Principal Real Asset Fund (PDSRX) NPORT-P Principal Real Asset Fund (Jun 2024 report)

Schedule

of

Investments

Principal

Real

Asset

Fund

June

30,

2024

(unaudited)

See

accompanying

notes.

1

INVESTMENT

COMPANIES

-

4

.73

%

Shares

Held

Value

(000's)

Exchange-Traded

Funds

-

3

.86

%

iShares

North

American

Natural

Resources

ETF

39,325‌

$

1,730‌

iShares

U.S.

Infrastructure

ETF

91,775‌

3,866‌

$

5,596‌

Money

Market

Funds

-

0

.87

%

Morgan

Stanley

Institutional

Liquidity

Funds

-

Government

Portfolio

-

Institutional

Class

5.23%

(a)

1,255,034‌

1,255‌

TOTAL

INVESTMENT

COMPANIES

$

6,851‌

PRIVATE

INVESTMENT

FUNDS

-

71

.48

%

Shares

Held

Value

(000's)

Agriculture

-

21

.20

%

Ceres

Farmland

Holdings,

LP

(b)

N/A

$

11,245‌

Hancock

Timberland

and

Farmland

Fund,

LP

(b)

N/A

13,615‌

UBS

AgriVest

Farmland

Fund

(b)

N/A

5,875‌

$

30,735‌

Energy

-

Alternate

Sources

-

21

.34

%

ACIP

Parallel

Fund

A,

LP

(b)

N/A

4,882‌

Brookfield

Super-Core

Infrastructure

Partners

Fund,

LP

(b)

N/A

8,814‌

CBRE

Caledon

Global

Infrastructure

Fund

(International),

LP

(b)

N/A

11,071‌

IFM

Net

Zero

Infrastructure

Fund

(USD)

B,

SCSp

(b),(c)

N/A

6,181‌

$

30,948‌

Forest

Products

&

Paper

-

3

.79

%

BTG

Pactual

Open

Ended

Core

US

Timberland

Fund,

LP

(b),(c)

N/A

5,501‌

Private

Equity

-

11

.19

%

GDIF

US

Hedged

Feeder

Fund,

LP

(b)

N/A

6,626‌

HarbourVest

Infrastructure

Income

Delaware

Parallel

Partnership,

LP

(b)

N/A

9,596‌

$

16,222‌

Real

Estate

-

13

.96

%

Brookfield

Senior

Mezzanine

Real

Estate

Finance

Fund,

LP

(b)

N/A

3,514‌

FDR

PELF

SCA,

SICAV-RAIF

(b)

N/A

5,540‌

PGIM

Real

Estate

US

Debt

Fund,

LP

(b)

N/A

5,113‌

UBS

Trumbull

Property

Growth

&

Income

Fund

(b)

N/A

6,077‌

$

20,244‌

TOTAL

PRIVATE

INVESTMENT

FUNDS

$

103,650‌

COMMON

STOCKS

-

23

.42

%

Shares

Held

Value

(000's)

Agriculture

-

0

.23

%

Archer-Daniels-Midland

Co

2,383‌

$

144‌

Bunge

Global

SA

651‌

70‌

Darling

Ingredients

Inc

(c)

