0001752724-20-034073.txt : 20200225
0001752724-20-034073.hdr.sgml : 20200225
20200225105813
ACCESSION NUMBER: 0001752724-20-034073
CONFORMED SUBMISSION TYPE: NPORT-P
PUBLIC DOCUMENT COUNT: 2
CONFORMED PERIOD OF REPORT: 20191231
FILED AS OF DATE: 20200225
PERIOD START: 20200331
FILER:
COMPANY DATA:
COMPANY CONFORMED NAME: Principal Diversified Select Real Asset Fund
CENTRAL INDEX KEY: 0001756404
IRS NUMBER: 832104764
STATE OF INCORPORATION: DE
FISCAL YEAR END: 0331
FILING VALUES:
FORM TYPE: NPORT-P
SEC ACT: 1940 Act
SEC FILE NUMBER: 811-23403
FILM NUMBER: 20648467
BUSINESS ADDRESS:
STREET 1: 711 HIGH ST.
CITY: DES MOINES
STATE: IA
ZIP: 50392
BUSINESS PHONE: 5152359328
MAIL ADDRESS:
STREET 1: 711 HIGH ST.
CITY: DES MOINES
STATE: IA
ZIP: 50392
NPORT-P
1
primary_doc.xml
NPORT-P
false
0001756404
XXXXXXXX
Principal Diversified Select Real Asset Fund
811-23403
0001756404
549300HSJTLJOEDEF407
801 Grand Ave
Des Moines
50309
515-248-0156
Principal Diversified Select Real Asset Fund
549300HSJTLJOEDEF407
2020-03-31
2019-12-31
N
140887873.58
10235798.02
130652075.56
0
0
0
0
0
0
0
0
0
0
10000000
0
0
9220.49
USD
N
Gogo Intermediate Holdings LLC / Gogo Finance Co Inc
N/A
Gogo Intermediate Holdings LLC / Gogo Finance Co Inc
38046XAE3
700000.00000000
PA
USD
739375.00000000
0.565911407706
Long
DBT
CORP
US
N
2
2024-05-01
Fixed
9.88000000
N
N
N
N
N
N
Glencore PLC
2138002658CPO9NBH955
Glencore PLC
N/A
46302.00000000
NS
144172.40000000
0.110348342636
Long
EC
CORP
CH
N
2
N
N
N
Novatek PJSC
2138008R6GCRVBDFA581
Novatek PJSC
N/A
737.00000000
NS
USD
150065.08000000
0.114858550357
Long
EC
CORP
RU
N
2
N
N
N
Dream Industrial Real Estate Investment Trust
N/A
Dream Industrial Real Estate Investment Trust
N/A
35800.00000000
NS
362259.44000000
0.277270329190
Long
EC
CORP
CA
N
1
N
N
N
Oji Holdings Corp
529900LVC9GIIYUGE243
Oji Holdings Corp
N/A
25600.00000000
NS
138444.43000000
0.105964202563
Long
EC
CORP
JP
N
2
N
N
N
SSE PLC
549300KI75VYLLMSK856
SSE PLC
N/A
27023.00000000
NS
515392.59000000
0.394477154527
Long
EC
CORP
GB
N
2
N
N
N
Fabege AB
549300JNPI46XNH0PM97
Fabege AB
N/A
4380.00000000
NS
72756.92000000
0.055687534766
Long
EC
CORP
SE
N
2
N
N
N
Cheniere Energy Partners LP
5493005UEC8AZ34LDV29
Cheniere Energy Partners LP
16411Q101
1647.00000000
NS
USD
65567.07000000
0.050184484034
Long
EC
CORP
US
N
1
N
N
N
Atlantica Yield PLC
549300ITBBGKJ651R879
Atlantica Yield PLC
G0751N103
19216.00000000
NS
USD
507110.24000000
0.388137913482
Long
EC
CORP
GB
N
1
N
N
N
CoreSite Realty Corp
549300H0YYORITFM2B74
CoreSite Realty Corp
21870Q105
600.00000000
NS
USD
67272.00000000
0.051489423119
Long
EC
CORP
US
N
1
N
N
N
Duke Energy Corp
I1BZKREC126H0VB1BL91
Duke Energy Corp
26441C204
3529.00000000
NS
USD
321880.09000000
0.246364314244
Long
EC
CORP
US
N
1
N
N
N
Acrisure LLC / Acrisure Finance Inc
N/A
Acrisure LLC / Acrisure Finance Inc
00489LAD5
700000.00000000
PA
USD
754250.00000000
0.577296607625
Long
DBT
CORP
US
N
2
2026-08-01
Fixed
10.13000000
N
N
N
N
N
N
United Utilities Group PLC
2138002IEYQAOC88ZJ59
United Utilities Group PLC
N/A
48917.00000000
NS
612146.67000000
0.468531913768
Long
EC
CORP
GB
N
2
N
N
N
Pioneer Natural Resources Co
FY8JBF7CCL2VE4F1B628
Pioneer Natural Resources Co
723787107
1142.00000000
NS
USD
172864.54000000
0.132309065324
Long
EC
CORP
US
N
1
N
N
N
Essential Properties Realty Trust Inc
N/A
Essential Properties Realty Trust Inc
29670E107
5745.00000000
NS
USD
142533.45000000
0.109093904087
Long
EC
CORP
US
N
1
N
N
N
Ecopetrol SA
254900IDGKCJICKBPA66
Ecopetrol SA
279158109
7978.00000000
NS
USD
159240.88000000
0.121881630519
Long
EC
CORP
CO
N
1
N
N
N
BANK 2019-BNK20
N/A
BANK 2019-BNK20
06540AAE1
15184587.21000000
PA
USD
1019218.34000000
0.780101146982
Long
ABS-MBS
CORP
US
N
2
2062-09-15
Variable
0.84000000
N
N
N
N
N
N
TLG Immobilien AG
549300NYSIH10FPUO363
TLG Immobilien AG
N/A
2757.00000000
NS
87712.33000000
0.067134279822
Long
EC
CORP
DE
N
2
N
N
N
Sabra Health Care REIT Inc
549300E3BC7GU7TAZ621
Sabra Health Care REIT Inc
78573L106
14274.00000000
NS
USD
304607.16000000
0.233143758868
Long
EC
CORP
US
N
1
N
N
N
Intelsat Connect Finance SA
549300T8SOCBO2H77X11
Intelsat Connect Finance SA
45827AAD5
426000.00000000
PA
USD
298072.20000000
0.228141955435
Long
DBT
CORP
LU
N
2
2023-02-15
Fixed
9.50000000
N
N
N
N
N
N
Freddie Mac STACR Trust 2019-HQA2
549300NKHCH87PYOHD44
Freddie Mac STACR Trust 2019-HQA2
35564MBE4
900000.00000000
PA
USD
1165819.86000000
0.892308717640
Long
ABS-MBS
CORP
US
N
2
2049-04-25
Floating
13.04000000
N
N
N
N
N
N
Midea Real Estate Holding Ltd
300300CW5XG771ZXV614
Midea Real Estate Holding Ltd
N/A
28600.00000000
NS
87697.58000000
0.067122990296
Long
EC
CORP
CN
N
2
N
N
N
Israel Chemicals Ltd
529900FQVQD88SHIGM04
Israel Chemicals Ltd
N/A
31098.00000000
NS
146860.86000000
0.112406067313
Long
EC
CORP
IL
N
2
N
N
N
Rexford Industrial Realty Inc
549300MSLO0DF0EMX355
Rexford Industrial Realty Inc
76169C100
2955.00000000
NS
USD
134954.85000000
0.103293307374
Long
EC
CORP
US
N
1
N
N
N
Xylem Inc/NY
549300DF5MV96DRYLQ48
Xylem Inc/NY
98419M100
11546.00000000
NS
USD
909709.34000000
0.696283879227
Long
EC
CORP
US
N
1
N
N
N
Aroundtown SA
529900H4DWG3KWMBMQ39
Aroundtown SA
N/A
23169.00000000
NS
208099.72000000
0.159277775808
Long
EC
CORP
LU
N
2
N
N
N
POSCO
988400E5HRVX81AYLM04
POSCO
N/A
748.00000000
NS
152041.31000000
0.116371140181
Long
EC
CORP
KR
N
2
N
N
N
Pattern Energy Group Inc
549300YTEUCT3H1Y2T51
Pattern Energy Group Inc
70338P100
6548.00000000
NS
USD
175191.74000000
0.134090284635
Long
EC
CORP
US
N
1
N
N
N
GS Mortgage Securities Trust 2019-GC42
N/A
GS Mortgage Securities Trust 2019-GC42
36257UAB3
3246000.00000000
PA
USD
257912.55000000
0.197404097022
Long
ABS-MBS
CORP
US
N
2
2052-09-01
Variable
0.94000000
N
N
N
N
N
N
China Water Affairs Group Ltd
529900XTSVH0DH4CEX74
China Water Affairs Group Ltd
N/A
428000.00000000
NS
320247.57000000
0.245114797164
Long
EC
CORP
HK
N
2
N
N
N
Mitsubishi Estate Co Ltd
353800KOFMRGOXSJ5Z65
Mitsubishi Estate Co Ltd
N/A
16100.00000000
NS
308071.53000000
0.235795358534
Long
EC
CORP
JP
N
2
N
N
N
Sun Hung Kai Properties Ltd
529900LUMD393RD3S874
Sun Hung Kai Properties Ltd
N/A
18500.00000000
NS
283325.34000000
0.216854832795
Long
EC
CORP
HK
N
2
N
N
N
City Developments Ltd
254900BPLPJS0RJ72373
City Developments Ltd
N/A
10400.00000000
NS
84643.90000000
0.064785729302
Long
EC
CORP
SG
N
2
N
N
N
OCI NV
549300NCMRGIBJYUOE57
OCI NV
N/A
7702.00000000
NS
163065.42000000
0.124808901275
Long
EC
CORP
NL
N
2
N
N
N
JPMBB Commercial Mortgage Securities Trust 2015-C29
N/A
JPMBB Commercial Mortgage Securities Trust 2015-C29
46644RBH7
560000.00000000
PA
USD
481334.56000000
0.368409424754
Long
ABS-MBS
CORP
US
N
2
2048-05-15
Variable
3.66000000
N
N
N
N
N
N
Oaktree CLO 2019-4 Ltd
N/A
Oaktree CLO 2019-4 Ltd
67400JAA1
500000.00000000
PA
USD
497904.00000000
0.381091534800
Long
ABS-O
CORP
KY
N
2
2032-10-20
Floating
9.15000000
N
N
N
N
N
N
Healthcare Trust of America Inc
549300L0I14L7I0VLX84
Healthcare Trust of America Inc
42225P501
10535.00000000
NS
USD
318999.80000000
0.244159764498
Long
EC
CORP
US
N
1
N
N
N
CubeSmart
N/A
CubeSmart
229663109
7403.00000000
NS
USD
233046.44000000
0.178371785523
Long
EC
CORP
US
N
1
N
N
N
LUKOIL PJSC
549300LCJ1UJXHYBWI24
LUKOIL PJSC
69343P105
1531.00000000
NS
USD
152497.72000000
0.116720472557
Long
EC
CORP
RU
N
2
N
N
N
Tetra Tech Inc
549300UJ1LP7JGJC5P32
Tetra Tech Inc
88162G103
7882.00000000
NS
USD
679113.12000000
0.519787471488
Long
EC
CORP
US
N
1
N
N
N
Csail 2015-C2 Commercial Mortgage Trust
549300D5DIOOMKWXVZ20
Csail 2015-C2 Commercial Mortgage Trust
12634NBA5
500000.00000000
PA
USD
443759.50000000
0.339649789793
Long
ABS-MBS
CORP
US
N
2
2057-06-15
Variable
4.19000000
N
N
N
N
N
N
Pentair PLC
549300EVR9D56WPSRP15
Pentair PLC
G7S00T104
13690.00000000
NS
USD
627960.30000000
0.480635533196
Long
EC
CORP
GB
N
1
N
N
N
Aguas Andinas SA
N/A
Aguas Andinas SA
N/A
1052262.00000000
NS
446648.50000000
0.341861006100
Long
EC
CORP
CL
N
2
N
N
N
Morgan Stanley Bank of America Merrill Lynch Trust 2015-C25
N/A
Morgan Stanley Bank of America Merrill Lynch Trust 2015-C25
61765TAR4
500000.00000000
PA
USD
408004.50000000
0.312283213451
Long
ABS-MBS
CORP
US
N
2
2048-10-15
Variable
4.53000000
N
N
N
N
N
N
Ecolab Inc
82DYEISM090VG8LTLS26
Ecolab Inc
278865100
1805.00000000
NS
USD
348346.95000000
0.266621826332
Long
EC
CORP
US
N
1
N
N
N
Norsk Hydro ASA
549300N1SDN71ZZ8BO45
Norsk Hydro ASA
N/A
41267.00000000
NS
153456.00000000
0.117453932011
Long
EC
CORP
NO
N
2
N
N
N
Equinix Inc
549300EVUN2BTLJ3GT74
Equinix Inc
29444U700
523.00000000
NS
USD
