Stock outstanding throughout each year ended October 31: | |||||||||||||||||||||||||
Total From | |||||||||||||||||||||||||
Net Asset Value, | Net Investment | Investment | Dividends from Net | Total Dividends and | Net Asset Value, | ||||||||||||||||||||
Beginning of Period | Income (Loss)(a) | Operations | Investment Income | Distributions | End of Period | ||||||||||||||||||||
MONEY MARKET FUND | |||||||||||||||||||||||||
Class J shares | |||||||||||||||||||||||||
2019 | (c) | $ | 1.00 | $ | 0.01 | $ | 0.01 | ($ | 0.01 | ) | ($ | 0.01 | ) | $ | 1.00 | ||||||||||
2018 | 1.00 | 0.01 | 0.01 | (0.01 | ) | (0.01 | ) | 1.00 | |||||||||||||||||
2017 | 1.00 | – | – | – | – | 1.00 | |||||||||||||||||||
2016 | 1.00 | – | – | – | – | 1.00 | |||||||||||||||||||
2015 | 1.00 | – | – | – | – | 1.00 | |||||||||||||||||||
2014 | 1.00 | – | – | – | – | 1.00 |
See accompanying notes.
12
Financial Highlights (Continued) | ||||||||||||||
Principal Funds, Inc. | ||||||||||||||
(unaudited) | ||||||||||||||
Ratio of Expenses to Average | Ratio of Gross Expenses to | Ratio of Net Investment Income | ||||||||||||
Total Return | Net Assets, End of Period (in thousands) | Net Assets | Average Net Assets(b) | to Average Net Assets | ||||||||||
0.98%(d),(e) | $ | 262,706 | 0.59 | %(f) | 0.74 | %(f) | 1.95 | %(f) | ||||||
1.29 | (e) | 257,738 | 0.59 | 0.74 | 1.28 | |||||||||
0.48 | (e) | 243,195 | 0.58 | 0.73 | 0.43 | |||||||||
0.00 | (e) | 268,364 | 0.50 | 0.76 | 0.00 | |||||||||
0.00 | (e) | 254,240 | 0.20 | 0.83 | 0.00 | |||||||||
0.00 | (e) | 249,914 | 0.17 | 0.82 | 0.00 |
(a) | Calculated based on average shares outstanding during the period. |
(b) | Excludes expense reimbursement from Manager and/or Distributor. |
(c) | Six months ended April 30, 2019. |
(d) | Total return amounts have not been annualized. |
(e) | Total return is calculated without the contingent deferred sales charge. |
(f) | Computed on an annualized basis. |
See accompanying notes.
13
Shareholder Expense Example
Principal Funds, Inc.
April 30, 2019 (unaudited)
As a shareholder of Principal Funds, Inc., you incur two types of costs: (1) transaction costs (for Class J shares), 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 (November 1, 2018 to April 30, 2019), 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 informationin 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 inthe first section under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account duringthis period. An annual fee of $15.00 or $30.00 may apply to IRA and 403(b) accounts, respectively. 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 oneach 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, suchas 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 | ||||||||||||||||||
Expenses Paid | Expenses Paid | ||||||||||||||||||
Beginning | During Period | Beginning | During Period | ||||||||||||||||
Account | Ending Account | November 1, | Account Value | Ending Account | November 1, | Annualized | |||||||||||||
Value November | Value April 30, | 2018 to April 30, | November 1, | Value April 30, | 2018 to April 30, | Expense | |||||||||||||
1, 2018 | 2019 | 2019 | (a) | 2018 | 2019 | 2019 | (a) | Ratio | |||||||||||
Money Market Fund | |||||||||||||||||||
Class J | $ | 1,000.00 | $ | 1,009.76 | $ | 2.94 | $1,000.00 | $ | 1,021.87 | $ | 2.96 | 0.59 | % |
(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 yearperiod). |
14
FUND DIRECTORS AND OFFICERS
Under Maryland law, a Board of Directors oversees the Fund. The Directors have financial or other relevant experience and meet severaltimes during the year to review contracts, Fund activities and the quality of services provided to the Fund. Each director also has the same position with Principal Variable Contracts Funds, Inc. and Principal Exchange-Traded Funds which are also sponsored by Principal LifeInsurance Company. Each director holds office for an indefinite term or until reaching age 72. Directors considered to be “interested persons” as defined in the Investment CompanyAct of 1940, as shown below are considered to be interested because of an affiliation with the Managerand Principal Life Insurance Company.
The following directors are considered not to be “interested persons” as defined in the 1940 Act
Other | ||||
Name, | Number of Portfolios | Directorships | ||
Position Held with the Fund, | Principal Occupation(s) | in Fund Complex | Held by Director | |
Year of Birth | During past 5 years | Overseen by Director | During Past 5 Years | |
Elizabeth Ballantine | Principal, EBA Associates | 131 | Durango Herald, Inc.; | |
Director since 2004 | McClatchy Newspapers, Inc. | |||
Member, Nominating and Governance | ||||
Committee | ||||
1948 | ||||
Leroy T. Barnes, Jr. | Retired. | 131 | McClatchy Newspapers, Inc.; | |
Director since 2012 | Frontier Communications, | |||
Member, Audit Committee | Inc.; formerly, Herbalife Ltd. | |||
1951 | ||||
Craig Damos | President, C.P. Damos Consulting LLC | 131 | None | |
Director since 2008 | ||||
Member, Audit Committee Member, | ||||
15(c) Committee | ||||
1954 | ||||
Mark A. Grimmett | Formerly, Executive Vice President and CFO, Merle | 131 | None | |
Lead Independent Director since 2011 | Norman Cosmetics, Inc. | |||
Director since 2004 | ||||
Member, Nominating and Governance | ||||
Committee | ||||
Member, 15(c) Committee | ||||
Member, Executive Committee | ||||
1960 | ||||
Fritz S. Hirsch | Formerly, CEO, MAM USA | 131 | MAM USA | |
Director since 2005 | ||||
Member, Operations Committee | ||||
Member, 15(c) Committee | ||||
1951 | ||||
Tao Huang | Retired. | 131 | Armstrong World Industries, | |
Director since 2012 | Inc. and Equity Lifestyle | |||
Member, Operations Committee | Properties, Inc. | |||
Member, 15(c) Committee | ||||
1962 | ||||
Karen (“Karrie”) McMillan | Managing Director, Patomak Global Partners, LLC. | 131 | None | |
Director since 2014 | Formerly, General Counsel, Investment Company | |||
Member, Operations Committee | Institute | |||
1961 | ||||
Elizabeth A. Nickels | Formerly, Executive Director, Herman Miller | 131 | SpartanNash; formerly: | |
Director since 2015 | Foundation; Formerly President, Herman Miller | Charlotte Russe; Follet | ||
Member, Audit Committee | Healthcare | Corporation; PetSmart; | ||
1962 | Spectrum Health Systems | |||
Mary M. (“Meg”) VanDeWeghe | CEO and President, Forte Consulting, Inc. | 131 | Denbury Resources Inc. | |
Director since 2018 | and Helmerich & Payne; | |||
Member, Operations Committee | Formerly: Brown Advisory; | |||
1959 | B/E Aerospace; WP Carey; | |||
Nalco (and its successor | ||||
Ecolab) |
15
The following directors are considered to be “interested persons” as defined in the 1940 Act, because of an affiliation with the Manager and Principal Life.
