Principal Real Asset Fund (PDSRX) NPORT-P Principal Diversified Select Real Asset Fund (Jun 2020 report)

Schedule

of

Investments

Principal

Diversified

Select

Real

Asset

Fund

June

30,

2020

(unaudited)

See

accompanying

notes.

1

INVESTMENT

COMPANIES

-

6.75

%

Shares

Held

Value

(000's)

Exchange-Traded

Funds

-

0.35

%

SPDR

S&P

Global

Natural

Resources

ETF

12,737‌

$

470‌

Money

Market

Funds

-

6.40%

Morgan

Stanley

Institutional

Liquidity

Funds

-

Government

Portfolio

-

Institutional

Class

0.05%

(a)

8,353,681‌

8,354‌

TOTAL

INVESTMENT

COMPANIES

$

8,824‌

PRIVATE

INVESTMENT

FUNDS

-

12.98

%

Shares/Units

Held

Value

(000's)

Agriculture

-

4.72

%

Ceres

Farmland

Holdings,

LP

(b)

6,000,000‌

$

6,185‌

Diversified

Financial

Services

-

2.15%

Sound

Point

CLO

Fund,

LP

(b)

N/A‌

2,803‌

Forest

Products

&

Paper

-

6.11

%

BTG

Pactual

Open

Ended

Core

US

Timberland

Fund,

LP

(b)

6,905‌

7,9

8

3‌

TOTAL

PRIVATE

INVESTMENT

FUNDS

$

16,971‌

COMMON

STOCKS

-

52.38

%

Shares

Held

Value

(000's)

Agriculture

-

0.22%

Archer-Daniels-Midland

Co

3,519‌

$

140‌

Bunge

Ltd

3,544‌

146‌

$

286‌

Biotechnology

-

0.10%

Corteva

Inc

5,065‌

136‌

Building

Materials

-

0.14%

Geberit

AG

366‌

184‌

Chemicals

-

1.22%

CF

Industries

Holdings

Inc

4,709‌

132‌

Ecolab

Inc

1,877‌

373‌

FMC

Corp

1,406‌

140‌

ICL

Group

Ltd

39,948‌

119‌

K+S

AG

21,760‌

138‌

Mosaic

Co/The

11,440‌

143‌

Nutrien

Ltd

4,067‌

131‌

OCI

NV

(c)

12,250‌

129‌

Sociedad

Quimica

y

Minera

de

Chile

SA

ADR

5,675‌

148‌

Yara

International

ASA

4,043‌

141‌

$

1,594‌

Commercial

Services

-

1.25%

Atlas

Arteria

Ltd

62,512‌

289‌

China

Merchants

Port

Holdings

Co

Ltd

108,000‌

128‌

Transurban

Group

124,671‌

1,222‌

$

1,639‌

Consumer

Products

-

0.11%

Avery

Dennison

Corp

1,250‌

143‌

Diversified

Financial

Services

-

0.19%

Centuria

Capital

Group

198,796‌

247‌

Electric

-

10.24

%

AusNet

Services

833,698‌

963‌

CenterPoint

Energy

Inc

12,844‌

240‌

Clearway

Energy

Inc

-

Class

C

55,256‌

1,274‌

Dominion

Energy

Inc

15,130‌

1,228‌

Duke

Energy

Corp

11,523‌

921‌

Edison

International

13,556‌

736‌

EDP

-

Energias

de

Portugal

SA

217,028‌

1,036‌

Emera

Inc

26,316‌

1,035‌

Hydro

One

Ltd

(d)

29,537‌

555‌

Red

Electrica

Corp

SA

90,151‌

1,687‌

Spark

Infrastructure

Group

738,381‌

1,103‌

SSE

PLC

51,712‌

876‌

Terna

Rete

Elettrica

Nazionale

SpA

148,495‌

1,024‌

Transmissora

Alianca

de

Energia

Eletrica

SA

133,700‌

700‌

$

13,378‌

Electronics

-

0.33%

Badger

Meter

Inc

3,666‌

230‌

Watts

Water

Technologies

Inc

2,429‌

197‌

$

427‌

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Energy

-

Alternate

Sources

-

2.95%

Enviva

Partners

LP

(c),(e)

30,769‌

$

1,109‌

NextEra

Energy

Partners

LP

29,882‌

1,532‌

TerraForm

Power

Inc

65,380‌

1,206‌

$

3,847‌

Engineering

&

Construction

-

0.88%

Aena

SME

SA

(c),(d)

1,828‌

245‌

Grupo

Aeroportuario

del

Pacifico

SAB

de

CV

45,900‌

331‌

Stantec

Inc

6,774‌

209‌

Sydney

Airport

91,147‌

360‌

$

1,145‌

Environmental

Control

-

1.67%

China

Water

Affairs

Group

Ltd

196,000‌

142‌

Evoqua

Water

Technologies

Corp

(c)

