Principal Global Investors Funds Condensed Interim Report and Unaudited Financial Statements

For the period ended 31 March 2021

An umbrella trust governed by the laws of Ireland. PRINCIPAL GLOBAL INVESTORS FUNDS

CONDENSED INTERIM REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2021

CONTENTS General Information 4 - 14 Investment Adviser’s Report 15 - 21

Portfolio of Investments: Global Equity Fund (“GEF”) 22 - 23 European Equity Fund (“EEF”) 24 - 26 Preferred Securities Fund (“PSF”) 27 - 35 Global High Yield Fund (“GHYF”) 36 - 43 Global Property Securities Fund (“GPSF”) 44 - 46 Post Global Limited Term High Yield Fund (“GLTHY”) 47 - 50 Origin Global Emerging Markets Fund (“OGEMF”) 51 - 52 Origin Global Smaller Companies Fund (“OGSCF”) 53 - 56 Global Diversified Income Fund (“GDIF”) 57 - 64 Finisterre Unconstrained Emerging Markets Fixed Income Fund (“FUEMF”) 65 - 74 U.S. Blue Chip Equity Fund (“USBCEF’’) 75 Asian High Yield Fund (“AHYF”) 76 - 78 Finisterre Emerging Markets Debt Euro Income Fund (“FEMDE”) 79- 83 China Opportunities Equity Fund (“COEF”) 84- 85 Statement of Financial Position as at 31 March 2021 86 – 91 Statement of Financial Position as at 30 September 2020 92 - 97 Statement of Comprehensive Income for the period ended 31 March 2021 98 - 99 Statement of Comprehensive Income for the period ended 31 March 2020 100- 101 Statement of Movement in Net Assets Attributable to Redeemable Participating Unitholders for the period ended 31 March 2021 102- 103 Statement of Movement in Net Assets Attributable to Redeemable Participating Unitholders for the period ended 31 March 2020 104 - 105 Notes to the Annual Report and Financial Statements 106 - 151

Supplementary Information: Fund Performance 152 - 164 Total Expense Ratios 165

PRINCIPAL GLOBAL INVESTORS FUNDS

CONDENSED INTERIM REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2021

CONTENTS (continued)

Statement of Material Portfolio Changes: Global Equity Fund (“GEF”) 166 European Equity Fund (“EEF”) 167 Preferred Securities Fund (“PSF”) 168 Global High Yield Fund (“GHYF”) 169 Global Property Securities Fund (“GPSF”) 170 Post Global Limited Term High Yield Fund (“GLTHY”) 171 Origin Global Emerging Markets Fund (“OGEMF”) 172 Origin Global Smaller Companies Fund (“OGSCF”) 173 Global Diversified Income Fund (“GDIF”) 174 Finisterre Unconstrained Emerging Markets Fixed Income Fund (“FUEMF”) 175 U.S. Blue Chip Equity Fund (“USBCEF’’) 176 Asian High Yield Fund (“AHYF”) 177 Finisterre Emerging Markets Debt Euro Income Fund (“FEMDE”) 178 China Opportunities Equity Fund (“COEF”) 179

Securities Financing Transaction Regulation 180 - 181 Directory 182 – 184 Information for Investors in Switzerland 184 Enquiries 185

PRINCIPAL GLOBAL INVESTORS FUNDS

GENERAL INFORMATION The following information is derived from and should be read in conjunction with the full text and definitions section of the prospectus. The Principal Global Investors Funds (“the Trust”) was constituted on 13 October 1992 as an open-ended umbrella Unit Trust established as an Undertaking for Collective Investment in Transferable Securities (“UCITS”) under the laws of Ireland. Units of certain classes of the Trust are listed on Euronext Dublin (formerly the Irish Stock Exchange). The Trust has been authorised in Ireland pursuant to the European Communities (Undertakings for Collective Investments in Transferable Securities) Regulations, 2011, (as amended) and the Central Bank (Supervision and Enforcement) Act 2013 (Section 48(1)) (Undertakings for Collective Investment in Transferable Securities) (Amendment) Regulations 2019 (the “Central Bank UCITS Regulations”).

Units are unhedged, except where otherwise noted. For the period to 31 March 2021, the Trust comprised of the following Funds:

Fund Type of Units Launch Date Global Equity Fund A Class Income 4 December 1992 A Class Accumulation 24 June 1996 I Class Accumulation 1 April 1998 F2 Class Accumulation 4 April 2016

European Equity Fund A Class Income 24 November 1992 A Class Accumulation 24 June 1996 I Class Accumulation 1 April 1998 I Class Accumulation (EUR) 19 February 2010

Preferred Securities Fund* A Class Accumulation (EUR hedged) 22 April 2003 I Class Accumulation 22 April 2003 A Class Income 3 February 2005 F Class Accumulation 7 January 2009 D Class Accumulation 12 January 2009 D Class Income 6 October 2009 F Class Income 7 October 2009 I Class Accumulation (JPY hedged) 6 April 2010 I Class Accumulation (EUR hedged) 16 April 2010 I Class Income (JPY hedged) 1 October 2010 I Class Income (EUR hedged) 7 June 2011 A Class Income (GBP hedged) 26 March 2012 A Class Accumulation 27 March 2012 I Class Income 17 January 2013 I Class Accumulation (CHF hedged) 28 February 2013 A Class Income (EUR hedged) 3 April 2013 P Class Income 7 April 2013 P Class Accumulation 7 April 2013 I Class Income (GBP hedged) 12 April 2013 A Class Accumulation (CHF hedged) 22 September 2013 F2 Class Accumulation 16 March 2016 D2 Class Income 30 March 2016 A Class Accumulation (JPY hedged) 27 June 2016 N Class Income 19 September 2016 I Class Income (CHF hedged) 28 February 2017 A Class Income (SGD hedged) 26 May 2017 I Class Income (SGD hedged) 26 May 2017 A Class Accumulation (SGD hedged) 26 May 2017 I Class Accumulation (SGD hedged) 29 May 2017 N Class Accumulation (GBP hedged) 6 July 2017 I Class Accumulation (AUD hedged) 11 July 2017 I Class Income (AUD hedged) 11 July 2017 N Class Accumulation (EUR hedged) 21 July 2017 A Class Income (AUD hedged) 7 September 2017

4 PRINCIPAL GLOBAL INVESTORS FUNDS

GENERAL INFORMATION (continued) For the period to 31 March 2021, the Trust comprised of the following Funds: (continued)

Fund Type of Units Launch Date Pr efe rr ed Sec uriti es Fund *(continued) N Class Income (EUR hedged) 16 March 2018 A Class Income (CHF hedged) 8 May 2018 N Class Income (GBP hedged) 6 July 2018 N Class Accumulation 13 September 2018 D2Class Income (HKD) 8 February 2019 X Class Accumulation 8 July 2019 X Class Income 8 July 2019 D2 Class Income Plus 2 June 2020 D2 Class Income Plus (HKD) 2 June 2020 N Class Accumulation (CHF hedged) 8 February 2021

Global Hig h Yield Fund * I Class Accumulation 15 March 2004 A Class Accumulation 25 November 2009 I Class Accumulation (BRL hedged) 20 March 2013 I Class Accumulation (EUR hedged) 10 October 2013 A Class Income 30 June 2014 A Class Income (AUD hedged) 9 January 2015 D Class Accumulation 6 February 2015 F Class Accumulation 10 March 2016 I Class Income 12 January 2018 I Class Accumulation (CHF hedged) 28 March 2018 N Class Income 2 April 2019 N Class Income (EUR hedged) 25 April 2019 D2 Class Income Plus 2 June 2020 D2 Class Income Plus (HKD) 2 June 2020 D Class Income 28 October 2020 N Class Accumulation 28 October 2020

Global Property Securities Fund I Class Accumulation (USD hedged) 20 April 2007 I Class Accumulation 27 November 2008 I2 Class Income 26 June 2014 I Class Income (JPY hedged) 18 May 2015 F Class Accumulation 20 April 2016 I Class Accumulation (EUR hedged) 12 February 2018 N Class Accumulation 10 June 2019 I Class Income 11 June 2019 A Class Accumulation (EUR Hedged) 14 June 2019 P Class Accumulation 26 June 2019 D2 Class Income 9 December 2019 D2 Class Income (HKD) 6 January 2020 N Class Accumulation (EUR hedged) 17 January 2020 A Class Accumulation 14 February 2020 A2 Class Income 2 March 2020 A Class Accumulation (SGD hedged) 2 March 2020 A Class Income (SGD hedged) 2 March 2020 I Class Accumulation (EUR) 3 June 2020 I Class Accumulation (GBP hedged) 12 June 2020 N Class Income 21 August 2020 D Class Accumulation 8 October 2020 D Class Income 30 October 2020 I3 Class Accumulation (SEK hedged) 29 March 2021

Post Global Limited Term High Yield I Class Accumulation (EUR hedged) 1 June 2011 Fund* I Class Accumulation (JPY hedged) 15 June 2011 I Class Accumulation 1 July 2011 I Class Accumulation (GBP hedged) 22 January 2015 I Class Accumulation (CHF hedged) 8 September 2015 I2 Class Accumulation 6 October 2015

5 PRINCIPAL GLOBAL INVESTORS FUNDS

GENERAL INFORMATION (continued)

For the period to 31 March 2021, the Trust comprised of the following Funds: (continued)

Fund Type of Units Launch Date Post Global Limited Term High Yield I2 Class Accumulation (EUR hedged) 6 October 2015 Fund*(continued) I2 Class Accumulation (GBP hedged) 6 October 2015 A Class Accumulation 8 February 2016 A Class Income 1 March 2016 I Class Accumulation (SGD hedged) 17 May 2016 I Class Income 6 December 2016 N Class Accumulation 31 October 2017 N Class Accumulation (EUR hedged) 14 November 2017 D2 Class Income 6 January 2020 D2 Class Income Plus 2 June 2020 D2 Class Income Plus (HKD) 2 June 2020 A2 Class Income 8 February 2021 A Class Accumulation (EUR hedged) 5 March 2021

Origin Global Emerging Markets Fund I Class Accumulation (GBP) 15 April 2013 I Class Accumulation 31 January 2014 F2 Class Accumulation 4 April 2016 I Class Accumulation (EUR) 7 December 2018 D Class Accumulation 26 June 2019 N Class Accumulation 26 June 2019 A Class Accumulation 11 December 2019

Origin Global Smaller Companies Fund I Class Accumulation 12 April 2013 I Class Accumulation (GBP) 12 April 2013 A Class Accumulation 31 December 2018

Global Diversified Income Fund A Class Accumulation 29 March 2017 I Class Accumulation 29 March 2017 D Class Income 29 March 2017 D Class Income Plus 21 August 2020 D Class Income Plus (HKD) 21 August 2020

Finisterre Unconstrained Emerging I Class Accumulation 3 May 2017 Markets Fixed Income Fund* I2 Class Accumulation 3 May 2017 I Class Accumulation (GBP hedged) 28 June 2017 I2 Class Accumulation (EUR hedged) 3 November 2017 I2 Class Income (EUR hedged) 17 April 2018 I2 Class Income 22 June 2018 I2 Class Income (GBP hedged) 3 December 2018 A Class Accumulation (EUR hedged) 24 December 2018 N Class Income 24 December 2018 A2 Class Income 24 December 2018 N Class Accumulation (EUR hedged) 24 December 2018 A Class Accumulation 17 January 2019 N Class Accumulation 25 January 2019 I Class Income 15 February 2019 N Class Income (SGD hedged) 20 February 2019 A Class Income (CHF hedged) 20 February 2019 N Class Accumulation (CHF hedged) 20 February 2019 I Class Accumulation (EUR hedged) 6 March 2019 I2 Class Accumulation (GBP hedged) 11 March 2019 D Class Income 28 March 2019 I Class Income (EUR hedged) 1 April 2019 N Class Income (EUR hedged) 10 April 2019 I Class Income (CHF hedged) 3 May 2019 D Class Accumulation 28 May 2019

6 PRINCIPAL GLOBAL INVESTORS FUNDS

GENERAL INFORMATION (continued) For the period to 31 March 2021, the Trust comprised of the following Funds: (continued)

Fund Type of Units Launch Date Finisterre Unconstrained Emerging I3 Class Accumulation 8 July 2019 Markets Fixed Income Fund*(continued) I3 Class Accumulation (EUR hedged) 15 July 2019 I3 Class Accumulation (GBP hedged) 15 July 2019 I3 Class Income 17 July 2019 I Class Accumulation (CHF hedged) 10 October 2019 I3 Class Income (EUR hedged) 17 October 2019 A Class Income (EUR hedged) 25 October 2019 F Class Income 8 January 2020 F Class Accumulation 8 January 2020 A2 Class Income Plus 15 April 2020 A2 Class Income Plus (EUR hedged) 15 April 2020 A2 Class Income Plus (SGD hedged) 15 April 2020 I3 Class Income (SGD hedged) 16 June 2020 I Class Accumulation (JPY hedged) 19 August 2020 P2 Class Income Plus 21 October 2020 I3 Class Accumulation (CHF hedged) 30 October 2020 A Class Income (SGD hedged) 12 January 2021 A2 Class Income 13 January 2021 A2 Class Income (SGD hedged) 13 January 2021 A Class Income 19 January 2021 A Class Accumulation (SGD hedged) 19 January 2021 A Class Accumulation (CHF hedged) 21 January 2021

U. S. Blue Chip Equity Fund I Class Accumulation 15 August 2019 D Class Accumulation 10 June 2020 F Class Accumulation 10 June 2020 N Class Accumulation 10 June 2020 A Class Accumulation 28 October 2020 D Class Income 13 November 2020 N Class Income 13 November 2020

Asian High Yield Fund * I Class Accumulation 8 January 2020 D2 Class Income 8 January 2020 D2 Class Income Plus 21 May 2020 D2 Class Income Plus (HKD) 21 May 2020

Finisterre Emerging Markets Debt Euro A Class Accumulation 28 August 2020 Income Fund* I Class Accumulation 28 August 2020 I Class Accumulation (CHF hedged) 28 August 2020 I Class Accumulation (USD hedged) 28 August 2020 I2 Class Accumulation 28 August 2020 N Class Income 28 August 2020

China Opportunities Equity Fund 1 A Class Income 23 February 2021 I Class Income 23 February 2021 I Class Accumulation 23 February 2021 I2 Class Accumulation 23 February 2021 D Class Accumulation 23 February 2021 N Class Accumulation 23 February 2021

*Fixed Income Fund. 1China Opportunities Equity Fund launched on 23 February 2021.

7 PRINCIPAL GLOBAL INVESTORS FUNDS

GENERAL INFORMATION (continued) Principal Global Investors (Ireland) Limited (the “Manager”) may, with the prior consent of the Central Bank and approval of The Bank of New York Mellon SA/NV, Dublin Branch (the “Depositary”) and the Board of Directors of the Manager (the “Directors”), add additional Funds.

The financial statements are published on the www.principalglobal.com website. The Directors, together with the Manager and Principal Global Investors, LLC (the “Investment Adviser”) are responsible for the maintenance and integrity of the financial information included on this website.

PRICES There will be a single price for buying, selling and switching units in each of the Funds. This will be represented by the Net Asset Value (“NAV”) per Unit rounded to the nearest cent (less/plus duties and charges where applicable).

DEALING The dealing deadline (being the time by which subscription and redemption requests for units must be received in Dublin in order for such requests to be dealt with in normal circumstances on a particular dealing day) is 10.00 a.m. (Irish time) on that dealing day. The dealing deadline for requests from Hong Kong investors is 5.00 p.m. (Hong Kong time) on that dealing day. All dealing requests should be addressed to:

Hong Kong-Based Investors: All Other Investors: Principal Investment & Retirement Services Limited BNY Mellon Fund Services (Ireland) 30 th Floor, Millennium City 6 Designated Activity Company 392 Kwun Tung Road One Dockland Central, Guild Street Kwun Tong, Kowloon International Financial Services Centre Hong Kong Dublin 1 Tel: 852 2117 8383 Ireland Fax: 852 2918 1461 Tel: 353 1900 8081 Fax:+44 207 964 2667

MINIMUM SUBSCRIPTION

The minimum subscription amounts of the unit classes authorised for the Global Equity Fund are as follows:

Minimum Subscription A Class USD1 ,000 I Class USD2,000,000 D Class USD1,000 F2 Class USD1,000 N Class USD1,000

The minimum subscription amounts of the unit classes authorised for the European Equity Fund are as follows:

Minimum Subscription A Class USD1 ,000 I Class USD2,000,000 D Class USD1 ,000 N Class USD1 ,000

The minimum subscription amounts of the unit classes authorised for the Preferred Securities Fund are as follows:

Minimum Subscription A Class USD1 ,000 A2 Class USD1 ,000 I Class USD2,000,000 D Class USD1 ,000 D2 Class USD1 ,000 F Class USD1 ,000 F2 Class USD1 ,000 N Class USD1 ,000 N2 Class USD1 ,000 P Class USD1 ,000 X Class USD1,000,000,000

8 PRINCIPAL GLOBAL INVESTORS FUNDS

GENERAL INFORMATION (continued)

MINIMUM SUBSCRIPTION (continued)

The minimum subscription amounts of the unit classes authorised for the Global High Yield Fund are as follows:

Minimum Subscription A Class USD1 ,000 I Class USD2,000,000 I3 Class USD2 0,000,000 D Class USD1 ,000 D2 Class USD1 ,000 F Class USD1 ,000 N Class USD1,000 P Class USD1,000

The minimum subscription amounts of the unit classes authorised for the Global Property Securities Fund are as follows:

Minimum Subscription A Class USD1 ,000 A2 Class USD1 ,000 I Class USD2,000,000 I2 Class USD100 ,000,000 I3 Class USD30 ,000,000 D Class USD1 ,000 D2 Class USD1 ,000 F Class USD1 ,000 N Class USD1 ,000 P Class USD1 ,000

The minimum subscription amounts of the unit classes authorised for the Post Global Limited Term High Yield Fund are as follows:

Minimum Subscription

A Class USD1 ,000 A2 Class USD1 ,000 I Class USD300,000 I2 Class USD 200,000,000 D Class USD1 ,000 D2Class USD1 ,000 F Class USD1 ,000 N Class USD1 ,000

The minimum subscription amounts of the unit classes authorised for the Origin Global Emerging Markets Fund are as follows:

Minimum Subscription

A Class USD1 ,000 I Class USD2,000,000 D Class USD1 ,000 F2 Class USD1 ,000 N Class USD1 ,000

The minimum subscription amounts of the unit classes authorised for the Origin Global Smaller Companies Fund are as follows:

Minimum Subscription

A Class USD1 ,000 I Class USD2,000,000 D Class USD1 ,000 N Class USD1 ,000

9 PRINCIPAL GLOBAL INVESTORS FUNDS

GENERAL INFORMATION (continued)

MINIMUM SUBSCRIPTION (continued)

The minimum subscription amounts of the unit classes authorised for the Global Diversified Income Fund are as follows:

Minimum Subscription A Class USD1 ,000 I Class USD2,000,000 D Class USD1 ,000 F Class USD1 ,000 N Class USD1 ,000 P Class USD1 ,000

The minimum subscription amounts of the unit classes authorised for the Finisterre Unconstrained Emerging Markets Fixed Income Fund are as follows:

Minimum Subscription A Class USD1 ,000 A2 Class USD1 ,000 I Class USD2,000,000 I2 Class USD 100,000,000 I3 Class USD20,000,000 D Class USD1 ,000 D2 Class USD1 ,000 F Class USD1,000 N Class USD1 ,000 P Class USD1 ,000 P2 Class USD1 ,000

The minimum subscription amounts of the unit classes authorised for the U.S. Blue Chip Equity Fund are as follows:

Minimum Subscription A Class USD 1,00 0 D Class USD 1,00 0 I Class USD2,000,000 I2 Class USD100,000,000 F Class USD1,000 N Class USD1,000

The minimum subscription amounts of the unit classes authorised for the Asian High Yield Fund are as follows:

Minimum Subscription A Class USD 1,00 0 A2 Class USD 1,00 0 I Class USD2,000,000 I2 Class USD100,000,000 I3 Class USD20,000,000 D Class USD1,000 D2 Class USD1,000 F Class USD1,000 N Class USD1,000

10 PRINCIPAL GLOBAL INVESTORS FUNDS

GENERAL INFORMATION (continued)

MINIMUM SUBSCRIPTION (continued)

The minimum subscription amounts of the unit classes authorised for the Finisterre Emerging Markets Debt Euro Income Fund are as follows:

Minimum Subscription A Class EUR 1,000 A2 Class EUR 1,000 I Class EUR 2,000,000 I2 Class EUR 100,000,000 I3 Class EUR2 0,000,000 F Class EUR 1,000 N Class EUR 1,000

The minimum subscription amounts of the unit classes authorised for the China Opportunities Equity Fund are as follows:

Minimum Subscription A Class USD1,000 A2 Class USD1,000 I Class USD2,000,000 I2 Class USD2 00,000,000 I3 Class USD2 0,000,000 D Class USD1,000 D2 Class USD1,000 F Class USD1,000 F2 Class USD1,000 N Class USD1,000

DISTRIBUTIONS AND DISTRIBUTOR STATUS The Trust Deed provides for the Manager to decide to make, and for the Trustee on each distribution date to make, distributions among holders of income units and income plus units in each of the Funds. It is the intention of the Manager to make distributions to the extent that they are covered by income received from underlying investments. It is also the intention of the Manager that distributions will be declared on 30 September each year or nearest business day for all Income Unit Classes and Income Plus Unit Classes where possible. Annual distributions will be payable in respect of the A Income Unit Class on the Global Equity Fund, the A Income Unit Class on the European Equity, the A, A2, I, I2 and N Income Unit Classes on the Global Property Securities Fund. Quarterly distributions will be payable in respect of the A, I, D, F, N, P and X Income Unit Classes on the Preferred Securities Fund, the A, I and N Income Unit Classes on the Global High Yield Fund, the A and I Income Unit Classes on the Post Global Limited Term High Yield Fund, the A, A2, I, I2, I3, D, F and N Income Unit, A2 Income Plus Unit, P2 Income Plus Unit Classes on the Finisterre Unconstrained Emerging Markets Fixed Income Fund, the N Income Unit Class on the Finisterre Emerging Markets Debt Euro Income Fund and the A Income Unit Class on China Opportunities Equity Fund. There are no Income Unit Classes in issue currently on the Asian High Yield Fund. Monthly distributions will be payable in respect of the D2 Income Unit and D2 Income Plus Unit Classes on the Preferred Securities Fund, the D2 Income Unit and D2 Income Plus Unit Classes on the Global High Yield Fund, the D2 Income Unit class on the Global Property Securities Fund, the A2 Income Unit, D2 Income Unit and D2 Income Plus Unit Classes on the Post Global Limited Term High Yield Fund, the D Income Unit and D Income Plus Unit on the Global Diversified Income Fund and the D2 Income Unit, the D2 Income Plus Unit Classes on the Asian High Yield Fund, the D Income Unit on the Global High Yield Fund and the A Income Unit Class on China Opportunities Equity Fund. There are no D2 Income Unit Classes in issue currently on the Finisterre Unconstrained Emerging Markets Fixed Income Fund. Monthly distributions will also be payable in respect of the N2 Income Unit Class on the Preferred Securities Fund. There are no N2 Income Unit Classes in issue currently. There were distributions out of capital of $119,435 (2020: $2,047) during the period under review.

Upon the expiry of the period of six years after the relevant Distribution Date, the Holder and any person claiming through, under or in trust for him shall forfeit any right to any distribution not paid, and such amount shall become part of the relevant Fund.

CORPORATE GOVERNANCE The Board of Directors has adopted and applied standards of corporate governance that are consistent with the Irish Funds Code for the period ended 31 March 2021.

11 PRINCIPAL GLOBAL INVESTORS FUNDS

GENERAL INFORMATION (continued)

CONNECTED PERSONS The Central Bank of Ireland (“CBI”) UCITS Regulations, Section 43(1), Restrictions on transactions with connected persons - requires that any transaction carried out with a UCITS by a distributor, manager, trustee, administrator, depositary, investment adviser, sub-adviser and/or associated or group companies of these (“connected persons”) must be carried out as if negotiated at arm’s length. Transactions must be in the best interests of the Unitholders of the UCITS.

Having regard to confirmations from the Manager’s Designated Person for Capital and Financial Management and the Trustee, the Board of Directors is satisfied that there are arrangements (evidenced by written procedures) in place to ensure that the obligations set out in Regulation 43(1) of the Central Bank UCITS Regulations are applied to all transactions with connected persons, and is satisfied that transactions with connected persons entered into during the period complied with these obligations.

None of the Directors had any interests in the units of the funds for the period from 1 October 2020 – 31 March 2021.

SIGNIFICANT EVENTS DURING THE PERIOD

Launches during the period: Fund • China Opportunities Equity Fund launched on 23 February 2021.

Share Class • Finisterre Unconstrained Emerging Markets Fixed Income Fund N Class Accumulation (GBP hedged) 13 October 2020. • Finisterre Unconstrained Emerging Markets Fixed Income Fund P2 Class Income Plus 21 October 2020. • Global High Yield Fund D Class Income 28 October 2020. • Global High Yield Fund N Class Accumulation 28 October 2020. • U.S Blue Chip Equity Fund A Class Accumulation 28 October 2020. • Global Property Securities Fund D Class Income 30 October 2020. • Finisterre Unconstrained Emerging Markets Fixed Income Fund I3 Class Accumulation (CHF hedged) 30 October 2020. • U.S Blue Chip Equity Fund D Class Income 13 November 2020. • U.S Blue Chip Equity Fund N Class Income 13 November 2020. • Global Property Securities Fund N Class Accumulation (EUR) 16 November 2020. • Finisterre Unconstrained Emerging Markets Fixed Income Fund A Class Income 19 January 2021. • Finisterre Unconstrained Emerging Markets Fixed Income Fund A Class Accumulation (SGD hedged) 19 January 2021. • Post Global Limited Term High Yield Fund A2 Class Income 8 February 2021. • China Opportunities Equity Fund A Class Income 23 February 2021. • China Opportunities Equity Fund I Class Income 23 February 2021. • China Opportunities Equity Fund I Class Accumulation 23 February 2021. • China Opportunities Equity Fund I2 Class Accumulation 23 February 2021. • China Opportunities Equity Fund D Class Accumulation 23 February 2021. • China Opportunities Equity Fund N Class Accumulation 23 February 2021. • Global Property Securities Fund I3 Class Accumulation (SEK hedged) 29 March 2021.

Re-Launches during the period: Share Class • Global Property Securities Fund D Class Accumulation 8 October 2020. • Finisterre Unconstrained Emerging Markets Fixed Income Fund A Class Income (SGD hedged) 12 January 2021. • Finisterre Unconstrained Emerging Markets Fixed Income Fund A2 Class Income (EUR hedged) 13 January 2021. • Finisterre Unconstrained Emerging Markets Fixed Income Fund A2 Class Income (SGD hedged) 13 January 2021. • Finisterre Unconstrained Emerging Markets Fixed Income Fund A Class Accumulation (CHF hedged) 21 January 2021. • Preferred Securities Fund N Class Accumulation (CHF hedged) 8 February 2021.

12 PRINCIPAL GLOBAL INVESTORS FUNDS

GENERAL INFORMATION (continued)

SIGNIFICANT EVENTS DURING THE PERIOD (continued)

Closures during the period: Share Class • Global High Yield Fund D2 Class Income 19 October 2020. • Global High Yield Fund D2 Class Income (HKD) 19 October 2020. • Post Global Limited Term High Yield Fund I Class Income (EUR hedged) 23 October 2020. • Global Property Securities Fund N Class Accumulation (EUR) 23 November 2020. • Finisterre Unconstrained Emerging Markets Fixed Income Fund N Class Accumulation (GBP hedged) 23 December 2020.

Prospectus & Supplement changes • New supplement was issued for the China Opportunities Equity Fund on 22 December 2020, in advance of the launch of the fund on 23 February 2021. • New supplement was issued for the Global Diversified Income Fund on 4 January 2021. • New supplement was issued for the Finisterre Unconstrained Emerging Markets Fixed Income Fund on 4 January 2021. • New supplement was issued for the Finisterre Emerging Markets Debt Euro Income Fund on 4 January 2021. • SFDR addendum to the Prospectus was issued on 3 March 2021  Sustainable Finance Disclosures added to the Prospectus • New supplement was issued for the Global High Yield Fund on 3 March 2021. • New supplement was issued for the Global Property Securities Fund on 16 March 2021.

• The Manager is part of a global group and has been committed for many years to meeting clients needs across Europe in both EU and non- EU countries The change in the UK‘s status from and EU to an non-EU country will not change the group’s focus or commitment to serve its clients across Europe. The Manager continues to monitor development closely.

• Roberto Walker resigned from the Principal Global Investors (Ireland) Limited Board on 24 March 2021.

• Joel Pitz was appointed as a director of Principal Global Investors (Ireland) Limited on 24 March 2021.

• On 11 February 2020, the World Health Organization (the "WHO") named the disease "COVID-19" and on 11 March 2020, the WHO declared a pandemic. The ability to accurate forecast short, medium and long-term impact may be difficult and markets may be very volatile during epidemics and/or pandemics, as evidenced by COVID-19. Forecasts may range from prolonged and severe adverse societal and economic issues triggering a global recession to shorter periods of contagion potentially alleviated by medical treatments. However, a continued escalation in an epidemic/and or pandemic could see a continual decline in global economic growth. Many businesses around the world may have to curtail their travel and meeting plans. This is likely to slow business activity, including in particular international business activity. This may have an adverse impact on the Manager and its delegates, service providers, advisers and other third parties to whom tasks and actions have been outsourced. The impact of a viral pandemic in certain areas with large and crowded cities may be especially severe. In consumer goods, for example, customers may delay discretionary spending and travel plans because of worry about the pandemic. The banking industry, and in particular, the consumer finance sector, may be significantly affected by credit losses resulting from financial difficulties of impacted borrowers. Epidemics and/or pandemics may trigger many employees of the Investment Adviser and certain of the other service providers to the Manager to be absent from work or work remotely for prolonged periods of time.

GENERAL INFORMATION (continued)

13 PRINCIPAL GLOBAL INVESTORS FUNDS

SIGNIFICANT EVENTS DURING THE PERIOD (continued)

Other Events (continued) • Notwithstanding, the implementation of disaster recovery and business continuity plans, the unprecedented scale of a global pandemic, may reduce the ability of the employees of the Investment Adviser and/or other service providers to the Manager to work effectively on a remote basis may adversely impact the day to day operations of the Manager.

There have been no other significant events affecting the Funds during the period ended.

SIGNIFICANT EVENTS AFTER THE PERIOD END

• Since period end COVID 19 continues to rapidly spread around the world, however the global rollout of various vaccines is a reason for optimism. The ultimate economic fallout from the pandemic and the long-term impact on economies, markets, industries and individual issuers, are not known. The Manager continues to monitor the situation closely.

There have been no other significant events affecting the Funds after the period ended.

14 PRINCIPAL GLOBAL INVESTORS FUNDS INVESTMENT ADVISER’S REPORT for the period ended 31 March 2021

Global Equity Fund

For the 6 month period to 31 March 2021, the Global Equity Fund reported net performance of 18.68% compared to 19.93% for the index, MSCI AC World NTR Index.

Relative sector performance was strong in consumer discretionary and information technology. Re-opening opportunities drove the strong performance led by U.K. homebuilder Taylor Wimpey, retailer Capri, as well as hotel operator Extended Stay America. Health care was the largest detractor over the past six months.

The past six months has been highlighted by broadening opportunities, reflation, and abrupt shifts in volatility.

o Broadening opportunities – re-openings, vaccination rollouts and ongoing stimulus measures led investors to more economically-sensitive areas of the market, especially natural resource sectors.

o Reflation rotatio n – improving economic activity and rising commodity prices drove bond yields higher, albeit from historic lows, providing relief to financials and headwinds to mega-cap growth stocks.

o Turbulent technicals – despite broad-based advances and a flood of new issuance activity (IPOs and SPACs), volatility was punctuated by high profile “short squeezes” and hedge fund implosions.

As we make hopeful progress and move past so much uncertainty, growth and equity returns should continue to broaden out. Growth-oriented and innovative companies should continue to benefit from secular tailwinds, including those related to e-commerce, digital payments, cloud computing, energy transition, Electric Vehicles, and automation.

Quality cyclicals have been underappreciated and are positioned to unlock rerating potential as their earnings will experience upward revisions with the anticipated economic recovery as orders trough while helped further by ongoing stimulus measures. With greater clarity on earnings visibility within our investment time horizon, our analysts have identified multiple companies that have de-rated, but more importantly possess a catalyst for fundamental change: o Construction and infrastructure opportunities in Saint-Gobain, China Lesso and VINCI. o Rising rates and improving credit to benefit financials MetLife, BAWAG and Evercore. o Higher foot traffic related to re-openings: International Game Technology, TJX, and Capri.

European Equity Fund

For the 6 month period to 31 March 2021, the European Equity Fund reported net performance of 19.78% compared to 20.33% for the index, MSCI Europe NTR Index.

Outperformance during the period under review was driven by stock selection, by design. The Fund saw strong positive stock selection especially in the Netherlands, Germany, and the information technology sector. We saw strong performance during the six-month period from ASM International and Adyen, both based in the Netherlands, and U.K.-based Taylor Wimpey. We saw negative attribution during the six-month period under review from France and the financials and energy sectors. The largest negative sources of attribution were from U.K. mining company Centamin, Danish biotech Genmab, and pan-European exchange Euronext.

Economic re-openings, led by the U.S., are driving further optimism of a cyclical recovery that began to show signs of life at the end of 2020 as previous uncertainties find resolve. Concurrent with the environment, economic data points are progressing on a path to recovery and expansionary levels, while earnings are trending higher and set for substantial growth in the year ahead. All this sets the stage for further broadening of growth and upside in equity markets.

As we make hopeful progress and move past so much uncertainty, growth and equity returns should continue to broaden out. Growth and innovative companies should continue to benefit from secular tailwinds (e-commerce, digital payments, cloud computing, energy transition, EV, and automation). European cyclical companies have performed well and, in some cases,, valuations are looking stretched. Our analysts are focused on differentiating between those companies where their earnings recovery remains underappreciated:

• Construction and infrastructure opportunities in CRH, HeidelbergCement, Saint-Gobain, Schneider Electric, and Ferguson. • Rising rates and improving credit to benefit financials Barclays, Intesa Sanpaolo, ING Groep, and BNP Paribas.

15 PRINCIPAL GLOBAL INVESTORS FUNDS INVESTMENT ADVISER’S REPORT for the period ended 31 March 2021 (continued)

European Equity Fund (continued)

Global earnings revisions are trending favourably with upgrades outnumbering downgrades signalling we are on a path of sustained earnings momentum, particularly as the worst effects of the pandemic look to be behind us. Earnings growth trends will need to continue to come through to support growth-oriented valuations while less bad earnings should result in a rerating for more beleaguered value areas. A troughing in sales, reduced rebates (margin expansionary) as well as advancements in EV/Hybrid is leading to sustainable fundamental change potential within the auto industry. This highlights our positioning in BMW, Volkswagen (new purchase), and Ferrari.

Preferred Securities Fund

For the 6 month period to 31 March 2021, the Preferred Securities Fund reported net performance of 3.50% compared to -1.40% for the index, Bloomberg Barclays Global Aggregate Corporate USD TR Index. The Fund outperformed its index during the period under review. This was primarily due to the Fund being underweight duration by approximately three years and benefiting from over 3.5 times as much spread tightening relative to the Fund’s comparator. Investors showed a clear duration risk aversion during the last three months of the period, in particular. The yield on the United States Treasury 10-year note rose by 83 basis points (bps) during the last three months of the period. Investors showed a clear preference for junior subordinated credit which behaved like cushion paper because hybrid spreads tightened by 60 bps, which almost offset the entire yield rise in U.S. Treasurys and outperformed the spread tightening of the comparator by 53 bps. The Fund’s 29.0% weighting in the contingent capital securities sector was the primary contributor to performance because this sector has the highest yield, most spread tightening, and lowest duration within junior subordinated financials. The Fund’s modest 3.6% allocation to floating rate U.S. bank trust preferred securities noticeably benefited performance by not declining when rates rose significantly. Significant tightening in the hybrid insurance sleeve which has a 31% weight was also a major contributor. The Fund’s primary detractors from performance were modest allocations to plain vanilla senior debt and subordinated debt securities, which tightened less than hybrid preferred securities and also had marginally higher durations that negatively impacted price during the last three months of the period, in particular. A modest 4.5% allocation to shorter-term U.S. Treasury notes also detracted from performance because of the higher rate move and zero spread duration benefit. Outlook is constructive as the Federal Reserve (Fed) is steadfast in supporting the economy and in doing so, boosting equity markets, which bode well for hybrid spreads. The Fed always gets what the Fed wants, the Fed wants sustained 2% inflation and improved labour markets. It will continue its accommodative policies by allowing the economy to run hot until it gets its desired outcomes. The risk to the outlook is a tax hike by the Biden Administration which may cause the Fed to lose control of its taper and transitory inflation narrative thus impacting equity prices and widening spreads somewhat. Global High Yield Fund

For the 6 month period to 31 March 2021, the Global High Yield Fund reported net performance of 7.26% compared to 7.35% for the index, ICE BofA Global High Yield USD Hedged Index.

Security selection positively impacted returns due to the outperformance from our positioning within the capital structures of Hema, EP Energy, Oasis Petroleum, Navios Maritime Holdings, and Ahern Rentals. This was somewhat offset by the underperformance from overweights to Centene Corp, underweights to Petroleos Mexicanos, and our positioning within the capital structures of Petroleos Mexicanos, Centene Corp, and Community Health Systems. Sector allocation underperformed due to an underweight to energy, and an overweight to media. However, this was somewhat offset due to underweights to real estate and banking.

Risk assets, specifically equities, have led the charge during the first three months of 2021. However, we continue to think high yield is well positioned to be a leader during 2021 regarding fixed income asset class returns, despite historically low yields and spreads. With the recent tightening, our base case is now for only slightly more tightening. This spread forecast combined with expectations for slightly higher interest rates should put high yield and leveraged loans in an elite class among fixed income alternatives with potential for positive returns in this low yielding global economy. We expect returns will be led by coupons over the coming year as capital returns remain more challenging with most bonds now trading above current call prices. Additional monetary and fiscal support appears to remain a backstop as well as improving fundamentals as the global economy recovers from COVID-19 lockdowns. A key to this recovery remains the successful and continued distribution of the currently approved vaccines as well as the efficacy of the drugs proven effect as more doses are administered globally. Further upside remains as the Johnson and Johnson one shot vaccine was approved in the U.S. by the FDA in the final days of February. Access to capital continues to be wide open as issuance hovers around record levels, which has allowed most every issuer to raise needed capital, either to weather the continued economic downturn or to refinance at record low yields to improve cashflow and ultimately improve their balance sheet.

16 PRINCIPAL GLOBAL INVESTORS FUNDS INVESTMENT ADVISER’S REPORT for the period ended 31 March 2021 (continued)

Global High Yield Fund (continued)

On the heels of open capital markets and improving fundamentals in 2021, we feel comfortable in moving our 12-month forward base case default forecast from 2.5% down to 2.0%.

Global Property Securities Fund

For the 6 month period to 31 March 2021, the Global Property Securities Fund reported net performance of 14.98% compared to 19.83% for the index, FTSE EPRA NAREIT Developed NTR Index.

The Fund underperformed its index mainly due to stock selection. Investors showed a clear increase in risk appetite after positive vaccine news in November and continued fiscal support. There was a clear preference for cyclical stocks over defensive sectors, which was a main reason for the Fund’s relative underperformance. Our underweight to reopening plays across the globe (retail, hotels, traditional office, and diversified stocks) was a primary detractor due to risk-on sentiment during the period. Our exposure to more defensive sectors (global industrial, United States towers, German residential, and Australian data centers), detracted as these growth sectors were underperformers and viewed as funding sources. Stock selection within Hong Kong also detracted during this time period. Stock selection in Japan real estate investment trusts (REITs), particularly exposure to retail, was additive to relative performance as these risk-on stocks performed well. An overweight to U.S. apartments also contributed, as the sector performed well with coastal landlords releasing data pointing to stabilization in demand and as renters plan their return to coastal cities. Not holding defensive Belgium stocks contributed, as well as our exposure to Norway where performance was boosted by a takeover battle for a diversified company. Within Emerging Asia, the portfolio benefitted from holding a realty services stock that outperformed on positive earnings surprise and earnings upgrades. On balance, we are cautiously optimistic going forward but will continue to evaluate relative valuations as we expect that uncertainty and policy-induced volatility is likely here to stay. Rather than attempting to forecast sentiment shifts, our investment decisions are guided by fundamental valuation levels and we will continue to search for opportunities using our bottom-up, stock selection focused approach. While we acknowledge it is possible value stocks could continue to rally and further narrow the value/growth valuation gap, we do not believe a further narrowing is warranted nor sustainable. We believe stocks with superior earnings prospects and favourable structural demand drivers are best positioned, based on current valuation levels, to outperform in the intermediate to longer-term future. That said, we have selectively added to cyclical themes on weakness, particularly where we feel consensus has been too bearish and there is scope for earning upgrades, given some of the more near-term cyclically supportive factor. Post Global Limited Term High Yield Fund

For the 6 month period to 31 March 2021, the Post Global Limited Term High Yield Fund reported net performance of 3.36% compared to 0.08% for the index, Bloomberg Barclays U.S. Government 1-2 Year Index.

The Fund continued to generate steady income returns from high quality businesses in more stable, defensive sectors including technology/software, healthcare, and cable/satellite, with limited exposure to energy and commodity ‐related businesses.

While interest rates were a headwind in fourth quarter of 2020 for the first time since 2019 as the 10‐year U.S. Treasury yield rose by 23 basis points (bps) to 0.91%, the high yield market generated strong returns in fourth quarter of 2020 driven by prospects for a vaccine and ongoing support from the Fed. An improving U.S. economic outlook, spurred by an acceleration in vaccine distribution and a new $1.9 trillion stimulus package, provided the backdrop for first quarter 2021. This same optimism, however, drove a steepening rate curve, limiting returns for the high yield market, which was led once again, by the lowest quality (and highest yielding) parts of the market. The biggest headwind for corporate credit was higher Treasury yields, with the 10 ‐year Treasury yield rising 83 bps to 1.74% at quarter-end– its highest level since January 2020.

Shorter duration credit was more insulated from the rate curve steepening, with the two ‐year Treasury yield just 4 bps wider on the quarter at 0.16%, as the Fed reiterated its commitment to keeping short ‐term interest rates low for an extended period of time. During the first quarter, we continued to see elevated levels of turnover, driven in part by continued refinancing activity. We used this natural turnover to redeploy capital into opportunities with more yield and total return. While we of course remain focused on quality (and downside protection), we did look for select opportunities to increase exposure to businesses/sectors that should benefit from the reopening trends.

While we believe longer ‐term interest rates may continue to move higher and experience volatility, which could put pressure on longer ‐duration credit, our outlook for short ‐term interest rates is more benign – we expect short ‐term interest rates to remain low and stable. This outlook combined with improving U.S. economic growth and a steepening rate curve – provides for what we think is something of a “goldilocks” environment for short duration high yield credit.

17 PRINCIPAL GLOBAL INVESTORS FUNDS INVESTMENT ADVISER’S REPORT for the period ended 31 March 2021 (continued)

Post Global Limited Term High Yield Fund (continued)

The improving U.S. economic backdrop should be supportive of credit risk (and keep credit spreads low); low short ‐term interest rates should mitigate interest rate risk; and the steepening rate curve may cause companies to delay refinancing their short ‐term maturities and increasing their yield profile.

While we are generally constructive on the macro backdrop for short duration high yield credit, we continue to be disciplined in our credit selection to ensure that downside protection remains a priority.

Origin Global Emerging Markets Fund

For the 6 month period to 31 March 2021, the Origin Global Emerging Markets Fund reported net performance of 19.82% compared to 22.43% for the index, MSCI Emerging Markets NTR Index.

The overweight allocation to Information Technology helped relative performance but the effect was offset by stock selection within the same sector, as well as in materials. From a country perspective, allocation to and selection in Taiwan was the standout contributor, while China was the main detractor, followed by India.

At the end of the six-month period, the Fund’s highest overweight by sector remains information technology, and the position was increased over the period, mainly at the expense of consumer discretionary and health care. From a geographical point of view, Taiwan now represents the biggest overweight, and the exposure was increased over the period, while China was decreased.

Origin will continue to bias our portfolios towards high quality growing companies with reasonable valuations, above market EPS revisions and relative price strength. Braver investors than us will try to time individual markets and sectors but with much increased volatility, we feel that kind of approach is the investing equivalent of a game of Russian roulette. At times like this it is all the more important for us to stay in our lane. As always, we appreciate your confidence in us and your interest in what we do.

Origin Global Smaller Companies Fund

For the 6 month period to 31 March 2021, the Origin Global Smaller Companies Fund reported net performance of 36.19% compared to 35.09% for the index, MSCI All Country World Small Cap Index.

Both the overweight allocation to and stock selection in consumer discretionary lead the positive effect on relative performance, while stock selection within information technology detracted slightly. Regionally, Japan proved the standout contributor, while the emerging markets detracted marginally.

At the end of the six-month period, the Fund’s highest overweight by sector is now financials, after the position was increased, along with consumer discretionary and materials, mainly at the expense of health care. From a geographical point of view, the emerging markets still represent the biggest overweight, although the position was slightly decreased, while North American exposure was increased.

Global Diversified Income Fund

For the 6 month period to 31 March 2021, the Global Diversified Income Fund reported net performance of 9.86% compared to 3.87% for the index, 80% Bloomberg Barclays Global High Yield Index / 20% MSCI ACWI Value Index.

Style selection was a very large contributor during the period as the fixed income asset classes, including high yield, emerging markets debt, preferred securities and CMBS, outperformed core fixed income. High yield manager performance contributed as DDJ, with its bias towards lower-rated high yield securities, led to their outperformance of their individual benchmark. During the period the move towards a tactical overweight to equities and underweight to the fixed income sleeves led to an asset allocation contribution. Detracting from the quarter style selection within infrastructure as infrastructure overall lagged the broader world value market. Style selection also detracted in other areas within equities, as both Global real estate investment trusts (REITs) and the non-U.S. shareholder yield sleeves underperformed the broader world value equity market.

18 PRINCIPAL GLOBAL INVESTORS FUNDS INVESTMENT ADVISER’S REPORT for the period ended 31 March 2021 (continued)

Global Diversified Income Fund (continued)

The Global Diversified Income Fund is moving more towards equities in favour of fixed income asset classes, most notably from high yield and investment grade credit. The earnings trajectory and the attractive dividend yield in the asset class compared to fixed income is driving the allocation change. Earnings for small and mid-sized companies are expected to jump over the next 12 months as the world continues to emerge from its COVID-19 slowdown. If that earnings growth materializes, then valuations look very attractive for SMID equities globally. The allocation towards investment grade credit has decreased primarily due to the Fed’s program to directly purchase investment-grade corporate bonds which drove spreads much tighter in the second half of 2020, and caused the asset class to have higher correlations to other sleeves in the portfolio than in recent history. Investment grade credit has lower expected returns and lower opportunity for diversification thus the move towards equities. Finisterre Unconstrained Emerging Markets Fixed Income Fund

For the six-month period ending 31 March 2021, the Finisterre Unconstrained Emerging Markets Fixed Income reported net performance of 5.05%.

Our largest gain came from our positions in Ghana starting with Tullow Oil, a special situation African Oil producer in a difficult liquidity situation, which closed a $575m sale of its Ugandan assets to French major Total. Ghana sovereign debt also rallied around month-end, as part of a “risk-on” bid for African assets. We also saw gains coming from the strategy’s ~8% position in 10-year Chinese Government Bonds which have been hedged on a duration matched basis through UST futures since February. Mexico was also a positive contributor with gains made in local and hard currency. Pemex also performed as one would expect in a risk-on, positive oil environment. The last six months were another bleed for Argentina credit with concerns about the timing and terms of an IMF deal continuing to weigh on the sovereign. We also saw losses coming from Brazil in FX & Rates. Following the December rally, rates sold off 100bps intra-month on renewed concerns about fiscal sustainability in Brazil. We closed out our DI flattener early in January and closed a long BRL later in the first quarter 2021 at a loss. Losses were also taken from our exposure to Turkey. Having traded Turkey largely from the short side last year, we had welcomed November’s changing of the guard and the return to policy orthodoxy. We had then been running a long risk positioning in Turkey (predominantly sovereign credit). The abrupt dismissal of the highly respected Mr. Aqbal and the appointment of a little known Erdogan loyalist Mr. Kavcioglu in his place unfortunately lead us to reconsider our views and flatten out our positions, as we wait for further clarity on policy direction.

During the last six-month period our strategy was to enter the U.S. election period with a more convex portfolio, in order to capture the upside on a positive result, but also retain flexibility to manage any unforeseen outcome. This has implied higher levels of cash, but more investments in low price, higher yielding stories, after we sold most of our allocation to longer duration IG sovereigns in early October. We further reduced overall portfolio risk since the beginning of the year, with a focus on reducing duration and beta sensitivity. We also increased our EMFX hedges against the USD on our local currency bonds positions.

Our investment discussions still focus on U.S. rates and global re-opening momentum. The U.S. has moved ahead of the western world in terms of vaccinations, providing upward momentum to activity indicators in the country. The U.S. has led global growth higher and it remains to be seen when Europe and then large EMs will get COVID-19 under control and roll-out vaccines to allow for their own economic rebound. Therefore, we expect range-bound markets with U.S. rates expected to move higher albeit at a slower pace than we have seen in first quarter 2021. Markets will remain largely data-driven looking at better growth/jobs figures as a positive but inflation overshooting as a potential negative for risk assets. Emerging market asset classes will remain hostage to the trade-off of COVID-19 spread against vaccinations in the rest of the world, looking for a path towards catching up with the U.S. on vaccinations and safe reopening.

U. S. Blue Chip Equity Fund

For the 6 month period to 31 March 2021, the U.S. Blue Chip Equity Fund reported net performance of 11.77% compared to 12.31% for the index, Russell 1000 Growth NTR Index.

Company selection for the period detracted from relative performance. The sectors with the weakest relative performance were information technology and communication services. The Fund’s holdings in the financial sector were the largest source of positive selection effect for the period.

The Fund’s biggest contributors were predominantly firms that are set to materially benefit from the improved economic outlook, including asset managers and businesses from the travel and hospitality industries. The Fund’s biggest detractors included businesses that were less impacted in early 2020 by the COVID-19 disruptions, including two software companies and an owner of cell phone towers. The Fund benefited from having less weight in the health care and consumer staples sectors, but its heavier weight in financials detracted from relative performance.

19 PRINCIPAL GLOBAL INVESTORS FUNDS INVESTMENT ADVISER’S REPORT for the period ended 31 March 2021 (continued)

U. S. Blue Chip Equity Fund (continued)

Given our time horizon as long-term, fundamental investors that commonly own shares in companies for several years, we do not have a near-term market outlook. We will continue to seek opportunities to invest in high quality companies that are managed by owner-operators and trade at a discount to our estimate of their intrinsic value.

Asian High Yield Fund

For the 6 month period to 31 March 2021, the Asian High Yield Fund reported net performance of 3.89% compared to 4.48% for the index, ICE BofA Asian Dollar High Yield Index.

The Fund underperformed its index for the six-month ended 31 March 2021 due to sector allocation. Security selection was a positive contributor but only partially offset the drag from sector allocation.

Over the period, our strongest absolute return contributors were holdings in real estate, basic industry, leisure, banking, energy, and financial services sectors. On a relative basis, our overweight NAV position in Chinese real estate sector added the most to our relative performance. Underweights in frontier sovereign space, where there was an idiosyncratic underperformance of Sri Lanka, also added to our relative performance. Overweight positions in regional telecommunications and financial services sector also added to our performance.

Our underweight positions in basic industry, banking, services, leisure, and transportation were the biggest relative negative return contributors although security selection within these sectors provided a modest offset. On an absolute basis and by individual issuers, the largest negative return contributors were idiosyncratic issuers – a large real estate company in China, Sri Lanka, and mid-tier property developer in China.

The portfolio underperformed its index for the six-month ended 31 March 2021 due to sector allocation. Security selection was a positive contributor but only partially offset the drag from sector allocation.

Asian high yield markets have consolidated in year-to-date 2021 after a strong bounce in the second half of 2020. While overall valuations remain attractive, the Fund’s strategy remains focused on sector allocations and bottom up credit selection. The Fund continues to remain overweight in Chinese real estate sector as fundamentals have broadly improved despite the tightening financial conditions onshore. The Fund’s focus has shifted to relative value within the sector. The Fund has reduced its underweight in the energy and basic materials space in view of the positive outlook for commodities. While we continue to stay underweight in the frontier markets due to stretched government balance sheets, we have reduced the size of such underweight in recognition of the near-term liquidity available to these sovereigns that have reduced imminent refinancing risks.

Finisterre Emerging Markets Debt Euro Income Fund

For the six-month period ending 31 March 2021, PGIF Finisterre Emerging Markets Debt Euro Income Fund reported a net performance of 4.35%.

Our biggest contributor came from Ukraine Sovereign Credit. We had particularly strong gains in Mexico (Sovereign Credit, FX, and Pemex as above). Finally, we saw gains coming from Ivory Coast sovereign credit.

On the other hand, our hedged positions in duration were considered as our biggest detractors. We saw losses mainly coming from Peru local bonds. Finally, we also saw marginal losses coming from PLN.

During the last six-month period, we retain focus to HY issues. In the HY, we added Ghana sovereign bonds to the portfolio as part of a “risk-on” bid for African assets. We retain however our conviction to the sovereign credit as the bond continues to trade wider than most of its BB+ peers.

On local duration, we still hold positions on steeper and/or high yielding curves in South Africa, Mexico, Russia and Peru. In 2021, Overall, we reduced our long exposure to a basket of EMFX earlier in the year. We hedged our local currency exposures in Latin America, Russia and South Africa.

20 PRINCIPAL GLOBAL INVESTORS FUNDS INVESTMENT ADVISER’S REPORT for the period ended 31 March 2021 (continued)

Finisterre Emerging Markets Debt Euro Income Fund (continued)

Emerging market asset classes will remain hostage to the trade-off of COVID-19 spread against vaccinations in the rest of the world, looking for a path towards catching up with the U.S. on vaccinations and safe reopening.

China Opportunities Equity Fund (launched on 23 February 2021)

From launch on 23 Feb 2021 to 31 March 2021, the China OpportunitiesEquity Fund reported net performance of -9.30%.

The top three contributors for the month were Futu Holding, Industrial and Commercial Bank and Far East Horizon. The top three detractors were China Molybdenum, Lens Technology, RLX Technology.

Stock selection positively affected performance in utilities sectors, while stock selection in communication services, consumer discretionary, and information technology sectors had a negative impact on performance.

The equity markets had a correction after Chinese New Year. There were two key drivers for the correction: 1) Expectations of monetary normalization, along with extreme positioning dislocation. Over the past year, due to COVID-19 disruption and global monetary easing, the market has assigned a rich premium to companies that were able to offer higher growth visibility amidst macro uncertainty, which led to record high dislocation between Growth vs Value positioning. Such dynamic has unwound significantly YTD, as the market started to factor in the phase-out of monetary easing, and global recovery undermined the scarcity value of Growth stocks. 2) Regulatory and geopolitical overhangs. The SEC’s update on the Holding Foreign Companies Accountable Act reinforced the de-listing risk for ADRs. Moreover, heightened domestic regulation on internet, e-cigarettes, and after school tutoring affected investment sentiment for relevant sectors. Overall earnings revision was positive in March. Therefore, we continue to remain constructive and focus on companies with reasonable valuation.

Principal Global Investors, LLC 6 May 2021

21 PRINCIPAL GLOBAL INVESTORS FUNDS PORTFOLIO OF INVESTMENTS AS AT 31 MARCH 2021

GLOBAL EQUITY FUND GLOBAL EQUITY FUND (continued)

Nominal Security Value % Net Nominal Security Value % Net USD Assets USD Assets

TRANSFERABLE SECURITIES 99.31% (30 September 2020: 96.81%) JAPAN 8.71% (30 September 2020: 7.46%) (continued) Audio/Video Products AUSTRALIA 0.00% (30 September 2020: 1.32%) 3,200 Sony Group Corp 335,783 1.20 Auto/Truck Parts & Equipment -Original AUSTRIA 0.97% (30 September 2020: 0.00%) 4,000 Toyota Industries Corp 356,923 1.27 Commercial Banks Non -US Auto -Cars/Light Trucks 5,261 BAWAG Group AG '144A' 272,313 0.97 4,100 Toyota Motor Corp 319,689 1.14 BERMUDA 0.71% (30 September 2020: 0.00%) Building -Residential/Commercial Rental Auto/Equipment 7,300 Daiwa House Industry Co Ltd 214,111 0.76 3,608 Triton International Ltd 198,404 0.71 Electronic Component -Miscellaneous 2,400 Hoya Corp 282,462 1.01 BRAZIL 0.00% (30 September 2020: 0.56%) Machinery -Pumps 9,300 Ebara Corp 379,995 1.35 CANADA 4.20% (30 September 2020: 4.63%) Toys Electric -Generation 500 Nintendo Co Ltd 279,683 1.00 8,900 Northland Power Inc 322,553 1.15 Oil Company -Integrated NETHERLANDS 2.89% (30 September 2020: 2.26%) 15,700 Suncor Energy Inc 328,158 1.17 Life/Health Insurance Real Estate Operation/Development 6,799 NN Group NV 333,143 1.19 Brookfield Asset Management Inc Semiconductor Equipment 5,700 - Class A 253,518 0.90 787 ASML Holding NV 478,210 1.70 Web Hosting/Design 250 Shopify Inc - Class A 275,978 0.98 RUSSIA 0.27% (30 September 2020: 0.33%) Metal -Diversified CHINA 0.85% (30 September 2020: 3.70%) 2,400 MMC Norilsk Nickel PJSC ADR 74,832 0.27 Building & Construction Production -Miscellaneous 111,000 China Lesso Group Holdings Ltd 238,721 0.85 SOUTH AFRICA 1.20% (30 September 2020: 0.56%) Diversified Minerals DENMARK 1.58% (30 September 2020: 2.50%) 8,565 Anglo American Plc 335,902 1.20 Power Conversion/Supply Equipment 1,128 Vestas Wind Systems A/S 232,090 0.83 SOUTH KOREA 3.69% (30 September 2020: 1.67%) Wireless Equipment Diversified Operations 2,670 GN Store Nord AS 210,715 0.75 2,722 LG Corp 217,423 0.77 Electronic Component -Semiconductor FRANCE 4.37% (30 September 2020: 2.62%) 8,311 Samsung Electronics Co Ltd 597,761 2.13 Building & Construction Production -Miscellaneous 1,885 SK Hynix Inc 220,687 0.79 6,347 Cie de Saint-Gobain 375,373 1.34 Building -Heavy Construction SPAIN 1.03% (30 September 2020: 1.24%) 2,140 Vinci SA 219,725 0.78 Electric -Integrated Multi -Line Insurance 22,429 Iberdrola SA 289,577 1.03 12,241 AXA SA 329,247 1.18 SWEDEN 0.00% (30 September 2020: 0.57%) Textile -Apparel LVMH Moet Hennessy Louis SWITZERLAND 2.97% (30 September 2020: 4.98%) 451 Vuitton SE 301,130 1.07 Chemicals -Specialty 433 Lonza Group AG 243,105 0.87 GERMANY 0.95% (30 September 2020: 0.61%) Computers -Peripheral Equipment Chemicals -Diversified 2,701 Logitech International SA 284,522 1.01 3,216 BASF SE 267,762 0.95 Food -Miscellaneous/Diversified HONG KONG 1.89% (30 September 2020: 1.10%) 2,731 Nestle SA 305,673 1.09 Diversified Operations TAIWAN 3.88% (30 September 2020: 3.98%) 39,000 Swire Pacific Ltd 292,458 1.04 Power Conversion/Supply Equipment Machinery Tools & Related Products 41,000 Delta Electronics Inc 413,837 1.48 14,000 Techtronic Industries Co Ltd 239,503 0.85 Semiconducter Component -Integrated Circuits IRELAND 1.59% (30 September 2020: 0.99%) Taiwan Semiconductor Building Production -Cement/Aggregate 5,705 Manufacturing Co Ltd ADR 674,787 2.40 4,026 CRH Plc 189,130 0.67 UNITED KINGDOM 3.08% (30 September 2020: 2.19%) Medical Laboratries & Testing Services Building -Residential/Commercial 1,313 ICON Plc 257,834 0.92 106,516 Taylor Wimpey Plc 265,190 0.94 ISRAEL 0.00% (30 September 2020: 1.06%) Life/Health Insurance 80,147 Legal & General Group Plc 308,625 1.10 ITALY 0.93% (30 September 2020: 1.81%) Private Equity Auto -Cars/Light Trucks 18,269 3i Group Plc 290,748 1.04 1,239 Ferrari NV 259,716 0.93 UNITED STATES 53.55% (30 September 2020: 50.67%) JAPAN 8.71% (30 September 2020: 7.46%) Apparel Manufacturers Advanced Materials/Production 5,026 Capri Holdings Ltd 256,326 0.91 9,100 JSR Corp 275,059 0.98 Applications Software 627 Adobe Inc 298,057 1.06

22 PRINCIPAL GLOBAL INVESTORS FUNDS PORTFOLIO OF INVESTMENTS AS AT 31 MARCH 2021 (continued)

GLOBAL EQUITY FUND (continued) GLOBAL EQUITY FUND (continued)

Nominal Security Value % Net Nominal Security Value % Net USD Assets USD Assets

UNITED STATES 53.55% (30 September 2020: 50.67%) (continued) UNITED STATES 53.55% (30 September 2020: 50.67%) (continued) Applications Software Retail -Major Department Store 4,742 Microsoft Corp 1,118,021 3.98 3,976 TJX Cos Inc/The 263,012 0.94 Athletic Footwear Soap & Cleaning Prepar 2,441 NIKE Inc 324,384 1.16 3,512 Church & Dwight Co Inc 306,773 1.09 Auto -Cars/Light Trucks Web Portals/Internet Service Provider 6,406 General Motors Co 368,089 1.31 377 Alphabet Inc - Class A 777,570 2.77 Cable TV Total Value of Transferable Securities at 7,459 Altice USA Inc 242,641 0.86 Market Prices (Cost: USD22,490,506) 27,873,252 99.31 Coatings/Paint 5,672 Axalta Coating Systems Ltd 167,778 0.60 Open Spot Currency Contracts 0.00% (30 September 2020: 0.00%) Commercial Service -Finance Settlement Buy Amount Sell Amount Unrealised % Net 1,537 Mastercard Inc 547,249 1.95 Date Bought Sold Gain/Loss Assets 1,549 PayPal Holdings Inc 376,159 1.34 Computers 01/04/2021 USD 519 CAD (656) (3) (0.00) 6,550 Apple Inc 800,083 2.85 06/04/2021 DKK 494,539 USD (77,924) 227 0.00 Cosmetics & Toiletries 4,350 Colgate-Palmolive Co 342,911 1.22 Unrealised Gain on Open Spot Distribution/Wholesale Currency Contracts 227 0.00 7,910 LKQ Corp 334,830 1.19 Unrealised Loss on Open Spot Diversified Banking Institutions Currency Contracts (3) (0.00) 4,857 JPMorgan Chase & Co 739,381 2.63 Diversified Manufacturing Operations Net Unrealised Gain on Open Spot Currency Contracts 224 0.00 1,466 Danaher Corp 329,967 1.18 2,189 Dover Corp 300,177 1.07 1,723 Honeywell International Inc 374,012 1.33 Cash at Bank 334,620 1.19 E-Commerce/Products Net Current Liabilities (140,915) (0.50) 146 Amazon.com Inc 451,736 1.61 Electric Products -Miscellaneous Net Assets Attributable to Holders 2,038 AMETEK Inc 260,314 0.93 of Redeemable Participating Units Electronic Design Automation at Market Prices 28,067,181 100.00 1,251 Synopsys Inc 309,973 1.10 % Total Entertainment Software Analysis of Total Assets Assets 1,615 Take-Two Interactive Software Inc 285,371 1.02 Transferable Securities and Money Market Instruments Finance -Investment Banker/Broker admitted to an official stock exchange listing or traded on a 1,750 Evercore Inc - Class A 230,545 0.82 regulated market 97.63 Finance -Management Loan/Banker 7,506 Fidelity National Financial Inc 305,194 1.09 Financial Derivative instruments dealt in or on a regulated Gambling (Non -Hotel) market 0.00 International Game Technology Other Assets 2.37 8,715 Plc 139,876 0.50 Hotels & Motels Total Assets 100.00 12,787 Extended Stay America Inc 252,543 0.90 All securities are transferable securities admitted to an official stock exchange Internet Content -Entertainment listing.