Other | |||
Name, | Number of Portfolios | Directorships | |
Position Held with the Fund, | Principal Occupation(s) | in Fund Complex | Held by Director |
Year of Birth | During past 5 years | Overseen by Director | During Past 5 Years |
Michael J. Beer | Chief Executive Officer, Principal Funds | 131 | None |
Director since 2012 | Distributor, Inc. (“PFD”) since 2015 | ||
President, Chief Executive Officer | Executive Director – Funds, Principal Global | ||
Member, Executive Committee | Investors, LLC (“PGI”) since 2017 | ||
1961 | Director, PGI since 2017 | ||
Director, PFD since 2015 | |||
Vice President/Mutual Funds and Broker Dealer, | |||
Principal Life Insurance Company (“PLIC”) (2001- | |||
2014) | |||
Vice President/Chief Operating Officer, | |||
Principal Funds, PLIC (2014-2015) | |||
Executive Director, Principal Funds & | |||
Trust, PLIC since 2015 | |||
Director, Principal Management | |||
Corporation, (“PMC”) (2006-2015) | |||
President & Chief Executive Officer, PMC (2015- | |||
2017) | |||
Executive Vice President/Chief Operating Officer, | |||
PMC (2008-2015) | |||
Chair, PMC (2015-2017) | |||
Director, Principal Securities, Inc. (“PSI”) (2005- | |||
2015) | |||
President, PSI (2005-2015) | |||
Director, Principal Shareholder Services (“PSS”) | |||
(2007-2015) | |||
Chairman, PSS since 2015 | |||
President, PSS (2007-2015) | |||
Executive Vice President, PSS since 2015 | |||
Timothy M. Dunbar | Director, PGI since 2018 | 131 | None |
Director since 2019 | President, Principal Global Asset Management, PGI, | ||
1957 | PLIC, Principal Financial Services, Inc. (“PFSI”), | ||
and Principal Financial Group (“PFG”) since 2018 | |||
Chair/Executive Vice President, RobustWealth, Inc. | |||
since 2018 | |||
Director, Post Advisory Group, LLC (“Post”) since | |||
2018 | |||
Executive Vice President/Chief Investment Officer, | |||
PLIC, PFSI and PFG (2014-2018) | |||
Patrick Halter | Chief Executive Officer and President, PGI since | 131 | None |
Director since 2017 | 2018 | ||
Member, Executive Committee | Chief Operating Officer, PGI (2017-2018) | ||
1959 | Chair, PGI since 2018 | ||
Director, PGI (2003-2018) | |||
Director, Finisterre Capital LLP since 2018 | |||
Director, Origin Asset Management LLP since 2018 | |||
Chair, Post since 2017 | |||
Chief Executive Officer, Principal Real Estate | |||
Investors, LLC (“PREI”) since 2005 | |||
Chair, PREI since 2004 | |||
Chair, Spectrum Asset Management, Inc. since 2017 |
Correspondence intended for each Director who is other than an Interested Director may be sent to 655 9th Street, Des Moines, IA 50392.
16
The following table presents officers of the Funds.
Name, | ||
Position Held with the Fund, | Principal Occupation(s) | |
Address, and Year of Birth | During past 5 years | |
Randy L. Bergstrom | Counsel, PGI | |
Assistant Tax Counsel | Counsel, PLIC | |
Des Moines, IA 50392 | ||
1955 | ||
Jennifer A. Block | Vice President and Counsel (2017-2018) | |
Deputy Chief Compliance Officer | Assistant Counsel (2010-2017) | |
Des Moines, IA 50392 | Assistant Secretary (2015-2018) | |
1973 | Counsel, PGI (2017-2018) | |
Counsel, PLIC (2009-2018) | ||
Counsel, PMC (2009-2013, 2014-2017) | ||
Tracy Bollin | Managing Director, PGI since 2016 | |
Chief Financial Officer | Chief Operating Officer, PMC (2015-2017) | |
Des Moines, IA 50392 | Chief Financial Officer, PFA (2010-2015) | |
1970 | Senior Vice President, PFD since 2015 | |
Chief Financial Officer, PFD (2010-2016) | ||
Senior Vice President, PMC (2015–2017) | ||
Chief Financial Officer, PMC (2010-2015) | ||
Director, PMC (2014–2017) | ||
Chief Financial Officer, PSI (2010-2015) | ||
Director, PSS since 2014 | ||
President, PSS since 2015 | ||
Chief Financial Officer, PSS (2010-2015) | ||
Gina L. Graham | Vice President/Treasurer, PFA since 2016 | |
Treasurer | Vice President/Treasurer, PFD since 2016 | |
Des Moines, IA 50392 | Vice President/Treasurer, PGI since 2016 | |
1965 | Vice President/Treasurer, PLIC since 2016 | |
Vice President/Treasurer, PMC (2016-2017) | ||
Vice President/Treasurer, PREI since 2016 | ||
Vice President/Treasurer, PSI since 2016 | ||
Vice President/Treasurer, PSS since 2016 | ||
Laura B. Latham | Counsel, PGI since 2018 | |
Assistant Counsel and Assistant Secretary | Prior thereto, Attorney in Private Practice | |
Des Moines, IA 50392 | ||
1986 | ||
Diane K. Nelson | Chief Compliance Officer/AML Officer, PSS since | |
AML Officer | 2015 | |
Des Moines, IA 50392 | Compliance Advisor, PMC (2013-2015) | |
1965 | ||
Sara L. Reece | Director - Accounting, PLIC since 2015 | |
Vice President and Controller | Assistant Financial Controller, PLIC prior to 2015 | |
Des Moines, IA 50392 | ||
1975 | ||
Teri R. Root | Interim Chief Compliance Officer (2018) | |
Chief Compliance Officer | Deputy Chief Compliance Officer (2015-2018) | |
Des Moines, IA 50392 | Deputy Chief Compliance Officer, PGI (2017-2018) | |
1979 | Vice President and Chief Compliance Officer, PMC | |
(2015–2017 | ) | |
Vice President, PSS since 2015 | ||
Britney L. Schnathorst | Counsel, PLIC since 2013 | |
Assistant Counsel and Assistant | Prior thereto, Attorney in Private Practice | |
Secretary | ||
Des Moines, IA 50392 | ||
1981 | ||
Adam U. Shaikh | Assistant General Counsel, PGI since 2018 | |
Assistant Counsel | Counsel, PGI (2017-2018) | |
Des Moines, IA 50392 | Counsel, PLIC since 2006 | |
1972 | Counsel, PMC (2007-2013, 2014-2017) | |
John Sullivan | Counsel, PGI since 2019 | |
Assistant Counsel and Assistant Secretary | Prior thereto, Attorney in Private Practice | |
Des Moines, IA 50392 | ||
1970 |
17
Name, | |
Position Held with the Fund, | Principal Occupation(s) |
Address, and Year of Birth | During past 5 years |
Dan Westholm | Assistant Vice President/Treasurer, PGI since 2017 |
Assistant Treasurer | Assistant Vice President/Treasury, PFA since 2013 |
Des Moines, IA 50392 | Assistant Vice President/Treasury, PFD since 2013 |
1966 | Assistant Vice President/Treasury, PLIC since 2014 |
Director – Treasury, PLIC (2007-2014) | |
Assistant Vice President/Treasury, PMC (2013- | |
2017) | |
Assistant Vice President/Treasury, PSI since 2013 | |
Assistant Vice President/Treasury, PSS since 2013 | |
Beth Wilson | Director and Secretary – Funds, PLIC |
Vice President and Secretary | |
Des Moines, IA 50392 | |
1956 | |
Clint Woods | Of Counsel (2017-2018) |
Counsel, Vice President, and | Vice President (2016-2017) |
Assistant Secretary | Counsel (2015-2017) |
Des Moines, IA 50392 | Vice President, PLIC since 2015 |
1961 | Associate General Counsel, Governance Officer, and |
Assistant Corporate Secretary, PLIC since 2013 | |
Jared Yepsen | Counsel, PGI since 2017 |
Assistant Tax Counsel | Counsel, PLIC since 2015 |
Des Moines, IA 50392 | Senior Attorney, Transamerica Life Insurance |
1981 | Company (2013-2015) |
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 materials.
The Audit Committee’s primary purpose is to assist the Board in fulfilling certain of its responsibilities. The Audit Committee serves 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 publicaccountants. 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 business of the Fund Complex except the powerto 1) authorize dividends or distributions on stock; 2) issue stock, except as permitted by law; 3) recommend to the stockholders any action which requires stockholder approval; 4) amend the bylaws; or 5) approve any merger or share exchange which does not require stockholderapproval.