305275.10000000
0.233654994527
Long
EC
CORP
US
N
1
N
N
N
Alexandria Real Estate Equities Inc
MGCJBT4MKTQBVLNUIS88
Alexandria Real Estate Equities Inc
015271109
1273.00000000
NS
USD
205691.34000000
0.157434422008
Long
EC
CORP
US
N
1
N
N
N
Enterprise Products Partners LP
K4CDIF4M54DJZ6TB4Q48
Enterprise Products Partners LP
293792107
13064.00000000
NS
USD
367882.24000000
0.281573973029
Long
EC
CORP
US
N
1
N
N
N
Dominion Energy Inc
ILUL7B6Z54MRYCF6H308
Dominion Energy Inc
25746U109
7909.00000000
NS
USD
655023.38000000
0.501349387059
Long
EC
CORP
US
N
1
N
N
N
GS Mortgage Securities Trust 2013-GCJ14
549300ITVQSU1IHX4H03
GS Mortgage Securities Trust 2013-GCJ14
36198FAV4
539000.00000000
PA
USD
554330.24000000
0.424279704416
Long
ABS-MBS
CORP
US
N
2
2046-08-10
Variable
4.74000000
N
N
N
N
N
N
Americold Realty Trust
549300R7N1V5YV8MWH02
Americold Realty Trust
03064D108
3865.00000000
NS
USD
135506.90000000
0.103715841802
Long
EC
CORP
US
N
1
N
N
N
Packaging Corp of America
549300XZP8MFZFY8TJ84
Packaging Corp of America
695156109
1305.00000000
NS
USD
146146.95000000
0.111859646602
Long
EC
CORP
US
N
1
N
N
N
Citigroup Commercial Mortgage Trust 2018-C6
N/A
Citigroup Commercial Mortgage Trust 2018-C6
17327GBC7
1000000.00000000
PA
USD
1123835.40000000
0.860174164997
Long
ABS-MBS
CORP
US
N
2
2051-11-10
Variable
5.07000000
N
N
N
N
N
N
Phillips 66
5493005JBO5YSIGK1814
Phillips 66
718546104
1273.00000000
NS
USD
141824.93000000
0.108551608837
Long
EC
CORP
US
N
1
N
N
N
Magellan Midstream Partners LP
MZF5TI8NFVZZNUSKDL39
Magellan Midstream Partners LP
559080106
5345.00000000
NS
USD
336040.15000000
0.257202305098
Long
EC
CORP
US
N
1
N
N
N
Mosaic Co/The
2YD5STGSJNMUB7H76907
Mosaic Co/The
61945C103
7668.00000000
NS
USD
165935.52000000
0.127005651681
Long
EC
CORP
US
N
1
N
N
N
VICI Properties Inc
254900RKH6RY9KCJQH63
VICI Properties Inc
925652109
9198.00000000
NS
USD
235008.90000000
0.179873835905
Long
EC
CORP
US
N
1
N
N
N
WFRBS Commercial Mortgage Trust 2014-C21
5493000F7E2NMQ4HIO61
WFRBS Commercial Mortgage Trust 2014-C21
92939FAE9
500000.00000000
PA
USD
438089.70000000
0.335310172549
Long
ABS-MBS
CORP
US
N
2
2047-08-15
Fixed
3.50000000
N
N
N
N
N
N
PLA Administradora Industrial S de RL de CV
N/A
PLA Administradora Industrial S de RL de CV
N/A
78700.00000000
NS
129033.45000000
0.098761117607
Long
EC
CORP
MX
N
1
N
N
N
BANK 2018-BNK13
549300664283JRAXM588
BANK 2018-BNK13
06539LAJ9
2000000.00000000
PA
USD
1759046.20000000
1.346359169925
Long
ABS-MBS
CORP
US
N
2
2061-08-15
Fixed
3.00000000
N
N
N
N
N
N
EDP - Energias de Portugal SA
529900CLC3WDMGI9VH80
EDP - Energias de Portugal SA
N/A
115004.00000000
NS
499050.02000000
0.381968688871
Long
EC
CORP
PT
N
2
N
N
N
Cengage Learning Inc
549300BYGM0FWUSVXJ88
Cengage Learning Inc
15137NAA1
700000.00000000
PA
USD
605500.00000000
0.463444608441
Long
DBT
CORP
US
N
2
2024-06-15
Fixed
9.50000000
N
N
N
N
N
N
Industrial Logistics Properties Trust
N/A
Industrial Logistics Properties Trust
456237106
10261.00000000
NS
USD
230051.62000000
0.176079575478
Long
EC
CORP
US
N
1
N
N
N
Duke Realty Corp
N/A
Duke Realty Corp
264411505
5037.00000000
NS
USD
174632.79000000
0.133662469005
Long
EC
CORP
US
N
1
N
N
N
Amcor PLC
549300GSODGFCDQ3DI89
Amcor PLC
G0250X107
14237.00000000
NS
USD
154329.08000000
0.118122180102
Long
EC
CORP
GB
N
1
N
N
N
Centuria Metropolitan REIT
N/A
Centuria Metropolitan REIT
N/A
52414.00000000
NS
106817.92000000
0.081757537752
Long
EC
CORP
AU
N
2
N
N
N
Exxon Mobil Corp
J3WHBG0MTS7O8ZVMDC91
Exxon Mobil Corp
30231G102
2144.00000000
NS
USD
149608.32000000
0.114508950094
Long
EC
CORP
US
N
1
N
N
N
FXI Holdings Inc
549300VLKCUZW3MSVS50
FXI Holdings Inc
36120RAA7
700000.00000000
PA
USD
672000.00000000
0.514343149253
Long
DBT
CORP
US
N
2
2024-11-01
Fixed
7.88000000
N
N
N
N
N
N
JPMCC Commercial Mortgage Securities Trust 2019-COR4
N/A
JPMCC Commercial Mortgage Securities Trust 2019-COR4
48128YAC5
2000000.00000000
PA
USD
1790580.20000000
1.370495028360
Long
ABS-MBS
CORP
US
N
2
2052-03-10
Variable
3.00000000
N
N
N
N
N
N
Klepierre SA
969500PB4U31KEFHZ621
Klepierre SA
N/A
2695.00000000
NS
102528.88000000
0.078474742602
Long
EC
CORP
FR
N
2
N
N
N
Neste Oyj
5493009GY1X8GQ66AM14
Neste Oyj
N/A
4318.00000000
NS
150271.41000000
0.115016473604
Long
EC
CORP
FI
N
2
N
N
N
Ceres Farmland Holdings
N/A
Ceres Farmland Holdings
N/A
5000000.00000000
NS
USD
5000000.00000000
3.826957955753
Long
PF
US
Y
N/A
N
N
N
Banc of America Commercial Mortgage Trust 2015-UBS7
N/A
Banc of America Commercial Mortgage Trust 2015-UBS7
06054ABE8
1000000.00000000
PA
USD
829839.50000000
0.635152175304
Long
ABS-MBS
CORP
US
N
2
2048-09-15
Fixed
3.17000000
N
N
N
N
N
N
Rayonier Inc
HGV8VDVNL0W6SF2U9C50
Rayonier Inc
754907103
4769.00000000
NS
USD
156232.44000000
0.119578995840
Long
EC
CORP
US
N
1
N
N
N
Sound Point CLO Fund, LP
N/A
Sound Point CLO Fund, LP
N/A
4000000.00000000
NS
USD
3511822.60000000
2.687919487652
Long
PF
IE
Y
N/A
N
N
N
Merlin Properties Socimi SA
959800L8KD863DP30X04
Merlin Properties Socimi SA
N/A
16998.00000000
NS
244319.37000000
0.186999991353
Long
EC
CORP
ES
N
2
N
N
N
TerraForm Power Inc
549300V0USOOV31S6Z05
TerraForm Power Inc
88104R209
30001.00000000
NS
USD
461715.39000000
0.353393077010
Long
EC
CORP
US
N
1
N
N
N
Watts Water Technologies Inc
549300REJOO94ERQN318
Watts Water Technologies Inc
942749102
1119.00000000
NS
USD
111631.44000000
0.085441765484
Long
EC
CORP
US
N
1
N
N
N
Japan Hotel REIT Investment Corp
353800L8KG849FP1JI68
Japan Hotel REIT Investment Corp
N/A
326.00000000
NS
243511.14000000
0.186381378907
Long
EC
CORP
JP
N
2
N
N
N
Gecina SA
9695003E4MMA10IBTR26
Gecina SA
N/A
1063.00000000
NS
190572.15000000
0.145862321117
Long
EC
CORP
FR
N
2
N
N
N
Kirkland Lake Gold Ltd
N/A
Kirkland Lake Gold Ltd
N/A
3477.00000000
NS
153265.94000000
0.117308461685
Long
EC
CORP
CA
N
1
N
N
N
Vonovia SE
5299005A2ZEP6AP7KM81
Vonovia SE
N/A
6420.00000000
NS
344815.66000000
0.263919006661
Long
EC
CORP
DE
N
2
N
N
N
Foxtrot Escrow Issuer LLC / Foxtrot Escrow Corp
N/A
Foxtrot Escrow Issuer LLC / Foxtrot Escrow Corp
35166FAA0
162000.00000000
PA
USD
168682.50000000
0.129108167074
Long
DBT
CORP
US
N
2
2026-11-15
Fixed
12.25000000
N
N
N
N
N
N
Targa Resources Corp
5493003QENHHS261UR94
Targa Resources Corp
87612G101
2640.00000000
NS
USD
107791.20000000
0.082502478080
Long
EC
CORP
US
N
1
N
N
N
Petroleo Brasileiro SA
5493000J801JZRCMFE49
Petroleo Brasileiro SA
71654V408
9917.00000000
NS
USD
158076.98000000
0.120990791246
Long
EC
CORP
BR
N
1
N
N
N
Lendlease Global Commercial REIT
N/A
Lendlease Global Commercial REIT
N/A
55500.00000000
NS
38403.88000000
0.029394006819
Long
EC
CORP
SG
N
2
N
N
N
MPLX LP
5493000CZJ19CK4P3G36
MPLX LP
55336V100
13848.00000000
NS
USD
352570.08000000
0.269854174523
Long
EC
CORP
US
N
1
N
N
N
Fortescue Metals Group Ltd
529900VEJFORCO6I4826
Fortescue Metals Group Ltd
N/A
22195.00000000
NS
167313.75000000
0.128060537333
Long
EC
CORP
AU
N
2
N
N
N
NewRiver REIT PLC
2138004GX1VAUMH66L31
NewRiver REIT PLC
N/A
33403.00000000
NS
88788.02000000
0.067957603902
Long
EC
CORP
GB
N
2
N
N
N
AIMS APAC REIT
549300MGNQOBQ3KVN734
AIMS APAC REIT
N/A
40700.00000000
NS
43291.34000000
0.033134827605
Long
EC
CORP
SG
N
2
N
N
N
BANK 2018-BNK15
N/A
BANK 2018-BNK15
06036FBH3
2000000.00000000
PA
USD
2168929.40000000
1.660080324559
Long
ABS-MBS
CORP
US
N
2
2061-11-15
Variable
4.65000000
N
N
N
N
N
N
Noble Midstream Partners LP
N/A
Noble Midstream Partners LP
65506L105
96604.00000000
NS
USD
2565802.24000000
1.963843459051
Long
EC
CORP
US
N
1
N
N
N
AltaGas Ltd
DR5LKEURSR8SXLM64266
AltaGas Ltd
N/A
19934.00000000
NS
303642.15000000
0.232405148328
Long
EC
CORP
CA
N
1
N
N
N
Halliburton Co
ENYF8GB5SMQZ25S06U51
Halliburton Co
406216101
6959.00000000
NS
USD
170286.73000000
0.130336031226
Long
EC
CORP
US
N
1
N
N
N
Dexus
N/A
Dexus
N/A
13775.00000000
NS
113392.80000000
0.086789895617
Long
EC
CORP
AU
N
2
N
N
N
Suncor Energy Inc
549300W70ZOQDVLCHY06
Suncor Energy Inc
N/A
4683.00000000
NS
153485.41000000
0.117476442178
Long
EC
CORP
CA
N
1
N
N
N
American Homes 4 Rent
549300ZJUO7A58PNUW40
American Homes 4 Rent
02665T306
8634.00000000
NS
USD
226297.14000000
0.173205928057
Long
EC
CORP
US
N
1
N
N
N
Intrado Corp
5493005Z5DB0O5S30R71
Intrado Corp
N/A
698223.36000000
PA
USD
590096.49000000
0.451654891413
Long
LON
CORP
US
N
2
2024-10-10
Floating
6.38000000
N
N
N
N
N
N
Sumitomo Metal Mining Co Ltd
353800CF81IXL9974H84
Sumitomo Metal Mining Co Ltd
N/A
4800.00000000
NS
154560.02000000
0.118298939636
Long
EC
CORP
JP
N
2
N
N
N
Healthpeak Properties Inc
PZ9HF5U52KPF0MH0QN75
Healthpeak Properties Inc
42250P103