1,852 Facebook Inc - Class A 545,470 1.94 Investment Management/Advisory Service The counterparties for the open spot currency contracts are State Street 1,656 Ameriprise Financial Inc 384,937 1.37 Global Markets and The Bank of New York Mellon.

Medical Instruments The country disclosed in the above Portfolio of Investments is the country of 636 Thermo Fisher Scientific Inc 290,258 1.03 risk of the security. Medical -Drugs 6,489 Bristol-Myers Squibb Co 409,650 1.46 2,518 Eli Lilly and Co 470,413 1.68 Medical -Health Maintenance Organisation 716 Humana Inc 300,183 1.07 1,002 UnitedHealth Group Inc 372,814 1.33 Medical -Outpatient/Home Med 993 Amedisys Inc 262,936 0.94 Multi -Line Insurance 5,920 MetLife Inc 359,877 1.28 Oil Company -Integrated 2,999 Phillips 66 244,538 0.87 Private Equity 5,032 Blackstone Group Inc/The 375,035 1.34 Reits -Diversified 6,129 VICI Properties Inc (REIT) 173,083 0.62 Retail -Discount 2,962 Dollar Tree Inc 339,031 1.21

23 PRINCIPAL GLOBAL INVESTORS FUNDS PORTFOLIO OF INVESTMENTS AS AT 31 MARCH 2021 (continued)

EUROPEAN EQUITY FUND EUROPEAN EQUITY FUND (continued)

Nominal Security Value % Net Nominal Security Value % Net USD Assets USD Assets

TRANSFERABLE SECURITIES 99.00% (30 September 2020: 99.17%) FRANCE 14.06% (30 September 2020: 10.44%) (continued) Retail -Major Department Store AUSTRALIA 2.24% (30 September 2020: 2.32%) 663 Kering SA 458,656 0.99 Diversified Minerals Textile -Apparel 9,480 BHP Group Plc 273,951 0.59 LVMH Moet Hennessy Louis Metal -Diversified 1,904 Vuitton SE 1,271,292 2.74 10,040 Rio Tinto Plc 768,797 1.65 GERMANY 12.42% (30 September 2020: 12.72%) AUSTRIA 0.53% (30 September 2020: 0.00%) Athletic Footwear Commercial Banks Non -US 3,482 Puma SE 341,882 0.74 7,213 Erste Group Bank AG 245,170 0.53 Auto -Cars/Light Trucks 4,731 Bayerische Motoren Werke AG 491,929 1.06 BELGIUM 0.47% (30 September 2020: 0.00%) 1,549 Volkswagen AG - Preference 434,386 0.93 Commercial Banks Non -US Building Production -Cement/Aggregate 3,016 KBC Group NV 219,774 0.47 5,241 HeidelbergCement AG 477,139 1.03 CHILE 0.91% (30 September 2020: 0.38%) Chemicals -Diversified Metal -Copper 7,209 Evonik Industries AG 255,541 0.55 18,098 Antofagasta Plc 421,990 0.91 Data Processing/Management CompuGroup Medical SE & Co CHINA 0.00% (30 September 2020: 0.78%) 2,153 KgaA 182,319 0.39 Diversified Manufacturing Operations DENMARK 5.80% (30 September 2020: 8.10%) 4,864 Siemens AG 800,341 1.72 Brewery Electric -Generation 1,185 Carlsberg AS 182,507 0.40 6,930 Siemens Energy AG 249,316 0.54 2,980 Royal Unibrew A/S 312,412 0.67 Electronic Component -Semiconductor Medical Instruments 13,612 Infineon Technologies AG 578,421 1.24 3,234 Ambu A/S - Class B 152,246 0.33 Machinery -General Industry Medical -Biomedical/Genetics 3,712 GEA Group AG 152,478 0.33 528 Genmab A/S 174,137 0.37 Real Estate Management/Services Medical -Drugs 5,222 Vonovia SE 341,858 0.74 11,170 Novo Nordisk A/S 758,586 1.63 Research & Development Power Conversion/Supply Equipment 6,272 Evotec SE 226,602 0.49 2,880 Vestas Wind Systems A/S 592,569 1.28 Telephone -Integrated Retail -Jewelry 32,792 Deutsche Telekom AG 661,747 1.42 2,433 Pandora A/S 261,295 0.56 Transport -Services Wireless Equipment 10,509 Deutsche Post AG 577,056 1.24 3,308 GN Store Nord AS 261,066 0.56 IRELAND 3.33% (30 September 2020: 3.32%) EGYPT 0.00% (30 September 2020: 0.76%) Building & Construction Production -Miscellaneous 4,054 Kingspan Group Plc 344,489 0.74 FINLAND 1.91% (30 September 2020: 2.87%) Building Production -Cement/Aggregate Food -Retail 14,322 CRH Plc 672,808 1.45 11,567 Kesko Oyj 354,554 0.77 Commercial Banks Non -US Oil Refining & Marketing 28,392 Bank of Ireland Group Plc 141,153 0.30 9,981 Neste Oyj 530,936 1.14 Gambling (Non -Hotel) FRANCE 14.06% (30 September 2020: 10.44%) 1,807 Flutter Entertainment Plc 389,291 0.84 Advertising Sales ITALY 4.78% (30 September 2020: 4.53%) 1,247 Teleperformance 455,513 0.98 Auto -Cars/Light Trucks Advertising Services 1,154 Ferrari NV 241,898 0.52 3,944 Publicis Groupe SA 241,228 0.52 Commercial Banks Non -US Apparel Manufacturers 185,912 Intesa Sanpaolo SpA 504,855 1.08 344 Hermes International 381,666 0.82 Mediobanca Banca di Credito Building & Construction Production -Miscellaneous 29,139 Finanziario SpA 323,844 0.70 8,920 Cie de Saint-Gobain 527,544 1.14 Electric -Integrated Building -Heavy Construction 80,554 Enel SpA 804,085 1.73 4,492 Vinci SA 461,218 0.99 Gas -Transportation Computer Aided Design 31,295 Snam SpA 173,902 0.38 1,368 Dassault Systemes SE 293,268 0.63 Retail -Miscellaneous/Diversified Computer Services 4,575 Amplifon SpA 170,668 0.37 2,622 Capgemini SE 447,150 0.96 Diversified Banking Institutions NETHERLANDS 10.40% (30 September 2020: 9.29%) 9,264 BNP Paribas SA 564,875 1.22 Chemicals -Diversified Medical Products 1,748 Koninklijke DSM NV 296,457 0.64 757 Sartorius Stedim Biotech 312,467 0.67 Commercial Banks Non -US Multi -Line Insurance 38,890 ING Groep NV 476,825 1.03 15,981 AXA SA 429,842 0.92 Commercial Service -Finance Power Conversion/Supply Equipment 189 Adyen NV '144A' 422,832 0.91 4,480 Schneider Electric SE 685,819 1.48 Electronic Component -Miscellaneous 10,501 Koninklijke Philips NV 600,745 1.29

24 PRINCIPAL GLOBAL INVESTORS FUNDS PORTFOLIO OF INVESTMENTS AS AT 31 MARCH 2021 (continued)

EUROPEAN EQUITY FUND (continued) EUROPEAN EQUITY FUND (continued)

Nominal Security Value % Net Nominal Security Value % Net USD Assets USD Assets

NETHERLANDS 10.40% (30 September 2020: 9.29%) (continued) SWITZERLAND 10.59% (30 September 2020: 13.96%) (continued) Finance -Other Services Medical -Drugs 1,902 Euronext NV '144A' 192,025 0.41 3,794 Roche Holding AG 1,231,346 2.65 Life/Health Insurance 5,443 NN Group NV 266,701 0.57 UNITED KINGDOM 15.64% (30 September 2020: 16.27%) Semiconductor Equipment Building -Residential/Commercial 1,273 ASM International NV 371,051 0.80 8,041 Persimmon Plc 326,169 0.70 2,908 ASML Holding NV 1,767,008 3.81 98,700 Taylor Wimpey Plc 245,730 0.53 5,211 BE Semiconductor Industries NV 437,538 0.94 Commercial Banks Non -US 19,257 OSB Group Plc 113,237 0.24 NORWAY 1.64% (30 September 2020: 0.33%) Cosmetics & Toiletries Commercial Banks Non -US 5,914 Unilever Plc 330,951 0.71 13,362 DNB ASA 284,887 0.61 5,339 Unilever Plc 298,565 0.65 Energy -Alternate Sources Diversified Banking Institutions 46,841 NEL ASA 138,224 0.30 190,123 Barclays Plc 487,692 1.05 Oil Company -Integrated Diversified Operations/Commercial Services 17,322 Equinor ASA 339,487 0.73 5,173 Bunzl Plc 165,797 0.36 Electronic Measuring Instruments SOUTH AFRICA 1.21% (30 September 2020: 0.70%) 10,591 Halma Plc 346,898 0.75 Diversified Minerals Electronic Parts Distribution 14,270 Anglo American Plc 559,640 1.21 20,479 Electrocomponents Plc 280,571 0.60 SPAIN 2.44% (30 September 2020: 2.09%) Finance -Management Loan/Banker Commercial Banks Non -US 26,010 Paragon Banking Group Plc 164,214 0.35 91,431 Banco Santander SA 311,312 0.67 Finance -Other Services Electric -Integrated 3,413 London Stock Exchange Group Plc 326,799 0.70 63,786 Iberdrola SA 823,529 1.77 Home Furnishings 18,798 Howden Joinery Group Plc 190,108 0.41 SWEDEN 9.96% (30 September 2020: 9.56%) Life/Health Insurance Auto -Medium & Heavy Duty Trucks 84,824 Legal & General Group Plc 326,635 0.70 18,975 Volvo AB 480,891 1.04 Medical -Drugs Building Production -Air & Heating 8,070 AstraZeneca Plc 806,894 1.74 6,998 Nibe Industrier AB 217,416 0.47 Private Equity Building -Heavy Construction 32,144 3i Group Plc 511,567 1.10 13,381 Skanska AB 336,203 0.72 14,452 Intermediate Capital Group Plc 367,284 0.79 Diversified Manufacturing Operations Rental Auto/Equipment 9,770 Indutrade AB 225,971 0.48 8,459 Ashtead Group Plc 504,999 1.09 12,364 Trelleborg AB 314,906 0.68 Retail -Apparel/Shoe Food -Miscellaneous/Diversified 44,065 JD Sports Fashion Plc 501,328 1.08 4,883 AAK AB 110,755 0.24 2,876 Next Plc 312,124 0.67 Investment Companies Retail -Bookstore 7,148 Investor AB 571,100 1.23 8,524 WH Smith Plc 211,337 0.46 5,473 Kinnevik AB 266,609 0.57 Sugar Leisure & Recreational Products 20,766 Tate & Lyle Plc 219,809 0.47 8,643 Thule Group AB '144A' 376,012 0.81 Veterinary Products Machinery -General Industry 4,837 Dechra Pharmaceuticals Plc 228,905 0.49 9,283 Atlas Copco AB 566,164 1.22 Medical Instruments UNITED STATES 0.67% (30 September 2020: 0.75%) 9,267 Getinge AB 257,822 0.55 Distribution/Wholesale Metal Processors & Fabricators 2,596 Ferguson Plc 310,462 0.67 15,331 SKF AB 436,557 0.94 Total Value of Transferable Securities at Wireless Equipment Market Prices 45,990,624 99.00 Telefonaktiebolaget LM Ericsson - UNLISTED 0.00% (30 September 2020: 0.00%) 35,248 Class B 467,276 1.01 ITALY 0.00% (30 September 2020: 0.00%) SWITZERLAND 10.59% (30 September 2020: 13.96%) Gas -Transportation Building Production -Cement/Aggregate 31,295 Snam SpA Rights 09/04/2021 0 0.00 4,965 LafargeHolcim Ltd 293,000 0.63 Total Value of Unlisted at Market Prices 0 0.00 Chemicals -Specialty Total Value of Transferable Securities at 995 Lonza Group AG 558,636 1.20 Market Prices (Cost: USD31,154,738) 45,990,624 99.00 Computers -Peripheral Equipment 4,872 Logitech International SA 513,214 1.11 Open Spot Currency Contracts 0.00% (30 September 2020: (0.00%)) Containers -Paper/Plastic Settlement Buy Amount Sell Amount Unrealised % Net 5,667 SIG Combibloc Group AG 131,627 0.28 Date Bought Sold Gain/Loss Assets Food -Miscellaneous/Diversified 13,940 Nestle SA 1,560,267 3.36 01/04/2021 EUR 111,392 USD (130,526) 395 0.00 Human Resources 01/04/2021 USD 603 EUR (515) (2) (0.00) 4,575 Adecco Group AG 309,360 0.67 06/04/2021 EUR 98,558 USD (115,724) 112 0.00 Investment Management/Advisory Service 06/04/2021 USD 11,402 SEK (99,652) (31) (0.00) 250 Partners Group Holding AG 320,620 0.69 06/04/2021 USD 7,514 DKK (47,701) (24) (0.00)

25 PRINCIPAL GLOBAL INVESTORS FUNDS PORTFOLIO OF INVESTMENTS AS AT 31 MARCH 2021 (continued)

EUROPEAN EQUITY FUND (continued)

Open Spot Currency Contracts 0.00% (30 September 2020: (0.00%)) (continued) Settlement Buy Amount Sell Amount Unrealised % Net Date Bought Sold Gain/Loss Assets 06/04/2021 USD 2,111 GBP (1,534) (5) (0.00)

Unrealised Gain on Open Spot Currency Contracts 507 0.00 Unrealised Loss on Open Spot Currency Contracts (62) (0.00)

Net Unrealised Gain on Open Spot Currency Contracts 445 0.00

Cash at Bank 680,337 1.46 Net Current Liabilities (215,090) (0.46)

Net Assets Attributable to Holders of Redeemable Participating Units at Market Prices 46,456,316 100.00 % Total Analysis of Total Assets Assets Transferable Securities and Money Market Instruments admitted to an official stock exchange listing or traded on a regulated market 98.25 Transferable Securities other than those admitted to an official stock exchange listing or traded on a regulated market 0.00 Financial Derivative instruments dealt in or on a regulated market 0.00 Other Assets 1.75 Total As sets 100.00

Except where stated above all securities are transferable securities admitted to an official stock exchange listing.

The counterparties for the open spot currency contracts are State Street Global Markets and The Bank of New York Mellon.

The country disclosed in the above Portfolio of Investments is the country of risk of the security.

26 PRINCIPAL GLOBAL INVESTORS FUNDS PORTFOLIO OF INVESTMENTS AS AT 31 MARCH 2021 (continued)

PREFERRED SECURITIES FUND

Nominal Security Coupon Maturity Value % Net Rate Date USD Assets

TRANSFERABLE SECURITIES 95.69% (30 September 2020: 98.70%) AUSTRALIA 2.03% (30 September 2020: 2.91%) Corporate Bond 13,000,000 Australia & New Zealand Banking Group Ltd 'REGS' 4.400% 19/05/2026 14,571,897 0.29 2,000,000 Australia & New Zealand Banking Group Ltd 'REGS' FRN 2.570% 25/11/2035 1,880,700 0.04 Australia & New Zealand Banking Group Ltd/United Kingdom 'REGS' 6,925,000 FRN (Perpetual) 6.750% 15/06/2026 8,084,141 0.16 9,500,000 Macquarie Bank Ltd '144A' 3.624% 03/06/2030 9,724,167 0.19 9,200,000 Macquarie Bank Ltd 'REGS' 4.875% 10/06/2025 10,214,645 0.20 7,600,000 Macquarie Bank Ltd 'REGS' FRN 3.052% 03/03/2036 7,281,410 0.14 17,500,000 Scentre Group Trust 2 'REGS' FRN 4.750% 24/09/2080 18,418,750 0.36 31,800,000 Scentre Group Trust 2 'REGS' FRN 5.125% 24/09/2080 33,126,060 0.65 BERMUDA 0.04% (30 September 2020: 0.05%) Preferred Security 87,062 RenaissanceRe Holdings Ltd - Preferred Stock (Perpetual) 5.375% 03/05/2021 2,207,892 0.04 CANADA 6.26% (30 September 2020: 6.12%) Corporate Bond 1,000,000 Bank of Montreal FRN (Perpetual) 4.800% 25/08/2024 1,049,195 0.02 7,700,000 Bank of Montreal 'MTN' 1.850% 01/05/2025 7,889,447 0.16 40,000,000 Bank of Nova Scotia/The 1.625% 01/05/2023 41,020,568 0.80 63,500,000 Bank of Nova Scotia/The FRN (Perpetual) 4.900% 04/06/2025 67,667,505 1.33 22,616,000 Emera Inc FRN 6.750% 15/06/2076 25,742,775 0.51 2,710,000 Enbridge Inc FRN 5.500% 15/07/2077 2,763,400 0.05 20,500,000 Enbridge Inc FRN 5.750% 15/07/2080 21,986,250 0.43 71,000,000 Enbridge Inc FRN 6.000% 15/01/2077 75,866,659 1.49 9,000,000 Royal Bank of Canada 'GMTN' 1.600% 17/04/2023 9,220,336 0.18 6,335,000 Transcanada Trust FRN 5.300% 15/03/2077 6,628,406 0.13 29,500,000 Transcanada Trust FRN 5.500% 15/09/2079 31,638,750 0.62 17,527,000 Transcanada Trust FRN 5.875% 15/08/2076 19,122,100 0.38 Preferred Security 307,900 Algonquin Power & Utilities Corp - Preferred Stock FRN 6.200% 01/07/2079 8,445,697 0.16 DENMARK 1.19% (30 September 2020: 1.24%) Corporate Bond 47,400,000 Danske Bank A/S FRN (Perpetual) 6.125% 28/03/2024 50,939,358 1.00 8,400,000 Danske Bank A/S FRN (Perpetual) 7.000% 26/06/2025 9,455,460 0.19 FINLAND 2.05% (30 September 2020: 1.85%) Corporate Bond 5,600,000 Nordea Bank Abp '144A' FRN (Perpetual) 6.625% 26/03/2026 6,402,676 0.13 49,655,000 Nordea Bank Abp 'REGS' FRN (Perpetual) 6.125% 23/09/2024 54,035,316 1.06 38,365,000 Nordea Bank Abp 'REGS' FRN (Perpetual) 6.625% 26/03/2026 43,864,047 0.86 FRANCE 8.50% (30 September 2020: 10.13%) Corporate Bond 79,491,000 AXA SA 8.600% 15/12/2030 121,504,458 2.39 9,628,000 AXA SA 'EMTN' FRN 5.125% 17/01/2047 10,993,568 0.21 5,340,000 AXA SA 'REGS' FRN (Perpetual) 6.379% 14/12/2036 7,403,189 0.14 15,000,000 BNP Paribas SA '144A' 2.824% 26/01/2041 13,493,355 0.27 5,000,000 BNP Paribas SA 'REGS' FRN (Perpetual) 4.625% 25/02/2031 4,987,500 0.10 19,190,000 BNP Paribas SA 'REGS' FRN (Perpetual) 6.625% 25/03/2024 21,018,807 0.41 2,000,000 BNP Paribas SA 'REGS' FRN (Perpetual) 6.750% 14/03/2022 2,075,680 0.04 10,000,000 BNP Paribas SA 'REGS' FRN (Perpetual) 7.000% 16/08/2028 11,596,150 0.23 25,200,000 BNP Paribas SA 'REGS' FRN (Perpetual) 7.375% 19/08/2025 29,249,514 0.58 10,000,000 Credit Agricole SA '144A' FRN (Perpetual) 7.875% 23/01/2024 11,243,750 0.22 15,000,000 Credit Agricole SA 'REGS' 2.811% 11/01/2041 13,562,776 0.27 13,700,000 Credit Agricole SA 'REGS' FRN (Perpetual) 6.875% 23/09/2024 15,216,522 0.30 41,850,000 Credit Agricole SA 'REGS' FRN (Perpetual) 7.875% 23/01/2024 47,055,094 0.92 15,955,000 Credit Agricole SA 'REGS' FRN (Perpetual) 8.125% 23/12/2025 19,275,634 0.38 13,300,000 Societe Generale SA '144A' FRN (Perpetual) 7.375% 13/09/2021 13,615,476 0.27 2,100,000 Societe Generale SA '144A' FRN (Perpetual) 7.375% 04/10/2023 2,272,085 0.04 18,020,000 Societe Generale SA 'REGS' FRN (Perpetual) 7.375% 13/09/2021 18,447,434 0.36 43,200,000 Societe Generale SA 'REGS' FRN (Perpetual) 7.375% 04/10/2023 46,740,024 0.92 20,750,000 Societe Generale SA 'REGS' FRN (Perpetual) 7.875% 18/12/2023 23,061,550 0.45

27 PRINCIPAL GLOBAL INVESTORS FUNDS PORTFOLIO OF INVESTMENTS AS AT 31 MARCH 2021 (continued)

PREFERRED SECURITIES FUND (continued)

Nominal Security Coupon Maturity Value % Net Rate Date USD Assets

GERMANY 0.19% (30 September 2020: 0.00%) Corporate Bond 9,500,000 Allianz SE 'REGS' FRN (Perpetual) 3.500% 17/11/2025 9,666,250 0.19 ITALY 0.61% (30 September 2020: 0.32%) Corporate Bond 13,185,000 Enel SpA '144A' FRN 8.750% 24/09/2073 15,360,525 0.30 13,919,000 UniCredit SpA FRN (Perpetual) 8.000% 03/06/2024 15,563,182 0.31 JAPAN 7.77% (30 September 2020: 7.19%) Corporate Bond 1,632,000 Dai-ichi Life Insurance Co Ltd/The '144A' FRN (Perpetual) 7.250% 25/07/2021 1,662,600 0.03 34,603,000 Dai-ichi Life Insurance Co Ltd/The 'REGS' FRN (Perpetual) 5.100% 28/10/2024 38,366,076 0.75 32,622,000 Dai-ichi Life Insurance Co Ltd/The 'REGS' FRN (Perpetual) 7.250% 25/07/2021 33,233,663 0.65 14,320,000 Fukoku Mutual Life Insurance Co FRN (Perpetual) 6.500% 19/09/2023 15,859,400 0.31 2,494,000 Meiji Yasuda Life Insurance Co '144A' FRN 5.200% 20/10/2045 2,821,337 0.06 24,900,000 Meiji Yasuda Life Insurance Co 'REGS' FRN 5.200% 20/10/2045 28,168,125 0.55 1,150,000 Mitsui Sumitomo Insurance Co Ltd '144A' FRN 7.000% 15/03/2072 1,209,219 0.02 54,059,000 Mitsui Sumitomo Insurance Co Ltd 'REGS' FRN 7.000% 15/03/2072 56,842,768 1.11 10,000,000 Nippon Life Insurance Co '144A' FRN 2.750% 21/01/2051 9,500,000 0.19 55,729,000 Nippon Life Insurance Co 'REGS' FRN 2.750% 21/01/2051 52,942,550 1.04 4,000,000 Nippon Life Insurance Co 'REGS' FRN 4.700% 20/01/2046 4,426,980 0.09 13,000,000 Nippon Life Insurance Co 'REGS' FRN 5.000% 18/10/2042 13,682,500 0.27 43,400,000 Nippon Life Insurance Co 'REGS' FRN 5.100% 16/10/2044 48,032,733 0.95 29,200,000 Sompo Japan Insurance Inc 'REGS' FRN 5.325% 28/03/2073 31,258,454 0.62 51,875,000 Sumitomo Life Insurance Co 'REGS' FRN 6.500% 20/09/2073 57,801,460 1.13 NETHERLANDS 1.99% (30 September 2020: 1.63%) Corporate Bond 8,000,000 ING Groep NV FRN (Perpetual) 4.875% 16/05/2029 8,109,440 0.16 17,493,000 ING Groep NV FRN (Perpetual) 5.750% 16/11/2026 19,095,096 0.38 35,100,000 ING Groep NV FRN (Perpetual) 6.500% 16/04/2025 38,896,065 0.76 8,900,000 ING Groep NV FRN (Perpetual) 6.750% 16/04/2024 9,723,250 0.19 24,278,000 ING Groep NV FRN (Perpetual) 6.875% 16/04/2022 25,320,109 0.50 NORWAY 0.42% (30 September 2020: 0.45%) Corporate Bond 20,415,000 DNB Bank ASA FRN (Perpetual) 6.500% 26/03/2022 21,244,360 0.42 SPAIN 1.95% (30 September 2020: 1.90%) Corporate Bond 15,000,000 Banco Bilbao Vizcaya Argentaria SA FRN (Perpetual) 6.125% 16/11/2027 15,742,500 0.31 29,000,000 Banco Bilbao Vizcaya Argentaria SA FRN (Perpetual) 6.500% 05/03/2025 31,402,650 0.62 5,000,000 Banco Santander SA 2.749% 03/12/2030 4,761,127 0.09 4,800,000 Banco Santander SA 5.179% 19/11/2025 5,465,599 0.11 38,000,000 Banco Santander SA FRN (Perpetual) 7.500% 08/02/2024 41,890,668 0.82 SWEDEN 2.24% (30 September 2020: 2.44%) Corporate Bond 9,800,000 Skandinaviska Enskilda Banken AB FRN (Perpetual) 5.125% 13/05/2025 10,374,006 0.20 30,600,000 Skandinaviska Enskilda Banken AB FRN (Perpetual) 5.625% 13/05/2022 31,613,625 0.62 6,200,000 Svenska Handelsbanken AB 'EMTN' FRN (Perpetual) 6.250% 01/03/2024 6,812,250 0.13 13,000,000 Svenska Handelsbanken AB FRN (Perpetual) 4.750% 01/03/2031 13,633,880 0.27 50,000,000 Swedbank AB FRN (Perpetual) 6.000% 17/03/2022 51,656,250 1.02 SWITZERLAND 10.24% (30 September 2020: 10.84%) Corporate Bond 64,597,000 Argentum Netherlands BV for Swiss Re Ltd FRN 5.625% 15/08/2052 73,301,446 1.44 67,210,000 Argentum Netherlands BV for Swiss Re Ltd FRN 5.750% 15/08/2050 75,399,202 1.48 12,800,000 Argentum Netherlands BV for Zurich Insurance Co Ltd FRN 5.125% 01/06/2048 14,685,555 0.29 2,000,000 Cloverie Plc for Swiss Reinsurance Co Ltd FRN 4.500% 11/09/2044 2,159,588 0.04 27,800,000 Cloverie Plc for Zurich Insurance Co Ltd 'EMTN' FRN 5.625% 24/06/2046 32,083,146 0.63 8,200,000 Credit Suisse Group AG '144A' FRN (Perpetual) 4.500% 03/09/2030 7,667,000 0.15 1,200,000 Credit Suisse Group AG '144A' FRN (Perpetual) 5.100% 24/01/2030 1,159,800 0.02 20,700,000 Credit Suisse Group AG FRN (Perpetual) 7.125% 29/07/2022 21,569,607 0.42 844,000 Credit Suisse Group AG 'REGS' FRN (Perpetual) 5.100% 24/01/2030 815,726 0.02 20,000,000 Credit Suisse Group AG 'REGS' FRN (Perpetual) 6.250% 18/12/2024 21,342,220 0.42 23,470,000 Credit Suisse Group AG 'REGS' FRN (Perpetual) 6.375% 21/08/2026 25,015,147 0.49 800,000 Credit Suisse Group AG 'REGS' FRN (Perpetual) 7.250% 12/09/2025 868,396 0.02 12,217,000 Credit Suisse Group AG 'REGS' FRN (Perpetual) 7.500% 11/12/2023 13,262,030 0.26 13,300,000 Credit Suisse Group AG 'REGS' FRN (Perpetual) 7.500% 17/07/2023 14,096,138 0.28

28 PRINCIPAL GLOBAL INVESTORS FUNDS PORTFOLIO OF INVESTMENTS AS AT 31 MARCH 2021 (continued)

PREFERRED SECURITIES FUND (continued)

Nominal Security Coupon Maturity Value % Net Rate Date USD Assets

SWITZERLAND 10.24% (30 September 2020: 10.84%) (continued) Corporate Bond (continued) 3,600,000 Swiss Re Finance Luxembourg SA FRN (Perpetual) 4.250% 04/09/2024 3,786,685 0.08 10,000,000 UBS Group AG '144A' FRN (Perpetual) 7.000% 31/01/2024 10,990,850 0.22 8,000,000 UBS Group AG FRN (Perpetual) 5.125% 29/07/2026 8,497,016 0.17 15,100,000 UBS Group AG FRN (Perpetual) 6.875% 07/08/2025 17,076,983 0.33 13,000,000 UBS Group AG FRN (Perpetual) 7.000% 19/02/2025 14,852,500 0.29 4,739,000 UBS Group AG FRN (Perpetual) 7.125% 10/08/2021 4,834,974 0.09 47,100,000 UBS Group AG 'REGS' FRN (Perpetual) 7.000% 31/01/2024 51,766,903 1.02 43,119,000 Willow No 2 Ireland Plc for Zurich Insurance Co Ltd 'EMTN' FRN 4.250% 01/10/2045 46,506,472 0.91 61,500,000 Zurich Finance Ireland Designated Activity Co 'EMTN' FRN 3.000% 19/04/2051 59,593,562 1.17 UNITED KINGDOM 14.58% (30 September 2020 : 14.40%) Corporate Bond 5,700,000 Barclays Bank Plc FRN (Perpetual) 6.278% 15/12/2034 7,182,000 0.14 2,000,000 Barclays Plc FRN (Perpetual) 6.125% 15/12/2025 2,197,500 0.04 64,500,000 Barclays Plc FRN (Perpetual) 7.750% 15/09/2023 70,543,650 1.39 31,965,000 Barclays Plc FRN (Perpetual) 7.875% 15/03/2022 33,663,141 0.66 15,000,000 Barclays Plc FRN (Perpetual) 8.000% 15/06/2024 16,657,099 0.33 52,017,000 BP Capital Markets Plc FRN (Perpetual) 4.375% 22/06/2025 55,153,625 1.08 25,397,000 BP Capital Markets Plc FRN (Perpetual) 4.875% 22/03/2030 27,270,029 0.54 2,750,000 HSBC Capital Funding Dollar 1 LP '144A' FRN (Perpetual) 10.176% 30/06/2030 4,506,095 0.09 69,039,000 HSBC Capital Funding Dollar 1 LP 'REGS' FRN (Perpetual) 10.176% 30/06/2030 113,125,925 2.22 10,000,000 HSBC Holdings Plc FRN 2.099% 04/06/2026 10,174,948 0.20 46,700,000 HSBC Holdings Plc FRN (Perpetual) 6.000% 22/05/2027 51,241,575 1.01 3,013,000 HSBC Holdings Plc FRN (Perpetual) 6.375% 17/09/2024 3,281,006 0.06 8,400,000 HSBC Holdings Plc FRN (Perpetual) 6.500% 23/03/2028 9,434,250 0.18 22,650,000 HSBC Holdings Plc FRN (Perpetual) 6.875% 01/06/2021 22,903,680 0.45 23,700,000 Legal & General Group Plc 'EMTN' FRN 5.250% 21/03/2047 26,197,387 0.52 800,000 Lloyds Banking Group Plc 4.344% 09/01/2048 872,302 0.02 8,800,000 Lloyds Banking Group Plc '144A' FRN (Perpetual) 6.413% 01/10/2035 11,103,796 0.22 8,000,000 Lloyds Banking Group Plc FRN (Perpetual) 6.750% 27/06/2026 9,006,760 0.18 13,700,000 Lloyds Banking Group Plc FRN (Perpetual) 7.500% 27/06/2024 15,305,914 0.30 1,960,000 Lloyds Banking Group Plc FRN (Perpetual) 7.500% 27/09/2025 2,244,200 0.04 3,240,000 Lloyds Banking Group Plc 'REGS' FRN (Perpetual) 6.413% 01/10/2035 4,088,216 0.08 18,423,000 Lloyds Banking Group Plc 'REGS' FRN (Perpetual) 6.657% 21/05/2037 23,844,797 0.47 6,250,000 M&G Plc 'EMTN' FRN 6.500% 20/10/2048 7,348,350 0.14 32,750,000 Nationwide Building Society 'REGS' FRN 4.125% 18/10/2032 35,341,770 0.69 20,000,000 Natwest Group Plc FRN 3.032% 28/11/2035 19,106,600 0.37 9,200,000 Natwest Group Plc FRN (Perpetual) 2.523% 30/09/2027 8,994,196 0.18 5,000,000 Natwest Group Plc FRN (Perpetual) 6.000% 29/12/2025 5,537,500 0.11 5,000,000 Natwest Group Plc FRN (Perpetual) 8.000% 10/08/2025 5,873,600 0.12 33,354,000 Natwest Group Plc FRN (Perpetual) 8.625% 15/08/2021 34,220,203 0.67 6,300,000 Standard Chartered Plc '144A' FRN 4.644% 01/04/2031 7,159,026 0.14 700,000 Standard Chartered Plc '144A' FRN (Perpetual) 7.014% 30/07/2037 912,450 0.02 9,000,000 Standard Chartered Plc 'REGS' FRN (Perpetual) 6.000% 26/07/2025 9,799,650 0.19 23,800,000 Standard Chartered Plc 'REGS' FRN (Perpetual) 7.014% 30/07/2037 31,023,300 0.61 15,300,000 Standard Chartered Plc 'REGS' FRN (Perpetual) 7.500% 02/04/2022 16,054,213 0.31 15,800,000 Standard Chartered Plc 'REGS' FRN (Perpetual) 7.750% 02/04/2023 17,130,992 0.34 6,471,000 Vodafone Group Plc FRN 6.250% 03/10/2078 7,157,049 0.14 14,000,000 Vodafone Group Plc FRN 7.000% 04/04/2079 16,881,369 0.33 UNITED STATES 35.63% (30 September 2020: 37.23%) Corporate Bond 7,764,000 ACE Capital Trust II 9.700% 01/04/2030 11,743,648 0.23 6,082,000 AIG Life Holdings Inc 8.500% 01/07/2030 8,445,507 0.17 3,500,000 AIG Life Holdings Inc '144A' 8.125% 15/03/2046 5,024,359 0.10 25,221,000 Allstate Corp/The FRN 5.750% 15/08/2053 26,722,513 0.52 12,680,000 Allstate Corp/The FRN 6.500% 15/05/2057 16,284,227 0.32 750,000 American International Group Inc 6.250% 15/03/2037 812,006 0.01 24,176,000 American International Group Inc FRN 5.750% 01/04/2048 27,016,680 0.53 43,715,000 American International Group Inc FRN 8.175% 15/05/2058 60,689,165 1.19 43,579,000 Aon Corp 8.205% 01/01/2027 57,233,039 1.12 14,427,000 Bank of America Corp 8.050% 15/06/2027 18,605,150 0.37 33,687,000 BNSF Funding Trust I FRN 6.613% 15/12/2055 38,683,052 0.76 9,000,000 Capital One Financial Corp 3.750% 28/07/2026 9,780,407 0.19 10,000,000 Capital One Financial Corp 4.200% 29/10/2025 11,075,288 0.22 12,491,000 Central Fidelity Capital Trust I FRN 1.241% 15/04/2027 11,945,966 0.24 18,638,000 Citigroup Capital III 7.625% 01/12/2036 26,549,827 0.52

29 PRINCIPAL GLOBAL INVESTORS FUNDS PORTFOLIO OF INVESTMENTS AS AT 31 MARCH 2021 (continued)

PREFERRED SECURITIES FUND (continued)

Nominal Security Coupon Maturity Value % Net Rate Date USD Assets

UNITED STATES 35.63% (30 September 2020: 37.23%) (continued) Corporate Bond (continued) 5,000,000 Citigroup Inc 4.450% 29/09/2027 5,635,584 0.11 27,235,000 Citigroup Inc 6.000% 31/10/2033 35,202,241 0.69 10,000,000 Citigroup Inc 6.125% 25/08/2036 13,284,055 0.26 26,139,000 CMS Energy Corp FRN 3.750% 01/12/2050 25,910,284 0.51 5,560,000 CMS Energy Corp FRN 4.750% 01/06/2050 6,018,700 0.12 7,000,000 Corestates Capital II '144A' FRN 0.891% 15/01/2027 6,767,873 0.13 30,000,000 Corestates Capital III '144A' FRN 0.768% 15/02/2027 29,034,818 0.57 10,262,000 Dominion Energy Inc FRN 5.750% 01/10/2054 11,142,056 0.22 93,000,000 Enterprise Products Operating LLC FRN 5.250% 16/08/2077 92,859,014 1.82 14,529,000 First Maryland Capital I FRN 1.241% 15/01/2027 14,063,297 0.28 2,840,000 First Maryland Capital II FRN 1.055% 01/02/2027 2,717,025 0.05 10,000,000 Goldman Sachs Capital I 6.345% 15/02/2034 13,366,230 0.26 42,000,000 Goldman Sachs Group Inc/The 6.750% 01/10/2037 59,180,537 1.16 2,900,000 Huntington Capital II FRN 0.809% 15/06/2028 2,665,576 0.05 3,450,000 Huntington Capital Trust I FRN 0.905% 01/02/2027 3,226,360 0.07 3,500,000 JPMorgan Chase & Co FRN 0.830% 01/08/2028 3,339,859 0.07 4,043,000 JPMorgan Chase & Co FRN 1.149% 30/09/2034 3,694,258 0.07 15,349,000 KeyCorp Capital I FRN 0.942% 01/07/2028 14,520,114 0.29 8,200,000 KeyCorp Capital III 7.750% 15/07/2029 10,349,457 0.20 17,007,000 Liberty Mutual Group Inc '144A' 7.800% 15/03/2037 22,128,429 0.44 43,577,000 Liberty Mutual Group Inc 'REGS' 7.800% 15/03/2037 56,699,625 1.11 2,200,000 Liberty Mutual Group Inc 'REGS' FRN 10.750% 15/06/2058 3,121,856 0.06 27,600,000 Lincoln National Corp FRN 2.264% 20/04/2067 22,770,690 0.45 30,054,000 MetLife Capital Trust IV '144A' 7.875% 15/12/2037 41,842,682 0.82 1,100,000 MetLife Inc 6.400% 15/12/2036 1,382,172 0.03 48,619,000 MetLife Inc 10.750% 01/08/2039 81,376,404 1.60 48,436,000 MetLife Inc '144A' 9.250% 08/04/2038 71,027,631 1.40 20,084,000 Nationwide Financial Services Inc 6.750% 15/05/2037 23,760,433 0.47 9,159,000 NextEra Energy Capital Holdings Inc FRN 2.269% 01/10/2066 8,488,057 0.17 10,246,000 NextEra Energy Capital Holdings Inc FRN 2.309% 15/06/2067 9,464,650 0.18 23,300,000 NextEra Energy Capital Holdings Inc FRN 5.650% 01/05/2079 26,530,568 0.52 14,305,000 NTC Capital I FRN 0.761% 15/01/2027 13,869,713 0.27 241,000 NTC Capital II FRN 0.831% 15/04/2027 232,720 0.00 5,400,000 PPL Capital Funding Inc FRN 2.864% 30/03/2067 5,079,838 0.10 63,065,000 Prudential Financial Inc FRN 3.700% 01/10/2050 63,850,159 1.25 3,382,000 Prudential Financial Inc FRN 5.200% 15/03/2044 3,604,078 0.07 10,224,000 Prudential Financial Inc FRN 5.375% 15/05/2045 11,224,700 0.22 26,590,000 Prudential Financial Inc FRN 5.625% 15/06/2043 28,505,865 0.56 4,300,000 Prudential Financial Inc FRN 5.700% 15/09/2048 4,918,376 0.09 21,523,000 Prudential Financial Inc FRN 5.875% 15/09/2042 22,761,408 0.45 45,809,000 Southern Co/The FRN 5.500% 15/03/2057 46,779,626 0.92 15,300,000 Stanley Black & Decker Inc FRN 4.000% 15/03/2060 16,216,470 0.32 9,751,000 State Street Corp FRN 0.758% 15/05/2028 9,381,584 0.18 41,133,000 State Street Corp FRN 1.184% 15/06/2047 35,445,331 0.70 13,000,000 TCF National Bank 'BKNT' FRN 5.500% 06/05/2030 13,926,770 0.27 23,829,000 Truist Bank FRN 0.834% 15/03/2028 23,109,874 0.45 23,185,000 Truist Bank FRN 0.870% 15/05/2027 22,512,486 0.44 3,000,000 Truist Bank FRN 1.182% 01/04/2027 2,922,230 0.06 1,800,000 USF&G Capital III '144A' 8.312% 01/07/2046 2,666,715 0.05 28,668,000 Voya Financial Inc FRN 4.700% 23/01/2048 29,275,238 0.58 74,736,000 Voya Financial Inc FRN 5.650% 15/05/2053 80,069,721 1.57 30,000,000 Wachovia Capital Trust II FRN 0.741% 15/01/2027 28,779,277 0.57 2,691,000 WEC Energy Group Inc FRN 2.306% 15/05/2067 2,462,403 0.05 1,500,000 Wells Fargo & Co 7.950% 15/11/2029 2,001,050 0.04 Government Bond 20,000,000 United States Treasury Note/Bond 0.125% 31/12/2022 19,993,359 0.39 5,000,000 United States Treasury Note/Bond 0.125% 31/08/2022 5,000,586 0.10 30,000,000 United States Treasury Note/Bond 0.125% 31/03/2023 29,980,078 0.59 31,000,000 United States Treasury Note/Bond 0.250% 15/04/2023 31,049,646 0.61 40,000,000 United States Treasury Note/Bond 0.250% 31/07/2025 39,117,188 0.77 9,000,000 United States Treasury Note/Bond 0.375% 31/03/2022 9,026,915 0.18 Preferred Security 240,000 Affiliated Managers Group Inc - Preferred Stock 4.750% 30/09/2060 6,069,600 0.12 3,589 Affiliated Managers Group Inc - Preferred Stock 5.875% 30/03/2059 98,303 0.00 464,500 American Financial Group Inc/OH - Preferred Stock 4.500% 15/09/2060 12,313,895 0.24 410 American Financial Group Inc/OH - Preferred Stock 5.125% 15/12/2059 10,968 0.00

30 PRINCIPAL GLOBAL INVESTORS FUNDS PORTFOLIO OF INVESTMENTS AS AT 31 MARCH 2021 (continued)

PREFERRED SECURITIES FUND (continued)

Nominal Security Coupon Maturity Value % Net Rate Date USD Assets

UNITED STATES 35.63% (30 September 2020: 37.23%) (continued) Preferred Security (continued) 198,716 American Financial Group Inc/OH - Preferred Stock 5.625% 01/06/2060 5,494,497 0.11 127,314 Arch Capital Group Ltd - Preferred Stock (Perpetual) 5.250% 29/09/2021 3,261,785 0.06 108,241 Arch Capital Group Ltd - Preferred Stock (Perpetual) 5.450% 17/08/2022 2,840,244 0.06 95,613 Assurant Inc - Preferred Stock 5.250% 15/01/2061 2,459,166 0.05 163,385 AT&T Inc - Preferred Stock 5.350% 01/11/2066 4,277,419 0.09 22,952 AT&T Inc - Preferred Stock 5.625% 01/08/2067 617,868 0.01 313,999 Dominion Energy Inc - Preferred Stock 5.250% 30/07/2076 8,022,674 0.16 356,975 DTE Energy Co - Preferred Stock 5.250% 01/12/2077 9,313,478 0.18 60,000 DTE Energy Co - Preferred Stock 5.375% 01/06/2076 1,529,400 0.03 132,290 DTE Energy Co - Preferred Stock 6.000% 15/12/2076 3,427,634 0.07 531,803 Duke Energy Corp - Preferred Stock 5.125% 15/01/2073 13,773,698 0.27 476,012 Entergy Louisiana LLC - Preferred Stock 4.875% 01/09/2066 12,114,506 0.24 62,654 Entergy New Orleans LLC - Preferred Stock 5.000% 01/12/2052 1,598,097 0.03 469,200 Georgia Power Co - Preferred Stock 5.000% 01/10/2077 12,609,750 0.25 573,791 Hartford Financial Services Group Inc/The - Preferred Stock FRN 7.875% 15/04/2042 15,400,550 0.30 355,408 Integrys Holding Inc - Preferred Stock FRN 6.000% 01/08/2073 9,329,460 0.18 411,500 National Rural Utilities Cooperative Finance Corp - Preferred Stock 5.500% 15/05/2064 10,875,945 0.21 72,500 NextEra Energy Capital Holdings Inc - Preferred Stock 5.650% 01/03/2079 2,030,725 0.04 74,983 PPL Capital Funding Inc - Preferred Stock 5.900% 30/04/2073 1,944,309 0.04 20,000 Prudential Financial Inc - Preferred Stock 4.125% 01/09/2060 506,600 0.01 45,992 Southern Co/The - Preferred Stock 5.250% 01/10/2076 1,171,876 0.02 84,292 Southern Co/The - Preferred Stock 5.250% 01/12/2077 2,229,523 0.04 187,839 Stifel Financial Corp - Preferred Stock 5.200% 15/10/2047 4,882,875 0.10 388,807 United States Cellular Corp - Preferred Stock 6.250% 01/09/2069 10,184,799 0.20 1,714 W R Berkley Corp - Preferred Stock 5.100% 30/12/2059 45,404 0.00 Total Value of Transferable Securities at Market Prices (Cost: USD4,679,824,540) 4,872,447,800 95.69

Interest Receivable on Transferable Securities 54,609,569 1.07

Total Value of Transferable Securities 4,927,057,369 96.76 Open Forward Foreign Currency Exchange Contracts (0.30%) (30 September 2020: (0.20%)) Settlement Buy Amount Sell Amount Unrealised % Net Date Bought Sold Gain/Loss Assets 01/04/2021 EUR 1 USD (1) 0 0.00

06/04/2021 USD 143 GBP (103) 0 0.00

23/04/2021 AUD 4,301,401 USD (3,325,748) (49,218) (0.00)

23/04/2021 AUD 4,301,400 USD (3,325,718) (49,188) (0.00)

23/04/2021 AUD 997,291 USD (771,084) (11,411) (0.00)

23/04/2021 AUD 997,291 USD (771,076) (11,404) (0.00)

23/04/2021 AUD 171,116 USD (132,303) (1,958) (0.00)

23/04/2021 AUD 171,116 USD (132,302) (1,957) (0.00)

23/04/2021 CHF 19,301,269 USD (20,813,696) (293,812) (0.01)

23/04/2021 CHF 19,301,270 USD (20,813,383) (293,498) (0.01)

23/04/2021 CHF 11,674,539 USD (12,589,344) (177,715) (0.00)

23/04/2021 CHF 11,674,540 USD (12,589,155) (177,525) (0.00)

23/04/2021 CHF 1,656,264 USD (1,786,047) (25,212) (0.00)

23/04/2021 CHF 1,656,264 USD (1,786,020) (25,185) (0.00)

23/04/2021 CHF 749,750 USD (808,499) (11,413) (0.00)

23/04/2021 CHF 749,750 USD (808,487) (11,401) (0.00)

23/04/2021 CHF 265,500 USD (286,304) (4,042) (0.00)

23/04/2021 CHF 265,500 USD (286,300) (4,037) (0.00)

23/04/2021 CHF 138,507 USD (149,357) (2,105) (0.00)

23/04/2021 CHF 32,708 USD (35,270) (497) (0.00)

23/04/2021 CHF 41,000 USD (43,985) (396) (0.00)

23/04/2021 CHF 28,830 USD (31,026) (376) (0.00)

23/04/2021 CHF 22,646 USD (24,420) (344) (0.00)

23/04/2021 CHF 14,887 USD (16,021) (194) (0.00)

23/04/2021 CHF 10,571 USD (11,399) (160) (0.00)

23/04/2021 CHF 12,027 USD (12,943) (157) (0.00)

23/04/2021 CHF 40,404 USD (43,043) (88) (0.00)

23/04/2021 CHF 11,910 USD (12,743) (81) (0.00)

23/04/2021 CHF 22,410 USD (23,873) (49) (0.00)

23/04/2021 CHF 9,901 USD (10,541) (15) (0.00)

23/04/2021 CHF 5,590 USD (5,951) (8) (0.00)

23/04/2021 CHF 19 USD (20) (0) (0.00)

23/04/2021 CHF 30 USD (32) (0) (0.00)

31 PRINCIPAL GLOBAL INVESTORS FUNDS PORTFOLIO OF INVESTMENTS AS AT 31 MARCH 2021 (continued)

PREFERRED SECURITIES FUND (continued)

Open Forward Foreign Currency Exchange Contracts (0.30%) (30 September 2020: (0.20%)) (continued) Settlement Buy Amount Sell Amount Unrealised % Net Date Bought Sold Gain/Loss Assets 23/04/2021 CHF 27 USD (29) (0) (0.00)

23/04/2021 CHF 42 USD (45) (0) (0.00)

23/04/2021 CHF 2 USD (2) (0) (0.00)

23/04/2021 CHF 9 USD (10) (0) (0.00)

23/04/2021 EUR 149,347,431 USD (178,117,870) (2,512,578) (0.05)

23/04/2021 EUR 149,347,439 USD (178,099,062) (2,493,760) (0.05)

23/04/2021 EUR 149,347,431 USD (178,096,513) (2,491,221) (0.05)

23/04/2021 EUR 21,639,774 USD (25,808,481) (364,061) (0.01)

23/04/2021 EUR 21,639,775 USD (25,805,756) (361,335) (0.01)

23/04/2021 EUR 21,639,773 USD (25,805,387) (360,967) (0.01)

23/04/2021 EUR 18,619,513 USD (22,206,394) (313,249) (0.01)

23/04/2021 EUR 18,619,514 USD (22,204,049) (310,903) (0.01)

23/04/2021 EUR 18,619,513 USD (22,203,731) (310,587) (0.01)

23/04/2021 EUR 10,393,115 USD (12,395,256) (174,851) (0.00)

23/04/2021 EUR 10,393,116 USD (12,393,947) (173,541) (0.00)

23/04/2021 EUR 10,393,115 USD (12,393,769) (173,365) (0.00)

23/04/2021 EUR 4,272,621 USD (5,101,667) (77,846) (0.00)

23/04/2021 EUR 1,559,194 USD (1,856,080) (22,753) (0.00)

23/04/2021 EUR 1,060,795 USD (1,265,148) (17,847) (0.00)

23/04/2021 EUR 1,060,796 USD (1,265,015) (17,713) (0.00)

23/04/2021 EUR 1,060,795 USD (1,264,997) (17,695) (0.00)

23/04/2021 EUR 898,580 USD (1,071,683) (15,117) (0.00)

23/04/2021 EUR 898,580 USD (1,071,570) (15,004) (0.00)

23/04/2021 EUR 898,580 USD (1,071,555) (14,989) (0.00)

23/04/2021 EUR 477,930 USD (565,776) (3,817) (0.00)

23/04/2021 EUR 178,931 USD (213,398) (3,007) (0.00)

23/04/2021 EUR 126,823 USD (151,343) (2,222) (0.00)

23/04/2021 EUR 115,408 USD (137,105) (1,406) (0.00)

23/04/2021 EUR 46,580 USD (55,618) (849) (0.00)

23/04/2021 EUR 101,926 USD (120,306) (460) (0.00)

23/04/2021 EUR 93,923 USD (110,659) (223) (0.00)

23/04/2021 EUR 84,823 USD (99,937) (201) (0.00)

23/04/2021 EUR 15,594 USD (18,526) (190) (0.00)

23/04/2021 EUR 64,620 USD (76,135) (153) (0.00)

23/04/2021 EUR 24,940 USD (29,437) (113) (0.00)

23/04/2021 EUR 19,154 USD (22,608) (86) (0.00)

23/04/2021 EUR 35,022 USD (41,219) (40) (0.00)

23/04/2021 EUR 1,526 USD (1,818) (24) (0.00)

23/04/2021 EUR 837 USD (997) (13) (0.00)

23/04/2021 EUR 497 USD (594) (9) (0.00)

23/04/2021 EUR 949 USD (1,119) (3) (0.00)

23/04/2021 EUR 140 USD (166) (2) (0.00)

23/04/2021 EUR 127 USD (150) (1) (0.00)

23/04/2021 EUR 542 USD (638) (1) (0.00)

23/04/2021 EUR 38 USD (45) (1) (0.00)

23/04/2021 EUR 11 USD (13) 0 0.00

23/04/2021 EUR 58 USD (69) (0) (0.00)

23/04/2021 EUR 36 USD (43) (0) (0.00)

23/04/2021 EUR 23 USD (28) (0) (0.00)

23/04/2021 EUR 6 USD (7) (0) (0.00)

23/04/2021 EUR 54 USD (64) 0 0.00

23/04/2021 EUR 169 USD (198) 0 0.00

23/04/2021 EUR 17 USD (20) (0) (0.00)

23/04/2021 EUR 45,262 USD (53,108) 112 0.00

23/04/2021 GBP 27,223,484 USD (37,751,486) (188,577) (0.00)

23/04/2021 GBP 27,223,484 USD (37,746,639) (183,731) (0.00)

23/04/2021 GBP 27,223,484 USD (37,746,585) (183,677) (0.00)

23/04/2021 GBP 9,564,866 USD (13,263,838) (66,256) (0.00)

23/04/2021 GBP 9,564,865 USD (13,262,136) (64,553) (0.00)

23/04/2021 GBP 9,564,866 USD (13,262,117) (64,534) (0.00)

23/04/2021 GBP 1,504,563 USD (2,086,140) (10,147) (0.00)

23/04/2021 GBP 248,263 USD (344,227) (1,674) (0.00)

23/04/2021 GBP 70,757 USD (98,120) (490) (0.00)

23/04/2021 GBP 70,757 USD (98,108) (478) (0.00)

23/04/2021 GBP 70,757 USD (98,108) (477) (0.00)

23/04/2021 GBP 65,554 USD (90,833) (381) (0.00)

23/04/2021 GBP 41,354 USD (57,346) (287) (0.00)

23/04/2021 GBP 41,354 USD (57,339) (279) (0.00)

32 PRINCIPAL GLOBAL INVESTORS FUNDS PORTFOLIO OF INVESTMENTS AS AT 31 MARCH 2021 (continued)

PREFERRED SECURITIES FUND (continued)

23/04/2021 GBP 18,823 USD (26,238) (265) (0.00)

23/04/2021 GBP 1,566 USD (2,172) (12) (0.00)

23/04/2021 GBP 103 USD (143) 0 0.00

23/04/2021 GBP 25 USD (34) 0 0.00

23/04/2021 GBP 206 USD (284) 1 0.00

23/04/2021 GBP 308 USD (423) 3 0.00

23/04/2021 GBP 43,977 USD (60,657) 22 0.00

23/04/2021 GBP 97,904 USD (135,050) 39 0.00

23/04/2021 GBP 15,614 USD (21,426) 117 0.00

23/04/2021 GBP 88,581 USD (121,996) 227 0.00

23/04/2021 GBP 280,500 USD (384,643) 2,391 0.00

23/04/2021 JPY 7,423,133,518 USD (68,050,012) (856,981) (0.02)

23/04/2021 JPY 7,423,133,519 USD (68,049,451) (856,420) (0.02)

23/04/2021 JPY 7,423,133,519 USD (68,047,829) (854,798) (0.02)

23/04/2021 JPY 2,131,529,907 USD (19,540,351) (246,080) (0.01)

23/04/2021 JPY 2,131,529,906 USD (19,540,190) (245,918) (0.00)

23/04/2021 JPY 2,131,529,907 USD (19,539,724) (245,453) (0.00)

23/04/2021 JPY 39,767,042 USD (364,556) (4,591) (0.00)

23/04/2021 JPY 39,767,042 USD (364,553) (4,588) (0.00)

23/04/2021 JPY 39,767,042 USD (364,544) (4,579) (0.00)

23/04/2021 JPY 1,713 USD (16) (0) (0.00)

23/04/2021 SGD 4,884 USD (3,645) (10) (0.00)

23/04/2021 SGD 4,978 USD (3,706) (1) (0.00)

23/04/2021 SGD 12 USD (9) 0 0.00

23/04/2021 SGD 109 USD (81) 0 0.00

23/04/2021 SGD 1,283,826 USD (953,508) 1,905 0.00

23/04/2021 SGD 1,283,826 USD (953,485) 1,928 0.00

23/04/2021 SGD 2,630,043 USD (1,953,353) 3,903 0.00

23/04/2021 SGD 2,630,043 USD (1,953,306) 3,950 0.00

23/04/2021 SGD 4,597,269 USD (3,414,426) 6,823 0.00

23/04/2021 SGD 4,597,269 USD (3,414,345) 6,904 0.00

23/04/2021 SGD 15,156,296 USD (11,256,696) 22,494 0.00

23/04/2021 SGD 15,156,296 USD (11,256,428) 22,762 0.00

23/04/2021 USD 190,222 GBP (138,611) (1,032) (0.00)

23/04/2021 USD 90,320 GBP (65,866) (561) (0.00)

23/04/2021 USD 16,779 GBP (12,227) (91) (0.00)

23/04/2021 USD 119,819 GBP (86,869) (43) (0.00)

23/04/2021 USD 8,407 EUR (7,165) (18) (0.00)

23/04/2021 USD 99 GBP (72) (1) (0.00)

23/04/2021 USD 67 EUR (57) 0 0.00

23/04/2021 USD 13 EUR (11) 0 0.00

23/04/2021 USD 24 CHF (22) 0 0.00

23/04/2021 USD 586 GBP (425) (0) (0.00)

23/04/2021 USD 296 GBP (214) (0) (0.00)

23/04/2021 USD 31 EUR (26) 0 0.00

23/04/2021 USD 46 EUR (39) (0) (0.00)

23/04/2021 USD 1 EUR (1) 0 0.00

23/04/2021 USD 4 SGD (5) (0) (0.00)

23/04/2021 USD 28 SGD (38) 0 0.00

23/04/2021 USD 19 SGD (26) 0 0.00

23/04/2021 USD 6 SGD (8) (0) (0.00)

23/04/2021 USD 64 CHF (60) 0 0.00

23/04/2021 USD 20 EUR (16) 0 0.00

23/04/2021 USD 50 SGD (67) (0) (0.00)

23/04/2021 USD 13 GBP (9) 0 0.00

23/04/2021 USD 41 GBP (30) 0 0.00

23/04/2021 USD 3 GBP (2) 0 0.00

23/04/2021 USD 40 EUR (34) 0 0.00

23/04/2021 USD 21 CHF (19) 0 0.00

23/04/2021 USD 202 EUR (171) 1 0.00

23/04/2021 USD 27 CHF (25) 1 0.00

23/04/2021 USD 32 CHF (30) 1 0.00

23/04/2021 USD 37 CHF (34) 1 0.00

23/04/2021 USD 40 CHF (37) 1 0.00

23/04/2021 USD 39 CHF (36) 1 0.00

23/04/2021 USD 306 EUR (258) 2 0.00

23/04/2021 USD 264 EUR (222) 2 0.00

33 PRINCIPAL GLOBAL INVESTORS FUNDS PORTFOLIO OF INVESTMENTS AS AT 31 MARCH 2021 (continued)

PREFERRED SECURITIES FUND (continued)

23/04/2021 USD 543 GBP (390) 4 0.00

23/04/2021 USD 251 CHF (232) 4 0.00

23/04/2021 USD 1,270 GBP (915) 7 0.00

23/04/2021 USD 786 EUR (663) 7 0.00

23/04/2021 USD 8,219 EUR (6,983) 8 0.00

23/04/2021 USD 3,174 GBP (2,283) 23 0.00

23/04/2021 USD 10,602 GBP (7,646) 53 0.00

23/04/2021 USD 8,206 GBP (5,906) 58 0.00

23/04/2021 USD 12,223 EUR (10,325) 82 0.00

23/04/2021 USD 6,143 CHF (5,697) 86 0.00

23/04/2021 USD 9,171 EUR (7,704) 112 0.00

23/04/2021 USD 9,513 JPY (1,036,412) 132 0.00

23/04/2021 USD 25,511 CHF (23,780) 230 0.00

23/04/2021 USD 17,260 CHF (16,007) 243 0.00

23/04/2021 USD 22,597 EUR (18,925) 345 0.00

23/04/2021 USD 47,596 CHF (44,030) 786 0.00

23/04/2021 USD 64,842 EUR (54,407) 869 0.00

23/04/2021 USD 73,717 EUR (61,854) 988 0.00

23/04/2021 USD 110,819 EUR (93,282) 1,136 0.00

23/04/2021 USD 119,423 JPY (13,030,000) 1,478 0.00

23/04/2021 USD 315,222 EUR (264,306) 4,447 0.00

23/04/2021 USD 353,924 EUR (296,410) 5,401 0.00

23/04/2021 USD 934,639 EUR (783,215) 13,721 0.00

Unrealised Gain on Forward Foreign Currency Exchange Contracts 103,814 0.00

Unrealised Loss on Forward Foreign Currency Exchange Contracts (15,492,911) (0.30)

Net Unrealised Loss on Forward Foreign Currency Exchange Contracts (15,389,097) (0 .30)

Open Spot Currency Contracts (0.00%) (30 September 2020: 0.00%) Settlement Amount Amount Unrealised % Net Date Buy Bought Sell Sold Gain/Loss Assets

01/04/2021 EUR 6,983 USD (8,215) (8) (0.00) 01/04/2021 EUR 39 USD (46) 0 0.00 01/04/2021 GBP 72 USD (99) 0 0.00 01/04/2021 USD 121,983 GBP (88,581) (231) (0.00) 01/04/2021 USD 198 EUR (169) (1) (0.00) 01/04/2021 USD 81 SGD (109) (0) (0.00) 01/04/2021 USD 638 EUR (542) 1 0.00 01/04/2021 USD 41,200 EUR (35,022) 38 0.00 06/04/2021 EUR 7,165 USD (8,404) 17 0.00 06/04/2021 GBP 425 USD (586) (0) (0.00) 06/04/2021 GBP 65,866 USD (90,314) 561 0.00 06/04/2021 USD 384,617 GBP (280,500) (2,389) (0.00) 06/04/2021 USD 53,089 EUR (45,262) (108) (0.00) 06/04/2021 USD 64 EUR (54) (0) (0.00) 06/04/2021 USD 13 EUR (11) (0) (0.00) 07/04/2021 USD 254,548 HKD (1,980,000) (132) (0.00)

Unrealised Gain on Open Spot Currency Contracts 617 0.00 Unrealised Loss on Open Spot Currency Contracts (2,869) (0.00)

Net Unrealised Loss on Open Spot Currency Contracts (2,252) (0 .00)

Cash at Bank 229,244,662 4.50 Net Current Liabilities (48,927,681) (0.96)

Net Assets Attributable to Holders of Redeemable Participating Units at Market Prices 5,091,983,001 100.00

34 PRINCIPAL GLOBAL INVESTORS FUNDS PORTFOLIO OF INVESTMENTS AS AT 31 MARCH 2021 (continued)

PREFERRED SECURITIES FUND (continued)

% Total Analysis of Total Assets Assets Transferable Securities and Money Market Instruments admitted to an official stock exchange listing or traded on a regulated market 94.32 Financial Derivative instruments dealt in or on a regulated market 0.00 Other Assets 5.68 Total Assets 100.00

All securities are transferable securities admitted to an official stock exchange listing.