707‌

26‌

Wilmar

International

Ltd

38,700‌

88‌

$

328‌

Biotechnology

-

0

.12

%

Corteva

Inc

3,133‌

169‌

Building

Materials

-

0

.12

%

Svenska

Cellulosa

AB

SCA

7,710‌

113‌

West

Fraser

Timber

Co

Ltd

736‌

57‌

$

170‌

Chemicals

-

0

.39

%

CF

Industries

Holdings

Inc

857‌

64‌

FMC

Corp

553‌

32‌

ICL

Group

Ltd

9,344‌

40‌

Mosaic

Co/The

1,449‌

42‌

Nutrien

Ltd

6,380‌

325‌

Yara

International

ASA

2,096‌

60‌

$

563‌

Coal

-

0

.05

%

Teck

Resources

Ltd

1,528‌

73‌

Commercial

Services

-

0

.52

%

Atlas

Arteria

Ltd

127,056‌

432‌

CCR

SA

153,567‌

319‌

$

751‌

Consumer

Products

-

0

.05

%

Avery

Dennison

Corp

361‌

79‌

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Electric

-

7

.20

%

Brookfield

Renewable

Corp

7,989‌

$

227‌

Constellation

Energy

Corp

2,809‌

563‌

CPFL

Energia

SA

36,908‌

216‌

Dominion

Energy

Inc

15,063‌

738‌

E.ON

SE

60,182‌

791‌

EDP

-

Energias

de

Portugal

SA

188,581‌

707‌

Enel

SpA

114,287‌

793‌

Entergy

Corp

10,023‌

1,072‌

Eversource

Energy

10,678‌

606‌

Iberdrola

SA

33,566‌

436‌

National

Grid

PLC

63,898‌

713‌

NextEra

Energy

Inc

13,294‌

941‌

OGE

Energy

Corp

18,726‌

669‌

Public

Service

Enterprise

Group

Inc

6,989‌

515‌

Redeia

Corp

SA

46,029‌

805‌

Southern

Co/The

8,278‌

642‌

$

10,434‌

Energy

-

Alternate

Sources

-

0

.36

%

NextEra

Energy

Partners

LP

19,153‌

529‌

Engineering

&

Construction

-

0

.93

%

Aeroports

de

Paris

SA

3,620‌

441‌

Cellnex

Telecom

SA

-

Rights

(c),(d)

1,100‌

36‌

Ferrovial

SE

13,891‌

540‌

Fraport

AG

Frankfurt

Airport

Services

Worldwide

(c)

6,284‌

325‌

$

1,342‌

Food

-

0

.02

%

Ingredion

Inc

289‌

33‌

Forest

Products

&

Paper

-

0

.46

%

International

Paper

Co

1,552‌

67‌

Mondi

PLC

5,676‌

109‌

Smurfit

Kappa

Group

PLC

3,369‌

150‌

Suzano

SA

ADR

9,390‌

96‌

UPM-Kymmene

Oyj

6,889‌

242‌

$

664‌

Gas

-

0

.78

%

China

Resources

Gas

Group

Ltd

97,905‌

343‌

Enagas

SA

16,518‌

246‌

Snam

SpA

123,074‌

543‌

$

1,132‌

Housewares

-

0

.01

%

Scotts

Miracle-Gro

Co/The

185‌

12‌

Iron

&

Steel

-

0

.45

%

ArcelorMittal

SA

1,533‌

35‌

Cleveland-Cliffs

Inc

(c)

1,659‌

26‌

Fortescue

Ltd

5,632‌

80‌

Nippon

Steel

Corp

3,200‌

68‌

Novolipetsk

Steel

PJSC

36,800‌

—‌

Nucor

Corp

819‌

129‌

POSCO

Holdings

Inc

248‌

65‌

Reliance

Inc

192‌

55‌

Severstal

PAO

(c)

4,878‌

—‌

Steel

Dynamics

Inc

507‌

66‌

Vale

SA

ADR

12,168‌

136‌

$

660‌

Lodging

-

0

.02

%

Travel

+

Leisure

Co

600‌

27‌

Mining

-

1

.30

%

Agnico

Eagle

Mines

Ltd

1,664‌

109‌

Anglo

American

PLC

4,482‌

142‌

Antofagasta

PLC

1,149‌

31‌

Barrick

Gold

Corp

5,861‌

98‌

BHP

Group

Ltd

13,783‌

394‌

Boliden

AB

911‌

29‌

First

Quantum

Minerals

Ltd

2,392‌

31‌

Franco-Nevada

Corp

640‌

76‌

Freeport-McMoRan

Inc

4,792‌

233‌

Glencore

PLC

37,139‌

211‌

Gold

Fields

Ltd

ADR

2,975‌

44‌

Schedule

of

Investments

Principal

Real

Asset

Fund

June

30,

2024

(unaudited)

See

accompanying

notes.

