Principal Real Asset Fund (PDSRX) NPORT-P Principal Diversified Select Real Asset Fund (Dec 2021 report)

Schedule

of

Investments

Principal

Diversified

Select

Real

Asset

Fund

December

31,

2021

(unaudited)

See

accompanying

notes.

1

INVESTMENT

COMPANIES

-

0

.66

%

Shares

Held

Value

(000's)

Exchange-Traded

Funds

-

0

.17

%

SPDR

S&P

Global

Natural

Resources

ETF

5,785‌

$

312‌

Money

Market

Funds

-

0

.49

%

Morgan

Stanley

Institutional

Liquidity

Funds

-

Government

Portfolio

-

Institutional

Class

0.03%

(a)

895,742‌

896‌

TOTAL

INVESTMENT

COMPANIES

$

1,208‌

PRIVATE

INVESTMENT

FUNDS

-

49

.11

%

Shares

Held

Value

(000's)

Agriculture

-

18

.89

%

Ceres

Farmland

Holdings,

LP

(b)

N/A

$

8,198‌

Hancock

Timberland

and

Farmland

Fund,

LP

(b)

N/A

12,515‌

UBS

AgriVest

Farmland

Fund

(b)

N/A

13,940‌

$

34,653‌

Diversified

Financial

Services

-

2

.39

%

Sound

Point

CLO

Fund,

LP

(b),(c)

N/A

4,389‌

Energy

-

Alternate

Sources

-

6

.50

%

ACIP

Parallel

Fund

A,

LP

(b)

N/A

792‌

Brookfield

Super-Core

Infrastructure

Partners

Fund,

LP

(b)

N/A

5,008‌

CBRE

Caledon

Global

Infrastructure

Fund

(International),

LP

(b)

N/A

6,130‌

$

11,930‌

Private

Equity

-

3

.42

%

GDIF

US

Hedged

Feeder

Fund,

LP

(b)

N/A

6,269‌

Real

Estate

-

7

.66

%

PGIM

Real

Estate

US

Debt

Fund,

LP

(b)

N/A

5,125‌

UBS

Trumbull

Property

Growth

&

Income

Fund

(b)

N/A

8,922‌

$

14,047‌

REITs

-

10

.25

%

BTG

Pactual

Open

Ended

Core

US

Timberland

Fund,

LP

(b)

N/A

18,801‌

TOTAL

PRIVATE

INVESTMENT

FUNDS

$

90,089‌

COMMON

STOCKS

-

42

.55

%

Shares

Held

Value

(000's)

Agriculture

-

0

.20

%

Archer-Daniels-Midland

Co

1,866‌

$

126‌

Bunge

Ltd

1,341‌

125‌

Darling

Ingredients

Inc

(c)

1,719‌

119‌

$

370‌

Biotechnology

-

0

.07

%

Corteva

Inc

2,580‌

122‌

Building

Materials

-

0

.25

%

Fortune

Brands

Home

&

Security

Inc

1,598‌

171‌

Geberit

AG

276‌

225‌

Masco

Corp

809‌

57‌

$

453‌

Chemicals

-

0

.84

%

CF

Industries

Holdings

Inc

1,916‌

136‌

Diversey

Holdings

Ltd

(c)

14,110‌

188‌

Ecolab

Inc

2,054‌

482‌

FMC

Corp

1,158‌

127‌

ICL

Group

Ltd

13,248‌

127‌

Mosaic

Co/The

3,393‌

133‌

Nutrien

Ltd

1,759‌

132‌

Sociedad

Quimica

y

Minera

de

Chile

SA

ADR

1,864‌

94‌

Yara

International

ASA

2,374‌

120‌

$

1,539‌

Commercial

Services

-

1

.11

%

Atlas

Arteria

Ltd

211,571‌

1,065‌

CCR

SA

145,200‌

302‌

Transurban

Group

66,911‌

672‌

$

2,039‌

Consumer

Products

-

0

.07

%

Avery

Dennison

Corp

566‌

123‌

Distribution

&

Wholesale

-

0

.11

%

Core

&

Main

Inc

(c)