23,385‌

435‌

Kurita

Water

Industries

Ltd

11,600‌

323‌

METAWATER

Co

Ltd

5,900‌

272‌

Pentair

PLC

10,486‌

398‌

Tetra

Tech

Inc

7,688‌

608‌

$

2,178‌

Food

-

0.22%

Ingredion

Inc

1,643‌

137‌

Wilmar

International

Ltd

49,100‌

145‌

$

282‌

Forest

Products

&

Paper

-

0.85%

International

Paper

Co

4,062‌

143‌

Mondi

PLC

7,419‌

139‌

Nine

Dragons

Paper

Holdings

Ltd

158,000‌

144‌

Oji

Holdings

Corp

27,500‌

128‌

Smurfit

Kappa

Group

PLC

4,250‌

143‌

Stora

Enso

Oyj

11,279‌

135‌

Svenska

Cellulosa

AB

SCA

(c)

11,087‌

133‌

UPM-

Kymmene

Oyj

4,788‌

139‌

$

1,104‌

Gas

-

2.22%

Enagas

SA

12,039‌

295‌

Italgas

SpA

104,886‌

610‌

National

Grid

PLC

69,552‌

849‌

Snam

SpA

235,783‌

1,149‌

$

2,903‌

Healthcare

-

Products

-

0.69%

Danaher

Corp

5,135‌

908‌

Iron

&

Steel

-

1.09%

ArcelorMittal

SA

(c)

14,449‌

153‌

Evraz

PLC

39,615‌

140‌

Fortescue

Metals

Group

Ltd

14,991‌

146‌

JFE

Holdings

Inc

18,800‌

136‌

Nippon

Steel

Corp

15,000‌

142‌

Novolipetsk

Steel

PJSC

7,197‌

143‌

Nucor

Corp

3,273‌

136‌

POSCO

946‌

138‌

thyssenkrupp

AG

(c)

20,518‌

146‌

Vale

SA

ADR

14,172‌

146‌

$

1,426‌

Lodging

-

0.05%

City

Developments

Ltd

10,400‌

64‌

Machinery

-

Diversified

-

0.96%

IDEX

Corp

1,853‌

293‌

Mueller

Water

Products

Inc

-

Class

A

19,689‌

185‌

Xylem

Inc

/NY

11,868‌

771‌

$

1,249‌

Metal

Fabrication

&

Hardware

-

0.26%

Advanced

Drainage

Systems

Inc

6,789‌

335‌

Mining

-

2.26%

Agnico

Eagle

Mines

Ltd

2,171‌

139‌

Anglo

American

PLC

6,574‌

152‌

Antofagasta

PLC

12,766‌

148‌

Barrick

Gold

Corp

5,774‌

155‌

BHP

Group

Ltd

6,016‌

150‌

Franco-Nevada

Corp

990‌

138‌

Schedule

of

Investments

Principal

Diversified

Select

Real

Asset

Fund

June

30,

2020

(unaudited)

See

accompanying

notes.

2

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Mining

(continued)

Freeport-McMoRan

Inc

15,249‌

$

176‌

Glencore

PLC

(c)

74,672‌

159‌

Kirkland

Lake

Gold

Ltd

3,604‌

148‌

Korea

Zinc

Co

Ltd

453‌

127‌

MMC

Norilsk

Nickel

PJSC

ADR

4,415‌

116‌

Newcrest

Mining

Ltd

6,814‌

151‌

Newmont

Corp

2,366‌

146‌

Norsk

Hydro

ASA

(c)

54,473‌

152‌

Rio

Tinto

Ltd

2,231‌

153‌

South32

Ltd

109,090‌

154‌

Southern

Copper

Corp

3,811‌

152‌

Sumitomo

Metal

Mining

Co

Ltd

5,000‌

141‌

Teck

Resources

Ltd

14,616‌

153‌

Wheaton

Precious

Metals

Corp

3,223‌

142‌

$

2,952‌

Oil

&

Gas

-

3.02%

BP

PLC

36,590‌

140‌

Canadian

Natural

Resources

Ltd

7,601‌

132‌

Chevron

Corp

1,509‌

135‌

CNOOC

Ltd

124,000‌

139‌

ConocoPhillips

3,279‌

138‌

Ecopetrol

SA

ADR

13,286‌

148‌

Eni

SpA

15,307‌

147‌

EOG

Resources

Inc

2,713‌

137‌

Equinor

ASA

9,525‌

137‌

Exxon

Mobil

Corp

3,041‌

136‌

Gazprom

PJSC

ADR

24,903‌

134‌

Imperial

Oil

Ltd

8,887‌

143‌

LUKOIL

PJSC

ADR

1,863‌

139‌

Marathon

Petroleum

Corp

3,936‌

147‌

Neste

Oyj

3,424‌

135‌

Novatek

PJSC

956‌

136‌

Occidental

Petroleum

Corp

10,680‌

195‌

Petroleo

Brasileiro

SA

ADR

18,127‌

150‌

Phillips

66

1,768‌

127‌

Pioneer

Natural

Resources

Co

1,509‌

147‌

Repsol

SA

14,855‌

131‌

Repsol

SA

-

Rights

(c)