2

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Mining

(continued)

Ivanhoe

Mines

Ltd

(c)

1,984‌

$

26‌

Newmont

Corp

3,861‌

162‌

Norsk

Hydro

ASA

4,529‌

28‌

Polyus

PJSC

(c)

407‌

—‌

Rio

Tinto

Ltd

1,236‌

98‌

South32

Ltd

15,020‌

36‌

Southern

Copper

Corp

287‌

31‌

Sumitomo

Metal

Mining

Co

Ltd

900‌

27‌

Wheaton

Precious

Metals

Corp

1,509‌

79‌

$

1,885‌

Oil

&

Gas

-

1

.84

%

BP

PLC

35,527‌

214‌

Canadian

Natural

Resources

Ltd

4,506‌

161‌

Cenovus

Energy

Inc

2,804‌

55‌

Chevron

Corp

1,338‌

209‌

ConocoPhillips

911‌

104‌

Coterra

Energy

Inc

575‌

15‌

Devon

Energy

Corp

490‌

23‌

Diamondback

Energy

Inc

136‌

27‌

Ecopetrol

SA

ADR

504‌

6‌

Eni

SpA

5,058‌

78‌

EOG

Resources

Inc

453‌

57‌

Equinor

ASA

2,065‌

59‌

Exxon

Mobil

Corp

3,485‌

401‌

Hess

Corp

210‌

31‌

Imperial

Oil

Ltd

334‌

23‌

Marathon

Petroleum

Corp

286‌

50‌

Neste

Oyj

897‌

16‌

Occidental

Petroleum

Corp

504‌

32‌

Petroleo

Brasileiro

SA

ADR

3,878‌

56‌

Phillips

66

330‌

47‌

Repsol

SA

2,548‌

40‌

Shell

PLC

12,048‌

432‌

Suncor

Energy

Inc

2,713‌

103‌

TotalEnergies

SE

4,719‌

316‌

Valero

Energy

Corp

265‌

42‌

Woodside

Energy

Group

Ltd

4,002‌

75‌

$

2,672‌

Oil

&

Gas

Services

-

0

.07

%

Baker

Hughes

Co

766‌

27‌

Halliburton

Co

681‌

23‌

Schlumberger

NV

1,110‌

52‌

$

102‌

Packaging

&

Containers

-

0

.37

%

Amcor

PLC

6,409‌

63‌

DS

Smith

PLC

17,710‌

94‌

Graphic

Packaging

Holding

Co

1,357‌

36‌

Packaging

Corp

of

America

395‌

72‌

Sealed

Air

Corp

640‌

22‌

SIG

Group

AG

(c)

