Principal Real Asset Fund (PDSRX) NPORT-P Principal Diversified Select Real Asset Fund (Dec 2022 report)

Schedule

of

Investments

Principal

Diversified

Select

Real

Asset

Fund

December

31,

2022

(unaudited)

See

accompanying

notes.

1

INVESTMENT

COMPANIES

-

7

.60

%

Shares

Held

Value

(000's)

Exchange-Traded

Funds

-

5

.51

%

SPDR

S&P

Global

Natural

Resources

ETF

158,667‌

$

9,048‌

Money

Market

Funds

-

2

.09

%

Morgan

Stanley

Institutional

Liquidity

Funds

-

Government

Portfolio

-

Institutional

Class

4.13%

(a)

3,430,390‌

3,430‌

TOTAL

INVESTMENT

COMPANIES

$

12,478‌

PRIVATE

INVESTMENT

FUNDS

-

63

.70

%

Shares

Held

Value

(000's)

Agriculture

-

17

.20

%

Ceres

Farmland

Holdings,

LP

(b)

N/A

$

9,746‌

Hancock

Timberland

and

Farmland

Fund,

LP

(b)

N/A

11,976‌

UBS

AgriVest

Farmland

Fund

(b)

N/A

6,521‌

$

28,243‌

Diversified

Financial

Services

-

1

.98

%

Sound

Point

CLO

Fund,

LP

(b),(c)

N/A

3,246‌

Energy

-

Alternate

Sources

-

11

.26

%

ACIP

Parallel

Fund

A,

LP

(b)

N/A

2,895‌

Brookfield

Super-Core

Infrastructure

Partners

Fund,

LP

(b)

N/A

8,175‌

CBRE

Caledon

Global

Infrastructure

Fund

(International),

LP

(b)

N/A

7,419‌

$

18,489‌

Private

Equity

-

10

.14

%

GDIF

US

Hedged

Feeder

Fund,

LP

(b)

N/A

8,660‌

HarbourVest

Infrastructure

Income

Delaware

Parallel

Partnership,

LP

(b),(c)

N/A

7,996‌

$

16,656‌

Real

Estate

-

15

.81

%

Brookfield

Senior

Mezzanine

Real

Estate

Finance

Fund,

LP

(b)

N/A

4,884‌

PGIM

Real

Estate

US

Debt

Fund,

LP

(b)

N/A

5,306‌

Prologis

European

Logistics

Fund,

FCP-FIS

(b),(c)

N/A

6,094‌

UBS

Trumbull

Property

Growth

&

Income

Fund

(b)

N/A

9,665‌

$

25,949‌

REITs

-

7

.31

%

BTG

Pactual

Open

Ended

Core

US

Timberland

Fund,

LP

(b)

N/A

11,994‌

TOTAL

PRIVATE

INVESTMENT

FUNDS

$

104,577‌

COMMON

STOCKS

-

25

.35

%

Shares

Held

Value

(000's)

Building

Materials

-

0

.09

%

Fortune

Brands

Innovations

Inc

1,119‌

$

64‌

Geberit

AG

53‌

25‌

Masco

Corp

932‌

44‌

Masterbrand

Inc

(c)

1,119‌

8‌

$

141‌

Chemicals

-

0

.06

%

Ecolab

Inc

662‌

96‌

Commercial

Services

-

0

.63

%

Atlas

Arteria

Ltd

86,626‌

390‌

CCR

SA

119,295‌

245‌

Transurban

Group

44,935‌

395‌

$

1,030‌

Distribution

&

Wholesale

-

0

.04

%

Core

&

Main

Inc

(c)

3,755‌

72‌

Diversified

Financial

Services

-

0

.03

%

RAM

Essential

Services

Property

Fund

106,090‌

52‌

Electric

-

4

.07

%

Brookfield

Renewable

Corp

8,043‌

221‌

Clearway

Energy

Inc

-

Class

C

7,320‌

233‌

Constellation

Energy

Corp

2,364‌

204‌

CPFL

Energia

SA

49,736‌

313‌

Edison

International

3,592‌

229‌

EDP

-

Energias

de

Portugal

SA

154,383‌

770‌

Engie

Brasil

Energia

SA

18,123‌

130‌

Entergy

Corp

4,985‌

561‌

Iberdrola

SA

69,240‌

808‌

National

Grid

PLC

53,260‌

638‌

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Electric

(continued)

