Schedule
of
Investments
Principal
Real
Asset
Fund
June
30,
2026
(unaudited)
See
accompanying
notes.
1
INVESTMENT
COMPANIES
-
1
.02
%
Shares
Held
Value
(000's)
Exchange-Traded
Funds
-
0
.53
%
iShares
Global
Infrastructure
ETF
13,700‌
$
912‌
Money
Market
Funds
-
0
.49
%
Morgan
Stanley
Institutional
Liquidity
Funds
-
Government
Portfolio
-
Institutional
Class
3.56%
(a)
852,761‌
853‌
TOTAL
INVESTMENT
COMPANIES
$
1,765‌
PRIVATE
INVESTMENT
FUNDS
-
76
.59
%
Shares
Held
Value
(000's)
Agriculture
-
17
.12
%
Ceres
Farmland
Holdings,
LP
(b)
N/A
$
12,848‌
Hancock
Timberland
and
Farmland
Fund,
LP
(b)
N/A
11,132‌
UBS
AgriVest
Farmland
Fund
(b)
N/A
5,672‌
$
29,652‌
Energy
-
Alternate
Sources
-
21
.40
%
ACIP
Parallel
Fund
A,
LP
(b)
N/A
4,881‌
Blackstone
Infrastructure
Partners
F2,
LP
(b)
N/A
10,063‌
CBRE
Caledon
Global
Infrastructure
Fund
(International),
LP
(b)
N/A
11,921‌
IFM
Core
Energy
Transition
Fund
(USD)
B,
SCSp
(b)
N/A
5,854‌
Macquarie
Green
Energy
and
Climate
Opportunities
Fund,
SCSp
(b)
N/A
4,334‌
$
37,053‌
Forest
Products
&
Paper
-
3
.56
%
BTG
Pactual
Open
Ended
Core
US
Timberland
Fund,
LP
(b)
N/A
6,158‌
Private
Equity
-
10
.88
%
GDIF
US
Hedged
Feeder
Fund,
LP
(b)
N/A
6,825‌
HarbourVest
Infrastructure
Income
Delaware
Parallel
Partnership,
LP
(b)
N/A
12,016‌
$
18,841‌
Real
Estate
-
14
.05
%
Brookfield
Senior
Mezzanine
Real
Estate
Finance
Fund,
LP
(b)
N/A
1,272‌
FDR
PELF
SCA,
SICAV-RAIF
(b)
N/A
6,022‌
Maxim
Income
Opportunity
Fund
IV,
LP
(b)
N/A
7,104‌
PGIM
Real
Estate
US
Debt
Fund,
LP
(b)
N/A
5,033‌
UBS
Trumbull
Property
Growth
&
Income
Fund
(b)
N/A
4,902‌
$
24,333‌
Software
-
5
.91
%
Cloud
Capital
Feeder
(ON),
LP
(b)
N/A
10,229‌
Transportation
-
3
.67
%
Global
Transport
Income
Fund
Feeder
LLC,
LP
(b)
N/A
6,356‌
TOTAL
PRIVATE
INVESTMENT
FUNDS
$
132,622‌
COMMON
STOCKS
-
21
.88
%
Shares
Held
Value
(000's)
Agriculture
-
0
.24
%
Archer-Daniels-Midland
Co
2,355‌
$
180‌
Bunge
Global
SA
659‌
70‌
Darling
Ingredients
Inc
(c)
770‌
42‌
Wilmar
International
Ltd
47,000‌
131‌
$
423‌
Biotechnology
-
0
.16
%
Corteva
Inc
3,288‌
278‌
Building
Materials
-
0
.12
%
Louisiana-Pacific
Corp
308‌
24‌
Svenska
Cellulosa
AB
SCA
10,561‌
108‌
West
Fraser
Timber
Co
Ltd
1,002‌
68‌
$
200‌
Chemicals
-
0
.42
%
CF
Industries
Holdings
Inc
768‌
83‌
FMC