The Nominating and Governance Committee’s primary purpose is to oversee the structure and efficiency of the Board and the committeesestablished by the Board. The Committee responsibilities include evaluating Board membership and functions, committee membership and functions, insurance coverage, and legal matters. The nominating functions of the Committee include selecting and nominating all candidateswho are not “interested persons” of the Fund Complex for election to the Board. Generally, the Committee requests director nomineesuggestions from the committee members and management. In addition, the Committee will consider Director candidates recommended by shareholders of the Fund Complex. Recommendations should be submitted in writing to Principal Funds, Inc. at 711 High Street, Des Moines, IA 50392. When evaluating a person as a potential nominee to serve as an Independent Director, the Committee will generallyconsider, among other factors: age; education; relevant business experience; geographical factors; whether the person is “independent” and otherwise qualified under applicable laws and regulations to serve as a director; and whether the person is willing to serve, and willing andable to commit the time necessary for attendance at meetings and the performance of the duties of an independent director. The Committeealso meets personally with the 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 Committee believes the Board generally benefits from diversity of background, experience and views among its members, and considers these factors in evaluating the composition of the Board. The Board does not use regularly the services of any professional search firms to identify or evaluate or assist in identifying or evaluating potentialcandidates or nominees.
18
The Operations Committee’s primary purpose is to oversee the provision of administrative and distribution services to the Funds 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 Prospectus dated March 1, 2019, and the Statement of Additional Information dated March 1, 2019. 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.
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 as of January 31 and July 31 each year as apart of Form N-PORT. The Fund’s Form N-PORT can be reviewed and copied at the Commission’s Public Reference Room in Washington, D.C. or on the Commission’s website at www.sec.gov. Information on the operation of the Public Reference Room may be obtained by calling the Commission at 1-202-551-8090.
19
BOARD CONSIDERATION OF INVESTMENT ADVISORY CONTRACTS
During the period covered by this report, the Board of Directors of Principal Funds, Inc. (“PFI”) approved (1) a Subadvisory Agreement with Finisterre Capital, LLP related to the Global Diversified Income Fund; (2) Amended Subadvisory Agreements with Principal Real Estate Investors, LLC and Spectrum Asset Management, Inc. related to the Global Diversified Income Fund; (3) an Amended ManagementAgreement with Principal Global Investors, LLC and Amended Subadvisory Agreements with Los Angeles Capital Management and Equity Research, Inc. and Victory Capital Management Inc. related to the MidCap Value Fund I; (4) an Amended Subadvisory Agreement with Principal Real Estate Investors, LLC related to the Real Estate Securities Fund and the Global Real Estate Securities Fund; (5) a Subadvisory Agreement with Post Advisory Group, LLC related to the High Yield Fund I; (6) an Amended Subadvisory Agreement with Post AdvisoryGroup, Inc. related to the Global Diversified Income Fund; and (7) an Amended Management Agreement with Principal Global Investors, LLC and Subadvisory Agreement with Finisterre Capital, LLC related to the Finisterre Unconstrained Emerging Markets Bond Fund.
Finisterre Capital, LLP Subadvisory Agreement
On December 11, 2018, the Board considered for the Global Diversified Income Fund (the “Fund”) the approval of a subadvisory agreement (the “SubadvisoryAgreement”) among Principal Global Investors, LLC (the “Manager”) and Finisterre Capital, LLP (the “Subadvisor”) with respect to the emerging markets debt investment sleeve of the Fund.
Nature, Quality and Extent of Services
The Board considered the nature, quality and extent of the services expected to be provided under the Subadvisory Agreement. The Boardconsidered the reputation, qualifications and background of the Subadvisor, the investment approach of the Subadvisor, the experience and skills of the Subadvisor’s investment personnel who would be responsible for the day-to-day management of the Fund and the resourcesmade available to such personnel. The Board noted that the Subadvisory currently provides subadvisory serves for other PFI funds, and that the Board has reviewed and approved for renewal those subadvisory agreements at its September 2018 Board meeting. In addition, the Board considered the Manager’s program for recommending, monitoring and replacing subadvisors and that the Manager recommended the Subadvisor based upon that program.
The Board reviewed the historical one-year and since inception (October 1, 2016) performance returns as of September 30, 2018, gross and net of proposed fees, of the Subadvisor in a composite managed in accordance with the proposed investment strategy for the emergingmarkets debt investment sleeve of the Fund, as compared to the historical performance returns (gross of fees) of a current subadvisor to the Fund’s emerging markets debt investment sleeve and a relevant benchmark index. The Board concluded, based upon the information provided, that the Subadvisor is qualified.
Fees, Economies of Scale and Profitability
The Board considered the proposed subadvisory fee, noting that the Manager compensates subadvisors 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 subadvisory services to be provided to the Fund under the Subadvisory Agreement. The Board noted that the proposed subadvisory fee schedule includesbreakpoints and concluded that the subadvisory fee schedule reflects an appropriate recognition of economies of scale at currently anticipatedasset levels. The Board considered the Manager’s statement that it found the proposed subadvisory fee schedule to be competitive. The Board also considered that the Subadvisor’s appointment is contingent upon the Fund’s shareholders approving the Subadvisory Agreement, which will involve the costs of holding a shareholder meeting. In this connection, they noted the Manager’s proposed addition of a seven-basis point contractual fee waiver through February 29, 2020. On the basis of the information provided, the Board concluded that the proposed subadvisory fee was reasonable.
Other Benefits
The Board also considered the character and amount of other fall-out benefits to be received by the Subadvisor. The Board noted thatthe Subadvisor does not engage in soft dollar trading. The Board concluded that, on the basis of the information provided, the proposed subadvisory fee was reasonable.
Overall Conclusions
Based upon all of the information considered and the conclusions reached, the Board determined that the terms of the Subadvisory Agreement are fair and reasonable and that approval of the Subadvisory Agreement is in the best interests of the Fund.
Approval of Amended Subadvisory Agreements for Global Diversified Income Fund
On December 11, 2018, the Board considered for the Global Diversified Income Fund (the “Fund”) the approval of (1) an amended fee schedule under the subadvisory agreement between Principal Global Investors, LLC (the “Manager”) and Principal Real Estate Investors, LLC (“Principal-REI” or a “Subadvisor”) with respect to the global real estate investment sleeve of the Fund (the “Principal-REI Subadvisory Agreement”), which would result in a reduction of Principal-REI’s subadvisory fee rate at all asset levels; and (2) an amended fee schedule under the subadvisory agreement between the Manager and Spectrum Asset Management, Inc. (“Spectrum” or a “Subadvisor”) with respect to the preferred securities investment sleeve of the Fund (the “Spectrum Subadvisory Agreement”), which would result in a reduction of Spectrum’s subadvisory fee rate at current asset levels and an increase in Spectrum’s subadvisory fee rate at significantly higher asset levels. (The Principal-REI Subadvisory Agreement and the Spectrum Subadvisory Agreement are referred to as the “Subadvisory Agreements.”)
20
The Board reviewed materials received from the Manager regarding the proposed changes in the subadvisory fee schedules. The Board considered the Manager’s representation that the changes in the subadvisory fee schedules would not impact the quality or extent of the services the Subadvisors provide to the Fund and that each Subadvisor’s obligations under the applicable Subadvisory Agreement would remain the same in all material respects. The Board also considered that the Manager was not proposing any material changes to the terms of any Subadvisory Agreement other than to the fee schedule.
The Board considered that they had last approved the Subadvisory Agreements for the Fund during the annual contract renewal process that concluded at the Board of Directors’ September 2018 meeting. They noted that during the annual contract renewal process, they had considered the nature, quality and extent of the services provided by each Subadvisor under the applicable Subadvisory Agreement and had concluded, based upon the information provided, that the terms of each Subadvisory Agreement were reasonable and that approval of each Subadvisory Agreement was in the best interests of the Fund.
Based upon all of the information considered, the Board concluded that it was in the best interests of the Fund to approve the amended Subadvisory Agreements at this time and, accordingly, recommended to the Board of Directors the approval of the amended Subadvisory Agreements.