8571.00000000
NS
USD
295442.37000000
0.226129105667
Long
EC
CORP
US
N
1
N
N
N
Park Hotels & Resorts Inc
5493005UZ5TQN0H6HS73
Park Hotels & Resorts Inc
700517105
5209.00000000
NS
USD
134756.83000000
0.103141744532
Long
EC
CORP
US
N
1
N
N
N
Tatneft PJSC
253400PAT768SVJMV121
Tatneft PJSC
876629205
2118.00000000
NS
USD
156823.38000000
0.120031296347
Long
EC
CORP
RU
N
2
N
N
N
American Water Works Co Inc
549300DXHIJQMD5WFW18
American Water Works Co Inc
030420103
9628.00000000
NS
USD
1182799.80000000
0.905305020934
Long
EC
CORP
US
N
1
N
N
N
NextEra Energy Partners LP
5493008F4ZOQFNG3WN54
NextEra Energy Partners LP
65341B106
8182.00000000
NS
USD
430782.30000000
0.329717150036
Long
EC
CORP
US
N
1
N
N
N
ArcelorMittal SA
2EULGUTUI56JI9SAL165
ArcelorMittal SA
N/A
8531.00000000
NS
150314.17000000
0.115049201748
Long
EC
CORP
LU
N
2
N
N
N
Newcrest Mining Ltd
5299006MN50OZJUJI655
Newcrest Mining Ltd
N/A
7020.00000000
NS
148255.09000000
0.113473199231
Long
EC
CORP
AU
N
2
N
N
N
GS Mortgage Securities Trust 2019-GC40
N/A
GS Mortgage Securities Trust 2019-GC40
36257HAC0
9860000.00000000
PA
USD
966225.77000000
0.739541079511
Long
ABS-MBS
CORP
US
N
2
2052-07-10
Variable
1.16000000
N
N
N
N
N
N
MCUBS MidCity Investment Corp
353800WZPKHG2SQS1P32
MCUBS MidCity Investment Corp
N/A
178.00000000
NS
193245.25000000
0.147908289379
Long
EC
CORP
JP
N
2
N
N
N
Vale SA
254900SMTWBX7RU2SR20
Vale SA
91912E105
12421.00000000
NS
USD
163957.20000000
0.125491462188
Long
EC
CORP
BR
N
1
N
N
N
Suez
549300JQIZM6CL7POC81
Suez
N/A
35225.00000000
NS
533776.02000000
0.408547677265
Long
EC
CORP
FR
N
2
N
N
N
Sekisui House Reit Inc
N/A
Sekisui House Reit Inc
N/A
329.00000000
NS
276658.24000000
0.211751890518
Long
EC
CORP
JP
N
2
N
N
N
Mondi PLC
213800LOZA69QFDC9N34
Mondi PLC
N/A
6740.00000000
NS
158048.67000000
0.120969123010
Long
EC
CORP
GB
N
2
N
N
N
Severn Trent PLC
213800RPBXRETY4A4C59
Severn Trent PLC
N/A
10554.00000000
NS
351880.18000000
0.269326130864
Long
EC
CORP
GB
N
2
N
N
N
JPMBB Commercial Mortgage Securities Trust 2015-C28
N/A
JPMBB Commercial Mortgage Securities Trust 2015-C28
46644FBD2
500000.00000000
PA
USD
97642.15000000
0.074734480551
Long
ABS-MBS
CORP
US
N
2
2048-10-15
Variable
3.70000000
N
N
N
N
N
N
CF Industries Holdings Inc
529900CG8YAQFZ2JMV97
CF Industries Holdings Inc
125269100
3161.00000000
NS
USD
150906.14000000
0.115502290608
Long
EC
CORP
US
N
1
N
N
N
Essex Property Trust Inc
549300TR2H2VEFX0NC60
Essex Property Trust Inc
297178105
824.00000000
NS
USD
247908.64000000
0.189747188429
Long
EC
CORP
US
N
1
N
N
N
Link REIT
529900XUE70U36QX5M62
Link REIT
N/A
30000.00000000
NS
317819.34000000
0.243256250341
Long
EC
CORP
HK
N
2
N
N
N
Enbridge Inc
98TPTUM4IVMFCZBCUR27
Enbridge Inc
N/A
16436.00000000
NS
653490.96000000
0.500176485676
Long
EC
CORP
CA
N
1
N
N
N
Wihlborgs Fastigheter AB
549300RC1YDJPITF8X06
Wihlborgs Fastigheter AB
N/A
4346.00000000
NS
79922.20000000
0.061171779826
Long
EC
CORP
SE
N
2
N
N
N
Apartment Investment & Management Co
549300O8FT5GJ4RU1D57
Apartment Investment & Management Co
03748R754
3379.00000000
NS
USD
174525.35000000
0.133580235332
Long
EC
CORP
US
N
1
N
N
N
Big Yellow Group PLC
213800W7Q4V2ZI8LIW31
Big Yellow Group PLC
N/A
13179.00000000
NS
209318.48000000
0.160210604464
Long
EC
CORP
GB
N
2
N
N
N
Sydney Airport
N/A
Sydney Airport
N/A
29138.00000000
NS
177034.27000000
0.135500541603
Long
EC
CORP
AU
N
2
N
N
N
BP PLC
213800LH1BZH3DI6G760
BP PLC
N/A
23517.00000000
NS
147941.88000000
0.113233470931
Long
EC
CORP
GB
N
2
N
N
N
Gibson Energy Inc
549300WYW5D9I3FR0643
Gibson Energy Inc
N/A
17097.00000000
NS
350089.89000000
0.267955857952
Long
EC
CORP
CA
N
1
N
N
N
CFE Capital S de RL de CV
N/A
CFE Capital S de RL de CV
N/A
199700.00000000
NS
290453.52000000
0.222310681828
Long
EC
CORP
MX
N
1
N
N
N
Snam SpA
8156002278562044AF79
Snam SpA
N/A
123244.00000000
NS
647995.39000000
0.495970222610
Long
EC
CORP
IT
N
2
N
N
N
AquaVenture Holdings Ltd
N/A
AquaVenture Holdings Ltd
G0443N107
21490.00000000
NS
USD
582808.80000000
0.446076954768
Long
EC
CORP
US
N
1
N
N
N
Rio Tinto Ltd
529900X2VMAQT2PE0V24
Rio Tinto Ltd
N/A
2228.00000000
NS
157630.99000000
0.120649434250
Long
EC
CORP
GB
N
2
N
N
N
CD 2017-CD4 Mortgage Trust
N/A
CD 2017-CD4 Mortgage Trust
12515DAV6
2000000.00000000
PA
USD
2092553.00000000
1.601622470237
Long
ABS-MBS
CORP
US
N
2
2050-05-10
Variable
4.35000000
N
N
N
N
N
N
Morgan Stanley Institutional Liquidity Funds - Government Portfolio
N/A
Morgan Stanley Institutional Liquidity Funds - Government Portfolio
N/A
4592778.12000000
NS
USD
4592778.12000000
3.515273753068
Long
STIV
RF
US
N
1
N
N
N
BHP Group Ltd
WZE1WSENV6JSZFK0JC28
BHP Group Ltd
N/A
5649.00000000
NS
154682.55000000
0.118392723067
Long
EC
CORP
AU
N
2
N
N
N
Sun Communities Inc
549300H5GEOJYN41ZG57
Sun Communities Inc
866674104
2257.00000000
NS
USD
338775.70000000
0.259296072066
Long
EC
CORP
US
N
1
N
N
N
Williams Cos Inc/The
D71FAKCBLFS2O0RBPG08
Williams Cos Inc/The
969457100
32320.00000000
NS
USD
766630.40000000
0.586772461680
Long
EC
CORP
US
N
1
N
N
N
Clearway Energy Inc - Class C
549300LHAZ9HA9G3XC48
Clearway Energy Inc - Class C
18539C204
22160.00000000
NS
USD
442092.00000000
0.338373499314
Long
EC
CORP
US
N
1
N
N
N
Weyerhaeuser Co
08IRJODWFYBI7QWRGS31
Weyerhaeuser Co
962166104
9186.00000000
NS
USD
277417.20000000
0.212332792120
Long
EC
CORP
US
N
1
N
N
N
Wilmar International Ltd
549300H2EAI4YRLWBB20
Wilmar International Ltd
N/A
48800.00000000
NS
149508.55000000
0.114432586975
Long
EC
CORP
SG
N
2
N
N
N
Tokyo Tatemono Co Ltd
529900RQA4JTW1869J86
Tokyo Tatemono Co Ltd
N/A
7500.00000000
NS
117066.04000000
0.089601362625
Long
EC
CORP
JP
N
2
N
N
N
Evoqua Water Technologies Corp
529900YQAOMEZRGRRP43
Evoqua Water Technologies Corp
30057T105
16694.00000000
NS
USD
316351.30000000
0.242132624869
Long
EC
CORP
US
N
1
N
N
N
Newmont Goldcorp Corp
549300VSP3RIX7FGDZ51
Newmont Goldcorp Corp
651639106
3804.00000000
NS
USD
165283.80000000
0.126506830673
Long
EC
CORP
US
N
1
N
N
N
Avery Dennison Corp
549300PW7VPFCYKLIV37
Avery Dennison Corp
053611109
1120.00000000
NS
USD
146518.40000000
0.112143951308
Long
EC
CORP
US
N
1
N
N
N
Evraz PLC
5493005B7DAN39RXLK23
Evraz PLC
N/A
30489.00000000
NS
163264.17000000
0.124961022854
Long
EC
CORP
RU
N
2
N
N
N
Sabana Shari'ah Compliant Industrial Real Estate Investment Trust
5493005OCDJ0XQ8KGS87
Sabana Shari'ah Compliant Industrial Real Estate Investment Trust
N/A
520000.00000000
NS
177812.59000000
0.136096261186
Long
EC
CORP
SG
N
2
N
N
N
Hadrian Merger Sub Inc
N/A
Hadrian Merger Sub Inc
42239PAA7
750000.00000000
PA
USD
767812.50000000
0.587677231080
Long
DBT
CORP
US
N
2
2026-05-01
Fixed
8.50000000
N
N
N
N
N
N
Freddie Mac STACR 2019-HQA3
N/A
Freddie Mac STACR 2019-HQA3
35564XBE0
500000.00000000
PA
USD
524980.20000000
0.401815430600
Long
ABS-MBS
CORP
US
N
2
2049-09-25
Floating
9.29000000
N
N
N
N
N
N
Middlesex Water Co
N/A
Middlesex Water Co
596680108
867.00000000
NS
USD
55115.19000000
0.042184702970
Long
EC
CORP
US
N
1
N
N
N
Schlumberger Ltd
213800ZUA17OK3QLGM62
Schlumberger Ltd
806857108
4035.00000000
NS
USD
162207.00000000
0.124151873825
Long
EC
CORP
US
N
1
N
N
N
Segro PLC
213800XC35KGM9NFC641
Segro PLC
N/A
29591.00000000
NS
352356.32000000
0.269690564416
Long
EC
CORP
GB
N
2
N
N
N
Summit Industrial Income REIT
2549002JNRHTJ9H0MR86
Summit Industrial Income REIT
N/A
6030.00000000
NS
56002.31000000
0.042863697159
Long
EC
CORP
CA
N
1
N
N
N
LEG Immobilien AG
391200SO40AKONBO0Z96
LEG Immobilien AG
N/A
1087.00000000
NS
128371.25000000
0.098254275295
Long
EC
CORP
DE
N
2
N
N
N
Atlas Arteria Ltd
N/A
Atlas Arteria Ltd
N/A
33027.00000000
NS
181597.62000000
0.138993291320
Long
EC
CORP
AU
N
2
N
N
N
JFE Holdings Inc
N/A
JFE Holdings Inc
N/A
11500.00000000
NS
147561.53000000
0.112942354239
Long
EC
CORP
JP
N
2
N
N
N
SJW Group
N/A
SJW Group
784305104
5980.00000000
NS
USD
424938.80000000
0.325244584273
Long
EC
CORP
US
N
1
N
N
N
Antofagasta PLC
213800MY6QVH4FVLD628
Antofagasta PLC
N/A
13010.00000000
NS
157522.70000000
0.120566549995
Long
EC
CORP
CL
N
2
N
N
N
Kilroy Realty Corp
549300CXXI18B214UN80
Kilroy Realty Corp
49427F108
470.00000000
NS
USD
39433.00000000
0.030181686613
Long
EC
CORP
US
N
1
N
N
N
Archer-Daniels-Midland Co
549300LO13MQ9HYSTR83
Archer-Daniels-Midland Co
039483102
3402.00000000
NS
USD
157682.70000000
0.120689012649
Long
EC
CORP
US
N
1
N
N
N
Bunge Ltd
5493007M0RIN8HY3MM77
Bunge Ltd
G16962105
2736.00000000
NS
USD
157456.80000000
0.120516110689
Long
EC
CORP
US
N
1
N
N
N
Korea Zinc Co Ltd
988400D0HSQUB1I1VO41
Korea Zinc Co Ltd
N/A
424.00000000
NS
155809.68000000
0.119255418891
Long
EC