14,855‌

7‌

Rosneft

Oil

Co

PJSC

26,577‌

134‌

Royal

Dutch

Shell

PLC

-

A

Shares

8,884‌

142‌

Suncor

Energy

Inc

8,076‌

136‌

Tatneft

PJSC

ADR

3,073‌

143‌

TOTAL

SA

3,697‌

143‌

Valero

Energy

Corp

2,076‌

122‌

Woodside

Petroleum

Ltd

9,191‌

139‌

$

3,939‌

Oil

&

Gas

Services

-

0.22%

Halliburton

Co

11,771‌

153‌

Schlumberger

Ltd

7,488‌

137‌

$

290‌

Packaging

&

Containers

-

0.53%

Amcor

PLC

13,547‌

138‌

DS

Smith

PLC

32,992‌

134‌

Packaging

Corp

of

America

1,364‌

136‌

Sealed

Air

Corp

4,309‌

142‌

Westrock

Co

4,929‌

139‌

$

689‌

Pipelines

-

5.00%

APA

Group

110,322‌

853‌

Cheniere

Energy

Inc

(c)

8,562‌

414‌

Enbridge

Inc

14,912‌

453‌

Energy

Transfer

LP

58,775‌

418‌

Equitrans

Midstream

Corp

20,203‌

168‌

Gibson

Energy

Inc

27,263‌

424‌

Hess

Midstream

LP

13,730‌

252‌

Kinder

Morgan

Inc

25,785‌

391‌

Magellan

Midstream

Partners

LP

10,311‌

445‌

MPLX

LP

27,006‌

467‌

Noble

Midstream

Partners

LP

48,304‌

409‌

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Pipelines

(continued)

ONEOK

Inc

8,357‌

$

278‌

Phillips

66

Partners

LP

9,816‌

354‌

Plains

All

American

Pipeline

LP

24,013‌

212‌

Williams

Cos

Inc

/The

51,729‌

984‌

$

6,522‌

Real

Estate

-

1.80%

Castellum

AB

4,881‌

91‌

Entra

ASA

(d)

6,878‌

88‌

Fabege

AB

5,831‌

69‌

LEG

Immobilien

AG

(c)

1,274‌

162‌

Midea

Real

Estate

Holding

Ltd

(d)

28,600‌

70‌

Mitsubishi

Estate

Co

Ltd

20,300‌

302‌

Mitsui

Fudosan

Co

Ltd

10,000‌

178‌

New

World

Development

Co

Ltd

62,750‌

298‌

Sun

Hung

Kai

Properties

Ltd

20,500‌

262‌

Vonovia

SE

9,242‌

565‌

Wihlborgs

Fastigheter

AB

4,747‌

78‌

Zhongliang

Holdings

Group

Co

Ltd

272,000‌

194‌

$

2,357‌

REITs

-

8.67

%

AIMS

APAC

REIT

152,700‌

135‌

Alexandria

Real

Estate

Equities

Inc

563‌

91‌

American

Homes

4

Rent

7,287‌

196‌

American

Tower

Corp

421‌

109‌

Apartment

Investment

and

Management

Co

2,674‌

101‌

Arena

REIT

98,950‌

151‌

AvalonBay

Communities

Inc

580‌

90‌

Big

Yellow

Group

PLC

15,809‌

197‌

Centuria

Industrial

REIT

38,593‌

85‌

Centuria

Office

REIT

49,414‌

69‌

CFE

Capital

S

de

RL

de

CV

541,100‌

575‌

CoreSite

Realty

Corp

1,608‌

195‌

Crown

Castle

International

Corp

4,974‌

833‌

CubeSmart

7,103‌

192‌

CyrusOne

Inc

1,804‌

131‌

Daiwa

Office

Investment

Corp

16‌

88‌

Dexus

13,775‌

88‌

Dream

Industrial

Real

Estate

Investment

Trust

29,600‌

233‌

Equinix

Inc

334‌

235‌

Essential

Properties

Realty

Trust

Inc

5,145‌

76‌

Essex

Property

Trust

Inc

246‌

56‌

Gecina

SA

1,139‌

141‌

Goodman

Group

20,730‌

214‌

Healthcare

Trust

of

America

Inc

7,253‌

192‌

Healthpeak

Properties

Inc

6,606‌

182‌

Independence

Realty

Trust

Inc

25,216‌

290‌

Industrial

&

Infrastructure

Fund

Investment

Corp

81‌

131‌

Industrial

Logistics

Properties

Trust

10,761‌

221‌

Ingenia

Communities

Group

48,452‌

152‌

Inmobiliaria

Colonial

Socimi

SA

9,731‌

86‌

Investec

Australia

Property

Fund

33,578‌

28‌

Invitation

Homes

Inc

15,123‌

416‌

Japan

Hotel

REIT

Investment

Corp

326‌

135‌

Lendlease

Global

Commercial

REIT

55,500‌

27‌

Link

REIT

31,100‌

255‌

MCUBS

MidCity

Investment

Corp

198‌

144‌

Merlin

Properties

Socimi

SA

12,739‌

106‌

MGM

Growth

Properties

LLC

3,391‌

92‌

Minto

Apartment

Real

Estate

Investment

Trust

4,200‌

62‌

NewRiver

REIT

PLC

33,633‌

26‌

Nippon

Prologis

REIT

Inc

(c)

44‌

134‌

Nomura

Real

Estate

Master

Fund

Inc

100‌

120‌

NSI

NV

4,036‌

156‌

Park

Hotels

&

Resorts

Inc

6,593‌

65‌

Physicians

Realty

Trust

6,704‌

117‌

Prologis

Inc

8,107‌

757‌

Rayonier

Inc

5,823‌

144‌

Rexford

Industrial

Realty

Inc

2,655‌

110‌

Schedule

of

Investments

Principal

Diversified

Select

Real

Asset

Fund

June

30,

2020

(unaudited)

See

accompanying

notes.