6,498‌

197‌

Diversified

Financial

Services

-

0

.04

%

RAM

Essential

Services

Property

Fund

106,090‌

78‌

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Electric

-

6

.16

%

Brookfield

Renewable

Corp

17,371‌

$

640‌

Clearway

Energy

Inc

-

Class

C

27,988‌

1,008‌

CPFL

Energia

SA

76,100‌

367‌

EDP

-

Energias

de

Portugal

SA

108,537‌

596‌

Entergy

Corp

3,972‌

448‌

Exelon

Corp

24,142‌

1,395‌

FirstEnergy

Corp

12,264‌

510‌

Iberdrola

SA

76,719‌

908‌

National

Grid

PLC

91,820‌

1,324‌

NextEra

Energy

Inc

8,516‌

795‌

Public

Service

Enterprise

Group

Inc

13,748‌

917‌

Red

Electrica

Corp

SA

26,762‌

579‌

Southern

Co/The

13,086‌

897‌

SSE

PLC

41,077‌

918‌

$

11,302‌

Electronics

-

0

.09

%

Badger

Meter

Inc

1,586‌

169‌

Energy

-

Alternate

Sources

-

0

.87

%

NextEra

Energy

Partners

LP

8,158‌

688‌

Sunnova

Energy

International

Inc

(c)

32,143‌

898‌

$

1,586‌

Engineering

&

Construction

-

1

.94

%

AECOM

3,820‌

296‌

Aena

SME

SA

(c),(d)

5,184‌

817‌

Aris

Water

Solution

Inc

17,759‌

230‌

Ferrovial

SA

17,917‌

560‌

Grupo

Aeroportuario

del

Pacifico

SAB

de

CV

(c)

48,100‌

664‌

Grupo

Aeroportuario

del

Sureste

SAB

de

CV

14,410‌

297‌

Stantec

Inc

4,056‌

228‌

Vinci

SA

4,415‌

466‌

$

3,558‌

Environmental

Control

-

1

.30

%

China

Water

Affairs

Group

Ltd

246,000‌

353‌

Evoqua

Water

Technologies

Corp

(c)

7,858‌

367‌

Kurita

Water

Industries

Ltd

8,900‌

422‌

METAWATER

Co

Ltd

8,800‌

155‌

Montrose

Environmental

Group

Inc

(c)

963‌

68‌

Pentair

PLC

7,005‌

512‌

Tetra

Tech

Inc

2,995‌

508‌

$

2,385‌

Food

-

0

.13

%

Ingredion

Inc

1,246‌

121‌

Wilmar

International

Ltd

38,700‌

119‌

$

240‌

Forest

Products

&

Paper

-

0

.60

%

International

Paper

Co

2,550‌

120‌

Mondi

PLC

5,104‌

127‌

Nine

Dragons

Paper

Holdings

Ltd

103,000‌

111‌

Smurfit

Kappa

Group

PLC

2,291‌

126‌

Stora

Enso

Oyj

6,889‌

126‌

Suzano

SA

ADR

11,660‌

126‌

Svenska

Cellulosa

AB

SCA

7,147‌

127‌

Sylvamo

Corp

(c)

3,835‌

107‌

UPM-Kymmene

Oyj

3,218‌

122‌

$

1,092‌

Gas

-

1

.02

%

Brookfield

Infrastructure

Corp

4,791‌

327‌

Enagas

SA

28,157‌

654‌

Snam

SpA

147,300‌

887‌

$

1,868‌

Healthcare

-

Products

-

0

.37

%

Danaher

Corp

2,066‌

680‌

Holding

Companies

-

Diversified

-

0

.09

%

Sustainable

Development

Acquisition

I

Corp

(c)

16,624‌

162‌

Sustainable

Development

Acquisition

I

Corp

-

Warrants

(c)

8,311‌

5‌

$

167‌

Schedule

of

Investments

Principal

Diversified

Select

Real

Asset

Fund

December

31,

2021

(unaudited)

See

accompanying

notes.