CORP
KR
N
2
N
N
N
Industrial & Infrastructure Fund Investment Corp
353800WCHFY04YKYCI19
Industrial & Infrastructure Fund Investment Corp
N/A
66.00000000
NS
100668.78000000
0.077051037703
Long
EC
CORP
JP
N
2
N
N
N
Ebara Corp
353800UV8U3SOMCDTI49
Ebara Corp
N/A
6400.00000000
NS
193248.76000000
0.147910975904
Long
EC
CORP
JP
N
2
N
N
N
Citigroup Commercial Mortgage Trust 2019-GC41
N/A
Citigroup Commercial Mortgage Trust 2019-GC41
17328FAE5
1400000.00000000
PA
USD
976491.60000000
0.747398459469
Long
ABS-MBS
CORP
US
N
2
2056-08-10
Fixed
3.00000000
N
N
N
N
N
N
Chevron Corp
N/A
Chevron Corp
166764100
1247.00000000
NS
USD
150275.97000000
0.115019963790
Long
EC
CORP
US
N
1
N
N
N
Investec Australia Property Fund
N/A
Investec Australia Property Fund
N/A
33578.00000000
NS
34769.31000000
0.026612137504
Long
EC
CORP
AU
N
2
N
N
N
New World Development Co Ltd
2549008GWMWXTIRL4S48
New World Development Co Ltd
N/A
201000.00000000
NS
275519.30000000
0.210880155419
Long
EC
CORP
HK
N
2
N
N
N
Nippon Steel Corp
35380065QWQ4U2V3PA33
Nippon Steel Corp
N/A
10000.00000000
NS
150729.26000000
0.115366908144
Long
EC
CORP
JP
N
2
N
N
N
Barrick Gold Corp
0O4KBQCJZX82UKGCBV73
Barrick Gold Corp
N/A
8747.00000000
NS
162471.71000000
0.124354480633
Long
EC
CORP
CA
N
1
N
N
N
DBGS 2018-5BP Mortgage Trust
N/A
DBGS 2018-5BP Mortgage Trust
33830CAA8
2000000.00000000
PA
USD
1989340.40000000
1.522624414096
Long
ABS-MBS
CORP
US
N
2
2033-06-15
Floating
2.38000000
N
N
N
N
N
N
Invitation Homes Inc
N/A
Invitation Homes Inc
46187W107
18616.00000000
NS
USD
557921.52000000
0.427028439929
Long
EC
CORP
US
N
1
N
N
N
Repsol SA
BSYCX13Y0NOTV14V9N85
Repsol SA
N/A
9271.00000000
NS
4398.91000000
0.003366888724
Long
EC
CORP
ES
N
2
N
N
N
Freddie Mac STACR Trust 2019-DNA2
549300Y6KOVOWQ8OJC33
Freddie Mac STACR Trust 2019-DNA2
35564LBE6
900000.00000000
PA
USD
1169014.14000000
0.894753592692
Long
ABS-MBS
CORP
US
N
2
2049-03-25
Floating
12.29000000
N
N
N
N
N
N
Minto Apartment Real Estate Investment Trust
N/A
Minto Apartment Real Estate Investment Trust
N/A
8600.00000000
NS
153317.16000000
0.117347665043
Long
EC
CORP
CA
N
1
N
N
N
AusNet Services
529900PPFC4A1KRQ2S64
AusNet Services
N/A
435773.00000000
NS
519653.06000000
0.397738082439
Long
EC
CORP
AU
N
2
N
N
N
Castellum AB
549300GU5OHTR1T5IY68
Castellum AB
N/A
4426.00000000
NS
104064.83000000
0.079650345816
Long
EC
CORP
SE
N
2
N
N
N
Pembina Pipeline Corp
5493002W3L9YICM6FU21
Pembina Pipeline Corp
N/A
6118.00000000
NS
226760.11000000
0.173560281402
Long
EC
CORP
CA
N
1
N
N
N
China Merchants Port Holdings Co Ltd
529900GA4UH90FUOR048
China Merchants Port Holdings Co Ltd
N/A
292000.00000000
NS
494070.24000000
0.378157207133
Long
EC
CORP
HK
N
2
N
N
N
Transmissora Alianca de Energia Eletrica SA
N/A
Transmissora Alianca de Energia Eletrica SA
N/A
49200.00000000
NS
381349.84000000
0.291881960822
Long
EC
CORP
BR
N
1
N
N
N
Independence Realty Trust Inc
N/A
Independence Realty Trust Inc
45378A106
25716.00000000
NS
USD
362081.28000000
0.277133967025
Long
EC
CORP
US
N
1
N
N
N
Centuria Industrial REIT
N/A
Centuria Industrial REIT
N/A
28707.00000000
NS
67295.18000000
0.051507164896
Long
EC
CORP
AU
N
2
N
N
N
Woodside Petroleum Ltd
2549005ZC5RXAOO7FH41
Woodside Petroleum Ltd
N/A
6257.00000000
NS
151285.42000000
0.115792588331
Long
EC
CORP
AU
N
2
N
N
N
Arena REIT
N/A
Arena REIT
N/A
83695.00000000
NS
167429.47000000
0.128149108448
Long
EC
CORP
AU
N
2
N
N
N
BTG Pactual Open Ended Core US Timberland Fund, LP
N/A
BTG Pactual Open Ended Core US Timberland Fund, LP
N/A
6887.77410000
NS
USD
7968376.79000000
6.098928590185
Long
PF
US
Y
N/A
N
N
N
Danaher Corp
S4BKK9OTCEWQ3YHPFM11
Danaher Corp
235851102
6662.00000000
NS
USD
1022483.76000000
0.782600471992
Long
EC
CORP
US
N
1
N
N
N
Anglo American PLC
549300S9XF92D1X8ME43
Anglo American PLC
N/A
5572.00000000
NS
160073.14000000
0.122518635325
Long
EC
CORP
GB
N
2
N
N
N
STORE Capital Corp
5493004EA6C9IHDZ7N66
STORE Capital Corp
862121100
5949.00000000
NS
USD
221540.76000000
0.169565434801
Long
EC
CORP
US
N
1
N
N
N
Citigroup Commercial Mortgage Trust 2019-GC41
N/A
Citigroup Commercial Mortgage Trust 2019-GC41
17328FAA3
1750000.00000000
PA
USD
1572176.73000000
1.203330848944
Long
ABS-MBS
CORP
US
N
2
2056-08-10
Fixed
3.00000000
N
N
N
N
N
N
ConocoPhillips
WPTL2Z3FIYTHSP5V2253
ConocoPhillips
20825C104
2437.00000000
NS
USD
158478.11000000
0.121297812775
Long
EC
CORP
US
N
1
N
N
N
InterXion Holding NV
724500JX3LUPNMOBTY38
InterXion Holding NV
N47279109
1348.00000000
NS
USD
112975.88000000
0.086470788554
Long
EC
CORP
NL
N
1
N
N
N
Spark Infrastructure Group
N/A
Spark Infrastructure Group
N/A
310229.00000000
NS
454792.52000000
0.348094370526
Long
EC
CORP
AU
N
2
N
N
N
Phillips 66 Partners LP
549300TL5L4IG0H4FX64
Phillips 66 Partners LP
718549207
4940.00000000
NS
USD
304501.60000000
0.233062964131
Long
EC
CORP
US
N
1
N
N
N
Repsol SA
BSYCX13Y0NOTV14V9N85
Repsol SA
N/A
9271.00000000
NS
145649.56000000
0.111478948478
Long
EC
CORP
ES
N
2
N
N
N
Physicians Realty Trust
549300ITOVH0OY7PZC34
Physicians Realty Trust
71943U104
14738.00000000
NS
USD
279137.72000000
0.213649663660
Long
EC
CORP
US
N
1
N
N
N
thyssenkrupp AG
549300UDG16DOYUPR330
thyssenkrupp AG
N/A
11641.00000000
NS
156422.06000000
0.119724129394
Long
EC
CORP
DE
N
2
N
N
N
ONEOK Inc
2T3D6M0JSY48PSZI1Q41
ONEOK Inc
682680103
4311.00000000
NS
USD
326213.37000000
0.249680970318
Long
EC
CORP
US
N
1
N
N
N
Southern Copper Corp
2549007U6NAP46Q9TU15
Southern Copper Corp
84265V105
3841.00000000
NS
USD
163165.68000000
0.124885639436
Long
EC
CORP
PE
N
1
N
N
N
Energy Transfer LP
MTLVN9N7JE8MIBIJ1H73
Energy Transfer LP
29273V100
29656.00000000
NS
USD
380486.48000000
0.291221152338
Long
EC
CORP
US
N
1
N
N
N
Occidental Petroleum Corp
IM7X0T3ECJW4C1T7ON55
Occidental Petroleum Corp
674599105
3787.00000000
NS
USD
156062.27000000
0.119448749153
Long
EC
CORP
US
N
1
N
N
N
International Paper Co
824LMFJDH41EY779Q875
International Paper Co
460146103
3152.00000000
NS
USD
145149.60000000
0.111096283298
Long
EC
CORP
US
N
1
N
N
N
Sealed Air Corp
Q0M0CZB4YN6JZ65WXI09
Sealed Air Corp
81211K100
3871.00000000
NS
USD
154181.93000000
0.118009552729
Long
EC
CORP
US
N
1
N
N
N
Eni SpA
BUCRF72VH5RBN7X3VL35
Eni SpA
N/A
9660.00000000
NS
150032.36000000
0.114833506744
Long
EC
CORP
IT
N
2
N
N
N
Mueller Water Products Inc - Class A
549300F7ZU4P1F8V8L60
Mueller Water Products Inc - Class A
624758108
8977.00000000
NS
USD
107544.46000000
0.082313625358
Long
EC
CORP
US
N
1
N
N
N
CNOOC Ltd
549300XIVJCBIGMRUD48
CNOOC Ltd
N/A
101000.00000000
NS
167945.89000000
0.128544371974
Long
EC
CORP
CN
N
2
N
N
N
EPR Properties
549300YSSXFHMPOWZ492
EPR Properties
26884U109
4670.00000000
NS
USD
329888.80000000
0.252494113534
Long
EC
CORP
US
N
1
N
N
N
Stora Enso Oyj
7437000ZP669LKUTZ738
Stora Enso Oyj
N/A
10859.00000000
NS
158007.66000000
0.120937734301
Long
EC
CORP
FI
N
2
N
N
N
Targa Resources Corp
5493003QENHHS261UR94
Targa Resources Corp
87612G606
2000.00000000
NS
USD
2160564.03000000
1.653677540704
Long
EP
CORP
US
N
2
N
N
N
NSI NV
724500I77C30W2LZZJ03
NSI NV
N/A
3001.00000000
NS
146176.99000000
0.111882638965
Long
EC
CORP
NL
N
2
N
N
N
H-Food Holdings LLC / Hearthside Finance Co Inc
N/A
H-Food Holdings LLC / Hearthside Finance Co Inc
577088AA5
500000.00000000
PA
USD
467500.00000000
0.357820568862
Long
DBT
CORP
US
N
2
2026-06-01
Fixed
8.50000000
N
N
N
N
N
N
Westrock Co
549300JEB576INN13W07
Westrock Co
96145D105
3622.00000000
NS
USD
155420.02000000
0.118957176404
Long
EC
CORP
US
N
1
N
N
N
EQM Midstream Partners LP
549300NELT611CL6XM83
EQM Midstream Partners LP
26885B100
4334.00000000
NS
USD
129629.94000000
0.099217666037
Long
EC
CORP
US
N
1
N
N
N
Veolia Environnement SA
969500LENY69X51OOT31
Veolia Environnement SA
N/A
24655.00000000
NS
656031.86000000
0.502121269170
Long
EC
CORP
FR
N
2
N
N
N
Cheniere Energy Inc
MIHC87W9WTYSYZWV1J40
Cheniere Energy Inc
16411R208
4508.00000000
NS
USD
275303.56000000
0.210715029837
Long
EC
CORP
US
N
1
N
N
N
Altarea SCA
969500ICGCY1PD6OT783
Altarea SCA
N/A
219.00000000
NS
49822.12000000
0.038133431701
Long
EC
CORP
FR
N
2
N
N
N
FMC Corp
CKDHZ2X64EEBQCSP7013
FMC Corp
302491303
1491.00000000
NS
USD
148831.62000000
0.113914470445
Long
EC
CORP
US
N
1
N
N
N
Transurban Group
549300ZR71SUQ4VUTM79
Transurban Group
N/A
54762.00000000
NS
573196.29000000
0.438719620444
Long
EC
CORP
AU
N
2
N
N
N
Prologis Property Mexico SA de CV
N/A
Prologis Property Mexico SA de CV
N/A
30300.00000000
NS
67306.62000000
0.051515920976
Long
EC
CORP
MX
N
1
N
N
N
UNITE Group PLC/The
213800BBUUWVDH9YI827
UNITE Group PLC/The
N/A
6859.00000000
NS