Approval of Amended Management and Subadvisory Agreements for MidCap Value Fund I
On December 11, 2018, the Board considered for the MidCap Value Fund I (the “Fund”) the approval of: (1) an amended fee schedule under the management agreement (the “ManagementAgreement”) between PFI, for the Fund, and Principal Global Investors, LLC (the “Manager”),which would result in a reduction of the management fee rate at all asset levels; (2) an amended fee schedule under the subadvisory agreementbetween the Manager and Los Angeles Capital Management and Equity Research, Inc. (“LA Capital” or a “Subadvisor”) with respect to the Fund (a “Subadvisory Agreement”) which would add new breakpoints to LA Capital’s subadvisory fee schedule; and (3) an amended fee schedule under the subadvisory agreement between the Manager and Victory Capital Management Inc. (“Victory” or a “Subadvisor”) with respect to the Fund (a “Subadvisory Agreement”), which would add new breakpoints to Victory’s subadvisory fee schedule. (The Management Agreement and the Subadvisory Agreements are together referred to as the “Advisory Agreements.”)
The Board reviewed materials received from the Manager regarding the proposed changes in the management fee and subadvisory fee schedules. The Board considered the Manager’s representation that the changes in the management fee and subadvisory fee schedules would not reduce the nature, the quality or quantity of the services the Manager and the Subadvisors provide to the Fund and that the obligations of the Manager and each Subadvisor under the applicable Advisory Agreement would remain the same in all material respects. The Board also considered that the Manager was not proposing any material changes to the terms of any Advisory Agreement other than to the fee schedule.
The Board considered that they had last approved the Advisory Agreements for the Fund during the annual contract renewal process that concluded at the Board of Directors’ September 2018 meeting. They noted that during the annual contract renewal process, they had considered the nature, quality and extent of the services provided by the Manager and each Subadvisor under the applicable Advisory Agreement and had concluded, based upon the information provided, that the terms of each Advisory Agreement were reasonable and that approval of each Advisory Agreement was in the best interests of the Fund.
Based upon all of the information considered, the Board concluded that it was in the best interests of the Fund to approve the amended Advisory Agreements reduced management and subadvisory fees at this time and, accordingly, recommended to the Board of Directors the approval of the amended Advisory Agreements.
Approval of Amended Subadvisory Agreements for Real Estate Securities Fund and Global Real Estate Securities Fund
On December 11, 2018, the Board considered for each of the Real Estate Securities Fund and the Global Real Estate Securities Fund (each,a “Fund”) the approval of an amended fee schedule under a subadvisory agreement (each, a “Subadvisory Agreement”) between Principal Global Investors, LLC (the “Manager”) and Principal Real Estate Investors, LLC (the “Subadvisor”), which would result in a reduction ofthe subadvisory fee rate at all asset levels.
The Board reviewed materials received from the Manager regarding the proposed changes in the subadvisory fee schedules. The Board considered the Manager’s representation that the changes in the subadvisory fee schedules would not reduce the quality or quantity of the services provided by the Subadvisor to each Fund and that the Subadvisor’s obligations under each Subadvisory Agreement would remain the same in all material respects. The Board also considered that the Manager was not proposing any material changes to the terms of any Subadvisory Agreement other than to the fee schedule.
The Board considered that they had last approved the Subadvisory Agreement for each Fund during the annual contract renewal process that concluded at the Board of Directors’ September 2018 meeting. They noted that during the annual contract renewal process, they had considered the nature, quality and extent of the services provided by the Subadvisor under each Subadvisory Agreement and had concluded, based upon the information provided, that the terms of each Subadvisory Agreement were reasonable and that approval of each Subadvisory Agreement was in the best interests of the applicable Fund.
21
Based upon all of the information considered, the Board concluded that it was in the best interests of each Fund to approve the applicable amended Subadvisory Agreement at this time and, accordingly, recommended to the Board of Directors the approval of each amended Subadvisory Agreement.
Post Advisory Group, LLC Subadvisory Agreement
On March 12, 2019, the Board met to consider for High Yield Fund I (the “Fund”) the approval of a subadvisory agreement (the “Subadvisory Agreement”) among Principal Global Investors, LLC (the “Manager”) and Post Advisory Group, LLC (the “Subadvisor”) with respect to anactively managed investment sleeve of the Fund.
Nature, Quality and Extent of Services
The Board considered the nature, quality and extent of the services expected to be provided under the Subadvisory Agreement. The Boardconsidered the reputation, qualifications and background of the Subadvisor, the investment approach of the Subadvisor, the experience and skills of the Subadvisor’s investment personnel who would be responsible for the day-to-day management of the Fund and the resourcesmade available to such personnel. The Board noted that the Subadvisory currently provides subadvisory serves for other PFI funds, and that the Board has reviewed and approved for renewal those subadvisory agreements at its September 2018 Board meeting. In addition, the Board considered the Manager’s program for recommending, monitoring and replacing subadvisors and that the Manager recommended the Subadvisor based upon that program.
The Board reviewed the historical one, three, five and ten year performance returns as of December 31, 2018, gross and net of proposedfees, of the Subadvisor in a composite managed in accordance with the proposed investment strategy for the actively managed investment sleeve of the Fund that the Subadvisor is proposed to manage, as compared to the historical performance returns of the current subadvisorto that investment sleeve and a relevant benchmark index. The Board concluded, based upon the information provided, that the Subadvisor is qualified.
Fees, Economies of Scale and Profitability
The Board considered the proposed subadvisory fee, noting that the Manager compensates subadvisors 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 subadvisory services to be provided to the Fund under the Subadvisory Agreement. The Board noted that the proposed subadvisory fee schedule includesbreakpoints and concluded that the subadvisory fee schedule reflects an appropriate recognition of economies of scale at currently anticipatedasset levels. The Board considered the Manager’s statement that it found the proposed subadvisory fee schedule to be competitive. The Board also considered that the Subadvisor’s appointment is contingent upon the Fund’s shareholders approving the Subadvisory Agreement, which will involve the costs of holding a shareholder meeting. On the basis of the information provided, the Board concluded that the proposed subadvisory fee was reasonable.
Other Benefits
The Board also considered the character and amount of other fall-out benefits to be received by the Subadvisor. The Board noted that theportfolio trades for the investment sleeve to be managed by the Subadvisor would not generate commissions, and therefore soft dollars would not be applicable. The Board concluded that, on the basis of the information provided, the proposed subadvisory fee was reasonable.
Overall Conclusions
Based upon all of the information considered and the conclusions reached, the Board determined that the terms of the Subadvisory Agreement are fair and reasonable and that approval of the Subadvisory Agreement is in the best interests of the Fund.
Post Advisory Group, LLC Amended Subadvisory Agreement
On March 12, 2019, the Board considered for the Global Diversified Income Fund (the “Fund”) the approval of an amended subadvisory agreement (the “Subadvisory Agreement”) between Principal Global Investors, LLC (the “Manager”) and Post Advisory Group, LLC (the “Subadvisor”) in connection with a proposal to change the methodology for calculating the subadvisory fee and to add a breakpoint to thesubadvisory fee schedule.
The Board reviewed materials received from the Manager regarding the proposed amendment to the Fund’s Subadvisory Agreement and noted that because the subadvisory fee was paid by the Manager, the change in the calculation methodology for the subadvisory fee and theaddition of a breakpoint to the subadvisory fee schedule would not change the management fee paid by the Fund. The Board consideredthe Manager’s representation that the amendment would not reduce the quality or quantity of the services the Subadvisor provides to the Fund and that the Subadvisor’s obligations under the Subadvisory 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 Subadvisory Agreement other than to themethodology for calculating the subadvisory fee and the addition of a breakpoint to the subadvisory fee schedule.
