Schedule
of
Investments
Principal
Diversified
Select
Real
Asset
Fund
June
30,
2022
(unaudited)
See
accompanying
notes.
1
INVESTMENT
COMPANIES
-
2
.88
%
Shares
Held
Value
(000's)
Exchange-Traded
Funds
-
0
.21
%
SPDR
S&P
Global
Natural
Resources
ETF
6,945
$
362
Money
Market
Funds
-
2
.67
%
Morgan
Stanley
Institutional
Liquidity
Funds
-
Government
Portfolio
-
Institutional
Class
1.38%
(a)
4,530,646
4,531
TOTAL
INVESTMENT
COMPANIES
$
4,893
PRIVATE
INVESTMENT
FUNDS
-
65
.34
%
Shares
Held
Value
(000's)
Agriculture
-
21
.19
%
Ceres
Farmland
Holdings,
LP
(b)
N/A
$
8,936
Hancock
Timberland
and
Farmland
Fund,
LP
(b)
N/A
12,646
UBS
AgriVest
Farmland
Fund
(b)
N/A
14,440
$
36,022
Diversified
Financial
Services
-
2
.08
%
Sound
Point
CLO
Fund,
LP
(b),(c)
N/A
3,541
Energy
-
Alternate
Sources
-
9
.96
%
ACIP
Parallel
Fund
A,
LP
(b)
N/A
1,963
Brookfield
Super-Core
Infrastructure
Partners
Fund,
LP
(b)
N/A
8,031
CBRE
Caledon
Global
Infrastructure
Fund
(International),
LP
(b)
N/A
6,937
$
16,931
Private
Equity
-
8
.85
%
GDIF
US
Hedged
Feeder
Fund,
LP
(b)
N/A
7,036
HarbourVest
Infrastructure
Income
Delaware
Parallel
Partnership,
LP
(b),(c)
N/A
8,000
$
15,036
Real
Estate
-
11
.99
%
Brookfield
Senior
Mezzanine
Real
Estate
Finance
Fund,
LP
(b),(c)
N/A
4,918
PGIM
Real
Estate
US
Debt
Fund,
LP
(b)
N/A
5,253
UBS
Trumbull
Property
Growth
&
Income
Fund
(b)
N/A
10,219
$
20,390
REITs
-
11
.27
%
BTG
Pactual
Open
Ended
Core
US
Timberland
Fund,
LP
(b)
N/A
19,163
TOTAL
PRIVATE
INVESTMENT
FUNDS
$
111,083
COMMON
STOCKS
-
30
.24
%
Shares
Held
Value
(000's)
Agriculture
-
0
.19
%
Archer-Daniels-Midland
Co
1,481
$
115
Bunge
Ltd
1,136
103
Darling
Ingredients
Inc
(c)
1,680
100
$
318
Biotechnology
-
0
.07
%
Corteva
Inc
2,148
116
Building
Materials
-
0
.09
%
Fortune
Brands
Home
&
Security
Inc
1,119
67
Geberit
AG
95
46
Masco
Corp
932
47
$
160
Chemicals
-
0
.51
%
CF
Industries
Holdings
Inc
1,362
117
Ecolab
Inc
662
102
FMC
Corp
1,097
117
ICL
Group
Ltd
12,101
111
Mosaic
Co/The
2,147
101
Nutrien
Ltd
1,377
110
Sociedad
Quimica
y
Minera
de
Chile
SA
ADR
1,268
106
Yara
International
ASA
2,604
109
$
873
Commercial
Services
-
0
.79
%
Atlas
Arteria
Ltd
107,820
601
CCR
SA
108,652
261
Transurban
Group
47,856
476
$
1,338
Consumer
Products
-
0
.07
%
Avery
Dennison
Corp
779
126
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Distribution
&
Wholesale
-
0
.05
%
Core
&
Main
Inc
(c)
3,755
$
84
Diversified
Financial
Services
-
0
.03
%
RAM
Essential
Services
Property
Fund
106,090
58
Electric
-
3
.90
%
Brookfield
Renewable
Corp
10,291
366
Clearway
Energy
Inc
-
Class
C
17,724
618
Constellation
Energy
Corp
6,267
359
CPFL
Energia
SA
61,387
362
EDP
-
Energias
de
Portugal
SA
125,501
585
Emera
Inc
9,535
447
Engie
Brasil
Energia
SA
34,330
270
Entergy
Corp
3,939
444
Iberdrola
SA
63,184
658
National