114574.48000000
0.087694343552
Long
EC
CORP
GB
N
2
N
N
N
National Grid PLC
8R95QZMKZLJX5Q2XR704
National Grid PLC
N/A
54796.00000000
NS
684799.39000000
0.524139694731
Long
EC
CORP
GB
N
2
N
N
N
Valero Energy Corp
549300XTO5VR8SKV1V74
Valero Energy Corp
91913Y100
1529.00000000
NS
USD
143190.85000000
0.109597072519
Long
EC
CORP
US
N
1
N
N
N
K+S AG
529900YURAYD4IJX2J91
K+S AG
N/A
12919.00000000
NS
160883.41000000
0.123138809169
Long
EC
CORP
DE
N
2
N
N
N
Benchmark 2018-B6 Mortgage Trust
N/A
Benchmark 2018-B6 Mortgage Trust
08162CAN0
550000.00000000
PA
USD
457590.49000000
0.350235913236
Long
ABS-MBS
CORP
US
N
2
2051-10-10
Variable
3.12000000
N
N
N
N
N
N
Novolipetsk Steel PJSC
213800913TPW32I84456
Novolipetsk Steel PJSC
N/A
7253.00000000
NS
USD
167195.60000000
0.127970106317
Long
EC
CORP
RU
N
2
N
N
N
Macquarie Mexico Real Estate Management SA de CV
N/A
Macquarie Mexico Real Estate Management SA de CV
N/A
67100.00000000
NS
87727.73000000
0.067146066852
Long
EC
CORP
MX
N
1
N
N
N
Svenska Cellulosa AB SCA
549300FW5JDRV1IJ0M67
Svenska Cellulosa AB SCA
N/A
14672.00000000
NS
148783.05000000
0.113877295375
Long
EC
CORP
SE
N
2
N
N
N
Pennon Group PLC
213800V1CCTS41GWH423
Pennon Group PLC
N/A
36887.00000000
NS
500327.64000000
0.382946568476
Long
EC
CORP
GB
N
2
N
N
N
Guangdong Investment Ltd
N/A
Guangdong Investment Ltd
N/A
198000.00000000
NS
414128.80000000
0.316970701173
Long
EC
CORP
HK
N
2
N
N
N
Terreno Realty Corp
N/A
Terreno Realty Corp
88146M101
1700.00000000
NS
USD
92038.00000000
0.070445111266
Long
EC
CORP
US
N
1
N
N
N
Entra ASA
549300APU14LQKTYCH34
Entra ASA
N/A
4184.00000000
NS
69169.21000000
0.052941531700
Long
EC
CORP
NO
N
2
N
N
N
Royal Dutch Shell PLC - A Shares
21380068P1DRHMJ8KU70
Royal Dutch Shell PLC - A Shares
N/A
5107.00000000
NS
151240.84000000
0.115758467174
Long
EC
CORP
NL
N
2
N
N
N
WFRBS Commercial Mortgage Trust 2014-C20
549300UVB571ELWL8972
WFRBS Commercial Mortgage Trust 2014-C20
92890FAC0
500000.00000000
PA
USD
403678.75000000
0.308972320776
Long
ABS-MBS
CORP
US
N
2
2047-05-15
Fixed
3.99000000
N
N
N
N
N
N
Agnico Eagle Mines Ltd
YGE0EUBRF7IJOB3QRX76
Agnico Eagle Mines Ltd
N/A
2458.00000000
NS
151392.58000000
0.115874607694
Long
EC
CORP
CA
N
1
N
N
N
Imperial Oil Ltd
549300MO45LTBPAU4Z27
Imperial Oil Ltd
N/A
5833.00000000
NS
154297.91000000
0.118098322846
Long
EC
CORP
CA
N
1
N
N
N
Sunnova Energy International Inc
N/A
Sunnova Energy International Inc
86745KAA2
1777000.00000000
PA
USD
1688150.00000000
1.292095814600
Long
DBT
CORP
US
N
2
2027-01-30
Fixed
7.75000000
N
N
N
N
N
Sunnova Energy International Inc
Sunnova Energy International Inc
USD
XXXX
N
N
N
Canadian Natural Resources Ltd
549300T15RIMIKZC5Q38
Canadian Natural Resources Ltd
N/A
5228.00000000
NS
169093.22000000
0.129422528708
Long
EC
CORP
CA
N
1
N
N
N
McGraw-Hill Global Education Holdings LLC / McGraw-Hill Global Education Finance
N/A
McGraw-Hill Global Education Holdings LLC / McGraw-Hill Global Education Finance
580638AC8
700000.00000000
PA
USD
602000.00000000
0.460765737872
Long
DBT
CORP
US
N
2
2024-05-15
Fixed
7.88000000
N
N
N
N
N
N
EOG Resources Inc
XWTZDRYZPBUHIQBKDB46
EOG Resources Inc
26875P101
2060.00000000
NS
USD
172545.60000000
0.132064951330
Long
EC
CORP
US
N
1
N
N
N
Kronos Acquisition Holdings Inc
N/A
Kronos Acquisition Holdings Inc
50106GAA0
700000.00000000
PA
USD
668500.00000000
0.511664278684
Long
DBT
CORP
US
N
2
2023-08-15
Fixed
9.00000000
N
N
N
N
N
N
DS Smith PLC
39RSBE4RCI4M15BLWH36
DS Smith PLC
N/A
29578.00000000
NS
150438.50000000
0.115144362885
Long
EC
CORP
GB
N
2
N
N
N
Equinor ASA
OW6OFBNCKXC4US5C7523
Equinor ASA
N/A
7922.00000000
NS
157982.79000000
0.120918699012
Long
EC
CORP
NO
N
2
N
N
N
Wheaton Precious Metals Corp
549300XSFG5ZCGVYD886
Wheaton Precious Metals Corp
N/A
5315.00000000
NS
158154.56000000
0.121050170326
Long
EC
CORP
CA
N
1
N
N
N
Centuria Capital Group
N/A
Centuria Capital Group
N/A
149635.00000000
NS
237554.14000000
0.181821941199
Long
EC
CORP
AU
N
2
N
N
N
Nine Dragons Paper Holdings Ltd
529900TBMYEYJ2LEV906
Nine Dragons Paper Holdings Ltd
N/A
143000.00000000
NS
148709.93000000
0.113821329942
Long
EC
CORP
HK
N
2
N
N
N
GC EOS Buyer Inc
N/A
GC EOS Buyer Inc
N/A
700000.00000000
PA
USD
679000.00000000
0.519700890391
Long
LON
CORP
US
N
2
2026-06-29
Floating
10.30000000
N
N
N
N
N
N
Corteva Inc
549300WZN9I2QKLS0O94
Corteva Inc
22052L104
5614.00000000
NS
USD
165949.84000000
0.127016612088
Long
EC
CORP
US
N
1
N
N
N
Franco-Nevada Corp
N/A
Franco-Nevada Corp
N/A
1484.00000000
NS
153239.81000000
0.117288462003
Long
EC
CORP
CA
N
1
N
N
N
Emera Inc
NQZVQT2P5IUF2PGA1Q48
Emera Inc
N/A
13756.00000000
NS
591003.23000000
0.452348902584
Long
EC
CORP
CA
N
1
N
N
N
Nutrien Ltd
5493002QQ7GD21OWF963
Nutrien Ltd
N/A
3094.00000000
NS
148129.82000000
0.113377318626
Long
EC
CORP
CA
N
1
N
N
N
APA Group
549300T9RBSX164T8H40
APA Group
N/A
57666.00000000
NS
448897.40000000
0.343582295249
Long
EC
CORP
AU
N
2
N
N
N
Benchmark 2018-B6 Mortgage Trust
N/A
Benchmark 2018-B6 Mortgage Trust
08162CAL4
1000000.00000000
PA
USD
904554.90000000
0.692338714194
Long
ABS-MBS
CORP
US
N
2
2051-10-10
Variable
3.12000000
N
N
N
N
N
N
Rosneft Oil Co PJSC
253400JT3MQWNDKMJE44
Rosneft Oil Co PJSC
N/A
21545.00000000
NS
USD
156414.72000000
0.119718511420
Long
EC
CORP
RU
N
2
N
N
N
Goodman Group
N/A
Goodman Group
N/A
16907.00000000
NS
158878.18000000
0.121604022989
Long
EC
CORP
AU
N
2
N
N
N
Japan Retail Fund Investment Corp
353800QDHNIP60E1LQ93
Japan Retail Fund Investment Corp
N/A
61.00000000
NS
131266.27000000
0.100470099259
Long
EC
CORP
JP
N
2
N
N
N
Crown Castle International Corp
54930012H97VSM0I2R19
Crown Castle International Corp
22822V101
3864.00000000
NS
USD
549267.60000000
0.420404802331
Long
EC
CORP
US
N
1
N
N
N
SPDR S&P Global Natural Resources ETF
549300TY1RVQ2C1UO359
SPDR S&P Global Natural Resources ETF
78463X541
6865.00000000
NS
USD
316819.75000000
0.242491172560
Long
EC
RF
US
N
1
N
N
N
Simon Property Group Inc
529900GQL5X8H7AO3T64
Simon Property Group Inc
828806109
557.00000000
NS
USD
82970.72000000
0.063505091399
Long
EC
CORP
US
N
1
N
N
N
Constellation Merger Sub Inc
N/A
Constellation Merger Sub Inc
210374AA2
408000.00000000
PA
USD
355980.00000000
0.272464098617
Long
DBT
CORP
US
N
2
2025-09-15
Fixed
8.50000000
N
N
N
N
N
N
Prologis Inc
529900DFH19P073LZ636
Prologis Inc
74340W103
6321.00000000
NS
USD
563453.94000000
0.431262907676
Long
EC
CORP
US
N
1
N
N
N
JPMBB Commercial Mortgage Securities Trust 2014-C21
N/A
JPMBB Commercial Mortgage Securities Trust 2014-C21
46642EAJ5
1000000.00000000
PA
USD
930071.10000000
0.711868599112
Long
ABS-MBS
CORP
US
N
2
2047-08-15
Variable
4.66000000
N
N
N
N
N
N
United Urban Investment Corp
353800GYZWBD7BDCN841
United Urban Investment Corp
N/A
146.00000000
NS
274196.48000000
0.209867680115
Long
EC
CORP
JP
N
2
N
N
N
Yara International ASA
213800WKOUWXWFJ5Z514
Yara International ASA
N/A
3871.00000000
NS
161280.53000000
0.123442761478
Long
EC
CORP
NO
N
2
N
N
N
York Water Co/The
N/A
York Water Co/The
987184108
4903.00000000
NS
USD
226077.33000000
0.173037687331
Long
EC
CORP
US
N
1
N
N
N
Stockland
N/A
Stockland
N/A
44784.00000000
NS
145304.45000000
0.111214804186
Long
EC
CORP
AU
N
2
N
N
N
Aqua America Inc
549300ILTEOF3E3QY357
Aqua America Inc
03836W103
24406.00000000
NS
USD
1145617.64000000
0.876846108329
Long
EC
CORP
US
N
1
N
N
N
Csail 2015-C2 Commercial Mortgage Trust
549300D5DIOOMKWXVZ20
Csail 2015-C2 Commercial Mortgage Trust
12634NAG3
500000.00000000
PA
USD
384747.30000000
0.294482348137
Long
ABS-MBS
CORP
US
N
2
2057-06-15
Fixed
3.23000000
N
N
N
N
N
N
Red Electrica Corp SA
5493009HMD0C90GUV498
Red Electrica Corp SA
N/A
38230.00000000
NS
770328.88000000
0.589603247172
Long
EC
CORP
ES
N
2
N
N
N
IDEX Corp
549300U5Y5EL6PHYLF13
IDEX Corp
45167R104
2170.00000000
NS
USD
373240.00000000
0.285674757481
Long
EC
CORP
US
N
1
N
N
N
Cantor Commercial Real Estate Lending 2019-CF1
N/A
Cantor Commercial Real Estate Lending 2019-CF1
12529MAL2
1000000.00000000
PA
USD
1052568.80000000
0.805627308627
Long
ABS-MBS
CORP
US
N
2
2052-05-15
Variable
4.35000000
N
N
N
N
N
N
Freddie Mac STACR Trust 2019-DNA3
549300KB1O80CETXGJ21
Freddie Mac STACR Trust 2019-DNA3
35564TBE9
250000.00000000
PA
USD
293536.45000000
0.224670330526
Long
ABS-MBS
CORP
US
N
2
2049-07-25
Floating
9.94000000
N
N
N
N
N
N
Freeport-McMoRan Inc
549300IRDTHJQ1PVET45
Freeport-McMoRan Inc
35671D857
12836.00000000
NS
USD
168408.32000000
0.128898312007
Long
EC
CORP
US
N
1
N
N
N
Kurita Water Industries Ltd
52990086GS2ON69UMX34
Kurita Water Industries Ltd
N/A
5600.00000000
NS
166179.70000000
0.127192544999
Long
EC