The counterparties for the forward foreign currency exchange contracts are Royal Bank of Canada, Standard Chartered, State Street Global Markets, The Australia and New Zealand Banking Group, The Bank of New York Mellon and UBS AG. The counterparties for the open spot currency contracts are Standard Charter ed, The Australia and New Zealand Banking Group and The Bank of New York Mellon.

The country disclosed in the above Portfolio of Investments is the country of risk of the security.

35 PRINCIPAL GLOBAL INVESTORS FUNDS PORTFOLIO OF INVESTMENTS AS AT 31 MARCH 2021 (continued)

GLOBAL HIGH YIELD FUND

Nominal Security Coupon Maturity Value % Net Rate Date USD Assets

TRANSFERABLE SECURITIES 89.95% (30 September 2020: 93.36%) AUSTRIA 0.35% (30 September 2020: 0.39%) Corporate Bond 680,000 ams AG 'REGS' 6.000% 31/07/2025 857,456 0.35 BRAZIL 1.49% (30 September 2020: 1.67%) Corporate Bond 3,446,000 Petrobras Global Finance BV 5.093% 15/01/2030 3,585,925 1.49 BURKINA FASO 0.33% (30 September 2020: 0.42%) Corporate Bond 775,000 IAMGOLD Corp '144A' 5.750% 15/10/2028 785,889 0.33 CANADA 3.28% (30 September 2020: 3.09%) Corporate Bond 325,000 1011778 BC ULC / New Red Finance Inc '144A' 4.000% 15/10/2030 314,031 0.13 225,000 1011778 BC ULC / New Red Finance Inc '144A' 5.750% 15/04/2025 239,416 0.10 345,000 Empire Communities Corp '144A' 7.000% 15/12/2025 364,406 0.15 814,000 Garda World Security Corp '144A' 9.500% 01/11/2027 902,368 0.37 1,130,000 Kronos Acquisition Holdings Inc / KIK Custom Products Inc '144A' 5.000% 31/12/2026 1,131,412 0.47 355,000 MEG Energy Corp '144A' 5.875% 01/02/2029 356,775 0.15 345,000 MEG Energy Corp '144A' 6.500% 15/01/2025 356,799 0.15 390,000 MEG Energy Corp '144A' 7.125% 01/02/2027 409,256 0.17 789,000 New Gold Inc '144A' 7.500% 15/07/2027 819,633 0.34 200,000 Norbord Inc '144A' 5.750% 15/07/2027 213,660 0.09 210,000 NOVA Chemicals Corp '144A' 5.250% 01/06/2027 220,630 0.09 415,000 Open Text Corp '144A' 3.875% 15/02/2028 417,789 0.17 560,000 Open Text Corp '144A' 5.875% 01/06/2026 580,440 0.24 725,000 Parkland Corp/Canada '144A' 5.875% 15/07/2027 774,391 0.32 792,000 Taseko Mines Ltd '144A' 7.000% 15/02/2026 807,246 0.34 CAYMAN ISLANDS 0.21% (30 September 2020: 0.13%) Corporate Bond 515,430 Global Aircraft Leasing Co Ltd '144A' 6.500% 15/09/2024 494,942 0.21 CHINA 0.29% (30 September 2020: 0.00%) Corporate Bond 700,000 Sunac China Holdings Ltd 5.950% 26/04/2024 708,546 0.29 DENMARK 0.91% (30 September 2020: 0.49%) Corporate Bond 670,000 DKT Finance ApS 'REGS' 7.000% 17/06/2023 807,556 0.34 565,000 DKT Finance ApS 'REGS' 9.375% 17/06/2023 583,673 0.24 740,000 Norican A/S 4.500% 15/05/2023 806,711 0.33 FRANCE 0.46% (30 September 2020: 0.70%) Corporate Bond 480,000 Altice France SA/France '144A' 8.125% 01/02/2027 526,678 0.22 230,000 Altice France SA/France 'REGS' 2.500% 15/01/2025 264,364 0.11 265,000 Altice France SA/France 'REGS' 3.375% 15/01/2028 304,689 0.13 GERMANY 4.16% (30 September 2020: 3.15%) Corporate Bond 1,005,000 Adler Pelzer Holding GmbH 'REGS' 4.125% 01/04/2024 1,155,322 0.48 910,000 CeramTec BondCo GmbH 'REGS' 5.250% 15/12/2025 1,085,837 0.45 542,000 Consus Real Estate AG 'REGS' 9.625% 15/05/2024 673,837 0.28 600,000 Deutsche Bank AG FRN (Perpetual) 6.000% 30/10/2025 610,500 0.25 400,000 IHO Verwaltungs GmbH 'REGS' 3.875% 15/05/2027 485,507 0.20 555,000 Mercer International Inc '144A' 5.125% 01/02/2029 575,674 0.24 500,000 Paragon GmbH & Co KGaA 4.000% 23/04/2024 409,075 0.17 185,000 Paragon GmbH & Co KGaA 4.500% 05/07/2022 176,826 0.07 500,000 Schaeffler AG 'EMTN' 3.375% 12/10/2028 643,243 0.27 795,000 Sudzucker International Finance BV FRN (Perpetual) 2.564% 30/06/2021 730,769 0.30 735,000 Techem Verwaltungsgesellschaft 675 mbH 'REGS' 2.000% 15/07/2025 854,530 0.36 1,460,000 Tele Columbus AG 'REGS' 3.875% 02/05/2025 1,751,589 0.73 330,000 Vertical Holdco GmbH 'REGS' 6.625% 15/07/2028 416,009 0.17 365,000 Vertical Midco GmbH 'REGS' 4.375% 15/07/2027 451,554 0.19 GREECE 1.69% (30 September 2020: 0.96%) Corporate Bond 1,430,000 Crystal Almond SARL 'REGS' 4.250% 15/10/2024 1,719,740 0.71 1,870,000 Intralot Capital Luxembourg SA 'REGS' 5.250% 15/09/2024 1,262,714 0.53

36 PRINCIPAL GLOBAL INVESTORS FUNDS PORTFOLIO OF INVESTMENTS AS AT 31 MARCH 2021 (continued)

GLOBAL HIGH YIELD FUND (continued)

Nominal Security Coupon Maturity Value % Net Rate Date USD Assets

GREECE 1.69% (30 September 2020: 0.96%) (continued) Corporate Bond (continued) Navios Maritime Holdings Inc / Navios Maritime Finance II US Inc 525,000 '144A' 11.250% 15/08/2022 495,469 0.21 Navios Maritime Holdings Inc / Navios Maritime Finance II US Inc 735,000 'REGS' 7.375% 15/01/2022 584,325 0.24 IRELAND 0.63% (30 September 2020: 0.57%) Corporate Bond 935,000 AerCap Holdings NV FRN 5.875% 10/10/2079 963,330 0.40 390,000 Virgin Media Vendor Financing Notes III DAC 'REGS' 4.875% 15/07/2028 556,580 0.23 ITALY 2.52% (30 September 2020: 2.93%) Corporate Bond 650,000 Limacorporate SpA 'REGS' FRN 3.750% 15/08/2023 764,481 0.32 525,000 Pro-Gest SpA 'REGS' 3.250% 15/12/2024 587,606 0.24 1,320,000 Rossini Sarl 'REGS' 6.750% 30/10/2025 1,645,739 0.68 665,000 Sofima Holding SPA 'REGS' 3.750% 15/01/2028 788,860 0.33 1,010,000 Telecom Italia SpA/Milano '144A' 5.303% 30/05/2024 1,095,446 0.46 930,000 Telecom Italia SpA/Milano 'EMTN' 4.000% 11/04/2024 1,181,099 0.49 JAPAN 0.43% (30 September 2020: 0.45%) Corporate Bond 825,000 SoftBank Group Corp 4.000% 19/09/2029 1,037,357 0.43 JERSEY 0.24% (30 September 2020: 0.08%) Corporate Bond 525,000 Aston Martin Capital Holdings Ltd '144A' 10.500% 30/11/2025 580,808 0.24 LUXEMBOURG 0.44% (30 September 2020: 1.24%) Corporate Bond 545,000 Altice Financing SA '144A' 5.000% 15/01/2028 539,618 0.22 440,000 Matterhorn Telecom SA 'REGS' 4.000% 15/11/2027 527,367 0.22 MEXICO 0.00% (30 September 2020: 0.25%) NETHERLANDS 2.62% (30 September 2020: 3.32%) Corporate Bond 505,000 Q-Park Holding I BV 'REGS' 2.000% 01/03/2027 568,551 0.24 480,000 Schoeller Packaging BV 'REGS' 6.375% 01/11/2024 588,845 0.24 420,993 Summer BidCo BV 'REGS' 9.000% 15/11/2025 508,381 0.21 985,000 United Group BV 'REGS' 3.125% 15/02/2026 1,123,995 0.47 1,290,000 UPC Holding BV '144A' 5.500% 15/01/2028 1,335,569 0.55 460,000 UPC Holding BV 'REGS' 3.875% 15/06/2029 539,638 0.22 765,000 VZ Vendor Financing II BV 'REGS' 2.875% 15/01/2029 884,155 0.37 660,000 Ziggo Bond Co BV 'REGS' 3.375% 28/02/2030 766,515 0.32 PERU 0.22% (30 September 2020: 0.58%) Corporate Bond 240,000 Hudbay Minerals Inc '144A' 4.500% 01/04/2026 249,734 0.10 265,000 Hudbay Minerals Inc '144A' 6.125% 01/04/2029 283,550 0.12 POLAND 0.47% (30 September 2020: 0.00%) Corporate Bond 950,000 CANPACK SA / Eastern PA Land Investment Holding LLC 'REGS' 2.375% 01/11/2027 1,134,999 0.47 PUERTO RICO 0.24% (30 September 2020: 0.32%) Corporate Bond 535,000 Popular Inc 6.125% 14/09/2023 579,750 0.24 SWEDEN 0.48% (30 September 2020: 0.74%) Corporate Bond 520,000 Verisure Holding AB 'REGS' 3.875% 15/07/2026 631,409 0.26 430,000 Verisure Midholding AB 'REGS' 5.250% 15/02/2029 525,441 0.22 SWITZERLAND 1.02% (30 September 2020: 0.95%) Corporate Bond 520,000 Aryzta AG (Perpetual) 5.281% 25/07/2021 596,260 0.25 500,000 Aryzta Euro Finance DAC (Perpetual) 6.820% 28/03/2022 678,009 0.28 1,155,000 Consolidated Energy Finance SA 'REGS' 6.875% 15/06/2025 1,178,822 0.49 UNITED ARAB EMIRATES 0.12% (30 September 2020: 0.80%) Corporate Bond 290,000 Shelf Drilling Holdings Ltd '144A' 8.875% 15/11/2024 290,725 0.12

37 PRINCIPAL GLOBAL INVESTORS FUNDS PORTFOLIO OF INVESTMENTS AS AT 31 MARCH 2021 (continued)

GLOBAL HIGH YIELD FUND (continued)

Nominal Security Coupon Maturity Value % Net Rate Date USD Assets

UNITED KINGDOM 3.00% (30 September 2020: 3.37%) Corporate Bond 1,355,000 Barclays Plc FRN (Perpetual) 7.750% 15/09/2023 1,481,963 0.61 450,000 CPUK Finance Ltd 'REGS' 4.875% 28/08/2025 628,626 0.26 830,000 Motion Finco Sarl 'REGS' 7.000% 15/05/2025 1,031,601 0.43 451,000 Playtech Plc 4.250% 07/03/2026 547,911 0.23 955,000 Virgin Media Finance Plc 'REGS' 3.750% 15/07/2030 1,127,229 0.47 1,385,000 Vodafone Group Plc FRN 3.000% 27/08/2080 1,683,488 0.70 530,000 Voyage Care BondCo Plc 'REGS' 5.875% 01/05/2023 734,829 0.30 UNITED STATES 63.92% (30 September 2020: 66.30%) Common Stock 11,495 EP Energy Corp 862,125 0.36 9,649 Oasis Petroleum Inc 573,054 0.24 8,746 Unit Corp 106,876 0.04 Corporate Bond 236,000 Abercrombie & Fitch Management Co '144A' 8.750% 15/07/2025 261,223 0.11 675,000 Academy Ltd '144A' 6.000% 15/11/2027 712,125 0.30 1,225,000 ACCO Brands Corp '144A' 4.250% 15/03/2029 1,193,977 0.50 1,155,000 Acrisure LLC / Acrisure Finance Inc '144A' 4.250% 15/02/2029 1,137,328 0.47 535,000 Advanced Drainage Systems Inc '144A' 5.000% 30/09/2027 562,355 0.23 1,135,000 Aethon United BR LP / Aethon United Finance Corp '144A' 8.250% 15/02/2026 1,176,853 0.49 1,040,000 Ahern Rentals Inc '144A' 7.375% 15/05/2023 939,250 0.39 485,000 AHP Health Partners Inc '144A' 9.750% 15/07/2026 527,345 0.22 Albertsons Cos Inc / Safeway Inc / New Albertsons LP / Albertsons 46,000 LLC 5.750% 15/03/2025 47,672 0.02 Albertsons Cos Inc / Safeway Inc / New Albertsons LP / Albertsons 1,765,000 LLC '144A' 4.625% 15/01/2027 1,831,187 0.76 Albertsons Cos Inc / Safeway Inc / New Albertsons LP / Albertsons 170,000 LLC '144A' 5.875% 15/02/2028 181,048 0.08 430,000 AMC Networks Inc 4.750% 01/08/2025 441,752 0.18 233,000 AMC Networks Inc 5.000% 01/04/2024 236,204 0.10 513,000 American Airlines Inc/AAdvantage Loyalty IP Ltd '144A' 5.750% 20/04/2029 547,397 0.23 175,000 American Axle & Manufacturing Inc 6.250% 01/04/2025 180,469 0.07 230,000 American Axle & Manufacturing Inc 6.250% 15/03/2026 235,865 0.10 310,000 American Axle & Manufacturing Inc 6.875% 01/07/2028 325,593 0.14 825,000 American Builders & Contractors Supply Co Inc '144A' 4.000% 15/01/2028 826,394 0.34 660,000 American Builders & Contractors Supply Co Inc '144A' 5.875% 15/05/2026 682,807 0.28 900,000 Antero Midstream Partners LP / Antero Midstream Finance Corp 5.375% 15/09/2024 911,723 0.38 Antero Midstream Partners LP / Antero Midstream Finance Corp 130,000 '144A' 5.750% 01/03/2027 130,272 0.05 251,000 Antero Resources Corp 5.000% 01/03/2025 251,570 0.11 545,000 Antero Resources Corp '144A' 7.625% 01/02/2029 581,447 0.24 790,000 Ardagh Packaging Finance Plc / Ardagh Holdings USA Inc 'REGS' 2.125% 15/08/2026 927,008 0.38 385,000 Ardagh Packaging Finance Plc / Ardagh Holdings USA Inc 'REGS' 4.750% 15/07/2027 544,398 0.23 1,205,000 Ascent Resources Utica Holdings LLC / ARU Finance Corp '144A' 7.000% 01/11/2026 1,206,506 0.50 455,000 Avantor Funding Inc '144A' 4.625% 15/07/2028 475,753 0.20 216,000 Avient Corp '144A' 5.750% 15/05/2025 229,770 0.10 490,000 Bausch Health Cos Inc '144A' 5.000% 30/01/2028 500,020 0.21 370,000 BCPE Ulysses Intermediate Inc '144A' 7.750% 01/04/2027 384,569 0.16 430,000 Berry Global Inc '144A' 5.625% 15/07/2027 454,994 0.19 1,055,000 Boyne USA Inc '144A' 7.250% 01/05/2025 1,099,969 0.46 1,180,000 Buckeye Partners LP 3.950% 01/12/2026 1,169,333 0.49 515,000 Buckeye Partners LP 4.125% 01/12/2027 510,172 0.21 330,000 Builders FirstSource Inc '144A' 5.000% 01/03/2030 346,434 0.14 487,000 Builders FirstSource Inc '144A' 6.750% 01/06/2027 522,916 0.22 605,000 BWX Technologies Inc '144A' 5.375% 15/07/2026 624,965 0.26 560,000 Caesars Entertainment Inc '144A' 6.250% 01/07/2025 596,431 0.25 1,030,000 Caesars Entertainment Inc '144A' 8.125% 01/07/2027 1,137,640 0.47 945,000 Caesars Resort Collection LLC / CRC Finco Inc 'REGS' 5.250% 15/10/2025 954,431 0.40 960,000 Catalent Pharma Solutions Inc 'REGS' 2.375% 01/03/2028 1,127,009 0.47 510,000 CCM Merger Inc '144A' 6.375% 01/05/2026 542,829 0.22 560,000 CCO Holdings LLC / CCO Holdings Capital Corp '144A' 4.250% 01/02/2031 561,943 0.23 1,130,000 CCO Holdings LLC / CCO Holdings Capital Corp '144A' 4.500% 15/08/2030 1,153,114 0.48 1,455,000 Centene Corp 3.000% 15/10/2030 1,454,403 0.60 980,000 Centene Corp 3.375% 15/02/2030 990,716 0.41 575,000 Centene Corp 4.250% 15/12/2027 605,303 0.25 750,000 Century Communities Inc 5.875% 15/07/2025 778,984 0.32 535,000 CF Industries Inc 5.150% 15/03/2034 612,730 0.26 185,000 CF Industries Inc 5.375% 15/03/2044 219,803 0.09 545,000 Chobani LLC / Chobani Finance Corp Inc '144A' 4.625% 15/11/2028 557,263 0.23 268,000 Chobani LLC / Chobani Finance Corp Inc '144A' 7.500% 15/04/2025 279,391 0.12

38 PRINCIPAL GLOBAL INVESTORS FUNDS PORTFOLIO OF INVESTMENTS AS AT 31 MARCH 2021 (continued)

GLOBAL HIGH YIELD FUND (continued)

Nominal Security Coupon Maturity Value % Net Rate Date USD Assets

UNITED STATES 63.92% (30 September 2020: 66.30%) (continued) Corporate Bond (continued) 180,000 CHS/Community Health Systems Inc '144A' 5.625% 15/03/2027 189,549 0.08 350,000 CHS/Community Health Systems Inc '144A' 8.000% 15/03/2026 378,805 0.16 890,000 CHS/Community Health Systems Inc '144A' 8.000% 15/12/2027 977,251 0.41 550,000 CIT Group Inc FRN (Perpetual) 5.800% 15/06/2022 569,250 0.24 560,000 Citigroup Inc FRN (Perpetual) 4.700% 30/01/2025 564,970 0.23 70,000 Clearwater Paper Corp '144A' 4.750% 15/08/2028 70,656 0.03 255,000 Clearway Energy Operating LLC '144A' 4.750% 15/03/2028 265,539 0.11 965,000 Cleveland-Cliffs Inc '144A' 4.625% 01/03/2029 964,566 0.40 445,000 Cleveland-Cliffs Inc '144A' 4.875% 01/03/2031 437,902 0.18 225,000 CommScope Inc '144A' 7.125% 01/07/2028 239,265 0.10 710,000 CommScope Inc '144A' 8.250% 01/03/2027 760,591 0.31 425,000 Compass Group Diversified Holdings LLC '144A' 5.250% 15/04/2029 445,719 0.18 565,000 Comstock Resources Inc '144A' 6.750% 01/03/2029 580,184 0.24 550,000 Constellium SE 'REGS' 4.250% 15/02/2026 660,133 0.27 555,000 Continental Resources Inc/OK '144A' 5.750% 15/01/2031 627,905 0.26 410,000 Credit Acceptance Corp 6.625% 15/03/2026 432,550 0.18 550,000 Credit Acceptance Corp '144A' 5.125% 31/12/2024 562,320 0.23 Crestwood Midstream Partners LP / Crestwood Midstream Finance 585,000 Corp '144A' 5.625% 01/05/2027 575,859 0.24 445,000 Crown European Holdings SA 'REGS' 3.375% 15/05/2025 563,244 0.23 525,000 CrownRock LP / CrownRock Finance Inc 'REGS' 5.625% 15/10/2025 536,600 0.22 695,000 CSC Holdings LLC '144A' 6.500% 01/02/2029 769,278 0.32 920,000 CSC Holdings LLC '144A' 7.500% 01/04/2028 1,015,850 0.42 175,000 Cushman & Wakefield US Borrower LLC '144A' 6.750% 15/05/2028 189,766 0.08 695,000 Dana Inc 5.375% 15/11/2027 731,053 0.30 227,000 Dana Inc 5.625% 15/06/2028 243,261 0.10 510,000 Dave & Buster's Inc '144A' 7.625% 01/11/2025 546,019 0.23 635,000 DaVita Inc '144A' 4.625% 01/06/2030 646,684 0.27 420,000 Dell International LLC / EMC Corp '144A' 4.900% 01/10/2026 476,494 0.20 340,000 Dell International LLC / EMC Corp '144A' 7.125% 15/06/2024 350,328 0.14 184,000 Delta Air Lines Inc / SkyMiles IP Ltd '144A' 4.750% 20/10/2028 200,146 0.08 905,000 DISH DBS Corp 5.875% 15/11/2024 948,454 0.39 665,000 DISH DBS Corp 7.375% 01/07/2028 698,449 0.29 90,000 DISH DBS Corp 7.750% 01/07/2026 99,249 0.04 272,000 Element Solutions Inc '144A' 3.875% 01/09/2028 269,137 0.11 336,048 Elwood Energy LLC 8.159% 05/07/2026 363,772 0.15 1,160,000 Embarq Corp 7.995% 01/06/2036 1,336,935 0.56 425,000 Endeavor Energy Resources LP / EER Finance Inc '144A' 5.500% 30/01/2026 442,128 0.18 260,000 Endeavor Energy Resources LP / EER Finance Inc '144A' 6.625% 15/07/2025 278,278 0.12 650,000 Endo Luxembourg Finance Co I Sarl / Endo US Inc '144A' 6.125% 01/04/2029 657,456 0.27 880,000 Energizer Gamma Acquisition BV 'REGS' 4.625% 15/07/2026 1,065,761 0.44 970,000 EnLink Midstream LLC '144A' 5.625% 15/01/2028 939,789 0.39 500,000 EQM Midstream Partners LP '144A' 6.000% 01/07/2025 538,750 0.22 510,000 EQM Midstream Partners LP '144A' 6.500% 01/07/2027 555,219 0.23 185,000 Flex Acquisition Co Inc '144A' 6.875% 15/01/2025 188,274 0.08 515,000 Flex Acquisition Co Inc '144A' 7.875% 15/07/2026 541,394 0.22 1,170,000 Ford Motor Co 8.500% 21/04/2023 1,306,012 0.54 1,150,000 Ford Motor Co 9.000% 22/04/2025 1,394,260 0.58 200,000 Ford Motor Co 9.625% 22/04/2030 279,429 0.12 1,499,000 Ford Motor Credit Co LLC 4.140% 15/02/2023 1,552,814 0.64 475,000 Ford Motor Credit Co LLC 4.542% 01/08/2026 503,239 0.21 440,000 Ford Motor Credit Co LLC 5.125% 16/06/2025 475,301 0.20 425,000 Forestar Group Inc '144A' 5.000% 01/03/2028 442,066 0.19 1,085,000 Forestar Group Inc '144A' 8.000% 15/04/2024 1,136,423 0.47 600,000 Freeport-McMoRan Inc 4.250% 01/03/2030 639,564 0.27 75,000 Freeport-McMoRan Inc 4.625% 01/08/2030 81,750 0.03 1,100,000 Fresh Market Inc/The '144A' 9.750% 01/05/2023 1,133,688 0.47 515,000 Gray Television Inc '144A' 4.750% 15/10/2030 511,459 0.21 645,000 Griffon Corp 5.750% 01/03/2028 688,215 0.29 540,000 H&E Equipment Services Inc '144A' 3.875% 15/12/2028 525,825 0.22 405,000 Harvest Midstream I LP '144A' 7.500% 01/09/2028 436,266 0.18 390,000 HAT Holdings I LLC / HAT Holdings II LLC '144A' 3.750% 15/09/2030 376,838 0.16 485,000 HAT Holdings I LLC / HAT Holdings II LLC '144A' 6.000% 15/04/2025 512,281 0.21 Hawaiian Brand Intellectual Property Ltd / HawaiianMiles Loyalty Ltd 366,000 '144A' 5.750% 20/01/2026 389,442 0.16 1,030,000 HCA Inc 3.500% 01/09/2030 1,043,082 0.43 995,000 HCA Inc 5.375% 01/09/2026 1,123,728 0.47 400,000 Hilcorp Energy I LP / Hilcorp Finance Co '144A' 5.750% 01/02/2029 404,250 0.17 345,000 Hilcorp Energy I LP / Hilcorp Finance Co '144A' 6.000% 01/02/2031 350,822 0.15

39 PRINCIPAL GLOBAL INVESTORS FUNDS PORTFOLIO OF INVESTMENTS AS AT 31 MARCH 2021 (continued)

GLOBAL HIGH YIELD FUND (continued)

Nominal Security Coupon Maturity Value % Net Rate Date USD Assets

UNITED STATES 63.92% (30 September 2020: 66.30%) (continued) Corporate Bond (continued) 845,000 Hologic Inc '144A' 3.250% 15/02/2029 836,022 0.35 635,000 International Game Technology Plc 'REGS' 3.500% 15/07/2024 772,296 0.32 250,000 International Game Technology Plc 'REGS' 3.500% 15/06/2026 300,497 0.13 590,000 IRB Holding Corp '144A' 6.750% 15/02/2026 611,387 0.25 590,000 IRB Holding Corp '144A' 7.000% 15/06/2025 636,153 0.26 199,000 Joseph T Ryerson & Son Inc '144A' 8.500% 01/08/2028 223,253 0.09 880,000 JPMorgan Chase & Co FRN (Perpetual) 4.600% 01/02/2025 891,308 0.37 490,000 KB Home 7.625% 15/05/2023 532,263 0.22 390,000 Kraft Heinz Foods Co 3.750% 01/04/2030 414,423 0.17 610,000 Kraft Heinz Foods Co 4.250% 01/03/2031 672,591 0.28 630,000 Kraft Heinz Foods Co 4.375% 01/06/2046 658,341 0.27 1,325,000 L Brands Inc '144A' 6.625% 01/10/2030 1,503,875 0.62 220,000 L Brands Inc '144A' 6.875% 01/07/2025 244,601 0.10 555,000 LCPR Senior Secured Financing DAC '144A' 5.125% 15/07/2029 566,167 0.24 735,000 LCPR Senior Secured Financing DAC '144A' 6.750% 15/10/2027 784,539 0.33 580,000 LD Holdings Group LLC '144A' 6.125% 01/04/2028 591,252 0.24 35,000 Legacy LifePoint Health LLC '144A' 6.750% 15/04/2025 37,275 0.01 1,380,000 Level 3 Financing Inc '144A' 3.625% 15/01/2029 1,339,462 0.55 985,000 LGI Homes Inc '144A' 6.875% 15/07/2026 1,030,556 0.43 497,000 Life Time Inc '144A' 5.750% 15/01/2026 511,935 0.21 295,000 LifePoint Health Inc '144A' 5.375% 15/01/2029 290,944 0.12 1,075,000 Lions Gate Capital Holdings LLC '144A' 5.500% 15/04/2029 1,077,806 0.45 140,000 Lions Gate Capital Holdings LLC '144A' 5.875% 01/11/2024 144,113 0.06 910,000 Lions Gate Capital Holdings LLC '144A' 6.375% 01/02/2024 939,011 0.39 935,000 LPL Holdings Inc '144A' 4.000% 15/03/2029 943,181 0.39 650,000 LSF9 Atlantis Holdings LLC / Victra Finance Corp '144A' 7.750% 15/02/2026 666,789 0.28 210,000 Lumen Technologies Inc '144A' 4.000% 15/02/2027 214,788 0.09 215,000 Lumen Technologies Inc '144A' 4.500% 15/01/2029 210,093 0.09 645,000 MasTec Inc '144A' 4.500% 15/08/2028 669,994 0.28 1,870,000 Mauser Packaging Solutions Holding Co 'REGS' 4.750% 15/04/2024 2,216,943 0.92 320,000 Maxim Crane Works Holdings Capital LLC '144A' 10.125% 01/08/2024 335,634 0.14 605,000 Maxim Crane Works Holdings Capital LLC 'REGS' 10.125% 01/08/2024 634,557 0.26 605,000 Meredith Corp 6.875% 01/02/2026 621,259 0.26 640,000 Mueller Water Products Inc '144A' 5.500% 15/06/2026 663,686 0.28 260,000 Nationstar Mortgage Holdings Inc '144A' 5.500% 15/08/2028 261,540 0.11 985,000 Navient Corp 6.750% 25/06/2025 1,071,188 0.44 Navios Maritime Acquisition Corp / Navios Acquisition Finance US Inc 1,310,000 'REGS' 8.125% 15/11/2021 991,506 0.41 445,000 Navistar International Corp '144A' 9.500% 01/05/2025 489,778 0.20 1,057,000 Navistar International Corp 'REGS' 6.625% 01/11/2025 1,097,991 0.46 365,000 NCL Corp Ltd '144A' 3.625% 15/12/2024 345,153 0.14 467,000 NCL Corp Ltd '144A' 12.250% 15/05/2024 565,887 0.24 800,000 NCR Corp '144A' 5.125% 15/04/2029 810,564 0.34 860,000 Netflix Inc 4.375% 15/11/2026 961,910 0.40 85,000 Netflix Inc '144A' 5.375% 15/11/2029 100,623 0.04 260,000 Netflix Inc 'REGS' 3.625% 15/06/2030 358,369 0.15 515,000 NextEra Energy Operating Partners LP '144A' 4.250% 15/07/2024 542,681 0.22 1,065,000 Novelis Corp '144A' 4.750% 30/01/2030 1,099,064 0.46 385,000 NuStar Logistics LP 5.625% 28/04/2027 403,468 0.17 430,000 NuStar Logistics LP 6.000% 01/06/2026 464,314 0.19 130,000 Occidental Petroleum Corp 2.900% 15/08/2024 128,721 0.05 445,000 Occidental Petroleum Corp 3.400% 15/04/2026 428,446 0.18 585,000 Occidental Petroleum Corp 4.400% 15/04/2046 496,785 0.21 235,000 Occidental Petroleum Corp 5.875% 01/09/2025 250,921 0.10 355,000 Occidental Petroleum Corp 6.125% 01/01/2031 392,657 0.16 495,000 Occidental Petroleum Corp 6.625% 01/09/2030 557,023 0.23 125,000 OneMain Finance Corp 4.000% 15/09/2030 121,719 0.05 575,000 OneMain Finance Corp 6.625% 15/01/2028 652,625 0.27 1,095,000 OneMain Finance Corp 6.875% 15/03/2025 1,247,533 0.52 240,000 OneMain Finance Corp 8.875% 01/06/2025 266,316 0.11 335,000 Par Pharmaceutical Inc '144A' 7.500% 01/04/2027 356,611 0.15 Park Intermediate Holdings LLC / PK Domestic Property LLC / PK 330,000 Finance Co-Issuer '144A' 5.875% 01/10/2028 350,501 0.15 560,000 Park River Holdings Inc '144A' 5.625% 01/02/2029 543,550 0.22 570,000 Park-Ohio Industries Inc 6.625% 15/04/2027 577,125 0.24 663,000 Pattern Energy Operations LP / Pattern Energy Operations Inc '144A' 4.500% 15/08/2028 675,017 0.28 Peninsula Pacific Entertainment LLC / Peninsula Pacific Entertainment 365,000 Finance In '144A' 8.500% 15/11/2027 393,059 0.16 250,000 PetSmart Inc / PetSmart Finance Corp '144A' 4.750% 15/02/2028 256,515 0.11

40 PRINCIPAL GLOBAL INVESTORS FUNDS PORTFOLIO OF INVESTMENTS AS AT 31 MARCH 2021 (continued)

GLOBAL HIGH YIELD FUND (continued)

Nominal Security Coupon Maturity Value % Net Rate Date USD Assets

UNITED STATES 63.92% (30 September 2020: 66.30%) (continued) Corporate Bond (continued) 250,000 PetSmart Inc / PetSmart Finance Corp '144A' 7.750% 15/02/2029 271,962 0.11 411,000 Picasso Finance Sub Inc '144A' 6.125% 15/06/2025 437,283 0.18 540,000 Pilgrim's Pride Corp '144A' 4.250% 15/04/2031 538,639 0.22 1,090,000 Post Holdings Inc '144A' 4.500% 15/09/2031 1,079,373 0.45 1,105,000 Post Holdings Inc '144A' 4.625% 15/04/2030 1,108,481 0.46 174,000 Prime Security Services Borrower LLC / Prime Finance Inc '144A' 3.375% 31/08/2027 168,997 0.07 1,055,000 Prime Security Services Borrower LLC / Prime Finance Inc '144A' 6.250% 15/01/2028 1,099,732 0.46 495,000 Radiate Holdco LLC / Radiate Finance Inc '144A' 4.500% 15/09/2026 501,806 0.21 85,000 Rayonier AM Products Inc '144A' 7.625% 15/01/2026 90,419 0.04 825,000 Scientific Games International Inc '144A' 8.625% 01/07/2025 897,971 0.37 420,000 Scripps Escrow II Inc '144A' 5.375% 15/01/2031 418,814 0.18 770,000 SEG Holding LLC / SEG Finance Corp '144A' 5.625% 15/10/2028 807,538 0.33 200,000 Sensata Technologies BV '144A' 4.000% 15/04/2029 203,981 0.08 300,000 Sensata Technologies BV '144A' 5.000% 01/10/2025 332,062 0.14 340,000 Sensata Technologies Inc '144A' 3.750% 15/02/2031 335,645 0.14 270,000 Sensata Technologies Inc '144A' 4.375% 15/02/2030 283,712 0.12 315,000 Signature Aviation US Holdings Inc '144A' 4.000% 01/03/2028 320,862 0.13 680,000 Signature Aviation US Holdings Inc '144A' 5.375% 01/05/2026 695,300 0.29 1,850,000 Silgan Holdings Inc 2.250% 01/06/2028 2,184,601 0.91 1,100,000 Southwestern Energy Co 7.750% 01/10/2027 1,177,687 0.49 620,000 Sprint Corp 7.125% 15/06/2024 714,556 0.30 895,000 Sprint Corp 7.875% 15/09/2023 1,023,656 0.42 770,000 SRM Escrow Issuer LLC '144A' 6.000% 01/11/2028 808,404 0.34 894,000 SSL Robotics LLC '144A' 9.750% 31/12/2023 1,006,979 0.42 665,000 Standard Industries Inc/NJ '144A' 3.375% 15/01/2031 630,919 0.26 1,110,000 Stellantis NV 4.500% 07/07/2028 1,625,264 0.67 540,000 Summit Materials LLC / Summit Materials Finance Corp '144A' 5.250% 15/01/2029 565,509 0.23 585,000 Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp '144A' 6.000% 31/12/2030 579,150 0.24 Targa Resources Partners LP / Targa Resources Partners Finance 582,000 Corp 6.500% 15/07/2027 633,903 0.26 Targa Resources Partners LP / Targa Resources Partners Finance 297,000 Corp 6.875% 15/01/2029 327,762 0.14 Taylor Morrison Communities Inc / Taylor Morrison Holdings II Inc 565,000 '144A' 5.625% 01/03/2024 607,375 0.25 410,000 Taylor Morrison Communities Inc '144A' 5.750% 15/01/2028 452,917 0.19 370,000 Tenet Healthcare Corp 4.625% 15/07/2024 376,568 0.16 585,000 Tenet Healthcare Corp '144A' 5.125% 01/11/2027 613,197 0.25 430,000 Tenet Healthcare Corp '144A' 6.125% 01/10/2028 448,383 0.19 55,000 Tenneco Inc 5.000% 15/07/2026 51,941 0.02 300,000 Tenneco Inc '144A' 5.125% 15/04/2029 296,160 0.12 528,200 Tenneco Inc '144A' 7.875% 15/01/2029 594,909 0.25 740,000 Tms International Holding Corp 'REGS' 7.250% 15/08/2025 756,650 0.31 320,000 TopBuild Corp '144A' 3.625% 15/03/2029 316,800 0.13 1,480,000 TransDigm Inc '144A' 6.250% 15/03/2026 1,570,510 0.65 160,000 TransDigm Inc '144A' 8.000% 15/12/2025 174,400 0.07 113,000 Transocean Inc '144A' 11.500% 30/01/2027 97,092 0.04 705,000 Triumph Group Inc 7.750% 15/08/2025 710,288 0.29 205,000 Triumph Group Inc '144A' 8.875% 01/06/2024 231,050 0.10 410,000 Tronox Inc '144A' 4.625% 15/03/2029 411,025 0.17 349,236 United Airlines 2016-1 Class B Pass Through Trust 3.650% 07/01/2026 345,593 0.15 410,000 United States Steel Corp 6.875% 01/03/2029 420,763 0.17 188,000 VICI Properties LP / VICI Note Co Inc '144A' 4.125% 15/08/2030 189,871 0.08 310,000 VICI Properties LP / VICI Note Co Inc '144A' 4.625% 01/12/2029 322,105 0.13 165,000 Viking Cruises Ltd '144A' 13.000% 15/05/2025 194,288 0.08 370,000 Vistra Operations Co LLC '144A' 5.500% 01/09/2026 383,875 0.16 555,000 VOC Escrow Ltd '144A' 5.000% 15/02/2028 549,553 0.23 1,025,000 Voya Financial Inc FRN 5.650% 15/05/2053 1,098,152 0.46 470,000 Watco Cos LLC / Watco Finance Corp '144A' 6.500% 15/06/2027 496,261 0.21 440,000 Weekley Homes LLC / Weekley Finance Corp '144A' 4.875% 15/09/2028 452,100 0.19 80,000 WESCO Distribution Inc '144A' 7.125% 15/06/2025 87,586 0.03 405,000 WESCO Distribution Inc '144A' 7.250% 15/06/2028 453,764 0.19 100,000 Williams Scotsman International Inc '144A' 4.625% 15/08/2028 101,938 0.04 455,000 Windstream Escrow LLC / Windstream Escrow Finance Corp '144A' 7.750% 15/08/2028 463,247 0.19 855,000 WPX Energy Inc 4.500% 15/01/2030 921,938 0.38 193,000 WPX Energy Inc 5.875% 15/06/2028 212,970 0.09 995,000 Wynn Resorts Finance LLC / Wynn Resorts Capital Corp '144A' 7.750% 15/04/2025 1,079,874 0.45 545,000 XPO Logistics Inc '144A' 6.250% 01/05/2025 584,540 0.24 1,240,000 Zayo Group Holdings Inc '144A' 4.000% 01/03/2027 1,221,778 0.51

41 PRINCIPAL GLOBAL INVESTORS FUNDS PORTFOLIO OF INVESTMENTS AS AT 31 MARCH 2021 (continued)

GLOBAL HIGH YIELD FUND (continued)

Nominal Security Coupon Maturity Value % Net Rate Date USD Assets

URUGUAY 0.15% (30 September 2020: 0.16%) Corporate Bond Navios South American Logistics Inc / Navios Logistics Finance US 325,000 Inc '144A' 10.750% 01/07/2025 359,125 0.15 ZAMBIA 0.28% (30 September 2020: 0.30%) Corporate Bond 645,000 First Quantum Minerals Ltd '144A' 7.500% 01/04/2025 666,769 0.28 Total Value of Transferable Securities at Market Prices 216,752,207 89.95 UNLISTED 1.26% (30 September 2020: 0.72%) LUXEMBOURG 0.06% (30 September 2020: 0.00%) Common Stock 8,150 Helix S.A. New Holdco 0 0.00 Corporate Bond 259,144 Helix Holdco S.A. 10.000% 19/04/2026 137,059 0.06 UNITED STATES 1.20% (30 September 2020: 0.72%) Common Stock 357,378 Pinnacle Operating Corp 0 0.00 Corporate Bond 350,000 Esccbche (Defaulted) 0.000% 15/11/2019 0 0.00 Term Loans 1,277,093 Bausch Health Americas Inc 3.176% 01/06/2025 1,274,552 0.53 286,978 Endo International Plc 5.000% 06/04/2024 287,382 0.12 495,000 Enterprise Development Authority 0.000% 19/02/2028 497,475 0.20 101,198 Level 3 Financing Inc 1.982% 01/03/2027 100,018 0.04 744,045 LifePoint Health Inc 3.928% 16/11/2025 743,412 0.31 Total Value of Unlisted at Market Prices 3,039,898 1.26 Total Value of Transferable Securities at Market Prices (Cost: USD213,665,514) 219,792,105 91.21

Interest Receivable on Transferable Securities 3,105,907 1.29

Total Value of Transferable Securities 222,898,012 92.50 Open Forward Foreign Currency Exchange Contracts (0.18%) (30 September 2020: (0.29%)) Settlement Buy Amount Sell Amount Unrealised % Net Date Bought Sold Gain/Loss Assets 05/04/2021 BRL 8,899,562 USD (1,642,440) (65,623) (0.03)

05/04/2021 BRL 2,732,289 USD (504,755) (20,650) (0.01)

05/04/2021 USD 1,534,407 BRL (8,899,562) (42,410) (0.02)

05/04/2021 USD 470,795 BRL (2,732,289) (13,309) (0.01)

23/04/2021 AUD 290,000 USD (224,222) (3,318) (0.00)

23/04/2021 AUD 290,000 USD (224,220) (3,316) (0.00)

23/04/2021 AUD 200,000 USD (154,995) (2,648) (0.00)

23/04/2021 CHF 31,816,893 USD (34,310,031) (484,330) (0.20)

23/04/2021 CHF 31,816,895 USD (34,309,515) (483,812) (0.20)

23/04/2021 CHF 18,936 USD (20,090) 41 0.00

23/04/2021 EUR 280,786 USD (334,877) (4,724) (0.00)

23/04/2021 EUR 280,786 USD (334,842) (4,688) (0.00)

23/04/2021 EUR 280,786 USD (334,837) (4,684) (0.00)

23/04/2021 EUR 91,342 USD (108,938) (1,537) (0.00)

23/04/2021 EUR 91,342 USD (108,927) (1,525) (0.00)

23/04/2021 EUR 91,342 USD (108,925) (1,524) (0.00)

23/04/2021 EUR 4,001 CHF (4,421) 4 0.00

23/04/2021 USD 85,383 CHF (80,323) (12) (0.00)

23/04/2021 USD 20,638 CHF (19,238) 185 0.00

23/04/2021 USD 60,892 CHF (56,911) 388 0.00

23/04/2021 USD 47,350 CHF (43,804) 780 0.00

23/04/2021 USD 833,319 CHF (772,766) 11,763 0.00

23/04/2021 USD 2,573,614 GBP (1,855,894) 12,856 0.00

23/04/2021 USD 48,929,066 EUR (41,025,813) 690,206 0.29

05/05/2021 BRL 5,550,845 USD (1,020,939) (39,241) (0.02)

05/05/2021 BRL 4,500,000 USD (827,510) (31,660) (0.01)

02/06/2021 BRL 2,732,289 USD (469,166) 13,022 0.01

02/06/2021 BRL 8,899,562 USD (1,528,977) 41,595 0.02

Unrealised Gain on Forward Foreign Currency Exchange Contracts 770,840 0.32

Unrealised Loss on Forward Foreign Currency Exchange Contracts (1,209,011) (0.50)

Net Unrealised Loss on Forward Foreign Currency Exchange Contracts (438,171) (0 .18)

42 PRINCIPAL GLOBAL INVESTORS FUNDS PORTFOLIO OF INVESTMENTS AS AT 31 MARCH 2021 (continued)

GLOBAL HIGH YIELD FUND (continued)

Cash at Bank 19,437,350 8.07 Net Current Liabilities (931,555) (0.39)

Net Assets Attributable to Holders of Redeemable Participating Units at Market Prices 240,965,636 100.00 % Total Analysis of Total Assets Assets Transferable Securities and Money Market Instruments admitted to an official stock exchange listing or traded on a regulated market 87.57 Transferable Securities other than those admitted to an official stock exchange listing or traded on a regulated market 1.23 Financial Derivative instruments dealt in or on a regulated market 0.31 Other Assets 10.89 Total Assets 100.00

Except where stated above all securities are transferable securities admitted to an official stock exchange listing.

The counterparties for the forward foreign currency exchange contracts are Royal Bank of Canada, Societe Generale, Standard Chartered, State Str eet Global Markets, The Australia and New Zealand Banking Group, The Bank of New York Mellon and UBS AG.

The country disclosed in the above Portfolio of Investments is the country of risk of the security.

43 PRINCIPAL GLOBAL INVESTORS FUNDS PORTFOLIO OF INVESTMENTS AS AT 31 MARCH 2021 (continued)

GLOBAL PROPERTY SECURITIES FUND GLOBAL PROPERTY SECURITIES FUND (continued)

Nominal Security Value % Net Nominal Security Value % Net USD Assets USD Assets

TRANSFERABLE SECURITIES 98.50% (30 September 2020: 99.22%) JAPAN 10.64% (30 September 2020: 10.68%) (continued) Reits -Warehouse/Industrial AUSTRALIA 4.63% (30 September 2020: 5.04%) Industrial & Infrastructure Fund Real Estate Management/Services 3,910 Investment Corp (REIT) 6,719,538 1.09 201,331 Charter Hall Group (REIT) 1,975,080 0.32 479,742 Lendlease Corp Ltd 4,720,941 0.77 MEXICO 0.28% (30 September 2020: 0.30%) Reits -Diversified Reits -Warehouse/Industrial 910,884 Dexus (Units) (REIT) 6,764,349 1.10 Prologis Property Mexico SA de CV 713,513 Goodman Group (REIT) 9,847,328 1.61 792,750 (REIT) 1,701,310 0.28 Reits -Shopping Centres NORWAY 0.00% (30 September 2020: 0.82%) 679,195 Scentre Group (REIT) 1,458,821 0.24 Telecom Services SINGAPORE 2.20% (30 September 2020: 2.80%) 458,532 NEXTDC Ltd 3,639,114 0.59 Hotels & Motels CANADA 3.99% (30 September 2020: 3.45%) 653,600 City Developments Ltd 3,881,937 0.63 Reits -Apartments Reits -Shopping Centres Canadian Apartment Properties REIT CapitaLand Integrated Commercial 160,738 (Units) (REIT) 6,888,235 1.12 4,396,012 Trust (Units) (REIT) 7,099,898 1.16 Reits -Warehouse/Industrial InterRent Real Estate Investment Trust 236,675 (Units) (REIT) 2,785,118 0.46 Mapletree Industrial Trust (Units) Reits -Office Property 1,219,000 (REIT) 2,485,923 0.41 Allied Properties Real Estate SPAIN 2.13% (30 September 2020: 1.73%) 302,915 Investment Trust (Units) (REIT) 9,794,844 1.59 Building -Heavy Construction Reits -Warehouse/Industrial 24,782 Cellnex Telecom SA '144A' 1,430,116 0.23 Summit Industrial Income REIT (Units) Real Estate Operation/Development 442,069 (REIT) 5,015,713 0.82 626,265 Inmobiliaria Colonial Socimi SA (REIT) 6,076,154 0.99 CHINA 1.73% (30 September 2020: 0.94%) Reits -Diversified Internet Connectivity Services 542,020 Merlin Properties Socimi SA (REIT) 5,555,017 0.91 123,494 21Vianet Group Inc ADR 3,988,856 0.65 SWEDEN 1.86% (30 September 2020: 2.25%) Real Estate Management/Services Real Estate Management/Services 654,800 ESR Cayman Ltd '144A' 2,143,518 0.35 193,581 Castellum AB 4,277,479 0.70 1,428,095 Sunac Services Holdings Ltd '144A' 4,500,429 0.73 318,377 Fabege AB 4,301,020 0.70 FRANCE 2.14% (30 September 2020: 1.36%) 149,101 Wihlborgs Fastigheter AB 2,834,471 0.46 Reits -Diversified UNITED KINGDOM 6.10% (30 September 2020: 6.05%) 51,062 Gecina SA (REIT) 7,045,624 1.15 Building -Residential/Commercial 258,860 Klepierre SA (REIT) 6,049,843 0.99 39,529 Persimmon Plc 1,603,422 0.26 GERMANY 4.96% (30 September 2020: 6.39%) Real Estate Operation/Development Real Estate Management/Services 445,596 UNITE Group Plc/The (REIT) 6,559,797 1.07 Reits -Diversified 411,999 Vonovia SE 26,971,489 4.40 Real Estate Operation/Development 51,613 Derwent London Plc (REIT) 2,298,673 0.37 26,146 LEG Immobilien SE 3,446,647 0.56 1,282,990 Segro Plc (REIT) 16,596,845 2.71 Reits -Office Property HONG KONG 5.62% (30 September 2020: 5.77%) 325,754 Great Portland Estates Plc (REIT) 3,055,312 0.50 Real Estate Operation/Development Reits -Storage 1,293,000 Hang Lung Properties Ltd 3,359,546 0.55 164,503 Big Yellow Group Plc (REIT) 2,530,657 0.41 1,989,875 New World Development Co Ltd 10,289,222 1.68 Storage/Warehousing 761,000 Sun Hung Kai Properties Ltd 11,530,831 1.88 434,527 Safestore Holdings Plc (REIT) 4,769,157 0.78 Reits -Shopping Centres UNITED STATES 52.22% (30 September 2020: 51.64%) 1,020,000 Link REIT (Units) (REIT) 9,288,896 1.51 Building -Residential/Commercial JAPAN 10.64% (30 September 2020: 10.68%) 21,790 DR Horton Inc 1,941,925 0.32 Real Estate Management/Services Hotels & Motels 896,300 Mitsubishi Estate Co Ltd 15,675,111 2.56 36,362 Choice Hotels International Inc 3,901,279 0.64 Real Estate Operation/Development 26,339 Travel + Leisure Co 1,610,893 0.26 532,955 Mitsui Fudosan Co Ltd 12,122,918 1.98 Reits -Apartments Reits -Diversified American Campus Communities Inc 1,921 Mori Hills REIT Investment Corp (REIT) 2,665,062 0.44 36,965 (REIT) 1,595,779 0.26 Nomura Real Estate Master Fund Inc American Homes 4 Rent (REIT) - Class 4,526 (REIT) 6,815,623 1.11 403,076 A 13,438,554 2.19 3,150 United Urban Investment Corp (REIT) 4,236,109 0.69 168,634 Apartment Income REIT Corp (REIT) 7,210,790 1.18 Reits -Office Property 105,669 AvalonBay Communities Inc (REIT) 19,496,987 3.18 990 Daiwa Office Investment Corp (REIT) 6,979,276 1.14 29,825 Camden Property Trust (REIT) 3,278,066 0.54 5,353 Sekisui House Reit Inc (REIT) 4,456,796 0.72 35,430 Equity Residential (REIT) 2,537,851 0.41 Reits -Shopping Centres 64,330 Essex Property Trust Inc (REIT) 17,487,467 2.85 5,439 Japan Metropolitan Fund Invest (REIT) 5,566,976 0.91 614,491 Invitation Homes Inc (REIT) 19,657,567 3.21 Reits -Diversified 46,074 American Tower Corp (REIT) 11,014,450 1.79

44 PRINCIPAL GLOBAL INVESTORS FUNDS PORTFOLIO OF INVESTMENTS AS AT 31 MARCH 2021 (continued)

GLOBAL PROPERTY SECURITIES FUND (continued) GLOBAL PROPERTY SECURITIES FUND (continued)

Nominal Security Value % Net USD Assets Open Forward Foreign Currency Exchange Contracts (0.05%) (30 September 2020: (0.02%)) (continued) Settlement Buy Amount Sell Amount Unrealised % Net UNITED STATES 52.22% (30 September 2020: 51.64%) (continued) Date Bought Sold Gain/Loss Assets Reits -Diversified 23/04/2021 GBP 13,291 USD (18,431) (92) (0 .00)

197,972 Broadstone Net Lease Inc (REIT) 3,622,888 0.59 23/04/2021 GBP 102 USD (142) (1) (0 .00)

28,572 CoreSite Realty Corp (REIT) 3,424,354 0.56 23/04/2021 JPY 484,309,597 USD (4,439,806) (55,912) (0 .01)

9,090 Equinix Inc (REIT) 6,177,473 1.01 23/04/2021 JPY 484,309,597 USD (4,439,770) (55,876) (0 .01)

261,780 STORE Capital Corp (REIT) 8,769,630 1.43 23/04/2021 JPY 484,309,597 USD (4,439,664) (55,770) (0 .01)

275,499 VICI Properties Inc (REIT) 7,780,092 1.27 23/04/2021 JPY 39,259,510 USD (359,908) (4,537) (0 .00)

55,278 Weyerhaeuser Co (REIT) 1,967,897 0.32 23/04/2021 SGD 105 USD (78) 0 0.00

Reits -Health Care 23/04/2021 SGD 105 USD (78) 0 0.00

142,122 Healthcare Realty Trust Inc (REIT) 4,309,139 0.70 23/04/2021 SGD 2,408 USD (1,789) 4 0.00

Healthcare Trust of America Inc (REIT) 23/04/2021 SGD 2,409 USD (1,789) 4 0.00

346,303 - Class A 9,551,037 1.56 23/04/2021 SGD 2,409 USD (1,789) 4 0.00

209,312 Sabra Health Care REIT Inc (REIT) 3,633,656 0.59 23/04/2021 SGD 2,408 USD (1,789) 4 0.00

310,521 Welltower Inc (REIT) 22,242,619 3.63 23/04/2021 USD 131,165 MXN (2,731,976) (2,052) (0 .00)

Reits -Hotels 23/04/2021 USD 654,723 SGD (881,535) (1,308) (0 .00)

MGM Growth Properties LLC (REIT) - 23/04/2021 USD 1 EUR 0 0 0.00

77,953 Class A 2,542,827 0.42 23/04/2021 USD 41 EUR (34) 0 0.00

136,874 Park Hotels & Resorts Inc (REIT) 2,953,741 0.48 23/04/2021 USD 19,115 NOK (162,322) 99 0.00

50,764 Summit Hotel Properties Inc (REIT) 515,762 0.08 23/04/2021 USD 214,072 EUR (181,700) 426 0.00

Reits -Manufactured Homes 23/04/2021 USD 2,153,683 HKD (16,725,025) 2,268 0.00

92,561 Equity LifeStyle Properties Inc (REIT) 5,890,582 0.96 23/04/2021 USD 216,923 JPY (23,606,714) 3,239 0.00

91,878 Sun Communities Inc (REIT) 13,785,375 2.25 23/04/2021 USD 1,283,934 CAD (1,603,322) 8,214 0.00

Reits -Office Property 23/04/2021 USD 1,889,996 GBP (1,362,920) 9,441 0.00

Alexandria Real Estate Equities Inc 23/04/2021 USD 638,783 SEK (5,448,468) 13,569 0.00

77,428 (REIT) 12,721,420 2.08 23/04/2021 USD 1,514,242 AUD (1,958,465) 22,409 0.00

28,569 Boston Properties Inc (REIT) 2,892,897 0.47 23/04/2021 USD 3,328,781 JPY (363,126,704) 41,815 0.01

104,899 Brandywine Realty Trust (REIT) 1,354,246 0.22 23/04/2021 USD 3,120,953 EUR (2,616,842) 44,025 0.01

181,083 Cousins Properties Inc (REIT) 6,401,284 1.04 77,796 Kilroy Realty Corp (REIT) 5,105,752 0.83 Unrealised Gain on Forward Foreign Reits -Shopping Centres Currency Exchange Contracts 145,521 0.02 14,686 Federal Realty Investment Trust (REIT) 1,489,895 0.24 Unrealised Loss on Forward Foreign 162,114 Regency Centers Corp (REIT) 9,193,485 1.50 Currency Exchange Contracts (427,729) (0.07) REITS -Single Tenant 92,714 Agree Realty Corp (REIT) 6,240,579 1.02 Net Unrealised Loss on Forward Reits -Storage Foreign Currency Exchange 220,638 CubeSmart (REIT) 8,346,736 1.36 Contracts (282,208) (0.05) 74,695 Extra Space Storage Inc (REIT) 9,900,822 1.62 Reits -Warehouse/Industrial Open Spot Currency Contracts (0.00%) (30 September 2020: 0.00%) 53,552 CyrusOne Inc (REIT) 3,626,542 0.59 Settlement Buy Amount Sell Amount Unrealised % Net 119,340 First Industrial Realty Trust Inc (REIT) 5,464,579 0.89 Date Bought Sold Gain/Loss Assets 300,088 Prologis Inc (REIT) 31,809,328 5.19 239,093 Rexford Industrial Realty Inc (REIT) 12,050,287 1.97 01/04/2021 EUR 3,723 USD (4,360) 15 0.00 55,207 Terreno Realty Corp (REIT) 3,189,308 0.52 01/04/2021 JPY 2,157,469 USD (19,558) (33) (0.00) Total Value of Transferable Securities at Market 01/04/2021 USD 73,343 EUR (62,626) (263) (0.00) Prices (Cost: USD538,040,219) 603,924,881 98.50 02/04/2021 USD 20,078 JPY (2,223,106) (40) (0.00) 06/04/2021 EUR 70,579 USD (82,875) 78 0.00 Open Forward Foreign Currency Exchange Contracts (0.05%) (30 06/04/2021 USD 422,111 EUR (359,485) (396) (0.00) September 2020: (0.02%)) 06/04/2021 USD 76,413 SEK (667,854) (209) (0.00) Settlement Buy Amount Sell Amount Unrealised % Net 06/04/2021 USD 65,569 SEK (573,079) (179) (0.00) Date Bought Sold Gain/Loss Assets 07/04/2021 HKD 232,636 USD (29,930) (6) (0.00) 23/04/2021 EUR 4,544,363 USD (5,419,793) (76,453) (0.02)

23/04/2021 EUR 4,544,363 USD (5,419,221) (75,881) (0.01) Unrealised Gain on Open Spot 23/04/2021 EUR 4,544,363 USD (5,419,143) (75,803) (0.01) Currency Contracts 93 0.00 23/04/2021 EUR 284,872 USD (339,709) (4,752) (0.00) Unrealised Loss on Open Spot 23/04/2021 EUR 150,800 USD (179,829) (2,515) (0.00) Currency Contracts (1,126) (0.00) 23/04/2021 EUR 140,004 USD (166,974) (2,355) (0.00)

23/04/2021 EUR 140,004 USD (166,957) (2,338) (0.00) Net Unrealised Loss on Open Spot 23/04/2021 EUR 140,004 USD (166,954) (2,335) (0.00) Currency Contracts (1,033) (0 .00) 23/04/2021 EUR 127,944 USD (152,591) (2,153) (0.00)

23/04/2021 EUR 127,944 USD (152,575) (2,136) (0.00) Cash at Bank 7,614,679 1.24 23/04/2021 EUR 127,944 USD (152,573) (2,134) (0.00) Net Current Assets 1,838,818 0.31 23/04/2021 EUR 9,858 USD (11,764) (173) (0.00)

23/04/2021 EUR 9,214 USD (10,988) (154) (0.00) Net Assets Attributable to Holders 23/04/2021 EUR 248 USD (296) (5) (0.00) of Redeemable Participating Units 23/04/2021 EUR 212 USD (253) (3) (0.00) at Market Prices 613,095,137 100.00 23/04/2021 EUR 48 USD (58) (1) (0.00)

23/04/2021 GBP 146,436 USD (203,066) (1,014) (0.00)

23/04/2021 GBP 146,436 USD (203,040) (988) (0.00)

45 PRINCIPAL GLOBAL INVESTORS FUNDS PORTFOLIO OF INVESTMENTS AS AT 31 MARCH 2021 (continued)

GLOBAL PROPERTY SECURITIES FUND (continued) % Total Analysis of Total Assets Assets Transferable Securities and Money Market Instruments admitted to an official stock exchange listing or traded on a regulated market 98.25 Financial Derivative instruments dealt in or on a regulated market 0.02

Other Assets 1.73 Total Assets 100.00

All securities are transferable securities admitted to an official stock exchange listing.

The counterparties for the forward foreign currency exchange contracts are Royal Bank of Canada, Standard Chartered, State Street Global Markets, The Australia and New Zealand Banking Group, The Bank of New York Mellon and UBS AG. The counterparties for the open spot currency contracts are State Street Global Markets and The Bank of New York Mellon.

The country disclosed in the above Portfolio of Investments is the country of risk of the security.