The Board considered that they had last approved the Subadvisory Agreement for the Fund during the annual contract renewal process that concluded at the Board of Directors’ September 2018 meeting. They noted that during the annual contract renewal process, they had considered the nature, quality and extent of the services provided by the Subadvisor under the Subadvisory Agreement and had concluded,
22
based upon the information provided, that the terms of the Subadvisory Agreement were reasonable and that approval of the Subadvisory Agreement was in the best interests of the Fund.
Based upon all of the information considered, the Board concluded that it was in the best interests of the Fund to approve the amended Subadvisory Agreement at this time and, accordingly, recommended to the Board of Directors the approval of the amended Subadvisory Agreement.
Approval of Amended Management and Subadvisory Agreements for Finisterre Unconstrained Emerging Markets Bond Fund
On March 12, 2019, the Board considered for the Finisterre Unconstrained Emerging Markets Bond Fund (the “Fund”) the approval of: (1) an amended management agreement (the “Management Agreement”) between PFI, for the Fund, and Principal Global Investors, LLC (the “Manager”), in connection with a proposal to amend the management fee schedule that would result in a reduction in the management fee rate at all asset levels; and (2) an amended subadvisory agreement between the Manager and Finisterre Capital, LLC (the “Subadvisor”) with respect to the Fund (a “Subadvisory Agreement”) in connection with a proposal to amend the subadvisory fee schedule that would add new breakpoints and result in a lower subadvisory fee rate at certain asset levels. The Management Agreement and the Subadvisory Agreements are together referred to as the “Advisory Agreements.”
The Board reviewed materials received from the Manager regarding the proposed changes in the management fee and subadvisory fee schedules. The Board considered the Manager’s representation that the changes in the management fee and subadvisory fee schedules would not reduce the quality or quantity of the services the Manager and the Subadvisor provide to the Fund and that the obligations of the Manager and the Subadvisor under the applicable Advisory Agreement would remain the same in all material respects. The Board also considered that the Manager was not proposing any material changes to the terms of any Advisory Agreement other than to the fee schedule.
The Board considered that they had last approved the Advisory Agreements for the Fund during the annual contract renewal process that concluded at the Board of Directors’ September 2018 meeting. They noted that during the annual contract renewal process, they had considered the nature, quality and extent of the services provided by the Manager and the Subadvisor under the applicable Advisory Agreement and had concluded, based upon the information provided, that the terms of each Advisory Agreement were reasonable and that approval of each Advisory Agreement was in the best interests of the Fund.
Based upon all of the information considered, the Board concluded that it was in the best interests of the Fund to approve the amended Advisory Agreements at this time and, accordingly, recommended to the Board of Directors the approval of the amended Advisory Agreements.
23
Special Meeting of Shareholders
Principal Funds, Inc. – MidCap Value Fund III
Held April 5, 2019
1. Shareholders of the MidCap Value Fund III voted to approve a Plan of Acquisition providing for the reorganization of the MidCap Value Fund III into MidCap Value Fund I.
In Favor | Opposed | Abstain |
47,374,591.000 | 21,272.000 | 30,992.000 |
Special Meeting of Shareholders | ||
Principal Funds, Inc. | ||
Held April 25, 2019 | ||
1. Election of Board of Directors. | ||
For | Withheld | |
Ballantine | 12,736,375,875.836 | 392,415,903.137 |
Barnes | 12,721,375,051.848 | 407,416,727.125 |
Damos | 12,700,790,898.144 | 428,000,880.829 |
Grimmett | 12,716,449,359.614 | 412,342,419.359 |
Hirsch | 12,711,116,734.002 | 417,675,044.971 |
Huang | 12,731,541,889.427 | 397,249,889.546 |
McMillan | 12,751,851,243.595 | 376,940,535.378 |
Nickels | 12,760,972,969.127 | 367,818,809.846 |
VanDeWeghe | 12,745,791,367.482 | 383,000,411.491 |
Beer | 12,706,497,212.449 | 422,294,566.524 |
Dunbar | 12,712,526,433.112 | 416,265,345.861 |
Halter | 12,710,379,929.381 | 418,411,849.592 |
3. Approval of a new Sub-Advisory Agreement with Finisterre Capital LLP for the Global Diversified Income Fund.
For | Against | Abstain | Broker Non-Vote | |
Global Diversified Income Fund | 206,346,060.589 | 2,753,236.504 | 5,473,360.558 | 92,304,522.44 |
4. Approval of the ability of Principal Global Investors, LLC to enter into and/or materially amend agreements with wholly-owned affiliated sub-advisors, as defined in the proposal, on behalf of the Fund without o btaining shareholder approval (Group A Funds, as set forth in theproposal, only).
For | Against | Abstain | Broker Non-Vote | |
California Municipal Fund | 7,632,139.822 | 538,475.555 | 788,655.289 | 7,621,883.169 |
Core Plus Bond Fund | 266,081,012.903 | 9,815,879.616 | 10,020,920.092 | 2,727,039.045 |
Diversified International Fund | 839,129,975.011 | 69,570,386.739 | 33,287,102.115 | 7,195,414.163 |
Equity Income Fund | 159,725,397.726 | 11,522,894.631 | 11,120,010.905 | 33,023,226.869 |
Global Real Estate Securities Fund | 187,259,825.197 | 991,539.590 | 4,508,463.721 | 41,915,680.813 |
Government & High Quality Bond Fund | 111,092,459.513 | 1,950,391.788 | 3,295,744.051 | 14,099,830.764 |
High Yield Fund | 173,512,349.604 | 6,580,563.854 | 3,746,839.266 | 74,691,889.403 |
High Yield Fund I | 312,315,574.195 | 46,574,543.751 | 21,513,938.976 | 1,670,475.209 |
Income Fund | 240,051,813.045 | 23,178,841.083 | 4,975,617.243 | 25,765,421.073 |
Inflation Protection Fund | 93,768,572.166 | 94,037,799.184 | 106,823.583 | 952,585.647 |
International Emerging Markets Fund | 25,914,064.028 | 1,817,301.786 | 998,564.563 | 1,682,817.983 |
International Fund I | 24,416,392.541 | 465,097.272 | 68,157.598 | 1,501,326.656 |
LargeCap Growth Fund | 44,901,786.532 | 8,347,111.319 | 4,869,837.154 | 6,342,759.486 |
LargeCap Growth Fund I | 346,060,855.922 | 52,407,253.261 | 48,176,222.579 | 104,678,134.877 |
LargeCap S&P 500 Index Fund | 227,372,216.535 | 28,980,668.937 | 22,289,836.001 | 26,353,263.420 |
LargeCap Value Fund III | 110,114,016.367 | 502,751.676 | 18,404,633.690 | 1,179,449.443 |
MidCap Fund | 276,764,709.401 | 5,562,823.197 | 2,759,505.462 | 82,794,654.550 |
MidCap Growth Fund | 14,677,675.635 | 1,565,329.202 | 1,289,748.916 | 1,470,321.883 |
MidCap Growth Fund III | 50,741,455.675 | 43,945,323.575 | 684,119.005 | 806,515.646 |
MidCap S&P 400 Index Fund | 40,093,514.714 | 4,474,673.389 | 5,179,134.167 | 5,806,881.149 |
MidCap Value Fund I | 56,747,925.437 | 5,089,742.937 | 4,332,038.436 | 1,530,879.835 |
MidCap Value Fund III | 48,430,625.982 | 3,525,762.041 | 1,787,139.060 | 811,638.994 |
Money Market Fund | 258,165,866.102 | 90,684,370.758 | 30,959,761.317 | 19,304,755.190 |
24
For | Against | Abstain | Broker Non-Vote | |
Overseas Fund | 208,466,587.720 | 18,572.853 | - | 411,880.974 |
Principal Capital Appreciation Fund | 18,138,520.881 | 2,975,831.357 | 891,860.800 | 3,666,650.690 |
SAM Balanced Portfolio | 158,284,074.700 | 18,023,454.159 | 10,467,606.527 | 35,769,411.838 |
SAM Conservative Balanced Portfolio | 88,657,730.195 | 11,397,333.647 | 2,153,848.753 | 28,889,552.873 |
SAM Conservative Growth Portfolio | 71,328,832.247 | 40,460,952.304 | 1,796,222.358 | 22,161,855.561 |
SAM Flexible Income Portfolio | 122,920,915.298 | 4,945,275.811 | 18,411,012.553 | 38,941,467.872 |
SAM Strategic Growth Portfolio | 40,063,153.463 | 24,698,478.984 | 1,129,102.715 | 11,549,369.421 |
Short-Term Income Fund | 287,995,692.468 | 35,457,888.542 | 4,235,580.220 | 43,168,334.299 |
SmallCap Fund | 14,727,819.969 | 2,910,390.173 | 900,766.733 | 3,387,570.106 |
SmallCap Growth Fund I | 103,403,577.647 | 20,648,414.289 | 12,221,827.402 | 2,365,041.424 |
SmallCap S&P 600 Index Fund | 30,421,238.910 | 4,323,020.144 | 3,003,546.682 | 4,726,802.361 |
SmallCap Value Fund II | 63,194,403.671 | 16,139,806.302 | 14,787,286.671 | 1,401,103.878 |
Tax-Exempt Bond Fund | 13,553,435.408 | 695,800.232 | 625,555.355 | 11,707,204.857 |
5.Approval of the ability of Principal Global Investors, LLC to enter into and/or materially amend agreements with majority-owned affiliated sub-advisors, as defined in the proposal, on behalf of the Fund without obtaining shareholder approval (Group A Funds, as set forth in theproposal, only).