3

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

REITs

(continued)

Sabana

Shari'ah

Compliant

Industrial

Real

Estate

Investment

Trust

720,000‌

$

182‌

Sabra

Health

Care

REIT

Inc

5,414‌

78‌

Segro

PLC

32,317‌

357‌

Sekisui

House

Reit

Inc

329‌

211‌

Simon

Property

Group

Inc

271‌

19‌

STORE

Capital

Corp

7,295‌

174‌

Summit

Industrial

Income

REIT

19,130‌

161‌

Sun

Communities

Inc

1,857‌

252‌

Sunstone

Hotel

Investors

Inc

4,860‌

40‌

Taubman

Centers

Inc

614‌

23‌

Terreno

Realty

Corp

1,300‌

68‌

UNITE

Group

PLC/The

7,492‌

87‌

United

Urban

Investment

Corp

146‌

157‌

VICI

Properties

Inc

8,201‌

166‌

Vicinity

Centres

43,210‌

43‌

Welltower

Inc

6,543‌

339‌

Weyerhaeuser

Co

11,454‌

257‌

WPT

Industrial

Real

Estate

Investment

Trust

23,821‌

303‌

$

11,346‌

Telecommunications

-

0.07%

Eutelsat

Communications

SA

9,506‌

88‌

Water

-

5.17

%

Aguas

Andinas

SA

2,407,131‌

815‌

American

States

Water

Co

3,707‌

292‌

American

Water

Works

Co

Inc

8,842‌

1,138‌

Essential

Utilities

Inc

19,628‌

829‌

Guangdong

Investment

Ltd

180,000‌

311‌

Middlesex

Water

Co

1,438‌

97‌

Pennon

Group

PLC

58,577‌

811‌

Severn

Trent

PLC

20,197‌

618‌

SJW

Group

2,842‌

177‌

Suez

SA

31,010‌

364‌

United

Utilities

Group

PLC

51,554‌

579‌

Veolia

Environnement

SA

25,793‌

582‌

York

Water

Co/The

3,441‌

165‌

$

6,778‌

TOTAL

COMMON

STOCKS

$

68,436‌

CONVERTIBLE

PREFERRED

STOCKS

-

1.53%

Shares

Held

Value

(000's)

Pipelines

-

1.53%

Targa

Resources

Corp

9.50%,

02/18/2021

(e),(f),(g),(h)

2,000‌

$

1,994‌

TOTAL

CONVERTIBLE

PREFERRED

STOCKS

$

1,994‌

PREFERRED

STOCKS

-

0.21%

Shares

Held

Value

(000's)

Electric

-

0.21%

Cia

de

Transmissao

de

Energia

Eletrica

Paulista

0.15%

71,100‌

$

274‌

TOTAL

PREFERRED

STOCKS

$

274‌

BONDS

-

24.37

%

Principal

Amount

(000's)

Value

(000's)

Commercial

Mortgage

Backed

Securities

-

17.37

%

Banc

of

America

Commercial

Mortgage

Trust

2015-UBS7

3.17%,

09/15/2048

$

1,000‌

$

664‌

BANK

2018-BNK13

3.00%,

08/15/2061

(d)

2,000‌

1,148‌

BANK

2018-BNK15

4.81%,

11/15/2061

(

i

)

1,600‌

1,477‌

BANK

2019-BNK20

0.96%,

09/15/2062

(

i

),(j)

15,153‌

962‌

BANK

2019-BNK22

1.50%,

11/15/2062

(d),(

i

),(j)

2,000‌

214‌

1.96%,

11/15/2062

(d),(

i

)

1,000‌

378‌

Benchmark

2018-B6

Mortgage

Trust

3.27%,

10/10/2051

(d),(

i

)

1,000‌

643‌

3.27%,

10/10/2051

(d),(

i

)

550‌

311‌

Benchmark

2019-B12

Mortgage

Trust

3.00%,

08/15/2052

(d)

2,391‌

1,814‌

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Commercial

Mortgage

Backed

Securities

(continued)

Benchmark

2019-B13

Mortgage

Trust

1.14%,

08/15/2057

(d),(

i

),(j)

$

1,750‌

$

128‌

3.00%,

08/15/2057

(d)

1,750‌

690‌

Cantor

Commercial

Real

Estate

Lending

2019-CF1

4.35%,

05/15/2052

(

i

)

1,000‌

842‌

CCUBS

Commercial

Mortgage

Trust

2017-C1

3.91%,

11/15/2050

(

i

)

1,000‌

1,089‌

Citigroup

Commercial

Mortgage

Trust

2018-C6

5.24%,

11/10/2051

(

i

)