Grid
PLC
48,884
628
NextEra
Energy
Inc
1,802
140
OGE
Energy
Corp
7,689
296
Public
Service
Enterprise
Group
Inc
9,726
615
Red
Electrica
Corp
SA
14,659
278
SSE
PLC
28,564
564
$
6,630
Electronics
-
0
.04
%
Badger
Meter
Inc
865
70
Energy
-
Alternate
Sources
-
0
.69
%
NextEra
Energy
Partners
LP
7,708
572
Sunnova
Energy
International
Inc
(c)
32,143
592
$
1,164
Engineering
&
Construction
-
0
.91
%
AECOM
2,449
160
Aena
SME
SA
(c),(d)
2,002
255
Ferrovial
SA
14,666
373
Grupo
Aeroportuario
del
Pacifico
SAB
de
CV
20,372
285
Grupo
Aeroportuario
del
Sureste
SAB
de
CV
6,286
124
Stantec
Inc
2,635
115
Vinci
SA
2,617
235
$
1,547
Environmental
Control
-
0
.44
%
China
Water
Affairs
Group
Ltd
128,000
119
Evoqua
Water
Technologies
Corp
(c)
3,259
106
Kurita
Water
Industries
Ltd
3,900
141
METAWATER
Co
Ltd
4,700
70
Montrose
Environmental
Group
Inc
(c)
708
24
Pentair
PLC
2,000
91
Tetra
Tech
Inc
1,376
188
$
739
Food
-
0
.15
%
Ingredion
Inc
1,420
125
Wilmar
International
Ltd
44,200
129
$
254
Forest
Products
&
Paper
-
0
.55
%
International
Paper
Co
2,776
116
Mondi
PLC
6,934
123
Nine
Dragons
Paper
Holdings
Ltd
150,000
127
Smurfit
Kappa
Group
PLC
3,323
112
Stora
Enso
Oyj
6,968
110
Suzano
SA
ADR
12,038
114
Svenska
Cellulosa
AB
SCA
7,439
112
UPM-Kymmene
Oyj
3,805
117
$
931
Gas
-
0
.70
%
Enagas
SA
18,786
415
Italgas
SpA
35,900
210
Snam
SpA
107,863
566
$
1,191
Healthcare
-
Products
-
0
.21
%
Danaher
Corp
1,394
353
Schedule
of
Investments
Principal
Diversified
Select
Real
Asset
Fund
June
30,
2022
(unaudited)
See
accompanying
notes.
2
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Holding
Companies
-
Diversified
-
0
.04
%
Sustainable
Development
Acquisition
I
Corp
(c)
6,844
$
67
Sustainable
Development
Acquisition
I
Corp
-
Warrants
(c)
8,311
1
$
68
Home
Builders
-
0
.10
%
DR
Horton
Inc
1,784
118
Persimmon
PLC
2,222
51
$
169
Housewares
-
0
.07
%
Scotts
Miracle-Gro
Co/The
1,420
112
Iron
&
Steel
-
0
.55
%
ArcelorMittal
SA
4,191
94
Cleveland-Cliffs
Inc
(c)
5,799
89
Fortescue
Metals
Group
Ltd
9,321
112
Nippon
Steel
Corp
7,700
108
Novolipetsk
Steel
PJSC
3,680
—
Nucor
Corp
1,015
106
POSCO
Holdings
Inc
576
103
Reliance
Steel
&
Aluminum
Co
691
117
Severstal
PAO
4,878
—
Steel
Dynamics
Inc
1,574
104
Vale
SA
ADR
7,450
109
$
942
Lodging
-
0
.04
%
Travel
+
Leisure
Co
1,673
65
Machinery
-
Diversified
-
0
.39
%
Georg
Fischer
AG
912
45
IDEX
Corp
630
115
Lindsay
Corp
755
100
Mueller
Water
Products
Inc
-
Class
A
5,809
68
Xylem
Inc/NY
2,080
163
Zurn
Water
Solutions
Corp
6,281
171
$
662
Metal
Fabrication
&
Hardware
-
0
.13
%
Advanced
Drainage
Systems
Inc
2,414
217
Mining
-
1
.34
%
Agnico
Eagle
Mines
Ltd
2,538
116
Alcoa
Corp
2,177
99
Anglo
American
PLC
2,746
98
Antofagasta
PLC
7,219
102
Barrick
Gold
Corp
6,563
116
BHP
Group
Ltd
4,202
120
Boliden
AB
(c)
3,210
103
First