For | Against | Abstain | Broker Non-Vote | |
California Municipal Fund | 7,650,243.989 | 539,501.168 | 769,525.509 | 7,621,883.169 |
Core Plus Bond Fund | 264,818,305.523 | 10,794,859.466 | 10,304,647.622 | 2,727,039.045 |
Diversified International Fund | 832,065,408.201 | 69,659,310.392 | 40,262,745.272 | 7,195,414.163 |
Equity Income Fund | 163,339,594.663 | 13,522,968.005 | 5,505,740.594 | 33,023,226.869 |
Global Real Estate Securities Fund | 187,088,897.689 | 1,168,516.870 | 4,502,413.949 | 41,915,680.813 |
Government & High Quality Bond Fund | 111,051,530.557 | 1,735,060.543 | 3,552,004.252 | 14,099,830.764 |
High Yield Fund | 173,377,313.327 | 6,674,271.305 | 3,788,168.092 | 74,691,889.403 |
High Yield Fund I | 305,791,861.545 | 53,098,256.401 | 21,513,938.976 | 1,670,475.209 |
Income Fund | 239,498,653.076 | 23,320,724.095 | 5,386,894.200 | 25,765,421.073 |
Inflation Protection Fund | 70,191,821.477 | 117,366,190.617 | 355,182.839 | 952,585.647 |
International Emerging Markets Fund | 25,901,283.807 | 1,830,082.007 | 998,564.563 | 1,682,817.983 |
International Fund I | 24,404,580.302 | 466,441.607 | 78,625.502 | 1,501,326.656 |
LargeCap Growth Fund | 44,876,438.913 | 8,398,614.235 | 4,843,681.857 | 6,342,759.486 |
LargeCap Growth Fund I | 343,455,728.819 | 55,689,155.661 | 47,499,447.282 | 104,678,134.877 |
LargeCap S&P 500 Index Fund | 226,225,894.898 | 30,522,021.366 | 21,894,805.209 | 26,353,263.420 |
LargeCap Value Fund III | 109,003,155.004 | 503,443.185 | 19,514,803.544 | 1,179,449.443 |
MidCap Fund | 276,553,660.663 | 5,770,388.815 | 2,762,988.582 | 82,794,654.550 |
MidCap Growth Fund | 14,669,193.300 | 1,561,753.797 | 1,301,806.656 | 1,470,321.883 |
MidCap Growth Fund III | 50,740,432.426 | 43,946,346.824 | 684,119.005 | 806,515.646 |
MidCap S&P 400 Index Fund | 39,967,623.694 | 4,530,267.853 | 5,249,430.723 | 5,806,881.149 |
MidCap Value Fund I | 56,747,160.993 | 5,090,507.365 | 4,332,038.452 | 1,530,879.835 |
MidCap Value Fund III | 48,102,499.355 | 3,874,316.935 | 1,766,710.793 | 811,638.994 |
Money Market Fund | 296,811,662.595 | 52,051,981.601 | 30,946,353.981 | 19,304,755.190 |
Overseas Fund | 208,466,587.720 | 18,572.853 | - | 411,880.974 |
Principal Capital Appreciation Fund | 18,138,006.834 | 2,944,905.725 | 923,300.479 | 3,666,650.690 |
SAM Balanced Portfolio | 157,902,871.437 | 17,775,057.965 | 11,097,205.984 | 35,769,411.838 |
SAM Conservative Balanced Portfolio | 88,726,742.771 | 11,172,288.924 | 2,309,880.900 | 28,889,552.873 |
SAM Conservative Growth Portfolio | 70,218,381.891 | 41,551,670.249 | 1,815,954.769 | 22,161,855.561 |
SAM Flexible Income Portfolio | 122,935,572.772 | 4,844,150.472 | 18,497,480.418 | 38,941,467.872 |
SAM Strategic Growth Portfolio | 39,993,619.989 | 24,780,409.322 | 1,116,705.851 | 11,549,369.421 |
Short-Term Income Fund | 287,889,682.868 | 17,194,170.418 | 22,605,307.944 | 43,168,334.299 |
SmallCap Fund | 14,682,129.185 | 2,938,338.210 | 918,509.480 | 3,387,570.106 |
SmallCap Growth Fund I | 104,906,628.321 | 19,155,041.540 | 12,212,149.477 | 2,365,041.424 |
SmallCap S&P 600 Index Fund | 30,370,907.386 | 4,326,066.793 | 3,050,831.557 | 4,726,802.361 |
SmallCap Value Fund II | 56,761,825.101 | 16,187,667.393 | 21,172,004.150 | 1,401,103.878 |
Tax-Exempt Bond Fund | 13,585,289.481 | 693,418.489 | 596,083.025 | 11,707,204.857 |
25
6A. Approval of an amended fundamental investment restriction relating to commodities for the Fund (each Fund).