CORP
JP
N
2
N
N
N
GS Mortgage Securities Trust 2019-GC40
5493005BBCF84ICNQ550
GS Mortgage Securities Trust 2019-GC40
36257HAA4
2000000.00000000
PA
USD
1771871.40000000
1.356175470160
Long
ABS-MBS
CORP
US
N
2
2052-07-10
Fixed
3.00000000
N
N
N
N
N
N
UPM-Kymmene Oyj
213800EC6PW5VU4J9U64
UPM-Kymmene Oyj
N/A
4369.00000000
NS
151580.94000000
0.116018776854
Long
EC
CORP
FI
N
2
N
N
N
Taubman Centers Inc
N/A
Taubman Centers Inc
876664103
1025.00000000
NS
USD
31867.25000000
0.024390925183
Long
EC
CORP
US
N
1
N
N
N
TOTAL SA
529900S21EQ1BO4ESM68
TOTAL SA
N/A
2780.00000000
NS
154264.32000000
0.118072613342
Long
EC
CORP
FR
N
2
N
N
N
Daiwa Office Investment Corp
N/A
Daiwa Office Investment Corp
N/A
16.00000000
NS
122865.59000000
0.094040289427
Long
EC
CORP
JP
N
2
N
N
N
Kinder Morgan Inc/DE
549300WR7IX8XE0TBO16
Kinder Morgan Inc/DE
49456B101
13440.00000000
NS
USD
284524.80000000
0.217772889393
Long
EC
CORP
US
N
1
N
N
N
Consolidated Communications Inc
549300WW675Y48HDVX34
Consolidated Communications Inc
20903XAE3
700000.00000000
PA
USD
633500.00000000
0.484875572993
Long
DBT
CORP
US
N
2
2022-10-01
Fixed
6.50000000
N
N
N
N
N
N
Sociedad Quimica y Minera de Chile SA
TJ88LXZZW5PWIN93ZC81
Sociedad Quimica y Minera de Chile SA
833635105
6129.00000000
NS
USD
163583.01000000
0.125205060309
Long
EC
CORP
CL
N
1
N
N
N
Eutelsat Communications SA
549300EFWH9UR17YSK05
Eutelsat Communications SA
N/A
4970.00000000
NS
80980.47000000
0.061981770785
Long
EC
CORP
FR
N
2
N
N
N
South32 Ltd
213800LAZNPXSBKVHR17
South32 Ltd
N/A
79986.00000000
NS
151022.78000000
0.115591565884
Long
EC
CORP
AU
N
2
N
N
N
Extra Space Storage Inc
N/A
Extra Space Storage Inc
30225T102
1811.00000000
NS
USD
191277.82000000
0.146402435001
Long
EC
CORP
US
N
1
N
N
N
Inmobiliaria Colonial Socimi SA
95980020140005007414
Inmobiliaria Colonial Socimi SA
N/A
6870.00000000
NS
87684.45000000
0.067112940704
Long
EC
CORP
ES
N
2
N
N
N
GS Mortgage Securities Trust 2019-GC42
N/A
GS Mortgage Securities Trust 2019-GC42
36257UAA5
1500000.00000000
PA
USD
1330194.30000000
1.018119531816
Long
ABS-MBS
CORP
US
N
2
2052-09-01
Fixed
2.80000000
N
N
N
N
N
N
Ingenia Communities Group
N/A
Ingenia Communities Group
N/A
10164.00000000
NS
35417.49000000
0.027108249025
Long
EC
CORP
AU
N
2
N
N
N
Staples Inc
XQM2JINI1UL7642TU573
Staples Inc
855030AP7
700000.00000000
PA
USD
710500.00000000
0.543810725512
Long
DBT
CORP
US
N
2
2027-04-15
Fixed
10.75000000
N
N
N
N
N
N
Grupo Aeroportuario del Pacifico SAB de CV
4469000001BZ368XFI90
Grupo Aeroportuario del Pacifico SAB de CV
N/A
24100.00000000
NS
286472.30000000
0.219263489517
Long
EC
CORP
MX
N
1
N
N
N
Badger Meter Inc
5493002JENE20OGTUG20
Badger Meter Inc
056525108
6802.00000000
NS
USD
441653.86000000
0.338038150643
Long
EC
CORP
US
N
1
N
N
N
Terna Rete Elettrica Nazionale SpA
8156009E94ED54DE7C31
Terna Rete Elettrica Nazionale SpA
N/A
77619.00000000
NS
519111.69000000
0.397323722393
Long
EC
CORP
IT
N
2
N
N
N
Marathon Petroleum Corp
3BNYRYQHD39K4LCKQF12
Marathon Petroleum Corp
56585A102
2408.00000000
NS
USD
145082.00000000
0.111044542827
Long
EC
CORP
US
N
1
N
N
N
Benchmark 2019-B12 Mortgage Trust
N/A
Benchmark 2019-B12 Mortgage Trust
08162FAN3
2391000.00000000
PA
USD
2121458.98000000
1.623746864262
Long
ABS-MBS
CORP
US
N
2
2052-08-15
Fixed
3.00000000
N
N
N
N
N
N
Hydro One Ltd
5493007QZDXTP1W2VL44
Hydro One Ltd
N/A
41745.00000000
NS
806256.67000000
0.617102075527
Long
EC
CORP
CA
N
1
N
N
N
Cincinnati Bell Inc
549300JYVZOCUJOHL272
Cincinnati Bell Inc
171871AP1
700000.00000000
PA
USD
734125.00000000
0.561893101853
Long
DBT
CORP
US
N
2
2024-07-15
Fixed
7.00000000
N
N
N
N
N
N
Teck Resources Ltd
T8KI5SQ2JRWHL7XY0E11
Teck Resources Ltd
N/A
9328.00000000
NS
161770.10000000
0.123817474239
Long
EC
CORP
CA
N
1
N
N
N
Nucor Corp
549300GGJCRSI2TIEJ46
Nucor Corp
670346105
2591.00000000
NS
USD
145821.48000000
0.111610534601
Long
EC
CORP
US
N
1
N
N
N
Morgan Stanley Bank of America Merrill Lynch Trust 2015-C25
N/A
Morgan Stanley Bank of America Merrill Lynch Trust 2015-C25
61765TAP8
1000000.00000000
PA
USD
872735.70000000
0.667984566076
Long
ABS-MBS
CORP
US
N
2
2048-10-15
Variable
4.53000000
N
N
N
N
N
N
Sunstone Hotel Investors Inc
N/A
Sunstone Hotel Investors Inc
867892101
6160.00000000
NS
USD
85747.20000000
0.065630185844
Long
EC
CORP
US
N
1
N
N
N
Healthcare Realty Trust Inc
549300CB86LH2IOKHH22
Healthcare Realty Trust Inc
421946104
3350.00000000
NS
USD
111789.50000000
0.085562743278
Long
EC
CORP
US
N
1
N
N
N
Plains All American Pipeline LP
5521FA2ITF25TVH63740
Plains All American Pipeline LP
726503105
19310.00000000
NS
USD
355110.90000000
0.271798896785
Long
EC
CORP
US
N
1
N
N
N
Smurfit Kappa Group PLC
635400CPLP8H5ITDVT56
Smurfit Kappa Group PLC
N/A
4114.00000000
NS
158624.79000000
0.121410080414
Long
EC
CORP
IE
N
2
N
N
N
MMC Norilsk Nickel PJSC
253400JPTEEW143W3E47
MMC Norilsk Nickel PJSC
55315J102
5564.00000000
NS
USD
169646.36000000
0.129845897413
Long
EC
CORP
RU
N
1
N
N
N
Gazprom PJSC
213800FD9J2IHTA7YX78
Gazprom PJSC
368287207
18388.00000000
NS
USD
151765.85000000
0.116160305413
Long
EC
CORP
RU
N
2
N
N
N
WPT Industrial Real Estate Investment Trust
N/A
WPT Industrial Real Estate Investment Trust
92937G109
25225.00000000
NS
USD
350123.00000000
0.267981200068
Long
EC
CORP
CA
N
1
N
N
N
Ingredion Inc
PKSTQ48QDN0XSVS7YK88
Ingredion Inc
457187102
1756.00000000
NS
USD
163220.20000000
0.124927368585
Long
EC
CORP
US
N
1
N
N
N
Welltower Inc
T6IZ0MBEG5ACZDTR7D06
Welltower Inc
95040Q104
4455.00000000
NS
USD
364329.90000000
0.278855041864
Long
EC
CORP
US
N
1
N
N
N
2020-02-03
Principal Diversified Select Real Asset Fund
Sara Reece
/s/ Sara Reece
Vice President and Controller
XXXX
NPORT-EX
2
principal_3501.htm
Schedule
of
Investments
Principal
Diversified
Select
Real
Asset
Fund
December
31,
2019
(unaudited)
INVESTMENT
COMPANIES
-
3.76%
Shares
Held
Value
(000's)
Exchange-Traded
Funds
-
0.24%
SPDR
S&P
Global
Natural
Resources
ETF
6,865
$
317
Money
Market
Funds
-
3.52%
Morgan
Stanley
Institutional
Liquidity
Funds
-
Government
Portfolio
1.52%
(a)
4,592,778
4,593
TOTAL
INVESTMENT
COMPANIES
$
4,910
PRIVATE
INVESTMENT
FUNDS
-
12.61%
Shares
Held
Value
(000's)
Agriculture
-
3.83%
Ceres
Farmland
Holdings,
LP
(b)
5,000,000
5,000
Diversified
Financial
Services
-
2.68%
Sound
Point
CLO
Fund,
LP
(b)
N/A
3,512
Forest
Products
&
Paper
-
6.10%
BTG
Pactual
Open
Ended
Core
US
Timberland
Fund,
LP
(b)
6,888
7,968
TOTAL
PRIVATE
INVESTMENT
FUNDS
$
16,480
COMMON
STOCKS
-
48.11%
Shares
Held
Value
(000's)
Agriculture
-
0.24%
Archer-Daniels-Midland
Co
3,402
158
Bunge
Ltd
2,736
157
$
315
Biotechnology
-
0.13%
Corteva
Inc
5,614
166
Chemicals
-
1.35%
CF
Industries
Holdings
Inc
3,161
151
Ecolab
Inc
1,805
348
FMC
Corp
1,491
149
Israel
Chemicals
Ltd
31,098
147
K+S
AG
12,919
161
Mosaic
Co/The
7,668
166
Nutrien
Ltd
3,094
148
OCI
NV
(c)
7,702
163
Sociedad
Quimica
y
Minera
de
Chile
SA
ADR
6,129
164
Yara
International
ASA
3,871
161
$
1,758
Commercial
Services
-
0.96%
Atlas
Arteria
Ltd
33,027
182
China
Merchants
Port
Holdings
Co
Ltd
292,000
494
Transurban
Group
54,762
573
$
1,249
Consumer
Products
-
0.11%
Avery
Dennison
Corp
1,120
146
Diversified
Financial
Services
-
0.18%
Centuria
Capital
Group
149,635
238
Electric
-
5.35%
Atlantica
Yield
PLC
19,216
507
AusNet
Services
435,773
520
Clearway
Energy
Inc
-
Class
C
22,160
442
Dominion
Energy
Inc
7,909
655
Duke
Energy
Corp
3,529
322
EDP
-
Energias
de
Portugal
SA
115,004
499
Emera
Inc
13,756
591
Hydro
One
Ltd
(d)
41,745
806
Red
Electrica
Corp
SA
38,230
770
Spark
Infrastructure
Group
310,229
455
SSE
PLC
27,023
516
Terna
Rete
Elettrica
Nazionale
SpA
77,619
519
Transmissora
Alianca
de
Energia
Eletrica
SA
49,200
381
$
6,983
Electronics
-
0.42%
Badger
Meter
Inc
6,802
442
Watts
Water
Technologies
Inc
1,119
111
$
553
Energy
-
Alternate
Sources
-
0.82%
NextEra
Energy
Partners
LP
8,182
431
Pattern
Energy
Group
Inc
6,548
175
TerraForm
Power
Inc
30,001
462
$
1,068
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Engineering
&
Construction
-
0.35%
Grupo
Aeroportuario
del
Pacifico
SAB
de
CV
24,100
$
286
Sydney
Airport
29,138
177
$
463
Environmental
Control
-
2.06%
AquaVenture
Holdings
Ltd
(c)
21,490
583
China
Water
Affairs
Group
Ltd
428,000
320
Evoqua
Water
Technologies
Corp
(c)
16,694
317
Kurita
Water
Industries
Ltd
5,600
166
Pentair
PLC
13,690
628
Tetra
Tech
Inc
7,882
679
$
2,693
Food
-
0.24%
Ingredion
Inc
1,756
163
Wilmar
International
Ltd
48,800
150
$
313
Forest
Products
&
Paper
-
0.92%
International
Paper
Co
3,152
145
Mondi
PLC
6,740
158
Nine
Dragons
Paper
Holdings
Ltd
143,000
149
Oji
Holdings
Corp