2

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Home

Builders

-

0

.08

%

DR

Horton

Inc

615‌

$

67‌

Persimmon

PLC

2,222‌

86‌

$

153‌

Housewares

-

0

.07

%

Scotts

Miracle-Gro

Co/The

801‌

129‌

Internet

-

0

.05

%

Vnet

Group

Inc

ADR

(c)

10,839‌

98‌

Iron

&

Steel

-

0

.56

%

ArcelorMittal

SA

4,311‌

138‌

Fortescue

Metals

Group

Ltd

9,629‌

135‌

Nippon

Steel

Corp

7,800‌

128‌

Novolipetsk

Steel

PJSC

4,012‌

118‌

Nucor

Corp

1,092‌

125‌

POSCO

529‌

123‌

Severstal

PAO

5,529‌

119‌

Vale

SA

ADR

9,388‌

132‌

$

1,018‌

Lodging

-

0

.05

%

Travel

+

Leisure

Co

1,673‌

92‌

Machinery

-

Diversified

-

1

.24

%

Georg

Fischer

AG

266‌

402‌

IDEX

Corp

1,560‌

369‌

Lindsay

Corp

1,460‌

222‌

Mueller

Water

Products

Inc

-

Class

A

19,497‌

281‌

Xylem

Inc/NY

6,154‌

738‌

Zurn

Water

Solutions

Corp

7,275‌

265‌

$

2,277‌

Metal

Fabrication

&

Hardware

-

0

.28

%

Advanced

Drainage

Systems

Inc

3,789‌

516‌

Mining

-

1

.49

%

Agnico

Eagle

Mines

Ltd

2,340‌

124‌

Anglo

American

PLC

3,165‌

130‌

Antofagasta

PLC

6,360‌

116‌

Barrick

Gold

Corp

6,122‌

116‌

BHP

Group

Ltd

4,159‌

126‌

First

Quantum

Minerals

Ltd

5,470‌

131‌

Franco-Nevada

Corp

850‌

118‌

Freeport-McMoRan

Inc

3,131‌

131‌

Glencore

PLC

(c)

24,582‌

125‌

Kirkland

Lake

Gold

Ltd

2,935‌

123‌

MMC

Norilsk

Nickel

PJSC

ADR

4,041‌

124‌

Newcrest

Mining

Ltd

6,934‌

124‌

Newmont

Corp

2,114‌

131‌

Norsk

Hydro

ASA

17,965‌

141‌

Polymetal

International

PLC

6,397‌

114‌

Polyus

PJSC

1,213‌

107‌

Rio

Tinto

Ltd

1,751‌

128‌

South32

Ltd

46,400‌

136‌

Southern

Copper

Corp

1,984‌

122‌

Sumitomo

Metal

Mining

Co

Ltd

3,100‌

117‌

Vedanta

Ltd

ADR

7,343‌

134‌

Wheaton

Precious

Metals

Corp

2,787‌

120‌

$

2,738‌

Oil

&

Gas

-

1

.85

%

BP

PLC

26,972‌

121‌

Canadian

Natural

Resources

Ltd

2,860‌

121‌

Chevron

Corp

1,028‌

121‌

ConocoPhillips

1,655‌

119‌

Ecopetrol

SA

ADR

9,037‌

116‌

Eni

SpA

8,862‌

123‌

EOG

Resources

Inc

1,334‌

119‌

Equinor

ASA

4,626‌

122‌

Exxon

Mobil

Corp

1,939‌

119‌

Gazprom

PJSC

ADR

13,019‌

120‌

Hess

Corp

1,557‌

115‌

LUKOIL

PJSC

ADR

1,330‌

119‌

Marathon

Petroleum

Corp

1,908‌

122‌

Neste

Oyj

2,470‌

122‌

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Oil

&

Gas

(continued)

Novatek

PJSC

530‌

$

124‌

Occidental

Petroleum

Corp

3,916‌

114‌

Petroleo

Brasileiro

SA

ADR

10,883‌

119‌

Phillips

66

1,678‌

122‌

Pioneer

Natural

Resources

Co

650‌

118‌

Reliance

Industries

Ltd

(d)

1,816‌

116‌

Repsol

SA

10,537‌

125‌

Rosneft

Oil

Co

PJSC

15,333‌

123‌

Royal

Dutch

Shell

PLC

-

A

Shares

5,566‌

122‌

Suncor

Energy

Inc

4,782‌

120‌

Tatneft

PJSC

ADR

3,049‌

127‌

TotalEnergies

SE

2,540‌

129‌

Valero

Energy

Corp

1,734‌

130‌

Woodside

Petroleum

Ltd

7,642‌

122‌

$

3,390‌

Oil

&

Gas

Services

-

0

.13

%

Halliburton

Co

5,378‌

123‌

Schlumberger

NV

4,048‌

121‌

$

244‌

Packaging

&

Containers

-

0

.40

%

Amcor

PLC

10,259‌

123‌

DS

Smith

PLC

24,499‌

128‌

Packaging

Corp

of

America

889‌

121‌

Sealed

Air

Corp

1,869‌

126‌

SIG

Combibloc

Group

AG

(c)