Corp
608‌
7‌
ICL
Group
Ltd
12,844‌
65‌
Mosaic
Co/The
1,545‌
33‌
Nutrien
Ltd
6,523‌
411‌
Yara
International
ASA
2,917‌
128‌
$
727‌
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Commercial
Services
-
1
.12
%
Atlas
Arteria
Ltd
235,143‌
$
830‌
JSW
Infrastructure
Ltd
85,051‌
290‌
Motiva
Infraestrutura
de
Mobilidade
SA
169,592‌
480‌
Transurban
Group
34,995‌
348‌
$
1,948‌
Consumer
Products
-
0
.04
%
Avery
Dennison
Corp
376‌
61‌
Electric
-
5
.19
%
Algonquin
Power
&
Utilities
Corp
84,400‌
496‌
CenterPoint
Energy
Inc
16,987‌
748‌
CMS
Energy
Corp
6,822‌
522‌
Consolidated
Edison
Inc
6,015‌
665‌
EDP
Renewables
SA
16,257‌
263‌
Elia
Group
SA/NV
3,988‌
635‌
Entergy
Corp
9,095‌
1,045‌
Fervo
Energy
Co
(c)
5,607‌
164‌
National
Grid
PLC
36,616‌
604‌
NextEra
Energy
Inc
17,102‌
1,501‌
PG&E
Corp
37,794‌
636‌
Sempra
10,651‌
987‌
Xcel
Energy
Inc
9,039‌
726‌
$
8,992‌
Engineering
&
Construction
-
1
.00
%
Aeroports
de
Paris
SA
3,564‌
465‌
Cellnex
Telecom
SA
(c),(d)
13,399‌
401‌
China
Tower
Corp
Ltd
(d)
230,100‌
259‌
Enav
SpA
(d)
62,962‌
374‌
Sarana
Menara
Nusantara
Tbk
PT
11,288,500‌
230‌
$
1,729‌
Environmental
Control
-
0
.21
%
Cleanaway
Waste
Management
Ltd
221,735‌
361‌
Food
-
0
.02
%
Ingredion
Inc
306‌
29‌
Forest
Products
&
Paper
-
0
.34
%
International
Paper
Co
2,594‌
99‌
Mondi
PLC
7,844‌
71‌
Oji
Holdings
Corp
16,000‌
79‌
Suzano
SA
ADR
12,025‌
93‌
UPM-Kymmene
Oyj
9,415‌
250‌
$
592‌
Gas
-
0
.20
%
ENN
Energy
Holdings
Ltd
68,600‌
354‌
Healthcare
-
Services
-
0
.03
%
Chartwell
Retirement
Residences
3,000‌
47‌
Housewares
-
0
.01
%
Scotts
Miracle-Gro
Co/The
217‌
15‌
Iron
&
Steel
-
0
.30
%
ArcelorMittal
SA
947‌
57‌
Fortescue
Ltd
3,694‌
49‌
Nippon
Steel
Corp
11,900‌
39‌
Novolipetsk
Steel
PJSC
(c)
36,800‌
—‌
Nucor
Corp
512‌
114‌
POSCO
Holdings
Inc
167‌
35‌
Reliance
Inc
116‌
43‌
Severstal
PAO
(c)
4,878‌
—‌
Steel
Dynamics
Inc
305‌
70‌
Vale
SA
ADR
8,032‌
121‌
$
528‌
Lodging
-
0
.04
%
Hilton
Worldwide
Holdings
Inc
218‌
72‌
Mining
-
1
.38
%
Agnico
Eagle
Mines
Ltd
1,121‌
174‌
Anglo
American
PLC
2,636‌
129‌
Anglogold
Ashanti
Plc
942‌
76‌
Antofagasta
PLC
766‌
39‌
Barrick
Mining
Corp
3,730‌
137‌
BHP
Group
Ltd
11,153‌
465‌
Cameco
Corp
696‌
71‌
Schedule
of
Investments
Principal
Real
Asset
Fund
June
30,
2026
(unaudited)
See
accompanying
notes.