NextEra

Energy

Inc

1,802‌

$

151‌

OGE

Energy

Corp

12,072‌

477‌

Public

Service

Enterprise

Group

Inc

11,196‌

686‌

Red

Electrica

Corp

SA

12,888‌

224‌

Southern

Co/The

4,420‌

316‌

SSE

PLC

35,452‌

729‌

$

6,690‌

Electronics

-

0

.05

%

Badger

Meter

Inc

716‌

78‌

Energy

-

Alternate

Sources

-

0

.54

%

NextEra

Energy

Partners

LP

4,382‌

307‌

Sunnova

Energy

International

Inc

(c)

32,143‌

579‌

$

886‌

Engineering

&

Construction

-

0

.47

%

AECOM

2,449‌

208‌

Aena

SME

SA

(c),(d)

942‌

118‌

Ferrovial

SA

12,308‌

322‌

Stantec

Inc

2,635‌

127‌

$

775‌

Environmental

Control

-

0

.45

%

China

Water

Affairs

Group

Ltd

128,000‌

106‌

Evoqua

Water

Technologies

Corp

(c)

2,672‌

106‌

Kurita

Water

Industries

Ltd

3,900‌

161‌

METAWATER

Co

Ltd

4,700‌

58‌

Montrose

Environmental

Group

Inc

(c)

708‌

31‌

Pentair

PLC

2,000‌

90‌

Tetra

Tech

Inc

1,247‌

181‌

$

733‌

Gas

-

0

.84

%

Enagas

SA

25,311‌

421‌

Italgas

SpA

45,165‌

251‌

Snam

SpA

93,712‌

454‌

Southwest

Gas

Holdings

Inc

3,989‌

247‌

$

1,373‌

Healthcare

-

Products

-

0

.23

%

Danaher

Corp

1,394‌

370‌

Holding

Companies

-

Diversified

-

0

.04

%

Sustainable

Development

Acquisition

I

Corp

(c)

6,844‌

69‌

Sustainable

Development

Acquisition

I

Corp

-

Warrants

(c)

8,311‌

—‌

$

69‌

Iron

&

Steel

-

0

.00

%

Novolipetsk

Steel

PJSC

(c)

36,800‌

—‌

Severstal

PAO

(c)

4,878‌

—‌

$

—‌

Machinery

-

Diversified

-

0

.57

%

Georg

Fischer

AG

448‌

27‌

IDEX

Corp

852‌

195‌

Lindsay

Corp

755‌

123‌

Mueller

Water

Products

Inc

-

Class

A

5,809‌

63‌

Xylem

Inc/NY

4,035‌

446‌

Zurn

Elkay

Water

Solutions

Corp

3,936‌

83‌

$

937‌

Metal

Fabrication

&

Hardware

-

0

.14

%

Advanced

Drainage

Systems

Inc

2,813‌

231‌

Mining

-

0

.00

%

Polyus

PJSC

(c)

407‌

—‌

Oil

&

Gas

Services

-

0

.01

%

Aris

Water

Solution

Inc

1,556‌

22‌

Pipelines

-

6

.68

%

APA

Group

90,003‌

658‌

Cheniere

Energy

Inc

7,880‌

1,182‌

DCP

Midstream

LP

21,954‌

852‌

Enbridge

Inc

9,107‌

356‌

Energy

Transfer

LP

44,237‌

525‌

Enterprise

Products

Partners

LP

16,037‌

387‌

Excelerate

Energy

Inc

2,003‌

50‌

Schedule

of

Investments

Principal

Diversified

Select

Real

Asset

Fund

December

31,

2022

(unaudited)

See

accompanying

notes.

2

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Pipelines

(continued)

Gibson

Energy

Inc

19,048‌

$

332‌

Hess

Midstream

LP

9,580‌

287‌

MPLX

LP

22,553‌

741‌

NextDecade

Corp

(c)