For | Against | Abstain | Broker Non-Vote | |
California Municipal Fund | 7,858,485.903 | 322,436.879 | 778,347.884 | 7,621,883.169 |
Core Plus Bond Fund | 266,048,673.775 | 6,926,623.954 | 12,942,514.882 | 2,727,039.045 |
Diversified International Fund | 845,784,642.229 | 38,424,406.610 | 57,778,415.026 | 7,195,414.163 |
Equity Income Fund | 173,581,539.845 | 4,016,002.659 | 4,770,760.758 | 33,023,226.869 |
Finisterre Unconstrained Emerging Markets | 2,835,255.604 | 2,817.000 | 5,528.170 | 890,395.042 |
Bond Fund | ||||
Global Diversified Income Fund | 206,185,004.478 | 2,703,496.749 | 5,684,156.424 | 92,304,522.044 |
Global Real Estate Securities Fund | 187,415,515.247 | 817,097.587 | 4,527,215.674 | 41,915,680.813 |
Government & High Quality Bond Fund | 110,126,164.054 | 1,251,144.319 | 4,961,286.979 | 14,099,830.764 |
Government Money Market Fund | 2,699,970,350.050 | - | - | N/A |
High Yield Fund | 174,291,575.156 | 5,317,958.074 | 4,230,219.494 | 74,691,889.403 |
High Yield Fund I | 332,842,756.555 | 43,920.180 | 47,517,380.187 | 1,670,475.209 |
Income Fund | 247,148,156.740 | 11,464,508.655 | 9,593,605.976 | 25,765,421.073 |
Inflation Protection Fund | 160,121,926.503 | 26,351,904.673 | 1,439,363.757 | 952,585.647 |
International Emerging Markets Fund | 27,012,683.460 | 593,625.500 | 1,123,621.417 | 1,682,817.983 |
International Fund I | 24,596,214.663 | 79,373.103 | 274,059.645 | 1,501,326.656 |
LargeCap Growth Fund | 52,385,894.697 | 1,705,390.617 | 4,027,449.691 | 6,342,759.486 |
LargeCap Growth Fund I | 355,358,728.261 | 30,481,441.324 | 60,804,162.177 | 104,678,134.877 |
LargeCap S&P 500 Index Fund | 235,792,192.097 | 16,412,876.287 | 26,437,653.089 | 26,353,263.420 |
LargeCap Value Fund III | 108,632,031.845 | 307,212.475 | 20,082,157.413 | 1,179,449.443 |
MidCap Fund | 279,827,812.846 | 2,332,224.558 | 2,927,000.656 | 82,794,654.550 |
MidCap Growth Fund | 15,143,179.364 | 1,270,463.218 | 1,119,111.171 | 1,470,321.883 |
MidCap Growth Fund III | 56,766,889.933 | 37,915,355.281 | 688,653.041 | 806,515.646 |
MidCap S&P 400 Index Fund | 41,662,479.168 | 3,109,625.166 | 4,975,217.936 | 5,806,881.149 |
MidCap Value Fund I | 58,616,851.821 | 6,263,020.822 | 1,289,834.167 | 1,530,879.835 |
MidCap Value Fund III | 50,232,204.670 | 895,488.260 | 2,615,834.153 | 811,638.994 |
Money Market Fund | 309,535,876.110 | 36,075,013.224 | 34,199,108.843 | 19,304,755.190 |
Overseas Fund | 208,466,604.401 | 18,556.172 | - | 411,880.974 |
Principal Capital Appreciation Fund | 20,070,635.968 | 1,198,211.098 | 737,365.972 | 3,666,650.690 |
Principal LifeTime 2010 Fund | 29,196,697.167 | 1,832,982.499 | 9,291,375.383 | 1,027,046.892 |
Principal LifeTime 2015 Fund | 34,530,950.004 | 215,138.570 | 7,846,696.992 | 511,735.713 |
Principal LifeTime 2020 Fund | 245,508,185.816 | 8,525,910.896 | 42,874,721.572 | 5,638,880.028 |
Principal LifeTime 2025 Fund | 107,729,763.248 | 6,111,564.769 | 20,419,422.791 | 2,063,124.826 |
Principal LifeTime 2030 Fund | 231,149,216.761 | 31,241,601.661 | 115,866,562.523 | 5,920,079.839 |
Principal LifeTime 2035 Fund | 77,109,749.002 | 3,953,101.991 | 19,182,048.094 | 1,120,643.618 |
Principal LifeTime 2040 Fund | 208,490,902.912 | 13,751,744.296 | 22,752,083.159 | 2,704,465.564 |
Principal LifeTime 2045 Fund | 63,721,538.700 | 257,274.164 | 5,615,126.286 | 280,845.740 |
Principal LifeTime 2050 Fund | 99,973,395.685 | 5,214,698.640 | 37,611,439.864 | 1,606,932.169 |
Principal LifeTime 2055 Fund | 27,658,974.833 | 1,388,919.522 | 2,527,616.691 | 151,197.858 |
Principal LifeTime 2060 Fund | 10,605,201.087 | 6,132,109.807 | 5,308,763.382 | 141,413.011 |
Principal LifeTime 2065 Fund | 744,123.521 | 358,871.733 | 160.588 | N/A |
Principal Life Time Hybrid 2015 Fund | 6,623,551.926 | 748,824.413 | 620,107.354 | 149,450.935 |
Principal Life Time Hybrid 2020 Fund | 21,221,767.647 | 795,027.590 | 2,076,921.594 | 515,767.840 |
Principal Life Time Hybrid 2025 Fund | 13,925,179.190 | 667,372.210 | 796,360.266 | 868,142.228 |
Principal Life Time Hybrid 2030 Fund | 17,195,183.257 | 448,264.534 | 1,430,448.483 | 1,060,182.276 |
Principal Life Time Hybrid 2035 Fund | 9,093,574.923 | 140,612.259 | 464,647.062 | 1,152,235.958 |
Principal Life Time Hybrid 2040 Fund | 7,687,737.282 | 763,513.130 | 3,338,306.791 | 1,481,144.162 |
Principal Life Time Hybrid 2045 Fund | 4,374,125.672 | 278,024.338 | 1,201,013.304 | 661,776.310 |
Principal Life Time Hybrid 2050 Fund | 4,908,395.353 | 52,077.088 | 254,200.130 | 342,348.000 |
Principal Life Time Hybrid 2055 Fund | 1,785,790.129 | - | 136.571 | 91,077.280 |
Principal Life Time Hybrid 2060 Fund | 345,544.795 | - | 162,814.330 | 19,583.471 |
Principal Life Time Hybrid 2065 Fund | 62,624.749 | 1,002.435 | - | N/A |
Principal Life Time Hybrid Income Fund | 3,454,184.072 | 485,967.394 | 363,321.596 | 98,009.927 |
Principal LifeTime Strategic Income Fund | 29,269,051.252 | 221,378.313 | 4,600,805.720 | 846,047.681 |
Real Estate Securities Fund | 78,135,587.604 | 7,583,360.786 | 2,070,414.151 | 18,456,438.758 |
SAM Balanced Portfolio | 159,498,223.214 | 16,825,809.429 | 10,451,102.743 | 35,769,411.838 |
SAM Conservative Balanced Portfolio | 97,936,411.881 | 967,419.904 | 3,305,080.810 | 28,889,552.873 |
SAM Conservative Growth Portfolio | 75,898,318.208 | 36,555,932.935 | 1,131,755.766 | 22,161,855.561 |
SAM Flexible Income Portfolio | 123,475,809.182 | 3,991,514.827 | 18,809,879.653 | 38,941,467.872 |
SAM Strategic Growth Portfolio | 64,791,189.226 | 493,797.498 | 605,748.438 | 11,549,369.421 |
Short-Term Income Fund | 290,736,891.013 | 32,758,322.851 | 4,193,947.366 | 43,168,334.299 |
SmallCap Fund | 14,973,997.373 | 2,707,878.359 | 857,101.143 | 3,387,570.106 |
SmallCap Growth Fund I | 107,614,251.659 | 8,919,362.940 | 19,740,204.739 | 2,365,041.424 |
SmallCap S&P 600 Index Fund | 31,503,810.363 | 3,211,134.410 | 3,032,860.963 | 4,726,802.361 |
SmallCap Value Fund II | 69,535,191.985 | 15,076,441.369 | 9,509,863.290 | 1,401,103.878 |
Tax-Exempt Bond Fund | 13,938,129.123 | 248,172.144 | 688,489.728 | 11,707,204.857 |
26
6B. Approval of an amended fundamental investment restriction relating to diversification for the California Municipal Fund.
For | Against | Abstain | Broker Non-Vote | |
California Municipal Fund | 8,060,193.850 | 220,801.082 | 678,275.734 | 7,621,883.169 |
6C. Approval of an amended fundamental investment restriction relating to concentration for the Fund (Group B Funds, as set forth in the proposal, only).