Quantum
Minerals
Ltd
4,645
88
Franco-Nevada
Corp
950
125
Freeport-McMoRan
Inc
3,440
101
Glencore
PLC
20,433
111
Gold
Fields
Ltd
ADR
14,394
131
Newcrest
Mining
Ltd
7,486
107
Newmont
Corp
1,982
118
Norsk
Hydro
ASA
16,815
95
Polyus
PJSC
815
—
Rio
Tinto
Ltd
1,639
117
South32
Ltd
37,485
102
Southern
Copper
Corp
2,175
109
Sumitomo
Metal
Mining
Co
Ltd
3,200
99
Teck
Resources
Ltd
3,242
99
Wheaton
Precious
Metals
Corp
3,255
117
$
2,273
Oil
&
Gas
-
1
.80
%
BP
PLC
24,566
115
Canadian
Natural
Resources
Ltd
2,032
109
Cenovus
Energy
Inc
5,799
110
Chevron
Corp
770
112
ConocoPhillips
1,197
108
Coterra
Energy
Inc
3,915
101
Devon
Energy
Corp
1,794
99
Ecopetrol
SA
ADR
7,957
86
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Oil
&
Gas
(continued)
Eni
SpA
8,840
$
105
EOG
Resources
Inc
982
108
Equinor
ASA
3,506
122
Exxon
Mobil
Corp
1,401
120
Hess
Corp
1,093
116
Imperial
Oil
Ltd
2,454
116
Marathon
Petroleum
Corp
1,321
109
Neste
Oyj
2,940
131
Occidental
Petroleum
Corp
1,940
114
Petroleo
Brasileiro
SA
ADR
9,688
113
Phillips
66
1,335
110
Pioneer
Natural
Resources
Co
484
108
Reliance
Industries
Ltd
(c),(d)
2,001
131
Repsol
SA
8,371
123
Shell
PLC
4,490
117
Suncor
Energy
Inc
3,343
117
TotalEnergies
SE
2,259
119
Valero
Energy
Corp
1,039
110
Woodside
Energy
Group
Ltd
6,299
138
$
3,067
Oil
&
Gas
Services
-
0
.28
%
Aris
Water
Solution
Inc
9,319
155
Baker
Hughes
Co
3,735
108
Halliburton
Co
3,321
104
Schlumberger
NV
2,927
105
$
472
Packaging
&
Containers
-
0
.43
%
Amcor
PLC
10,265
127
DS
Smith
PLC
34,816
118
Packaging
Corp
of
America
856
118
Sealed
Air
Corp
2,161
125
SIG
Group
AG
(c)
6,156
136
Westrock
Co
2,774
110
$
734
Pipelines
-
5
.68
%
APA
Group
75,014
584
Cheniere
Energy
Inc
9,778
1,301
DCP
Midstream
LP
22,758
673
Enbridge
Inc
13,216
558
Energy
Transfer
LP
33,749
337
Enterprise
Products
Partners
LP
13,304
324
Excelerate
Energy
Inc
2,003
40
Gibson
Energy
Inc
17,367
322
Hess
Midstream
LP
15,918
446
MPLX
LP
22,553
657
ONEOK
Inc
9,295
516
Pembina
Pipeline
Corp
13,891
491
Plains
All
American
Pipeline
LP
44,413
436
Targa
Resources
Corp
19,235
1,148
TC
Energy
Corp
2,730
141
Western
Midstream
Partners
LP
31,699
770
Williams
Cos
Inc/The
29,362
917
$
9,661
Private
Equity
-
0
.14
%
Capitaland
Investment
Ltd/Singapore
59,700
164
Centuria
Capital
Group
55,092
69
$
233
Real
Estate
-
1
.19
%
Castellum
AB
4,690
61
ESR
Kendall
Square
REIT
Co
Ltd
18,759
81
Fabege
AB
5,752
55
Hongkong
Land
Holdings
Ltd
38,300
192
Midea
Real
Estate
Holding
Ltd
(d)
26,000
42
Mitsubishi
Estate
Co
Ltd
15,000
217
Mitsui
Fudosan
Co
Ltd
17,400
374
New
World
Development
Co
Ltd
52,750
190
Qualitas
Ltd
(c)
84,176
91
Sun
Hung
Kai
Properties
Ltd
18,000
213
Vonovia
SE
13,504
418
Schedule
of
Investments
Principal
Diversified
Select
Real
Asset
Fund
June
30,
2022
(unaudited)
See
accompanying
notes.