46 PRINCIPAL GLOBAL INVESTORS FUNDS PORTFOLIO OF INVESTMENTS AS AT 31 MARCH 2021 (continued)

POST GLOBAL LIMITED TERM HIGH YIELD FUND

Nominal Security Coupon Maturity Value % Net Rate Date USD Assets

TRANSFERABLE SECURITIES 89.31% (30 September 2020: 94.85%) CANADA 4.33% (30 September 2020: 6.14%) Corporate Bond 3,176,000 1011778 BC ULC / New Red Finance Inc '144A' 4.250% 15/05/2024 3,216,431 0.57 3,300,000 1011778 BC ULC / New Red Finance Inc '144A' 5.750% 15/04/2025 3,511,431 0.63 4,750,000 GFL Environmental Inc '144A' 3.750% 01/08/2025 4,830,156 0.86 8,200,000 GFL Environmental Inc '144A' 4.250% 01/06/2025 8,461,375 1.52 3,900,000 Quebecor Media Inc 5.750% 15/01/2023 4,167,150 0.75 NETHERLANDS 2.74% (30 September 2020: 1.60%) Corporate Bond 7,650,000 Lincoln Financing SARL '144A' 3.625% 01/04/2024 9,102,410 1.63 5,900,000 Trivium Packaging Finance BV '144A' 5.500% 15/08/2026 6,198,688 1.11 NORWAY 0.65% (30 September 2020: 0.74%) Corporate Bond 3,507,000 Aker BP ASA '144A' 4.750% 15/06/2024 3,598,629 0.65 UNITED ARAB EMIRATES 0.14% (30 September 2020: 0.16%) Corporate Bond 775,000 DAE Funding LLC '144A' 4.500% 01/08/2022 781,781 0.14 UNITED KINGDOM 0.92% (30 September 2020: 0.43%) Corporate Bond 4,950,000 Virgin Media Secured Finance Plc '144A' 5.500% 15/08/2026 5,145,426 0.92 UNITED STATES 80.53% (30 September 2020: 85.78%) Corporate Bond 1,275,000 ACI Worldwide Inc '144A' 5.750% 15/08/2026 1,349,664 0.24 1,000,000 Acrisure LLC / Acrisure Finance Inc '144A' 7.000% 15/11/2025 1,034,375 0.19 4,237,000 ADT Security Corp/The 3.500% 15/07/2022 4,308,499 0.77 Albertsons Cos Inc / Safeway Inc / New Albertsons LP / Albertsons 7,320,000 LLC '144A' 3.250% 15/03/2026 7,301,114 1.31 11,525,000 Alliance Data Systems Corp '144A' 4.750% 15/12/2024 11,849,141 2.12 7,075,000 American Airlines Inc/AAdvantage Loyalty IP Ltd '144A' 5.500% 20/04/2026 7,384,531 1.32 10,329,000 Aramark Services Inc '144A' 5.000% 01/04/2025 10,589,807 1.90 1,250,000 Aramark Services Inc '144A' 6.375% 01/05/2025 1,326,563 0.24 3,300,000 Arconic Corp '144A' 6.000% 15/05/2025 3,562,878 0.64 1,000,000 Ardagh Packaging Finance Plc / Ardagh Holdings USA Inc '144A' 4.125% 15/08/2026 1,027,800 0.18 10,165,000 Ardagh Packaging Finance Plc / Ardagh Holdings USA Inc '144A' 5.250% 30/04/2025 10,696,934 1.92 6,650,000 Bausch Health Cos Inc '144A' 5.500% 01/11/2025 6,838,727 1.23 761,000 Bausch Health Cos Inc '144A' 7.000% 15/03/2024 779,264 0.14 3,328,000 Berry Global Inc 5.125% 15/07/2023 3,369,600 0.60 5,150,000 Berry Global Inc '144A' 4.500% 15/02/2026 5,288,406 0.95 3,000,000 Blackstone Secured Lending Fund '144A' 2.750% 16/09/2026 2,982,980 0.53 350,000 Boyne USA Inc '144A' 7.250% 01/05/2025 364,919 0.07 3,400,000 Buckeye Partners LP '144A' 4.125% 01/03/2025 3,475,367 0.62 9,700,000 Caesars Entertainment Inc '144A' 6.250% 01/07/2025 10,331,033 1.85 5,275,000 Caesars Resort Collection LLC / CRC Finco Inc '144A' 5.250% 15/10/2025 5,327,645 0.95 2,900,000 Caesars Resort Collection LLC / CRC Finco Inc '144A' 5.750% 01/07/2025 3,063,995 0.55 3,600,000 CCO Holdings LLC / CCO Holdings Capital Corp '144A' 4.000% 01/03/2023 3,642,084 0.65 681,000 CCO Holdings LLC / CCO Holdings Capital Corp '144A' 5.750% 15/02/2026 703,473 0.12 Change Healthcare Holdings LLC / Change Healthcare Finance Inc 9,675,000 '144A' 5.750% 01/03/2025 9,874,305 1.77 6,950,000 Cinemark USA Inc 4.875% 01/06/2023 6,920,984 1.24 1,100,000 Clarios Global LP / Clarios US Finance Co '144A' 6.250% 15/05/2026 1,169,619 0.21 2,275,000 Clarios Global LP '144A' 6.750% 15/05/2025 2,437,139 0.44 9,975,000 CommScope Inc '144A' 5.500% 01/03/2024 10,300,335 1.85 1,000,000 Constellium SE '144A' 5.875% 15/02/2026 1,032,500 0.18 7,115,000 CoreCivic Inc 5.000% 15/10/2022 7,196,716 1.29 6,050,000 Covanta Holding Corp 5.875% 01/07/2025 6,283,802 1.12 7,825,000 Credit Acceptance Corp '144A' 5.125% 31/12/2024 8,000,280 1.43 11,178,000 Crown Americas LLC / Crown Americas Capital Corp VI 4.750% 01/02/2026 11,619,531 2.08 10,275,000 CSC Holdings LLC 5.250% 01/06/2024 11,103,422 1.99 2,525,000 CSC Holdings LLC '144A' 5.500% 15/05/2026 2,606,431 0.47 5,350,000 Delta Air Lines Inc / SkyMiles IP Ltd '144A' 4.500% 20/10/2025 5,700,357 1.02 Drawbridge Special Opportunities Fund LP / Drawbridge Special 11,775,000 Opportunities Fin '144A' 3.875% 15/02/2026 12,086,203 2.17 7,635,000 Encompass Health Corp 5.125% 15/03/2023 7,670,464 1.37

47 PRINCIPAL GLOBAL INVESTORS FUNDS PORTFOLIO OF INVESTMENTS AS AT 31 MARCH 2021 (continued)

POST GLOBAL LIMITED TERM HIGH YIELD FUND (continued)

Nominal Security Coupon Maturity Value % Net Rate Date USD Assets

UNITED STATES 80.53% (30 September 2020: 85.78%) (continued) Corporate Bond (continued) 5,305,000 Enviva Partners LP / Enviva Partners Finance Corp '144A' 6.500% 15/01/2026 5,566,934 1.00 7,350,000 ESH Hospitality Inc '144A' 5.250% 01/05/2025 7,507,841 1.34 1,375,000 Ford Motor Credit Co LLC 3.375% 13/11/2025 1,400,094 0.25 2,875,000 Ford Motor Credit Co LLC 4.063% 01/11/2024 3,011,275 0.54 8,100,000 Ford Motor Credit Co LLC 4.140% 15/02/2023 8,390,790 1.50 300,000 Ford Motor Credit Co LLC 4.687% 09/06/2025 318,960 0.06 5,250,000 Ford Motor Credit Co LLC 5.584% 18/03/2024 5,673,360 1.02 4,800,000 Genting New York LLC / GENNY Capital Inc '144A' 3.300% 15/02/2026 4,800,347 0.86 2,500,000 Hanesbrands Inc '144A' 4.875% 15/05/2026 2,684,375 0.48 1,200,000 Icahn Enterprises LP / Icahn Enterprises Finance Corp 4.750% 15/09/2024 1,248,000 0.22 575,000 Icahn Enterprises LP / Icahn Enterprises Finance Corp 6.750% 01/02/2024 587,938 0.11 4,927,000 IRB Holding Corp '144A' 7.000% 15/06/2025 5,312,414 0.95 10,725,000 Jaguar Holding Co II / PPD Development LP '144A' 4.625% 15/06/2025 11,171,482 2.00 1,000,000 JELD-WEN Inc '144A' 4.625% 15/12/2025 1,016,145 0.18 3,250,000 Kaiser Aluminum Corp '144A' 6.500% 01/05/2025 3,452,150 0.62 4,200,000 Live Nation Entertainment Inc '144A' 4.875% 01/11/2024 4,280,640 0.77 460,000 Magellan Health Inc 4.900% 22/09/2024 494,787 0.09 2,025,000 Mattel Inc '144A' 3.375% 01/04/2026 2,095,753 0.38 MGM Growth Properties Operating Partnership LP / MGP Finance Co- 4,576,000 Issuer Inc 5.625% 01/05/2024 4,920,313 0.88 MGM Growth Properties Operating Partnership LP / MGP Finance Co- 8,135,000 Issuer Inc '144A' 4.625% 15/06/2025 8,588,120 1.54 2,725,000 MGM Resorts International 5.750% 15/06/2025 2,975,359 0.53 2,250,000 Microchip Technology Inc '144A' 4.250% 01/09/2025 2,350,853 0.42 6,506,000 NFP Corp '144A' 7.000% 15/05/2025 7,002,082 1.25 1,500,000 Novelis Corp '144A' 5.875% 30/09/2026 1,572,075 0.28 650,000 OneMain Finance Corp 5.625% 15/03/2023 690,219 0.12 5,820,000 OneMain Finance Corp 6.125% 15/03/2024 6,292,875 1.13 1,475,000 OneMain Finance Corp 6.875% 15/03/2025 1,680,468 0.30 4,250,000 OneMain Finance Corp 7.125% 15/03/2026 4,907,071 0.88 1,425,000 Owl Rock Capital Corp 3.400% 15/07/2026 1,444,060 0.26 575,000 Owl Rock Capital Corp 4.000% 30/03/2025 602,757 0.11 1,150,000 Owl Rock Capital Corp 5.250% 15/04/2024 1,255,616 0.23 1,625,000 Owl Rock Technology Finance Corp '144A' 3.750% 17/06/2026 1,662,222 0.30 1,300,000 Oxford Finance LLC / Oxford Finance Co-Issuer II Inc '144A' 6.375% 15/12/2022 1,323,810 0.24 4,133,000 Performance Food Group Inc '144A' 5.500% 01/06/2024 4,156,248 0.74 5,090,000 Performance Food Group Inc '144A' 6.875% 01/05/2025 5,443,119 0.98 944,000 Picasso Finance Sub Inc '144A' 6.125% 15/06/2025 1,004,369 0.18 3,850,000 PTC Inc '144A' 3.625% 15/02/2025 3,958,281 0.71 2,017,000 RP Escrow Issuer LLC '144A' 5.250% 15/12/2025 2,092,637 0.38 5,400,000 SBA Communications Corp 4.875% 01/09/2024 5,551,848 1.00 265,000 Sensata Technologies BV '144A' 4.875% 15/10/2023 284,504 0.05 5,700,000 Shift4 Payments LLC / Shift4 Payments Finance Sub Inc '144A' 4.625% 01/11/2026 5,942,250 1.06 2,809,000 Silgan Holdings Inc 4.750% 15/03/2025 2,864,127 0.51 2,650,000 Sirius XM Radio Inc '144A' 3.875% 01/08/2022 2,663,250 0.48 7,825,000 Sirius XM Radio Inc '144A' 4.625% 15/07/2024 8,070,314 1.44 582,000 Station Casinos LLC '144A' 5.000% 01/10/2025 590,366 0.11 6,425,000 Sunoco LP / Sunoco Finance Corp 5.500% 15/02/2026 6,616,401 1.19 8,375,000 Tenet Healthcare Corp '144A' 4.625% 01/09/2024 8,623,654 1.54 8,175,000 Tenet Healthcare Corp '144A' 6.250% 01/02/2027 8,643,100 1.55 2,700,000 T-Mobile USA Inc 2.250% 15/02/2026 2,722,788 0.49 9,125,000 T-Mobile USA Inc 2.625% 15/04/2026 9,301,797 1.66 3,150,000 TransDigm Inc 6.500% 15/05/2025 3,214,969 0.58 11,650,000 TransDigm Inc '144A' 6.250% 15/03/2026 12,362,456 2.22 8,100,000 United Wholesale Mortgage LLC '144A' 5.500% 15/11/2025 8,454,375 1.51 3,700,000 US Foods Inc '144A' 6.250% 15/04/2025 3,971,340 0.71 11,075,000 VICI Properties LP / VICI Note Co Inc '144A' 3.500% 15/02/2025 11,296,500 2.02 4,375,000 Yum! Brands Inc '144A' 7.750% 01/04/2025 4,796,094 0.86 Total Value of Transferable Securities at Market Prices 498,520,336 89.31 UNLISTED 9.69% (30 September 2020: 1.92%) CANADA 0.90% (30 September 2020: 0.00%) Term Loans 5,066,822 Dentalcorp Health Services ULC 0.000% 06/06/2025 5,035,154 0.90

48 PRINCIPAL GLOBAL INVESTORS FUNDS PORTFOLIO OF INVESTMENTS AS AT 31 MARCH 2021 (continued)

POST GLOBAL LIMITED TERM HIGH YIELD FUND (continued)

Nominal Security Coupon Maturity Value % Net Rate Date USD Assets

UNITED STATES 8.79% (30 September 2020: 1.92%) Term Loans 500,000 Acrisure LLC 0.000% 15/02/2027 495,000 0.09 3,942,299 Acrisure LLC FRN 3.678% 31/12/2049 3,902,482 0.70 4,500,000 Applied Systems Inc 4.250% 19/09/2024 4,489,042 0.80 3,085,211 Ascend Learning FRN 4.702% 12/07/2024 3,077,498 0.55 2,338,250 Ascend Learning LLC 0.000% 12/07/2024 2,342,646 0.42 2,600,000 Asurion LLC 0.000% 03/02/2028 2,651,675 0.47 547,250 Caesars Resort Collection LLC 0.000% 19/06/2025 549,053 0.10 493,468 GHX Ultimate Parent Corp 4.250% 30/06/2024 491,618 0.09 5,925,000 Greeneden US Holdings II LLC 0.000% 01/12/2027 5,930,925 1.06 500,000 Nexus Buyer LLC 5.505% 30/10/2026 498,335 0.09 1,567,499 Numericable Group S.A. 3.862% 31/12/2049 1,558,032 0.28 2,000,000 Packers Holding LLC 0.000% 04/12/2024 2,005,000 0.36 2,000,000 Packers Holdings LLC 0.000% 03/04/2028 1,980,840 0.35 1,072,237 Packers Holdings LLC 5.318% 04/12/2024 1,073,041 0.19 85,844 Parexel International Corp 2.928% 27/09/2024 84,941 0.02 1,925,314 Pathway Vet Alliance LLC 0.000% 31/03/2027 1,916,689 0.34 2,500,000 Radiology Partners Inc 0.000% 09/07/2025 2,484,637 0.45 1,000,000 Realpage Inc 0.000% 18/02/2028 996,665 0.18 324,177 S2p Acquisition Borrower Inc 5.786% 14/08/2026 324,787 0.06 3,314,599 Southern Veterinary Partners LLC 0.000% 02/10/2027 3,328,073 0.60 457,186 Southern Veterinary Partners LLC 0.000% 02/10/2027 459,045 0.08 1,573,307 UFC Holdings LLC 0.000% 29/04/2026 1,569,492 0.28 1,945,125 Ultimate Software Group Inc 4.750% 03/05/2026 1,948,013 0.35 4,904,904 USIC Holdings Inc 4.952% 09/12/2023 4,886,510 0.88 Total Value of Unlisted at Market Prices 54,079,193 9.69 Total Value of Transferable Securities at Market Prices (Cost: USD545,138,543) 552,599,529 99.00

Interest Receivable on Transferable Securities 6,044,906 1.08

Total Value of Transferable Securities 558,644,435 100.08 Open Forward Foreign Currency Exchange Contracts (0.70%) (30 September 2020: (0.43%)) Settlement Buy Amount Sell Amount Unrealised % Net Date Bought Sold Gain/Loss Assets 23/04/2021 CHF 94,558 USD (101,967) (1,439) (0.00)

23/04/2021 CHF 94,558 USD (101,966) (1,438) (0.00)

23/04/2021 EUR 22,073,681 USD (26,325,978) (371,361) (0.07)

23/04/2021 EUR 22,073,683 USD (26,323,198) (368,580) (0.07)

23/04/2021 EUR 22,073,681 USD (26,322,821) (368,205) (0.07)

23/04/2021 EUR 8,160,147 USD (9,732,126) (137,284) (0.02)

23/04/2021 EUR 8,160,148 USD (9,731,099) (136,256) (0.02)

23/04/2021 EUR 8,160,147 USD (9,730,959) (136,117) (0.02)

23/04/2021 EUR 111,921 USD (133,482) (1,883) (0.00)

23/04/2021 EUR 111,921 USD (133,468) (1,869) (0.00)

23/04/2021 EUR 111,921 USD (133,466) (1,867) (0.00)

23/04/2021 EUR 7,300 USD (8,706) (123) (0.00)

23/04/2021 EUR 7,300 USD (8,705) (122) (0.00)

23/04/2021 GBP 20,500,653 USD (28,428,768) (142,008) (0.03)

23/04/2021 GBP 20,500,653 USD (28,425,119) (138,359) (0.02)

23/04/2021 GBP 20,500,653 USD (28,425,078) (138,318) (0.02)

23/04/2021 GBP 3,209,020 USD (4,472,976) (45,177) (0.01)

23/04/2021 GBP 3,209,020 USD (4,472,921) (45,122) (0.01)

23/04/2021 GBP 2,991,338 USD (4,148,163) (20,721) (0.00)

23/04/2021 GBP 2,991,338 USD (4,147,630) (20,188) (0.00)

23/04/2021 GBP 2,991,338 USD (4,147,624) (20,182) (0.00)

23/04/2021 GBP 100 USD (139) (1) (0.00)

23/04/2021 GBP 350,000 USD (482,755) 174 0.00

23/04/2021 JPY 5,595,019,418 USD (51,291,162) (645,930) (0.12)

23/04/2021 JPY 5,595,019,418 USD (51,290,738) (645,507) (0.12)

23/04/2021 JPY 5,595,019,418 USD (51,289,516) (644,285) (0.12)

23/04/2021 SGD 117,039 USD (86,926) 174 0.00

23/04/2021 SGD 117,039 USD (86,924) 176 0.00

23/04/2021 USD 68,862 GBP (50,000) (128) (0.00)

23/04/2021 USD 137,940 GBP (100,000) (39) (0.00)

23/04/2021 USD 2,783 GBP (2,021) (5) (0.00)

23/04/2021 USD 3 GBP (2) (0) (0.00)

49 PRINCIPAL GLOBAL INVESTORS FUNDS PORTFOLIO OF INVESTMENTS AS AT 31 MARCH 2021 (continued)

POST GLOBAL LIMITED TERM HIGH YIELD FUND (continued)

Open Forward Foreign Currency Exchange Contracts (0.70%) (30 September 2020: (0.43%)) (continued) Settlement Buy Amount Sell Amount Unrealised % Net Date Bought Sold Gain/Loss Assets 23/04/2021 USD 3,860 GBP (2,781) 24 0.00

23/04/2021 USD 33,918 JPY (3,700,000) 426 0.00

23/04/2021 USD 65,652 GBP (47,100) 663 0.00

23/04/2021 USD 2,189,127 EUR (1,860,000) 2,107 0.00

23/04/2021 USD 1,062,298 EUR (900,000) 4,062 0.00

23/04/2021 USD 9,032,900 EUR (7,573,863) 127,420 0.02

Unrealised Gain on Forward Foreign Currency Exchange Contracts 135,226 0.02

Unrealised Loss on Forward Foreign Currency Exchange Contracts (4,032,636) (0.72)

Net Unrealised Loss on Forward Foreign Currency Exchange Contracts (3,897,410) (0 .70)

Open Spot Currency Contracts (0.00%) (30 September 2020: 0.00%) Settlement Amount Amount Unrealised % Net Date Buy Bought Sell Sold Gain/Loss Assets

01/04/2021 EUR 1,860,000 USD (2,188,123) (2,041) (0.00) 01/04/2021 GBP 2 USD (3) 0 0.00 01/04/2021 GBP 2,021 USD (2,782) 5 0.00 01/04/2021 GBP 50,000 USD (68,854) 131 0.00

Unrealised Gain on Open Spot Currency Contracts 136 0.00 Unrealised Loss on Open Spot Currency Contracts (2,041) (0.00)

Net Unrealised Loss on Open Spot Currency Contracts (1,905) (0 .00)

Cash at Bank 8,806,257 1.58 Net Current Liabilities (5,365,216) (0.96)

Net Assets Attributable to Holders of Redeemable Participating Units at Market Prices 558,186,161 100.00 % Total Analysis of Total Assets Assets Transferable Securities and Money Market Instruments admitted to an official stock exchange listing or traded on a regulated market 87.13 Transferable Securities other than those admitted to an official stock exchange listing or traded on a regulated market 9.45 Financial Derivative instruments dealt in or on a regulated market 0.02 Other Assets 3.40 Total Assets 100.00

Except where stated above all securities are transferable securities admitted to an official stock exchange listing.

The counterparties for the forward foreign currency exchange contracts are Royal Bank of Canada, Standard Chartered, State St reet Global Markets, The Australia and New Zealand Banking Group, The Bank of New York Mellon and UBS AG. The counterparties for the open spot currency contracts are Standard Chartered and The Australia and New Zealand Banking Group.

The country disclosed in the above Portfolio of Investments is the country of risk of the security.

50 PRINCIPAL GLOBAL INVESTORS FUNDS PORTFOLIO OF INVESTMENTS AS AT 31 MARCH 2021 (continued)

ORIGIN GLOBAL EMERGING MARKETS FUND (continued) ORIGIN GLOBAL EMERGING MARKETS FUND Nominal Security Value % Net Nominal Security Value % Net USD Assets USD Assets

CHINA 39.39% (30 September 2020: 40.51%) (continued) TRANSFERABLE SECURITIES 99.16% (30 September 2020: 93.98%) Schools BRAZIL 3.67% (30 September 2020: 4.01%) China Yuhua Education Corp Ltd Commercial Banks Non -US 399,063 '144A' 312,600 0.36 189,000 Banco Bradesco SA - Preference 896,603 1.03 Telecommunication Equipment Finance -Other Services BYD Electronic International Co 79,200 B3 SA - Brasil Bolsa Balcao 766,596 0.88 160,800 Ltd 939,015 1.08 Metal -Iron Textile -Apparel 58,700 Vale SA 1,019,110 1.17 Shenzhou International Group Multi -Line Insurance 42,400 Holdings Ltd 878,602 1.01 118,400 BB Seguridade Participacoes SA 508,807 0.59 Therapeutics Changchun High & New CHINA 39.39% (30 September 2020: 40.51%) 9,800 Technology Industry Group Inc 676,210 0.78 Audio/Video Products Web Portals/Internet Service Provider 335,000 Q Technology Group Co Ltd 681,682 0.78 4,200 Baidu Inc ADR 913,710 1.05 Auto/Truck Parts & Equipment -Replicate 288,600 Weichai Power Co Ltd 'H' 712,735 0.82 HONG KONG 0.92% (30 September 2020: 0.99%) Auto -Cars/Light Trucks Auto/Truck Parts & Equipment -Replicate 336,800 Geely Automobile Holdings Ltd 856,898 0.99 244,000 Xinyi Glass Holdings Ltd 797,176 0.92 Auto -Medium & Heavy Duty Trucks HUNGARY 0.00% (30 September 2020: 0.54%) 133,000 Sinotruk Hong Kong Ltd 398,601 0.46 Beverages -Wine/Spirits INDIA 8.53% (30 September 2020: 8.35%) 2,400 Kweichow Moutai Co Ltd 734,865 0.85 Aerospace/Defence Building & Construction Production -Miscellaneous 242,300 Bharat Electronics Ltd 414,583 0.48 China National Building Material Agricultural Chemicals 258,900 Co Ltd 'H' 373,642 0.43 25,000 Coromandel International Ltd 264,844 0.30 Building Production -Doors & Windows Applications Software 305,543 Zhuzhou Kibing Group Co Ltd 602,125 0.69 176,200 HCL Technologies Ltd 2,368,132 2.73 Coal Computer Services 200,998 Shaanxi Coal Industry Co Ltd 338,815 0.39 76,028 Infosys Ltd ADR 1,423,244 1.64 Commercial Banks Non -US Diversified Minerals 261,800 China Merchants Bank Co Ltd 'H' 1,998,578 2.30 226,477 NMDC Ltd 419,260 0.48 E-Commerce/Products Finance -Consumer Loans 18,160 Alibaba Group Holding Ltd ADR 4,117,417 4.74 46,100 Muthoot Finance Ltd 760,350 0.87 5,198 JD.com Inc ADR 438,347 0.50 Finance -Leasing Companies 38,400 Meituan '144A' 1,472,887 1.70 95,400 Manappuram Finance Ltd 194,679 0.22 34,400 Vipshop Holdings Ltd ADR 1,027,184 1.18 Medical -Drugs E-Commerce/Services 5,154 Alkem Laboratories Ltd 195,251 0.23 8,000 Autohome Inc ADR 746,160 0.86 21,700 Aurobindo Pharma Ltd 261,568 0.30 Electronic Component -Miscellaneous Oil Refining & Marketing 101,100 Flat Glass Group Co Ltd 'H' 306,248 0.35 40,600 Reliance Industries Ltd 1,112,320 1.28 Electronic Parts Distribution 458,536 Shenzhen Topband Co Ltd 772,239 0.89 INDONESIA 0.57% (30 September 2020: 1.08%) Gas -Distribution Commercial Banks Non -US 71,100 ENN Energy Holdings Ltd 1,140,425 1.31 1,167,000 Bank Mandiri Persero Tbk PT 494,117 0.57 Internet Application Software 76,330 Tencent Holdings Ltd 5,989,020 6.89 MEXICO 1.54% (30 September 2020: 0.92%) Machinery -Construction & Mining Commercial Banks Non -US 239,394 Sany Heavy Industry Co Ltd 1,246,006 1.43 Grupo Financiero Banorte SAB de Zoomlion Heavy Industry Science 146,700 CV 825,472 0.95 520,500 and Technology Co Ltd 'H' 743,146 0.86 Non -Ferrous Metals Medical -Drugs 97,800 Grupo Mexico SAB de CV 513,653 0.59 Shanghai Fosun Pharmaceutical POLAND 0.75% (30 September 2020 : 1.32%) 63,000 Group Co Ltd 'H' 268,630 0.31 Food -Retail Multi -Line Insurance 9,800 Dino Polska SA '144A' 647,207 0.75 Ping An Insurance Group Co of 60,100 China Ltd 'H' 715,454 0.82 RUSSIA 2.02% (30 September 2020: 3.02%) Photo Equipment & Supplies Commercial Banks Non -US Sunny Optical Technology Group 22,900 Sberbank of Russia PJSC ADR 352,774 0.41 39,100 Co Ltd 891,192 1.03 Food -Retail Real Estate Management/Services 8,700 X5 Retail Group NV GDR 280,488 0.32 Country Garden Services Holdings Metal -Diversified 79,600 Co Ltd 806,808 0.93 21,515 MMC Norilsk Nickel PJSC ADR 670,838 0.77 Real Estate Operation/Development Oil Company -Exploration & Production 203,600 China Vanke Co Ltd 'H' 797,436 0.92 2,300 Novatek PJSC GDR 454,250 0.52 Retail -Apparel/Shoe 91,600 ANTA Sports Products Ltd 1,493,982 1.72 SOUTH AFRICA 5.57% (30 September 2020: 3.65%) Retail -Automobile Metal -Iron 117,900 Zhongsheng Group Holdings Ltd 831,046 0.96 8,100 Kumba Iron Ore Ltd 333,792 0.38 Multimedia 11,750 Naspers Ltd 2,810,299 3.24

51 PRINCIPAL GLOBAL INVESTORS FUNDS PORTFOLIO OF INVESTMENTS AS AT 31 MARCH 2021 (continued)

ORIGIN GLOBAL EMERGING MARKETS FUND (continued) ORIGIN GLOBAL EMERGING MARKETS FUND (continued)

Nominal Security Value % Net Nominal Security Value % Net USD Assets USD Assets

SOUTH AFRICA 5.57% (30 September 2020: 3.65%) (continued) UNITED STATES 0.59% (30 September 2020: 0.00%) Platinum Semiconducter Component -Integrated Circuits 4,100 Anglo American Platinum Ltd 597,566 0.69 12,000 Parade Technologies Ltd 515,193 0.59 59,000 Impala Platinum Holdings Ltd 1,093,715 1.26 Total Value of Transferable Securities at Market Prices (Cost: USD68,297,590) 86,154,523 99.16 SOUTH KOREA 13.50% (30 September 2020: 6.26%) Auto/Truck Parts & Equipment -Original Open Spot Currency Contracts (0.00%) (30 September 2020: (0.00%)) 3,300 Hyundai Mobis Co Ltd 851,425 0.98 Settlement Buy Amount Sell Amount Unrealised % Net Chemicals -Diversified Date Bought Sold Gain/Loss Assets 2,290 Hansol Chemical Co Ltd 487,643 0.56 3,800 Kumho Petrochemical Co Ltd 889,772 1.02 01/04/2021 USD 44,836 HKD (348,631) (8) (0.00) 2,396 Soulbrain Co Ltd/New 613,317 0.71 Diversified Financial Services Unrealised Loss on Open Spot 39,600 Hana Financial Group Inc 1,497,575 1.73 Currency Contracts (8) (0.00) 19,100 KB Financial Group Inc 948,460 1.09 Diversified Operations Net Unrealised Loss on Open Spot 7,700 LG Corp 615,047 0.71 Currency Contracts (8) (0 .00)

Electric Products -Miscellaneous 3,900 LG Innotek Co Ltd 708,151 0.81 Cash at Bank 1,134,696 1.31 Electronic Component -Miscellaneous Net Current Liabilities (401,454) (0.47) Samsung Electro-Mechanics Co 2,200 Ltd 364,480 0.42 Net Assets Attributable to Holders Electronic Component -Semiconductor of Redeemable Participating Units 46,100 Samsung Electronics Co Ltd 3,315,697 3.82 at Market Prices 86,887,757 100.00 Finance -Investment Banker/Broker % Total 3,400 KIWOOM Securities Co Ltd 378,529 0.44 Analysis of Total Assets Assets Internet Content -Entertainment 850 NCSoft Corp 655,666 0.75 Transferable Securities and Money Market Instruments Web Portals/Internet Service Provider admitted to an official stock exchange listing or traded on a 1,200 NAVER Corp 399,735 0.46 regulated market 98.17 Financial Derivative instruments dealt in or on a regulated TAIWAN 21.45% (30 September 2020: 21.05%) market 0.00 Computers 97,000 Asustek Computer Inc 1,266,342 1.46 Other Assets 1.83 Computers -Peripheral Equipment Total Assets 100.00 133,600 Gigabyte Technology Co Ltd 467,293 0.54 Diversified Financial Services All securities are transferable securities admitted to an official stock exchange 89,915 Fubon Financial Holding Co Ltd 178,992 0.20 listing.

Electronic Component -Miscellaneous The counterparty for the open spot currency contracts is The Bank of New 178,200 E Ink Holdings Inc 344,122 0.40 York Mellon.

72,700 Elite Material Co Ltd 430,600 0.49 50,505 Hon Hai Precision Industry Co Ltd 219,487 0.25 The country disclosed in the above Portfolio of Investments is the country of 202,200 Micro-Star International Co Ltd 1,233,057 1.42 risk of the security. 58,700 Phison Electronics Corp 1,004,976 1.16 Electronic Component -Semiconductor 13,000 MediaTek Inc 441,489 0.51 Electronic Connectors 23,900 Lotes Co Ltd 418,395 0.48 Finance -Leasing Companies 130,911 Chailease Holding Co Ltd 903,848 1.04 Power Conversion/Supply Equipment 141,000 Delta Electronics Inc 1,423,195 1.64 Semiconducter Component -Integrated Circuits 67,500 Elan Microelectronics Corp 462,491 0.53 40,000 Global Unichip Corp 558,652 0.64 86,400 Novatek Microelectronics Corp 1,741,143 2.00 63,500 Realtek Semiconductor Corp 1,099,394 1.27 Taiwan Semiconductor 90,900 Manufacturing Co Ltd 1,870,057 2.15 Taiwan Semiconductor 34,563 Manufacturing Co Ltd ADR 4,088,112 4.71 Wireless Equipment 22,000 RichWave Technology Corp 488,838 0.56 THAILAND 0.00% (30 September 2020: 0.09%) TURKEY 0.66% (30 September 2020: 2.19%) Food -Retail 67,400 BIM Birlesik Magazalar AS 574,951 0.66

52 PRINCIPAL GLOBAL INVESTORS FUNDS PORTFOLIO OF INVESTMENTS AS AT 31 MARCH 2021 (continued)

ORIGIN GLOBAL SMALLER COMPANIES FUND ORIGIN GLOBAL SMALLER COMPANIES FUND (continued)

Nominal Security Value % Net Nominal Security Value % Net USD Assets USD Assets

TRANSFERABLE SECURITIES 98.23% (30 September 2020: 97.45%) GERMANY 0.83% (30 September 2020: 0.69%) Auto/Truck Parts & Equipment -Original AUSTRALIA 1.68% (30 September 2020: 2.07%) 2,364 JOST Werke AG '144A' 150,036 0.57 Metal -Iron Internet Brokers 17,160 Champion Iron Ltd 71,624 0.27 751 flatexDEGIRO AG 69,730 0.26 Mining Services 5,077 Mineral Resources Ltd 147,020 0.56 GREECE 0.00% (30 September 2020: 0.38%) Oil Company -Exploration & Production HUNGARY 0.00% (30 September 2020: 0.31%) 56,135 Beach Energy Ltd 73,326 0.28 Oil Field Machinery & Equipment INDONESIA 0.38% (30 September 2020: 0.53%) 58,918 Imdex Ltd 72,922 0.27 Building & Construction Production -Miscellaneous Retail Auto Parts 1,336,128 Sarana Menara Nusantara Tbk PT 101,187 0.38 8,785 Super Retail Group Ltd 78,755 0.30 ISRAEL 0.46% (30 September 2020: 0.00%) BRAZIL 1.24% (30 September 2020: 1.44%) Finance -Other Services Electric -Transmission 6,237 Plus500 Ltd 120,473 0.46 Cia de Transmissao de Energia 20,330 Eletrica Paulista - Preference 91,256 0.34 ITALY 0.83% (30 September 2020: 1.72%) Rental Auto/Equipment E-Services/Consulting 28,131 Cia de Locacao das Americas 123,531 0.47 895 Reply SpA 113,501 0.43 Sugar Investment Management/Advisory Service 21,426 Sao Martinho SA 112,617 0.43 4,661 Azimut Holding SpA 106,467 0.40 CANADA 5.45% (30 September 2020: 3.85%) JAPAN 5.38% (30 September 2020: 8.37%) Auto/Truck Parts & Equipment -Original Applications Software 2,457 Linamar Corp 144,840 0.55 9,900 Cresco Ltd 144,513 0.55 Finance -Management Loan/Banker Cellular Telecom 1,971 Equitable Group Inc 197,911 0.75 7,451 T-Gaia Corp 129,263 0.49 Forestry Computer Services 6,374 Canfor Corp 132,011 0.50 1,400 BayCurrent Consulting Inc 319,910 1.21 2,170 West Fraser Timber Co Ltd (Units) 156,098 0.59 Direct Marketing 61,091 Western Forest Products Inc 87,979 0.33 8,600 Relia Inc 111,372 0.42 Gold Mining Entertainment Software 7,542 Torex Gold Resources Inc 95,233 0.36 2,600 Capcom Co Ltd 84,588 0.32 Life/Health Insurance Human Resources 6,149 iA Financial Corp Inc 334,302 1.26 4,300 Hito Communications Holdings Inc 81,719 0.31 Multimedia Machinery -Construction & Mining 33,933 Corus Entertainment Inc - Class B 154,433 0.58 7,900 Takeuchi Manufacturing Co Ltd 221,271 0.84 Oil Company -Exploration & Production Medical -Generic Drugs 7,812 Parex Resources Inc 139,292 0.53 6,442 Towa Pharmaceutical Co Ltd 142,424 0.54 Motion Pictures & Services CHINA 3.31% (30 September 2020: 3.64%) 1,737 Toei Animation Co Ltd 186,276 0.70 Audio/Video Products 41,000 Q Technology Group Co Ltd 83,430 0.31 KG 0.28% (30 September 2020: 0.00%) Auto/Truck Parts & Equipment -Original Gold Mining 103,000 Nexteer Automotive Group Ltd 126,258 0.48 8,272 Centerra Gold Inc 73,188 0.28 Batteries/Battery System KYRGYZSTAN 0.00% (30 September 2020: 0.55%) 42,000 Tianneng Power International Ltd 79,306 0.30 Finance -Consumer Loans MALTA 1.18% (30 September 2020: 0.74%) 33,536 Qudian Inc ADR 76,462 0.29 Internet Gambling Machinery -Construction & Mining 17,668 Kindred Group Plc SDR 311,552 1.18 285,063 Lonking Holdings Ltd 121,000 0.46 Machinery -General Industry NETHERLANDS 0.70% (30 September 2020: 0.96%) 61,000 Haitian International Holdings Ltd 243,233 0.92 Finance -Investment Banker/Broker Medical Products 2,547 Flow Traders '144A' 106,749 0.41 China Medical System Holdings Medical -Biomedical/Genetics 73,000 Ltd 144,414 0.55 59,770 Pharming Group NV 77,589 0.29 DENMARK 0.61% (30 September 2020: 0.71%) POLAND 0.47% (30 September 2020: 0.53%) Tobacco Food -Retail Scandinavian Tobacco Group A/S 1,875 Dino Polska SA '144A' 123,828 0.47 8,416 '144A' 161,857 0.61 RUSSIA 0.00% (30 September 2020: 0.58%) EGYPT 0.00% (30 September 2020: 0.29%) SINGAPORE 1.94% (30 September 2020: 1.13%) FRANCE 1.55% (30 September 2020: 0.00%) Electric -Distribution Advertising Sales 1,643 XP Power Ltd 106,542 0.40 3,338 Criteo SA ADR 115,928 0.44 Multilevel Direct Selling Television 49,600 Best World International Ltd 25,103 0.09 13,768 Metropole Television SA 294,831 1.11 Retail -Hypermarkets 105,500 Sheng Siong Group Ltd 120,922 0.46 Semiconductor Equipment 5,325 Kulicke & Soffa Industries Inc 261,511 0.99

53 PRINCIPAL GLOBAL INVESTORS FUNDS PORTFOLIO OF INVESTMENTS AS AT 31 MARCH 2021 (continued)

ORIGIN GLOBAL SMALLER COMPANIES FUND (continued) ORIGIN GLOBAL SMALLER COMPANIES FUND (continued)

Nominal Security Value % Net Nominal Security Value % Net USD Assets USD Assets

SOUTH AFRICA 1.13% (30 September 2020: 0.48%) TURKEY 1.26% (30 September 2020: 0.49%) (continued) Coal Retail -Automobile 17,882 Exxaro Resources Ltd 210,545 0.80 Dogus Otomotiv Servis ve Ticaret Retail -Discount 30,974 AS 106,362 0.40 80,140 Pepkor Holdings Ltd '144A' 87,813 0.33 UKRAINE 0.77% (30 September 2020: 0.28%) SOUTH KOREA 2.27% (30 September 2020: 1.60%) Metal -Iron Chemicals -Diversified 39,168 Ferrexpo Plc 202,434 0.77 779 Hansol Chemical Co Ltd 165,884 0.63 267 Korea Petrochemical Ind Co Ltd 76,791 0.29 UNITED KINGDOM 8.16% (30 September 2020: 7.26%) 633 Kumho Petrochemical Co Ltd 148,218 0.56 Advertising Services Finance -Investment Banker/Broker 40,881 Kin & Carta Plc 100,116 0.38 1,155 KIWOOM Securities Co Ltd 128,588 0.48 Building & Construction Production -Miscellaneous 2,324 Samsung Securities Co Ltd 81,009 0.31 28,560 Tyman Plc 146,781 0.55 Building -Residential/Commercial SPAIN 0.00% (30 September 2020: 0.28%) 2,087 Bellway Plc 97,987 0.37 14,588 Redrow Plc 126,398 0.48 SWEDEN 2.26% (30 September 2020: 2.78%) 7,916 Vistry Group Plc 119,265 0.45 Finance -Investment Banker/Broker Computer Services 4,919 Avanza Bank Holding AB 153,164 0.58 3,876 Computacenter Plc 126,741 0.48 Health Care Services 11,868 GB Group Plc 138,854 0.52 2,219 Lifco AB 206,720 0.78 Distribution/Wholesale Lasers -Systems/Components 2,678 Diploma Plc 94,145 0.36 4,805 Mycronic AB 113,010 0.43 Finance -Investment Banker/Broker Rubber/Plastic Products 23,029 CMC Markets Plc '144A' 153,464 0.58 1,399 Nolato AB 124,872 0.47 Finance -Other Services SWITZERLAND 0.59% (30 September 2020: 1.73%) 12,882 IG Group Holdings Plc 160,137 0.61 Advanced Materials/Production Home Furnishings 29 Gurit Holding AG 73,953 0.28 7,736 Howden Joinery Group Plc 78,236 0.30 Finance -Investment Banker/Broker Internet Gambling 633 Swissquote Group Holding SA 82,055 0.31 17,289 888 Holdings Plc 94,222 0.35 9,010 Gamesys Group Plc 240,169 0.91 TAIWAN 6.93% (30 September 2020: 8.26%) Investment Management/Advisory Service Chemicals -Diversified 7,659 Liontrust Asset Management Plc 150,053 0.57 233,000 Grand Pacific Petrochemical 224,565 0.85 Metal -Diversified Chemicals -Plastics 22,880 Central Asia Metals Plc 78,919 0.30 81,000 China General Plastics Corp 105,888 0.40 Miscellaneous Manufacturing Commercial Banks Non -US 18,559 Volution Group Plc 101,143 0.38 90,423 King's Town Bank Co Ltd 124,861 0.47 Publishing -Periodicals Electronic Component -Miscellaneous 5,724 Future Plc 151,156 0.57 15,328 Elite Material Co Ltd 90,787 0.34 24,000 Micro-Star International Co Ltd 146,357 0.55 UNITED STATES 47.78% (30 September 2020 : 44.50%) 5,000 Phison Electronics Corp 85,603 0.32 Athletic Equipment 6,000 Simplo Technology Co Ltd 78,015 0.30 1,879 YETI Holdings Inc 135,683 0.51 Electronic Component -Semiconductor Audio/Video Products Silicon Motion Technology Corp 5,002 Sonos Inc 187,425 0.71 1,325 ADR 78,692 0.30 Auto/Truck Parts & Equipment -Original Sino-American Silicon Products 3,244 Dana Inc 78,927 0.30 13,000 Inc 76,998 0.29 Bicycle Manufacturing Electronic Parts Distribution 1,008 Fox Factory Holding Corp 128,076 0.48 22,929 Sinbon Electronics Co Ltd 212,150 0.80 Building & Construction Production -Miscellaneous Retail -Computer Equip 2,804 Builders FirstSource Inc 130,022 0.49 38,550 Chicony Power Technology Co Ltd 110,247 0.42 1,115 EMCOR Group Inc 125,058 0.47 Semiconducter Component -Integrated Circuits 4,887 Louisiana-Pacific Corp 271,033 1.03 12,000 Elan Microelectronics Corp 82,221 0.31 1,741 Patrick Industries Inc 147,985 0.56 32,000 Greatek Electronics Inc 79,627 0.30 Building Mobile Homes/Manufacturing Houses 24,000 Holtek Semiconductor Inc 78,562 0.30 689 LCI Industries 91,141 0.34 16,000 Sitronix Technology Corp 134,020 0.51 1,132 Winnebago Industries Inc 86,836 0.33 Wireless Equipment Building Production -Wood 30,322 Arcadyan Technology Corp 123,273 0.47 3,368 UFP Industries Inc 255,429 0.97 Building -Residential/Commercial THAILAND 0.79% (30 September 2020: 1.30%) 2,251 Installed Building Products Inc 249,591 0.94 Beverages -Non -Alcoholic 684 LGI Homes Inc 102,128 0.39 22,464 Carabao Group PCL 92,731 0.35 Commercial Banks -Central US Diversified Manufacturing Operations 5,366 Flagstar Bancorp Inc 242,007 0.91 1,290 Fabrinet 116,603 0.44 4,094 Hilltop Holdings Inc 139,728 0.53 Commercial Banks -Eastern US TURKEY 1.26% (30 September 2020: 0.49%) 9,082 Customers Bancorp Inc 288,989 1.09 Electric -Distribution Commercial Services 116,283 Enerjisa Enerji AS '144A' 164,387 0.62 594 Medifast Inc 125,821 0.48 Gold Mining Computer Services 4,391 Koza Altin Isletmeleri AS 63,136 0.24 976 Insight Enterprises Inc 93,130 0.35

54 PRINCIPAL GLOBAL INVESTORS FUNDS PORTFOLIO OF INVESTMENTS AS AT 31 MARCH 2021 (continued)

ORIGIN GLOBAL SMALLER COMPANIES FUND (continued) ORIGIN GLOBAL SMALLER COMPANIES FUND (continued)

Nominal Security Value % Net Nominal Security Value % Net USD Assets USD Assets

UNITED STATES 47.78% (30 September 2020: 44.50%) (continued) UNITED STATES 47.78% (30 September 2020: 44.50%) (continued) Computer Services Miscellaneous Manufacturing 887 J2 Global Inc 106,316 0.40 2,985 Hillenbrand Inc 142,414 0.54 Computers -Other Multilevel Direct Selling 901 Lumentum Holdings Inc 82,306 0.31 2,601 Nu Skin Enterprises Inc - Class A 137,567 0.52 Consumer Products -Miscellaneous Oil -Field Services 1,109 Helen of Troy Ltd 233,622 0.88 20,648 ProPetro Holding Corp 220,108 0.83 Distribution/Wholesale Power Conversion/Supply Equipment 1,685 WESCO International Inc 145,803 0.55 2,058 Advanced Energy Industries Inc 224,672 0.85 Electronic Component -Semiconductor Private Equity 1,662 SMART Global Holdings Inc 76,485 0.29 3,359 Victory Capital Holdings Inc 85,856 0.33 Entertainment Software Recreational Vehicles 6,933 Sciplay Corp 112,176 0.42 1,481 Brunswick Corp/DE 141,243 0.54 E-Services/Consulting 2,960 Malibu Boats Inc - Class A 235,853 0.89 2,217 Perficient Inc 130,182 0.49 5,003 MasterCraft Boat Holdings Inc 133,030 0.50 Finance -Consumer Loans Retail -Apparel/Shoe 2,606 Enova International Inc 92,461 0.35 1,506 Foot Locker Inc 84,712 0.32 26,817 Navient Corp 383,751 1.45 Retail -Automobile 11,371 SLM Corp 204,337 0.77 1,227 Asbury Automotive Group Inc 241,106 0.91 Finance -Investment Banker/Broker 1,840 AutoNation Inc 171,525 0.65 624 Evercore Inc - Class A 82,206 0.31 712 Group 1 Automotive Inc 112,346 0.43 1,636 Houlihan Lokey Inc - Class A 108,810 0.41 698 Lithia Motors Inc - Class A 272,283 1.03 1,967 Moelis & Co - Class A 107,949 0.41 Retail -Mail Order 1,895 PJT Partners Inc 128,197 0.49 601 Williams-Sonoma Inc 107,699 0.41 4,042 Virtu Financial Inc - Class A 125,504 0.47 Rubber -Tyres Finance -Leasing Companies 1,404 Cooper Tire & Rubber Co 78,596 0.30 2,471 PROG Holdings Inc 106,970 0.41 S&L/Thrifts -Western Us Finance -Management Loan/Banker 1,612 Axos Financial Inc 75,780 0.29 4,358 PennyMac Financial Services Inc 291,419 1.10 Semiconducter Component -Integrated Circuits Financial Guarantee Insurance 2,392 Parade Technologies Ltd 102,695 0.39 14,427 MGIC Investment Corp 199,814 0.76 Steel Pipe & Tube 4,283 NMI Holdings Inc - Class A 101,250 0.38 3,814 Atkore Inc 274,227 1.04 7,909 Radian Group Inc 183,884 0.69 Tobacco Firearms & Ammunition 1,551 Turning Point Brands Inc 80,916 0.31 1,009 Axon Enterprise Inc 143,702 0.54 Transport -Truck Footwear & Related Apparel 685 Saia Inc 157,947 0.60 1,055 Deckers Outdoor Corp 348,593 1.32 Total Value of Transferable Securities at Health Care Services Market Prices 25,968,179 98.23 591 Amedisys Inc 156,491 0.59 596 LHC Group Inc 113,961 0.43 UNLISTED 0.00% (30 September 2020: 0.00%) Home Furnishings SPAIN 0.00% (30 September 2020: 0.00%) 1,818 Sleep Number Corp 260,865 0.99 Telecom Services 7,288 Tempur Sealy International Inc 266,449 1.01 7,149 Let's GOWEX SA 0 0.00 Human Resources Total Value of Unlisted at Market Prices 0 0.00 1,067 ASGN Inc 101,834 0.39 Total Value of Transferable Securities at 3,905 Kforce Inc 209,308 0.79 Industrial Automat/Robot Market Prices (Cost: USD19,414,120) 25,968,179 98.23 1,728 Ichor Holdings Ltd 92,966 0.35 Open Spot Currency Contracts (0.00%) (30 September 2020: (0.00%)) Investment Management/Advisory Service Settlement Buy Amount Sell Amount Unrealised % Net 5,855 AllianceBernstein Holding LP 234,141 0.88 Date Bought Sold Gain/Loss Assets Artisan Partners Asset 2,500 Management Inc 130,425 0.49 01/04/2021 USD 1,208 CAD (1,527) (7) (0.00) 1,932 Stifel Financial Corp 123,764 0.47 01/04/2021 USD 433 CAD (547) (3) (0.00) 1,343 Virtus Investment Partners Inc 316,277 1.20 Machinery -Farm Unrealised Loss on Open Spot 619 AGCO Corp 88,919 0.34 Currency Contracts (10) (0.00) Machinery -General Industry 1,282 Altra Industrial Motion Corp 70,920 0.27 Net Unrealised Loss on Open Spot 493 Kadant Inc 91,210 0.34 Currency Contracts (10) (0 .00)

Machinery -Therml Process 6,470 GrafTech International Ltd 79,128 0.30 Cash at Bank 345,804 1.31 Medical Laboratries & Testing Services Net Current Assets 122,521 0.46 854 Medpace Holdings Inc 140,099 0.53 Medical -Biomedical/Genetics Net Assets Attributable to Holders 925 United Therapeutics Corp 154,725 0.59 of Redeemable Participating Units Medical -Drugs at Market Prices 26,436,494 100.00 6,079 Corcept Therapeutics Inc 144,619 0.55 1,743 Pacira BioSciences Inc 122,167 0.46 Metal Processors & Fabricators 736 Standex International Corp 70,340 0.27 2,547 Timken Co/The (Units) 206,740 0.78

55 PRINCIPAL GLOBAL INVESTORS FUNDS PORTFOLIO OF INVESTMENTS AS AT 31 MARCH 2021 (continued)

ORIGIN GLOBAL SMALLER COMPANIES FUND (continued)

% Total Analysis of Total Assets Assets Transferable Securities and Money Market Instruments admitted to an official stock exchange listing or traded on a regulated market 97.91

Transferable Securities other than those admitted to an official stock exchange listing or traded on a regulated market 0.00

Financial Derivative instruments dealt in or on a regulated market 0.00 Other Assets 2.09 Total Assets 100.00

Except where stated above all securities are transferable securities admitted to an official stock exchange listing.

The counterparty for the open spot currency contracts is The Bank of New York Mellon.

The country disclosed in the above Portfolio of Investments is the country of risk of the security.

56 PRINCIPAL GLOBAL INVESTORS FUNDS PORTFOLIO OF INVESTMENTS AS AT 31 MARCH 2021 (continued)

GLOBAL DIVERSIFIED INCOME FUND

Nominal Security Coupon Maturity Value % Net Rate Date USD Assets

TRANSFERABLE SECURITIES 95.97% (30 September 2020: 96.87%) AUSTRALIA 1.45% (30 September 2020: 0.62%) Common Stock 4,730 AGL Energy Ltd 34,765 0.11 3,986 Fortescue Metals Group Ltd 60,689 0.19 430 Rio Tinto Ltd 36,272 0.11 1,630 Rio Tinto Plc 124,815 0.39 Corporate Bond 200,000 Scentre Group Trust 2 'REGS' FRN 5.125% 24/09/2080 208,340 0.65 BRAZIL 1.71% (30 September 2020: 1.56%) Common Stock 1,900 Vale SA 32,986 0.11 Corporate Bond 200,000 Minerva Luxembourg SA '144A' 4.375% 18/03/2031 195,775 0.61 120,000 Petrobras Global Finance BV 5.600% 03/01/2031 126,682 0.39 25,000 Suzano Austria GmbH 3.750% 15/01/2031 25,889 0.08 160,000 Vale Overseas Ltd 3.750% 08/07/2030 167,945 0.52 CANADA 7.27% (30 September 2020: 6.40%) Common Stock 486 BCE Inc 21,938 0.07 2,400 Canadian Natural Resources Ltd 74,187 0.23 1,015 Magna International Inc (Units) 89,384 0.28 4,885 Manulife Financial Corp 105,059 0.33 2,199 Suncor Energy Inc 45,963 0.14 1,981 Toronto-Dominion Bank/The 129,184 0.40 Corporate Bond 200,000 Bank of Montreal FRN (Perpetual) 4.800% 25/08/2024 209,839 0.65 250,000 Bombardier Inc 'REGS' 6.000% 15/10/2022 250,469 0.78 200,000 Emera Inc FRN 6.750% 15/06/2076 227,651 0.71 200,000 Enbridge Inc FRN 6.000% 15/01/2077 213,709 0.66 250,000 Teck Resources Ltd 5.200% 01/03/2042 274,362 0.85 450,000 Transcanada Trust FRN 5.625% 20/05/2075 478,125 1.49 Preferred Security 8,152 Algonquin Power & Utilities Corp - Preferred Stock FRN 6.875% 17/10/2078 219,289 0.68 CHILE 1.97% (30 September 2020: 0.91%) Corporate Bond 100,000 Enel Chile SA 4.875% 12/06/2028 115,915 0.36 200,000 Falabella SA '144A' 3.750% 30/04/2023 210,090 0.65 200,000 VTR Comunicaciones SpA '144A' 5.125% 15/01/2028 209,330 0.65 Government Bond 75,000,000 Bonos de la Tesoreria de la Republica en pesos '144A' 2.300% 01/10/2028 99,615 0.31 CHINA 4.95% (30 September 2020: 1.15%) Common Stock 7,500 Anhui Conch Cement Co Ltd 'H' 48,766 0.15 17,500 BOC Hong Kong Holdings Ltd 61,114 0.19 106,000 China Construction Bank Corp 'H' 89,169 0.28 53,000 China Medical System Holdings Ltd 104,849 0.33 42,000 China Oilfield Services Ltd 'H' 43,218 0.13 30,000 China Resources Cement Holdings Ltd 33,687 0.11 23,000 China Shenhua Energy Co Ltd 'H' 47,394 0.15 15,000 Country Garden Holdings Co Ltd 19,255 0.06 39,000 Far East Horizon Ltd 46,853 0.15 17,000 Geely Automobile Holdings Ltd 43,252 0.13 10,000 Kunlun Energy Co Ltd 10,509 0.03 10,000 New China Life Insurance Co Ltd 'H' 38,716 0.12 8,000 Ping An Insurance Group Co of China Ltd 'H' 95,235 0.30 20,000 TravelSky Technology Ltd 'H' 46,769 0.14 Corporate Bond 200,000 Alibaba Group Holding Ltd 2.125% 09/02/2031 190,662 0.59 250,000 Country Garden Holdings Co Ltd 4.750% 28/09/2023 255,728 0.79 200,000 Meituan 'REGS' 2.125% 28/10/2025 198,799 0.62 200,000 Tencent Holdings Ltd '144A' 3.975% 11/04/2029 217,499 0.68

57 PRINCIPAL GLOBAL INVESTORS FUNDS PORTFOLIO OF INVESTMENTS AS AT 31 MARCH 2021 (continued)

GLOBAL DIVERSIFIED INCOME FUND (continued)

Nominal Security Coupon Maturity Value % Net Rate Date USD Assets

COLOMBIA 0.00% (30 September 2020: 0.68%) DENMARK 0.00% (30 September 2020: 0.11%) DOMINICAN REPUBLIC 0.47% (30 September 2020: 0.50%) Government Bond 150,000 Dominican Republic International Bond '144A' 4.500% 30/01/2030 151,875 0.47 FINLAND 0.79% (30 September 2020: 0.84%) Common Stock 718 UPM-Kymmene Oyj 25,848 0.08 Corporate Bond 200,000 Nordea Bank Abp 'REGS' FRN (Perpetual) 6.625% 26/03/2026 228,667 0.71 FRANCE 2.75% (30 September 2020: 2.52%) Common Stock 249 Arkema SA 30,246 0.09 356 BNP Paribas SA 21,707 0.07 203 Capgemini SE 34,619 0.11 258 Cie Generale des Etablissements Michelin SCA 38,707 0.12 40 Faurecia SE 2,132 0.00 2,044 Klepierre SA (REIT) 47,771 0.15 831 Publicis Groupe SA 50,827 0.16 326 Sodexo SA 31,334 0.10 334 Thales SA 33,257 0.10 Corporate Bond 200,000 BNP Paribas SA 'REGS' FRN (Perpetual) 7.375% 19/08/2025 232,139 0.72 300,000 Credit Agricole SA 'REGS' FRN (Perpetual) 8.125% 23/12/2025 362,438 1.13 GERMANY 1.40% (30 September 2020: 0.69%) Common Stock 249 Allianz SE 63,520 0.20 3,422 Aroundtown SA 24,413 0.07 303 Bayer AG 19,216 0.06 383 Fresenius Medical Care AG & Co KGaA 28,233 0.09 841 Fresenius SE & Co KGaA 37,541 0.12 518 Henkel AG & Co KGaA 51,414 0.16 454 HOCHTIEF AG 40,713 0.13 385 KION Group AG 38,100 0.12 494 LANXESS AG 36,497 0.11 166 MTU Aero Engines AG 39,157 0.12 194 Siemens AG 31,922 0.10 13,220 Telefonica Deutschland Holding AG 38,844 0.12 GHANA 0.62% (30 September 2020: 0.00%) Government Bond 200,000 Ghana Government International Bond 'REGS' 7.750% 07/04/2029 198,500 0.62 GREECE 0.06% (30 September 2020: 0.03%) Common Stock 1,450 OPAP SA 19,649 0.06 GUATEMALA 0.85% (30 September 2020: 0.93%) Corporate Bond 55,000 Central American Bottling Corp '144A' 5.750% 31/01/2027 58,403 0.18 Government Bond 200,000 Guatemala Government Bond 'REGS' 4.500% 03/05/2026 216,070 0.67 HONG KONG 0.57% (30 September 2020: 0.21%) Common Stock 8,500 CK Asset Holdings Ltd 51,605 0.16 800 Jardine Matheson Holdings Ltd 52,312 0.16 22,500 Kingboard Laminates Holdings Ltd 48,679 0.15 1,500 Sun Hung Kai Properties Ltd 22,728 0.07 11,500 WH Group Ltd '144A' 9,319 0.03 HUNGARY 0.00% (30 September 2020: 0.38%) INDONESIA 0.97% (30 September 2020: 0.11%) Common Stock 1,569 Telkom Indonesia Persero Tbk PT ADR 37,091 0.12 21,600 United Tractors Tbk PT 32,902 0.10

58 PRINCIPAL GLOBAL INVESTORS FUNDS PORTFOLIO OF INVESTMENTS AS AT 31 MARCH 2021 (continued)

GLOBAL DIVERSIFIED INCOME FUND (continued)

Nominal Security Coupon Maturity Value % Net Rate Date USD Assets

INDONESIA 0.97% (30 September 2020: 0.11%) (continued) Corporate Bond 200,000 Indonesia Asahan Aluminium Persero PT '144A' 6.530% 15/11/2028 241,295 0.75 IRELAND 0.08% (30 September 2020: 0.04%) Common Stock 10,218 AIB Group Plc 26,925 0.08 ISRAEL 0.16% (30 September 2020: 0.12%) Common Stock 8,022 Bank Leumi Le-Israel BM 52,923 0.16 ITALY 1.07% (30 September 2020: 1.00%) Common Stock 8,505 Enel SpA 84,896 0.27 3,913 Intesa Sanpaolo SpA 10,626 0.03 330 Moncler SpA 18,955 0.06 Corporate Bond 200,000 Intesa Sanpaolo SpA '144A' FRN (Perpetual) 7.700% 17/09/2025 227,500 0.71 JAMAICA 0.85% (30 September 2020: 0.87%) Government Bond 200,000 Jamaica Government International Bond 7.875% 28/07/2045 272,000 0.85 JAPAN 3.14% (30 September 2020: 2.07%) Common Stock 400 Advantest Corp 35,041 0.11 2,200 Amada Co Ltd 24,568 0.08 400 Daito Trust Construction Co Ltd 46,443 0.14 1,500 Japan Tobacco Inc 28,846 0.09 1,200 Kamigumi Co Ltd 22,773 0.07 2,100 KDDI Corp 64,520 0.20 4,900 Marubeni Corp 40,832 0.13 10,800 Mitsubishi UFJ Financial Group Inc 57,831 0.18 4,130 Mizuho Financial Group Inc 59,763 0.19 100 Nintendo Co Ltd 55,937 0.17 1,800 Obayashi Corp 16,534 0.05 4,075 ORIX Corp 68,888 0.21 400 Shionogi & Co Ltd 21,546 0.07 2,100 SoftBank Corp 27,338 0.09 900 Sony Group Corp 94,439 0.29 1,900 Sumitomo Mitsui Financial Group Inc 68,899 0.21 1,100 Toyota Motor Corp 85,770 0.27 Corporate Bond 200,000 Nippon Life Insurance Co '144A' FRN 2.750% 21/01/2051 190,000 0.59 KAZAKHSTAN 0.66% (30 September 2020: 0.72%) Corporate Bond 200,000 Tengizchevroil Finance Co International Ltd 'REGS' 4.000% 15/08/2026 213,729 0.66 MALAYSIA 0.00% (30 September 2020: 0.27%) MEXICO 2.49% (30 September 2020: 2.31%) Common Stock 9,465 Arca Continental SAB de CV 46,653 0.15 6,900 Grupo Financiero Banorte SAB de CV 38,826 0.12 Corporate Bond 250,000 Alpek SAB de CV 'REGS' 4.250% 18/09/2029 264,900 0.82 200,000 Cemex SAB de CV 'REGS' 3.875% 11/07/2031 195,610 0.61 250,000 Petroleos Mexicanos 6.840% 23/01/2030 254,189 0.79 MOROCCO 0.59% (30 September 2020: 0.00%) Government Bond 200,000 Morocco Government International Bond '144A' 3.000% 15/12/2032 187,979 0.59 NETHERLANDS 1.97% (30 September 2020: 2.64%) Common Stock 3,243 Koninklijke Ahold Delhaize NV 90,524 0.28 811 NN Group NV 39,738 0.12 2,527 Royal Dutch Shell Plc 49,292 0.16 1,957 Royal Dutch Shell Plc 36,046 0.11