For | Against | Abstain | Broker Non-Vote | |
California Municipal Fund | 8,016,685.429 | 205,764.237 | 736,821.000 | 7,621,883.169 |
Core Plus Bond Fund | 268,942,727.167 | 4,093,921.004 | 12,881,164.440 | 2,727,039.045 |
Diversified International Fund | 842,811,645.104 | 43,718,357.203 | 55,457,461.558 | 7,195,414.163 |
Equity Income Fund | 174,637,349.018 | 4,150,933.877 | 3,580,020.367 | 33,023,226.869 |
Finisterre Unconstrained Emerging Markets | 2,835,255.604 | 2,817.000 | 5,528.170 | 890,395.042 |
Bond Fund | ||||
Global Diversified Income Fund | 205,958,510.994 | 2,728,000.745 | 5,886,145.912 | 92,304,522.044 |
Government & High Quality Bond Fund | 110,038,306.259 | 1,375,129.942 | 4,925,159.151 | 14,099,830.764 |
Government Money Market Fund | 2,699,970,350.050 | - | - | N/A |
High Yield Fund | 175,364,153.254 | 4,118,798.731 | 4,356,800.739 | 74,691,889.403 |
High Yield Fund I | 332,881,671.931 | 12,300.796 | 47,510,084.195 | 1,670,475.209 |
Income Fund | 247,700,916.431 | 11,828,421.489 | 8,676,933.451 | 25,765,421.073 |
Inflation Protection Fund | 161,200,707.806 | 26,326,946.189 | 385,540.938 | 952,585.647 |
International Emerging Markets Fund | 27,143,235.711 | 440,351.874 | 1,146,342.792 | 1,682,817.983 |
International Fund I | 24,606,682.566 | 79,373.102 | 263,591.743 | 1,501,326.656 |
LargeCap Growth Fund | 52,743,525.371 | 1,782,861.144 | 3,592,348.490 | 6,342,759.486 |
LargeCap Growth Fund I | 351,525,602.185 | 32,029,635.337 | 63,089,094.240 | 104,678,134.877 |
LargeCap Value Fund III | 109,482,697.908 | 529,973.843 | 19,008,729.982 | 1,179,449.443 |
MidCap Fund | 279,830,364.500 | 2,431,545.667 | 2,825,127.893 | 82,794,654.550 |
MidCap Growth Fund | 15,444,532.770 | 1,231,334.022 | 856,886.961 | 1,470,321.883 |
MidCap Growth Fund III | 56,735,918.189 | 37,945,303.776 | 689,676.290 | 806,515.646 |
MidCap Value Fund I | 58,613,476.808 | 6,266,395.835 | 1,289,834.167 | 1,530,879.835 |
MidCap Value Fund III | 50,215,237.478 | 2,449,946.868 | 1,078,342.737 | 811,638.994 |
Money Market Fund | 311,253,232.564 | 30,073,346.771 | 38,483,418.842 | 19,304,755.190 |
Overseas Fund | 208,466,604.401 | 18,556.172 | - | 411,880.974 |
Principal Capital Appreciation Fund | 20,188,478.787 | 1,046,528.083 | 771,206.168 | 3,666,650.690 |
Short-Term Income Fund | 305,738,943.089 | 17,677,202.589 | 4,273,015.552 | 43,168,334.299 |
SmallCap Fund | 14,951,621.875 | 2,709,614.837 | 877,740.163 | 3,387,570.106 |
SmallCap Growth Fund I | 107,327,645.934 | 9,202,208.296 | 19,743,965.108 | 2,365,041.424 |
SmallCap Value Fund II | 69,409,985.510 | 15,201,647.971 | 9,509,863.163 | 1,401,103.878 |
Tax-Exempt Bond Fund | 13,896,623.444 | 275,782.371 | 702,385.180 | 11,707,204.857 |
6D. Approval of an amended fundamental investment restriction relating to concentration for the Fund (Group C Funds, as set forth in the proposal, only).
For | Against | Abstain | Broker Non-Vote | |
Principal LifeTime 2010 Fund | 29,161,798.167 | 1,832,221.666 | 9,327,035.216 | 1,027,046.892 |
Principal LifeTime 2015 Fund | 34,176,321.244 | 705,002.340 | 7,711,461.982 | 511,735.713 |
Principal LifeTime 2020 Fund | 250,708,806.931 | 6,652,296.056 | 39,547,715.297 | 5,638,880.028 |
Principal LifeTime 2025 Fund | 108,948,444.771 | 5,108,373.116 | 20,203,932.921 | 2,063,124.826 |
Principal LifeTime 2030 Fund | 231,497,203.480 | 30,974,924.825 | 115,785,252.640 | 5,920,079.839 |
Principal LifeTime 2035 Fund | 79,738,977.371 | 1,098,571.642 | 19,407,350.074 | 1,120,643.618 |
Principal LifeTime 2040 Fund | 209,727,262.467 | 11,521,435.602 | 23,746,032.298 | 2,704,465.564 |
Principal LifeTime 2045 Fund | 63,451,256.021 | 142,089.243 | 6,000,593.886 | 280,845.740 |
Principal LifeTime 2050 Fund | 106,337,612.076 | 6,932,699.786 | 29,529,222.327 | 1,606,932.169 |
Principal LifeTime 2055 Fund | 26,354,066.964 | 2,014,438.232 | 3,207,005.850 | 151,197.858 |
Principal LifeTime 2060 Fund | 19,858,554.083 | 991,256.801 | 1,196,263.392 | 141,413.011 |
Principal LifeTime 2065 Fund | 744,123.521 | 358,871.733 | 160.588 | N/A |
Principal Life Time Hybrid 2015 Fund | 6,167,577.126 | 748,824.413 | 1,076,082.154 | 149,450.935 |
Principal Life Time Hybrid 2020 Fund | 21,200,831.787 | 803,983.784 | 2,088,901.260 | 515,767.840 |
Principal Life Time Hybrid 2025 Fund | 13,935,094.745 | 656,301.402 | 797,515.519 | 868,142.228 |
Principal Life Time Hybrid 2030 Fund | 17,130,098.830 | 203,785.335 | 1,740,012.109 | 1,060,182.276 |
Principal Life Time Hybrid 2035 Fund | 8,983,612.324 | 250,574.854 | 464,647.066 | 1,152,235.958 |
Principal Life Time Hybrid 2040 Fund | 7,687,691.316 | 763,559.100 | 3,338,306.787 | 1,481,144.162 |
Principal Life Time Hybrid 2045 Fund | 4,374,125.672 | 278,024.338 | 1,201,013.304 | 661,776.310 |
Principal Life Time Hybrid 2050 Fund | 5,135,549.916 | 52,077.088 | 27,045.567 | 342,348.000 |
Principal Life Time Hybrid 2055 Fund | 1,785,790.129 | - | 136.571 | 91,077.280 |
Principal Life Time Hybrid 2060 Fund | 345,544.795 | - | 162,814.330 | 19,583.471 |
Principal Life Time Hybrid 2065 Fund | 62,624.749 | 1,002.435 | - | N/A |
27
For | Against | Abstain | Broker Non-Vote | |
Principal Life Time Hybrid Income Fund | 3,329,133.672 | 481,419.300 | 492,920.090 | 98,009.927 |
Principal LifeTime Strategic Income Fund | 29,469,882.717 | 177,665.820 | 4,443,686.748 | 846,047.681 |
SAM Balanced Portfolio | 158,243,485.763 | 16,802,614.766 | 11,729,034.857 | 35,769,411.838 |
SAM Conservative Balanced Portfolio | 97,891,831.191 | 887,750.193 | 3,429,331.211 | 28,889,552.873 |
SAM Conservative Growth Portfolio | 75,768,516.268 | 36,687,863.669 | 1,129,626.972 | 22,161,855.561 |
SAM Flexible Income Portfolio | 123,175,432.356 | 3,890,983.337 | 19,210,787.969 | 38,941,467.872 |
SAM Strategic Growth Portfolio | 64,767,789.495 | 516,598.910 | 606,346.757 | 11,549,369.421 |
28
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 contactyour financial professional or call 800-222-5852.
Principal Funds are distributed by Principal Funds Distributor, Inc.
Due to size constraints, this filing is being made in two related submissions. This submission is the second of the two related submissions.
The accession number of the previous related submission is as follows: 0000898745-19-000484
- 2019 Principal Financial Services, Inc. | FV314-16 | 04/2019 | 806482-042021
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 registrant’s last fiscal quarter 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 attached hereto as Exhibit 99.CERT.
(b) Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 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/ Michael J. Beer
Michael J. Beer, President and CEO
Date 6/13/2019
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/ Michael J. Beer
Michael J. Beer, President and CEO
Date 6/13/2019
By /s/ Tracy W. Bollin
Tracy W. Bollin, Chief Financial Officer
Date 6/13/2019