25,600
138
Smurfit
Kappa
Group
PLC
4,114
159
Stora
Enso
Oyj
10,859
158
Svenska
Cellulosa
AB
SCA
14,672
149
UPM-Kymmene
Oyj
4,369
151
$
1,207
Gas
-
1.02%
National
Grid
PLC
54,796
685
Snam
SpA
123,244
648
$
1,333
Healthcare
-
Products
-
0.78%
Danaher
Corp
6,662
1,022
Iron
&
Steel
-
1.20%
ArcelorMittal
SA
8,531
150
Evraz
PLC
30,489
163
Fortescue
Metals
Group
Ltd
22,195
167
JFE
Holdings
Inc
11,500
148
Nippon
Steel
Corp
10,000
151
Novolipetsk
Steel
PJSC
7,253
167
Nucor
Corp
2,591
146
POSCO
748
152
thyssenkrupp
AG
11,641
157
Vale
SA
ADR
12,421
164
$
1,565
Lodging
-
0.07%
City
Developments
Ltd
10,400
85
Machinery
-
Diversified
-
1.21%
Ebara
Corp
6,400
193
IDEX
Corp
2,170
373
Mueller
Water
Products
Inc
-
Class
A
8,977
108
Xylem
Inc/NY
11,546
910
$
1,584
Mining
-
2.41%
Agnico
Eagle
Mines
Ltd
2,458
151
Anglo
American
PLC
5,572
160
Antofagasta
PLC
13,010
158
Barrick
Gold
Corp
8,747
163
BHP
Group
Ltd
5,649
155
Franco-Nevada
Corp
1,484
153
Freeport-McMoRan
Inc
12,836
168
Glencore
PLC
(c)
46,302
144
Kirkland
Lake
Gold
Ltd
3,477
153
Korea
Zinc
Co
Ltd
424
156
MMC
Norilsk
Nickel
PJSC
ADR
5,564
170
Newcrest
Mining
Ltd
7,020
148
Newmont
Goldcorp
Corp
3,804
165
Norsk
Hydro
ASA
41,267
153
Rio
Tinto
Ltd
2,228
158
South32
Ltd
79,986
151
Schedule
of
Investments
Principal
Diversified
Select
Real
Asset
Fund
December
31,
2019
(unaudited)
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Mining
(continued)
Southern
Copper
Corp
3,841
$
163
Sumitomo
Metal
Mining
Co
Ltd
4,800
155
Teck
Resources
Ltd
9,328
162
Wheaton
Precious
Metals
Corp
5,315
158
$
3,144
Oil
&
Gas
-
3.32%
BP
PLC
23,517
148
Canadian
Natural
Resources
Ltd
5,228
169
Chevron
Corp
1,247
150
CNOOC
Ltd
101,000
168
ConocoPhillips
2,437
159
Ecopetrol
SA
ADR
7,978
159
Eni
SpA
9,660
150
EOG
Resources
Inc
2,060
173
Equinor
ASA
7,922
158
Exxon
Mobil
Corp
2,144
150
Gazprom
PJSC
ADR
18,388
152
Imperial
Oil
Ltd
5,833
154
LUKOIL
PJSC
ADR
1,531
153
Marathon
Petroleum
Corp
2,408
145
Neste
Oyj
4,318
150
Novatek
PJSC
737
150
Occidental
Petroleum
Corp
3,787
156
Petroleo
Brasileiro
SA
ADR
9,917
158
Phillips
66
1,273
142
Pioneer
Natural
Resources
Co
1,142
173
Repsol
SA
9,271
146
Repsol
SA
(c)
9,271
4
Rosneft
Oil
Co
PJSC
21,545
156
Royal
Dutch
Shell
PLC
-
A
Shares
5,107
151
Suncor
Energy
Inc
4,683
154
Tatneft
PJSC
ADR
2,118
157
TOTAL
SA
2,780
154
Valero
Energy
Corp
1,529
143
Woodside
Petroleum
Ltd
6,257
151
$
4,333
Oil
&
Gas
Services
-
0.25%
Halliburton
Co
6,959
170
Schlumberger
Ltd
4,035
162
$
332
Packaging
&
Containers
-
0.58%
Amcor
PLC
14,237
154
DS
Smith
PLC
29,578
151
Packaging
Corp
of
America
1,305
146
Sealed
Air
Corp
3,871
154
Westrock
Co
3,622
155
$
760
Pipelines
-
6.58%
AltaGas
Ltd
19,934
304
APA
Group
57,666
449
Cheniere
Energy
Inc
(c)
4,508
275
Cheniere
Energy
Partners
LP
1,647
66
Enbridge
Inc
16,436
653
Energy
Transfer
LP
29,656
380
Enterprise
Products
Partners
LP
13,064
368
EQM
Midstream
Partners
LP
4,334
130
Gibson
Energy
Inc
17,097
350
Kinder
Morgan
Inc/DE
13,440
284
Magellan
Midstream
Partners
LP
5,345
336
MPLX
LP
13,848
353
Noble
Midstream
Partners
LP
96,604
2,566
ONEOK
Inc
4,311
326
Pembina
Pipeline
Corp
6,118
227
Phillips
66
Partners
LP
4,940
304
Plains
All
American
Pipeline
LP
19,310
355
Targa
Resources
Corp
2,640
108
Williams
Cos
Inc/The
32,320
767
$
8,601
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Real
Estate
-
1.66%
Aroundtown
SA
23,169
$
208
Castellum
AB
4,426
104
Entra
ASA
(d)
4,184
69
Fabege
AB
4,380
73
LEG
Immobilien
AG
1,087
128
Midea
Real
Estate
Holding
Ltd
(d)
28,600
88
Mitsubishi
Estate
Co
Ltd
16,100
308
New
World
Development
Co
Ltd
201,000
276
Sun
Hung
Kai
Properties
Ltd
18,500
283
TLG
Immobilien
AG
2,757
88
Tokyo
Tatemono
Co
Ltd
7,500
117
Vonovia
SE
6,420
345
Wihlborgs
Fastigheter
AB
4,346
80
$
2,167
REITs
-
10.74%
AIMS
APAC
REIT
40,700
43
Alexandria
Real
Estate
Equities
Inc
1,273
206
Altarea
SCA
219
50
American
Homes
4
Rent
8,634
226
Americold
Realty
Trust
3,865
136
Apartment
Investment
&
Management
Co
3,379
175
Arena
REIT
83,695
167
Big
Yellow
Group
PLC
13,179
209
Centuria
Industrial
REIT
28,707
67
Centuria
Metropolitan
REIT
52,414
107
CFE
Capital
S
de
RL
de
CV
199,700
290
CoreSite
Realty
Corp
600
67
Crown
Castle
International
Corp
3,864
550
CubeSmart
7,403
233
Daiwa
Office
Investment
Corp
16
123
Dexus
13,775
113
Dream
Industrial
Real
Estate
Investment
Trust
35,800
362
Duke
Realty
Corp
5,037
175
EPR
Properties
4,670
330
Equinix
Inc
523
305
Essential
Properties
Realty
Trust
Inc
5,745
143
Essex
Property
Trust
Inc
824
248
Extra
Space
Storage
Inc
1,811
191
Gecina
SA
1,063
191
Goodman
Group
16,907
159
Healthcare
Realty
Trust
Inc
3,350
112
Healthcare
Trust
of
America
Inc
10,535
319
Healthpeak
Properties
Inc
8,571
295
Independence
Realty
Trust
Inc
25,716
362
Industrial
&
Infrastructure
Fund
Investment
Corp
66
101
Industrial
Logistics
Properties
Trust
10,261
230
Ingenia
Communities
Group
10,164
35
Inmobiliaria
Colonial
Socimi
SA
6,870
88
Investec
Australia
Property
Fund
33,578
35
Invitation
Homes
Inc
18,616
558
Japan
Hotel
REIT
Investment
Corp
326
244
Japan
Retail
Fund
Investment
Corp
61
131
Kilroy
Realty
Corp
470
39
Klepierre
SA
2,695
103
Lendlease
Global
Commercial
REIT
(c)
55,500
38
Link
REIT
30,000
318
Macquarie
Mexico
Real
Estate
Management
SA
de
CV
(d)
67,100
88
MCUBS
MidCity
Investment
Corp
178
193
Merlin
Properties
Socimi
SA
16,998
244
Minto
Apartment
Real
Estate
Investment
Trust
8,600
153
NewRiver
REIT
PLC
33,403
89
NSI
NV
3,001
146
Park
Hotels
&
Resorts
Inc
5,209
135
Physicians
Realty
Trust
14,738
279
PLA
Administradora
Industrial
S
de
RL
de
CV
78,700
129
Prologis
Inc
6,321
563
Prologis
Property
Mexico
SA
de
CV
30,300
67
Rayonier
Inc
4,769
156
Schedule
of
Investments
Principal
Diversified
Select
Real
Asset
Fund
December
31,
2019
(unaudited)
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
REITs
(continued)
Rexford
Industrial
Realty
Inc
2,955
$
135
Sabana
Shari'ah
Compliant
Industrial
Real
Estate
Investment
Trust
520,000
178
Sabra
Health
Care
REIT
Inc
14,274
305
Segro
PLC
29,591
352
Sekisui
House
Reit
Inc
329
277
Simon
Property
Group
Inc
557
83
Stockland
44,784
145
STORE
Capital
Corp
5,949
222
Summit
Industrial
Income
REIT
6,030
56
Sun
Communities
Inc
2,257
339
Sunstone
Hotel
Investors
Inc
6,160
86
Taubman
Centers
Inc
1,025
32
Terreno
Realty
Corp
1,700
92
UNITE
Group
PLC/The
6,859
115
United
Urban
Investment
Corp
146
274
VICI
Properties
Inc
9,198
235
Welltower
Inc
4,455
364
Weyerhaeuser
Co
9,186
277
WPT
Industrial
Real
Estate
Investment
Trust
25,225
350
$
14,033
Software
-
0.09%
InterXion
Holding
NV
(c)
1,348
113
Telecommunications
-
0.06%
Eutelsat
Communications
SA
4,970
81
Water
-
5.01%
Aguas
Andinas
SA
1,052,262
447
American
Water
Works
Co
Inc
9,628
1,183
Aqua
America
Inc
24,406
1,145
Guangdong
Investment
Ltd
198,000
414
Middlesex
Water
Co
867
55
Pennon
Group
PLC
36,887
500
Severn
Trent
PLC
10,554
352
SJW
Group
5,980
425
Suez
35,225
534
United
Utilities
Group
PLC
48,917
612
Veolia
Environnement
SA
24,655
656
York
Water
Co/The
4,903
226
$
6,549
TOTAL
COMMON
STOCKS
$
62,854
CONVERTIBLE
PREFERRED
STOCKS
-
1.66%
Shares
Held
Value
(000's)
Pipelines
-
1.66%
Targa
Resources
Corp
9.50%,
02/18/2021
(e)
2,000
$
2,161
TOTAL
CONVERTIBLE
PREFERRED
STOCKS
$
2,161
BONDS
-
31.40%
Principal
Amount
(000's)
Value
(000's)
Commercial
Mortgage
Backed
Securities
-
22.35%
Banc
of
America
Commercial
Mortgage
Trust
2015-UBS7
3.17%,
09/15/2048
$
1,000
$
830
BANK
2018-BNK13
3.00%,
08/15/2061
(d)
2,000
1,759
BANK
2018-BNK15
4.65%,
11/15/2061
(f)
2,000
2,169
BANK
2019-BNK20
0.84%,
09/15/2062
(f),(g)
15,185
1,019
Benchmark
2018-B6
Mortgage
Trust
3.12%,
10/10/2051
(d),(f)
1,000
905
3.12%,
10/10/2051
(d),(f)
550
458
Benchmark
2019-B12
Mortgage
Trust
3.00%,
08/15/2052
(d)
2,391
2,121
Cantor
Commercial
Real
Estate
Lending
2019-CF1
4.35%,
05/15/2052
(f)
1,000
1,053
CD
2017-CD4
Mortgage
Trust
4.35%,
05/10/2050
(f)
2,000
2,092
Citigroup
Commercial
Mortgage
Trust
2018-C6
5.07%,
11/10/2051
(f)
1,000
1,124
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Commercial
Mortgage
Backed
Securities
(continued)
Citigroup
Commercial
Mortgage
Trust
2019-GC41
3.00%,
08/10/2056
(d)
$
1,750
$
1,572
3.00%,
08/10/2056
(d)
1,400
976
Csail
2015-C2
Commercial
Mortgage
Trust
3.23%,
06/15/2057
(d)
500
385
4.19%,
06/15/2057
(f)
500
444
DBGS
2018-5BP
Mortgage
Trust
2.38%,
06/15/2033
(d)
2,000
1,989
1.00
x
1
Month
USD
LIBOR
+
0.65%
GS
Mortgage
Securities
Trust
2013-GCJ14
4.74%,
08/10/2046
(d),(f)
539
554
GS
Mortgage
Securities
Trust
2019-GC40
1.16%,
07/10/2052
(d),(f),(g)
9,860
966
3.00%,
07/10/2052
(d)
2,000
1,772