4,473‌

82‌

Stora

Enso

Oyj

7,874‌

107‌

Westrock

Co

1,139‌

57‌

$

533‌

Pipelines

-

1

.06

%

Enbridge

Inc

5,507‌

196‌

Gibson

Energy

Inc

20,784‌

353‌

Pembina

Pipeline

Corp

21,266‌

789‌

TC

Energy

Corp

5,213‌

198‌

$

1,536‌

Real

Estate

-

0

.40

%

Mitsui

Fudosan

Co

Ltd

34,500‌

318‌

Qualitas

Ltd

12,887‌

20‌

Sun

Hung

Kai

Properties

Ltd

9,200‌

80‌

Vonovia

SE

5,950‌

169‌

$

587‌

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

REITs

-

5

.17

%

Agree

Realty

Corp

2,100‌

$

130‌

Alexandria

Real

Estate

Equities

Inc

1,100‌

129‌

American

Healthcare

REIT

Inc

5,899‌

86‌

American

Homes

4

Rent

3,588‌

133‌

American

Tower

Corp

4,900‌

952‌

Americold

Realty

Trust

Inc

3,300‌

84‌

AvalonBay

Communities

Inc

1,200‌

248‌

Boardwalk

Real

Estate

Investment

Trust

800‌

41‌

Canadian

Apartment

Properties

REIT

1,300‌

42‌

CapitaLand

Ascendas

REIT

23,700‌

45‌

CapitaLand

Integrated

Commercial

Trust

42,900‌

62‌

Centuria

Industrial

REIT

15,166‌

30‌

Cousins

Properties

Inc

2,600‌

60‌

CRE

Logistics

REIT

Inc

60‌

54‌

Crown

Castle

Inc

8,876‌

867‌

Digital

Realty

Trust

Inc

823‌

125‌

Equinix

Inc

494‌

374‌

Equity

LifeStyle

Properties

Inc

1,000‌

65‌

Equity

Residential

2,000‌

139‌

Essex

Property

Trust

Inc

400‌

109‌

Extra

Space

Storage

Inc

1,605‌

249‌

Gaming

and

Leisure

Properties

Inc

1,915‌

87‌

Goodman

Group

10,995‌

254‌

Healthcare

Realty

Trust

Inc

2,500‌

41‌

Host

Hotels

&

Resorts

Inc

5,800‌

104‌

InvenTrust

Properties

Corp

2,100‌

52‌

Invincible

Investment

Corp

162‌

66‌

Invitation

Homes

Inc

5,788‌

208‌

Japan

Hotel

REIT

Investment

Corp

162‌

78‌

Kilroy

Realty

Corp

1,800‌

56‌

Klepierre

SA

5,670‌

151‌

Link

REIT

23,424‌

91‌

Mapletree

Industrial

Trust

45,700‌

71‌

Merlin

Properties

Socimi

SA

7,616‌

85‌

Mitsubishi

Estate

Logistics

REIT

Investment

Corp

23‌

55‌

Park

Hotels

&

Resorts

Inc

2,200‌

33‌

Prologis

Inc

2,821‌

317‌

Prologis

Property

Mexico

SA

de

CV

9,900‌

32‌

Regency

Centers

Corp

1,400‌

87‌

Rexford

Industrial

Realty

Inc

2,292‌

102‌

Sabra

Health

Care

REIT

Inc

4,405‌

68‌

Safestore

Holdings

PLC

6,772‌

66‌

Segro

PLC

7,557‌

85‌

Sekisui

House

Reit

Inc

91‌

45‌

Simon

Property

Group

Inc

600‌

91‌

Stockland

18,995‌

53‌

Unibail-Rodamco-Westfield

1,200‌

95‌

UNITE

Group

PLC/The

9,800‌

111‌

Ventas

Inc

4,083‌

209‌

VICI

Properties

Inc

7,775‌

223‌

Welltower

Inc

3,547‌

370‌

Weyerhaeuser

Co

3,266‌

93‌

$

7,503‌

Telecommunications

-

0

.07

%

NEXTDC

Ltd

(c)

8,300‌

97‌

Transportation

-

0

.56

%

Union

Pacific

Corp

3,591‌

813‌

Water

-

0

.87

%

Pennon

Group

PLC

56,650‌

411‌

Severn

Trent

PLC

21,521‌

648‌

United

Utilities

Group

PLC

16,838‌

209‌

$

1,268‌

TOTAL

COMMON

STOCKS

$

33,962‌

Schedule

of

Investments

Principal

Real

Asset

Fund

June

30,

2024

(unaudited)

See

accompanying

notes.

3

PREFERRED

STOCKS

-

0

.35

%

Shares

Held

Value

(000's)

Electric

-

0

.35

%

Centrais

Eletricas

Brasileiras

SA

1.82%

69,810‌

$

501‌

TOTAL

PREFERRED

STOCKS

$

501‌

Total

Investments

$

144,964‌

Other

Assets

and

Liabilities

-  0.02%

36‌

TOTAL

NET

ASSETS

-

100.00%

$

145,000‌

(a)

1-day

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

$36

or

0.02%

of

net

assets.

Portfolio

Summary

Sector

Percent

Financial

30

.72‌

%

Energy

24

.72‌

%

Consumer,

Non-cyclical

22

.14‌

%

Utilities

9

.20‌

%

Exchange-Traded

Funds

3

.86‌

%

Materials

3

.79‌

%

Basic

Materials

2

.60‌

%

Industrial

1

.98‌

%

Money

Market

Funds

0

.87‌

%

Communications

0

.07‌

%

Consumer,

Cyclical

0

.03‌

%

Other

Assets

and

Liabilities

0

.02‌

%

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

-

06/26/2024

$

4,517‌

$

4,882‌

N/A

3.37%

Brookfield

Senior

Mezzanine

Real

Estate

Finance

Fund,

LP

(b)

03/31/2022

5,000‌

3,514‌

90

2.42%

Brookfield

Super-Core

Infrastructure

Partners

Fund,

LP

(c)

07/01/2021

-

06/27/2022

7,996‌

8,814‌

N/A

6.08%

BTG

Pactual

Open

Ended

Core

US

Timberland

Fund,

LP

(d)