4,433‌

123‌

Westrock

Co

2,676‌

119‌

$

740‌

Pipelines

-

8

.09

%

APA

Group

105,957‌

775‌

Cheniere

Energy

Inc

18,537‌

1,880‌

DCP

Midstream

LP

35,188‌

967‌

Enbridge

Inc

19,614‌

766‌

Energy

Transfer

LP

46,071‌

379‌

Enterprise

Products

Partners

LP

20,653‌

454‌

Gibson

Energy

Inc

33,769‌

599‌

MPLX

LP

38,906‌

1,151‌

ONEOK

Inc

16,617‌

976‌

Pembina

Pipeline

Corp

27,513‌

835‌

Plains

All

American

Pipeline

LP

49,805‌

465‌

Targa

Resources

Corp

41,362‌

2,161‌

TC

Energy

Corp

11,454‌

533‌

Western

Midstream

Partners

LP

47,793‌

1,064‌

Williams

Cos

Inc/The

70,428‌

1,834‌

$

14,839‌

Private

Equity

-

0

.16

%

Capitaland

Investment

Ltd/Singapore

(c)

59,700‌

151‌

Centuria

Capital

Group

55,092‌

140‌

$

291‌

Real

Estate

-

1

.60

%

Castellum

AB

4,690‌

126‌

ESR

Kendall

Square

REIT

Co

Ltd

18,759‌

100‌

Fabege

AB

5,752‌

96‌

Hongkong

Land

Holdings

Ltd

38,300‌

199‌

Midea

Real

Estate

Holding

Ltd

(d)

26,000‌

41‌

Mitsubishi

Estate

Co

Ltd

17,000‌

236‌

Mitsui

Fudosan

Co

Ltd

17,400‌

345‌

New

World

Development

Co

Ltd

52,750‌

209‌

Qualitas

Ltd

(c)

66,453‌

120‌

Samhallsbyggnadsbolaget

i

Norden

AB

32,900‌

241‌

Sun

Hung

Kai

Properties

Ltd

18,000‌

218‌

Sunac

Services

Holdings

Ltd

(d)

88,000‌

90‌

Vonovia

SE

13,504‌

744‌

Wihlborgs

Fastigheter

AB

5,302‌

120‌

Zhongliang

Holdings

Group

Co

Ltd

98,500‌

46‌

$

2,931‌

Schedule

of

Investments

Principal

Diversified

Select

Real

Asset

Fund

December

31,

2021

(unaudited)

See

accompanying

notes.

3

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

REITs

-

8

.78

%

Activia

Properties

Inc

18‌

$

65‌

Agree

Realty

Corp

1,430‌

102‌

AIMS

APAC

REIT

110,200‌

119‌

Alexandria

Real

Estate

Equities

Inc

378‌

84‌

Allied

Properties

Real

Estate

Investment

Trust

4,300‌

149‌

American

Homes

4

Rent

8,089‌

353‌

American

Tower

Corp

388‌

113‌

Apartment

Income

REIT

Corp

1,881‌

103‌

Arena

REIT

18,291‌

66‌

AvalonBay

Communities

Inc

414‌

105‌

Big

Yellow

Group

PLC

17,793‌

414‌

Broadstone

Net

Lease

Inc

4,833‌

120‌

CapitaLand

Integrated

Commercial

Trust

79,033‌

120‌

Centuria

Industrial

REIT

41,395‌

126‌

Centuria

Office

REIT

24,576‌

42‌

CFE

Capital

S

de

RL

de

CV

241,100‌

306‌

Charter

Hall

Group

3,042‌

45‌

CRE

Logistics

REIT

Inc

55‌

108‌

Crown

Castle

International

Corp

4,226‌

882‌

CubeSmart

7,300‌

415‌

Daiwa

House

REIT

Investment

Corp

92‌

279‌

Daiwa

Office

Investment

Corp

15‌

91‌

Dexus

29,364‌

237‌

Digital

Core

REIT

Management

Pte

Ltd

(c)