13,541‌

67‌

ONEOK

Inc

6,498‌

427‌

Pembina

Pipeline

Corp

15,236‌

517‌

Plains

All

American

Pipeline

LP

44,413‌

522‌

Targa

Resources

Corp

18,496‌

1,359‌

TC

Energy

Corp

16,704‌

666‌

Western

Midstream

Partners

LP

30,179‌

810‌

Williams

Cos

Inc/The

37,456‌

1,232‌

$

10,970‌

Private

Equity

-

0

.10

%

Capitaland

Investment

Ltd/Singapore

59,700‌

165‌

Real

Estate

-

0

.83

%

Castellum

AB

4,690‌

57‌

Hongkong

Land

Holdings

Ltd

26,135‌

120‌

Mitsubishi

Estate

Co

Ltd

14,400‌

187‌

Mitsui

Fudosan

Co

Ltd

11,600‌

212‌

New

World

Development

Co

Ltd

21,750‌

61‌

Qualitas

Ltd

84,176‌

160‌

Sun

Hung

Kai

Properties

Ltd

19,500‌

266‌

Vonovia

SE

9,870‌

233‌

Wihlborgs

Fastigheter

AB

8,604‌

65‌

$

1,361‌

REITs

-

7

.64

%

Activia

Properties

Inc

31‌

97‌

AIMS

APAC

REIT

48,200‌

45‌

Alexandria

Real

Estate

Equities

Inc

1,935‌

282‌

American

Homes

4

Rent

7,789‌

235‌

American

Tower

Corp

492‌

104‌

Arena

REIT

18,291‌

47‌

AvalonBay

Communities

Inc

690‌

111‌

Big

Yellow

Group

PLC

17,793‌

246‌

Broadstone

Net

Lease

Inc

4,833‌

78‌

CapitaLand

Integrated

Commercial

Trust

79,033‌

121‌

Centuria

Industrial

REIT

41,395‌

87‌

Centuria

Office

REIT

24,576‌

26‌

Charter

Hall

Group

3,042‌

25‌

CRE

Logistics

REIT

Inc

80‌

112‌

Crown

Castle

Inc

4,060‌

551‌

CubeSmart

11,250‌

453‌

Daiwa

House

REIT

Investment

Corp

92‌

205‌

Daiwa

Office

Investment

Corp

15‌

73‌

Digital

Core

REIT

Management

Pte

Ltd

102,515‌

56‌

Digital

Realty

Trust

Inc

4,030‌

404‌

Dream

Industrial

Real

Estate

Investment

Trust

27,000‌

233‌

Equinix

Inc

528‌

346‌

Equity

LifeStyle

Properties

Inc

2,358‌

152‌

ESR

Kendall

Square

REIT

Co

Ltd

18,759‌

59‌

ESR-LOGOS

REIT

251,188‌

69‌

Essex

Property

Trust

Inc

510‌

108‌

First

Industrial

Realty

Trust

Inc

3,200‌

154‌

Gaming

and

Leisure

Properties

Inc

10,570‌

551‌

Gecina

SA

1,007‌

103‌

Goodman

Group

6,745‌

79‌

Healthcare

Realty

Trust

Inc

7,188‌

139‌

HealthCo

REIT

11,326‌

13‌

Independence

Realty

Trust

Inc

14,131‌

238‌

Industrial

&

Infrastructure

Fund

Investment

Corp

60‌

69‌

Ingenia

Communities

Group

19,978‌

60‌

Invitation

Homes

Inc

12,952‌

384‌

Japan

Hotel

REIT

Investment

Corp

227‌

134‌

Japan

Metropolitan

Fund

Invest

146‌

116‌

Klepierre

SA

(c)

6,461‌

149‌

Lendlease

Global

Commercial

REIT

107,361‌

57‌

Link

REIT

40,300‌

295‌

Medical

Properties

Trust

Inc

16,006‌

178‌

Merlin

Properties

Socimi

SA

14,744‌

138‌

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

REITs

(continued)

Mitsubishi

Estate

Logistics

REIT

Investment

Corp

(c)