07/01/2019

-

12/30/2021

4,697‌

5,501‌

90

3.79%

CBRE

Caledon

Global

Infrastructure

Fund

(International),

LP

(e)

07/16/2021

-

04/18/2023

10,961‌

11,071‌

N/A

7.63%

Ceres

Farmland

Holdings,

LP

(f)

11/06/2019,

02/05/2021

7,000‌

11,245‌

N/A

7.76%

FDR

PELF

SCA,

SICAV-RAIF

(g)

12/01/2022

6,610‌

5,540‌

90

3.82%

GDIF

US

Hedged

Feeder

Fund,

LP

(h)

04/23/2021

-

08/17/2022

6,115‌

6,626‌

N/A

4.57%

Hancock

Timberland

and

Farmland

Fund,

LP

(i)

08/12/2020

-

04/20/2023

13,000‌

13,615‌

N/A

9.39%

HarbourVest

Infrastructure

Income

Delaware

Parallel

Partnership,

LP

(j)

06/27/2022

8,000‌

9,596‌

90

6.62%

IFM

Net

Zero

Infrastructure

Fund

(USD)

B,

SCSp

(k)

02/29/2024

6,000‌

6,181‌

90

4.26%

PGIM

Real

Estate

US

Debt

Fund,

LP

(l)

04/30/2021,

06/30/2021

5,315‌

5,113‌

N/A

3.53%

UBS

AgriVest

Farmland

Fund

(m)

07/01/2020

-

01/03/2023

5,147‌

5,875‌

60

4.05%

UBS

Trumbull

Property

Growth

&

Income

Fund

(n)

07/01/2020

-

12/30/2021

7,190‌

6,077‌

60

4.19%

Total

$

103,650‌

71.48%

The

private

investment

funds

listed

in

the

table

do

not

include

any

unfunded

commitments.  Please

see

Note

3

for

details

of

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

represents

an

indirect

ownership

of

the

Prologis

European

Logistics

Fund

which

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.

(h)

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.

(i)

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.

(j)

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.

Schedule

of

Investments

Principal

Real

Asset

Fund

June

30,

2024

(unaudited)

See

accompanying

notes.

4

(k)

This

feeder

fund

represents

an

indirect

ownership

of

the

IFM

Net

Zero

Infrastructure

Fund

SCSp

which

seeks

to

achieve

long-term

capital

appreciation

as

well

as

current

income

through

equity

and

equity-related

investments

in

infrastructure

assets

that

IFM

believes

will

seek

to

accelerate

the

world’s

transition

to

a

net-zero

emissions

economy.  Redemptions

are

subject

to

a

two-year

holding

period

of

the

acquisition

date.  Withdrawal

requests

need

to

be

provided

in

writing

at

least

90

days

prior

to

the

first

day

of

any

calendar

quarter.  

(l)

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.

(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.

June

30,

2024

(unaudited)

5

Security

Valuation.

Principal

Real

Asset

Fund

(known

as

the

“Fund”)

values

securities,

including

exchange-traded

funds,

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.

In

the

event

that

a

net

asset

value

is

not

provided

by

a

private

investment

fund

following

the

end

of

the

period,

the

Fund’s

fair

valuation

procedures

will

be

followed,

which

includes

reviewing

investor

statements

and

trade

activity

.

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

or

transferring

a

liability

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.

Investments

which

are

generally

included

in

this

category

include

listed

equities

and

exchange-traded

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,

2024

(unaudited)

6

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,

2024

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,

2024

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

Real

Asset

Fund

Common

Stocks

Basic

Materials

$

1,927

$

1,845

$

—

$

3,772

Communications

—

97

—

97

Consumer,

Cyclical

39

—

—

39

Consumer,

Non-cyclical

840

520

—

1,360

Energy

3,682

1,230

—

4,912

Financial

6,006

2,084

—

8,090

Industrial

1,120

1,738

—

2,858

Utilities

6,189

6,645

—

12,834

Investment

Companies*

6,851

—

—

6,851

Preferred

Stocks*

501

—

—

501

Total

$

27,155

$

14,159

$

—

$

41,314

Investments

Using

NAV

as

practical

expedient

Private

Investment

Funds

103,650

Total

investments

in

securities

$

—

$

—

$

—

$

144,964