177,218‌

206‌

Dream

Industrial

Real

Estate

Investment

Trust

27,000‌

367‌

Equinix

Inc

286‌

242‌

ESR-REIT

251,188‌

90‌

Essex

Property

Trust

Inc

196‌

69‌

First

Industrial

Realty

Trust

Inc

3,200‌

212‌

Gecina

SA

1,007‌

141‌

Goodman

Group

7,820‌

151‌

Healthcare

Trust

of

America

Inc

5,486‌

183‌

HealthCo

REIT

11,326‌

18‌

Independence

Realty

Trust

Inc

17,619‌

455‌

Industrial

&

Infrastructure

Fund

Investment

Corp

60‌

116‌

Industrial

Logistics

Properties

Trust

11,461‌

287‌

Ingenia

Communities

Group

26,099‌

118‌

Inmobiliaria

Colonial

Socimi

SA

13,226‌

124‌

InvenTrust

Properties

Corp

7,700‌

210‌

Invitation

Homes

Inc

14,923‌

677‌

Irongate

Group

90,301‌

114‌

Klepierre

SA

3,716‌

88‌

Lendlease

Global

Commercial

REIT

71,800‌

48‌

Life

Science

Reit

PLC

(c)

102,469‌

140‌

Medical

Properties

Trust

Inc

12,837‌

303‌

Merlin

Properties

Socimi

SA

18,214‌

197‌

MGM

Growth

Properties

LLC

9,443‌

386‌

Minto

Apartment

Real

Estate

Investment

Trust

(d)

2,300‌

40‌

National

Storage

Affiliates

Trust

4,400‌

304‌

Nexus

Real

Estate

Investment

Trust

24,200‌

241‌

NSI

NV

6,236‌

248‌

Park

Hotels

&

Resorts

Inc

(c)

5,813‌

110‌

Plymouth

Industrial

REIT

Inc

6,414‌

205‌

Prologis

Inc

5,129‌

863‌

Rexford

Industrial

Realty

Inc

3,141‌

255‌

Sabra

Health

Care

REIT

Inc

19,632‌

266‌

Saul

Centers

Inc

3,248‌

172‌

Segro

PLC

27,968‌

544‌

Sekisui

House

Reit

Inc

351‌

262‌

SF

Real

Estate

Investment

Trust

(c)

302,000‌

135‌

STORE

Capital

Corp

4,945‌

170‌

Summit

Industrial

Income

REIT

19,830‌

368‌

Sun

Communities

Inc

3,489‌

733‌

Sunstone

Hotel

Investors

Inc

(c)

9,230‌

108‌

UNITE

Group

PLC/The

6,901‌

104‌

Ventas

Inc

11,524‌

589‌

VICI

Properties

Inc

18,190‌

548‌

Welltower

Inc

2,434‌

209‌

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

REITs

(continued)

Weyerhaeuser

Co

5,924‌

$

244‌

$

16,104‌

Telecommunications

-

0

.04

%

Eutelsat

Communications

SA

6,006‌

73‌

Transportation

-

0

.39

%

Getlink

SE

42,664‌

707‌

Water

-

2

.03

%

American

Water

Works

Co

Inc

5,136‌

970‌

Essential

Utilities

Inc

14,307‌

768‌

Grupo

Rotoplas

SAB

de

CV

(c)

74,880‌

103‌

Middlesex

Water

Co

1,120‌

135‌

Pennon

Group

PLC

16,426‌

260‌

United

Utilities

Group

PLC

33,454‌

494‌

Veolia

Environnement

SA

24,918‌

915‌

York

Water

Co/The

1,710‌

85‌

$

3,730‌

TOTAL

COMMON

STOCKS

$

78,038‌

CONVERTIBLE

PREFERRED

STOCKS

-

0

.05

%

Shares

Held

Value

(000's)

REITs

-

0

.05

%

RPT

Realty

7.25%

(e)

1,650‌

$

97‌

TOTAL

CONVERTIBLE

PREFERRED

STOCKS

$

97‌

BONDS

-

7

.82

%

Principal

Amount

(000's)

Value

(000's)

Commercial

Mortgage

Backed

Securities

-

7

.82

%

BANK

2018-BNK13

3.00%,

08/15/2061

(d)

$

2,000‌

$

1,777‌

BANK

2019-BNK22

1.50%,

11/15/2062

(d),(f),(g)