30‌

$

96‌

National

Storage

Affiliates

Trust

4,400‌

159‌

Nexus

Industrial

REIT

35,500‌

253‌

NSI

NV

5,836‌

145‌

Plymouth

Industrial

REIT

Inc

6,414‌

123‌

Prologis

Inc

4,929‌

556‌

Rexford

Industrial

Realty

Inc

5,875‌

321‌

Sabra

Health

Care

REIT

Inc

21,936‌

273‌

Safestore

Holdings

PLC

6,815‌

78‌

Saul

Centers

Inc

2,626‌

107‌

Scentre

Group

73,624‌

143‌

Segro

PLC

21,163‌

195‌

Sekisui

House

Reit

Inc

351‌

199‌

SF

Real

Estate

Investment

Trust

95,000‌

35‌

Spirit

Realty

Capital

Inc

2,936‌

117‌

Summit

Industrial

Income

REIT

15,830‌

265‌

Sun

Communities

Inc

3,346‌

479‌

Sunstone

Hotel

Investors

Inc

7,680‌

74‌

UNITE

Group

PLC/The

6,901‌

76‌

Ventas

Inc

12,024‌

542‌

VICI

Properties

Inc

18,783‌

609‌

Welltower

Inc

7,820‌

513‌

$

12,540‌

Transportation

-

0

.28

%

West

Japan

Railway

Co

10,714‌

465‌

Water

-

1

.56

%

American

States

Water

Co

425‌

39‌

American

Water

Works

Co

Inc

3,036‌

463‌

Essential

Utilities

Inc

9,175‌

438‌

Grupo

Rotoplas

SAB

de

CV

(c)

39,100‌

64‌

Middlesex

Water

Co

542‌

43‌

Pennon

Group

PLC

39,203‌

421‌

SJW

Group

2,238‌

182‌

United

Utilities

Group

PLC

40,363‌

482‌

Veolia

Environnement

SA

15,354‌

394‌

York

Water

Co/The

859‌

39‌

$

2,565‌

TOTAL

COMMON

STOCKS

$

41,621‌

CONVERTIBLE

PREFERRED

STOCKS

-

0

.05

%

Shares

Held

Value

(000's)

REITs

-

0

.05

%

RPT

Realty

7.25%

(e)

1,650‌

$

82‌

TOTAL

CONVERTIBLE

PREFERRED

STOCKS

$

82‌

PREFERRED

STOCKS

-

0

.15

%

Shares

Held

Value

(000's)

Electric

-

0

.15

%

Centrais

Eletricas

Brasileiras

SA

3.23%

30,392‌

$

249‌

TOTAL

PREFERRED

STOCKS

$

249‌

BONDS

-

3

.05

%

Principal

Amount

(000's)

Value

(000's)

Commercial

Mortgage

Backed

Securities

-

3

.05

%

BBCMS

Mortgage

Trust

2022-C17

4.89%,

09/15/2055

(f)

$

250‌

$

219‌

Benchmark

2019-B11

Mortgage

Trust

3.00%,

05/15/2052

(d)

310‌

205‌

3.78%,

05/15/2052

500‌

445‌

Benchmark

2019-B13

Mortgage

Trust

1.00%,

08/15/2057

(d),(f),(g)

1,750‌

86‌

Benchmark

2020-B20

Mortgage

Trust

1.55%,

10/15/2053

(d),(f),(g)

3,250‌

282‌

Benchmark

2021-B23

Mortgage

Trust

1.27%,

02/15/2054

(f),(g)

2,483‌

167‌

Benchmark

2021-B28

Mortgage

Trust

1.38%,

08/15/2054

(d),(f),(g)

4,000‌

346‌

Benchmark

2021-B29

Mortgage

Trust

2.00%,

09/15/2054

(d)

1,000‌

543‌

Schedule

of

Investments

Principal

Diversified

Select

Real

Asset

Fund

December

31,

2022

(unaudited)

See

accompanying

notes.

3

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Commercial

Mortgage

Backed

Securities

(continued)

BX

Commercial

Mortgage

Trust

2021-XL2

5.01%,

10/15/2038

(d)

$

204‌

$

196‌

1.00

x

1

Month

USD

LIBOR

+

0.69%

Freddie

Mac

Multifamily

Structured

Pass

Through

Certificates

2.45%,

03/25/2049

(f),(g)

6,890‌

667‌

GS

Mortgage

Securities

Trust

2013-GCJ14

4.72%,

08/10/2046

(d),(f)

539‌

432‌

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust

2015-C25

4.53%,

10/15/2048

(d),(f)

1,000‌

754‌

Morgan

Stanley

Capital

I

Trust

2019-H7

1.30%,

07/15/2052

(f),(g)

5,037‌

298‌

Wells

Fargo

Commercial

Mortgage

Trust

2020-C56

1.40%,

06/15/2053

(f),(g)

5,556‌

362‌

$

5,002‌

TOTAL

BONDS

$

5,002‌

Total

Investments

$

164,009‌

Other

Assets

and

Liabilities

-  0.10%

165‌

TOTAL

NET

ASSETS

-

100.00%

$

164,174‌

(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

$2,962

or

1.80%

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)

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.