1,000‌

933‌

Citigroup

Commercial

Mortgage

Trust

2019-GC41

3.00%,

08/10/2056

(d)

1,750‌

1,031‌

3.00%,

08/10/2056

(d)

1,400‌

564‌

COMM

2015-CCRE25

Mortgage

Trust

4.69%,

08/10/2048

(d),(

i

)

500‌

314‌

Csail

2015-C2

Commercial

Mortgage

Trust

3.23%,

06/15/2057

(d)

500‌

243‌

4.33%,

06/15/2057

(

i

)

500‌

285‌

Freddie

Mac

Multifamily

Structured

Pass

Through

Certificates

1.63%,

01/25/2027

(

i

),(j)

12,000‌

975‌

GS

Mortgage

Securities

Trust

2013-GCJ14

4.90%,

08/10/2046

(d),(

i

)

539‌

408‌

GS

Mortgage

Securities

Trust

2019-GC40

1.30%,

07/10/2052

(d),(

i

),(j)

9,860‌

877‌

3.00%,

07/10/2052

(d)

2,000‌

1,342‌

GS

Mortgage

Securities

Trust

2019-GC42

0.94%,

09/01/2052

(d),(

i

),(j)

3,246‌

229‌

2.80%,

09/01/2052

(d)

1,500‌

1,064‌

JPMBB

Commercial

Mortgage

Securities

Trust

2014-C21

4.81%,

08/15/2047

(d),(

i

)

1,000‌

820‌

JPMBB

Commercial

Mortgage

Securities

Trust

2015-C28

3.79%,

10/15/2048

(d),(

i

)

500‌

82‌

JPMBB

Commercial

Mortgage

Securities

Trust

2015-C29

3.85%,

05/15/2048

(

i

)

560‌

347‌

JPMCC

Commercial

Mortgage

Securities

Trust

2019-COR4

3.00%,

03/10/2052

(d)

2,000‌

1,255‌

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust

2015-C25

4.68%,

10/15/2048

(d),(

i

)

1,000‌

603‌

4.68%,

10/15/2048

(d),(

i

)

500‌

295‌

WFRBS

Commercial

Mortgage

Trust

2014-C20

3.99%,

05/15/2047

(d)

500‌

352‌

WFRBS

Commercial

Mortgage

Trust

2014-C21

3.50%,

08/15/2047

(d)

500‌

318‌

$

22,697‌

Commercial

Services

-

0.54%

APX

Group

Inc

6.75%,

02/15/2027

(d)

750‌

708‌

Consumer

Products

-

0.50%

Kronos

Acquisition

Holdings

Inc

9.00%,

08/15/2023

(d)

683‌

651‌

Food

-

0.36%

H-Food

Holdings

LLC

/

Hearthside

Finance

Co

Inc

8.50%,

06/01/2026

(d)

500‌

466‌

Healthcare

-

Services

-

0.52%

Hadrian

Merger

Sub

Inc

8.50%,

05/01/2026

(d)

750‌

679‌

Insurance

-

0.58%

Acrisure

LLC

/

Acrisure

Finance

Inc

10.13%,

08/01/2026

(d)

700‌

752‌

Schedule

of

Investments

Principal

Diversified

Select

Real

Asset

Fund

June

30,

2020

(unaudited)

See

accompanying

notes.

4

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Leisure

Products

&

Services

-

0.46%

Constellation

Merger

Sub

Inc

8.50%,

09/15/2025

(d)

$

750‌

$

600‌

Media

-

0.34%

Cengage

Learning

Inc

9.50%,

06/15/2024

(d)

406‌

284‌

McGraw-Hill

Global

Education

Holdings

LLC

/

McGraw-Hill

Global

Education

Finance

7.88%,

05/15/2024

(d)

239‌

159‌

$

443‌

Miscellaneous

Manufacturers

-

0.57%

FXI

Holdings

Inc

7.88%,

11/01/2024

(d)

688‌

592‌

12.25%,

11/15/2026

(d)

160‌

155‌

$

747‌

Mortgage

Backed

Securities

-

1.98

%

Freddie

Mac

STACR

2019-HQA3

7.68%,

09/25/2049

(d)

500‌

392‌

1.00

x

1

Month

USD

LIBOR

+

7.50%

Freddie

Mac

STACR

Remic

Trust

2020-DNA2

4.98%,

02/25/2050

(d)

500‌

289‌

1.00

x

1

Month

USD

LIBOR

+

4.80%

Freddie

Mac

STACR

Trust

2019-DNA2

10.68%,

03/25/2049

(d)

900‌

850‌

1.00

x

1

Month

USD

LIBOR

+

10.50%

Freddie

Mac

STACR

Trust

2019-DNA3

8.33%,

07/25/2049

(d)

250‌

203‌

1.00

x

1

Month

USD

LIBOR

+

8.15%

Freddie

Mac

STACR

Trust

2019-HQA2

11.43%,

04/25/2049

(d)

900‌

869‌

1.00

x

1

Month

USD

LIBOR

+

11.25%

$

2,603‌

Other

Asset

Backed

Securities

-

0.30%

Oaktree

CLO

2019-4

Ltd

8.37%,

10/20/2032

(d)