59 PRINCIPAL GLOBAL INVESTORS FUNDS PORTFOLIO OF INVESTMENTS AS AT 31 MARCH 2021 (continued)

GLOBAL DIVERSIFIED INCOME FUND (continued)

Nominal Security Coupon Maturity Value % Net Rate Date USD Assets

NETHERLANDS 1.97% (30 September 2020: 2.64%) (continued) Corporate Bond 200,000 ING Groep NV FRN (Perpetual) 5.750% 16/11/2026 218,317 0.68 200,000 VEON Holdings BV '144A' 3.375% 25/11/2027 198,096 0.62 NEW ZEALAND 0.07% (30 September 2020: 0.00%) Common Stock 5,930 Meridian Energy Ltd 22,385 0.07 NORWAY 0.18% (30 September 2020: 0.13%) Common Stock 2,737 DNB ASA 58,355 0.18 OMAN 0.65% (30 September 2020: 0.00%) Government Bond 200,000 Oman Government International Bond 'REGS' 6.250% 25/01/2031 209,622 0.65 PAKISTAN 0.63% (30 September 2020: 0.00%) Government Bond 200,000 Pakistan Government International Bond 'REGS' 6.000% 08/04/2026 203,605 0.63 PANAMA 0.66% (30 September 2020: 1.48%) Corporate Bond 200,000 Cable Onda SA 'REGS' 4.500% 30/01/2030 212,937 0.66 PERU 1.82% (30 September 2020: 2.12%) Corporate Bond 350,000 Hudbay Minerals Inc '144A' 6.125% 01/04/2029 374,500 1.17 103,949 Lima Metro Line 2 Finance Ltd 'REGS' 5.875% 05/07/2034 122,269 0.38 Government Bond 300,000 Peru Government Bond 6.150% 12/08/2032 86,490 0.27 PHILIPPINES 0.00% (30 September 2020: 0.02%) POLAND 0.22% (30 September 2020: 0.13%) Common Stock 3,769 Cyfrowy Polsat SA 28,234 0.09 1,265 Polski Koncern Naftowy ORLEN SA 20,344 0.06 2,493 Powszechny Zaklad Ubezpieczen SA 21,544 0.07 PORTUGAL 0.15% (30 September 2020: 0.00%) Common Stock 3,999 Galp Energia SGPS SA 46,625 0.15 QATAR 0.00% (30 September 2020: 0.75%) ROMANIA 0.00% (30 September 2020: 0.19%) RUSSIA 0.65% (30 September 2020: 0.71%) Corporate Bond 200,000 Petropavlovsk 2016 Ltd 'REGS' 8.125% 14/11/2022 207,932 0.65 SAUDI ARABIA 0.69% (30 September 2020: 0.09%) Government Bond 200,000 Saudi Government International Bond '144A' 4.000% 17/04/2025 220,477 0.69 SINGAPORE 0.27% (30 September 2020: 0.17%) Common Stock 1,700 DBS Group Holdings Ltd 36,427 0.12 5,600 Oversea-Chinese Banking Corp Ltd 48,973 0.15 SOUTH AFRICA 0.10% (30 September 2020: 0.03%) Common Stock 37,496 Growthpoint Properties Ltd (REIT) 33,519 0.10 SOUTH KOREA 1.18% (30 September 2020: 0.32%) Common Stock 254 DL E&C Co Ltd 27,044 0.08 874 Hana Financial Group Inc 33,053 0.10 488 Kumho Petrochemical Co Ltd 114,265 0.36 1,841 Samsung Securities Co Ltd 64,173 0.20 1,364 Shinhan Financial Group Co Ltd 45,135 0.14

60 PRINCIPAL GLOBAL INVESTORS FUNDS PORTFOLIO OF INVESTMENTS AS AT 31 MARCH 2021 (continued)

GLOBAL DIVERSIFIED INCOME FUND (continued)

Nominal Security Coupon Maturity Value % Net Rate Date USD Assets

SOUTH KOREA 1.18% (30 September 2020: 0.32%) (continued) Preferred Security 1,468 Samsung Electronics Co Ltd - Preference 0.000% 94,689 0.30 SPAIN 0.25% (30 September 2020 : 0.42%) Common Stock 550 ACS Actividades de Construccion y Servicios SA 18,268 0.06 8,795 Bankinter SA 61,194 0.19 SWEDEN 0.00% (30 September 2020: 0.30%) SWITZERLAND 0.79% (30 September 2020: 0.54%) Common Stock 572 Dufry AG 39,116 0.12 1,348 Novartis AG 115,687 0.36 471 Swiss Re AG 46,522 0.15 95 Swisscom AG 51,177 0.16 THAILAND 0.07% (30 September 2020: 0.02%) Common Stock 6,200 PTT Exploration & Production PCL (Foreign Market) 22,618 0.07 TURKEY 0.05% (30 September 2020: 0.07%) Common Stock 10,882 Turk Hava Yollari AO 16,764 0.05 UKRAINE 0.67% (30 September 2020: 0.67%) Corporate Bond 200,000 Metinvest BV 'REGS' 7.650% 01/10/2027 215,957 0.67 UNITED KINGDOM 4.30% (30 September 2020: 4.16%) Common Stock 1,288 Ashtead Group Plc 76,893 0.24 16,169 Aviva Plc 91,063 0.28 5,054 BAE Systems Plc 35,214 0.11 1,023 British American Tobacco Plc 39,153 0.12 1,372 GlaxoSmithKline Plc 24,381 0.08 1,398 Hargreaves Lansdown Plc 29,733 0.09 5,682 HSBC Holdings Plc 33,176 0.10 940 Imperial Brands Plc 19,350 0.06 326 Unilever Plc 18,243 0.06 Corporate Bond 200,000 Lloyds Banking Group Plc FRN (Perpetual) 7.500% 27/06/2024 223,444 0.70 300,000 Natwest Group Plc FRN (Perpetual) 6.000% 29/12/2025 332,250 1.03 200,000 Standard Chartered Plc '144A' FRN (Perpetual) 7.750% 02/04/2023 216,848 0.68 200,000 Vodafone Group Plc FRN 7.000% 04/04/2079 241,162 0.75 UNITED STATES 45.73% (30 September 2020: 56.87%) Common Stock 257 A O Smith Corp 17,376 0.05 562 AbbVie Inc 60,820 0.19 818 ADT Inc 6,904 0.02 106 Advance Auto Parts Inc 19,450 0.06 141 Allison Transmission Holdings Inc 5,757 0.02 201 Allstate Corp/The 23,095 0.07 549 Altria Group Inc 28,087 0.09 58 Ameriprise Financial Inc 13,482 0.04 211 Amgen Inc 52,499 0.16 76 Anthem Inc 27,280 0.09 389 Apartment Income REIT Corp (REIT) 16,634 0.05 370 Applied Materials Inc 49,432 0.15 499 AT&T Inc 15,105 0.05 323 Bank of America Corp 12,497 0.04 362 Bank of New York Mellon Corp/The 17,119 0.05 160 Bank OZK 6,536 0.02 95 Berkshire Hathaway Inc - Class B 24,270 0.08 196 Best Buy Co Inc 22,503 0.07 231 Booz Allen Hamilton Holding Corp - Class A 18,602 0.06 319 BorgWarner Inc 14,789 0.04 104 Boston Properties Inc (REIT) 10,531 0.03 411 Bristol-Myers Squibb Co 25,946 0.08

61 PRINCIPAL GLOBAL INVESTORS FUNDS PORTFOLIO OF INVESTMENTS AS AT 31 MARCH 2021 (continued)

GLOBAL DIVERSIFIED INCOME FUND (continued)

Nominal Security Coupon Maturity Value % Net Rate Date USD Assets

UNITED STATES 45.73% (30 September 2020: 56.87%) (continued) Common Stock (continued) 113 Broadcom Inc 52,394 0.16 852 Cabot Oil & Gas Corp 16,001 0.05 77 Cboe Global Markets Inc 7,605 0.02 102 CDW Corp/DE 16,907 0.05 217 Celanese Corp - Class A 32,509 0.10 310 CF Industries Holdings Inc 14,068 0.04 80 CH Robinson Worldwide Inc 7,634 0.02 511 Chemours Co/The 14,262 0.04 173 Chevron Corp 18,128 0.06 886 Cisco Systems Inc/Delaware 45,815 0.14 216 Citigroup Inc 15,714 0.05 95 Clorox Co/The 18,324 0.06 186 Cognizant Technology Solutions Corp 14,530 0.04 907 Comcast Corp 49,078 0.15 478 Comerica Inc 34,292 0.10 244 ConocoPhillips 12,925 0.04 69 Constellation Brands Inc - Class A 15,732 0.05 306 CSX Corp 29,504 0.09 157 Cummins Inc 40,680 0.13 215 Discover Financial Services 20,423 0.06 126 Dominion Energy Inc 9,571 0.03 133 Eastman Chemical Co 14,646 0.05 289 EOG Resources Inc 20,961 0.07 154 Equity Residential (REIT) 11,031 0.03 90 Essex Property Trust Inc (REIT) 24,465 0.08 359 Evergy Inc 21,371 0.07 596 Exxon Mobil Corp 33,275 0.10 107 General Dynamics Corp 19,427 0.06 297 Gentex Corp 10,594 0.03 120 Goldman Sachs Group Inc/The 39,240 0.12 972 H&R Block Inc 21,190 0.07 790 Hanesbrands Inc 15,539 0.05 71 Home Depot Inc/The 21,673 0.07 739 HP Inc 23,463 0.07 874 Huntington Bancshares Inc/OH 13,739 0.04 72 Huntington Ingalls Industries Inc 14,821 0.05 325 Intel Corp 20,800 0.07 270 International Paper Co 14,599 0.05 1,395 Interpublic Group of Cos Inc/The 40,734 0.13 5,500 JBS SA 29,513 0.09 1,114 Jefferies Financial Group Inc 33,531 0.10 396 Johnson & Johnson 65,083 0.20 110 JPMorgan Chase & Co 16,745 0.05 595 KeyCorp 11,888 0.04 594 Kroger Co/The 21,378 0.07 131 Landstar System Inc 21,623 0.07 222 Lennar Corp 22,473 0.07 119 M&T Bank Corp 18,042 0.06 183 ManpowerGroup Inc 18,099 0.06 233 Marathon Petroleum Corp 12,463 0.04 96 Masco Corp 5,750 0.02 254 McKesson Corp 49,540 0.15 119 Merck & Co Inc 9,174 0.03 352 Molson Coors Beverage Co - Class B 18,005 0.06 694 Mondelez International Inc 40,620 0.13 527 Morgan Stanley 40,927 0.13 273 NetApp Inc 19,839 0.06 776 Newell Brands Inc 20,781 0.06 80 Northrop Grumman Corp 25,891 0.08 541 NRG Energy Inc 20,412 0.06 229 Nucor Corp 18,382 0.06 34 Old Dominion Freight Line Inc 8,174 0.02 575 Oracle Corp 40,348 0.13 172 Oshkosh Corp 20,410 0.06 69 Parker-Hannifin Corp 21,764 0.07 49 PepsiCo Inc 6,931 0.02

62 PRINCIPAL GLOBAL INVESTORS FUNDS PORTFOLIO OF INVESTMENTS AS AT 31 MARCH 2021 (continued)

GLOBAL DIVERSIFIED INCOME FUND (continued)

Nominal Security Coupon Maturity Value % Net Rate Date USD Assets

UNITED STATES 45.73% (30 September 2020: 56.87%) (continued) Common Stock (continued) 245 Pfizer Inc 8,876 0.03 170 Phillips 66 13,862 0.04 48 Pioneer Natural Resources Co 7,623 0.02 107 PNC Financial Services Group Inc/The 18,769 0.06 135 Primerica Inc 19,956 0.06 189 Procter & Gamble Co/The 25,596 0.08 181 Progressive Corp/The 17,305 0.06 318 Prudential Financial Inc 28,970 0.09 73 PulteGroup Inc 3,828 0.01 207 Quest Diagnostics Inc 26,566 0.08 137 Raymond James Financial Inc 16,791 0.05 988 Regions Financial Corp 20,412 0.06 64 Reliance Steel & Aluminum Co 9,747 0.03 373 Robert Half International Inc 29,120 0.09 91 Skyworks Solutions Inc 16,697 0.05 191 Snap-on Inc 44,071 0.14 215 State Street Corp 18,062 0.06 577 Steel Dynamics Inc 29,288 0.09 2,421 Stellantis NV 42,916 0.13 243 Synchrony Financial 9,880 0.03 168 Texas Instruments Inc 31,750 0.10 97 Tractor Supply Co 17,177 0.06 114 Travelers Cos Inc/The 17,146 0.05 233 Tyson Foods Inc - Class A 17,312 0.06 12 Union Pacific Corp 2,645 0.01 106 UnitedHealth Group Inc 39,440 0.12 564 Unum Group 15,696 0.05 233 Verizon Communications Inc 13,549 0.04 467 Vistra Corp 8,256 0.03 301 Walgreens Boots Alliance Inc 16,525 0.05 165 Walmart Inc 22,412 0.07 632 Wells Fargo & Co 24,692 0.08 3,847 Whiting Petroleum Corp 136,376 0.42 588 Zions Bancorp NA 32,316 0.10 Corporate Bond 250,000 Allegheny Technologies Inc 7.875% 15/08/2023 271,826 0.85 120,000 Allstate Corp/The FRN 5.750% 15/08/2053 127,144 0.39 200,000 Assurant Inc FRN 7.000% 27/03/2048 228,500 0.71 250,000 Boyd Gaming Corp 6.000% 15/08/2026 260,919 0.81 250,000 Cable One Inc '144A' 4.000% 15/11/2030 247,769 0.77 500,000 CBL & Associates LP (Defaulted) 5.950% 15/12/2026 287,347 0.89 100,000 CCO Holdings LLC / CCO Holdings Capital Corp '144A' 4.250% 01/02/2031 100,347 0.31 150,000 CCO Holdings LLC / CCO Holdings Capital Corp 'REGS' 5.125% 01/05/2027 158,797 0.49 100,000 CDW LLC / CDW Finance Corp 3.250% 15/02/2029 98,875 0.31 250,000 CDW LLC / CDW Finance Corp 4.250% 01/04/2028 259,171 0.80 200,000 CMS Energy Corp FRN 4.750% 01/06/2050 216,500 0.67 350,000 CommScope Technologies LLC '144A' 5.000% 15/03/2027 347,377 1.08 250,000 Covanta Holding Corp 5.000% 01/09/2030 252,812 0.79 250,000 DISH DBS Corp 5.875% 15/11/2024 262,004 0.82 250,000 DPL Inc 4.350% 15/04/2029 268,850 0.84 100,000 Encompass Health Corp 4.625% 01/04/2031 103,625 0.32 250,000 Encompass Health Corp 5.750% 15/09/2025 258,875 0.81 350,000 EnLink Midstream Partners LP 4.850% 15/07/2026 338,548 1.05 250,000 Graphic Packaging International LLC '144A' 3.500% 15/03/2028 249,350 0.78 250,000 HB Fuller Co 4.250% 15/10/2028 254,484 0.79 250,000 HCA Inc 5.625% 01/09/2028 287,944 0.90 350,000 HLF Financing Sarl LLC / Herbalife International Inc 'REGS' 7.250% 15/08/2026 367,173 1.14 250,000 Hologic Inc '144A' 4.625% 01/02/2028 263,281 0.82 200,000 JBS Investments II GmbH 'REGS' 7.000% 15/01/2026 213,370 0.66 250,000 KB Home 7.500% 15/09/2022 270,566 0.84 350,000 Kraton Polymers LLC / Kraton Polymers Capital Corp '144A' 4.250% 15/12/2025 351,750 1.10 120,000 MetLife Capital Trust IV '144A' 7.875% 15/12/2037 167,070 0.52 250,000 ONEOK Inc 6.000% 15/06/2035 295,000 0.92 250,000 Post Holdings Inc '144A' 4.500% 15/09/2031 247,562 0.77 350,000 PPL Capital Funding Inc FRN 2.864% 30/03/2067 329,249 1.02 300,000 Prudential Financial Inc FRN 3.700% 01/10/2050 303,735 0.95

63 PRINCIPAL GLOBAL INVESTORS FUNDS PORTFOLIO OF INVESTMENTS AS AT 31 MARCH 2021 (continued)

GLOBAL DIVERSIFIED INCOME FUND (continued)

Nominal Security Coupon Maturity Value % Net Rate Date USD Assets

UNITED STATES 45.73% (30 September 2020: 56.87%) (continued) Corporate Bond (continued) 250,000 PulteGroup Inc 6.375% 15/05/2033 318,623 0.99 250,000 SBA Communications Corp 4.875% 01/09/2024 257,030 0.80 250,000 Sirius XM Radio Inc '144A' 4.125% 01/07/2030 250,600 0.78 250,000 Talen Energy Supply LLC 4.600% 15/12/2021 247,156 0.77 350,000 Titan International Inc 6.500% 30/11/2023 349,526 1.09 250,000 Under Armour Inc 3.250% 15/06/2026 250,619 0.78 250,000 United Airlines Holdings Inc 5.000% 01/02/2024 254,219 0.79 250,000 ViacomCBS Inc FRN 6.250% 28/02/2057 278,332 0.87 200,000 Voya Financial Inc FRN 5.650% 15/05/2053 214,274 0.67 250,000 Waste Pro USA Inc '144A' 5.500% 15/02/2026 256,664 0.80 250,000 XPO Logistics Inc '144A' 6.250% 01/05/2025 268,138 0.83 Preferred Security 8,000 Alabama Power Co - Preferred Stock (Perpetual) 5.000% 01/10/2022 211,520 0.66 500 Credit-Enhanced CorTS Trust for Aon Capital A - Preferred Stock 8.205% 01/01/2027 16,182 0.05 4,000 Entergy Louisiana LLC - Preferred Stock 4.875% 01/09/2066 101,800 0.32 4,000 Entergy Mississippi LLC - Preferred Stock 4.900% 01/10/2066 102,580 0.32 10,000 Kimco Realty Corp - Preferred Stock (Perpetual) 5.125% 16/08/2022 262,900 0.82 5,000 PS Business Parks Inc - Preferred Stock (Perpetual) 5.200% 20/10/2021 129,900 0.40 4,500 PS Business Parks Inc - Preferred Stock (Perpetual) 5.200% 07/12/2022 118,350 0.37 5,000 Public Storage - Preferred Stock (Perpetual) 3.900% 17/11/2025 130,150 0.41 7,500 Public Storage - Preferred Stock (Perpetual) 4.900% 14/10/2021 193,800 0.60 Total Value of Transferable Securities at Market Prices 30,847,907 95.97 UNLISTED 0.05% (30 September 2020: 0.00%) INDONESIA 0.05% (30 September 2020: 0.00%) Corporate Bond 100,000 Delta Merlin Dunia Tekstil PT (Zero Coupon) 0.000% 26/06/2032 4,082 0.01 100,000 Delta Merlin Dunia Tekstil PT Step-Up Coupon 1.500% 26/06/2028 11,160 0.04 Total Value of Unlisted at Market Prices 15,242 0.05 Total Value of Transferable Securities at Market Prices (Cost: USD29,497,419) 30,863,149 96.02

Interest Receivable on Transferable Securities 233,134 0.73

Total Value of Transferable Securities 31,096,283 96.75

Cash at Bank 947,249 2.95 Net Current Assets 99,949 0.30

Net Assets Attributable to Holders of Redeemable Participating Units at Market Prices 32,143,481 100.00 % Total Analysis of Total Assets Assets Transferable Securities and Money Market Instruments admitted to an official stock exchange listing or traded on a regulated market 94.57 Transferable Securities other than those admitted to an official stock exchange listing or traded on a regulated market 0.05 Other Assets 5.38 Total Assets 100.00

Except where stated above all securities are transferable securities admitted to an official stock exchange listing.

The country disclosed in the above Portfolio of Investments is the country of risk of the security.

64 PRINCIPAL GLOBAL INVESTORS FUNDS PORTFOLIO OF INVESTMENTS AS AT 31 MARCH 2021 (continued)

FINISTERRE UNCONSTRAINED EMERGING MARKETS FIXED INCOME FUND

Nominal Security Coupon Maturity Value % Net Rate Date USD Assets

TRANSFERABLE SECURITIES 84.15% (30 September 2020: 89.64%) ARGENTINA 1.47% (30 September 2020: 1.29%) Government Bond 85,416,712 Argentine Republic Government International Bond Step -Up Coupon 0.125% 09/07/2035 25,668,576 1.47 AZERBAIJAN 1.20% (30 September 2020: 1.39%) Corporate Bond 21,202,000 International Bank of Azerbaijan OJSC 'REGS' 3.500% 01/09/2024 20,936,975 1.20 BELARUS 0.00% (30 September 2020: 0.51%) BRAZIL 3.87% (30 September 2020: 4.98%) Corporate Bond 13,550,000 CSN Inova Ventures '144A' 6.750% 28/01/2028 14,375,534 0.82 5,250,000 CSN Inova Ventures 'REGS' 6.750% 28/01/2028 5,569,856 0.32 12,850,000 CSN Islands XII Corp 'REGS' (Perpetual) 7.000% 23/06/2021 12,907,568 0.74 11,450,000 Itau Unibanco Holding SA/Cayman Island 'REGS' FRN (Perpetual) 6.125% 12/12/2022 11,514,120 0.66 1,642,438 Odebrecht Drilling Norbe VIII/IX Ltd 'REGS' 6.350% 01/12/2021 1,634,226 0.09 Government Bond 22,350,000 Brazilian Government International Bond 3.875% 12/06/2030 21,701,850 1.24 BULGARIA 0.00 % (30 September 2020: 0.86%) CHINA 4.09% (30 September 2020: 4.51%) Corporate Bond 12,076,000 Kaisa Group Holdings Ltd 8.500% 30/06/2022 12,317,446 0.70 7,000,000 Kaisa Group Holdings Ltd 9.375% 30/06/2024 6,737,042 0.39 8,700,000 Kaisa Group Holdings Ltd 11.950% 12/11/2023 9,156,569 0.52 7,475,000 Sunac China Holdings Ltd 6.500% 10/01/2025 7,634,551 0.44 14,250,000 Sunac China Holdings Ltd 6.500% 26/01/2026 14,124,340 0.81 2,850,000 Sunac China Holdings Ltd 6.650% 03/08/2024 2,924,600 0.17 2,900,000 Sunac China Holdings Ltd 7.000% 09/07/2025 2,979,535 0.17 2,875,000 Sunac China Holdings Ltd 7.250% 14/06/2022 2,974,173 0.17 13,275,000 Yuzhou Group Holdings Co Ltd 8.500% 04/02/2023 12,569,415 0.72 COLOMBIA 0.00% (30 September 2020: 2.14% ) CONGO 0.00% (30 September 2020: 1.61%) COTE D'IVOIRE 2.82% (30 September 2020: 0.00%) Government Bond 38,750,000 Ivory Coast Government International Bond 'REGS' 4.875% 30/01/2032 44,514,784 2.55 3,700,000 Ivory Coast Government International Bond 'REGS' 5.875% 17/10/2031 4,602,402 0.27 DOMINICAN REPUBLIC 0.59% (30 September 2020: 2.40%) Government Bond 4,475,000 Dominican Republic International Bond 'REGS' 4.500% 30/01/2030 4,530,938 0.26 5,150,000 Dominican Republic International Bond 'REGS' 5.950% 25/01/2027 5,806,625 0.33 EGYPT 4.11% (30 September 2020: 0.00%) Corporate Bond 60,000,000 Platinum Securities Netherlands BV (Zero Coupon) 0.000% 15/07/2021 3,631,224 0.21 258,000,000 Platinum Securities Netherlands BV 'EMTN' (Zero Coupon) 0.000% 15/07/2021 15,928,031 0.91 Government Bond 11,600,000 Egypt Government International Bond 'REGS' 5.875% 16/02/2031 10,896,576 0.63 6,200,000 Egypt Government International Bond 'REGS' 6.375% 11/04/2031 7,493,234 0.43 26,450,000 Egypt Government International Bond 'REGS' 7.625% 29/05/2032 27,150,925 1.55 7,000,000 Egypt Government International Bond 'REGS' 7.903% 21/02/2048 6,611,262 0.38 EL SALVADOR 0.36% (30 September 2020: 0.00%) Government Bond 7,075,000 El Salvador Government International Bond 'REGS' 7.125% 20/01/2050 6,349,813 0.36 GHANA 3.02% (30 September 2020: 3.33%) Corporate Bond 5,500,000 Kosmos Energy Ltd 'REGS' 7.125% 04/04/2026 5,346,220 0.31 7,450,000 Kosmos Energy Ltd 'REGS' 7.500% 01/03/2028 7,073,775 0.40 8,875,000 Tullow Oil Plc 'REGS' 6.250% 15/04/2022 8,391,312 0.48 7,978,000 Tullow Oil Plc 'REGS' 7.000% 01/03/2025 6,781,300 0.39 Government Bond 15,775,000 Ghana Government International Bond 'REGS' 6.375% 11/02/2027 15,284,540 0.88

65 PRINCIPAL GLOBAL INVESTORS FUNDS PORTFOLIO OF INVESTMENTS AS AT 31 MARCH 2021 (continued)

FINISTERRE UNCONSTRAINED EMERGING MARKETS FIXED INCOME FUND (continued)

Nominal Security Coupon Maturity Value % Net Rate Date USD Assets

GHANA 3.02% (30 September 2020: 3.33%) (continued) Government Bond (continued) 9,625,000 Ghana Government International Bond 'REGS' 7.875% 26/03/2027 9,826,403 0.56 INDIA 3.83% (30 September 2020: 4.41%) Corporate Bond 15,165,000 Adani Electricity Mumbai Ltd 'REGS' 3.949% 12/02/2030 15,324,991 0.88 12,775,000 Adani Ports & Special Economic Zone Ltd 'REGS' 4.200% 04/08/2027 13,590,337 0.78 5,950,000 India Green Power Holdings 'REGS' 4.000% 22/02/2027 5,986,890 0.34 10,950,000 Power Finance Corp Ltd 3.900% 16/09/2029 11,157,721 0.64 10,800,000 Power Finance Corp Ltd 4.500% 18/06/2029 11,479,050 0.66 8,975,000 Power Finance Corp Ltd 'REGS' 3.950% 23/04/2030 9,201,170 0.53 INDONESIA 2.89% (30 September 2020: 5.55%) Government Bond 334,400,000,000 Indonesia Treasury Bond 5.500% 15/04/2026 22,630,994 1.29 388,600,000,000 Indonesia Treasury Bond 7.000% 15/05/2027 27,868,437 1.60 IRELAND 1.49% (30 September 2020: 0.93%) Corporate Bond 460,000,000 Shamrock Capital Plc 'EMTN' (Zero Coupon) 0.000% 28/03/2022 26,016,140 1.49 ISRAEL 3.33% (30 September 2020: 4.48%) Corporate Bond 14,750,000 Energean Israel Finance Ltd '144A' 4.500% 30/03/2024 14,861,215 0.85 7,500,000 Energean Israel Finance Ltd '144A' 4.875% 30/03/2026 7,560,937 0.43 5,600,000 Energean Israel Finance Ltd '144A' 5.375% 30/03/2028 5,649,000 0.32 6,970,000 Leviathan Bond Ltd '144A' 5.750% 30/06/2023 7,316,263 0.42 8,825,000 Leviathan Bond Ltd '144A' 6.125% 30/06/2025 9,580,861 0.55 12,050,000 Leviathan Bond Ltd '144A' 6.500% 30/06/2027 13,217,657 0.76 KAZAKHSTAN 0.00% (30 September 2020: 2.34%) KUWAIT 0.79% (30 September 2020: 2.21%) Corporate Bond 12,425,000 MEGlobal Canada ULC 'REGS' 5.000% 18/05/2025 13,844,370 0.79 MALAYSIA 1.99% (30 September 2020: 3.59%) Corporate Bond 34,500,000 1MDB Global Investments Ltd 'REGS' 4.400% 09/03/2023 34,668,998 1.99 MEXICO 5.97% (30 September 2020: 7.69%) Corporate Bond 12,600,000 Cemex SAB de CV 'REGS' 5.200% 17/09/2030 13,674,087 0.78 14,000,000 Petroleos Mexicanos 5.350% 12/02/2028 13,637,400 0.78 14,900,000 Petroleos Mexicanos 5.950% 28/01/2031 14,332,236 0.82 7,050,000 Petroleos Mexicanos 6.350% 12/02/2048 5,885,093 0.34 13,100,000 Petroleos Mexicanos 6.840% 23/01/2030 13,319,491 0.77 Government Bond 788,300,000 Mexican Bonos 8.500% 31/05/2029 43,286,426 2.48 MONTENEGRO 0.84% (30 September 2020: 0.00%) Government Bond 13,050,000 Montenegro Government International Bond 'REGS' 2.875% 16/12/2027 14,694,643 0.84 MOROCCO 0.00% (30 September 2020: 1.02%) NETHERLANDS 1.54% (30 September 2020: 0.64%) Corporate Bond 27,075,000 VEON Holdings BV 'REGS' 3.375% 25/11/2027 26,817,246 1.54 OMAN 1.25% (30 September 2020: 0.00%) Government Bond 20,975,000 Oman Government International Bond 'REGS' 5.625% 17/01/2028 21,735,344 1.25 PANAMA 0.97% (30 September 2020: 0.00%) Corporate Bond 15,934,000 C&W Senior Financing DAC 'REGS' 7.500% 15/10/2026 16,916,411 0.97

66 PRINCIPAL GLOBAL INVESTORS FUNDS PORTFOLIO OF INVESTMENTS AS AT 31 MARCH 2021 (continued)

FINISTERRE UNCONSTRAINED EMERGING MARKETS FIXED INCOME FUND (continued)

Nominal Security Coupon Maturity Value % Net Rate Date USD Assets

PERU 0.00% (30 September 2020: 4.68%) QATAR 0.00% (30 September 2020: 0.96%) ROMANIA 2.33% (30 September 2020: 3.66%) Government Bond 4,750,000 Romanian Government International Bond 'REGS' 1.375% 02/12/2029 5,556,907 0.32 13,000,000 Romanian Government International Bond 'REGS' 2.000% 28/01/2032 15,357,910 0.88 6,600,000 Romanian Government International Bond 'REGS' 3.500% 03/04/2034 8,831,459 0.51 8,075,000 Romanian Government International Bond 'REGS' 3.624% 26/05/2030 10,899,654 0.62 RUSSIA 2.63% (30 September 2020: 2.34%) Government Bond 3,405,000,000 Russian Federal Bond - OFZ 7.250% 10/05/2034 45,953,819 2.63 SAUDI ARABIA 0.00% (30 September 2020: 0.63%) SERBIA 1.76% (30 September 2020: 1.92%) Government Bond 23,600,000 Serbia International Bond 'REGS' 3.125% 15/05/2027 30,776,075 1.76 SOUTH AFRICA 9.43% (30 September 2020: 5.81%) Corporate Bond 26,670,000 MTN Mauritius Investments Ltd 'REGS' 5.373% 13/02/2022 27,358,726 1.57 9,800,000 Sasol Financing USA LLC 4.375% 18/09/2026 10,021,970 0.58 21,000,000 Sasol Financing USA LLC 5.500% 18/03/2031 20,632,500 1.18 Government Bond 1,312,800,000 Republic of South Africa Government Bond 8.875% 28/02/2035 75,534,381 4.33 31,375,000 Republic of South Africa Government International Bond 4.300% 12/10/2028 30,963,987 1.77 SUPRANATIONAL 0.92% (30 September 2020: 0.66%) Corporate Bond 3,310,000 Eastern & Southern African Trade & Development Bank/The 'EMTN' 4.875% 23/05/2024 3,467,887 0.20 Government Bond 10,300,000 Banque Ouest Africaine de Developpement 'REGS' 2.750% 22/01/2033 12,506,666 0.72 TANZANIA 1.49% (30 September 2020: 0.00%) Corporate Bond 3,800,000 HTA Group Ltd/Mauritius '144A' 7.000% 18/12/2025 4,050,610 0.23 20,550,000 HTA Group Ltd/Mauritius 'REGS' 7.000% 18/12/2025 21,905,273 1.26 TUNISIA 0.06% (30 September 2020: 0.00%) Government Bond 1,100,000 Banque Centrale de Tunisie International Bond 'REGS' 5.750% 30/01/2025 962,966 0.06 UKRAINE 4.76% (30 September 2020: 2.72%) Corporate Bond 5,150,000 Metinvest BV 'REGS' 7.650% 01/10/2027 5,560,900 0.32 1,725,000 Metinvest BV 'REGS' 8.500% 23/04/2026 1,930,603 0.11 Government Bond 81,100,000 Ukraine Government Bond 16.420% 17/11/2021 3,052,000 0.18 73,100,000 Ukraine Government Bond 16.750% 16/06/2021 2,680,895 0.15 23,100,000 Ukraine Government International Bond FRN 0.000% 31/05/2040 23,894,640 1.37 10,475,000 Ukraine Government International Bond 'REGS' 7.750% 01/09/2025 11,411,015 0.65 13,100,000 Ukraine Government International Bond 'REGS' 7.750% 01/09/2027 14,040,397 0.80 209,000,000 Ukraine Treasury Bill (Zero Coupon) 0.000% 02/02/2022 6,849,242 0.39 389,600,000 Ukraine Treasury Bill (Zero Coupon) 0.000% 07/07/2021 13,708,825 0.79 UNITED ARAB EMIRATES 2.02% (30 September 2020: 2.91%) Corporate Bond 36,300,000 Galaxy Pipeline Assets Bidco Ltd 'REGS' 2.160% 31/03/2034 35,256,322 2.02 UNITED STATES 12.10% (30 September 2020: 6.11%) Corporate Bond 5,475,000 JBS Investments II GmbH '144A' 7.000% 15/01/2026 5,841,004 0.33 7,775,000 JBS Investments II GmbH 'REGS' 7.000% 15/01/2026 8,294,758 0.48 963,600,000 JPMorgan Chase Bank NA 'EMTN' 3.270% 19/11/2030 147,872,496 8.47 2,050,000 LCPR Senior Secured Financing DAC '144A' 5.125% 15/07/2029 2,091,246 0.12 4,650,000 LCPR Senior Secured Financing DAC 'REGS' 5.125% 15/07/2029 4,743,558 0.27 Government Bond 42,000,000 United States Treasury Note/Bond 1.125% 28/02/2022 42,404,172 2.43

67 PRINCIPAL GLOBAL INVESTORS FUNDS PORTFOLIO OF INVESTMENTS AS AT 31 MARCH 2021 (continued)

FINISTERRE UNCONSTRAINED EMERGING MARKETS FIXED INCOME FUND (continued)

Nominal Security Coupon Maturity Value % Net Rate Date USD Assets

ZAMBIA 0.23% (30 September 2020: 1.36%) Government Bond 6,800,000 Zambia Government International Bond 'REGS' 8.500% 14/04/2024 3,928,598 0.23 Total Value of Transferable Securities at Market Prices (Cost: USD1,473,677,642) 1,468,540,609 84.15

Interest Receivable on Transferable Securities 17,614,896 1.01

Total Value of Transferable Securities 1,486,155,505 85.16 Open Forward Foreign Currency Exchange Contracts (0.60%) (30 September 2020: (0.65%)) Settlement Buy Amount Sell Amount Unrealised % Net Date Bought Sold Gain/Loss Assets 15/04/2021 KRW 20,000,000,000 USD (17,695,983) 2,593 0.00

15/04/2021 KRW 20,000,000,000 USD (17,673,239) 25,338 0.00

15/04/2021 KRW 40,099,999,999 USD (35,439,682) 45,964 0.00

15/04/2021 USD 35,310,175 KRW (40,099,999,999) (175,471) (0.01)

15/04/2021 USD 35,239,186 KRW (40,000,000,000) (157,967) (0.01)

20/04/2021 USD 709,168 EUR (601,968) 1,406 0.00

20/04/2021 USD 4,823,872 EUR (4,041,553) 72,036 0.00

20/04/2021 USD 5,672,748 EUR (4,752,761) 84,712 0.00

20/04/2021 USD 8,166,568 EUR (6,842,141) 121,953 0.01

20/04/2021 USD 8,841,757 EUR (7,407,830) 132,035 0.01

20/04/2021 USD 11,433,207 EUR (9,579,008) 170,734 0.01

20/04/2021 USD 12,705,551 EUR (10,645,008) 189,734 0.01

20/04/2021 USD 15,078,968 EUR (12,633,512) 225,177 0.01

20/04/2021 USD 15,641,491 EUR (13,104,806) 233,577 0.01

20/04/2021 USD 31,341,506 EUR (26,258,647) 468,027 0.03

20/04/2021 USD 46,265,163 EUR (38,762,035) 690,885 0.04

22/04/2021 CNH 231,200,000 USD (35,556,649) (373,310) (0.02)

22/04/2021 EUR 45,153,903 PLN (208,400,000) 274,077 0.02

22/04/2021 ILS 235,600,000 USD (71,640,339) (977,734) (0.06)

22/04/2021 PLN 208,400,000 EUR (45,062,811) (166,973) (0.01)

22/04/2021 RUB 732,000,000 USD (9,877,543) (210,681) (0.01)

22/04/2021 RUB 355,000,000 USD (4,774,200) (86,036) (0.01)

22/04/2021 TRY 130,500,000 USD (17,416,032) (1,889,207) (0.11)

22/04/2021 USD 76,148,466 ZAR (1,141,100,000) (918,923) (0.05)

22/04/2021 USD 34,975,559 ZAR (525,600,000) (522,312) (0.03)

22/04/2021 USD 26,385,300 MXN (548,400,000) (358,911) (0.02)

22/04/2021 USD 17,537,013 MXN (364,000,000) (214,433) (0.01)

22/04/2021 USD 36,101,631 CNH (238,000,000) (116,513) (0.01)

22/04/2021 USD 3,484,957 RUB (265,000,000) (14,658) (0.00)

22/04/2021 USD 5,604,351 TRY (46,000,000) 131,294 0.01

22/04/2021 USD 4,728,438 TRY (38,500,000) 147,727 0.01

22/04/2021 USD 5,671,702 TRY (46,000,000) 198,645 0.01

22/04/2021 USD 17,501,770 RUB (1,300,000,000) 333,846 0.02

22/04/2021 USD 17,526,239 RUB (1,300,000,000) 358,314 0.02

22/04/2021 USD 24,253,688 RUB (1,781,300,000) 729,670 0.04

22/04/2021 USD 149,226,974 CNH (973,900,000) 1,021,722 0.06

22/04/2021 USD 70,977,492 PEN (263,000,000) 1,069,811 0.06

22/04/2021 ZAR 534,600,000 USD (36,002,766) 102,944 0.01

23/04/2021 CHF 71,127,541 USD (76,701,021) (1,082,733) (0.06)

23/04/2021 CHF 71,127,545 USD (76,699,867) (1,081,575) (0.06)

23/04/2021 CHF 4,007,566 USD (4,321,595) (61,005) (0.00)

23/04/2021 CHF 4,007,567 USD (4,321,530) (60,940) (0.00)

23/04/2021 CHF 983,692 USD (1,060,773) (14,974) (0.00)

23/04/2021 CHF 983,692 USD (1,060,757) (14,958) (0.00)

23/04/2021 CHF 313,024 USD (337,553) (4,765) (0.00)

23/04/2021 CHF 313,024 USD (337,548) (4,760) (0.00)

23/04/2021 CHF 51,553 USD (55,731) (923) (0.00)

23/04/2021 CHF 51,554 USD (55,729) (920) (0.00)

23/04/2021 CHF 75,613 USD (81,117) (730) (0.00)

23/04/2021 CHF 34,700 USD (37,418) (528) (0.00)

23/04/2021 CHF 34,700 USD (37,419) (528) (0.00)

23/04/2021 CHF 5,056 USD (5,451) (77) (0.00)

23/04/2021 CHF 2,746 USD (2,961) (42) (0.00)

23/04/2021 CHF 2,745 USD (2,961) (42) (0.00)

23/04/2021 CHF 5,508 USD (5,868) (12) (0.00)

23/04/2021 CHF 7,294 USD (7,766) (11) (0.00)

23/04/2021 CHF 355 USD (383) (6) (0.00)

68 PRINCIPAL GLOBAL INVESTORS FUNDS PORTFOLIO OF INVESTMENTS AS AT 31 MARCH 2021 (continued)

FINISTERRE UNCONSTRAINED EMERGING MARKETS FIXED INCOME FUND (continued)

Open Forward Foreign Currency Exchange Contracts (0.60%) (30 September 2020: (0.65%)) (continued) Settlement Buy Amount Sell Amount Unrealised % Net Date Bought Sold Gain/Loss Assets 23/04/2021 CHF 224 USD (243) (5) (0.00)

23/04/2021 CHF 105 USD (113) (2) (0.00)

23/04/2021 CHF 158 USD (170) (1) (0.00)

23/04/2021 CHF 37 USD (39) 0 0.00

23/04/2021 CHF 15 USD (16) (0) (0.00)

23/04/2021 CHF 3 USD (3) (0) (0.00)

23/04/2021 CHF 16 USD (17) (0) (0.00)

23/04/2021 CHF 5 USD (6) 0 0.00

23/04/2021 CHF 120 USD (128) (0) (0.00)

23/04/2021 EUR 48,586,300 USD (57,946,013) (817,402) (0.05)

23/04/2021 EUR 48,586,302 USD (57,939,894) (811,280) (0.05)

23/04/2021 EUR 48,586,299 USD (57,939,065) (810,454) (0.05)

23/04/2021 EUR 30,109,361 USD (35,909,658) (506,551) (0.03)

23/04/2021 EUR 30,109,362 USD (35,905,866) (502,757) (0.03)

23/04/2021 EUR 30,109,361 USD (35,905,352) (502,245) (0.03)

23/04/2021 EUR 25,329,819 USD (30,209,381) (426,142) (0.03)

23/04/2021 EUR 25,329,821 USD (30,206,191) (422,950) (0.03)

23/04/2021 EUR 25,329,819 USD (30,205,759) (422,519) (0.03)

23/04/2021 EUR 19,650,249 USD (23,435,692) (330,590) (0.02)

23/04/2021 EUR 19,650,250 USD (23,433,218) (328,114) (0.02)

23/04/2021 EUR 19,650,249 USD (23,432,882) (327,780) (0.02)

23/04/2021 EUR 18,100,879 USD (21,587,851) (304,524) (0.02)

23/04/2021 EUR 18,100,880 USD (21,585,571) (302,243) (0.02)

23/04/2021 EUR 18,100,879 USD (21,585,262) (301,936) (0.02)

23/04/2021 EUR 11,986,118 USD (14,295,135) (201,651) (0.01)

23/04/2021 EUR 11,986,118 USD (14,293,626) (200,141) (0.01)

23/04/2021 EUR 11,986,118 USD (14,293,421) (199,937) (0.01)

23/04/2021 EUR 10,648,823 USD (12,700,223) (179,153) (0.01)

23/04/2021 EUR 10,648,824 USD (12,698,882) (177,811) (0.01)

23/04/2021 EUR 10,648,823 USD (12,698,700) (177,630) (0.01)

23/04/2021 EUR 4,184,994 USD (4,991,195) (70,407) (0.01)

23/04/2021 EUR 4,184,994 USD (4,990,668) (69,880) (0.01)

23/04/2021 EUR 4,184,994 USD (4,990,597) (69,809) (0.01)

23/04/2021 EUR 6,237,416 USD (7,383,877) (49,816) (0.00)

23/04/2021 EUR 1,413,463 USD (1,685,754) (23,780) (0.00)

23/04/2021 EUR 1,413,464 USD (1,685,576) (23,602) (0.00)

23/04/2021 EUR 1,413,463 USD (1,685,552) (23,578) (0.00)

23/04/2021 EUR 748,899 USD (893,168) (12,599) (0.00)

23/04/2021 EUR 748,899 USD (893,073) (12,505) (0.00)

23/04/2021 EUR 748,899 USD (893,061) (12,492) (0.00)

23/04/2021 EUR 324,722 USD (387,276) (5,463) (0.00)

23/04/2021 EUR 324,722 USD (387,236) (5,422) (0.00)

23/04/2021 EUR 324,722 USD (387,230) (5,417) (0.00)

23/04/2021 EUR 998,622 USD (1,178,704) (4,507) (0.00)

23/04/2021 EUR 186,403 USD (221,896) (2,720) (0.00)

23/04/2021 EUR 148,286 USD (176,955) (2,598) (0.00)

23/04/2021 EUR 100,000 USD (119,404) (1,822) (0.00)

23/04/2021 EUR 93,526 USD (111,463) (1,493) (0.00)

23/04/2021 EUR 98,708 USD (117,503) (1,440) (0.00)

23/04/2021 EUR 77,636 USD (92,701) (1,415) (0.00)

23/04/2021 EUR 73,185 USD (87,221) (1,169) (0.00)

23/04/2021 EUR 66,270 USD (79,083) (1,161) (0.00)

23/04/2021 EUR 141,954 USD (168,046) (1,134) (0.00)

23/04/2021 EUR 92,022 USD (109,322) (1,121) (0.00)

23/04/2021 EUR 79,874 USD (94,890) (973) (0.00)

23/04/2021 EUR 48,698 USD (58,038) (778) (0.00)

23/04/2021 EUR 257,400 USD (303,266) (611) (0.00)

23/04/2021 EUR 34,209 USD (40,823) (599) (0.00)

23/04/2021 EUR 55,568 USD (65,743) (405) (0.00)

23/04/2021 EUR 26,566 USD (31,624) (388) (0.00)

23/04/2021 EUR 22,638 USD (26,999) (381) (0.00)

23/04/2021 EUR 22,638 USD (26,996) (378) (0.00)

23/04/2021 EUR 23,274 USD (27,738) (372) (0.00)

23/04/2021 EUR 15,414 USD (18,382) (259) (0.00)

23/04/2021 EUR 82,614 USD (97,335) (196) (0.00)

23/04/2021 EUR 19,246 USD (22,784) (154) (0.00)

23/04/2021 EUR 30,992 USD (36,581) (140) (0.00)

69 PRINCIPAL GLOBAL INVESTORS FUNDS PORTFOLIO OF INVESTMENTS AS AT 31 MARCH 2021 (continued)

FINISTERRE UNCONSTRAINED EMERGING MARKETS FIXED INCOME FUND (continued)

23/04/2021 EUR 9,801 USD (11,603) (78) (0.00)

23/04/2021 EUR 4,771 USD (5,680) (70) (0.00)

23/04/2021 EUR 14,393 USD (16,990) (67) (0.00)

23/04/2021 EUR 38,719 USD (45,570) (44) (0.00)

23/04/2021 EUR 2,161 USD (2,579) (38) (0.00)

23/04/2021 EUR 23,819 USD (28,034) (27) (0.00)

23/04/2021 EUR 4,363 USD (5,150) (20) (0.00)

23/04/2021 EUR 1,352 USD (1,600) (11) (0.00)

23/04/2021 EUR 575 USD (687) (10) (0.00)

23/04/2021 EUR 2,612 USD (3,078) (7) (0.00)

23/04/2021 EUR 150 USD (179) (3) (0.00)

23/04/2021 EUR 2,830 USD (3,331) (3) (0.00)

23/04/2021 EUR 133 USD (159) (2) (0.00)

23/04/2021 EUR 242 USD (287) (2) (0.00)

23/04/2021 EUR 136 USD (162) (2) (0.00)

23/04/2021 EUR 64 USD (76) (1) (0.00)

23/04/2021 EUR 291 USD (344) (1) (0.00)

23/04/2021 EUR 316 USD (373) (1) (0.00)

23/04/2021 EUR 32 USD (38) (1) (0.00)

23/04/2021 EUR 565 USD (665) (1) (0.00)

23/04/2021 EUR 8 USD (9) (0) (0.00)

23/04/2021 EUR 23 USD (27) 0 0.00

23/04/2021 EUR 27 USD (32) (0) (0.00)

23/04/2021 EUR 15 USD (17) (0) (0.00)

23/04/2021 EUR 10 USD (11) 0 0.00

23/04/2021 EUR 2 USD (3) (0) (0.00)

23/04/2021 EUR 1 USD (1) 0 0.00

23/04/2021 EUR 68 USD (80) (0) (0.00)

23/04/2021 EUR 1 USD (1) (0) (0.00)

23/04/2021 EUR 19 USD (23) (0) (0.00)

23/04/2021 EUR 33 USD (39) (0) (0.00)

23/04/2021 EUR 37 USD (43) (0) (0.00)

23/04/2021 EUR 83 USD (97) 0 0.00

23/04/2021 EUR 60 USD (70) 0 0.00

23/04/2021 EUR 13 USD (16) (0) (0.00)

23/04/2021 EUR 11 USD (13) (0) (0.00)

23/04/2021 EUR 4 USD (5) (0) (0.00)

23/04/2021 EUR 2 USD (2) (0) (0.00)

23/04/2021 EUR 10 USD (12) (0) (0.00)

23/04/2021 EUR 2 USD (2) (0) (0.00)

23/04/2021 EUR 43 USD (51) (0) (0.00)

23/04/2021 EUR 3 USD (3) (0) (0.00)

23/04/2021 EUR 5 USD (6) (0) (0.00)

23/04/2021 EUR 8 USD (9) (0) (0.00)

23/04/2021 EUR 53 USD (62) (0) (0.00)

23/04/2021 EUR 11 USD (14) (0) (0.00)

23/04/2021 EUR 2,775 USD (3,260) 3 0.00

23/04/2021 EUR 4,428 USD (5,202) 5 0.00

23/04/2021 EUR 146,597 USD (172,009) 362 0.00

23/04/2021 EUR 333,906 USD (391,788) 824 0.00

23/04/2021 EUR 2,001,999 USD (2,349,046) 4,940 0.00

23/04/2021 GBP 9,467,326 USD (13,128,578) (65,580) (0.00)

23/04/2021 GBP 9,394,254 USD (13,027,246) (65,074) (0.00)

23/04/2021 GBP 9,467,326 USD (13,126,893) (63,895) (0.00)

23/04/2021 GBP 9,467,326 USD (13,126,874) (63,876) (0.00)

23/04/2021 GBP 9,394,254 USD (13,025,574) (63,402) (0.00)

23/04/2021 GBP 9,394,254 USD (13,025,555) (63,383) (0.00)

23/04/2021 GBP 7,932,858 USD (11,000,692) (54,951) (0.00)

23/04/2021 GBP 7,932,858 USD (10,999,280) (53,539) (0.00)

23/04/2021 GBP 7,932,858 USD (10,999,264) (53,523) (0.00)

23/04/2021 GBP 2,913,015 USD (4,039,550) (20,178) (0.00)

23/04/2021 GBP 2,913,015 USD (4,039,032) (19,660) (0.00)

23/04/2021 GBP 2,913,015 USD (4,039,026) (19,654) (0.00)

23/04/2021 GBP 1,000 USD (1,394) (14) (0.00)

23/04/2021 GBP 2,000 USD (2,773) (13) (0.00)

70 PRINCIPAL GLOBAL INVESTORS FUNDS PORTFOLIO OF INVESTMENTS AS AT 31 MARCH 2021 (continued)

FINISTERRE UNCONSTRAINED EMERGING MARKETS FIXED INCOME FUND (continued)

23/04/2021 GBP 500 USD (694) (4) (0.00)

23/04/2021 GBP 143 USD (197) 0 0.00

23/04/2021 GBP 354 USD (488) 0 0.00

23/04/2021 GBP 25 USD (35) (0) (0.00)

23/04/2021 GBP 2,000 USD (2,754) 5 0.00

23/04/2021 GBP 1,000 USD (1,372) 8 0.00

23/04/2021 GBP 2,030 USD (2,784) 17 0.00

23/04/2021 GBP 400,563 USD (549,713) 2,983 0.00

23/04/2021 GBP 400,563 USD (549,710) 2,985 0.00

23/04/2021 JPY 104,499,243 USD (957,975) (12,064) (0.00)

23/04/2021 JPY 104,499,243 USD (957,967) (12,056) (0.00)

23/04/2021 JPY 104,499,243 USD (957,944) (12,033) (0.00)

23/04/2021 SGD 663 USD (493) 1 0.00

23/04/2021 SGD 662 USD (492) 1 0.00

23/04/2021 SGD 101,927 USD (75,547) 306 0.00

23/04/2021 SGD 210,724 USD (156,506) 313 0.00

23/04/2021 SGD 210,724 USD (156,502) 316 0.00

23/04/2021 SGD 405,088 USD (300,862) 601 0.00

23/04/2021 SGD 405,088 USD (300,855) 608 0.00

23/04/2021 SGD 2,262,896 USD (1,680,670) 3,359 0.00

23/04/2021 SGD 2,262,896 USD (1,680,630) 3,398 0.00

23/04/2021 SGD 4,347,546 USD (3,228,955) 6,452 0.00

23/04/2021 SGD 4,347,546 USD (3,228,878) 6,529 0.00

23/04/2021 USD 1,762,925 EUR (1,502,472) (3,707) (0.00)

23/04/2021 USD 1,237,870 EUR (1,054,988) (2,603) (0.00)

23/04/2021 USD 1,989,136 EUR (1,691,891) (219) (0.00)

23/04/2021 USD 858,961 EUR (730,603) (94) (0.00)

23/04/2021 USD 19,080 EUR (16,261) (40) (0.00)

23/04/2021 USD 106,738 GBP (77,386) (39) (0.00)

23/04/2021 USD 304,558 EUR (259,047) (33) (0.00)

23/04/2021 USD 15,516 CHF (14,625) (32) (0.00)

23/04/2021 USD 10,879 EUR (9,272) (23) (0.00)

23/04/2021 USD 6,115 EUR (5,206) (6) (0.00)

23/04/2021 USD 1 EUR (1) 0 0.00

23/04/2021 USD 19 EUR (16) 0 0.00

23/04/2021 USD 460 EUR (391) (0) (0.00)

23/04/2021 USD 3,770 GBP (2,733) (0) (0.00)

23/04/2021 USD 252 SGD (340) (0) (0.00)

23/04/2021 USD 9 EUR (8) 0 0.00

23/04/2021 USD 22 EUR (19) 0 0.00

23/04/2021 USD 29 EUR (24) 0 0.00

23/04/2021 USD 4 EUR (3) 0 0.00

23/04/2021 USD 18 EUR (15) 0 0.00

23/04/2021 USD 16 CHF (15) 0 0.00

23/04/2021 USD 21 CHF (20) 0 0.00

23/04/2021 USD 461 EUR (393) (0) (0.00)

23/04/2021 USD 5 EUR (5) 0 0.00

23/04/2021 USD 40 EUR (34) 0 0.00

23/04/2021 USD 41 EUR (34) 1 0.00

23/04/2021 USD 60 EUR (50) 1 0.00

23/04/2021 USD 37 EUR (31) 1 0.00

23/04/2021 USD 63 CHF (59) 1 0.00

23/04/2021 USD 157 CHF (146) 2 0.00

23/04/2021 USD 160 EUR (134) 2 0.00

23/04/2021 USD 125 EUR (105) 2 0.00

23/04/2021 USD 354 CHF (331) 2 0.00

23/04/2021 USD 137 CHF (127) 2 0.00

23/04/2021 USD 95 EUR (80) 2 0.00

23/04/2021 USD 197 EUR (165) 3 0.00

23/04/2021 USD 556 EUR (468) 6 0.00

23/04/2021 USD 601 EUR (505) 8 0.00

23/04/2021 USD 4,890 CHF (4,590) 10 0.00

23/04/2021 USD 1,044 EUR (877) 13 0.00

23/04/2021 USD 5,191 EUR (4,398) 20 0.00

71 PRINCIPAL GLOBAL INVESTORS FUNDS PORTFOLIO OF INVESTMENTS AS AT 31 MARCH 2021 (continued)

FINISTERRE UNCONSTRAINED EMERGING MARKETS FIXED INCOME FUND (continued)

23/04/2021 USD 2,208 EUR (1,855) 27 0.00

23/04/2021 USD 14,834 CHF (13,917) 38 0.00

23/04/2021 USD 5,113 EUR (4,290) 69 0.00

23/04/2021 USD 53,751 EUR (45,621) 108 0.00

23/04/2021 USD 11,912 EUR (10,027) 122 0.00

23/04/2021 USD 9,191 EUR (7,706) 130 0.00

23/04/2021 USD 195,855 EUR (166,409) 189 0.00

23/04/2021 USD 18,583 EUR (15,642) 191 0.00

23/04/2021 USD 97,945 EUR (83,132) 197 0.00

23/04/2021 USD 17,828 EUR (14,976) 219 0.00

23/04/2021 USD 38,030 CHF (35,543) 243 0.00

23/04/2021 USD 21,412 CHF (19,857) 302 0.00

23/04/2021 USD 23,322 EUR (19,555) 329 0.00

23/04/2021 USD 66,529 EUR (56,001) 682 0.00

23/04/2021 USD 44,994 CHF (41,623) 743 0.00

23/04/2021 USD 72,261 CHF (67,146) 875 0.00

23/04/2021 USD 70,956 EUR (59,538) 951 0.00

23/04/2021 USD 64,704 CHF (59,693) 1,242 0.00

23/04/2021 USD 117,189 CHF (108,681) 1,646 0.00

23/04/2021 USD 126,477 EUR (106,049) 1,782 0.00

23/04/2021 USD 149,092 CHF (138,540) 1,806 0.00

23/04/2021 USD 165,081 EUR (138,336) 2,423 0.00

23/04/2021 USD 4,706,570 EUR (3,994,746) 9,478 0.00

23/04/2021 USD 931,450 EUR (780,543) 13,674 0.00

23/04/2021 USD 15,143,493 EUR (12,747,048) 155,294 0.01

17/05/2021 INR 3,800,000,000 USD (51,792,286) (247,321) (0.02)

17/05/2021 INR 1,522,000,000 USD (20,690,593) (45,478) (0.00)

17/05/2021 INR 100,000,000 USD (1,362,472) (6,026) (0.00)

17/05/2021 INR 180,000,000 USD (2,437,868) 3,735 0.00

17/05/2021 INR 240,000,000 USD (3,251,455) 4,016 0.00

17/05/2021 INR 7,326,000,000 USD (98,613,542) 759,725 0.04

17/05/2021 USD 36,446,844 INR (2,699,800,000) (174,497) (0.01)

17/05/2021 USD 35,580,829 INR (2,628,000,000) (66,584) (0.00)

17/05/2021 USD 36,734,694 INR (2,700,000,000) 110,640 0.01

Unrealised Gain on Forward Foreign Currency Exchange Contracts 7,937,214 0.45

Unrealised Loss on Forward Foreign Currency Exchange Contracts (18,367,954) (1.05)

Net Unrealised Loss on Forward Foreign Currency Exchange Contracts (10,430,740) (0 .60)

Open Spot Currency Contracts 0.00% (30 September 2020: 0.00%) Settlement Amount Amount Unrealised % Net Date Buy Bought Sell Sold Gain/Loss Assets

01/04/2021 CHF 13,918 USD (14,825) (37) (0.00) 01/04/2021 EUR 166,409 USD (195,765) (183) (0.00) 01/04/2021 EUR 20,548 USD (24,172) (23) (0.00) 01/04/2021 USD 2,754 GBP (2,000) (5) (0.00) 01/04/2021 USD 6 CHF (5) (0) (0.00) 01/04/2021 USD 1 EUR (1) (0) (0.00) 01/04/2021 USD 97 EUR (83) (0) (0.00) 01/04/2021 USD 11 EUR (9) (0) (0.00) 01/04/2021 USD 27 EUR (23) (0) (0.00) 01/04/2021 USD 28,021 EUR (23,819) 26 0.00 01/04/2021 USD 45,549 EUR (38,719) 43 0.00 06/04/2021 CHF 14,625 USD (15,509) 31 0.00 06/04/2021 EUR 393 USD (461) 0 0.00 06/04/2021 EUR 391 USD (460) 0 0.00 06/04/2021 EUR 5,206 USD (6,113) 5 0.00 06/04/2021 EUR 9,272 USD (10,875) 22 0.00 06/04/2021 EUR 16,261 USD (19,073) 39 0.00 06/04/2021 EUR 1,054,988 USD (1,237,415) 2,526 0.00 06/04/2021 EUR 1,502,472 USD (1,762,278) 3,597 0.00 06/04/2021 USD 2,348,183 EUR (2,001,999) (4,793) (0.00) 06/04/2021 USD 391,644 EUR (333,906) (799) (0.00) 06/04/2021 USD 171,946 EUR (146,597) (351) (0.00) 06/04/2021 USD 2,783 GBP (2,030) (17) (0.00)

72 PRINCIPAL GLOBAL INVESTORS FUNDS PORTFOLIO OF INVESTMENTS AS AT 31 MARCH 2021 (continued)

FINISTERRE UNCONSTRAINED EMERGING MARKETS FIXED INCOME FUND (continued)

Open Spot Currency Contracts 0.00% (30 September 2020: 0.00%) (continued) Settlement Amount Amount Unrealised % Net Date Buy Bought Sell Sold Gain/Loss Assets 06/04/2021 USD 5,200 EUR (4,428) (5) (0.00) 06/04/2021 USD 3,259 EUR (2,775) (3) (0.00) 06/04/2021 USD 27 EUR (23) (0) (0.00) 06/04/2021 USD 70 EUR (60) (0) (0.00) 06/04/2021 USD 39 CHF (37) (0) (0.00)

Unrealised Gain on Open Spot Currency Contracts 6,289 0.00 Unrealised Loss on Open Spot Currency Contracts (6,216) (0.00)

Net Unrealised Gain on Open Spot Currency Contracts 73 0.00

Open Future Contracts 0.19% (30 September 2020: (0.01%)) Cost Maturity Unrealised % Net No. of Contracts Price Description Date Gain/(Loss) Assets (208) (35,721,993) Euro-Bund Future 08/06/2021 112,540 0.01 (2,198) (291,020,875) US 10 Year Note (CBT) 21/06/2021 3,220,250 0.18

Unrealised Gain on Future Contracts 3,332,790 0.19

Total Unrealised Gain on Future Contracts 3,332,790 0.19 Credit Default Swaps 0.00% (30 September 2020: 0.00%) Notional Fair Value % Net Description Maturity Date Amount USD Assets

1 to 5 Years Markit HY CDSI S30 5Y PRC 20/12/2025 (35,150,000) (1,710,854) (0.10) Markit HY CDSI S30 5Y PRC 20/12/2025 35,150,000 1,710,854 0.10

Market Value Gain on Credit Default Swaps 1,710,854 0.10 Market Value Loss on Credit Default Swaps (1,710,854) (0.10)

Total Value of Credit Default Swaps – – Total Return Swaps 0.03% (30 September 2020: 0.11%) Notional Fair Value % Net Description Maturity Date Amount USD Assets

1 to 5 Years Fund receives Interest 1.0 x GHGGOG062613 + 0.0bps; and pays GHS LIBOR 1 Month 1.0 x US0003M + 80.0bps 20/02/2023 11,304,925 191,922 0.01 Fund pays Interest 1.0 x GHGGOG062084 + 0.0bps; and receives GHS LIBOR 1 Month 1.0 x US0003M + 0.0bps 18/12/2023 15,403,263 0 0.00 Fund receives Interest 1.0 x GHGGOG056219 + 0.0bps; and pays EGP LIBOR 1 Month 1.0 x US0003M + 0.0bps 09/07/2024 3,761,803 98,224 0.01

Up to 1 year Fund receives Interest 1.0 x EGT9980I5L10 + 0.0bps; and pays EGP LIBOR 1 Month 1.0 x US0003M + 80.0bps 18/05/2021 16,371,098 184,320 0.01

Less than 1 Month Fund receives Interest 1.0 x EGT998064L14 + 0.0bps; and pays EGP LIBOR 1 Month 1.0 x US0003M + 80.0bps 07/04/2021 17,754,378 72,104 0.00

Market Value Gain on Total Return Swaps 546,570 0.03

Total Value of Total Return Swaps 546,570 0.03 Interest Rate Swaps 0.12% (30 September 2020: (0.54%)) Notional Fair Value % Net Description Maturity Date Amount USD Assets

Over 5 years Pay Fixed 1.096% / Receive WIBOR006M Float PL 08/10/2030 189,500,000 3,107,519 0.18 Pay Fixed 1.096% / Receive WIBOR006M Float PL 08/10/2030 38,500,000 631,343 0.04 Pay Fixed 1.096% / Receive WIBOR006M Float PL 08/10/2030 29,000,000 475,557 0.03 Pay Fixed 1.096% / Receive WIBOR006M Float PL 08/10/2030 17,000,000 278,775 0.02 Pay Fixed 1.096% / Receive WIBOR006M Float PL 08/10/2030 13,000,000 213,181 0.01 Pay Fixed 1.096% / Receive WIBOR006M Float PL 08/10/2030 14,000,000 229,579 0.01

73 PRINCIPAL GLOBAL INVESTORS FUNDS PORTFOLIO OF INVESTMENTS AS AT 31 MARCH 2021 (continued)

FINISTERRE UNCONSTRAINED EMERGING MARKETS FIXED INCOME FUND (continued)

Interest Rate Swaps 0.12% (30 September 2020: (0.54%)) (continued) Notional Fair Value % Net Description Maturity Date Amount USD Assets Pay Fixed 1.096% / Receive WIBOR006M Float PL 08/10/2030 38,000,000 623,144 0.04 Pay Fixed 1.096% / Receive WIBOR006M Float PL 08/10/2030 35,000,000 573,948 0.03 Receive Fixed 1.096% / Pay WIBOR006M Float PL 08/10/2030 186,000,000 (3,050,125) (0.18) Receive Fixed 1.096% / Pay WIBOR006M Float PL 08/10/2030 90,400,000 (1,482,426) (0.09) Pay Fixed 1.395% / Receive WIBOR006M Float PL 09/02/2031 138,200,000 1,469,022 0.08 Pay Fixed 1.395% / Receive WIBOR006M Float PL 09/02/2031 8,000,000 85,037 0.00 Pay Fixed 1.44% / Receive CZK006M Float CZK 09/02/2031 60,000,000 96,869 0.01 Receive Fixed 1.44% / Pay CZK006M Float CZK 09/02/2031 422,000,000 (681,311) (0.04) Receive Fixed 1.395% / Pay WIBOR006M Float PL 09/02/2031 73,500,000 (781,282) (0.05) Receive Fixed 1.44% / Pay CZK006M Float CZK 09/02/2031 425,000,000 (686,154) (0.04) Pay Fixed 1.44% / Receive CZK006M Float CZK 09/02/2031 787,000,000 1,270,596 0.07

1 to 5 Years Receive Fixed 0.29% / Pay WIBOR006M Float PL 08/10/2022 912,500,000 (376,220) (0.02) Pay Fixed 0.29% / Receive WIBOR006M Float PL 08/10/2022 522,000,000 215,219 0.01 Receive Fixed 0.29% / Pay WIBOR006M Float PL 08/10/2022 142,000,000 (58,546) 0.00 Receive Fixed 0.29% / Pay WIBOR006M Float PL 08/10/2022 75,000,000 (30,922) 0.00 Receive Fixed 0.29% / Pay WIBOR006M Float PL 08/10/2022 60,000,000 (24,738) 0.00 Receive Fixed 0.29% / Pay WIBOR006M Float PL 08/10/2022 75,000,000 (30,922) 0.00 Receive Fixed 0.29% / Pay WIBOR006M Float PL 08/10/2022 180,000,000 (74,213) 0.00 Receive Fixed 0.29% / Pay WIBOR006M Float PL 08/10/2022 500,000,000 (206,148) (0.01) Pay Fixed 0.29% / Receive WIBOR006M Float PL 08/10/2022 1,049,000,000 432,499 0.02 Receive Fixed 0.29% / Pay WIBOR006M Float PL 08/10/2022 182,700,000 (75,327) 0.00

Market Value Gain on Interest Rate Swaps 9,702,288 0.55 Market Value Loss on Interest Rate Swaps (7,558,334) (0.43)

Total Value of Interest Rate Swaps 2,143,954 0.12

Cash at Bank 165,576,642 9.49 Net Current Assets 97,880,927 5.61

Net Assets Attributable to Holders of Redeemable Participating Units at Market Prices 1,745,205,721 100.00 % Total Analysis of Total Assets Assets Transferable Securities and Money Market Instruments admitted to an official stock exchange listing or traded on a regulated market 82.30 Financial Derivative instruments dealt in or on a regulated market 1.30 Other Assets 16.40 Total Assets 100.00

All securities are transferable securities admitted to an official stock exchange listing.