2
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Mining
(continued)
China
Hongqiao
Group
Ltd
7,500‌
$
19‌
First
Quantum
Minerals
Ltd
(c)
1,504‌
41‌
Franco-Nevada
Corp
429‌
90‌
Freeport-McMoRan
Inc
3,208‌
202‌
Glencore
PLC
(c)
21,260‌
145‌
Gold
Fields
Ltd
ADR
1,988‌
67‌
Ivanhoe
Mines
Ltd
(c)
1,627‌
13‌
Kinross
Gold
Corp
2,672‌
63‌
Newmont
Corp
2,435‌
227‌
Norsk
Hydro
ASA
2,901‌
26‌
Northern
Star
Resources
Ltd
3,179‌
42‌
Polyus
PJSC
(c)
4,070‌
—‌
Rio
Tinto
Ltd
835‌
101‌
Southern
Copper
Corp
185‌
32‌
Teck
Resources
Ltd
997‌
59‌
Wheaton
Precious
Metals
Corp
1,011‌
114‌
Zijin
Mining
Group
Co
Ltd
14,000‌
50‌
$
2,382‌
Oil
&
Gas
-
1
.43
%
BP
PLC
25,156‌
155‌
Canadian
Natural
Resources
Ltd
3,319‌
131‌
Cenovus
Energy
Inc
2,159‌
54‌
Chevron
Corp
1,252‌
208‌
ConocoPhillips
815‌
85‌
Devon
Energy
Corp
765‌
32‌
Diamondback
Energy
Inc
130‌
23‌
Ecopetrol
SA
ADR
393‌
6‌
Eni
SpA
3,306‌
78‌
EOG
Resources
Inc
361‌
47‌
EQT
Corp
416‌
22‌
Equinor
ASA
1,343‌
42‌
ExxonMobil
Holdings
Corp
2,796‌
382‌
Imperial
Oil
Ltd
239‌
27‌
Marathon
Petroleum
Corp
197‌
50‌
Occidental
Petroleum
Corp
479‌
23‌
Petroleo
Brasileiro
SA
-
Petrobras
ADR
2,962‌
48‌
Phillips
66
269‌
45‌
Reliance
Industries
Ltd
(d)
2,710‌
150‌
Repsol
SA
1,760‌
44‌
Shell
PLC
9,096‌
353‌
Suncor
Energy
Inc
1,908‌
103‌
TotalEnergies
SE
3,243‌
251‌
Valero
Energy
Corp
203‌
53‌
Woodside
Energy
Group
Ltd
3,026‌
58‌
$
2,470‌
Oil
&
Gas
Services
-
0
.24
%
Baker
Hughes
Co
658‌
37‌
Halliburton
Co
558‌
19‌
SLB
Ltd
995‌
46‌
Solaris
Energy
Infrastructure
Inc
3,995‌
321‌
$
423‌
Packaging
&
Containers
-
0
.32
%
Amcor
PLC
2,272‌
98‌
Graphic
Packaging
Holding
Co
1,437‌
15‌
Packaging
Corp
of
America
439‌
105‌
SIG
Group
AG
(c)
6,173‌
103‌
Smurfit
Westrock
PLC
2,565‌
119‌
Stora
Enso
Oyj
10,984‌
117‌
$
557‌
Pipelines
-
1
.85
%
APA
Group
41,139‌
288‌
DT
Midstream
Inc
3,290‌
483‌
Gibson
Energy
Inc
29,200‌
592‌
Kinetik
Holdings
Inc
8,549‌
413‌
Venture
Global
Inc
18,691‌
208‌
Williams
Cos
Inc/The
16,358‌
1,216‌
$
3,200‌
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Real
Estate
-
0
.40
%
City
Developments
Ltd
10,300‌
$
62‌
CTP
NV
(d)
1,292‌
24‌
Jones
Lang
LaSalle
Inc
(c)
96‌
30‌
Mitsubishi
Estate
Co
Ltd
8,800‌
224‌
Mitsui
Fudosan
Co
Ltd
4,900‌
45‌
Qualitas
Ltd
19,672‌
42‌
Sumitomo
Realty
&
Development
Co
Ltd
3,500‌
81‌
Sun
Hung
Kai
Properties
Ltd
7,500‌
108‌
Swire
Properties
Ltd
15,600‌
41‌
TAG
Immobilien
AG
2,585‌
42‌
$
699‌
REITs