500‌

388‌

1.00

x

3

Month

USD

LIBOR

+

7.23%

Retail

-

0.31%

Staples

Inc

10.75%,

04/15/2027

(d)

700‌

411‌

Telecommunications

-

0.54%

Consolidated

Communications

Inc

6.50%,

10/01/2022

417‌

384‌

Gogo

Intermediate

Holdings

LLC

/

Gogo

Finance

Co

Inc

9.88%,

05/01/2024

(d)

372‌

316‌

$

700‌

TOTAL

BONDS

$

31,845‌

CONVERTIBLE

BONDS

-

1.75%

Principal

Amount

(000's)

Value

(000's)

Energy

-

Alternate

Sources

-

1.75%

Sunnova

Energy

International

Inc

9.75%,

04/30/2025

(e),(g),(h)

$

1,777‌

$

2,286‌

TOTAL

CONVERTIBLE

BONDS

$

2,286‌

SENIOR

FLOATING

RATE

INTERESTS

-

0.39%

Principal

Amount

(000's)

Value

(000's)

Automobile

Parts

&

Equipment

-

0.39%

GC

EOS

Buyer

Inc

9.58%,

06/29/2026

(k)

$

700‌

$

511‌

3

Month

USD

LIBOR

+

2.75%

TOTAL

SENIOR

FLOATING

RATE

INTERESTS

$

511‌

Total

Investments

$

131,

141‌

Other

Assets

and

Liabilities

-  (0.36)%

(473‌)

TOTAL

NET

ASSETS

-

100.00%

$

130,668‌

(a)

Current

yield

shown

is

as

of

period

end.

(b)

Private

Investment

Funds

have

quarterly

or

annual

redemption

frequencies

and

are

considered

restricted

securities.

Please

see

Private

Investment

Funds

sub-schedule

for

additional

information.

(c)

Non-income

producing

security

(d)

Security

exempt

from

registration

under

Rule

144A

of

the

Securities

Act

of

1933.

These

securities

may

be

resold

in

transactions

exempt

from

registration,

normally

to

qualified

institutional

buyers.

At

the

end

of

the

period,

the

value

of

these

securities

totaled

$24,845

or

19.01%

of

net

assets.

(e)

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

results

in

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

$5,389

or

4.12

%

of

net

assets.

(f)

Perpetual

security.

Perpetual

securities

pay

an

indefinite

stream

of

interest,

but

they

may

be

called

by

the

issuer

at

an

earlier

date.

Date

shown,

if

any,

reflects

the

next

call

date

or

final

legal

maturity

date.

Rate

shown

is

as

of

period

end.

(g)

The

value

of

these

investments

was

determined

using

significant

unobservable

inputs.

(h)

Restricted

Security.

Please

see

Restricted

Security

sub-schedule

for

additional

information.

(

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)

Security

is

an

Interest

Only

Strip.

(k)

Rate

information

disclosed

is

based

on

an

average

weighted

rate

of

the

underlying

tranches

as

of

period

end.

Portfolio

Summary  (unaudited)

Sector

Percent

Mortgage

Securities

19.38‌%

Utilities

17.87‌%

Energy

14.47‌%

Financial

13.41‌%

Industrial

11.40‌%

Money

Market

Funds

6.40‌%

Consumer,

Cyclical

5.90‌%

Basic

Materials

5.42‌%

Consumer,

Non-cyclical

4.51‌%

Communications

0.95‌%

Investment

Companies

0.3

5‌

%

Asset

Backed

Securities

0.30‌%

Other

Assets

and

Liabilities

(0.36‌

)%

TOTAL

NET

ASSETS

100.00%

Schedule

of

Investments

Principal

Diversified

Select

Real

Asset

Fund

June

30,

2020

(unaudited)

See

accompanying

notes.

5

Private

Investment

Funds

Security

Name

Acquisition

Date

Cost

Value

Redemption

Notice

(days)

Percent

of

Net

Assets

BTG

Pactual

Open

Ended

Core

US

Timberland

Fund,

LP

(a)

07/01/2019

$

8,000‌

$

7,98

3‌

90

6.11%

Ceres

Farmland

Holdings,

LP

(b)

11/01/2019

6,000‌

6,185‌

N/A

4.72%

Sound

Point

CLO

Fund,

LP

(c)

08/01/2019

4,000‌

2,803‌

60

2.15%

Total

$

16,971‌

12.98%

The

private

investment

funds

listed

in

the

table

do

not

include

any

unfunded

commitments.

Amounts

in

thousands.

(a)

The

fund

was

established

to

invest

and

reinvest

assets

of

the

investors

through

the

REIT,

primarily

in

interests

(including

ownership

or

leasehold

interests)

in

real

property,

which

is

to

be

planted

with

trees,

or

real

property

on

which

trees

are

growing

(timberland),

trees

growing

on

timberland,

or

trees

which

have

been

cut

but

not

removed

from

the

timberland

(timber);

contracts

or

agreements

for

the

cutting

and/or

use

of

timber

on

timberland.

Timber

investments

are

not

intended

to

produce

immediate

revenues.