3
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Real
Estate
(continued)
Wihlborgs
Fastigheter
AB
10,604
$
74
Zhongliang
Holdings
Group
Co
Ltd
98,500
17
$
2,025
REITs
-
7
.40
%
Activia
Properties
Inc
31
93
Agree
Realty
Corp
1,430
103
AIMS
APAC
REIT
48,200
47
Alexandria
Real
Estate
Equities
Inc
378
55
Allied
Properties
Real
Estate
Investment
Trust
4,300
111
American
Homes
4
Rent
7,789
276
American
Tower
Corp
1,008
258
Apartment
Income
REIT
Corp
1,881
78
Arena
REIT
18,291
54
AvalonBay
Communities
Inc
414
80
Big
Yellow
Group
PLC
17,793
285
Broadstone
Net
Lease
Inc
4,833
99
CapitaLand
Integrated
Commercial
Trust
79,033
124
Centuria
Industrial
REIT
41,395
81
Centuria
Office
REIT
24,576
29
CFE
Capital
S
de
RL
de
CV
56,690
71
Charter
Hall
Group
3,042
23
CRE
Logistics
REIT
Inc
55
77
Crown
Castle
International
Corp
2,510
423
CubeSmart
7,300
312
Daiwa
House
REIT
Investment
Corp
92
209
Daiwa
Office
Investment
Corp
15
77
Dexus
25,510
157
Digital
Core
REIT
Management
Pte
Ltd
(c)
120,300
93
Dream
Industrial
Real
Estate
Investment
Trust
27,000
253
Equinix
Inc
286
188
ESR-LOGOS
REIT
251,188
73
Essex
Property
Trust
Inc
196
51
First
Industrial
Realty
Trust
Inc
3,200
152
Gaming
and
Leisure
Properties
Inc
10,570
485
Gecina
SA
1,007
95
Goodman
Group
6,745
83
Healthcare
Realty
Trust
Inc
3,803
103
Healthcare
Trust
of
America
Inc
4,584
128
HealthCo
REIT
11,326
11
Independence
Realty
Trust
Inc
17,619
365
Industrial
&
Infrastructure
Fund
Investment
Corp
60
79
Industrial
Logistics
Properties
Trust
11,461
161
Ingenia
Communities
Group
19,978
55
Inmobiliaria
Colonial
Socimi
SA
13,226
85
InvenTrust
Properties
Corp
2,067
53
Invitation
Homes
Inc
14,223
506
Irongate
Group
72,388
95
Japan
Metropolitan
Fund
Invest
126
98
Klepierre
SA
3,716
72
Lendlease
Global
Commercial
REIT
107,361
61
Life
Science
Reit
PLC
(c)
102,469
120
Medical
Properties
Trust
Inc
18,880
288
Merlin
Properties
Socimi
SA
18,214
176
Minto
Apartment
Real
Estate
Investment
Trust
(d)
2,300
26
Mitsubishi
Estate
Logistics
REIT
Investment
Corp
(c)
25
85
National
Storage
Affiliates
Trust
4,400
220
Nexus
Industrial
REIT
24,200
182
NSI
NV
6,236
215
Park
Hotels
&
Resorts
Inc
10,634
144
Plymouth
Industrial
REIT
Inc
6,414
113
Prologis
Inc
4,929
580
Rexford
Industrial
Realty
Inc
3,141
181
Sabra