-
4
.34
%
Agree
Realty
Corp
1,953‌
148‌
American
Healthcare
REIT
Inc
2,762‌
144‌
American
Homes
4
Rent
5,007‌
168‌
American
Tower
Corp
4,776‌
781‌
Americold
Realty
Trust
Inc
3,000‌
47‌
AvalonBay
Communities
Inc
974‌
184‌
Blackstone
Digital
Infrastructure
Trust
Inc
(c)
2,114‌
46‌
Boardwalk
Real
Estate
Investment
Trust
700‌
32‌
British
Land
Co
PLC/The
9,410‌
52‌
CapitaLand
Integrated
Commercial
Trust
69,995‌
128‌
COPT
Defense
Properties
2,531‌
92‌
Cousins
Properties
Inc
1,978‌
59‌
Crown
Castle
Inc
8,487‌
643‌
Curbline
Properties
Corp
1,988‌
60‌
Digital
Realty
Trust
Inc
892‌
160‌
EastGroup
Properties
Inc
369‌
75‌
Equinix
Inc
946‌
986‌
Equity
LifeStyle
Properties
Inc
1,005‌
65‌
Essex
Property
Trust
Inc
336‌
98‌
Extra
Space
Storage
Inc
1,310‌
190‌
Gaming
and
Leisure
Properties
Inc
1,663‌
74‌
Goodman
Group
12,681‌
274‌
InvenTrust
Properties
Corp
3,120‌
110‌
Janus
Living
Inc
2,231‌
64‌
Japan
Hotel
REIT
Investment
Corp
62‌
30‌
Keppel
DC
REIT
42,276‌
73‌
Klepierre
SA
2,954‌
124‌
Link
REIT
15,824‌
74‌
Macerich
Co/The
2,380‌
60‌
Merlin
Properties
Socimi
SA
4,678‌
82‌
Mitsui
Fudosan
Accommodations
Fund
Inc
70‌
53‌
Nippon
Prologis
REIT
Inc
78‌
42‌
Prologis
Inc
2,592‌
351‌
Prologis
Property
Mexico
SA
de
CV
6,846‌
30‌
Regency
Centers
Corp
1,355‌
108‌
Ryman
Hospitality
Properties
Inc
803‌
103‌
Sabra
Health
Care
REIT
Inc
3,636‌
71‌
Safestore
Holdings
PLC
5,872‌
48‌
Segro
PLC
7,664‌
89‌
Sekisui
House
Reit
Inc
91‌
43‌
Simon
Property
Group
Inc
261‌
58‌
Terreno
Realty
Corp
776‌
50‌
Unibail-Rodamco-Westfield
(c)
1,729‌
202‌
Ventas
Inc
3,538‌
314‌
Vornado
Realty
Trust
1,668‌
66‌
Welltower
Inc
3,010‌
683‌
Weyerhaeuser
Co
3,545‌
85‌
$
7,519‌
Telecommunications
-
0
.05
%
NEXTDC
Ltd
(c)
8,872‌
90‌
Transportation
-
1
.69
%
CSX
Corp
22,973‌
1,092‌
East
Japan
Railway
Co
22,900‌
479‌
Rumo
SA
149,904‌
389‌
Union
Pacific
Corp
3,531‌
960‌
$
2,920‌
Schedule
of
Investments
Principal
Real
Asset
Fund
June
30,
2026
(unaudited)
See
accompanying
notes.
3
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Water
-
0
.74
%
Cia
de
Saneamento
Basico
do
Estado
de
Sao
Paulo
SABESP
56,478‌
$
325‌
Guangdong
Investment
Ltd
478,513‌
474‌
Severn
Trent
PLC
12,226‌
479‌
$
1,278‌
TOTAL
COMMON
STOCKS
$
37,894‌
Total
Investments
$
172,281‌
Other
Assets
and
Liabilities
-  0.51%
878‌
TOTAL
NET
ASSETS
-
100.00%
$
173,159‌
(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
$1,208
or
0.70%
of
net
assets.