Redemptions

are

subject

to

a

two-year

holding

period

from

the

acquisition

date.

(b)

The

fund

is

an

open-ended

investment

fund

whose

objective

is

to

generate

an

attractive

total

return

through

the

acquisition

and

management

of

farmland

in

the

Midwestern

United

States.

Redemptions

are

subject

to

a

one-year

holding

period

from

the

acquisition

date.

After

the

holding

period

has

expired,

redemptions

are

permitted

with

written

redemption

notice

five

months

prior

to

the

annual

redemption

date,

which

is

the

last

day

of

February.

(c)

The

fund

was

organized

for

the

purpose

of

trading

and

investing

in

residual

tranches

and

other

notes

issued

by

and

with

respect

to

collateralized

loan

obligations.

Redemptions

are

subject

to

a

one-year

holding

period

from

the

acquisition

date.

Restricted

Securities

Security

Name

Acquisition

Date

Cost

Value

Percent

of

Net

Assets

Sunnova

Energy

International

Inc

9.75%,

04/30/2025

05/21/2020

$

1,777‌

$

2,286‌

1.75%

Targa

Resources

Corp  

9.50%,

02/18/2021

11/18/2019

2,150‌

1,994‌

1.53%

Total

$

4,280‌

3.28%

Amounts

in

thousands.

Glossary

to

the

Schedule

of

Investments

June

30,

2020

(unaudited)

See

accompanying

notes.

6

Currency

Abbreviations

USD/$

United

States

Dollar

June

30,

2020

(unaudited)

7

Security

Valuation.

Principal

Diversified

Select

Real

Asset

Fund

(known

as

the

“Fund”)

values

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

Principal

Global

Investors,

LLC

(“the

Manager”)

under

procedures

established

and

periodically

reviewed

by

the

Fund’s

Board

of

Trustees.

The

Fund

invests

in

other

publicly

traded

investment

funds

which

are

valued

at

the

respective

fund’s

net

asset

value.

In

addition,

the

Fund

invests

a

portion

of

its

assets

in

private

investment

funds

which

are

valued

at

fair

value

based

upon

the

net

asset

value

reported

on

a

periodic

basis.

The

appropriateness

of

the

fair

value

of

these

securities

is

monitored

by

the

Manager.

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

Fund’s

net

asset

value

are

reflected

in

the

Fund’s

net

asset

value

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

Trustees.

Many

factors,

provided

by

independent

pricing

services,

are

reviewed

in

the

course

of

making

a

good

faith

determination

of

a

security’s

fair

value,

including,

but

not

limited

to,

price

movements

in

ADRs,

futures

contracts,

industry

indices,

general

indices,

and

foreign

currencies.

To

the

extent

the

Fund

invests

in

foreign

securities

listed

on

foreign

exchanges

which

trade

on

days

on

which

the

Fund

does

not

determine

net

asset

value,

for

example

weekends

and

other

customary

national

U.S.

holidays,

the

Fund’s

net

asset

value

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

affected.

It

is

the

policy

of

the

Fund

to

value

such

securities

at

prices

at

which

it

is

expected

those

shares

may

be

sold,

and

the

Manager

or

any

Sub-Advisor

is

authorized

to

make

such

determinations

subject

to

such

oversight

by

the

Fund’s

Board

of

Trustees

as

may

occasionally

be

necessary.

Fair

value

is

defined

as

the

price

that

the

Fund

would

receive

upon

selling

a

security

in

a

timely

transaction

to

an

independent

buyer

in

the

principal

or

most

advantageous

market

of

the

security

at

the

measurement

date.

In

determining

fair

value,

the

Fund

may

use

one

or

more

of

the

following

approaches:

market,

income

and/or

cost.

A

hierarchy

for

inputs

is

used

in

measuring

fair

value

that

maximizes

the

use

of

observable

inputs

and

minimizes

the

use

of

unobservable

inputs

by

requiring

that

the

most

observable

inputs

be

used

when

available.

Observable

inputs

are

inputs

that

reflect

the

assumptions

market

participants

would

use

in

pricing

the

asset

or

liability

developed

based

on

market

data

obtained

from

sources

independent

of

the

Fund.

Unobservable

inputs

are

inputs

that

reflect

the

Fund’s

own

estimates

about

the

estimates

market

participants

would

use

in

pricing

the

asset

or

liability

developed

based

on

the

best

information

available

in

the

circumstances.

The

three-tier

hierarchy

of

inputs

is

summarized

in

the

three

broad

levels

listed

below.

Level

1

–

Quoted

prices

are

available

in

active

markets

for

identical

securities

as

of

the

reporting

date.

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,

prepayments

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

US

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,

preferred

stocks

or

senior

floating

rate

interests.

In

accordance

with

Accounting

Standards

Codification

820

–

Fair

Value

Measurement,

the

Fund

has

elected

to

apply

the

practical

expedient

to

value

its

investments

in

private

investment

funds

at

their

respective

net

asset

value

each

calendar

quarter.

On

non-valuation

days,

the

Valuation

Committee

determines

the

fair

value

of

each

private

investment

fund.

These

investments

are

excluded

from

the

fair

value

hierarchy.