The counterparties for the forward foreign currency exchange contracts are Citigroup, HSBC, JPMorgan Chase & Co, Royal Bank of Ca nada, Societe Generale, Standard Chartered, State Street Global Markets, The Australia and New Zealand Banking Group, The Bank of New York Mellon and UBS AG. The counterparties for the open spot currency contracts are Standard Chartered, The Australia and New Zealand Banking Group a nd The Bank of New York Mellon. The counterparty for the future contracts is Citigroup. The counterparty for the credit default swaps is JPMorgan Chase & Co. The counterparties for the total return swap are HSBC and JPMorgan Chase & Co. The counterparty for the interest rate swaps is JPMorgan Chase & Co.

The country disclosed in the above Portfolio of Investments is the country of risk of the security.

74 PRINCIPAL GLOBAL INVESTORS FUNDS PORTFOLIO OF INVESTMENTS AS AT 31 MARCH 2021 (continued)

U.S. BLUE CHIP EQUITY FUND (continued) U.S. BLUE CHIP EQUITY FUND Nominal Security Value % Net Nominal Security Value % Net USD Assets USD Assets

UNITED STATES 93.43% (30 September 2020: 92.09%) (continued) TRANSFERABLE SECURITIES 99.63% (30 September 2020: 99.03%) Property/Casualty Insurance CANADA 4.76% (30 September 2020: 4.85%) 563 Progressive Corp/The 53,828 0.71 Private Equity Reits -Diversified Brookfield Asset Management 1,315 American Tower Corp (REIT) 314,364 4.14 8,117 Inc - Class A 361,206 4.76 Retail Auto Parts 117 O'Reilly Automotive Inc 59,348 0.78 UNITED KINGDOM 1.44% (30 September 2020: 2.09%) Retail -Automobile Industrial Gases 531 CarMax Inc 70,442 0.93 391 Linde Plc 109,535 1.44 Retail -Discount 157 Costco Wholesale Corp 55,339 0.73 UNITED STATES 93.43% (30 September 2020: 92.09%) Retail -Restaurants Aerospace/Defence 771 Starbucks Corp 84,247 1.11 574 TransDigm Group Inc 337,466 4.44 Web Hosting/Design Applications Software 183 VeriSign Inc 36,373 0.48 750 Adobe Inc 356,528 4.69 Web Portals/Internet Service Provider 897 Intuit Inc 343,605 4.52 196 Alphabet Inc 405,452 5.34 2,746 Microsoft Corp 647,424 8.53 37 Alphabet Inc - Class A 76,313 1.00 1,515 salesforce.com Inc 320,983 4.23 Total Value of Transferable Securities at Cable TV Market Prices (Cost: USD5,416,909) 7,566,212 99.63 366 Charter Communications Inc 225,829 2.98 320 Liberty Broadband Corp 48,048 0.63 Cash at Bank 16,229 0.21 Chemicals -Specialty Net Current Assets 11,713 0.16 106 Ecolab Inc 22,691 0.30 Coatings/Paint Net Assets Attributable to Holders 41 Sherwin-Williams Co/The 30,258 0.40 of Redeemable Participating Units Commercial Service -Finance at Market Prices 7,594,154 100.00 979 Mastercard Inc 348,573 4.59 % Total 291 Moody's Corp 86,895 1.14 Analysis of Total Assets Assets 1,289 PayPal Holdings Inc 313,021 4.12 339 S&P Global Inc 119,623 1.58 Transferable Securities and Money Market Instruments Commercial Services admitted to an official stock exchange listing or traded on a 117 CoStar Group Inc 96,161 1.27 regulated market 99.04 Computer Aided Design Other Assets 0.96 420 Autodesk Inc 116,403 1.53 Diagnostic Kits Total Assets 100.00 121 IDEXX Laboratories Inc 59,206 0.78 All securities are transferable securities admitted to an official stock exchange Diversified Manufacturing Operations listing. 724 Danaher Corp 162,958 2.15 E-Commerce/Products The country disclosed in the above Portfolio of Investments is the country of 207 Amazon.com Inc 640,475 8.43 risk of the security. E-Commerce/Services 322 Netflix Inc 167,975 2.21 Electronic Component -Semiconductor 217 NVIDIA Corp 115,863 1.53 Electronic Measuring Instruments 283 Roper Technologies Inc 114,145 1.50 Enterprise Software/Services 4 Snowflake Inc 917 0.01 Finance -Credit Card 1,642 Visa Inc - Class A 347,661 4.58 Finance -Investment Banker/Broker 1,049 Charles Schwab Corp/The 68,374 0.90 Finance -Other Services 493 Intercontinental Exchange Inc 55,058 0.73 Hotels & Motels 1,278 Hilton Worldwide Holdings Inc 154,536 2.03 Insurance Brokers 341 Aon Plc 78,468 1.03 Internet Content -Entertainment 883 Facebook Inc - Class A 260,070 3.42 127 Spotify Technology SA 34,030 0.45 Medical Instruments 182 Intuitive Surgical Inc 134,487 1.77 Medical -Drugs 397 Zoetis Inc 62,520 0.82 Private Equity 1,423 KKR & Co Inc 69,514 0.92

75 PRINCIPAL GLOBAL INVESTORS FUNDS PORTFOLIO OF INVESTMENTS AS AT 31 MARCH 2021 (continued)

ASIAN HIGH YIELD FUND

Nominal Security Coupon Maturity Value % Net Rate Date USD Assets

TRANSFERABLE SECURITIES 94.15% (30 September 2020: 92.87%) CHINA 56.73% (30 September 2020: 58.87%) Corporate Bond 250,000 Agile Group Holdings Ltd 5.750% 02/01/2025 256,244 0.49 500,000 Agile Group Holdings Ltd FRN (Perpetual) 6.875% 07/03/2023 506,858 0.96 500,000 Agile Group Holdings Ltd FRN (Perpetual) 8.375% 04/12/2023 523,192 0.99 250,000 Central China Real Estate Ltd 7.650% 27/08/2023 234,051 0.44 500,000 China Aoyuan Group Ltd 6.350% 08/02/2024 501,250 0.95 500,000 China Aoyuan Group Ltd 7.950% 19/02/2023 518,734 0.98 250,000 China Evergrande Group 7.500% 28/06/2023 215,625 0.41 500,000 China Evergrande Group 8.250% 23/03/2022 476,250 0.90 750,000 China Evergrande Group 8.750% 28/06/2025 596,131 1.12 500,000 China Evergrande Group 9.500% 11/04/2022 480,000 0.91 750,000 China Evergrande Group 9.500% 29/03/2024 639,375 1.21 500,000 China Oil & Gas Group Ltd 4.625% 20/04/2022 506,205 0.96 200,000 China SCE Group Holdings Ltd 5.950% 29/09/2024 201,000 0.38 500,000 China SCE Group Holdings Ltd 7.000% 02/05/2025 505,588 0.95 1,000,000 CIFI Holdings Group Co Ltd 6.450% 07/11/2024 1,069,977 2.02 500,000 CIFI Holdings Group Co Ltd FRN (Perpetual) 5.375% 24/08/2022 510,000 0.96 250,000 Country Garden Holdings Co Ltd 5.125% 14/01/2027 266,837 0.50 500,000 Easy Tactic Ltd 5.750% 13/01/2022 488,750 0.92 250,000 Easy Tactic Ltd 8.125% 27/02/2023 239,368 0.45 250,000 Easy Tactic Ltd 11.625% 03/09/2024 248,421 0.47 500,000 Easy Tactic Ltd 11.750% 02/08/2023 512,500 0.97 500,000 Fantasia Holdings Group Co Ltd 9.875% 19/10/2023 463,125 0.87 500,000 Fantasia Holdings Group Co Ltd 11.750% 17/04/2022 511,249 0.96 500,000 Fortune Star BVI Ltd 5.250% 23/03/2022 504,748 0.95 250,000 Fortune Star BVI Ltd 5.950% 19/10/2025 262,193 0.50 500,000 Fortune Star BVI Ltd 6.850% 02/07/2024 531,250 1.00 500,000 Greenland Global Investment Ltd 'EMTN' 6.250% 16/12/2022 484,375 0.91 500,000 Greenland Global Investment Ltd 'EMTN' 7.250% 12/03/2022 481,875 0.91 250,000 Hong Seng Ltd 9.875% 27/08/2022 251,140 0.47 500,000 Kaisa Group Holdings Ltd 8.500% 30/06/2022 509,997 0.96 1,000,000 Kaisa Group Holdings Ltd 9.375% 30/06/2024 962,435 1.82 750,000 Kaisa Group Holdings Ltd 10.875% 23/07/2023 781,875 1.48 500,000 KWG Group Holdings Ltd 5.875% 10/11/2024 507,684 0.96 500,000 KWG Group Holdings Ltd 6.000% 11/01/2022 508,585 0.96 250,000 KWG Group Holdings Ltd 'EMTN' 5.950% 10/08/2025 249,357 0.47 500,000 Logan Group Co Ltd 5.250% 19/10/2025 519,897 0.98 500,000 Logan Group Co Ltd 6.500% 16/07/2023 513,160 0.97 200,000 Modern Land China Co Ltd 9.800% 11/04/2023 192,000 0.36 200,000 Modern Land China Co Ltd 11.500% 13/11/2022 202,493 0.38 750,000 New Metro Global Ltd 7.500% 16/12/2021 769,122 1.45 250,000 Powerlong Real Estate Holdings Ltd 6.250% 10/08/2024 263,750 0.50 750,000 Powerlong Real Estate Holdings Ltd 7.125% 08/11/2022 785,611 1.48 200,000 Redco Properties Group Ltd 8.500% 19/08/2021 199,644 0.38 400,000 Redco Properties Group Ltd 'EMTN' 9.900% 17/02/2024 381,404 0.72 200,000 Redsun Properties Group Ltd 7.300% 13/01/2025 194,250 0.37 250,000 Redsun Properties Group Ltd 9.950% 11/04/2022 259,375 0.49 250,000 Redsun Properties Group Ltd 10.500% 03/10/2022 262,184 0.49 500,000 RKPF Overseas 2020 A Ltd 5.200% 12/01/2026 504,273 0.95 500,000 Ronshine China Holdings Ltd 10.500% 01/03/2022 510,625 0.96 1,000,000 Scenery Journey Ltd 11.500% 24/10/2022 917,500 1.73 500,000 Scenery Journey Ltd 12.000% 24/10/2023 439,979 0.83 200,000 Sunac China Holdings Ltd 5.950% 26/04/2024 202,442 0.38 500,000 Sunac China Holdings Ltd 6.500% 09/07/2023 515,309 0.97 250,000 Sunac China Holdings Ltd 6.650% 03/08/2024 256,544 0.48 750,000 Sunac China Holdings Ltd 7.000% 09/07/2025 770,569 1.45 200,000 Times China Holdings Ltd 6.200% 22/03/2026 204,720 0.39 500,000 Times China Holdings Ltd 6.750% 16/07/2023 521,041 0.98 250,000 Wanda Properties Overseas Ltd 6.875% 23/07/2023 241,215 0.46 500,000 Yango Justice International Ltd 9.250% 15/04/2023 505,607 0.95 500,000 Yango Justice International Ltd 10.250% 18/03/2022 510,000 0.96 500,000 Yanlord Land HK Co Ltd 6.750% 23/04/2023 517,536 0.98 500,000 Yuzhou Group Holdings Co Ltd 6.000% 25/10/2023 446,860 0.84 250,000 Yuzhou Group Holdings Co Ltd 7.375% 13/01/2026 216,236 0.41 500,000 Yuzhou Group Holdings Co Ltd 8.375% 30/10/2024 451,844 0.85

76 PRINCIPAL GLOBAL INVESTORS FUNDS PORTFOLIO OF INVESTMENTS AS AT 31 MARCH 2021 (continued)

ASIAN HIGH YIELD FUND (continued)

Nominal Security Coupon Maturity Value % Net Rate Date USD Assets

CHINA 56.73% (30 September 2020: 58.87%) (continued) Corporate Bond (continued) 250,000 Zhenro Properties Group Ltd 7.350% 05/02/2025 247,170 0.47 250,000 Zhenro Properties Group Ltd 8.650% 21/01/2023 258,118 0.49 500,000 Zhenro Properties Group Ltd 8.700% 03/08/2022 518,745 0.98 250,000 Zhenro Properties Group Ltd 9.150% 06/05/2023 261,865 0.49 EGYPT 0.00% (30 September 2020: 0.48%) HONG KONG 2.00% (30 September 2020: 3.02%) Corporate Bond 500,000 Melco Resorts Finance Ltd 'REGS' 5.625% 17/07/2027 522,750 0.99 500,000 Melco Resorts Finance Ltd 'REGS' 5.750% 21/07/2028 533,438 1.01 INDIA 15.00% (30 September 2020: 10.03%) Corporate Bond 250,000 ABJA Investment Co Pte Ltd 5.450% 24/01/2028 257,935 0.48 250,000 ABJA Investment Co Pte Ltd 5.950% 31/07/2024 270,803 0.51 250,000 Azure Power Solar Energy Pvt Ltd 'REGS' 5.650% 24/12/2024 265,475 0.50 200,000 Clean Renewable Power Mauritius Pte Ltd 'REGS' 4.250% 25/03/2027 202,000 0.38 500,000 GMR Hyderabad International Airport Ltd 'REGS' 5.375% 10/04/2024 513,724 0.97 500,000 Greenko Dutch BV 'REGS' 3.850% 29/03/2026 505,000 0.95 750,000 Muthoot Finance Ltd 'REGS' 6.125% 31/10/2022 779,869 1.47 500,000 Network i2i Ltd 'REGS' FRN (Perpetual) 5.650% 15/01/2025 530,202 1.00 500,000 Periama Holdings LLC/DE 5.950% 19/04/2026 528,500 1.00 500,000 ReNew Power Pvt Ltd 'REGS' 5.875% 05/03/2027 533,900 1.01 250,000 Shriram Transport Finance Co Ltd 'EMTN' 5.700% 27/02/2022 254,332 0.48 500,000 Shriram Transport Finance Co Ltd 'REGS' 5.100% 16/07/2023 509,625 0.96 400,000 TML Holdings Pte Ltd 5.500% 03/06/2024 412,948 0.78 200,000 UPL Corp Ltd FRN (Perpetual) 5.250% 27/02/2025 198,230 0.37 500,000 Vedanta Resources Finance II Plc 'REGS' 8.000% 23/04/2023 457,435 0.86 1,000,000 Vedanta Resources Finance II Plc 'REGS' 8.950% 11/03/2025 956,890 1.81 500,000 Vedanta Resources Finance II Plc 'REGS' 13.875% 21/01/2024 540,125 1.02 250,000 Vedanta Resources Ltd 'REGS' 6.375% 30/07/2022 238,294 0.45 INDONESIA 4.85% (30 September 2020: 5.07%) Corporate Bond 250,000 Adaro Indonesia PT 'REGS' 4.250% 31/10/2024 253,750 0.48 500,000 Bank Negara Indonesia Persero Tbk PT 'EMTN' 3.750% 30/03/2026 505,625 0.95 250,000 Bukit Makmur Mandiri Utama PT 'REGS' 7.750% 10/02/2026 250,436 0.47 500,000 Indika Energy Capital IV Pte Ltd 'REGS' 8.250% 22/10/2025 528,375 1.00 250,000 Medco Bell Pte Ltd 'REGS' 6.375% 30/01/2027 251,725 0.48 250,000 Medco Oak Tree Pte Ltd 'REGS' 7.375% 14/05/2026 267,225 0.50 500,000 Theta Capital Pte Ltd 8.125% 22/01/2025 512,452 0.97 MACAU 4.43% (30 September 2020: 2.66%) Corporate Bond 200,000 Champion Path Holdings Ltd 4.500% 27/01/2026 209,314 0.39 200,000 MGM China Holdings Ltd 'REGS' 4.750% 01/02/2027 203,560 0.38 400,000 MGM China Holdings Ltd 'REGS' 5.250% 18/06/2025 417,500 0.79 200,000 Studio City Finance Ltd 'REGS' 6.000% 15/07/2025 212,050 0.40 750,000 Wynn Macau Ltd 'REGS' 5.500% 15/01/2026 783,750 1.48 500,000 Wynn Macau Ltd 'REGS' 5.625% 26/08/2028 523,588 0.99 MONGOLIA 0.49% (30 September 2020: 0.50%) Government Bond 250,000 Mongolia Government International Bond 'REGS' 5.125% 05/12/2022 258,744 0.49 PAKISTAN 3.93% (30 September 2020: 1.47%) Government Bond 750,000 Pakistan Government International Bond 'REGS' 6.875% 05/12/2027 784,795 1.48 1,000,000 Pakistan Government International Bond 'REGS' 7.375% 08/04/2031 1,022,500 1.93 250,000 Pakistan Government International Bond 'REGS' 8.250% 15/04/2024 274,768 0.52 PAPUA NEW GUINEA 0.00% (30 September 2020: 0.50%) SINGAPORE 0.96% (30 September 2020: 1.02%) Corporate Bond 500,000 LMIRT Capital Pte Ltd 7.500% 09/02/2026 510,383 0.96

77 PRINCIPAL GLOBAL INVESTORS FUNDS PORTFOLIO OF INVESTMENTS AS AT 31 MARCH 2021 (continued)

ASIAN HIGH YIELD FUND (continued)

Nominal Security Coupon Maturity Value % Net Rate Date USD Assets

SRI LANKA 3.01% (30 September 2020: 4.94%) Government Bond 500,000 Sri Lanka Government International Bond 'REGS' 6.250% 27/07/2021 483,765 0.91 500,000 Sri Lanka Government International Bond 'REGS' 6.350% 28/06/2024 323,065 0.61 500,000 Sri Lanka Government International Bond 'REGS' 6.850% 14/03/2024 322,800 0.61 750,000 Sri Lanka Government International Bond 'REGS' 7.550% 28/03/2030 463,800 0.88 THAILAND 0.76% (30 September 2020: 0.00%) Corporate Bond 400,000 Krung Thai Bank PCL/Cayman Islands FRN (Perpetual) 4.400% 25/03/2026 404,000 0.76 UKRAINE 0.00% (30 September 2020: 0.45%) UNITED KINGDOM 0.75% (30 September 2020: 2.03%) Corporate Bond 400,000 HSBC Holdings Plc FRN (Perpetual) 4.000% 09/03/2026 399,000 0.75 UNITED STATES 0.77% (30 September 2020: 0.82%) Government Bond 400,000 United States Treasury Note/Bond 1.125% 28/02/2025 407,445 0.77 VIETNAM 0.47% (30 September 2020: 1.01%) Corporate Bond 250,000 Mong Duong Finance Holdings BV 'REGS' 5.125% 07/05/2029 251,916 0.47 Total Value of Transferable Securities at Market Prices (Cost: USD49,477,564) 49,905,138 94.15

Interest Receivable on Transferable Securities 825,600 1.56

Total Value of Transferable Securities 50,730,738 95.71 Open Future Contracts 0.00% (30 September 2020: 0.00%) Credit Default Swaps 0.00% (30 September 2020: (0.09%))

Cash at Bank 3,282,372 6.19 Net Current Liabilities (1,009,844) (1.90)

Net Assets Attributable to Holders of Redeemable Participating Units at Market Prices 53,003,266 100.00 % Total Analysis of Total Assets Assets Transferable Securities and Money Market Instruments admitted to an official stock exchange listing or traded on a regulated market 90.59 Other Assets 9.41 Total Assets 100.00

All securities are transferable securities admitted to an official stock exchange listing.

The country disclosed in the above Portfolio of Investments is the country of risk of the security.

78 PRINCIPAL GLOBAL INVESTORS FUNDS PORTFOLIO OF INVESTMENTS AS AT 31 MARCH 2021 (continued)

FINISTERRE EMERGING MARKETS DEBT EURO INCOME FUND

Nominal Security Coupon Maturity Value % Net Rate Date EUR Assets

TRANSFERABLE SECURITIES 92.08% (30 September 2020: 91.59%) BELARUS 1.08% (30 September 2020: 1.09%) Government Bond 400,000 Republic of Belarus Ministry of Finance 'REGS' 5.875% 24/02/2026 327,422 1.08 BENIN 1.58% (30 September 2020: 0.00%) Government Bond 500,000 Benin Government International Bond 'REGS' 4.875% 19/01/2032 476,525 1.58 BRAZIL 4.01% (30 September 2020: 3.92%) Corporate Bond 400,000 Braskem Netherlands Finance BV 'REGS' 4.500% 10/01/2028 350,242 1.16 300,000 CSN Inova Ventures 'REGS' 6.750% 28/01/2028 270,802 0.90 300,000 Suzano Austria GmbH 'REGS' 5.750% 14/07/2026 300,745 0.99 Government Bond 350,000 Brazilian Government International Bond 3.875% 12/06/2030 289,157 0.96 BULGARIA 0.00% (30 September 2020: 1.68%) CHINA 3.39% (30 September 2020: 4.16%) Corporate Bond 500,000 Kaisa Group Holdings Ltd 8.500% 30/06/2022 433,924 1.44 500,000 Sunac China Holdings Ltd 5.950% 26/04/2024 430,612 1.42 200,000 Yuzhou Group Holdings Co Ltd 8.500% 04/02/2023 161,123 0.53 COLOMBIA 2.69% (30 September 2020: 2.88%) Corporate Bond 270,000 Millicom International Cellular SA 'REGS' 6.625% 15/10/2026 245,337 0.81 Government Bond 500,000 Colombia Government International Bond 'EMTN' 3.875% 22/03/2026 568,563 1.88 CONGO 0.00% (30 September 2020: 1.24%) COTE D'IVOIRE 2.40% (30 September 2020: 2.19%) Government Bond 700,000 Ivory Coast Government International Bond 'REGS' 5.250% 22/03/2030 725,039 2.40 CROATIA 1.36% (30 September 2020: 1.41%) Government Bond 400,000 Croatia Government International Bond 1.125% 19/06/2029 412,002 1.36 DOMINICAN REPUBLIC 1.64% (30 September 2020: 1.64%) Government Bond 500,000 Dominican Republic International Bond 'REGS' 6.875% 29/01/2026 494,762 1.64 EGYPT 1.38% (30 September 2020: 1.35%) Government Bond 400,000 Egypt Government International Bond 'REGS' 4.750% 11/04/2025 415,951 1.38 GHANA 0.82% (30 September 2020: 0.00%) Government Bond 300,000 Ghana Government International Bond 'REGS' 6.375% 11/02/2027 247,315 0.82 GREECE 2.02% (30 September 2020: 2.09%) Government Bond 500,000 Hellenic Republic Government Bond 3.750% 30/01/2028 609,703 2.02 INDIA 2.26% (30 September 2020: 2.28%) Corporate Bond 300,000 Bharti Airtel International Netherlands BV 'REGS' 5.350% 20/05/2024 282,347 0.93 400,000 Power Finance Corp Ltd 'REGS' 6.150% 06/12/2028 401,721 1.33 INDONESIA 6.01% (30 September 2020: 7.51%) Corporate Bond 500,000 Pertamina Persero PT 'REGS' 5.625% 20/05/2043 482,776 1.60 Government Bond 600,000 Indonesia Government International Bond 'REGS' 3.375% 30/07/2025 669,089 2.21 10,000,000,000 Indonesia Treasury Bond 8.750% 15/05/2031 664,111 2.20 ISRAEL 2.71% (30 September 2020: 2.54%) Corporate Bond 525,000 Energean Israel Finance Ltd '144A' 4.875% 30/03/2026 450,319 1.49

79 PRINCIPAL GLOBAL INVESTORS FUNDS PORTFOLIO OF INVESTMENTS AS AT 31 MARCH 2021 (continued)

FINISTERRE EMERGING MARKETS DEBT EURO INCOME FUND (continued)

Nominal Security Coupon Maturity Value % Net Rate Date EUR Assets

ISRAEL 2.71% (30 September 2020: 2.54%) (continued) Corporate Bond (continued) 400,000 Leviathan Bond Ltd '144A' 6.125% 30/06/2025 369,484 1.22 KAZAKHSTAN 1.50% (30 September 2020: 1.56%) Corporate Bond 500,000 Tengizchevroil Finance Co International Ltd 'REGS' 4.000% 15/08/2026 454,621 1.50 KENYA 1.50% (30 September 2020: 1.45%) Government Bond 500,000 Kenya Government International Bond 'REGS' 7.000% 22/05/2027 453,226 1.50 KUWAIT 1.54% (30 September 2020: 1.55%) Corporate Bond 500,000 Equate Petrochemical BV 'REGS' 4.250% 03/11/2026 463,800 1.54 MACAU 0.00% (30 September 2020: 0.91%) MEXICO 10.57% (30 September 2020: 13.28%) Corporate Bond 300,000 Alpek SAB de CV 'REGS' 4.250% 18/09/2029 270,464 0.90 266,000 Axtel SAB de CV 'REGS' 6.375% 14/11/2024 235,942 0.78 280,000 Cemex SAB de CV 'REGS' 2.750% 05/12/2024 283,797 0.94 400,000 Petroleos Mexicanos 'EMTN' 2.750% 21/04/2027 362,096 1.20 Government Bond 15,000,000 Mexican Bonos 7.750% 29/05/2031 665,316 2.20 500,000 Mexico Government International Bond 2.875% 08/04/2039 511,282 1.69 750,000 Mexico Government International Bond 3.375% 23/02/2031 864,990 2.86 MONTENEGRO 1.90% (30 September 2020: 0.00%) Government Bond 600,000 Montenegro Government International Bond 'REGS' 2.875% 16/12/2027 574,839 1.90 MOROCCO 1.00% (30 September 2020: 1.03%) Government Bond 300,000 Morocco Government International Bond 'REGS' 1.375% 30/03/2026 302,229 1.00 NETHERLANDS 0.00% (30 September 2020: 0.60%) NIGERIA 0.89% (30 September 2020: 0.90%) Corporate Bond 300,000 IHS Netherlands Holdco BV '144A' 7.125% 18/03/2025 268,333 0.89 OMAN 1.02% (30 September 2020: 0.00%) Government Bond 350,000 Oman Government International Bond 'REGS' 5.375% 08/03/2027 309,100 1.02 PAKISTAN 0.93% (30 September 2020: 0.94%) Government Bond 300,000 Pakistan Government International Bond 'REGS' 8.250% 15/04/2024 280,539 0.93 PERU 2.93% (30 September 2020: 4.68%) Government Bond 1,475,000 Peru Government Bond 6.150% 12/08/2032 361,810 1.20 425,000 Peruvian Government International Bond 3.750% 01/03/2030 524,293 1.73 PHILIPPINES 1.01% (30 September 2020: 1.03%) Government Bond 300,000 Philippine Government International Bond 'EMTN' 0.875% 17/05/2027 305,773 1.01 ROMANIA 3.71% (30 September 2020: 3.80%) Government Bond 500,000 Romanian Government International Bond 'REGS' 3.375% 08/02/2038 542,180 1.79 500,000 Romanian Government International Bond 'REGS' 3.875% 29/10/2035 580,115 1.92 RUSSIA 8.15% (30 September 2020: 6.32%) Corporate Bond 300,000 Credit Bank of Moscow Via CBOM Finance Plc 'REGS' 5.150% 20/02/2024 314,917 1.04 500,000 Gazprom PJSC Via Gaz Capital SA 2.949% 24/01/2024 523,964 1.73 300,000 Gazprom PJSC via Gaz Finance Plc 'REGS' FRN (Perpetual) 3.897% 25/10/2025 303,494 1.01 400,000 Hacienda Investments Ltd Via DME Airport DAC 'REGS' 5.350% 08/02/2028 345,621 1.15 Government Bond 30,000,000 Russian Federal Bond - OFZ 7.000% 25/01/2023 346,041 1.14

80 PRINCIPAL GLOBAL INVESTORS FUNDS PORTFOLIO OF INVESTMENTS AS AT 31 MARCH 2021 (continued)

FINISTERRE EMERGING MARKETS DEBT EURO INCOME FUND (continued)

Nominal Security Coupon Maturity Value % Net Rate Date EUR Assets

RUSSIA 8.15% (30 September 2020: 6.32%) (continued) Government Bond (continued) 50,000,000 Russian Federal Bond - OFZ 8.500% 17/09/2031 627,717 2.08 SENEGAL 1.68% (30 September 2020: 1.67%) Government Bond 500,000 Senegal Government International Bond 'REGS' 4.750% 13/03/2028 508,900 1.68 SERBIA 1.00% (30 September 2020: 1.00%) Government Bond 300,000 Serbia International Bond 'REGS' 1.500% 26/06/2029 301,195 1.00 SOUTH AFRICA 5.16% (30 September 2020: 4.96%) Corporate Bond 300,000 Liquid Telecommunications Financing Plc 'REGS' 5.500% 04/09/2026 269,290 0.89 400,000 Sasol Financing USA LLC 5.875% 27/03/2024 361,810 1.20 Government Bond 10,000,000 Republic of South Africa Government Bond 8.250% 31/03/2032 498,401 1.65 400,000 Republic of South Africa Government International Bond 3.750% 24/07/2026 430,952 1.42 SUPRANATIONAL 0.68% (30 September 2020: 0.00%) Government Bond 200,000 Banque Ouest Africaine de Developpement 'REGS' 2.750% 22/01/2033 206,624 0.68 TANZANIA 1.20% (30 September 2020: 0.00%) Corporate Bond 400,000 HTA Group Ltd/Mauritius '144A' 7.000% 18/12/2025 362,780 1.20 TUNISIA 0.00% (30 September 2020: 1.25%) TURKEY 0.67% (30 September 2020: 1.35%) Government Bond 200,000 Turkey Government International Bond 4.625% 31/03/2025 200,845 0.67 UKRAINE 5.26% (30 September 2020: 3.86%) Corporate Bond 300,000 Metinvest BV 'REGS' 5.625% 17/06/2025 317,973 1.05 Government Bond 11,000,000 Ukraine Government Bond 16.420% 17/11/2021 352,211 1.17 600,000 Ukraine Government International Bond 'REGS' 4.375% 27/01/2030 551,658 1.82 400,000 Ukraine Government International Bond 'REGS' 7.750% 01/09/2023 367,562 1.22 UNITED ARAB EMIRATES 2.20% (30 September 2020: 2.21%) Corporate Bond 300,000 DP World Plc 'REGS' 2.375% 25/09/2026 318,596 1.05 400,000 MAF Global Securities Ltd FRN (Perpetual) 5.500% 07/09/2022 346,045 1.15 UNITED STATES 4.23% (30 September 2020: 1.26%) Corporate Bond 400,000 JBS Investments II GmbH 'REGS' 7.000% 15/01/2026 363,086 1.20 7,200,000 JPMorgan Chase Bank NA 'REGS' 2.850% 04/06/2027 916,380 3.03 Total Value of Transferable Securities at Market Prices (Cost: USD27,217,965) 27,829,878 92.08

Interest Receivable on Transferable Securities 354,097 1.17

Total Value of Transferable Securities 28,183,975 93.25 Open Forward Foreign Currency Exchange Contracts (0.54%) (30 September 2020: (0.20%)) Settlement Buy Amount Sell Amount Unrealised % Net Date Bought Sold Gain/Loss Assets 20/04/2021 EUR 603,245 USD (720,000) (9,132) (0.03)

20/04/2021 EUR 493,196 USD (588,652) (7,466) (0.03)

20/04/2021 EUR 477,106 USD (569,447) (7,223) (0.02)

20/04/2021 EUR 468,299 USD (558,936) (7,089) (0.02)

20/04/2021 EUR 462,388 USD (551,880) (7,000) (0.02)

20/04/2021 EUR 448,945 USD (535,836) (6,796) (0.02)

20/04/2021 EUR 434,560 USD (518,667) (6,579) (0.02)

20/04/2021 EUR 433,902 USD (517,881) (6,569) (0.02)

20/04/2021 EUR 398,366 USD (475,467) (6,031) (0.02)

20/04/2021 EUR 385,427 USD (460,025) (5,835) (0.02)

20/04/2021 EUR 365,093 USD (435,754) (5,527) (0.02)

20/04/2021 EUR 363,869 USD (434,294) (5,508) (0.02)

81 PRINCIPAL GLOBAL INVESTORS FUNDS PORTFOLIO OF INVESTMENTS AS AT 31 MARCH 2021 (continued)

FINISTERRE EMERGING MARKETS DEBT EURO INCOME FUND (continued)

Open Forward Foreign Currency Exchange Contracts (0.54%) (30 September 2020: (0.20%)) (continued) Settlement Buy Amount Sell Amount Unrealised % Net Date Bought Sold Gain/Loss Assets 20/04/2021 EUR 363,804 USD (434,217) (5,507) (0.02)

20/04/2021 EUR 362,740 USD (432,947) (5,491) (0.02)

20/04/2021 EUR 361,715 USD (431,722) (5,476) (0.02)

20/04/2021 EUR 361,376 USD (431,319) (5,471) (0.02)

20/04/2021 EUR 349,460 USD (417,096) (5,290) (0.02)

20/04/2021 EUR 343,212 USD (409,638) (5,196) (0.02)

20/04/2021 EUR 341,275 USD (407,327) (5,166) (0.02)

20/04/2021 EUR 330,168 USD (394,070) (4,998) (0.02)

20/04/2021 EUR 442,787 USD (526,455) (4,976) (0.02)

20/04/2021 EUR 308,140 USD (367,778) (4,665) (0.02)

20/04/2021 EUR 298,207 USD (355,923) (4,514) (0.02)

20/04/2021 EUR 290,493 USD (346,717) (4,398) (0.02)

20/04/2021 EUR 284,756 USD (339,869) (4,311) (0.01)

20/04/2021 EUR 282,192 USD (336,809) (4,272) (0.01)

20/04/2021 EUR 269,032 USD (321,102) (4,073) (0.01)

20/04/2021 EUR 267,821 USD (319,656) (4,054) (0.01)

20/04/2021 EUR 266,905 USD (318,563) (4,040) (0.01)

20/04/2021 EUR 264,847 USD (316,106) (4,009) (0.01)

20/04/2021 EUR 260,918 USD (311,417) (3,950) (0.01)

20/04/2021 EUR 257,338 USD (307,144) (3,896) (0.01)

20/04/2021 EUR 248,164 USD (296,194) (3,757) (0.01)

20/04/2021 EUR 144,427 USD (170,000) (162) (0.00)

20/04/2021 EUR 11,901 USD (14,090) (83) (0.00)

20/04/2021 EUR 3,240 USD (3,835) (23) (0.00)

20/04/2021 EUR 2,020 USD (2,391) (14) (0.00)

20/04/2021 USD 168,658 EUR (143,726) (278) (0.00)

20/04/2021 USD 15,424 EUR (13,144) (25) (0.00)

20/04/2021 USD 12,773 EUR (10,885) (21) (0.00)

20/04/2021 USD 21,433 EUR (18,195) 34 0.00

20/04/2021 USD 49,000 EUR (41,628) 48 0.00

22/04/2021 EUR 708,609 MXN (17,600,000) (21,377) (0.07)

22/04/2021 EUR 515,253 ZAR (9,200,000) (13,197) (0.04)

22/04/2021 EUR 463,473 CNH (3,600,000) (2,457) (0.01)

22/04/2021 EUR 369,045 RUB (33,000,000) (1,599) (0.01)

22/04/2021 EUR 465,287 CNH (3,600,000) (643) (0.00)

22/04/2021 EUR 327,999 RUB (29,000,000) 2,281 0.01

22/04/2021 EUR 748,554 PEN (3,300,000) 2,531 0.01

22/04/2021 EUR 308,429 RUB (27,000,000) 5,174 0.02

22/04/2021 MXN 1,400,000 EUR (56,758) 1,309 0.00

22/04/2021 PEN 1,700,000 EUR (385,287) (972) (0.00)

22/04/2021 RUB 33,000,000 USD (433,469) 1,983 0.01

22/04/2021 USD 433,962 RUB (33,000,000) (1,564) (0.01)

23/04/2021 CHF 808,240 EUR (730,775) 9 0.00

23/04/2021 CHF 808,240 EUR (730,758) 27 0.00

23/04/2021 USD 914,444 EUR (766,831) 10,879 0.03

23/04/2021 USD 914,444 EUR (766,739) 10,971 0.04

17/05/2021 INR 13,500,000 EUR (151,261) 4,398 0.01

17/05/2021 INR 54,000,000 EUR (604,162) 18,473 0.06

Unrealised Gain on Forward Foreign Currency Exchange Contracts 58,117 0.19

Unrealised Loss on Forward Foreign Currency Exchange Contracts (220,680) (0.73)

Net Unrealised Loss on Forward Foreign Currency Exchange Contracts (162,563) (0 .54)

Open Spot Currency Contracts 0.00% (30 September 2020: 0.00%) Settlement Amount Amount Unrealised % Net Date Buy Bought Sell Sold Gain/Loss Assets

01/04/2021 EUR 154,043 USD (180,692) 303 0.00

Unrealised Gain on Open Spot Currency Contracts 303 0.00

Net Unrealised Gain on Open Spot Currency Contracts 303 0.00

Open Future Contracts 0.02% (30 September 2020: (0.09%)) Cost Maturity Unrealised % Net No. of Contracts Price Description Date Gain/(Loss) Assets (19) (3,260,990) Euro-Bund Future 08/06/2021 6,670 0.02

82 PRINCIPAL GLOBAL INVESTORS FUNDS PORTFOLIO OF INVESTMENTS AS AT 31 MARCH 2021 (continued)

FINISTERRE EMERGING MARKETS DEBT EURO INCOME FUND (continued)

Open Future Contracts 0.02% (30 September 2020: (0.09%)) (continued) Cost Maturity Unrealised % Net No. of Contracts Price Description Date Gain/(Loss) Assets (13) (1,701,781) US 10 Year Note (CBT) 21/06/2021 (346) (0.00)

Unrealised Gain on Future Contracts 6,670 0.02 Unrealised Loss on Future Contracts (346) (0.00)

Total Unrealised Gain on Future Contracts 6,324 0.02 Total Return Swaps 0.17% (30 September 2020: 0.05%) Notional Fair Value % Net Description Maturity Date Amount USD Assets

Up to 1 year Fund receives Interest 1.0 x EGT9980I5L10 + 0.0bps; and pays USD LIBOR 1 Month 1.0 x EURI3MD + 80.0bps 18/05/2021 379,303 15,571 0.05 Fund receives Interest 1.0 x EGT9980D7L19 + 0.0bps; and pays EGP LIBOR 1 Month 1.0 x EURI3MD + 80.0bps 13/07/2021 261,006 17,506 0.06 Fund receives Interest 1.0 x EGT9980D7L19 + 0.0bps; and pays EGP LIBOR 1 Month 1.0 x EURI3MD + 80.0bps 14/07/2021 257,240 18,646 0.06

Market Value Gain on Total Return Swaps 51,723 0.17

Total Value of Total Return Swaps 51,723 0.17

Cash at Bank 1,052,293 3.48 Net Current Assets 1,091,108 3.62

Net Assets Attributable to Holders of Redeemable Participating Units at Market Prices 30,223,163 100.00 % Total Analysis of Total Assets Assets Transferable Securities and Money Market Instruments admitted to an official stock exchange listing or traded on a regulated market 91.31 Financial Derivative instruments dealt in or on a regulated market 0.38 Other Assets 8.31 Total Assets 100.00

All securities are transferable securities admitted to an official stock exchange listing.

The counterparties for the forward foreign currency exchange contracts are HSBC, JPMorgan Chase & Co, Royal Bank of Canada, Societe Generale and The Australia and New Zealand Banking Group. The counterparty for the open spot currency contracts is Societe Generale. The counterparty for the future contracts is Citigroup. The counterparty for the total return swap is HSBC.

The country disclosed in the above Portfolio of Investments is the country of risk of the security.

83 PRINCIPAL GLOBAL INVESTORS FUNDS PORTFOLIO OF INVESTMENTS AS AT 31 MARCH 2021 (continued)

CHINA OPPORTUNITIES EQUITY FUND* CHINA OPPORTUNITIES EQUITY FUND* (continued)

Nominal Security Value % Net Nominal Security Value % Net USD Assets USD Assets

TRANSFERABLE SECURITIES 82.49% CHINA 78.97% (continued) Medical Products CHINA 78.97% Shenzhen Mindray Bio-Medical Appliances 800 Electronics Co Ltd 48,663 0.55 18,800 Haier Smart Home Co Ltd 'H' 75,205 0.85 Medical -Biomedical/Genetics Auto/Truck Parts & Equipment -Replicate 1,606 I-Mab ADR 77,843 0.88 23,000 Weichai Power Co Ltd 'H' 56,802 0.64 2,000 Innovent Biologics Inc '144A' 20,284 0.23 Auto -Cars/Light Trucks Medical -Drugs 5,500 BYD Co Ltd 'H' 116,658 1.31 1,700 Jiangsu Hengrui Medicine Co Ltd 23,860 0.27 40,000 Geely Automobile Holdings Ltd 101,769 1.15 Metal -Diversified Beverages -Wine/Spirits 189,000 China Molybdenum Co Ltd 'H' 114,502 1.29 800 Kweichow Moutai Co Ltd 244,955 2.76 Miscellaneous Manufacturing 2,700 Wuliangye Yibin Co Ltd 110,276 1.24 31,000 Lens Technology Co Ltd 123,457 1.39 Brewery Money Centre Banks China Resources Beer Holdings Co Postal Savings Bank of China Co Ltd 8,000 Ltd 62,718 0.71 162,000 'H' '144A' 121,066 1.36 Building & Construction Production -Miscellaneous Multi -Line Insurance China National Building Material Co China Taiping Insurance Holdings Co 62,000 Ltd 'H' 89,478 1.01 43,200 Ltd 88,018 0.99 Commercial Banks Non -US Ping An Insurance Group Co of China 32,000 BOC Hong Kong Holdings Ltd 111,751 1.26 27,000 Ltd 'H' 321,418 3.62 225,000 China Construction Bank Corp 'H' 189,274 2.13 Non -Ferrous Metals 13,700 China Merchants Bank Co Ltd 106,698 1.20 9,000 Ganfeng Lithium Co Ltd 'H' '144A' 109,860 1.24 10,500 China Merchants Bank Co Ltd 'H' 80,157 0.90 Oil Company -Integrated Industrial & Commercial Bank of China 112,000 China Petroleum & Chemical Corp 'H' 59,642 0.67 248,000 Ltd 'H' 177,999 2.01 32,000 PetroChina Co Ltd 'H' 11,566 0.13 Containers -Metal/Glass Photo Equipment & Supplies Shandong Pharmaceutical Glass Co Sunny Optical Technology Group Co 4,000 Ltd 24,203 0.27 5,600 Ltd 127,639 1.44 Distribution/Wholesale Power Conversion/Supply Equipment 15,600 Hengyi Petrochemical Co Ltd 34,832 0.39 Xinjiang Goldwind Science & E-Commerce/Products 18,000 Technology Co Ltd 'H' 33,803 0.38 23,900 Alibaba Group Holding Ltd 676,319 7.62 Real Estate Management/Services 2,650 JD.com Inc 109,757 1.24 Ever Sunshine Lifestyle Services 8,300 Meituan '144A' 318,358 3.59 8,000 Group Ltd 20,128 0.23 490 Pinduoduo Inc ADR 65,601 0.74 15,000 Shimao Services Holdings Ltd '144A' 33,070 0.37 E-Commerce/Services 41,000 Sunac Services Holdings Ltd '144A' 129,205 1.46 2,002 Trip.com Group Ltd ADR 79,339 0.89 Real Estate Operation/Development Electronic Component -Miscellaneous 14,000 China Resources Land Ltd 67,799 0.76 4,900 Wingtech Technology Co Ltd 73,188 0.82 14,500 KWG Group Holdings Ltd 24,806 0.28 Electronic Component -Semiconductor Poly Developments and Holdings 4,000 Hua Hong Semiconductor Ltd '144A' 21,789 0.25 17,400 Group Co Ltd 37,737 0.43 Entertainment Software 21,000 Sunac China Holdings Ltd 90,084 1.01 280 Bilibili Inc 29,821 0.33 Retail -Apparel/Shoe 3,000 NetEase Inc 61,046 0.69 22,000 Li Ning Co Ltd 142,904 1.61 Finance -Investment Banker/Broker Retail -Drug Store 650 Futu Holdings Ltd ADR 103,233 1.16 Alibaba Health Information Technology Finance -Leasing Companies 26,000 Ltd 73,574 0.83 67,000 Far East Horizon Ltd 80,492 0.91 Retail -Restaurants Gas -Distribution Haidilao International Holding Ltd 8,000 China Resources Gas Group Ltd 44,351 0.50 5,000 '144A' 34,183 0.39 7,100 ENN Energy Holdings Ltd 113,882 1.28 Schools Gold Mining New Oriental Education & Technology 20,000 Zijin Mining Group Co Ltd 'H' 24,593 0.28 3,820 Group Inc ADR 53,480 0.60 Internet Application Software Textile -Apparel 8,600 Tencent Holdings Ltd 674,775 7.61 Shenzhou International Group Internet Content -Entertainment 1,900 Holdings Ltd 39,371 0.44 Tencent Music Entertainment Group Tobacco 1,114 ADR 22,826 0.26 6,218 RLX Technology Inc ADR 64,418 0.73 Internet Content -Information/News Vitamins & Nutrition Production 400 Kuaishou Technology '144A' 13,892 0.16 24,000 China Feihe Ltd '144A' 67,915 0.77 Machinery -General Industry Warehousing and Harbor Transport Service 18,600 NARI Technology Co Ltd 88,277 0.99 60,000 China Merchants Port Holdings Co Ltd 91,994 1.04 Medical Laboratries & Testing Services Web Portals/Internet Service Provider Hygeia Healthcare Holdings Co Ltd 1,050 Baidu Inc 28,767 0.32 8,400 '144A' 60,992 0.69 414 Baidu Inc ADR 90,066 1.02 2,700 Pharmaron Beijing Co Ltd 'H' '144A' 51,017 0.57 Wireless Equipment 5,500 Wuxi Biologics Cayman Inc '144A' 68,870 0.78 81,800 Xiaomi Corp '144A' 270,933 3.05

84 PRINCIPAL GLOBAL INVESTORS FUNDS PORTFOLIO OF INVESTMENTS AS AT 31 MARCH 2021 (continued)

The counterparty for the open spot currency contracts is State Street CHINA OPPORTUNITIES EQUITY FUND* (continued) Global Markets. Nominal Security Value % Net The counterparty for the future contracts is JPMorgan Chase & Co. USD Assets The country disclosed in the above Portfolio of Investments is the country of risk of the security. HONG KONG 2.68% Casino Hotels *China Opportunities Equity Fund launched on 23 February 2021. 12,000 Melco International Development Ltd 24,449 0.27 Food -Meat Products 42,000 WH Group Ltd '144A' 34,035 0.38 Life/Health Insurance 6,000 AIA Group Ltd 72,777 0.82 Medical -Drugs 37,000 Sino Biopharmaceutical Ltd 37,026 0.42 Therapeutics China Grand Pharmaceutical and 88,000 Healthcare Holdings Ltd 69,839 0.79 MACAU 0.84% Casino Hotels 4,000 Galaxy Entertainment Group Ltd 36,016 0.41 7,600 Sands China Ltd 37,978 0.43 Total Value of Transferable Securities at Market Prices (Cost: USD8,173,598) 7,319,368 82.49 Open Spot Currency Contracts (0.00%) (30 September 2020: 0.00%) Settlement Buy Amount Sell Amount Unrealised % Net Date Bought Sold Gain/Loss Assets

01/04/2021 HKD 137,732 USD (17,719) (3) (0.00) 07/04/2021 HKD 102,270 USD (13,157) (3) (0.00)

Unrealised Loss on Open Spot Currency Contracts (6) (0.00)

Net Unrealised Loss on Open Spot Currency Contracts (6) (0 .00)

Open Future Contracts 0.98% (30 September 2020: 0.00%) No. of Average Contracts Cost Price Description Maturity Unrealised % Net Date Gain/(Loss) Assets Hang Seng (28) (40,315,800) Index Future 29/04/2021 86,617 0.98

Total Gain on Future Contracts 86,617 0.98

Total Future Contracts 86,617 0.98

Cash at Bank 1,211,472 13.65 Net Current Assets 255,432 2.88

Net Assets Attributable to Holders of Redeemable Participating Units at Market Prices 8,872,883 100.00 % Total Analysis of Total Assets Assets Transferable Securities and Money Market Instruments admitted to an official stock exchange listing or traded on a regulated market 81.08 Financial Derivative instruments dealt in or on a regulated market 0.96 Other Assets 17.96 Total Assets 100.00

All securities are transferable securities admitted to an official stock exchange listing.

85 PRINCIPAL GLOBAL INVESTORS FUNDS STATEMENT OF FINANCIAL POSITION as at 31 March 2021

lvdel r

GEF EEF PSF GHYF GPSF GLTHY OGEMF OGSCF Current Assets: Note USD USD USD USD USD USD USD USD Cash at Bank 4 334,620 680,337 229,244,662 19,437,350 7,614,679 8,806,257 1,134,696 345,804 Sale of Securities Receivable – – 233,495 1,426,384 571,585 4,362,965 44,843 – Investments in Securities at Fair Value 11 27,873,252 45,990,624 4,927,057,369 222,898,012 603,924,881 558,644,435 86,154,523 25,968,179 Dividends Receivable 47,945 95,301 478,734 – 2,157,237 – 181,825 58,245 Due from Unitholders 2 258,051 26,000 8,918,462 2,984,744 222,901 177,709 163,221 88,441 Unrealised Gain on Open Spot Currency Contracts 227 507 617 – 93 136 – – Unrealised Gain on Open Forward Foreign Currency Exchange Contracts – – 103,814 770,840 145,521 135,226 – – Other Assets 37,001 18,301 7,652 12,197 31,571 16,349 78,813 62,747 Total Current Assets 28,551,096 46,811,070 5,166,044,805 247,529,527 614,668,468 572,143,077 87,757,921 26,523,416

Current Liabilities: Management Fees Payable 7 (55,153) (55,656) (3,585,412) (207,859) (427,396) (353,902) (90,857) (23,034) Administration Fees Payable 7 (3,540) (2,465) (397,802) (5,858) (5,670) (5,951) (2,139) (581) Trustee and Depositary Fees Payable 7 (469) (1,471) (240,217) (10,424) (24,071) (26,452) (2,875) (437) Sub-Custody Fees Payable 7 (6,499) (13,947) (136,642) (13,879) (47,433) (21,942) (32,309) (11,998) Audit Fees Payable 7 (5,176) (5,110) (7,763) (7,375) (8,576) (8,107) (8,591) (4,927) Due to Unitholders 2 (307,046) (108) (4,112,946) (228,589) (76,540) (4,839,545) (10,373) (193) Purchase of Securities Payable (78,151) (246,757) (50,046,159) (4,859,786) (529,930) (4,630,209) (686,896) – Unrealised Loss on Open Spot Currency Contracts (3) (62) (2,869) – (1,126) (2,041) (8) (10) Unrealised Loss on Open Forward Foreign Currency Exchange Contracts – – (15,492,911) (1,209,011) (427,729) (4,032,636) – – Other Payables (27,878) (29,178) (39,083) (21,110) (24,860) (36,131) (36,116) (45,742) Total Current Liabilities (483,915) (354,7 54) (74,061,804) (6,563,891) (1,573,331) (13,956,916) (870,164) (86,922)

Net Assets Attributable to Redeemable Participating Unitholders at Market Prices 28,067,181 46,456,316 5,091,983,001 240,965,636 613,095,137 558,186,161 86,887,757 26,436,494

The accompanying notes form an integral part of these financial statements.

86 PRINCIPAL GLOBAL INVESTORS FUNDS STATEMENT OF FINANCIAL POSITION as at 31 March 2021 (continued)

GDIF FUEMF USBCEF AHYF FEMDE COEF 1 Current Assets: Note USD USD USD USD EUR USD Cash at Bank 4 947,249 165,576,642 16,229 3,282,372 1,052,293 1,211,472 Cash Collateral 4 – 98,505,000 – – 620,000 332,290 Margin Cash Receivable 4 – 3,898,349 – – – – Sale of Securities Receivable 439,202 2,576,500 – 1,007,300 446,466 32,290 Investments in Securities at Fair Value 11 31,096,283 1,486,155,505 7,566,212 50,730,738 28,183,975 7,319,368 Dividends Receivable 40,363 – 142 – – – Due from Unitholders 2 – 4,311,334 – – – – Unrealised Gain on Open Spot Currency Contracts – 6,289 – – 303 – Unrealised Gain on Open Forward Foreign Currency Exchange Contracts – 7,937,214 – – 58,117 – Unrealised Gain on Open Future Contracts – 3,332,790 – – 6,670 86,617 Market Value Gain on Swap Contracts – 11,959,712 – – 51,723 – Other Assets 96,073 52,688 57,057 65,811 57,940 44,893 Total Curr ent Assets 32,619,170 1,784,312,023 7,639,640 55,086,221 30,477,487 9,026,930

Current Liabilities: Margin Cash Payable 4 – (4,395,012) – – – – Management Fees Payable 7 (22,377) (1,361,116) (4,067) (52,577) (23,855) (8,642) Administration Fees Payable 7 (201) (59,042) – (298) (409) – Trustee and Depositary Fees Payable 7 (859) (70,621) (626) (1,882) – (197) Sub-Custody Fees Payable 7 (24,831) (26,730) (2,928) (1,995) (816) (3,395) Audit Fees Payable 7 (5,917) (7,479) (5,269) (6,655) (5,567) (3,224) Due to Unitholders 2 (40) (4,428,626) – – – – Purchase of Securities Payable (400,000) (970,750) – (2,000,000) – (136,021) Unrealised Loss on Open Spot Currency Contracts – (6,216) – – – (6) Unrealised Loss on Open Forward Foreign Currency Exchange Contracts – (18,367,954) – – (220,680) – Unrealised Loss on Open Future Contracts – – – – (346) – Market Value Loss on Swap Contracts – (9,269,188) – – – – Other Payables (21,464) (143,568) (32,596) (19,548) (2,651) (2,562) Total Cur rent Liabilities (475,689) (39,106,302) (45,486) (2,082,955) (254,324) (154,047)

Net Assets Attributable to Redeemable Participating Unitholders at Market Prices 32,143,481 1,745,205,721 7,594,154 53,003,266 30,223,163 8,872,883

1 1China Opportunities Equity Fund launched on 23 February 2021.

The accompanying notes form an integral part of these financial statements.