GS
Mortgage
Securities
Trust
2019-GC42
0.94%,
09/01/2052
(d),(f)
3,246
258
2.80%,
09/01/2052
(d)
1,500
1,330
JPMBB
Commercial
Mortgage
Securities
Trust
2014-C21
4.66%,
08/15/2047
(d),(f)
1,000
930
JPMBB
Commercial
Mortgage
Securities
Trust
2015-C28
3.70%,
10/15/2048
(d),(f)
500
98
JPMBB
Commercial
Mortgage
Securities
Trust
2015-C29
3.66%,
05/15/2048
(f)
560
481
JPMCC
Commercial
Mortgage
Securities
Trust
2019-COR4
3.00%,
03/10/2052
(d),(f)
2,000
1,791
Morgan
Stanley
Bank
of
America
Merrill
Lynch
Trust
2015-C25
4.53%,
10/15/2048
(d),(f)
1,000
873
4.53%,
10/15/2048
(d),(f)
500
408
WFRBS
Commercial
Mortgage
Trust
2014-C20
3.99%,
05/15/2047
(d)
500
404
WFRBS
Commercial
Mortgage
Trust
2014-C21
3.50%,
08/15/2047
(d)
500
438
$
29,199
Consumer
Products
-
0.51%
Kronos
Acquisition
Holdings
Inc
9.00%,
08/15/2023
(d)
700
668
Food
-
0.36%
H-Food
Holdings
LLC
/
Hearthside
Finance
Co
Inc
8.50%,
06/01/2026
(d)
500
468
Healthcare
-
Services
-
0.59%
Hadrian
Merger
Sub
Inc
8.50%,
05/01/2026
(d)
750
768
Insurance
-
0.58%
Acrisure
LLC
/
Acrisure
Finance
Inc
10.13%,
08/01/2026
(d)
700
754
Leisure
Products
&
Services
-
0.27%
Constellation
Merger
Sub
Inc
8.50%,
09/15/2025
(d)
408
356
Media
-
0.92%
Cengage
Learning
Inc
9.50%,
06/15/2024
(d)
700
605
McGraw-Hill
Global
Education
Holdings
LLC
/
McGraw-Hill
Global
Education
Finance
7.88%,
05/15/2024
(d)
700
602
$
1,207
Miscellaneous
Manufacturers
-
0.64%
Foxtrot
Escrow
Issuer
LLC
/
Foxtrot
Escrow
Corp
12.25%,
11/15/2026
(d)
162
169
Schedule
of
Investments
Principal
Diversified
Select
Real
Asset
Fund
December
31,
2019
(unaudited)
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Miscellaneous
Manufacturers
(continued)
FXI
Holdings
Inc
7.88%,
11/01/2024
(d)
$
700
$
672
$
841
Mortgage
Backed
Securities
-
2.41%
Freddie
Mac
STACR
2019-HQA3
9.29%,
09/25/2049
(d)
500
525
1.00
x
1
Month
USD
LIBOR
+
7.50%
Freddie
Mac
STACR
Trust
2019-DNA2
12.29%,
03/25/2049
(d)
900
1,169
1.00
x
1
Month
USD
LIBOR
+
10.50%
Freddie
Mac
STACR
Trust
2019-DNA3
9.94%,
07/25/2049
(d)
250
293
1.00
x
1
Month
USD
LIBOR
+
8.15%
Freddie
Mac
STACR
Trust
2019-HQA2
13.04%,
04/25/2049
(d)
900
1,166
1.00
x
1
Month
USD
LIBOR
+
11.25%
$
3,153
Other
Asset
Backed
Securities
-
0.38%
Oaktree
CLO
2019-4
Ltd
9.15%,
10/20/2032
(d)
500
498
1.00
x
3
Month
USD
LIBOR
+
7.23%
Retail
-
0.55%
Staples
Inc
10.75%,
04/15/2027
(d)
700
711
Telecommunications
-
1.84%
Cincinnati
Bell
Inc
7.00%,
07/15/2024
(d)
700
734
Consolidated
Communications
Inc
6.50%,
10/01/2022
700
634
Gogo
Intermediate
Holdings
LLC
/
Gogo
Finance
Co
Inc
9.88%,
05/01/2024
(d)
700
739
Intelsat
Connect
Finance
SA
9.50%,
02/15/2023
(d)
426
298
$
2,405
TOTAL
BONDS
$
41,028
CONVERTIBLE
BONDS
-
1.29%
Principal
Amount
(000's)
Value
(000's)
Energy
-
Alternate
Sources
-
1.29%
Sunnova
Energy
International
Inc
7.75%,
01/30/2027
(h)
1,777
1,688
TOTAL
CONVERTIBLE
BONDS
$
1,688
SENIOR
FLOATING
RATE
INTERESTS
-
0.97%
Principal
Amount
(000's)
Value
(000's)
Automobile
Parts
&
Equipment
-
0.52%
GC
EOS
Buyer
Inc
10.30%,
06/29/2026
(i)
$
700
$
679
3
Month
USD
LIBOR
+
2.75%
Telecommunications
-
0.45%
Intrado
Corp
6.38%,
10/10/2024
(i)
698
590
3
Month
USD
LIBOR
+
1.75%
TOTAL
SENIOR
FLOATING
RATE
INTERESTS
$
1,269
Total
Investments
$
130,390
Other
Assets
and
Liabilities
- 0.20%
261
TOTAL
NET
ASSETS
-
100.00%
$
130,651
(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
$32,233
or
24.67%
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.
(h)
Fair
value
of
these
investments
is
determined
in
good
faith
by
the
Manager
under
procedures
established
and
periodically
reviewed
by
the
Board
of
Directors.
Certain
inputs
used
in
the
valuation
may
be
unobservable;
however,
each
security
is
evaluated
individually
for
purposes
of
ASC
820
which
results
in
not
all
securities
being
identified
as
Level
3
of
the
fair
value
hierarchy.
At
the
end
of
the
period,
the
fair
value
of
these
securities
totaled
$1,688
or
1.29%
of
net
assets.
(i)
Rate
information
disclosed
is
based
on
an
average
weighted
rate
of
the
underlying
tranches
as
of
period
end.
Portfolio
Summary (unaudited)
Sector
Percent
Mortgage
Securities
24.76%
Financial
15.84%
Energy
13.92%
Utilities
11.38%
Industrial
11.36%
Basic
Materials
5.88%
Consumer,
Cyclical
5.24%
Consumer,
Non-cyclical
3.92%
Money
Market
Funds
3.52%
Communications
3.27%
Asset
Backed
Securities
0.38%
Investment
Companies
0.24%
Technology
0.09%
Other
Assets
and
Liabilities
0.20%
TOTAL
NET
ASSETS
100.00%
Private
Investment
Funds
Security
Name
Acquisition
Date
Cost
Value
Redemption
Notice
(days)
Percent
of
Net
Assets
BTG
Pactual
Open
Ended
Core
US
Timberland
Fund,
LP
(a)
07/01/2019
$
8,000
$
7,968
90
6.10%
Ceres
Farmland
Holdings,
LP
(b)
11/01/2019
5,000
5,000
30
3.83%
Sound
Point
CLO
Fund,
LP
(b)
08/01/2019
4,000
3,512
60
2.68%
Total
$
16,480
12.61%
Amounts
in
thousands.
(a)
Redemptions
are
subject
to
a
two-year
holding
period
from
the
acquisition
date.
(b)
Redemptions
are
subject
to
a
one-year
holding
period
from
the
acquisition
date.
Glossary
to
the
Schedule
of
Investments
December
31,
2019
(unaudited)
Currency
Abbreviations
USD/$
United
States
Dollar
December
31,
2019
(unaudited)
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
the
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
as
determined
in
good
faith
by
the
Manager
under
procedures
established
and
periodically
reviewed
by
the
Fund’s
Board
of
Trustees.
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
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,
mortgage
backed
securities
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
quarter.
On
non-valuation
days,
the
Valuation
Committee
determines
the
fair
value
of
each
private
investment
fund.
These
investments
are
excluded
from
the
fair
value
hierarchy.
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
December
31,
2019
(unaudited)
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,
accidents,
conflicts,
etc.).
Fair
value
of
these
investments
is
determined
in
good
faith
by
the
Manager
under
procedures
established
and
periodically
reviewed
by
the
Fund’s
Board
of
Trustees.
The
Manager
has
established
a
valuation
committee
(“Valuation
Committee”)
of
senior
officers
and
employees,
with
the
responsibility
of
overseeing
the
pricing
and
valuation
of
all
securities,
including
securities
where
market
quotations
are
not
readily
available.
The
Valuation
Committee
meets
at
least
monthly
and
reports
directly
to
the
Board
of
Trustees.
A
pricing
group
(the
“Pricing
Group”)
who
reports
to
the
Valuation
Committee,
relies
on
the
established
pricing
policies
to
determine
fair
valuation.
Included
in
the
pricing
policies
is
an
overview
of
the
approved
valuation
approaches
established
for
each
asset
class.
The
Pricing
Group
will
consider
all
appropriate
information
available
when
determining
fair
valuation.
The
Pricing
Group
relies
on
externally
provided
valuation
inputs
to
determine
the
value
of
Level
3
securities.
Security
values
are
updated
as
new
information
becomes
available.
Valuation
data
and
changes
in
valuation
amounts
are
reviewed
on
a
daily
basis
based
on
specified
criteria
for
the
security,
asset
class,
and
other
factors.
In
addition,
valuation
data
is
periodically
compared
to
actual
transactions
executed
by
the
Fund
(i.e.,
purchases/sales)
and
differences
between
transaction
prices
and
prior
period
valuation
data
are
investigated
based
on
specified
tolerances.
The
inputs
or
methodology
used
for
valuing
securities
are
not
necessarily
an
indication
of
the
risk
associated
with
investing
in
those
instruments.
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*
$
—
$
41,028
$
—
$
41,028
Common
Stocks
Basic
Materials
3,187
4,487
—
7,674
Communications
—
81
—
81
Consumer,
Cyclical
—
85
—
85
Consumer,
Non-cyclical
1,812
1,399
—
3,211
Energy
11,737
2,597
—
14,334
Financial
9,698
6,740
—
16,438
Industrial
5,046
1,007
—
6,053
Technology
113
—
—
113
December
31,
2019
(unaudited)
*For
additional
detail
regarding
sector
classifications,
please
see
the
Schedule
of
Investments.
The
Fund's
Schedule
of
Investments
as
of
December
31,
2019
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
Utilities
$
6,738
$
8,127
$
—
$
14,865
Convertible
Bonds*
—
1,688
—
1,688
Convertible
Preferred
Stocks
Energy
—
2,161
—
2,161
Investment
Companies
4,910
—
—
4,910
Senior
Floating
Rate
Interests*
—
1,269
—
1,269
Total
investments
in
securities
$
4
3
,241
$
70,669
$
—
$
1
13,91
0
Investments
Using
NAV
as
a
practical
expedient
Private
Investment
Funds
—
—
—
16,480
Total
investments
in
securities
—
—
—
130,390