2,000‌

185‌

1.96%,

11/15/2062

(d),(g)

1,000‌

696‌

Benchmark

2018-B3

Mortgage

Trust

3.04%,

04/10/2051

(d),(g)

500‌

461‌

Benchmark

2018-B6

Mortgage

Trust

3.11%,

10/10/2051

(d),(g)

1,000‌

910‌

Benchmark

2019-B11

Mortgage

Trust

3.00%,

05/15/2052

(d)

310‌

279‌

Benchmark

2019-B13

Mortgage

Trust

1.00%,

08/15/2057

(d),(f),(g)

1,750‌

110‌

3.00%,

08/15/2057

(d)

1,750‌

1,170‌

Benchmark

2020-B20

Mortgage

Trust

1.55%,

10/15/2053

(d),(f),(g)

3,250‌

376‌

Benchmark

2020-B21

Mortgage

Trust

1.46%,

12/17/2053

(f),(g)

8,987‌

926‌

Benchmark

2021-B28

Mortgage

Trust

1.38%,

08/15/2054

(d),(f),(g)

4,000‌

461‌

Benchmark

2021-B29

Mortgage

Trust

2.00%,

09/15/2054

(d)

1,000‌

831‌

Citigroup

Commercial

Mortgage

Trust

2018-C6

5.07%,

11/10/2051

(g)

1,000‌

1,106‌

Citigroup

Commercial

Mortgage

Trust

2019-GC41

3.00%,

08/10/2056

(d)

1,400‌

937‌

Freddie

Mac

Multifamily

Structured

Pass

Through

Certificates

1.52%,

01/25/2027

(f),(g)

11,984‌

797‌

2.45%,

03/25/2049

(f),(g)

6,890‌

884‌

GS

Mortgage

Securities

Trust

2013-GCJ14

4.74%,

08/10/2046

(d),(g)

539‌

527‌

GS

Mortgage

Securities

Trust

2019-GC40

1.16%,

07/10/2052

(d),(f),(g)

9,860‌

828‌

GS

Mortgage

Securities

Trust

2019-GC42

0.94%,

09/01/2052

(d),(f),(g)

3,246‌

219‌

Schedule

of

Investments

Principal

Diversified

Select

Real

Asset

Fund

December

31,

2021

(unaudited)

See

accompanying

notes.

4

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Commercial

Mortgage

Backed

Securities

(continued)

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust

2015-C25

4.53%,

10/15/2048

(d),(g)

$

1,000‌

$

872‌

$

14,352‌

TOTAL

BONDS

$

14,352‌

Total

Investments

$

183,784‌

Other

Assets

and

Liabilities

-  (0.19)%

(

357‌

)

TOTAL

NET

ASSETS

-

100.00%

$

183,427‌

(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

$11,743

or

6.40%

of

net

assets.

(e)

Perpetual

security.

Perpetual

securities

pay

an

indefinite

stream

of

interest,

but

they

may

be

called

by

the

issuer

at

an

earlier

date.

Date

shown,

if

any,

reflects

the

next

call

date

or

final

legal

maturity

date.

Rate

shown

is

as

of

period

end.

(f)

Security

is

an

Interest

Only

Strip.

(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.

Portfolio

Summary  (unaudited)

Sector

Percent

Financial

34

.35‌

%

Consumer,

Non-cyclical

20

.84‌

%

Energy

17

.44‌

%

Utilities

9

.21‌

%

Mortgage

Securities

7

.82‌

%

Industrial

5

.89‌

%

Basic

Materials

3

.49‌

%

Money

Market

Funds

0

.49‌

%

Consumer,

Cyclical

0

.31‌

%

Investment

Companies

0

.17‌

%

Communications

0

.09‌

%

Diversified

0

.09‌

%

Other

Assets

and

Liabilities

(

0

.19‌

)

%

TOTAL

NET

ASSETS

100.00%

Private

Investment

Funds

Security

Name

Acquisition

Date

Cost

Value

Redemption

Notice

(days)

Percent

of

Net

Assets

ACIP

Parallel

Fund

A,

LP

(a)

11/15/2021

$

915‌

$

792‌

N/A

0.43%

Brookfield

Super-Core

Infrastructure

Partners

Fund,

LP

(b)