87 PRINCIPAL GLOBAL INVESTORS FUNDS STATEMENT OF FINANCIAL POSITION as at 31 March 2021 (continued)

GEF EEF PSF GHYF GPSF GLTHY OGEMF OGSCF

Number of redeemable participating Units in issue A Class Income units in issue at end of period 65,338 40,556 52,717,382 197,274 – 692,818 – – A Class Income (AUD hedged) units in issue at end of period – – 702,031 59,421 – – – – A Class Income (CHF hedged) units in issue at end of period – – 358,983 – – – – – A Class Income (EUR hedged) units in issue at end of period – – 4,303,344 – – – – – A Class Income (GBP hedged) units in issue at end of period – – 4,598,804 – – – – – A Class Income (SGD hedged) units in issue at end of period – – 2,233,601 – 503 – – – A Class Accumulation units in issue at end of period 41,033 133,076 26,151,200 997,717 290,197 2,983,610 2,496 327,196 A Class Accumulation (CHF hedged) units in issue at end of period – – 3,224,546 – – – – – A Class Accumulation (EUR hedged) units in issue at end of period – – 3,586,870 – 44,044 2,190 – – A Class Accumulation (JPY hedged) units in issue at end of period – – 95,110 – – – – – A Class Accumulation (SGD hedged) units in issue at end of period – – 331,659 – 500 – – – A2 Class Income units in issue at end of period – – – – 101 100 – – I Class Income units in issue at end of period – – 46,530,944 3,333,496 191,100 712,319 – – I Class Income (AUD hedged) units in issue at end of period – – 153,639 – – – – – I Class Income (CHF hedged) units in issue at end of period – – 163,293 – – – – – I Class Income (EUR hedged) units in issue at end of period – – 8,404,589 – – – – – I Class Income (GBP hedged) units in issue at end of period – – 13,012,428 – – – – – I Class Income (JPY hedged) units in issue at end of period – – 7,530,673 – 1,132,176 – – – I Class Income (SGD hedged) units in issue at end of period – – 676,884 – – – – – I Class Accumulation units in issue at end of period 42,816 288,855 25,884,232 2,953,363 12,796,957 7,980,658 1,746,955 346,388 I Class Accumulation (AUD hedged) units in issue at end of period – – 22,124 – – – – – I Class Accumulation (BRL hedged) units in issue at end of period – – – 431,314 – – – – I Class Accumulation (CHF hedged) units in issue at end of period – – 1,832,124 614,351 – 18,000 – – I Class Accumulation (EUR) units in issue at end of period – 638,717 – – 2,518,122 – 2,243,941 – I Class Accumulation (EUR hedged) units in issue at end of period – – 36,399,842 85,783 1,450,331 7,213,748 – – I Class Accumulation (GBP) units in issue at end of period – – – – – – 143,389 555,714 I Class Accumulation (GBP hedged) units in issue at end of period – – – – 39,826 1,722,263 – – I Class Accumulation (JPY hedged) units in issue at end of period – – 12,767,030 – – 15,766,212 – – I Class Accumulation (SGD hedged) units in issue at end of period – – 158,908 – – 22,325 – – I Class Accumulation (USD hedged) units in issue at end of period – – – – 30,085 – – – I2 Class Income units in issue at end of period – – – – 6,219,838 – – – I2 Class Accumulation units in issue at end of period – – – – – 1,806,836 – – I2 Class Accumulation (EUR hedged) units in issue at end of period – – – – – 2,183,894 – – I2 Class Accumulation (GBP hedged) units in issue at end of period – – – – – 8,036,084 – – I3 Class Accumulation (SEK hedged) units in issue at end of period – – – – 863 – – – D Class Income units in issue at end of period – – 35,327,653 102 100 – – – D Class Accumulation units in issue at end of period – – 23,867,001 3,412 7,524 – 100 – D2 Class Income units in issue at end of period – – 4,729,360 – 104 23,730 – – D2 Class Income Plus units in issue at end of period – – 59,998 525 – 520 – – D2 Class Income (HKD) units in issue at end of period – – 4,243,536 – 21,107 – – – D2 Class Income Plus (HKD) units in issue at end of period – – 438,288 4,068 – 4,028 – – 88 PRINCIPAL GLOBAL INVESTORS FUNDS STATEMENT OF FINANCIAL POSITION as at 31 March 2021 (continued)

GEF EEF PSF GHYF GPSF GLTHY OGEMF OGSCF

Number of redeemable participating Units in issue F Class Income units in issue at end of period – – 4,700,238 – – – – – F Class Accumulation units in issue at end of period – – 3,740,444 1,436,275 785,502 – – – F2 Class Accumulation units in issue at end of period 1,326,238 – 1,640,425 – – – 917,766 – N Class Income units in issue at end of period – – 9,834,194 13,664 2,485,947 – – – N Class Income (EUR hedged) units in issue at end of period – – 352,167 27,504 – – – – N Class Income (GBP hedged) units in issue at end of period – – 16,745 – – – – – N Class Accumulation units in issue at end of period – – 13,938,973 100 58,432 49,710 100 – N Class Accumulation (EUR hedged) units in issue at end of period – – 343,084 – 42,691 37,421 – – N Class Accumulation (CHF hedged) units in issue at end of period – – 53,100 – – – – – N Class Accumulation (GBP hedged) units in issue at end of period – – 24,348 – – – – – P Class Income units in issue at end of period – – 7,384,844 – – – – – P Class Accumulation units in issue at end of period – – 6,918,219 – 100 – – – X Class Income units in issue at end of period – – 108 – – – – – X Class Accumulation units in issue at end of period – – 100 – – – – –

The accompanying notes form an integral part of these financial statements.

89 PRINCIPAL GLOBAL INVESTORS FUNDS STATEMENT OF FINANCIAL POSITION as at 31 March 2021 (continued)

GDIF FUEMF USBCEF AHYF FEMDE COEF 1

Number of redeemable pa rticipating Units in issue A Class Income units in issue at end of period – 100 – – – 100 A Class Income (CHF hedged) units in issue at end of period – 70,756 – – – – A Class Income (EUR hedged) units in issue at end of period – 221,057 – – – – A Class Income (SGD hedged) units in issue at end of period – 80,872 – – – – A Class Accumulation units in issue at end of period 124,733 7,364,389 100 – 146,810 – A Class Accumulation (CHF hedged) units in issue at end of period – 6,940 – – – – A Class Accumulation (EUR hedged) units in issue at end of period – 2,848,925 – – – – A Class Accumulation (SGD hedged) units in issue at end of period – 133 – – – – A2 Class Income units in issue at end of period – 3,039,316 – – – – A2 Class Income (EUR hedged) units in issue at end of period – 6,778 – – – – A2 Class Income (SGD hedged) units in issue at end of period – 132 – – – – A2 Class Income Plus units in issue at end of period – 717,482 – – – – A2 Class Income Plus (EUR hedged) units in issue at end of period – 89,024 – – – – A2 Class Income Plus (SGD hedged) units in issue at end of period – 782,622 – – – – I Class Income units in issue at end of period – 4,389,331 – – – 50,000 I Class Income (CHF hedged) units in issue at end of period – 532 – – – – I Class Income (EUR hedged) units in issue at end of period – 1,094,033 – – – – I Class Accumulation units in issue at end of period 2,573,601 11,308,019 499,462 4,815,583 2,202,033 878,337 I Class Accumulation (CHF hedged) units in issue at end of period – 750,900 – – 157,869 – I Class Accumulation (EUR hedged) units in issue at end of period – 5,186,936 – – – – I Class Accumulation (GBP hedged) units in issue at end of period – 3,014,287 – – – – I Class Accumulation (JPY hedged) units in issue at end of period – 300,000 – – – – I Class Accumulation (USD hedged) units in issue at end of period – – – – 175,000 – I2 Class Income units in issue at end of period – 893,573 – – – – I2 Class Income (EUR hedged) units in issue at end of period – 9,474,488 – – – – I2 Class Income (GBP hedged) units in issue at end of period – 2,191,305 – – – – I2 Class Accumulation units in issue at end of period – 10,212,093 – – 162,086 50,000 I2 Class Accumulation (EUR hedged) units in issue at end of period – 5,611,939 – – – – I2 Class Accumulation (GBP hedged) units in issue at end of period – 2,471,962 – – – – I3 Class Income units in issue at end of period – 2,618,419 – – – – I3 Class Income (EUR hedged) units in issue at end of period – 3,513,099 – – – – I3 Class Income (SGD hedged) units in issue at end of period – 440,943 – – – – I3 Class Accumulation units in issue at end of period – 21,275,636 – – – – I3 Class Accumulation (CHF hedged) units in issue at end of period – 13,554,014 – – – – I3 Class Accumulation (EUR hedged) units in issue at end of period – 12,646,414 – – – – I3 Class Accumulation (GBP hedged) units in issue at end of period – 877,253 – – – – D Class Income units in issue at end of period 1,199 832,270 100 – – – D Class Accumulation units in issue at end of period – 6,378,921 100 – – 100 D Class Income Plus units in issue at end of period 104 – – – – – D Class Income Plus (HKD) units in issue at end of period 806 – – – – – D2 Class Income units in issue at end of period – – – 216,932 – – 90 PRINCIPAL GLOBAL INVESTORS FUNDS STATEMENT OF FINANCIAL POSITION as at 31 March 2021 (continued)

GDIF FUEMF USBCEF AHYF FEMDE COEF 1

Number of redeemable participating Units in issue D2 Class Income Plus units in issue at end of period – – – 212 – – D2 Class Income Plus (HKD) units in issue at end of period – – – 80,526 – – F Class Income units in issue at end of period – 103 – – – – F Class Accumulation units in issue at end of period – 42,196 100 – – – N Class Income units in issue at end of period – 1,204,724 100 – 147,930 – N Class Income (EUR hedged) units in issue at end of period – 409,867 – – – – N Class Income (SGD hedged) units in issue at end of period – 39,083 – – – – N Class Accumulation units in issue at end of period – 4,536,961 200 – – 100 N Class Accumulation (CHF hedged) units in issue at end of period – 165,346 – – – – N Class Accumulation (EUR hedged) units in issue at end of period – 7,745,998 – – – – P2 Class Income Plus units in issue at end of period – 301,473 – – – –

1 1China Opportunities Equity Fund launched on 23 Feburary 2021.

The accompanying notes form an integral part of these financial statements.

91 PRINCIPAL GLOBAL INVESTORS FUNDS STATEMENT OF FINANCIAL POSITION as at 30 September 2020

GEF EEF PSF GHYF GPSF GLTHY OGEMF OGSCF Current Assets: Note USD USD USD USD USD USD USD USD Cash at Bank 4 666,089 811,091 27,587,474 9,875,375 2,675,464 27,254,806 1,946,382 423,708 Sale of Securities Receivable 77,929 428,039 5,263 3,265,924 2,483,780 1,261,966 1,656,251 – Investments in Securities at Fair Value 11 17,275,020 38,328,939 4,684,204,607 206,840,351 389,443,499 474,918,107 47,707,840 17,026,163 Dividends Receivable 20,261 17,861 444,339 – 949,381 – 77,425 24,005 Due from Unitholders 2 17,572 – 11,140,858 20,372 85,879 240,559 8,011 2,228 Unrealised Gain on Open Spot Currency Contracts 31 482 28,986 – 1,834 144 – – Unrealised Gain on Open Forward Foreign Currency Excha nge Contracts – – 118,387 405,414 141,210 74,353 – – Other Assets 71,920 47,829 25,909 9,254 8,250 16,321 108,404 98,518 Total Current Assets 18,128,822 39,634,241 4,723,555,823 220,416,690 395,789,297 503,766,256 51,504,313 17,574,622

Cu rrent Liabilities: Bank Overdraft 4 – (3,513) – – – – – – Management Fees Payable 7 (49,873) (62,900) (3,169,763) (195,213) (289,670) (324,095) (79,665) (43,988) Administration Fees Payable 7 (1,951) (1,857) (353,549) (4,322) (1,030) (4,618) (753) (144) Trustee and Depositary Fees Payable 7 (751) (1,996) (259,327) (11,878) (20,849) (29,493) (2,550) (857) Sub-Custody Fees Payable 7 (10,267) (16,551) (184,131) (13,956) (47,630) (23,107) (17,890) (7,466) Audit Fees Payable 7 (12,101) (12,101) (19,227) (19,227) (19,227) (19,227) (19,227) (12,101) Due to Unitholders 2 (234) (491,383) (13,929,742) (547,026) (552,512) (851) (133) (43) Purchase of Securities Payable (182,734) (364,413) – (1,845,812) (2,090,731) (15,783,006) (583,428) – Unrealised Loss on Open Spot Currency Contracts (26) (931) (1,172) – (370) – (9) (11) Unrealised Loss on Open Forward Foreign Currency Exchange Contracts – – (9,620,648) (1,035,767) (228,567) (2,177,373) – – Other Payables (26,327) (28,157) (38,589) (25,355) (20,994) (32,999) (35,287) (38,590) Total Current Liabilities (284,264) (983,802) (27,576,148) (3,698,556) (3,271,580) (18,394,769) (738,942) (103,200)

Net Assets Attributable to Redeemable Participating Unitholders at Market Prices 17,844,558 38,650,439 4,695,979,675 216,718,134 392,517,717 485,371,487 50,765,371 17,471,422

The accompanying notes form an integral part of these financial statements.

92 PRINCIPAL GLOBAL INVESTORS FUNDS STATEMENT OF FINANCIAL POSITION as at 30 September 2020 (continued)

GDIF 1 FUEMF USBCEF AHYF 2 FEMDE4 3 Current Assets: Note USD USD USD USD EUR Cash at Bank 4 1,168,622 18,468,067 17,202 3,135,294 1,674,846 Cash Collateral 4 – 54,845,000 – – 417,853 Margin Cash Receivable 4 – 4,459,608 – 46,495 – Sale of Securities Receivable – 43,944,925 22,724 427,105 – Investments in Securities at Fair Value 11 28,678,869 851,049,146 6,728,079 47,895,001 26,986,813 Securities Pledged as Collateral – – – 100,816 – Dividends Receivable 24,884 – 946 – – Due from Unitholders 2 2,861 4,638,026 – – – Unrealised Gain on Open Spot Currency Contracts – 3,927 – – – Unrealised Gain on Open Forward Foreign Currency Exchange Contracts – 4,319,792 – – 83,239 Market Value Gain on Swap Contracts – 8,552,983 – – 14,496 Other Assets 135,858 248,038 91,147 104,949 28,031 Total Current Assets 30,011,094 990,529,512 6,860,098 51,709,660 29,205,278

Current Liabilities: Margin Cash Payable 4 – (31) – – – Management Fees Payable 7 (28,674) (641,924) (6,705) (66,048) (18,637) Administration Fees Payable 7 (179) (26,223) – (252) (360) Trustee and Depositary Fees Payable 7 (1,563) (50,214) (265) (2,806) (211) Sub-Custody Fees Payable 7 (10,563) (104,934) (1,888) (3,082) (950) Audit Fees Payable 7 (15,664) (19,227) (12,101) (15,664) (6,139) Due to Unitholders 2 (42) (2,319,877) – – – Purchase of Securities Payable (586,408) (26,158,359) (16,679) (713,750) – Unrealised Loss on Open Spot Currency Contracts – (3,436) – – – Unrealised Loss on Open Forward Foreign Currency Exchange Contracts – (10,391,509) – – (141,323) Unrealised Loss on Open Future Contracts – (61,406) – (1,406) (24,950) Market Value Loss on Swap Contracts – (12,576,044) – (45,944) – Other Payables (21,317) 1,026,530 (28,227) (21,923) (3,708) Total Current Liabilities (664,410) (51,326,654) (65,86 5) (870,875) (196,278)

Net Assets Attributable to Redeemable Participating Unitholders at Market Prices 29,346,684 939,202,858 6,794,233 50,838,785 29,009,000

1Global Income Fund name changed to Global Diversified Income Fund on 17 January 2020. 2Asian High Yield Fund launched on 8 January 2020. 3Finisterre Emerging Markets Debt Euro Income Fund launched on 28 August 2020.

The accompanying notes form an integral part of these financial statements.

93 PRINCIPAL GLOBAL INVESTORS FUNDS STATEMENT OF FINANCIAL POSITION as at 30 September 2020 (continued)

GEF EEF PSF GHYF GP SF GLTHY OGEMF OGSCF

Number of redeemable participating Units in issue A Class Income units in issue at end of year 73,562 46,970 53,354,832 229,785 – 896,003 – – A Class Income (AUD hedged) units in issue at end of year – – 582,018 15,419 – – – – A Class Income (CHF hedged) units in issue at end of year – – 215,235 – – – – – A Class Income (EUR hedged) units in issue at end of year – – 9,165,668 – – – – – A Class Income (GBP hedged) units in issue at end of year – – 4,378,336 – – – – – A Class Income (SGD hedged) units in issue at end of year – – 2,461,067 – 500 – – – A Class Accumulation units in issue at end of year 45,327 113,926 25,095,832 1,062,744 144,569 2,551,424 2,496 121,798 A Class Accumulation (CHF hedged) units in issue at end of year – – 3,279,292 – – – – – A Class Accumulation (EUR hedged) units in issue at end of year – – 4,977,216 – 8,518 – – – A Class Accumulation (JPY hedged) units in issue at end of year – – 122,005 – – – – – A Class Accumulation (SGD hedged) units in issue at end of year – – 418,065 – 500 – – – A2 Class Income units in issue at end of year – – – – 100 – – – I Class Income units in issue at end of year – – 33,017,897 3,329,781 514,222 713,448 – – I Class Income (AUD hedged) units in issue at end of year – – 153,639 – – – – – I Class Income (CHF hedged) units in issue at end of year – – 139,302 – – – – – I Class Income (EUR hedged) units in issue at end of year – – 7,296,519 – – – – – I Class Income (GBP hedged) units in issue at end of year – – 12,723,065 – – – – – I Class Income (JPY hedged) units in issue at end of year – – 7,449,522 – 1,132,176 – – – I Class Income (SGD hedged) units in issue at end of year – – 740,542 – – – – – I Class Accumulation units in issue at end of year 41,452 287,265 26,274,442 2,742,861 10,559,441 7,299,140 658,007 358,363 I Class Accumulation (AUD hedged) units in issue at end of year – – 22,124 – – – – – I Class Accumulation (BRL hedged) units in issue at end of year – – – 511,454 – – – – I Class Accumulation (CHF hedged) units in issue at end of year – – 1,806,499 602,707 – 18,000 – – I Class Accumulation (EUR) units in issue at end of year – 693,813 – – 585,321 – 2,243,941 – I Class Accumulation (EUR hedged) units in issue at end of year – – 27,054,473 159,543 1,424,952 3,865,107 – – I Class Accumulation (GBP) units in issue at end of year – – – – – – 175,421 553,196 I Class Accumulation (GBP hedged) units in issue at end of year – – – – 39,856 847,945 – – I Class Accumulation (JPY hedged) units in issue at end of year – – 12,774,905 – – 15,769,678 – – I Class Accumulation (SGD hedged) units in issue at end of year – – 155,537 – – 22,325 – – I Class Accumulation (USD hedged) units in issue at end of year – – – – 24,363 – – – I2 Class Income units in issue at end of year – – – – 3,476,287 – – – I2 Class Accumulation units in issue at end of year – – – – – 2,193,373 – – I2 Class Accumulation (EUR hedged) units in issue at end of year – – – – – 2,782,047 – – I2 Class Accumulation (GBP hedged) units in issue at end of year – – – – – 7,049,859 – – D Class Income units in issue at end of year – – 33,806,994 – – – – – D Class Accumulation units in issue at end of year – – 24,364,273 5,294 – – 100 – D2 Class Income units in issue at end of year – – 3,930,428 5,441 103 103 – – D2 Class Income Plus units in issue at end of year – – 508 508 – 507 – – D2 Class Income (HKD) units in issue at end of year – – 6,007,132 42,718 19,548 – – – D2 Class Income Plus (HKD) units in issue at end of year – – 3,931 3,934 – 3,922 – – F Class Income units in issue at end of year – – 5,096,666 – – – – – F Class Accumulation units in issue at end of year – – 4,259,720 934,007 573,079 – – – 94 PRINCIPAL GLOBAL INVESTORS FUNDS STATEMENT OF FINANCIAL POSITION as at 30 September 2020 (continued)

GEF EEF PSF GHYF GP SF GLTHY OGEMF OGSCF

Number of redeemable participating Units in issue F2 Class Accumulation units in issue at end of year 798,192 – 1,265,005 – – – 450,411 – N Class Income units in issue at end of year – – 7,594,492 20,460 1,000 – – – N Class Income (EUR hedged) units in issue at end of year – – 121,116 27,504 – – – – N Class Income (GBP hedged) units in issue at end of year – – 28,465 – – – – – N Class Accumulation units in issue at end of year – – 11,134,692 – 120,269 80,269 100 – N Class Accumulation (EUR hedged) units in issue at end of year – – 274,279 – 18,633 39,231 – – N Class Accumulation (GBP hedged) units in issue at end of year – – 18,210 – – – – – P Class Income units in issue at end of year – – 6,376,625 – – – – – P Class Accumulation units in issue at end of year – – 7,145,685 – 100 – – – X Class Income units in issue at end of year – – 105 – – – – – X Class Accumulation units in issue at end of year – – 100 – – – – –

1 .

The accompanying notes form an integral part of these financial statements.

95 PRINCIPAL GLOBAL INVESTORS FUNDS STATEMENT OF FINANCIAL POSITION as at 30 September 2020 (continued)

GDIF 1 FUEM F USBCEF AHYF 2 FEMDE 3

Number of redeemable participating Units in issue A Class Income (CHF hedged) units in issue at end of year – 26,439 – – – A Class Income (EUR hedged) units in issue at end of year – 197,237 – – – A Class Accumulation units in issue at end of year 136,439 1,538,495 – – 146,810 A Class Accumulation (EUR hedged) units in issue at end of year – 1,886,036 – – – A2 Class Income units in issue at end of year – 455,682 – – – A2 Class Income Plus units in issue at end of year – 490,378 – – – A2 Class Income Plus (EUR hedged) units in issue at end of year – 86,476 – – – A2 Class Income Plus (SGD hedged) units in issue at end of year – 142,081 – – – I Class Income units in issue at end of year – 67,321 – – – I Class Income (CHF hedged) units in issue at end of year – 522 – – – I Class Income (EUR hedged) units in issue at end of year – 1,201,733 – – – I Class Accumulation units in issue at end of year 2,569,877 6,660,972 499,678 4,807,158 2,202,033 I Class Accumulation (CHF hedged) units in issue at end of year – 452,225 – – 157,869 I Class Accumulation (EUR hedged) units in issue at end of year – 3,343,575 – – – I Class Accumulation (GBP hedged) units in issue at end of year – 3,533,571 – – – I Class Accumulation (JPY hedged) units in issue at end of year – 300,000 – – – I Class Accumulation (USD hedged) units in issue at end of year – – – – 175,000 I2 Class Income units in issue at end of year – 965,606 – – – I2 Class Income (EUR hedged) units in issue at end of year – 7,985,529 – – – I2 Class Income (GBP hedged) units in issue at end of year – 2,225,702 – – – I2 Class Accumulation units in issue at end of year – 10,629,986 – – 146,808 I2 Class Accumulation (EUR hedged) units in issue at end of year – 5,988,877 – – – I2 Class Accumulation (GBP hedged) units in issue at end of year – 3,756,442 – – – I3 Class Income units in issue at end of year – 2,642,149 – – – I3 Class Income (EUR hedged) units in issue at end of year – 3,022,636 – – – I3 Class Income (SGD hedged) units in issue at end of year – 370,517 – – – I3 Class Accumulation units in issue at end of year – 5,840,340 – – – I3 Class Accumulation (EUR hedged) units in issue at end of year – 3,631,813 – – – I3 Class Accumulation (GBP hedged) units in issue at end of year – 719,398 – – – D Class Income units in issue at end of year 1,175 443,639 – – – D Class Accumulation units in issue at end of year – 4,643,325 100 – – D Class Income Plus units in issue at end of year 100 – – – – D Class Income Plus (HKD) units in issue at end of year 776 – – – – D2 Class Income units in issue at end of year – – – 208,791 – D2 Class Income Plus units in issue at end of year – – – 204 – F Class Accumulation units in issue at end of year – 47,190 100 – – D2 Class Income Plus (HKD) units in issue at end of year – – – 1,774 – F Class Income units in issue at end of year – 101 – – – N Class Income units in issue at end of year – 694,414 – – 146,808 N Class Income (EUR hedged) units in issue at end of year – 128,439 – – – N Class Income (SGD hedged) units in issue at end of year – 4,812 – – – N Class Accumulation units in issue at end of year – 2,587,521 200 – – N Class Accumulation (CHF hedged) units in issue at end of year – 83,315 – – – 96 PRINCIPAL GLOBAL INVESTORS FUNDS STATEMENT OF FINANCIAL POSITION as at 30 September 2020 (continued)

GDIF 1 FUEM F USBCEF AHYF 2 FEMDE 3

Number of redeemable part icipating Units in issue N Class Accumulation (EUR hedged) units in issue at end of year – 5,501,543 – – –

The accompanying notes form an integral part of these financial statements.

97 PRINCIPAL GLOBAL INVESTORS FUNDS STATEMENT OF COMPREHENSIVE INCOME for the period ended 31 March 2021

GEF EEF PSF GHYF GPSF GLTHY OGEMF OGSCF Notes USD USD USD USD USD USD USD USD Income 0 Dividend Income 2 167,436 356,713 4,824,408 3,619 9,096,161 – 502,412 176,161 Deposit Interest 0 62 59 4,272 59,186 85 718,453 93 18 Net Gain on investment activities 2 3,707,639 7,440,764 166,989,8 20 14,493,054 64,749,742 15,220,513 10,131,604 6,406,219 Total investment income and Net Gain 0 3,875,137 7,797,536 171,818,500 14,555,859 73,845,988 15,938,966 10,634,109 6,582,398 0 Expenses 0 Management Fees 7 (255,801) (240,214) (1 9,347,539) (869,252) (1,937,594) (1,849,394) (410,719) (118,208) Administration Fees 7 (16,552) (12,636) (2,205,368) (30,577) (17,784) (33,388) (8,310) (1,882) Trustee and Depositary Fees 7 (2,570) (4,708) (551,100) (25,138) (54,583) (59,507) (7,699) (2,348) Sub-Custody Fees 7 (20,387) (32,155) (366,148) (27,064) (90,414) (44,417) (56,052) (16,832) Audit Fees 7 (6,033) (6,033) (9,588) (9,588) (9,588) (9,588) (9,588) (6,033) Other Expenses 0 (26,070) (24,088) (88,765) (34,285) (35,037) (43,128) (38,309) (28,732) Rebate to the Fund due to capping 7 28,744 14,505 – –– – 66,972 52,308 Total operating expenses 0 (298,669) (305,329) (22,568,508) (995,904) (2,145,000) (2,039,422) (463,705) (121,727) 0 Net Income and Net Gain 0 3,576,468 7,492,207 149,249,992 13,559,955 71,700,988 13,899,544 10,170,404 6,460,671 0 Finance Costs Bank Interest 0 (30) (37) (2,668) (9,203) (952) (538) –– Distributions 6 – (14,171) (38,001,060) (824,689) (1,146,800) (288,271) –– Gain for the per iod before taxation 0 3,576,438 7,477,999 111,246,264 12,726,063 70,553,236 13,610,735 10,170,404 6,460,671 0 Withholding Tax on dividends 2, 3 (33,919) 67,778 (46,550) (1,085) (2,674,065) – (77,920) (21,981) Withholding Tax on coupon income 2, 3 – – 632,477 (11,671) – (23,007) – (41) 0

Increase in Net Assets Attributable to Redeemable Participating Unitholders at Market Prices 0 3,542,519 7,545,777 111,832,191 12,713,307 67,879,171 13,587,728 10,092,484 6,438,649 0

Gains and losses arose solely from continuing investment activities. There were no gains or losses other than those dealt with in the Statement of Comprehensive Income.

The accompanying notes form an integral part of these financial statements.

PRINCIPAL GLOBAL INVESTORS FUNDS STATEMENT OF COMPREHENSIVE INCOME for the period ended 31 March 2021 (continued)

GDIF FUEMF USBCEF AHYF FEMDE COEF 1 Notes USD USD USD USD EUR USD Income 0 Dividend Income 2 166,586 – 19,387 – – 36 Deposit Interest 0 54 24,149 – 380 75 2 Net Gain/(Loss) on investment activities 2 2,886,707 52,715,315 808,925 2,188,030 1,188,585 (899,700) Total investment income and Net Gain/(Loss) 0 3,053,347 52,739,464 828,312 2,188,410 1,188,660 (899,662) 0 Expenses 0 Management Fees 7 (125,792) (5,915,480) (23,881) (206,501) (115,683) (9,291) Administration Fees 7 (1,099) (247,076) (2) (1,567) (2,251) – Trustee and Depositary Fees 7 (3,407) (159,247) (1,762) (5,723) (1,278) (197) Sub-Custody Fees 7 (34,742) (280,579) (3,590) (6,758) (5,355) (3,395) Audit Fees 7 (7,811) (9,588) (6,033) (7,812) (6,139) (3,224) Other Expenses 0 (29,076) (60,444) (23,427) (18,746) (11,452) (4,216) Rebate to the Fund due to capping 7 57,599 – 33,231 30,350 17,624 11,939 Total operating expenses 0 (144,328) (6,672,414) (25,464) (216,757) (124,534) (8,384) 0 Net Income and Net Gain/(Loss) 0 2,909,019 46,067,050 802,848 1,971,653 1,064,126 (908,046) 0 Finance Costs Bank Interest 0 (46) (5,558) – – (5,961) – Distributions 6 (304) (4,892,032) – (80,000) (11,523) – Gain/(Loss) for the per iod before taxation 0 2,908,669 41,169,460 802,848 1,891,653 1,046,642 (908,046) 0 Withholding Tax on dividends 2, 3 (27,505) –(2,927) – – – Withholding Tax on coupon income 2, 3 (1,321) (529,659) – (836) (2,322) – 0

Increase/( Decrease) in Net Assets Attributable to Redeemable Participating Unitholders at Market Prices 0 2,879,843 40,639,801 799,921 1,890,817 1,044,320 (908,046) 0

1China Opportubities Equity Fund launched on 23 February 2021.

Gains and losses arose solely from continuing investment activities. There were no gains or losses other than those dealt with in the Statement of Comprehensive Income.

The accompanying notes form an integral part of these financial statements.

99 PRINCIPAL GLOBAL INVESTORS FUNDS STATEMENT OF COMPREHENSIVE INCOME for the period ended 31 March 2020

GEF EEF PSF GHYF GPSF GLTHY OGEMF OGSCF Notes USD USD USD USD USD USD USD USD Income 0 Dividend Income 2 91,046 348,953 7,377,907 477 6,446,756 – 942,950 135,212 Deposit Interest 0 262 733 156,412 202,614 6,696 1,443,164 916 105 Net Loss on investment activities 2 (1,510,924) (5,043,222) (503,538,733) (23,724,473) (101,429,689) (32,771,726) (14,947,319) (3,880,359) Total investment income and Net Loss 0 (1,419,616) (4,693,536) (496,004,414) (23,521,382) (94,976,237) (31,328,562) (14,003,4 53) (3,745,042) 0 Expenses 0 Management Fees 7 (92,914) (195,859) (17,893,935) (829,119) (1,540,215) (1,808,846) (489,483) (96,149) Administration Fees 7 (6,249) (9,365) (2,055,411) (24,629) (14,660) (14,249) (2,296) (58) Trustee and Depositary Fees 7 (1,119) (3,847) (496,833) (23,761) (43,599) (59,186) (11,552) (2,105) Sub-Custody Fees 7 (16,009) (27,834) (272,214) (21,942) (57,454) (32,828) (30,871) (23,046) Audit Fees 7 (6,213) (6,212) (9,672) (9,672) (6,212) (9,672) (6,212) (6,213) Other Expenses 0 (36,296) (32,153) (89,664) (43,506) (42,169) (50,731) (42,992) (35,288) Rebate to the Fund due to capping 7 50,277 29,988 – – – – 28,374 66,563 Total operating expenses 0 (108,523) (245,282) (20,817,729) (952,629) (1,704,309) (1,975, 512) (555,032) (96,296) 0 Net Income and Net Loss 0 (1,528,139) (4,938,818) (516,822,143) (24,474,011) (96,680,546) (33,304,074) (14,558,485) (3,841,338) 0 Finance Costs Bank Interest 0 (51) (62) (2,512) (4,414) (57) (2,132) (144) (12) Distributions 6 – (34,670) (43,296,391) (852,710) (1,236,388) (396,512) –– Loss for the period before taxation 0 (1,528,190) (4,973,550) (560,121,046) (25,331,135) (97,916,991) (33,702,718) (14,558,629) (3,841,350) 0 Withholding Tax on dividends 2, 3 (6,028) 82,673 (24,671) (143) (1,353,389) – (111,342) (20,936) Withholding Tax on coupon income 2, 3 – – (1,091,722) (10,655) – 3,355 – (63) 0

Decrease in Net Assets Attributable to Redeemable Participating Unitholders at Market Prices 0 (1,534,218) (4,890,877) (561,237,439) (25,341,933) (99,270,380) (33,699,363) (14,669,971) (3,862,349) 0

Gains and losses arose solely from continuing investment activities. There were no gains or losses other than those dealt with in the Statement of Comprehensive Income.

The accompanying notes form an integral part of these financial statements.

100 PRINCIPAL GLOBAL INVESTORS FUNDS STATEMENT OF COMPREHENSIVE INCOME for the period ended 31 March 2020 (continued)

GDIF 1 FUEMF USBCEF AHYF 2 Notes USD USD USD USD Income 0 Dividend Income 2 147,210 450,680 26,826 – Deposit Interest 0 2 232,157 – 4,871 Net Loss on investment activities 2 (4,469,002) (62,250,453) (294,308) (6,067,206) Total investment income and Net Loss 0 (4,321,790) (61,567,616) (267,482) (6,062,335) 0 Expenses 0 Management Fees 7 (117,076) (2,839,199) (18,542) (87,624) Administration Fees 7 (338) (84,328) – (660) Trustee and Depositary Fees 7 (3,211) (86,581) (570) (2,425) Sub-Custody Fees 7 (23,211) (68,032) (3,738) (2,274) Audit Fees 7 (7,942) (9,672) (6,293) (6,027) Other Expenses 0 (29,394) (59,990) (24,635) (36,143) Rebate to the Fund due to capping 7 48,164 – 34,750 43,185 Total operating expenses 0 (133,008) (3,147,802) (19,028) (91,968) 0 Net Income and Net Loss 0 (4,454,798) (64,715,418) (286,510) (6,154,303) 0 Finance Costs Bank Interest 0 (178) (5,346) – – Distributions 6 (339) (3,347,225) – (11,312) Loss for the period before taxation 0 (4,455,315) (68,067,989) (286,510) (6,165,615) 0 Withholding Tax on dividends 2, 3 (25,261) – (7,531) – Withholding Tax on coupon income 2, 3 (2,030) (615,817) – (5,619) 0

Decrease in Net Assets Attributable to Redeemable Participating Unitholders at Market Prices 0 (4,482,606) (68,683,806) (294,041) (6,171,234) 0

1Global Income Fund name changed to Global Diversified Income Fund on 17 January 2020. 2Asian High Yied Fund launched on 8 January 2020.

Gains and losses arose solely from continuing investment activities. There were no gains or losses other than those dealt with in the Statement of Comprehensive Income.

101 PRINCIPAL GLOBAL INVESTORS FUNDS STATEMENT OF MOVEMENT IN NET ASSETS ATTRIBUTABLE TO REDEEMABLE PARTICIPATING UNITHOLDERS for the period ended 31 March 2021

The accompanying notes form an integral part of these financial statements.

GEF EEF PSF GHYF GPSF GLTHY OGEMF OGSCF USD USD USD USD USD USD USD USD Net Assets Attributable t o Redeemable Participating Unitholders at the start of the period 17,844,558 38,650,439 4,695,979,675 216,718,134 392,517,717 485,371,487 50,765,371 17,471,422

Movement due to sales and repurchases of units Add: Amounts received on creation of units 11,120,427 4,517,419 1,176,261,069 32,682,399 194,320,063 127,512,074 31,350,565 4,209,274

Less: Amounts paid on cancellation of units (4,440,323) (4,257,319) (892,089,934) (21,148,204) (41,621,814) (68,285,128) (5,320,663) (1,682,851)

Increase in Net Assets Attributable to Redeemable Participating Unitholders resulting from operations 3,542,519 7,545,777 111,832,191 12,713,307 67,879,171 13,587,728 10,092,484 6,438,649

Net Assets Attributable to Redeemable 0 Participating Unitholders at the end of the period 0 28,067,181 46,456,316 5,091,983,001 240,965,636 613,095,137 558,186,161 86,887,757 26,436,494

The accompanying notes form an integral part of these financial statements.

102 PRINCIPAL GLOBAL INVESTORS FUNDS STATEMENT OF MOVEMENT IN NET ASSETS ATTRIBUTABLE TO REDEEMABLE PARTICIPATING UNITHOLDERS for the period ended 31 March 2021 (continued)

GDIF FUEMF USBCEF AHYF FEMDE COEF 1 USD USD USD USD EUR USD Net Assets Attributable to Redeemable Participating Unitholders at the start of the period 29,346,684 939,202,8586,794,233 50,838,785 29,009,000 –

Movement due to sales and repurchases of units Add: Amounts received on creation of units 297,109 1,060,029,020 3,000 357,068 169,843 9,780,929

Less: Amounts paid on cancellation of units (380,155) (294,665,958) (3,000) (83,404) ––

Increase/(Decrease) in Net Assets Attributable to Redeemable Participating Unitholders resulting from operations 2,879,843 40,639,801 799,921 1,890,817 1,044,320 (908,046)

Net Assets Attributable to Redeemable 0 Participating Unitholders at the end of the period 0 32,143,481 1,745,205,721 7,594,154 53,003,266 30,223,163 8,872,883

1 1China Opportunities Equity Fund launched on 23 February 2021.

The accompanying notes form an integral part of these financial statements.

103 PRINCIPAL GLOBAL INVESTORS FUNDS STATEMENT OF MOVEMENT IN NET ASSETS ATTRIBUTABLE TO REDEEMABLE PARTICIPATING UNITHOLDERS for the period ended 31 March 2020

GEF EEF PSF GHYF GPSF GLTHY OGEMF OGSCF USD USD USD USD USD USD USD USD Net Assets Attributable to Redeemable Participating Unitholders at the start of the period 9,877,466 34,775,411 4,232,408,473 212,926,956 388,749,661 539,512,834 102,134,826 18,887,578

Movement due to sales and repurchases of units Add: Amounts received on creation of units 3,323,309 2,011,102 1,414,978,888 40,505,600 62,464,192 147,819,205 2,477,555 285,797

Less: Amounts paid on cancellation of units (2,707,093) (3,149,954) (1,468,370,663) (42,991,480) (33,448,905) (156,391,683) (55,445,993) (1,414,027)

Decrease in Net Assets Attributable to Redeemable Participating Unitholders resulting from operations (1,534,218) (4,890,877) (561,237,439) (25,341,933) (99,270,380) (33,699,363) (14,669,971) (3,862,349)

Net Assets Attributable to Redeemable 0 Participating Unitholders at the end of the period 0 8,959,464 28,745,682 3,617,779,259 185,099,143 318,4 94,568 497,240,993 34,496,417 13,896,999

The accompanying notes form an integral part of these financial statements.

104 PRINCIPAL GLOBAL INVESTORS FUNDS STATEMENT OF MOVEMENT IN NET ASSETS ATTRIBUTABLE TO REDEEMABLE PARTICIPATING UNITHOLDERS for the period ended 31 March 2020 (continued)

GDIF 1 FUEMF USBCEF AHYF 2 USD USD USD USD Net Assets Attributable to Redeemable Participating Unitholders at the start of the period 28,911,724 646,730,542 5,100,560 –

Movement due to sales and repurchases of units Add: Amounts received on creation of units 1,158,472 383,219,409 – 50,086,612

Less: Amounts paid on cancellation of units (443,672)(229,601,564) – –

Decrease in Net Assets Attributable to Redeemable Participating Unitholders resulting from operations (4,482,606) (68,683,806) (294,041) (6,171,234)

Net Assets Attributable to Redeemable 0 Participating Unitholders at the end of the period 0 25,143,918 731,664,581 4,806,519 43,915,378

1Global Income Fund name changed to Global Diversified Income Fund on 17 January 2020. 2Asian High Yied Fund launched on 8 January 2020.

The accompanying notes form an integral part of these financial statements.

105 PRINCIPAL GLOBAL INVESTORS FUNDS NOTES TO THE INTERIM REPORT AND FINANCIAL STATEMENTS for the period ended 31 March 2021 1. FORMATION

The Principal Global Investors Funds (“the Trust”) was constituted under the laws of Ireland by a Trust Deed dated 13 October 1992 as an open-ended umbrella Unit Trust established as an Undertaking for Collective Investment in Transferable Securities (“UCITS”). It is an umbrella Unit Trust in that different classes of units may be issued from time to time by the Manager. Units of certain classes of the Trust are listed on the Euronext Dublin (formerly the Irish Stock Exchange). The Trust has been authorised by the Central Bank of Ireland (the “Central Bank”) pursuant to the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations, 2011, (as amended) and the Central Bank (Supervision and Enforcement) Act 2013 (Section 48(1)) (Undertakings for Collective Investment in Transferable Securities) (Amendment) Regulations 2019 (the “Central Bank UCITS Regulations”).

The financial statements have been prepared for the period ended 31 March 2021 .

The Funds of the Trust are listed on pages 4 to 7. The Portfolios of Investments are listed on pages 21 to 90.

2. PRINCIPAL ACCOUNTING POLICIES

Accounting Convention and Basis of Accounting These condensed interim unaudited financial statements for the period ended 31 March 2021 have been prepared in accordance with accounting standards generally accepted in Ireland (“Irish GAAP”) including Financial Reporting Standard (“FRS”) 104 - Interim Financial Reporting ("FRS 104"), “The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland” and the provisions of the UCITS Regulations and the Hong Kong Securities and Futures Commission’s Code on Unit Trusts and Mutual Funds. Irish GAAP used in preparing financial statements which present a true and fair view are those standards issued by the Financial Reporting Council (“FRC”).

The Trust has availed of the exemption available to open ended investment funds that hold a substantial proportion of highly liquid and fair valued investments under Section 7 “Statement of Cash Flows” of FRS 102, also referenced in section 15(g) of FRS 104 and is not presenting cash flow statements.

The Directors have a reasonable expectation that the Trust has adequate resources to continue in operational existence for the foreseeable future. Accordingly, the report has been prepared on a going concern basis for all Funds in the Trust under the historical cost convention, as modified by the revaluation of financial assets at fair value through profit or loss. The report has been prepared in USD for all Funds except Finisterre Emerging Markets Debt Euro Income Fund. The functional currency of Finisterre Emerging Markets Debt Euro Income Fund is Euro. The functional and presentation currency of the Trust is USD.

The format and certain wordings of the financial statements have been adapted from those contained in Irish statute so that, in the opinion of the Directors, they more appropriately reflect the nature of the Trusts business as an investment fund.

The information required by FRS 102, to be included in a single statement of comprehensive income for the reporting period displaying all items of income and expense recognised during the period including those items recognised in determining profit or loss and items of other comprehensive income and a Reconciliation of Movements in Unitholders' Funds are, in the opinion of the Directors, contained in the Statements of Comprehensive Income and the Statements of Movement in Net Assets Attributable to Redeemable Participating Unitholders. In arriving at the results for the year, all amounts in the Statements of Comprehensive Income relate to continuing activities. In the opinion of the Directors, the financial statements give, in all other respects, the information required by the UCITS Regulations and the Hong Kong Securities and Futures Commission's Code on Unit Trusts and Mutual Funds.

All gains or losses for the period are reflected in the Statements of Comprehensive Income.

The significant accounting policies adopted by the Trust are set out overleaf. These policies have been consistently applied to the financial periods presented unless otherwise stated.

106 PRINCIPAL GLOBAL INVESTORS FUNDS NOTES TO THE INTERIM REPORT AND FINANCIAL STATEMENTS for the period ended 31 March 2021 (continued)

2. PRINCIPAL ACCOUNTING POLICIES (continued)

Financial Instruments at Fair Value through Profit or Loss Under FRS 102, in accounting for its financial instruments a reporting entity is required to apply either (a) the full provisions of Section 11 "Basic Financial Instruments" and Section 12 "Other Financial Instruments Issues" of FRS 102, (b) the recognition and measurement provisions of International Accounting Standards (“IAS”) 39 “Financial Instruments: Recognition and Measurement” (“IAS 39”) and only the disclosure requirements of Sections 11 and 12 of FRS 102; or (c) the recognition and measurement provisions of International Financial Reporting Standards (“IFRS”) 9 “Financial Instruments” (“IFRS 9”) and the disclosure requirements of Sections 11 and 12. The Trust has elected to apply the recognition and measurement provisions of lAS 39 and the disclosure requirements of Sections 11 and 12.

This category has two sub-categories: financial assets and liabilities held for trading, and those designated by the Investment Adviser/Sub-Investment Adviser(s) at fair value through profit or loss at inception. All instruments on the Portfolio of Investments are classified as held at fair value through profit or loss. Subsequent to initial recognition, all instruments classified at fair value through profit or loss are measured at fair value with changes in their fair value recognised in the Statement of Comprehensive Income. Financial assets are derecognised when the rights to receive the cashflow from the investments have expired or the Funds have transferred substantially all of the risks or rewards of ownership.

Accounting for Investments Investments are recognised at the trade date at last traded prices. Realised gains or losses on investment disposals are calculated using the average cost method. Realised gains or losses on investment transactions in debt instruments are calculated using the amortised cost method based on the effective interest rate.

Valuation of Investments The period end valuation date was 31 March 2021, the last business day of the interim period. Securities listed on a recognised stock exchange or traded on any other organised market, are valued at the current-price at each valuation point on the stock exchange or market which constitutes the principal market for such securities. If trades are received after the dealing cut-off time they will be accounted for in the next valuation. If for specific assets the current prices do not, in the opinion of the Manager, reflect their fair value or are not available, the price of the most recent transaction provides evidence of the current fair value as long as there has not been a significant change in economic circumstances since the time of the transaction or the Manager may also apply a fair value adjustment where they deem appropriate in order to reflect fair value.

In the case of any security not listed, quoted or dealt on a regulated market or for which no quotation or value is available which would provide a fair valuation, or in respect of which the price is unrepresentative, the fair value of such security is determined on the basis of the probable realisation value and is determined by the Investment Adviser, Sub-Investment Adviser(s), a stockbroker or other competent person appointed by the Investment Adviser and approved for the purpose by the Trustee, using valuation techniques.

Futures A futures contract obligates one party to sell and the other party to purchase a specific instrument for an agreed price at an agreed future date. Futures may be used subject to the conditions and limits laid down by the Central Bank and the Trust Deed and subject to any other restrictions or regulations which may affect the portfolio management of the Funds or the Investment Adviser/Sub-Investment Adviser(s). Certain Funds may buy or sell futures to provide an efficient, liquid and effective method for the management of risks by “locking in” gains and/or protecting against future declines in value. The fair value of open future contracts is calculated as the difference between the contracted rate and the current rate that would close out the contract on the Statement of Financial Position date. Gains or losses on futures are included in the Unrealised Gain/(Loss) on Open Future Contracts on the Statement of Financial Position and are shown in the Portfolio of Investments. When the contract is terminated, the Fund will recognise a realised gain or loss in the Statement of Comprehensive Income equal to the difference between the value of the contract at the time it was entered into and the time it was closed.

107 PRINCIPAL GLOBAL INVESTORS FUNDS NOTES TO THE INTERIM REPORT AND FINANCIAL STATEMENTS for the period ended 31 March 2021 (continued)

2. PRINCIPAL ACCOUNTING POLICIES (continued)

Forward Foreign Currency Exchange Contracts In a Forward Foreign Currency Exchange Contract, the Fund agrees to receive or deliver a fixed quantity of one currency for another, at a pre-determined price at a future date. The fair value of Forward Foreign Currency Exchange Contracts is calculated as the difference between the contracted rate and the current forward rate that would close out the contract on the Statement of Financial Position date. Gains or losses on Forward Foreign Currency Exchange Contracts are included in the Unrealised Gain/(Loss) on Forward Foreign Currency Exchange Contracts on the Statement of Financial Position and are shown in the Portfolio of Investments. Any realised gains or losses are recognised in the Statement of Comprehensive Income at trade date. The Funds may enter into these contracts to hedge against changes in currency exchange rates. The Forward Foreign Currency Exchange Contracts are used to hedge the currency exposure on individual positions taken by the Funds and to hedge certain non base currency units.

Spot Currency Contracts In a Spot Currency Contract the Fund agrees to receive or deliver a fixed quantity of one currency for another, at a predetermined price at a future date (the spot date). This date is typically within three business days of inception of the contract. The fair value of Open Spot Currency Contracts is calculated as the difference between the contracted rate and the current forward rate that would close out the contract on the Statement of Financial Position date. Gains or losses on Spot Currency Contracts are included in the Unrealised Gain/(Loss) on Open Spot Currency Contracts on the Statement of Financial Position and are shown in the Portfolio of Investments. Any realised gains or losses are recognised in the Statement of Comprehensive Income at trade date.

Credit Default Swaps A Credit Default Swap is a credit derivative transaction in which two parties enter into an agreement, whereby one party pays the other a fixed periodic coupon for the specified life of the agreement. The other party makes no payments unless a credit event, relating to a predetermined reference asset occurs. If such an event occurs, the party will then make a payment to the first party and the swap will terminate. When the swap terminates any realised gains or losses arising are reflected in the Statement of Comprehensive Income as part of the Net Gain/(Loss) on investment activities. A Credit Default Swap provides the Fund with an alternative to investing in assets themselves for a potentially higher return with the same risk or they may be used to obtain exposure to assets which the Fund could not otherwise acquire due to illiquidity in the relevant market. The Fund recognises the swap when it becomes party to the contract. The Credit Default Swaps are marked to market daily based upon quotations from market makers and recorded in the Statement of Financial Position as Market Value Gain/(Loss) on Swap Contracts.

Interest Rate Swaps An Interest Rate Swap is a bilateral agreement in which each of the parties agrees to exchange a series of interest payments for another series of payments (usually fixed/floating) based on a notional amount that serves as a computation basis and that is usually not exchanged. The Interest Rate Swaps are marked to market daily based upon quotations from market makers and recorded in the Statement of Financial Position as Market Value Gain/(Loss) on Swap Contracts. When the swap terminates any gains or losses arising are reflected in the Statement of Comprehensive Income as part of the Net Gain/(Loss) on investment activities .

Total Return Swaps A Total Return Swap is a financial contract whereby one party agrees to pay another party the total return of a defined asset in return for receiving a floating rate return. The Trust enters into unfunded swap agreements on behalf of the Fund. Total Return Swaps are marked to market using valuation sources/methods and the fair value is recorded in the Statement of Financial Position as Market Value Gain/(Loss) on Swap Contracts. The change in unrealised gains and losses or any realised gains or losses arising on termination are shown in Net Gain/(Loss) on investment activities in the Statement of Comprehensive Income.

Total Return Swap positions are valued using models which utilise observable data to the extent practicable and contain assumptions on the application of this data. Changes in data inputs and assumptions about these factors could affect the reported fair value of the Total Return Swaps.

Foreign Currency Transactions In accordance with Section 30 “Foreign Currency Translation” of FRS 102, items included in the individual Fund’s financial statements are measured using the currency of the primary economic environment in which it operates (functional currency). The Fund’s selection of the functional currency is attributable to the functional currency being: a) the major component of the Fund’s benchmark and b) the common proxy for most clients in the Fund’s varied client base. The functional currency assessment was completed at a Fund level. The Funds’ presentation currencies equated to their respective functional currencies when assessed under FRS 102. The functional currency of each Fund of the Trust is USD except of Finstree Emerging Markets Debt Euro Income Fund. The functional currency of Finstree Emerging Markets Debt Euro Income Fund is Euro.

108 PRINCIPAL GLOBAL INVESTORS FUNDS NOTES TO THE INTERIM REPORT AND FINANCIAL STATEMENTS for the period ended 31 March 2021 (continued)

2. PRINCIPAL ACCOUNTING POLICIES (continued)

Foreign Currency Transactions (continued) For each Fund: (i) Currency gains or losses can arise where there is a difference between the amounts of foreign dividends and interest recorded on the Fund’s books and the Fund’s functional currency equivalent of the amounts actually received or paid. These gains or losses are included where appropriate in the dividend net gain/(loss) on investment activities figure in the individual Fund’s Statement of Comprehensive Income;

(ii) Currency gains or losses realised on securities purchases and sales transactions are included in Net Gain/(Loss) on investment activities in the individual Fund’s Statement of Comprehensive Income ;

(iii) Unrealised currency gains or losses on securities held at year end are included in Net Gain/(Loss) on investment activities in the individual Fund’s Statement of Comprehensive Income; and

(iv) Monetary assets and liabilities denominated in currencies other than the Fund’s functional currency are translated at the rate of exchange ruling at the close of business on the Statement of Financial Position date and exchange differences are included in Net Gain/(Loss) on investment activities in the individual Fund’s Statement of Comprehensive Income.

Income from Investments Dividends are credited to the Statement of Comprehensive Income on the dates on which the relevant securities are listed as “ex-dividend”. Interest income is accounted for daily on an effective yield basis. Income is shown gross of any non- recoverable withholding taxes, which are disclosed separately in the Statement of Comprehensive Income, and net of any tax credits. Realised gains or losses on investment transactions in debt instruments are calculated using the amortised cost method based on the effective interest rate.

Net Gain/(Loss) on Investment Activities In respect of each instrument type classified as Financial Instruments at Fair Value through Profit or Loss, the movement in unrealised gains/(losses) since the prior period end and realised gains/(losses) are included in Net Gain/(Loss) on investment activities in the Statement of Comprehensive Income. Interest earned on fixed income securities such as bonds is included here also.

Due to Unitholders Due to unitholders represent monies received from investors for the purchase of shares, but for which shares have not been issued at the statement of financial position date.

Due from Unitholders Due from Unitholders represent monies received in respect of redemptions which is due to be paid to investors for the redemption of shares, but for which have not been redeemed at the statement of financial position date.

Expenses Operating expenses are recognised on an accruals basis in the Statement of Comprehensive Income.

Formation Costs Formation costs, if any are incurred, will be written off over a five year period as per the dealing valuation.

Anti-Dilution Levy The Manager may exercise its discretion to apply an anti-dilution levy in relation to subscriptions and redemptions of units. The levy is a charge for transaction costs that may be deducted from the NAV per Unit of the relevant class to reflect the costs of acquiring or disposing of underlying assets to fund subscriptions or redemptions from the Fund, respectively. The levy is intended to be used to ensure that all investors in the Trust are treated equitably by allocating transaction costs to the investors whose transactions give rise to those costs . For the period ended 31 March 2021, there was an anti-dilution levy charged on the following fund: Global Property Securities Fund $151,088. For the year ended 30 September 2020 there were anti-dilution levies charged on the following funds: Origin Global Emerging Markets Fund $161,974, and Origin Global Smaller Companies Fund $6,432.

Cash at Bank Cash is valued at amortised cost, which approximates fair value. Cash is held with The Bank of New York Mellon SA/NV, Dublin Branch.

Cash Collateral & Pledged Collateral Cash Collateral provided by the Fund is identified in the Statement of Financial Position as Cash Collateral and is not included as a component of Cash at Bank. 109 PRINCIPAL GLOBAL INVESTORS FUNDS NOTES TO THE INTERIM REPORT AND FINANCIAL STATEMENTS for the period ended 31 March 2021 (continued)

2. PRINCIPAL ACCOUNTING POLICIES (continued)

Margin Cash Receivable/Payable Cash Collateral Receivable/Payable to the Trust in relation to the open Futures Contracts and open Swap Contracts is identified in the Statement of Financial Position as Margin Cash Receivable/Payable and is not included as a component of Cash at Bank. Margin Cash Receivable/Payable at 31 March 2021 and 30 September 2020 are detailed as part of Note 4.

Distributions The Preferred Securities Fund declare and pay quarterly distributions to Unitholders holding the A, I, D, F, N, P and X Income Unit Classes.

The Global High Yield Fund declare and pay quarterly distributions to Unitholders holding the A, I and N Income Unit Class.

The Post Global Limited Term High Yield Fund declare and pay quarterly distributions to Unitholders holding the A, I and N Income Unit Classes.

The Finisterre Unconstrained Emerging Markets Fixed Income Fund declare and pay quarterly distributions to Unitholders holding the A, A2, I, I2, I3, D, F, N Income Unit and A2 &P2 Income Plus Unit Classes.

The Finisterre Emerging Markets Debt Euro Income Fund declare and pay quarterly distribution to Unitholders holding the N Income Unit Class.

There are no Income Unit Classes in issue currently on the Asian High Yield Fund.

The Preferred Securities Fund declare and pay monthly distributions to Unitholders holding the D2 Income Unit and D2 Income Plus Unit Classes.

The Global High Yield Fund declare and pay monthly distributions to Unitholders holding the D Income Unit and D2 Income Plus Unit Classes.

The Global Properties Securities Fund declare and pay monthly distribution to Unitholders holding the D2 Income Unit Class.

The Post Global Limited Term High Yield Fund declare and pay monthly distributions to Unitholders holding the A2, D2 Income Unit and D2 Income Plus Unit Classes.

The Global Diversified Income Fund declares and pays monthly distributions to Unitholders holding the D Income Unit and D Income Plus Unit Classes.

The Asian High Yield Fund declare and pay monthly distributions to Unitholders holding the D2 Income Unit and D2 Income Plus Unit Classes.

The China Opportunities Equity Fund declare and pay monthly distributions to Unitholders holding the A and I Income Unit.

There are no D2 Income Unit Classes in issue currently on the Finisterre Unconstrained Emerging Markets Fixed Income Fund.

Monthly distributions will also be payable in respect of the N2 Income Unit Class on the Preferred Securities Fund. There are no N2 Income Unit Classes in issue currently.

There were distributions out of capital of $119,435 (2020: $2,047) during the period under review.

Distributions are recorded by each Fund on ex-dividend date in the Statement of Comprehensive Income once approved by the Board.

110 PRINCIPAL GLOBAL INVESTORS FUNDS NOTES TO THE INTERIM REPORT AND FINANCIAL STATEMENTS for the period ended 31 March 2021 (continued)

2. PRINCIPAL ACCOUNTING POLICIES (continued)

Offsetting Financial assets and liabilities are offset and the net amount reported in the Statement of Financial Position when there is a legally enforceable right to set-off the recognised amounts and there is an intention to settle on a net basis, or minimise the assets and settle the liability simultaneously. No offsetting has taken place during the period ended 31 March 2021 and financial year ended 30 September 2020.

Participating Units All participating units issued by the Funds provide the investors the right to acquire redemptions for cash at the value proportionate to the investor’s share in the Fund’s net assets at the redemption date. Such instruments give rise to a financial liability for the present value of the redemption amount. In accordance with the issued prospectus the Funds are contractually obliged to redeem units at the traded Net Asset Value per unit which is calculated at each valuation point.

Redeeming Units When a redemption request has been submitted by a Unitholder who is or is deemed to be an Irish resident, or is acting on behalf of an Irish resident, the Manager shall deduct from the redemption proceeds an amount which is equal to the tax payable by the Unit Trust to the Revenue Commissioners in Ireland in respect of the relevant transaction.

3. TAXATION

Under current law and practice the Trust qualifies as an investment undertaking as defined in Section 739B of the Taxes Consolidation Act, 1997, as amended. On that basis, it is not chargeable to Irish tax on its income or gains.

However, Irish tax may arise on the happening of a “chargeable event”. A chargeable event includes any distribution payments to Unitholders, any encashment, redemption, cancellation, repurchase or transfer of units and any deemed disposals of units as described below for Irish tax purposes arising as a result of holding units in the Trust for a period of eight years or more. Where a chargeable event occurs, the Trust is required to account for the Irish tax thereon.

No Irish tax will arise on the Trust in respect of chargeable events in respect of: (i) a Unitholder who is neither Irish resident nor ordinarily resident in Ireland for tax purposes, at the time of the chargeable event, provided appropriate valid declarations in accordance with the provisions of the Taxes Consolidation Act, 1997, as amended, are held by the Trust or the Trust has been authorised by the Irish Revenue to make gross payments in the absence of appropriate declarations; and

(ii) certain exempted Irish tax resident Unitholders who have provided the Trust with the necessary signed statutory declarations.

Dividends, interest and capital gains (if any) received on investments made by the Trust may be subject to taxes imposed by the country from which the investment income/gains are received and such taxes may not be recoverable by the Trust or its Unitholders.

111 PRINCIPAL GLOBAL INVESTORS FUNDS NOTES TO THE INTERIM REPORT AND FINANCIAL STATEMENTS for the period ended 31 March 2021 (continued)

4. CASH AND BANK BALANCES

At 31 March 2021 GEF EEF PSF GHYF GPSF GLTHY OGEMF OGSCF USD USD USD USD USD USD USD USD Cash at Bank 334,620 680,337 229,244,662 19,437,350 7,614,679 8,806,257 1,134,696 345,804 334,620 680,337 229,244,662 19,437,350 7,614,679 8,806,257 1,134,696 345,804

At 31 March 2021 GDIF FUEMF USBCEF AHYF FEMDE COEF 1 USD USD USD USD EUR USD Cash at Bank 947,249165,576,642 16,229 3,282,372 1,052,293 1,211,472 Cash Collateral Receivable – 98,505,000 – – 620,000 332,290 Margin Cash Receivable – 3,898,349 – – – – Margin Cash Payable –(4,395,012) – – – – 947,249 263,584,979 16,229 3,282,372 1,672,293 1,543,762

1China Opportunities Equity Fund launched on 23 February 2021.

All Cash at Bank balances are held with The Bank of New York Mellon SA/NV, Dublin Branch.

Cash Collateral is held with the following counterparties: Barclays Bank, Citibank, Goldman Sachs, HSBC, & JP Morgan Chase & Co. Margin Cash Receivable is held with the following counterparties: Citigroup. Margin Cash Payable is held with the following counterparty: Citigroup.

112 PRINCIPAL GLOBAL INVESTORS FUNDS NOTES TO THE INTERIM REPORT AND FINANCIAL STATEMENTS for the period ended 31 March 2021 (continued)

4. CASH AND BANK BALANCES (continued)

At 30 September 2020 GEF EEF PSF GHYF GPSF GLTHY OGEMF OGSCF USD USD USD USD USD USD USD USD Cash at Bank 666,089 811,091 27,587,474 9,875,375 2,675,464 27,254,806 1,946,382 423,708 Bank Overdraft –(3,513) – – – – – – 666,089 807,578 27,587,474 9,875,375 2,675,464 27,254,806 1,946,382 423,708

At 30 September 2020 GDIF 1 FUEMF USBCEF AHYF 2 FEMDE 3 USD USD USD USD EUR Cash at Bank 1,168,622 18,468,067 17,202 3,135,294 1,674,846 Cash Collateral Receivable –54,845,000 – – 417,853 Margin Cash Receivable – 4,459,608 – 46,495 – Margin Cash Payable – (31) – – – 1,168,622 77,772,644 17,202 3,181,789 2,092,699

All Cash at Bank balances are held with The Bank of New York Mellon SA/NV, Dublin Branch.

Cash Collateral receivable is held with the following counterparties: Goldman Sachs, HSBC and JP Morgan Chase & Co. Margin Cash Receivable is held with the following counterparties: Barclays and Citigroup. Margin Cash Payable is held with the following counterparty: Citigroup.