(g)

Security

is

an

Interest

Only

Strip.

Portfolio

Summary  (unaudited)

Sector

Percent

Financial

43

.89‌

%

Energy

18

.49‌

%

Consumer,

Non-cyclical

18

.06‌

%

Utilities

6

.62‌

%

Investment

Companies

5

.51‌

%

Mortgage

Securities

3

.05‌

%

Money

Market

Funds

2

.09‌

%

Industrial

2

.05‌

%

Basic

Materials

0

.06‌

%

Consumer,

Cyclical

0

.04‌

%

Diversified

0

.04‌

%

Other

Assets

and

Liabilities

0

.10‌

%

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

$

2,679‌

$

2,895‌

N/A

1.76%

Brookfield

Senior

Mezzanine

Real

Estate

Finance

Fund,

LP

(b)

03/31/2022

5,000‌

4,884‌

90

2.98%

Brookfield

Super-Core

Infrastructure

Partners

Fund,

LP

(c)

07/01/2021

-

06/27/2022

8,020‌

8,175‌

N/A

4.98%

BTG

Pactual

Open

Ended

Core

US

Timberland

Fund,

LP

(d)

07/01/2019

-

12/30/2021

10,268‌

11,994‌

90

7.31%

CBRE

Caledon

Global

Infrastructure

Fund

(International),

LP

(e)

07/16/2021

7,577‌

7,419‌

N/A

4.52%

Ceres

Farmland

Holdings,

LP

(f)

11/06/2019,

02/05/2021

7,000‌

9,746‌

N/A

5.94%

GDIF

US

Hedged

Feeder

Fund,

LP

(g)

04/23/2021

-

08/17/2022

8,513‌

8,660‌

N/A

5.27%

Hancock

Timberland

and

Farmland

Fund,

LP

(h)

08/12/2020

-

12/17/2021

12,002‌

11,976‌

N/A

7.29%

HarbourVest

Infrastructure

Income

Delaware

Parallel

Partnership,

LP

(i)

06/27/2022

8,000‌

7,996‌

90

4.87%

PGIM

Real

Estate

US

Debt

Fund,

LP

(j)

04/30/2021,

06/30/2021

5,315‌

5,306‌

N/A

3.23%

Prologis

European

Logistics

Fund,

FCP-FIS

(k)

12/01/2022

6,594‌

6,094‌

90

3.71%

Sound

Point

CLO

Fund,

LP

(l)

08/06/2019

4,000‌

3,246‌

60

1.98%

UBS

AgriVest

Farmland

Fund

(m)

07/01/2020

-

06/30/2021

5,908‌

6,521‌

60

3.97%

UBS

Trumbull

Property

Growth

&

Income

Fund

(n)

07/01/2020

-

12/30/2021

7,861‌

9,665‌

60

5.89%

Total

$

104,577‌

63.70%

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.

Schedule

of

Investments

Principal

Diversified

Select

Real

Asset

Fund

December

31,

2022

(unaudited)

See

accompanying

notes.

4

(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

has

an

investment

objective

of

combining

attractive

current

income

with

long-term

capital

growth

by

investing

in

European

logistics

real

estate

assets.

Redemption

requests

accommodated

quarterly

to

the

extent

of

sufficient

liquid

assets,

with

at

least

90

days

notice.

(l)

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.

(m)

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.

(n)

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,

2022

(unaudited)

See

accompanying

notes.

5

Currency

Abbreviations

USD/$

United

States

Dollar

December

31,

2022

(unaudited)

6

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,

2022

(unaudited)

7

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,

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

December

31,

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*

$

—

$

5,002

$

—

$

5,002

Common

Stocks

Basic

Materials

96

—

—

96

Consumer,

Cyclical

72

—

—

72

Consumer,

Non-cyclical

615

785

—

1,400

Diversified

69

—

—

69

Energy

11,220

658

—

11,878

Financial

9,092

5,026

—

14,118

Industrial

2,078

1,282

—

3,360

Utilities

5,036

5,592

—

10,628

Convertible

Preferred

Stocks

82

—

—

82

Investment

Companies

12,478

—

—

12,478

Preferred

Stocks

249

—

—

249

Total

$

41,087

$

18,345

$

—

$

59,432

Investments

Using

NAV

as

practical

expedient

Private

Investment

Funds

104,577

Total

investments

in

securities

$

—

$

—

$

—

$

164,009