Portfolio
Summary
Sector
Percent
Financial
29
.67‌
%
Energy
24
.92‌
%
Consumer,
Non-cyclical
18
.73‌
%
Industrial
7
.01‌
%
Utilities
6
.13‌
%
Technology
5
.91‌
%
Materials
3
.56‌
%
Basic
Materials
2
.44‌
%
Exchange-Traded
Funds
0
.53‌
%
Money
Market
Funds
0
.49‌
%
Consumer,
Cyclical
0
.05‌
%
Communications
0
.05‌
%
Other
Assets
and
Liabilities
0
.51‌
%
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
-
06/10/2026
$
6,572‌
$
4,881‌
N/A
2.82%
Blackstone
Infrastructure
Partners
F2,
LP
(b)
09/27/2024
-
06/26/2026
8,245‌
10,063‌
90
5.81%
Brookfield
Senior
Mezzanine
Real
Estate
Finance
Fund,
LP
(c)
03/31/2022
5,000‌
1,272‌
N/A
0.73%
BTG
Pactual
Open
Ended
Core
US
Timberland
Fund,
LP
(d)
07/01/2019
-
12/30/2021
4,697‌
6,158‌
90
3.56%
CBRE
Caledon
Global
Infrastructure
Fund
(International),
LP
(e)
07/16/2021
-
06/27/2024
10,959‌
11,921‌
N/A
6.89%
Ceres
Farmland
Holdings,
LP
(f)
11/06/2019,
02/05/2021
7,000‌
12,848‌
N/A
7.42%
Cloud
Capital
Feeder
(ON),
LP
(g)
12/05/2025
10,000‌
10,229‌
90
5.91%
FDR
PELF
SCA,
SICAV-RAIF
(h)
12/01/2022
6,610‌
6,022‌
90
3.48%
GDIF
US
Hedged
Feeder
Fund,
LP
(i)
04/23/2021
-
08/17/2022
6,114‌
6,825‌
N/A
3.94%
Global
Transport
Income
Fund
Feeder
LLC,
LP
(j)
08/01/2024
6,000‌
6,356‌
45
3.67%
Hancock
Timberland
and
Farmland
Fund,
LP
(k)
08/12/2020
-
04/20/2023
10,556‌
11,132‌
N/A
6.43%
HarbourVest
Infrastructure
Income
Delaware
Parallel
Partnership,
LP
(l)
06/27/2022
8,000‌
12,016‌
90
6.94%
IFM
Core
Energy
Transition
Fund
(USD)
B,
SCSp
(m)
02/29/2024
6,000‌
5,854‌
90
3.38%
Macquarie
Green
Energy
and
Climate
Opportunities
Fund,
SCSp
(n)
08/30/2024
-
05/22/2026
3,708‌
4,334‌
90
2.50%
Maxim
Income
Opportunity
Fund
IV,
LP
(o)
03/13/2026
7,104‌
7,104‌
60
4.10%
PGIM
Real
Estate
US
Debt
Fund,
LP
(p)
04/30/2021,
06/30/2021
5,315‌
5,033‌
N/A
2.91%
UBS
AgriVest
Farmland
Fund
(q)
07/01/2020
-
01/03/2023
4,937‌
5,672‌
60
3.27%
UBS
Trumbull
Property
Growth
&
Income
Fund
(r)
07/01/2020
-
12/30/2021
6,043‌
4,902‌
60
2.83%
Total
$
132,622‌
76.59%
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)
This
fund
is
an
open-ended
investment
fund
whose
objective
is
to
identify,
acquire
and
operate
a
diversified
portfolio
of
high
quality,
long-duration,
cash-yielding
investments
that
can
compound
at
attractive
risk-adjusted
rates
of
return.  The
fund
seeks
to
invest
in
assets
across
four
primary
infrastructure
sectors:
energy
infrastructure,
transportation,
digital
infrastructure,
and
water
and
waste.  Redemptions
are
subject
to
a
three-year
lock
up
from
the
acquisition
date.
(c)
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.
Management
of
the
fund
has
recently
announced
their
intention
to
dissolve
this
fund.
They
expect
to
return
50%
of
capital
by
the
end
of
2025
and
the
remaining
over
the
next
five
years.
(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
in
both
the
Cloud
Capital
US
LP
Fund
and
the
Cloud
Capital
European
Fund
SCSp,
through
the
Cloud
Capital
B
(ON)
LP.  The
fund
pursues
a
core
plus
global
data
center
investment
strategy,
seeking
to
generate
regular
income
through
ownership
of
stabilized
or
near
stabilized
data
center
assets,
while
selectively
pursuing
value
add
and
de
risked
growth
opportunities
to
enhance
diversification,
capital
appreciation,
and
income
potential.  Redemption
requests
accommodated
quarterly
to
the
extent
of
sufficient
liquid
assets,
with
at
least
90
days
notice.