Health
Care
REIT
Inc
19,632
274
Saul
Centers
Inc
4,626
218
Segro
PLC
27,968
334
Sekisui
House
Reit
Inc
351
208
SF
Real
Estate
Investment
Trust
302,000
133
STORE
Capital
Corp
4,945
129
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
REITs
(continued)
Summit
Industrial
Income
REIT
19,830
$
264
Sun
Communities
Inc
3,489
556
Sunstone
Hotel
Investors
Inc
(c)
13,550
134
UNITE
Group
PLC/The
6,901
90
Ventas
Inc
11,524
593
VICI
Properties
Inc
18,123
540
Welltower
Inc
2,434
200
Weyerhaeuser
Co
3,404
113
$
12,583
Telecommunications
-
0
.02
%
Eutelsat
Communications
SA
3,597
41
Transportation
-
0
.21
%
Getlink
SE
20,325
360
Water
-
1
.04
%
American
Water
Works
Co
Inc
3,036
452
Essential
Utilities
Inc
9,175
421
Grupo
Rotoplas
SAB
de
CV
(c)
39,100
49
Middlesex
Water
Co
542
47
Pennon
Group
PLC
5,463
63
SJW
Group
1,531
95
United
Utilities
Group
PLC
25,781
321
Veolia
Environnement
SA
11,942
293
York
Water
Co/The
859
35
$
1,776
TOTAL
COMMON
STOCKS
$
51,412
CONVERTIBLE
PREFERRED
STOCKS
-
0
.04
%
Shares
Held
Value
(000's)
REITs
-
0
.04
%
RPT
Realty
7.25%
(e)
1,650
$
79
TOTAL
CONVERTIBLE
PREFERRED
STOCKS
$
79
BONDS
-
3
.23
%
Principal
Amount
(000's)
Value
(000's)
Commercial
Mortgage
Backed
Securities
-
3
.23
%
Benchmark
2019-B11
Mortgage
Trust
3.00%,
05/15/2052
(d)
$
310
$
231
Benchmark
2019-B13
Mortgage
Trust
1.14%,
08/15/2057
(d),(f),(g)
1,750
95
3.00%,
08/15/2057
(d)
1,750
989
Benchmark
2020-B20
Mortgage
Trust
1.66%,
10/15/2053
(d),(f),(g)
3,250
315
Benchmark
2021-B28
Mortgage
Trust
1.49%,
08/15/2054
(d),(f),(g)
4,000
384
Benchmark
2021-B29
Mortgage
Trust
2.00%,
09/15/2054
(d)
1,000
634
Citigroup
Commercial
Mortgage
Trust
2019-GC41
3.00%,
08/10/2056
(d)
1,400
780
Freddie
Mac
Multifamily
Structured
Pass
Through
Certificates
2.53%,
03/25/2049
(f),(g)
6,890
757
GS
Mortgage
Securities
Trust
2013-GCJ14
4.88%,
08/10/2046
(d),(g)
539
508
Morgan
Stanley
Bank
of
America
Merrill
Lynch
Trust
2015-C25
4.68%,
10/15/2048
(d),(g)
1,000
799
$
5,492
TOTAL
BONDS
$
5,492
Total
Investments
$
172,959
Other
Assets
and
Liabilities
- (1.73)%
(
2,957
)
TOTAL
NET
ASSETS
-
100.00%
$
170,002
(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
Schedule
of
Investments
Principal
Diversified
Select
Real
Asset
Fund
June
30,
2022
(unaudited)
See
accompanying
notes.