07/01/2021

5,000‌

5,008‌

N/A

2.73%

BTG

Pactual

Open

Ended

Core

US

Timberland

Fund,

LP

(c)

07/01/2019

-

12/30/2021

17,142‌

18,801‌

90

10.25%

CBRE

Caledon

Global

Infrastructure

Fund

(International),

LP

(d)

07/16/2021

6,040‌

6,130‌

N/A

3.34%

Ceres

Farmland

Holdings,

LP

(e)

11/06/2019,

02/05/2021

7,000‌

8,198‌

N/A

4.47%

GDIF

US

Hedged

Feeder

Fund,

LP

(f)

04/23/2021

-

10/13/2021

6,087‌

6,269‌

N/A

3.42%

Hancock

Timberland

and

Farmland

Fund,

LP

(g)

08/12/2020

-

12/17/2021

12,002‌

12,515‌

N/A

6.82%

PGIM

Real

Estate

US

Debt

Fund,

LP

(h)

04/30/2021,

06/30/2021

5,123‌

5,125‌

N/A

2.79%

Sound

Point

CLO

Fund,

LP

(i)

08/06/2019

4,000‌

4,389‌

60

2.39%

UBS

AgriVest

Farmland

Fund

(j)

07/01/2020

-

06/30/2021

13,035‌

13,940‌

60

7.60%

UBS

Trumbull

Property

Growth

&

Income

Fund

(k)

07/01/2020

-

12/30/2021

7,530‌

8,922‌

60

4.87%

Total

$

90,089‌

49.11%

The

private

investment

funds

listed

in

the

table

do

not

include

any

unfunded

commitments.

Amounts

in

thousands.

(a)

This

closed-end

fund

focuses

on

the

Climate

Infrastructure

sector

which

includes

value-add

renewable

energy,

resource

and

energy

efficiency,

transmission

and

smart

grids,

vehicle

electrification,

and

energy

storage

and

microgrids.

The

fund

has

a

life

term

of

10

years

during

which,

redemptions

are

not

permitted.

(b)

This

open-end

fund

will

invest

in

high-quality,

core

infrastructure

assets

principally

throughout

North

America,

Europe

and

Australia

with

a

focus

on

current

yield,

diversification

and

inflation

protection.

Specifically,

the

fund

will

focus

on

regulated

or

contracted

assets

in

the

utilities,

energy,

power

and

transportation

sector

where

Brookfield

has

established

operating

expertise.

Of

those

sectors,

utilities

will

be

a

significant

focus

and

transportation

would

be

a

much

smaller

allocation

in

the

portfolio

given

its

more

cyclical

nature.

Redemptions

are

subject

to

a

three-year

holding

period

from

the

acquisition

date.

(c)

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.

(d)

The

fund

will

seek

to

invest

in

a

global,

diversified

portfolio

of

high-quality

core

and

core-plus

mid-market

infrastructure

investments

with

stable

returns,

inflation

protection,

low

volatility,

predictable

yield

and

a

low

correlation

with

other

asset

classes

through

an

open-end

structure.

Redemptions

are

subject

to

a

three-year

holding

period

from

the

acquisition

date.

(e)

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.

(f)

This

feeder

fund

offers

hedging

to

protect

against

currency

movements

in

the

Global

Diversified

Infrastructure

Fund

which

invests

in

diversified

infrastructure

investments.

Redemptions

are

subject

to

a

three-year

holding

period

from

the

acquisition

date.

(g)

This

open-end

fund

blends

the

two

asset

classes

of

timberland

and

farmland.

The

geographic

focus

will

be

in

the

U.S.,

Canada,

Australia,

New

Zealand,

Chile,

Brazil,

Uruguay,

and

Western

Europe.

Agriculture

investments

will

be

diversified

among

row

crops

(corn,

soy,

wheat,

etc.),

permanent

crops

(vines/trees),

and

commodity

crops

(cotton,

lettuce,

strawberries,

etc.).

Redemptions

are

subject

to

a

three-year

holding

period

from

the

acquisition

date.

After

the

holding

period

has

expired,

redemptions

are

permitted

with

written

redemption

notice

given

by

April

30th

of

that

year.

(h)

This

fund

is

comprised

of

loans

with

strong

fundamentals

and

focused

on

income

return.