Schedule
of
Investments
Principal
Real
Asset
Fund
June
30,
2026
(unaudited)
See
accompanying
notes.
4
(h)
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.
(i)
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.
(j)
This
feeder
fund
represents
an
indirect
ownership
of
the
Global
Transport
Income
Fund
which
seeks
to
deliver
attractive,
risk-adjusted
returns
with
an
emphasis
on
stable
income
generation
through
investing
in
the
transport
industries.
Redemption
requests
are
allowed
three
years
after
the
third-quarter
date.
(k)
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.
(l)
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.
(m)
This
feeder
fund
represents
an
indirect
ownership
of
the
IFM
Core
Energy
Transition
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.
(n)
The
fund's
primary
objective
will
be
to
make
equity
and
equity
like
investments
in
a
diversified
portfolio
of
sustainable
infrastructure,
real
assets,
and
businesses,
primarily
those
focused
on
the
development
and
deployment
of
mature
sustainable
technologies
and,
through
their
operations,
contribute
towards
accelerating
the
global
energy
transition.  Redemptions
are
subject
to
a
five-year
holding
period
from
the
Commencement
Date.
(o)
The
Fund
will
seek
to
generate
attractive,
risk-adjusted
current
income
returns
by
investing
primarily
in
short-term
mortgage
loans
secured
by
first
position
liens
on
commercial
real
estate
located
in
the
continental
United
States,
which
may
include,
but
are
not
limited
to,
first
mortgages;
senior
or
subordinate
positions
in
first
mortgages;
collateral
assignments
of
first
mortgages;
and
senior
leasehold
loans.
In
addition,
up
to
10%
of
invested
capital
may
be
allocated
to
subordinated
loans
or
preferred
equity
in
U.S.
commercial
real
estate–related
assets.  Subsequent
to
the
commitment
period
ending
February
2027,
the
limited
partner
is
permitted
to
redeem
its
interest
quarterly
upon
60
days’
advance
notice,
subject
to
available
liquidity
of
the
underlying
portfolio.
(p)
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.
(q)
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.
(r)
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,
2026
(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.
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,
OTC
derivatives,
exchange
cleared
derivatives,
repurchase
agreements,
and
U.S.
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,
convertible
preferred
stocks,
preferred
stocks,
or
senior
floating
rate
interests.
In
accordance
with
Accounting
Standards
Codification
820
Fair
Value
Measurement,
the
Fund
has
elected
to
apply
the
practical
expedient
to
value
its
investments
in
private
investment
funds
at
their
respective
net
asset
value
each
calendar
month
or
quarter.
These
investments
are
excluded
from
the
fair
value
hierarchy.
June
30,
2026
(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:
yield
to
maturity,
EBITDA
multiples,
discount
rates,
available
cash,
or
direct
offering
price.
Significant
increases
in
yield
to
maturity,
EBITDA
multiples,
available
cash,
or
direct
offering
price
would
have
resulted
in
significantly
higher
fair
value
measurements.
A
significant
increase
in
discount
rates
would
have
resulted
in
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
inputs
or
methodology
used
for
valuing
securities
are
not
necessarily
an
indication
of
the
risk
associated
with
investing
those
instruments.
The
following
is
a
summary
of
the
inputs
used
as
of
June
30,
2026
in
valuing
the
Fund’s
securities
carried
at
value
(amounts
in
thousands):
*For
additional
detail
regarding
sector
and/or
sub-industry
classifications,
please
see
the
schedule
of
investments.
The
Fund's
Schedule
of
Investments
as
of
June
30,
2026
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
$
2,440
$
1,789
$
$
4,229
Communications
90
90
Consumer,
Cyclical
87
87
Consumer,
Non-cyclical
1,187
1,599
2,786
Energy
4,674
1,419
6,093
Financial
6,235
1,983
8,218
Industrial
2,870
2,897
5,767
Utilities
7,815
2,809
10,624
Investment
Companies*
1,765
1,765
Total
$
27,073
$
12,586
$
$
39,659
Investments
Using
NAV
as
practical
expedient
Private
Investment
Funds
132,622
Total
investments
in
securities
$
172,281