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

June

30,

2020

(unaudited)

8

transaction.

To

the

extent

that

valuation

is

based

on

models

or

inputs

that

are

less

observable

or

unobservable

in

the

market,

the

determination

of

fair

value

requires

more

judgment.

Accordingly,

the

degree

of

judgment

exercised

by

the

Fund

in

determining

fair

value

is

greatest

for

instruments

categorized

in

Level

3.

In

certain

cases,

the

inputs

used

to

measure

fair

value

may

fall

into

different

levels

of

the

fair

value

hierarchy.

In

such

cases,

for

disclosure

purposes,

the

level

in

the

fair

value

hierarchy

within

which

the

fair

value

measurement

in

its

entirety

falls

is

determined

based

on

the

lowest

level

input

that

is

significant

to

the

fair

value

measurement

in

its

entirety.

Fair

value

is

a

market-based

measure

considered

from

the

perspective

of

a

market

participant

who

holds

the

asset

rather

than

an

entity

specific

measure.

Therefore,

even

when

market

assumptions

are

not

readily

available,

the

Fund’s

own

assumptions

are

set

to

reflect

those

that

market

participants

would

use

in

pricing

the

asset

or

liability

at

the

measurement

date.

The

Fund

uses

prices

and

inputs

that

are

current

as

of

the

measurement

date,

when

available.

Investments

which

are

included

in

the

Level

3

category

may

be

valued

using

quoted

prices

from

brokers

and

dealers

participating

in

the

market

for

these

investments.

These

investments

are

classified

as

Level

3

investments

due

to

the

lack

of

market

transparency

and

market

corroboration

to

support

these

quoted

prices.

Valuation

models

may

be

used

as

the

pricing

source

for

other

investments

classified

as

Level

3.

Valuation

models

rely

on

one

or

more

significant

unobservable

inputs

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

Trustees.

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

Trustees.

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

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

Fund

(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.

Fund

Level

1

-

Quoted

Prices

Level

2

-

Other

Significant

Observable

Inputs

Level

3

-

Significant

Unobservable

Inputs

Totals

(Level

1,2,3)

Principal

Diversified

Select

Real

Asset

Fund

Bonds*

$

—

$

31,845

$

—

$

31,845

Common

Stocks

Basic

Materials

2,957

4,119

—

7,076

Communications

—

88

—

88

Consumer,

Cyclical

—

64

—

64

Consumer,

Non-cyclical

1,610

1,784

—

3,394

Energy

10,690

3,908

—

14,598

Financial

7,641

6,309

—

13,950

Industrial

4,547

1,660

—

6,207

June

30,

2020

(unaudited)

9

*For

additional

detail

regarding

sector

classifications,

please

see

the

Schedule

of

Investments.

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):

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):

*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

service

**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

The

Fund's

Schedule

of

Investments

as

of

June

30,

2020

has

not

been

audited.

This

report

is

provided

for

the

general

information

of

the

Fund's

shareholders.

For

more

information

regarding

the

Fund

and

its

holdings,

please

see

the

Fund's

prospectus

and

annual

report.

Fund

Level

1

-

Quoted

Prices

Level

2

-

Other

Significant

Observable

Inputs

Level

3

-

Significant

Unobservable

Inputs

Totals

(Level

1,2,3)

Principal

Diversified

Select

Real

Asset

Fund

Utilities

$

9,387

$

13,672

$

—

$

23,059

Convertible

Bonds*

—

—

2,286

2,286

Convertible

Preferred

Stocks

Energy

—

—

1,994

1,994

Investment

Companies

8,824

—

—

8,824

Preferred

Stocks

Utilities

274

—

—

274

Senior

Floating

Rate

Interests*

—

511

—

511

Total

$

45,930

$

63,960

$

4,280

$

114,170

Investments

Using

NAV

as

Practical

Expedient

Private

Investment

Funds

16,

971

Total

investments

in

securities

$

131,

141

Fund

Asset

Type

Fair

Value

as

of

June

30,

2020

Valuation

Technique

Unobservable

Input

Input

Valuations

Diversified

Select

Real

Asset

Fund

Convertible

Bonds

$

2,285

Lattice

model

Debt

discount

rate

23.89%

Preferred

Stocks

1,995

Lattice

model

Debt

discount

rate

9.12%

$

4,280

Fair

Value

March

31,

2020

Realized

Gain/

(Loss)

Accrued

Discounts/

Premiums

and

Change

in

Unrealized

Gain/

(Loss)

Purchases

Proceeds

from

Sales

Transfers

into

Level

3*

Transfers

Out

of

Level

3**

Fair

Value

June

30,

2020

Net

Change

in

Unrealized

Appreciation/

(Depreciation)

on

Investments

Held

at

June

30,

2020

Diversified

Select

Real

Asset

Fund

Convertible

Bonds

$

—

$

—

$

508

$

1,777

$

—

$

—

$

—

$

2,285

$

508

Preferred

Stocks

—

—

747

—

—

1,248

—

1,995

747

Total

$

—

$

—

$

1,255

$

1,777

$

—

$

1,248

$

—

$

4,280

$

1,255