Redemptions

are

available

if

inflows

of

capital

offset

the

requested

redemption

amount

and

if

liquidity

is

sufficient.

Schedule

of

Investments

Principal

Diversified

Select

Real

Asset

Fund

December

31,

2021

(unaudited)

See

accompanying

notes.

5

(i)

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.

(j)

This

open-end

fund

invests

primarily

in

U.S.

farmland.

It

is

a

well-diversified

portfolio

across

many

regions

of

the

country

and

diversified

across

row

crops,

vegetable

crops,

and

permanent

crops.

Redemptions

are

permitted

with

written

redemption

notice

60

days

prior

to

the

end

of

the

quarter.

(k)

This

open-end,

commingled

private

real

estate

portfolio

combines

value-add

properties

with

capital

appreciation

potential

and

more

stable

income-generating

properties.

Properties

in

the

portfolio

typically

start

as  development,

renovation,

repositioning,

or

lease-up

stage

investments,

and

transition

toward

stabilized

assets.

Redemptions

are

permitted

with

written

redemption

notice

60

days

prior

to

the

end

of

the

quarter.

Glossary

to

the

Schedule

of

Investments

December

31,

2021

(unaudited)

See

accompanying

notes.

6

Currency

Abbreviations

USD/$

United

States

Dollar

December

31,

2021

(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

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.

Many

factors,

provided

by

independent

pricing

services,

are

reviewed

in

the

course

of

making

a

good

faith

determination

of

a

security’s

fair

value,

including,

but

not

limited

to,

price

movements

in

American

Depositary

Receipts

(“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,

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

month

or

quarter.

These

investments

are

excluded

from

the

fair

value

hierarchy.

December

31,

2021

(unaudited)

8

The

availability

of

observable

inputs

can

vary

from

security

to

security

and

is

affected

by

a

wide

variety

of

factors,

including,

for

example,

the

type

of

security,

whether

the

security

is

new

and

not

yet

established

in

the

market

place,

and

other

characteristics

particular

to

the

transaction.

To

the

extent

that

valuation

is

based

on

models

or

inputs

that

are

less

observable

or

unobservable

in

the

market,

the

determination

of

fair

value

requires

more

judgment.

Accordingly,

the

degree

of

judgment

exercised

by

the

Fund

in

determining

fair

value

is

greatest

for

instruments

categorized

in

Level

3.

In

certain

cases,

the

inputs

used

to

measure

fair

value

may

fall

into

different

levels

of

the

fair

value

hierarchy.

In

such

cases,

for

disclosure

purposes,

the

level

in

the

fair

value

hierarchy

within

which

the

fair

value

measurement

in

its

entirety

falls

is

determined

based

on

the

lowest

level

input

that

is

significant

to

the

fair

value

measurement

in

its

entirety.

Fair

value

is

a

market-based

measure

considered

from

the

perspective

of

a

market

participant

who

holds

the

asset

rather

than

an

entity

specific

measure.

Therefore,

even

when

market

assumptions

are

not

readily

available,

the

Fund’s

own

assumptions

are

set

to

reflect

those

that

market

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,

pandemics,

accidents,

conflicts,

etc.).

The

following

is

a

summary

of

the

inputs

used

as

of

December

31,

2021

in

valuing

the

Fund’s

securities

carried

at

value

(amounts

in

thousands):

*For

additional

detail

regarding

sector

classifications,

please

see

the

Schedule

of

Investments.

The

Fund's

Schedule

of

Investments

as

of

December

31,

2021

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

Bonds*

$

—

$

14,352

$

—

$

14,352

Common

Stocks

Basic

Materials

3,142

3,245

—

6,387

Communications

98

73

—

171

Consumer,

Cyclical

485

86

—

571

Consumer,

Non-cyclical

1,718

1,856

—

3,574

Diversified

167

—

—

167

Energy

17,569

2,490

—

20,059

Financial

11,754

7,650

—

19,404

Industrial

6,447

4,358

—

10,805

Utilities

9,365

7,535

—

16,900

Convertible

Preferred

Stocks

97

—

—

97

Investment

Companies

1,208

—

—

1,208

Total

$

52,050

$

41,645

$

—

$

93,695

Investments

Using

NAV

as

practical

expedient

Private

Investment

Funds

90,089

Total

investments

in

securities

$

—

$

—

$

—

$

183,784