4
(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
$5,189
or
3.05%
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
42
.99
%
Consumer,
Non-cyclical
22
.67
%
Energy
18
.41
%
Utilities
5
.64
%
Mortgage
Securities
3
.23
%
Basic
Materials
2
.95
%
Money
Market
Funds
2
.67
%
Industrial
2
.64
%
Consumer,
Cyclical
0
.26
%
Investment
Companies
0
.21
%
Diversified
0
.04
%
Communications
0
.02
%
Other
Assets
and
Liabilities
(
1
.73
)
%
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
-
03/08/2022
$
1,961
$
1,963
N/A
1.16%
Brookfield
Senior
Mezzanine
Real
Estate
Finance
Fund,
LP
(b)
03/31/2022
5,000
4,918
90
2.89%
Brookfield
Super-Core
Infrastructure
Partners
Fund,
LP
(c)
07/01/2021
-
06/27/2022
8,000
8,031
N/A
4.72%
BTG
Pactual
Open
Ended
Core
US
Timberland
Fund,
LP
(d)
07/01/2019
-
12/30/2021
17,142
19,163
90
11.27%
CBRE
Caledon
Global
Infrastructure
Fund
(International),
LP
(e)
07/16/2021
6,322
6,937
N/A
4.08%
Ceres
Farmland
Holdings,
LP
(f)
11/06/2019,
02/05/2021
7,000
8,936
N/A
5.26%
GDIF
US
Hedged
Feeder
Fund,
LP
(g)
04/23/2021
-
04/19/2022
6,996
7,036
N/A
4.14%
Hancock
Timberland
and
Farmland
Fund,
LP
(h)
08/12/2020
-
12/17/2021
12,003
12,646
N/A
7.44%
HarbourVest
Infrastructure
Income
Delaware
Parallel
Partnership,
LP
(i)
06/27/2022
8,000
8,000
90
4.71%
PGIM
Real
Estate
US
Debt
Fund,
LP
(j)
04/30/2021,
06/30/2021
5,238
5,253
N/A
3.09%
Sound
Point
CLO
Fund,
LP
(k)
08/06/2019
4,000
3,541
60
2.08%
UBS
AgriVest
Farmland
Fund
(l)
07/01/2020
-
06/30/2021
13,261
14,440
60
8.49%
UBS
Trumbull
Property
Growth
&
Income
Fund
(m)
07/01/2020
-
12/30/2021
7,633
10,219
60
6.01%
Total
$
111,083
65.34%
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)
The
fund
was
established
as
an
open-end
senior
real
estate
debt
fund
focused
on
providing
primarily
floating
rate
financing
secured
by
commercial
property
primarily
located
in
the
U.S.
Redemptions
are
subject
to
a
two-year
holding
period
from
the
acquisition
date.
(c)
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.
(d)
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.
(e)
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.
(f)
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.
(g)
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.
(h)
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.
(i)
The
fund
will
primarily
invest,
directly
or
indirectly,
in
core
and
core
plus
infrastructure
assets
and
infrastructure
investments
focused
on
the
infrastructure
and
power
sectors.
Redemptions
are
subject
to
a
three-year
holding
period
from
the
acquisition
date.
(j)
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.
(k)
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.
Schedule
of
Investments
Principal
Diversified
Select
Real
Asset
Fund
June
30,
2022
(unaudited)
See
accompanying
notes.
5
(l)
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.
(m)
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
June
30,
2022
(unaudited)
See
accompanying
notes.
6
Currency
Abbreviations
USD/$
United
States
Dollar
June
30,
2022
(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.
June
30,
2022
(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
June
30,
2022
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
June
30,
2022
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*
$
—
$
5,492
$
—
$
5,492
Common
Stocks
Basic
Materials
2,627
2,392
—
5,019
Communications
—
41
—
41
Consumer,
Cyclical
379
51
—
430
Consumer,
Non-cyclical
1,299
1,206
—
2,505
Diversified
68
—
—
68
Energy
12,679
1,685
—
14,364
Financial
9,066
5,833
—
14,899
Industrial
2,591
1,898
—
4,489
Utilities
5,016
4,581
—
9,597
Convertible
Preferred
Stocks
79
—
—
79
Investment
Companies
4,893
—
—
4,893
Total
$
38,697
$
23,179
$
—
$
61,876
Investments
Using
NAV
as
practical
expedient
Private
Investment
Funds
111,083
Total
investments
in
securities
$
—
$
—
$
—
$
172,959