113 PRINCIPAL GLOBAL INVESTORS FUNDS NOTES TO THE INTERIM REPORT AND FINANCIAL STATEMENTS for the period ended 31 March 2021 (continued)

5. MOVEMENT IN REDEEMABLE PARTICIPATING UNITS For the period ended 31 March 2021

Units in issue Issued Redeemed Units in issue at beginning during during at end of the period the period the period of the period Global Equity Fund A Class Income units 73,562 – (8,224) 65,338 A Class Accumulation units 45,327 107 (4,401) 41,033 I Class Accumulation units 41,452 2,901 (1,537) 42,816 F2 Class Accumulation units 798,192 785,710 (257,664) 1,326,238

European Equity Fund A Class Income units 46,970 130 (6,544) 40,556 A Class Accumulation units 113,926 33,766 (14,616) 133,076 I Class Accumulation units 287,265 19,137 (17,547) 288,855 I Class Accumulation (EUR) units 693,813 8,228 (63,324) 638,717

Preferred Securities Fund A Class Income units 53,354,832 7,048,151 (7,685,601) 52,717,382 A Class Income (AUD hedged) units 582,018 189,923 (69,910) 702,031 A Class Income (CHF hedged) units 215,235 156,902 (13,154) 358,983 A Class Income (EUR hedged) units 9,165,668 445,218 (5,307,542) 4,303,344 A Class Income (GBP hedged) units 4,378,336 493,052 (272,584) 4,598,804 A Class Income (SGD hedged) units 2,461,067 97,281 (324,747) 2,233,601 A Class Accumulation units 25,095,832 3,976,813 (2,921,445) 26,151,200 A Class Accumulation (CHF hedged) units 3,279,292 257,232 (311,978) 3,224,546 A Class Accumulation (EUR hedged) units 4,977,216 780,324 (2,170,670) 3,586,870 A Class Accumulation (JPY hedged) units 122,005 – (26,895) 95,110 A Class Accumulation (SGD hedged) units 418,065 54,237 (140,643) 331,659 I Class Income units 33,017,897 15,834,132 (2,321,085) 46,530,944 I Class Income (AUD hedged) units 153,639 – – 153,639 I Class Income (CHF hedged) units 139,302 49,443 (25,452) 163,293 I Class Income (EUR hedged) units 7,296,519 1,559,640 (451,570) 8,404,589 I Class Income (GBP hedged) units 12,723,065 1,905,726 (1,616,363) 13,012,428 I Class Income (JPY hedged) units 7,449,522 142,870 (61,719) 7,530,673 I Class Income (SGD hedged) units 740,542 9,392 (73,050) 676,884 I Class Accumulation units 26,274,442 5,410,827 (5,801,037) 25,884,232 I Class Accumulation (AUD hedged) units 22,124 – – 22,124 I Class Accumulation (CHF hedged) units 1,806,499 158,943 (133,318) 1,832,124 I Class Accumulation (EUR hedged) units 27,054,473 21,961,576 (12,616,207) 36,399,842 I Class Accumulation (JPY hedged) units 12,774,905 – (7,875) 12,767,030 I Class Accumulation (SGD hedged) units 155,537 3,371 – 158,908 D Class Income units 33,806,994 4,803,289 (3,282,630) 35,327,653 D Class Accumulation units 24,364,273 3,591,000 (4,088,272) 23,867,001 D2 Class Income units 3,930,428 1,124,689 (325,757) 4,729,360 D2 Class Income (HKD) units 6,007,132 229,593 (1,993,189) 4,243,536 D2 Class Income Plus units 508 59,490 – 59,998 D2 Class Income Plus (HKD) units 3,931 434,357 – 438,288 F Class Income units 5,096,666 104,680 (501,108) 4,700,238 F Class Accumulation units 4,259,720 106,393 (625,669) 3,740,444 F2 Class Accumulation units 1,265,005 816,203 (440,783) 1,640,425 N Class Income units 7,594,492 3,490,809 (1,251,107) 9,834,194 N Class Income (EUR hedged) units 121,116 242,980 (11,929) 352,167 N Class Income (GBP hedged) units 28,465 1,330 (13,050) 16,745 N Class Accumulation units 11,134,692 5,838,516 (3,034,235) 13,938,973 N Class Accumulation (EUR hedged) units 274,279 147,007 (78,202) 343,084 N Class Accumulation (CHF hedged) units – 53,100 – 53,100 N Class Accumulation (GBP hedged) units 18,210 6,138 – 24,348 P Class Income units 6,376,625 2,379,233 (1,371,014) 7,384,844 P Class Accumulation units 7,145,685 2,061,632 (2,289,098) 6,918,219 X Class Income units 105 3 – 108 X Class Accumulation units 100 – – 100

Global High Yield Fund A Class Income units 229,785 1,341 (33,852) 197,274 A Class Income (AUD hedged) units 15,419 59,420 (15,418) 59,421 A Class Accumulation units 1,062,744 33,254 (98,281) 997,717 I Class Income units 3,329,781 3,715 – 3,333,496

114 PRINCIPAL GLOBAL INVESTORS FUNDS NOTES TO THE INTERIM REPORT AND FINANCIAL STATEMENTS for the period ended 31 March 2021 (continued)

5. MOVEMENT IN REDEEMABLE PARTICIPATING UNITS (continued) For the pe riod ended 3 1 March 20 21 (continued)

Units in issue Issued Redeemed Units in issue at beginning during during at end of the period the period the period of the period Global High Yield Fund (continued) I Class Accumulation units 2,742,861 623,418 (412,916) 2,953,363 I Class Accumulation (BRL hedged) units 511,454 – (80,140) 431,314 I Class Accumulation (CHF hedged) units 602,707 11,644 – 614,351 I Class Accumulation (EUR hedged) units 159,543 61,917 (135,677) 85,783 D Class Income units – 102 – 102 D Class Accumulation units 5,294 3,073 (4,955) 3,412 D2 Class Income units 5,441 – (5,441) – D2 Class Income (HKD) units 42,718 – (42,718) – D2 Class Income Plus units 508 17 – 525 D2 Class Income Plus (HKD) units 3,934 134 – 4,068 F Class Accumulation units 934,007 775,347 (273,079) 1,436,275 N Class Income units 20,460 89 (6,885) 13,664 N Class Income (EUR hedged) units 27,504 – – 27,504 N Class Accumulation units – 100 – 100

Global Property Securities Fund A Class Income (SGD hedged) units 500 3 – 503 A Class Accumulation units 144,569 182,547 (36,919) 290,197 A Class Accumulation (EUR hedged) units 8,518 35,596 (70) 44,044 A Class Accumulation (SGD hedged) units 500 – – 500 A2 Class Income units 100 1 – 101 I Class Income units 514,222 54,489 (377,611) 191,100 I Class Income (JPY hedged) units 1,132,176 – – 1,132,176 I Class Accumulation units 10,559,441 3,243,726 (1,006,210) 12,796,957 I Class Accumulation (EUR) units 585,321 2,183,606 (250,805) 2,518,122 I Class Accumulation (EUR hedged) units 1,424,952 29,445 (4,066) 1,450,331 I Class Accumulation (GBP hedged) units 39,856 42 (72) 39,826 I Class Accumulation (USD hedged) units 24,363 6,386 (664) 30,085 I2 Class Income units 3,476,287 2,743,551 – 6,219,838 I3 Class Accumulation (SEK hedged) units – 863 – 863 D Class Income units – 100 – 100 D Class Accumulation units – 7,524 – 7,524 D2 Class Income units 103 1 – 104 D2 Class Income (HKD) units 19,548 1,559 – 21,107 F Class Accumulation units 573,079 377,573 (165,150) 785,502 N Class Income units 1,000 2,484,947 – 2,485,947 N Class Accumulation units 120,269 2,797 (64,634) 58,432 N Class Accumulation (EUR hedged) units 18,633 24,365 (307) 42,691 N Class Accumulation (EUR) units – 1 (1) – P Class Accumulation units 100 – – 100

Post Global Limited Term High Yield Fund A Class Income units 896,003 124,482 (327,667) 692,818 A Class Accumulation units 2,551,424 1,125,414 (693,228) 2,983,610 A Class Accumulation (EUR hedged) units – 2,190 – 2,190 A2 Class Income units – 100 – 100 I Class Income units 713,448 231,607 (232,736) 712,319 I Class Accumulation units 7,299,140 2,705,154 (2,023,636) 7,980,658 I Class Accumulation (CHF hedged) units 18,000 – – 18,000 I Class Accumulation (EUR hedged) units 3,865,107 3,348,641 – 7,213,748 I Class Accumulation (GBP hedged) units 847,945 887,769 (13,451) 1,722,263 I Class Accumulation (JPY hedged) units 15,769,678 – (3,466) 15,766,212 I Class Accumulation (SGD hedged) units 22,325 – – 22,325 I2 Class Accumulation units 2,193,373 90,038 (476,575) 1,806,836 I2 Class Accumulation (EUR hedged) units 2,782,047 499,628 (1,097,781) 2,183,894 I2 Class Accumulation (GBP hedged) units 7,049,859 1,478,229 (492,004) 8,036,084 D2 Class Income units 103 23,627 – 23,730 D2 Class Income Plus units 507 13 – 520 D2 Class Income Plus (HKD) units 3,922 106 – 4,028 N Class Accumulation units 80,269 – (30,559) 49,710 N Class Accumulation (EUR hedged) units 39,231 – (1,810) 37,421

115 PRINCIPAL GLOBAL INVESTORS FUNDS NOTES TO THE INTERIM REPORT AND FINANCIAL STATEMENTS for the period ended 31 March 2021 (continued)

5. MOVEMENT IN REDEEMABLE PARTICIPATING UNITS (continued)

For the period ended 31 March 2021 (continued)

Units in issue Issued Redeemed Units in issue at beginning during during at end of the period the period the period of the period Origin Global Emerging Markets Fun d A Class Accumulation units 2,496 – – 2,496 I Class Accumulation units 658,007 1,257,210 (168,262) 1,746,955 I Class Accumulation (EUR) units 2,243,941 – – 2,243,941 I Class Accumulation (GBP) units 175,421 778 (32,810) 143,389 D Class Accumulation units 100 – – 100 F2 Class Accumulation units 450,411 573,430 (106,075) 917,766 N Class Accumulation units 100 – – 100

Origin Global Smaller Companies Fund A Class Accumulation units 121,798 229,863 (24,465) 327,196 I Class Accumulation units 358,363 52,403 (64,378) 346,388 I Class Accumulation (GBP) units 553,196 2,518 – 555,714

Global Diversified Income Fund A Class Accumulation units 136,439 15,009 (26,715) 124,733 I Class Accumulation units 2,569,877 10,924 (7,200) 2,573,601 D Class Income units 1,175 24 – 1,199 D Class Income Plus units 100 4 – 104 D Class Income Plus (HKD) units 776 30 – 806

Finisterre Unconstrained Emerging Markets Fixed Income Fund A Class Income units – 100 – 100 A Class Income (CHF hedged) units 26,439 44,317 – 70,756 A Class Income (EUR hedged) units 197,237 23,820 – 221,057 A Class Income (SGD hedged) units – 80,872 – 80,872 A Class Accumulation units 1,538,495 6,181,552 (355,658) 7,364,389 A Class Accumulation (CHF hedged) units – 6,940 – 6,940 A Class Accumulation (EUR hedged) units 1,886,036 1,267,234 (304,345) 2,848,925 A Class Accumulation (SGD hedged) units – 133 – 133 A2 Class Income units 455,682 2,613,902 (30,268) 3,039,316 A2 Class Income (EUR hedged) units – 6,778 – 6,778 A2 Class Income (SGD hedged) units – 132 – 132 A2 Class Income Plus units 490,378 313,642 (86,538) 717,482 A2 Class Income Plus (EUR hedged) units 86,476 2,548 – 89,024 A2 Class Income Plus (SGD hedged) units 142,081 658,341 (17,800) 782,622 I Class Income units 67,321 4,348,023 (26,013) 4,389,331 I Class Income (CHF hedged) units 522 10 – 532 I Class Income (EUR hedged) units 1,201,733 68,746 (176,446) 1,094,033 I Class Accumulation units 6,660,972 10,210,375 (5,563,328) 11,308,019 I Class Accumulation (CHF hedged) units 452,225 298,675 – 750,900 I Class Accumulation (EUR hedged) units 3,343,575 3,510,302 (1,666,941) 5,186,936 I Class Accumulation (GBP hedged) units 3,533,571 63,488 (582,772) 3,014,287 I Class Accumulation (JPY hedged) units 300,000 – – 300,000 I2 Class Income units 965,606 133,965 (205,998) 893,573 I2 Class Income (EUR hedged) units 7,985,529 3,037,571 (1,548,612) 9,474,488 I2 Class Income (GBP hedged) units 2,225,702 – (34,397) 2,191,305 I2 Class Accumulation units 10,629,986 2,159,583 (2,577,476) 10,212,093 I2 Class Accumulation (EUR hedged) units 5,988,877 455,570 (832,508) 5,611,939 I2 Class Accumulation (GBP hedged) units 3,756,442 7,120 (1,291,600) 2,471,962 I3 Class Income units 2,642,149 10,676 (34,406) 2,618,419 I3 Class Income (EUR hedged) units 3,022,636 501,597 (11,134) 3,513,099 I3 Class Income (SGD hedged) units 370,517 70,426 – 440,943 I3 Class Accumulation units 5,840,340 18,302,568 (2,867,272) 21,275,636 I3 Class Accumulation (CHF hedged) units – 13,885,467 (331,453) 13,554,014 I3 Class Accumulation (EUR hedged) units 3,631,813 12,845,521 (3,830,920) 12,646,414 I3 Class Accumulation (GBP hedged) units 719,398 163,837 (5,982) 877,253 D Class Income units 443,639 403,073 (14,442) 832,270 D Class Accumulation units 4,643,325 2,028,312 (292,716) 6,378,921 F Class Income units 101 2 – 103 F Class Accumulation units 47,190 – (4,994) 42,196 N Class Income units 694,414 640,454 (130,144) 1,204,724 116 PRINCIPAL GLOBAL INVESTORS FUNDS NOTES TO THE INTERIM REPORT AND FINANCIAL STATEMENTS for the period ended 31 March 2021 (continued)

5. MOVEMENT IN REDEEMABLE PARTICIPATING UNITS (con tinued) For the period ended 31 March 2021 (continued)

Units in issue Issued Redeemed Units in issue at beginning during during at end of the period the period the period of the period Finisterre Unconstrained Emerging Markets Fixed Income Fund (continued) N Class Income (EUR hedged) units 128,439 288,207 (6,779) 409,867 N Class Income (SGD hedged) units 4,812 34,271 – 39,083 N Class Accumulation units 2,587,521 2,187,442 (238,002) 4,536,961 N Class Accumulation (CHF hedged) units 83,315 109,721 (27,690) 165,346 N Class Accumulation (EUR hedged) units 5,501,543 3,065,572 (821,117) 7,745,998 N Class Accumulation (GBP hedged) units – 10,000 (10,000) – P2 Class Income Plus units – 312,001 (10,528) 301,473

U.S. Blue Chip Equity Fund A Class Accumulation units – 100 – 100 I Class Accumulation units 499,678 – (216) 499,462 D Class Income units – 100 – 100 D Class Accumulation units 100 – – 100 F Class Accumulation units 100 – – 100 N Class Income units – 100 – 100 N Class Accumulation units 200 – – 200

Asian High Yield Fund I Class Accumulation units 4,807,158 8,425 – 4,815,583 D2 Class Income units 208,791 8,141 – 216,932 D2 Class Income Plus units 204 8 – 212 D2 Class Income Plus (HKD) units 1,774 78,752 – 80,526

Finisterre Emerging Markets Debt Euro Income Fund A Class Accumulation units 146,810 – – 146,810 I Class Accumulation units 2,202,033 – – 2,202,033 I Class Accumulation (CHF hedged) units 157,869 – – 157,869 I Class Accumulation (USD hedged) units 175,000 – – 175,000 I2 Class Accumulation units 146,808 15,278 – 162,086 N Class Income units 146,808 1,122 – 147,930

China Opportunities Equity Fund 1 A Class Income units – 100 – 100 I Class Income units – 50,000 – 50,000 I Class Accumulation units – 878,337 – 878,337 I2 Class Accumulation units – 50,000 – 50,000 D Class Accumulation units – 100 – 100 N Class Accumulation units – 100 – 100

1China Opportunity Equity Fund launched on 23 February 2021.

117 PRINCIPAL GLOBAL INVESTORS FUNDS NOTES TO THE INTERIM REPORT AND FINANCIAL STATEMENTS for the period ended 31 March 2021 (continued)

5. MOVEMENT IN REDEEMABLE PARTICIPATING UNITS (continued)

For the year ended 30 September 2020

Units in issue Issued Redeemed Units in issue at beginning during during at end of the year the year the year of the year Global Equity Fund A Class Income units 82,106 – (8,544) 73,562 A Class Accumulation units 52,776 434 (7,883) 45,327 I Class Accumulation units 96,153 – (54,701) 41,452 F2 Class Accumulation units 78,266 873,635 (153,709) 798,192

European Equity Fund A Class Income units 48,544 8,640 (10,214) 46,970 A Class Accumulation units 100,800 56,292 (43,166) 113,926 I Class Accumulation units 294,240 14,056 (21,031) 287,265 I Class Accumulation (EUR) units 731,232 84,273 (121,692) 693,813

Preferred Securities Fund A Class Income units 61,575,347 17,342,009 (25,562,524) 53,354,832 A Class Income (AUD hedged) units 168,746 529,069 (115,797) 582,018 A Class Income (CHF hedged) units 65,067 178,400 (28,232) 215,235 A Class Income (EUR hedged) units 10,911,243 2,914,990 (4,660,565) 9,165,668 A Class Income (GBP hedged) units 5,577,502 719,306 (1,918,472) 4,378,336 A Class Income (SGD hedged) units 2,873,631 599,444 (1,012,008) 2,461,067 A Class Accumulation units 21,982,246 10,528,171 (7,414,585) 25,095,832 A Class Accumulation (CHF hedged) units 3,206,291 577,995 (504,994) 3,279,292 A Class Accumulation (EUR hedged) units 9,823,380 6,111,161 (10,957,325) 4,977,216 A Class Accumulation (JPY hedged) units 179,025 105,146 (162,166) 122,005 A Class Accumulation (SGD hedged) units 321,906 206,530 (110,371) 418,065 I Class Income units 29,486,454 17,744,853 (14,213,410) 33,017,897 I Class Income (AUD hedged) units 103,864 153,639 (103,864) 153,639 I Class Income (CHF hedged) units 528,195 220,647 (609,540) 139,302 I Class Income (EUR hedged) units 7,036,434 4,034,430 (3,774,345) 7,296,519 I Class Income (GBP hedged) units 17,520,528 5,209,157 (10,006,620) 12,723,065 I Class Income (JPY hedged) units 4,922,187 2,846,224 (318,889) 7,449,522 I Class Income (SGD hedged) units 1,298,435 153,082 (710,975) 740,542 I Class Accumulation units 23,954,531 14,989,507 (12,669,596) 26,274,442 I Class Accumulation (AUD hedged) units 22,124 – – 22,124 I Class Accumulation (CHF hedged) units 1,672,542 410,079 (276,122) 1,806,499 I Class Accumulation (EUR hedged) units 23,965,001 44,742,850 (41,653,378) 27,054,473 I Class Accumulation (JPY hedged) units 12,181,089 599,632 (5,816) 12,774,905 I Class Accumulation (SGD hedged) units 127,164 28,373 – 155,537 D Class Income units 31,790,683 13,201,738 (11,185,427) 33,806,994 D Class Accumulation units 18,608,731 13,101,995 (7,346,453) 24,364,273 D2 Class Income units 1,659,663 4,067,294 (1,796,529) 3,930,428 D2 Class Income (HKD) units 528,924 8,017,171 (2,538,963) 6,007,132 D2 Class Income Plus units – 508 – 508 D2 Class Income Plus (HKD) units – 3,931 – 3,931 F Class Income units 5,722,455 1,227,375 (1,853,164) 5,096,666 F Class Accumulation units 3,279,097 1,953,061 (972,438) 4,259,720 F2 Class Accumulation units 224,267 1,313,373 (272,635) 1,265,005 N Class Income units 2,415,283 6,557,190 (1,377,981) 7,594,492 N Class Income (EUR hedged) units 820,600 62,213 (761,697) 121,116 N Class Income (GBP hedged) units 22,439 13,434 (7,408) 28,465 N Class Accumulation units 6,096,645 8,400,295 (3,362,248) 11,134,692 N Class Accumulation (EUR hedged) units 2,343,364 392,273 (2,461,358) 274,279 N Class Accumulation (GBP hedged) units 37,910 6,068 (25,768) 18,210 P Class Income units 4,808,496 4,107,511 (2,539,382) 6,376,625 P Class Accumulation units 4,446,382 3,912,705 (1,213,402) 7,145,685 X Class Income units 100 5 – 105 X Class Accumulation units 100 – – 100

Global High Yield Fund A Class Income units 309,893 32,417 (112,525) 229,785 A Class Income (AUD hedged) units 64,136 3,128 (51,845) 15,419 A Class Accumulation units 1,164,931 351,911 (454,098) 1,062,744 I Class Income units 3,217,945 111,836 – 3,329,781 I Class Accumulation units 3,334,350 993,227 (1,584,716) 2,742,861 118 PRINCIPAL GLOBAL INVESTORS FUNDS NOTES TO THE INTERIM REPORT AND FINANCIAL STATEMENTS for the period ended 31 March 2021 (continued)

5. MOVEMENT IN REDEEMABLE PAR TICIPATING UNITS (continued) For the year ended 30 September 2020 (continued)

Units in issue Issued Redeemed Units in issue at beginning during during at end of the year the year the year of the year Global High Yield Fund (continued) I Class Accumulation (BRL hedged) units 591,098 126,857 (206,501) 511,454 I Class Accumulation (CHF hedged) units 473,773 139,712 (10,778) 602,707 I Class Accumulation (EUR hedged) units 397,702 – (238,159) 159,543 D Class Accumulation units 3,307 1,987 – 5,294 D2 Class Income units 10,245 6,040 (10,844) 5,441 D2 Class Income (HKD) units 80,426 3,369 (41,077) 42,718 D2 Class Income Plus units – 508 – 508 D2 Class Income Plus (HKD) units – 3,934 – 3,934 F Class Accumulation units 299,083 838,630 (203,706) 934,007 N Class Income units 8,454 12,006 – 20,460 N Class Income (EUR hedged) units 9,020 20,187 (1,703) 27,504 N Class Accumulation units 22,718 20,000 (42,718) –

Global Property Securities Fund A Class Income (SGD hedged) units – 500 – 500 A Class Accumulation units 10,000 147,311 (12,742) 144,569 A Class Accumulation (EUR hedged) units 1,000 7,634 (116) 8,518 A Class Accumulation (SGD hedged) units – 500 – 500 A2 Class Income units – 100 – 100 I Class Income units 601,169 21,661 (108,608) 514,222 I Class Income (JPY hedged) units 1,132,176 – – 1,132,176 I Class Accumulation units 8,853,251 3,155,549 (1,449,359) 10,559,441 I Class Accumulation (EUR) units – 594,909 (9,588) 585,321 I Class Accumulation (EUR hedged) units 1,368,809 375,535 (319,392) 1,424,952 I Class Accumulation (GBP hedged) units – 40,291 (435) 39,856 I Class Accumulation (USD hedged) units 9,813 43,814 (29,264) 24,363 I2 Class Income units 3,425,205 51,082 – 3,476,287 D Class Accumulation units 27,255 – (27,255) – D2 Class Income units – 103 – 103 D2 Class Income (HKD) units – 19,649 (101) 19,548 F Class Accumulation units 95,675 587,305 (109,901) 573,079 N Class Income units 1,367,459 387,195 (1,753,654) 1,000 N Class Accumulation units 100 140,445 (20,276) 120,269 N Class Accumulation (EUR hedged) units – 76,074 (57,441) 18,633 P Class Accumulation units 100 – – 100

119 PRINCIPAL GLOBAL INVESTORS FUNDS NOTES TO THE INTERIM REPORT AND FINANCIAL STATEMENTS for the period ended 31 March 2021 (continued)

5. MOVEMENT IN REDEEMABLE PARTICIPATING UNITS (continued) For the year ended 30 September 20 20 (continued)

Post Global Limited Term High Yield Fund A Class Income units 986,346 421,687 (512,030) 896,003 A Class Accumulation units 251,210 2,958,721 (658,507) 2,551,424 I Class Income units 632,533 522,752 (441,837) 713,448 I Class Income (EUR hedged) units 594,644 37,723 (632,367) – I Class Accumulation units 11,087,796 4,863,638 (8,652,294) 7,299,140 I Class Accumulation (CHF hedged) units 18,000 – – 18,000 I Class Accumulation (EUR hedged) units 5,105,463 144,544 (1,384,900) 3,865,107 I Class Accumulation (GBP hedged) units 808,849 124,662 (85,566) 847,945 I Class Accumulation (JPY hedged) units 16,909,309 – (1,139,631) 15,769,678 I Class Accumulation (SGD hedged) units 49,925 – (27,600) 22,325 I2 Class Accumulation units 3,546,376 2,064,318 (3,417,321) 2,193,373 I2 Class Accumulation (EUR hedged) units 2,871,610 6,301,287 (6,390,850) 2,782,047 I2 Class Accumulation (GBP hedged) units 6,990,690 7,627,146 (7,567,977) 7,049,859 D2 Class Income units – 103 – 103 D2 Class Income Plus units – 507 – 507 D2 Class Income Plus (HKD) units – 3,922 – 3,922 N Class Income (EUR hedged) units – 1,000 (1,000) – N Class Accumulation units 93,847 – (13,578) 80,269 N Class Accumulation (EUR hedged) units 55,039 – (15,808) 39,231

Origin Global Emerging Markets Fund A Class Accumulation units – 2,496 – 2,496 I Class Accumulation units 5,595,265 342,586 (5,279,844) 658,007 I Class Accumulation (EUR) units 2,243,941 – – 2,243,941 I Class Accumulation (GBP) units 173,691 1,730 – 175,421

120 PRINCIPAL GLOBAL INVESTORS FUNDS NOTES TO THE INTERIM REPORT AND FINANCIAL STATEMENTS for the period ended 31 March 2021 (continued)

5. MOVEMENT IN REDEEMABLE PARTI CIPATING UNITS (continued) For the year ended 30 September 20 20 (continued)

Units in issue Issued Redeemed Units in issue at beginning during during at end of the year the year the year of the year Origin Global Emerging Markets Fund (continued) D Class Accumulation units 100 – – 100 F2 Class Accumulation units 206,505 310,337 (66,431) 450,411 N Class Accumulation units 100 – – 100

Origin Global Smaller Companies Fund A Class Accumulation units 3,376 123,793 (5,371) 121,798 I Class Accumulation units 435,348 20,573 (97,558) 358,363 I Class Accumulation (GBP) units 721,978 6,632 (175,414) 553,196

Global Diversified Income Fund 1 A Class Accumulation units 11,028 148,437 (23,026) 136,439 I Class Accumulation units 2,606,728 9,367 (46,218) 2,569,877 D Class Income units 1,115 587 (527) 1,175 D Class Income Plus units – 100 – 100 D Class Income Plus (HKD) units – 776 – 776

Finisterre Unconstrained Emerging Markets Fixed Income Fund A Class Income (CHF hedged) units 505 26,452 (518) 26,439 A Class Income (EUR hedged) units – 198,127 (890) 197,237 A Class Accumulation units 89,497 1,625,127 (176,129) 1,538,495 A Class Accumulation (CHF hedged) units 500 – (500) – A Class Accumulation (EUR hedged) units 661,748 1,537,799 (313,511) 1,886,036 A2 Class Income units 59,201 405,681 (9,200) 455,682 A2 Class Income (EUR hedged) units 513 20 (533) – A2 Class Income (SGD hedged) units 506 20 (526) – A2 Class Income Plus units – 490,479 (101) 490,378 A2 Class Income Plus (EUR hedged) units – 86,476 – 86,476 A2 Class Income Plus (SGD hedged) units – 142,573 (492) 142,081 I Class Income units 200,090 429,815 (562,584) 67,321 I Class Income (CHF hedged) units 503 19 – 522 I Class Income (EUR hedged) units 927,621 834,541 (560,429) 1,201,733 I Class Accumulation units 5,196,597 6,556,001 (5,091,626) 6,660,972 I Class Accumulation (CHF hedged) units – 869,800 (417,575) 452,225 I Class Accumulation (EUR hedged) units 3,392,400 3,478,562 (3,527,387) 3,343,575 I Class Accumulation (GBP hedged) units 3,551,908 65,370 (83,707) 3,533,571 I Class Accumulation (JPY hedged) units – 300,000 – 300,000 I2 Class Income units 1,347,746 258,899 (641,039) 965,606 I2 Class Income (EUR hedged) units 6,356,390 1,629,139 – 7,985,529 I2 Class Income (GBP hedged) units 2,561,105 573,930 (909,333) 2,225,702 I2 Class Accumulation units 11,405,149 3,512,162 (4,287,325) 10,629,986 I2 Class Accumulation (EUR hedged) units 9,499,665 1,718,946 (5,229,734) 5,988,877 I2 Class Accumulation (GBP hedged) units 3,756,442 – – 3,756,442 I3 Class Income units 100 2,652,143 (10,094) 2,642,149 I3 Class Income (EUR hedged) units – 3,022,636 – 3,022,636 I3 Class Income (GBP hedged) units 500 4 (504) – I3 Class Income (SGD hedged) units – 370,517 – 370,517 I3 Class Accumulation units 3,026,269 5,210,447 (2,396,376) 5,840,340 I3 Class Accumulation (EUR hedged) units 180,835 4,542,534 (1,091,556) 3,631,813 I3 Class Accumulation (GBP hedged) units 1,470,318 556,111 (1,307,031) 719,398 D Class Income units 139,875 682,028 (378,264) 443,639 D Class Accumulation units 915,930 4,305,733 (578,338) 4,643,325 F Class Income units – 101 – 101 F Class Accumulation units – 87,645 (40,455) 47,190 N Class Income units 45,654 1,063,616 (414,856) 694,414 N Class Income (EUR hedged) units 12,948 116,937 (1,446) 128,439 N Class Income (SGD hedged) units 22,667 4,812 (22,667) 4,812 N Class Accumulation units 501,974 3,413,790 (1,328,243) 2,587,521

121 PRINCIPAL GLOBAL INVESTORS FUNDS NOTES TO THE INTERIM REPORT AND FINANCIAL STATEMENTS for the period ended 31 March 2021 (continued)

5. MOVEMENT IN REDEEMABLE PARTICIPATING UNITS (continued) For the year ended 30 September 20 20 (continued)

Units in issue Issued Redeemed Units in issue at beginning during during at end of the year the year the year of the year Finisterre Unconstrained Emerging Markets Fixed Income Fund (continued) N Class Accumulation (CHF hedged) units 11,500 190,385 (118,570) 83,315 N Class Accumulation (EUR hedged) units 3,477,814 4,546,737 (2,523,008) 5,501,543

U.S. Blue Chip Equity Fund I Class Accumulation units 500,000 – (322) 499,678 D Class Accumulation units – 100 – 100 F Class Accumulation units – 100 – 100 N Class Accumulation units – 200 – 200

Asian High Yield Fund 2 I Class Accumulation units – 4,807,574 (416) 4,807,158 D2 Class Income units – 208,791 – 208,791 D2 Class Income Plus units – 204 – 204 D2 Class Income Plus (HKD) units – 1,774 – 1,774

Finisterre Emerging Markets Debt Euro Income Fund 3 A Class Accumulation units – 146,810 – 146,810 I Class Accumulation units – 2,202,033 – 2,202,033 I Class Accumulation (CHF hedged) units – 157,869 – 157,869 I Class Accumulation (USD hedged) units – 175,000 – 175,000 I2 Class Accumulation units – 146,808 – 146,808 N Class Income units – 146,808 – 146,808

122 PRINCIPAL GLOBAL INVESTORS FUNDS NOTES TO THE INTERIM REPORT AND FINANCIAL STATEMENTS for the period ended 31 March 2021 (continued)

6. DISTRIBUTIONS

For the period ended 31 March 2021

Interim Distributions were declared on 1 April 2021 and 1 April 2020 respectively. Distributions decla red on 1 April 2021 or nearest subsequent business day have not been included in the Statement of Comprehensive Income f or 31 March 2021 . These will be included in the financial statement s for 30 September 2021. The A Income Unit Classes from the Global Equity Fund did not declare and pay any interim distributions for the period ended 31 March 2021 or 31 March 2020 . Distributions declared on 1 April 2021 relate to 31 March 2021 distributions in the table below.

Accumulation Classes The Accumulation Unit Classes did not declare Distr ibutions on 31 March 2021 or 31 March 2020 .

Quarterly and Annual Distributions

Preferred Securities Fund (USD) ** A Class Income units 0.09190 0.08840 0.08450 0.08900 0.10070 0.10610 0.09670 0.09980 A Class Income (AUD hedged) units 0.07892 0.08260 0.08013 0.08933 0.09646 0.09697 0.08774 0.08816 A Class Income (CHF hedged) units 0.09926 0.09940 0.09686 0.10082 0.10736 0.11502 0.10370 0.10779 A Class Income (EUR hedged) units 0.07905 0.08039 0.07830 0.08303 0.09181 0.09498 0.08524 0.08663 A Class Income (GBP hedged) units 0.08135 0.08016 0.07808 0.08666 0.09538 0.09461 0.08928 0.09256 A Class Income (SGD hedged) units 0.09507 0.09390 0.09166 0.09735 0.10878 0.11369 0.10404 0.10569 I Class Income units 0.11950 0.11660 0.11250 0.11740 0.13000 0.13710 0.12650 0.12940 I Class Income (AUD hedged) units 0.09608 0.10192 0.09980 0.11032 0.11629 0.11712 0.10707 0.10647 I Class Income (CHF hedged) units 0.10942 0.11103 0.10925 0.11269 0.11724 0.12586 0.11475 0.11832 I Class Income (EUR hedged) units 0.08412 0.08673 0.08529 0.08962 0.09685 0.10023 0.09095 0.09165 I Class Income (GBP hedged) units 0.09045 0.09046 0.08895 0.09785 0.10521 0.10451 0.09983 0.10250 I Class Income (JPY hedged) units 0.09041 0.08881 0.08707 0.08925 0.09805 0.10636 0.09661 0.09780 I Class Income (SGD hedged) units 0.10977 0.10995 0.10834 0.11400 0.12471 0.13035 0.12082 0.12160 D Class Income units 0.11410 0.10890 0.10350 0.10960 0.12550 0.13220 0.11980 0.12420 F Class Income units 0.09910 0.09300 0.08740 0.09360 0.10990 0.11570 0.10340 0.10830 N Class Income units 0.11220 0.10890 0.10470 0.10960 0.12230 0.12890 0.11850 0.12160 N Class Income (EUR hedged) units 0.09211 0.09447 0.09266 0.09761 0.10625 0.11005 0.09935 0.10050 N Class Income (GBP hedged) units 0.10079 0.10036 0.09832 0.10849 0.15117 0.14472 0.14770 0.11443 P Class Income units 0.10830 0.10470 0.10030 0.10540 0.11830 0.12480 0.11420 0.11750 X Class Income units 0.12630 0.12400 0.12050 0.12350 – 0.12920 0.13250 0.13520

123 PRINCIPAL GLOBAL INVESTORS FUNDS NOTES TO THE INTERIM REPORT AND FINANCIAL STATEMENTS for the period ended 31 March 2021 (continued)

6. DISTRIBUTIONS (continued)

Quarterly and Annual Distributions (continued)

For the period ended 31 March 2021 For the period ended 31 March 2020 30 June 30 September 31 December 31 March 30 June 30 September 31 Dece mber 31 March 2020 2020 2020 2021 2019 2019 2019 2020 Unit Unit Unit Unit Unit Unit Unit Unit Global High Yield Fund (USD) ** A Class Income units 0.10340 0.10580 0.09270 0.09740 0.10700 0.10850 0.10000 0.09640 A Class Income (AUD hedged) units 0.09068 0.10020 0.08935 0.05976 0.10373 0.10072 0.09194 0.08694 I Class Income units 0.11720 0.12060 0.10860 0.11350 0.12180 0.12390 0.11490 0.11070 N Class Income units 0.11850 0.12180 0.10920 0.11430 0.12040 0.12510 0.11580 0.11150 N Class Income (EUR hedged) units 0.12533 0.13602 0.12432 0.13113 0.09582 0.13713 0.12467 0.11831

Global Property Securities Fund (USD) * A Class Income (SGD hedged) units – 0.04127 – – – – – – A2 Class Income units – 0.06670 – – – – – – I Class Income units – 0.15880 – – – 0.05950 – – I Class Income (JPY hedged) units – 0.19469 – – – 0.18282 – – I2 Class Income units – 0.24290 – – – 0.23080 – – N Class Income units – 0.01660 – – – 0.14850 – –

Post Global Limited Term High Yield Fund (USD) ** A Class Income units 0.08230 0.07830 0.07860 0.07620 0.08490 0.08610 0.08910 0.08360 I Class Income units 0.09270 0.08910 0.08950 0.08690 0.09570 0.09730 0.10000 0.09420 I Class Income (EUR hedged) units 0.08085 – – – 0.08802 0.08800 0.08905 0.08259 N Class Income (EUR hedged) units – – – – – – 0.02699 –

124 PRINCIPAL GLOBAL INVESTORS FUNDS NOTES TO THE INTERIM REPORT AND FINANCIAL STATEMENTS for the period ended 31 March 2021 (continued)

6. DISTRIBUTIONS (continued)

Quarterly and Annual Distributions (continued)

For the period ended 31 March 2021 For the period ended 31 March 2020 30 June 30 September 31 December 31 March 30 June 30 September 31 December 31 March 2020 2020 2020 2021 2019 2019 2019 2020 Unit Unit Unit Unit Unit Unit Unit Unit Finisterre Unconstrained Emerging Markets Fixed Income Fund (USD) ** A Class Income units – – – 0.05860 – – – – A Class Income (CHF hedged) units 0.05058 0.08526 0.07731 0.07760 0.07049 0.08792 0.09442 0.08322 A Class Income (EUR hedged) units 0.05236 0.08954 0.08112 0.08291 – – 0.07370 0.08619 A Class Income (SGD hedged) units – – – 0.04432 0.05199 – – – A2 Class Income units 0.09580 0.13060 0.12050 0.12100 0.11940 0.13920 0.14430 0.13140 A2 Class Income (EUR hedged) units – – – 0.11525 0.13330 0.15252 0.15592 0.13983 A2 Class Income (SGD hedged) units – – – 0.07169 0.08415 0.09702 0.10144 0.09097 A2 Class Income Plus units 0.11050 0.13170 0.13900 0.12750 – – – – A2 Class Income Plus (EUR hedged) units 0.12410 0.15374 0.16924 0.14830 – – – – A2 Class Income Plus (SGD hedged) units 0.07921 0.09632 0.10508 0.09452 – – – – I Class Income units 0.07130 0.10420 0.09510 0.09640 0.09190 0.11000 0.11720 0.10530 I Class Income (CHF hedged) units 0.07016 0.10788 0.09993 0.10071 0.05653 0.10970 0.11547 0.10428 I Class Income (EUR hedged) units 0.07522 0.11630 0.10824 0.11020 0.10269 0.12086 0.12601 0.11143 I2 Class Income units 0.08020 0.11410 0.10500 0.10630 0.10130 0.12020 0.12730 0.11510 I2 Class Income (EUR hedged) units 0.06520 0.09811 0.09204 0.09361 0.08676 0.10121 0.10540 0.09395 I2 Class Income (GBP hedged) units 0.09842 0.14398 0.13498 0.14374 0.13215 0.14741 0.16194 0.14835 I3 Class Income units 0.07180 0.10360 0.09500 0.09610 – 0.08860 0.11770 0.10520 I3 Class Income (EUR hedged) units 0.07725 0.11783 0.11008 0.11208 – – 0.10518 0.11285 I3 Class Income (GBP hedged) units – – – – – 0.10793 0.14704 – I3 Class Income (SGD hedged) units 0.00804 0.07587 0.07096 0.07236 – – – – D Class Income units 0.05060 0.08250 0.07440 0.07550 0.07230 0.08820 0.09640 0.08490 F Class Income units 0.04200 0.07490 0.06760 0.07000 – – – 0.06840 N Class Income units 0.07000 0.10380 0.09440 0.09560 0.09260 0.10970 0.11720 0.10490 N Class Income (EUR hedged) units 0.07094 0.11125 0.10309 0.10514 0.08757 0.11627 0.12119 0.10640 N Class Income (SGD hedged) units 0.04700 0.07169 0.06649 0.06797 0.06387 0.07646 0.08168 0.07241 P2 Class Income Plus units – – 0.10180 0.11980 – – – –

Finisterre Emerging Markets Debt Euro Income Fund (EUR) **2 N Class Income units – 0.01608 0.07940 0.08138 – – – –

125 PRINCIPAL GLOBAL INVESTORS FUNDS NOTES TO THE INTERIM REPORT AND FINANCIAL STATEMENTS for the period ended 31 March 2021 (continued)

6. DISTRIBUTIONS (continued)

Monthly Distributions

For the period ended 31 March 2021 30 April 31 May 30 June 31 July 31 August 30 September 2020 2020 2020 2020 2020 2020 Unit Unit Unit Unit Unit Unit Preferred Securities Fund (USD) *** D2 Class Income units 0.04860 0.04070 0.04340 0.04320 0.04480 0.04170 D2 Class Income (HKD) units 0.00618 0.00517 0.00551 0.00550 0.00569 0.00530 D2 Class Income Plus units – – 0.05020 0.05420 0.05480 0.05430 D2 Class Income Plus (HKD) units – – 0.00648 0.00699 0.00707 0.00701

Global High Yield Fund (USD) *** D2 Class Income units 0.04520 0.04740 0.04940 0.05040 0.04840 0.04550 D2 Class Income (HKD) units 0.00577 0.00605 0.00630 0.00643 0.00617 0.00581 D2 Class Income Plus units – – 0.04970 0.05860 0.05870 0.05790 D2 Class Income Plus (HKD) units – – 0.00641 0.00756 0.00757 0.00747

Global Property Securities Fund (USD) *** D2 Class Income units 0.00920 0.01200 0.02580 0.02330 0.01620 0.02010 D2 Class Income (HKD) units 0.00123 0.00157 0.00334 0.00303 0.00210 0.00259

Post Global Limited Term High Yield Fund (USD) *** D2 Class Income units 0.03760 0.03650 0.03660 0.03620 0.03520 0.03420 D2 Class Income Plus units – – 0.04160 0.04510 0.04510 0.04470 D2 Class Income Plus (HKD) units – – 0.00537 0.00582 0.00582 0.00577

Global Diversified Income Fund (USD) ***4 D Class Income units 0.03350 0.03480 0.04050 0.03010 0.04050 0.03920 D Class Income Plus units – – – – 0.01270 0.06360 D Class Income Plus (HKD) units – – – – 0.00164 0.00821

Asian High Yield Fund (USD) *** 1 D2 Class Income units 0.05540 0.05600 0.06450 0.06290 0.06390 0.06300 D2 Class Income Plus units – 0.01700 0.06250 0.06690 0.06800 0.06600 D2 Class Income Plus (HKD) units – 0.00218 0.00806 0.00863 0.00877 0.00852

126 PRINCIPAL GLOBAL INVESTORS FUNDS NOTES TO THE INTERIM REPORT AND FINANCIAL STATEMENTS for the period ended 31 March 2021 (continued)

6. DISTRIBUTIONS (continued)

Monthly Distributions (continued)

For the period ended 31 March 2021 31 October 30 November 31 December 31 January 28 February 31 March 2020 2020 2020 2021 2021 2021 Unit Unit Unit Unit Unit Unit Preferred Securities Fund (USD) *** D2 Class Income units 0.04250 0.04100 0.04190 0.03830 0.03930 0.05210 D2 Class Income (HKD) units 0.00541 0.00521 0.00533 0.00488 0.00500 0.00662 D2 Class Income Plus units 0.05420 0.05520 0.05530 0.05510 0.05470 0.05430 D2 Class Income Plus (HKD) units 0.00699 0.00712 0.00713 0.00711 0.00710 0.00700

Global High Yield Fund (USD) *** D Class Income units 0.00300 0.04390 0.04430 0.04310 0.04030 0.05230 D2 Class Income Plus units 0.05810 0.05970 0.06000 0.05980 0.05990 0.05980 D2 Class Income Plus (HKD) units 0.00750 0.00770 0.00774 0.00771 0.00770 0.00770

Global Property Securities Fund (USD) *** D2 Class Income units 0.00860 0.04170 0.02340 – 0.01160 0.04840 D2 Class Income (HKD) units 0.00110 0.00541 0.00304 – 0.00151 0.00626

Post Global Limited Term High Yield Fund (USD) *** A2 Class Income units – – – – – 0.06030 D2 Class Income units 0.03430 0.03640 0.03580 0.03420 0.02980 0.03910 D2 Class Income Plus units 0.04460 0.04510 0.04510 0.04500 0.04490 0.04490 D2 Class Income Plus (HKD) units 0.00575 0.00582 0.00582 0.00580 0.00580 0.00580

Global Diversified Income Fund (US D) *** 3 D Class Income units 0.03090 0.03210 0.02990 0.02920 0.02760 0.04510 D Class Income Plus units 0.06330 0.06640 0.06700 0.06650 0.06700 0.06720 D Class Income Plus (HKD) units 0.00817 0.00857 0.00864 0.00858 0.00860 0.00869

Asi an High Yield Fund (USD) *** 1 D2 Class Income units 0.06200 0.06280 0.06730 0.06220 0.05530 0.06880 D2 Class Income Plus units 0.06500 0.06670 0.06750 0.06670 0.06650 0.06600 D2 Class Income Plus (HKD) units 0.00839 0.00860 0.00871 0.00860 0.00860 0.00850

127 PRINCIPAL GLOBAL INVESTORS FUNDS NOTES TO THE INTERIM REPORT AND FINANCIAL STATEMENTS for the period ended 31 March 2021 (continued)

6. DISTRIBUTIONS (continued)

Monthly Distributions (continued)

For the period ended 31 March 2020 30 April 31 May 30 June 31 July 31 August 30 Septembe r 31 October 2019 2019 2019 2019 2019 2019 2019 Unit Unit Unit Unit Unit Unit Unit Preferred Securities Fund (USD) *** D2 Class Income units 0.03770 0.04000 0.03110 0.03780 0.03650 0.04020 0.04710 D2 Class Income (HKD) units 0.00480 0.00507 0.00393 0.00480 0.00464 0.00510 0.00600

Gl obal High Yield Fund (USD) *** D2 Class Income units 0.03830 0.03880 0.03260 0.04140 0.03560 0.03390 0.04840 D2 Class Income (HKD) units 0.00489 0.00493 0.00415 0.00527 0.00454 0.00431 0.00618

For the period e nded 31 March 2020 30 November 31 December 31 January 29 February 31 March 2019 2019 2020 2020 2020 Unit Unit Unit Unit Unit Preferred Securities Fund (USD) *** D2 Class Income units 0.04400 0.05020 0.04490 0.04360 0.05500 D2 Class Income (HKD) units 0.00558 0.00639 0.00570 0.00555 0.00699

Global High Yield Fund (USD) *** D2 Class Income units 0.04490 0.04840 0.04650 0.04090 0.04880 D2 Class Income (HKD) units 0.00572 0.00616 0.00592 0.00522 0.00623

Global Property Se curities Fund (USD) *** D2 Class Income units – 0.03360 0.00410 0.01450 0.03440 D2 Class Income (HKD) units – – 0.00030 0.00180 0.00448

Post Global Limited Term High Yield Fund (USD) *** D2 Class Income units – – 0.03010 0.03310 0.04070

128 PRINCIPAL GLOBAL INVESTORS FUNDS NOTES TO THE INTERIM REPORT AND FINANCIAL STATEMENTS for the period ended 31 March 2021 (continued)

6. DISTRIBUTIONS (continued)

Monthly Distributions (continued)

For the period ended 31 March 2020 30 April 31 May 30 June 31 July 31 August 30 September 31 October 2019 2019 2019 2019 2019 2019 2019 Unit Unit Unit Unit Unit Unit Unit Global Diversified Income Fund (USD) *** D Class Income units 0.04380 0.05080 0.04750 0.04410 0.04420 0.04430 0.03830

For the period ended 31 March 2020 30 November 31 December 31 January 29 February 31 March 2019 2019 2020 2020 2020 Unit Unit Unit Unit Unit Global Diversified Income Fund (USD) *** D Class Income units 0.03670 0.04180 0.03400 0.03610 0.04540

Asian High Yield Fund (USD) *** D2 Class Income units – – 0.01440 0.04210 0.04950

*These Funds offer annual distributions to investors. **These Funds offer quarterly distributions to investors except for D2 Class Income units which offer monthly distributions to investors. ***These Funds offer monthly distributions to investors. 1Asian High Yield Fund launched on 8 January 2020. 2Finisterre Emerging Markets Debt Euro Income Fund launched on 28 August 2020. 3Global Income Fund name changed to Global Diversified Income Fund on 17 January 2020.

129 PRINCIPAL GLOBAL INVESTORS FUNDS NOTES TO THE INTERIM REPORT AND FINANCIAL STATEMENTS for the period ended 31 March 2021 (continued)

7. SIGNIFICANT CONTRACTS AND TRANSACTIONS WITH RELATED PARTIES

Management Fee Pursuant to the Trust Deed dated 13 October 1992, Principal Global Investors (Ireland) Limited (“the Manager”) acts as Manager to the Trust and is responsible for its management and administration. For services rendered, the Trust will pay to the Manager an annual fee, accrued daily in the unit price and payable monthly in arrears. The Management Fee is currently calculated as a percentage of the NAV of each Fund and is accrued every Business Day. These related party transactions have been entered into in the ordinary course of business. The Management Fee expense is shown in the Statement of Comprehensive Income and the accrued amount is shown in the Statement of Financial Position. Management Fee rates for each unit class are listed in the supplement for each Fund. These are available from the www.principalglobal.com website.

Expense Cap The Manager, at its discretion, may absorb (directly by waiving a portion of its fees or by reimbursement to the account of each Fund), certain additional fees, costs or expenses for each Fund that may arise in respect of the management and operation of the Trust attributable to each Fund. This Expense Cap fee is shown as Rebate/Recharge to the Fund due to capping in the Statement of Comprehensive Income and the accrual/prepaid amount is shown as part of Other Assets or Other Payables in the Statement of Financial Position.

Administration Fee In addition to the Management Fee, the Trust Deed permits the Manager to charge an Administration Fee of up to 0.15% per annum of the value of the units in the Funds for administering the Trust. Currently the Manager only charges this fee on the NAV of the Funds attributable to A, D, F and N Class units. This fee is calculated as a percentage of the NAV of each Fund attributable to A, D, F and N units and is accrued every Business Day. The total accrued amount is paid monthly in arrears. All fees and expenses payable to the Administrator in respect of the administration services it provides to the Manager will be met by the Manager. Administration Fee expense is shown in the Statement of Comprehensive Income and the accrued amount is shown in the Statement of Financial Position.

Trustee and Depositary fee The Manager appointed The Bank of New York Mellon SA/NV, Dublin Branch to act as the Trustee to the Trust. The principal activity of the Trustee is to act as the Depositary and Trustee of the assets of collective investment schemes (“CISs”). The Trustee may retain for its own use out of each Fund a fee of up to 0.022% per annum of the NAV of the units calculated on each Business Day during the month, accrued and deducted from the Fund the following month - subject to a minimum fee of US$15,000 per annum which may be waived. The fee currently charged by the Trustee per Fund is disclosed in the relevant supplement for each Fund. The Trustee Fee expense is shown in the Statement of Comprehensive Income and the accrued amount is shown in the Statement of Financial Position.

Directors’ Remuneration Mr. David Shubotham, Mr. John O’Connell, Ms. Bronwyn Wright and Mr. Jim Firn are independent non-executive Directors of the Manager and have no executive function with the Investment Adviser or its related party companies. The Manager pays each independent non-executive Director an annual fee of €27,000 for their services rendered to the Trust. Mr. Kamal Bhatia, Mr. Greg Thornton, Mr. Joel Pitz and Mr. Roberto Walker up until his resignation from the Principal Global Investors (Ireland) Board on the 24 March 2021, are related parties to the Investment Adviser and receive no compensation from the Trust. Sub-Custody Fee The Depositary will be paid a fee at normal commercial rates and such fee shall be paid out of the Fund. The level of Sub -Custodian Fees and expenses will vary depending on the investment profile of the Fund including, in particular, the nature of the securities markets in which the Fund invests, the size of the Fund and the amount of trading in the assets of the Fund. Such fees will be charged at normal commercial rates and will only be reimbursed from a Fund where they are less than 0.50% per annum of the NAV of the Fund. The Manager will pay any fees that exceed this level. Depositary Fee expense is shown in the Statement of Comprehensive Income and the accrued amount is shown in the Statement of Financial Position.

130 PRINCIPAL GLOBAL INVESTORS FUNDS NOTES TO THE INTERIM REPORT AND FINANCIAL STATEMENTS for the period ended 31 March 2021 (continued)

7. SIGNIFICANT CONTRACTS AND TRANSACTIONS WITH RELATED PARTIES (continued)

Performance Fees There are no performance fees on any of the Funds for the period ended 31 March 2021 or for the year ended 30 September 2020.

Audit Fees The audit fee charged for the period ended 31 March 2021 was $115,676 excluding VAT (31 March 2020 $92,028 excluding VAT).

8. COMPARATIVE NET ASSET VALUES AT DEALING PRICES

31 March 2021 30 September 2020 31 March 2020 Net Asset Value Net Asset Value Net Asset Value /unit /unit /unit

Global Equity Fund (USD) Total Income Class 4,079,744 3,887,752 3,042,373 A Class Income units 62.44 52.85 40.33 Total Accumulation Class 23,987,437 13,956,806 5,917,091 A Class Accumulation units 72.07 61.00 46.54 I Class Accumulation units 32.91 27.73 21.06 F2 Class Accumulation units 14.79 12.58 9.65

European Equity Fund (USD) Total Income Class 3,463,480 3,377,367 2,863,272 A Class Income units 85.40 71.90 55.83 Total Accumulation Class 42,992,836 35,273,072 25,882,410 A Class Accumulation units 112.13 94.02 73.01 I Class Accumulation units 40.21 33.57 25.95 I Class Accumulation (EUR) units 25.76 21.50 16.62

131 PRINCIPAL GLOBAL INVESTORS FUNDS NOTES TO THE INTERIM REPORT AND FINANCIAL STATEMENTS for the period ended 31 March 2021 (continued)

8. COMPARATIVE NET ASSET VALUES AT DEALING PRICES (continued)

31 March 2021 30 September 2020 31 March 2020 Net Asset Value Net Asset Value Net Asset Value /unit /unit /unit

Preferred Securit ies Fund (USD) Total Income Class 2,072,737,220 1,877,206,346 1,589,623,506 A Class Income units 9.29 9.17 8.09 A Class Income (AUD hedged) units 9.27 8.63 6.53 A Class Income (CHF hedged) units 10.21 10.39 8.76 A Class Income (EUR hedged) units 8.50 8.41 6.98 A Class Income (GBP hedged) units 9.09 8.42 7.16 A Class Income (SGD hedged) units 10.15 9.87 8.36 I Class Income units 10.50 10.37 9.15 I Class Income (AUD hedged) units 9.79 9.12 6.90 I Class Income (CHF hedged) units 9.77 9.94 8.38 I Class Income (EUR hedged) units 7.85 7.77 6.45 I Class Income (GBP hedged) units 8.78 8.13 6.91 I Class Income (JPY hedged) units 7.71 7.99 6.92 I Class Income (SGD hedged) units 10.18 9.89 8.39 D Class Income units 12.40 12.25 10.80 D2 Class Income units 10.52 10.45 9.28 D2 Class Income (HKD) units 1.34 1.33 1.18 D2 Class Income Plus units 10.35 10.37 – D2 Class Income Plus (HKD) units 1.34 1.34 – F Class Income units 12.31 12.16 10.72 N Class Income units 10.37 10.25 9.04 N Class Income (EUR hedged) units 9.05 8.96 7.44 N Class Income (GBP hedged) units 10.30 9.55 8.11 P Class Income units 10.46 10.33 9.11 X Class Income units 10.29 10.17 8.97 Total Accumulation Class 3,019,245,781 2,818,773,329 2,028,155,753 A Class Accumulation units 16.91 16.39 14.13 A Class Accumulation (CHF hedged) units 12.65 12.65 10.43 A Class Accumulation (EUR hedged) units 21.08 20.49 16.63 A Class Accumulation (JPY hedged) units 11.29 11.49 9.73 A Class Accumulation (SGD hedged) units 11.86 11.32 9.38 I Class Accumulation units 25.74 24.87 21.37 I Class Accumulation (AUD hedged) units 11.67 10.64 7.84 I Class Accumulation (CHF hedged) units 13.46 13.41 11.02 I Class Accumulation (EUR hedged) units 14.53 14.08 11.38 I Class Accumulation (JPY hedged) units 15.87 16.09 13.58 I Class Accumulation (SGD hedged) units 12.15 11.56 9.55 D Class Accumulation units 26.91 26.12 22.56 F Class Accumulation units 25.27 24.59 21.29 F2 Class Accumulation units 12.52 12.21 10.59 N Class Accumulation units 11.78 11.40 9.81 N Class Accumulation (EUR hedged) units 10.88 10.55 8.55 N Class Accumulation (CHF hedged) units 10.50 – – N Class Accumulation (GBP hedged) units 11.90 10.81 8.95 P Class Accumulation units 15.17 14.69 12.65 X Class Accumulation units 11.12 10.72 9.20

132 PRINCIPAL GLOBAL INVESTORS FUNDS NOTES TO THE INTERIM REPORT AND FINANCIAL STATEMENTS for the period ended 31 March 2021 (continued)

8. COMPARATIVE NET ASSET VALUES AT DEALING PRICES (continued)

31 March 2021 30 September 2020 31 March 2020 Net Asset Value Net Asset Value Net Asset Value /unit /unit /unit

Global High Yield Fund (USD) Total Income Class 36,649,137 34,995,299 30,873,982 A Class Income units 9.84 9.39 8.42 A Class Income (AUD hedged) units 10.01 8.98 6.91 I Class Income units 10.09 9.63 8.64 D Class Income units 10.41 – – D2 Class Income units – 10.00 9.05 D2 Class Income (HKD) units – 1.28 1.15 D2 Class Income Plus units 10.62 10.28 – D2 Class Income Plus (HKD) units 1.37 1.33 – N Class Income units 10.50 10.03 9.00 N Class Income (EUR hedged) units 11.79 11.28 9.53 Total Accumulation Class 204,316,499 181,722,835 154,225,161 A Class Accumulation units 21.34 19.95 17.49 I Class Accumulation units 30.74 28.66 25.07 I Class Accumulation (BRL hedged) units 8.96 8.34 7.88 I Class Accumulation (CHF hedged) units 110.58 106.21 88.91 I Class Accumulation (EUR hedged) units 11.58 10.83 8.92 D Class Accumulation units 13.50 12.63 11.09 F Class Accumulation units 13.50 12.66 11.14 N Class Accumulation units 10.62 – –

Global Property Securities Fund (USD) Total Income Class 122,883,435 56,688,407 63,436,192 A Class Income (SGD hedged) units 7.35 6.40 5.46 A2 Class Income units 10.14 8.91 7.72 I Class Income units 10.17 8.99 7.76 I Class Income (JPY hedged) units 12.05 11.24 9.73 I2 Class Income units 12.75 11.31 9.73 D Class Income units 11.86 – – D2 Class Income units 9.47 8.37 7.36 D2 Class Income (HKD) units 1.23 1.09 0.96 N Class Income units 11.25 9.81 8.61 Total Accumulation Class 490,211,702 335,829,310 255,058,376 A Class Accumulation units 11.34 9.91 8.59 A Class Accumulation (EUR hedged) units 11.44 10.08 8.44 A Class Accumulation (SGD hedged) units 7.40 6.40 5.46 I Class Accumulation units 33.24 28.91 24.94 I Class Accumulation (EUR) units 13.01 11.31 – I Class Accumulation (EUR hedged) units 11.40 9.99 8.32 I Class Accumulation (GBP hedged) units 15.84 13.01 – I Class Accumulation (USD hedged) units 14.66 12.82 11.29 I3 Class Accumulation (SEK hedged) units 1.15 – – D Class Accumulation units 10.98 – 7.87 F Class Accumulation units 12.19 10.67 9.26 N Class Accumulation units 10.41 9.06 7.82 N Class Accumulation (EUR hedged) units 10.94 9.60 8.00 P Class Accumulation units 10.58 9.20 7.93

133 PRINCIPAL GLOBAL INVESTORS FUNDS NOTES TO THE INTERIM REPORT AND FINANCIAL STATEMENTS for the period ended 31 March 2021 (continued)

8. COMPARATIVE NET ASSET VALUES AT DEALING PRICES (continued)

31 March 2021 30 September 2020 31 March 2020 Net Asset Value Net Asset Value Net Asset Value /unit /unit /unit

Post Global Limited Term High Yield Fund (USD) Total Income Class 14,633,512 16,246,742 17,987,046 A Class Income units 10.27 10.12 9.63 A2 Class Income units 10.02 – – I Class Income units 10.21 10.05 9.57 I Class Income (EUR hedged) units – 9.46 8.38 D2 Class Income units 9.87 9.79 9.39 D2 Class Income Plus units 10.07 10.04 – D2 Class Income Plus (HKD) units 1.30 1.30 – Total Accumulation Class 543,552,649 469,124,745 479,253,947 A Class Accumulation units 11.89 11.53 10.79 A Class Accumulation (EUR hedged) units 11.80 – – I Class Accumulation units 14.86 14.38 13.43 I Class Accumulation (CHF hedged) units 11.18 11.15 9.96 I Class Accumulation (EUR hedged) units 10.97 10.64 9.36 I Class Accumulation (GBP hedged) units 12.41 11.28 10.14 I Class Accumulation (JPY hedged) units 9.70 9.85 9.04 I Class Accumulation (SGD hedged) units 7.90 7.53 6.76 I2 Class Accumulation units 12.58 12.16 11.34 I2 Class Accumulation (EUR hedged) units 11.83 11.46 10.06 I2 Class Accumulation (GBP hedged) units 10.71 9.72 8.73 N Class Accumulation units 11.33 10.97 10.25 N Class Accumulation (EUR hedged) units 10.57 10.26 9.03

Origin Global Emerging Markets Fund (USD) Total Accumulation Class 86,887,757 50,765,371 34,496,417 A Class Accumulation units 12.89 10.82 8.39 I Class Accumulation units 17.23 14.38 11.09 I Class Accumulation (EUR) units 17.24 14.38 11.09 I Class Accumulation (GBP) units 17.67 14.74 11.37 D Class Accumulation units 13.47 11.31 8.77 F2 Class Accumulation units 16.92 14.26 11.11 N Class Accumulation units 13.67 11.43 8.83

Origin Global Smal ler Companies Fund (USD) Total Accumulation Class 26,436,494 17,471,422 13,896,999 A Class Accumulation units 14.02 10.35 7.43 I Class Accumulation units 24.16 17.74 12.67 I Class Accumulation (GBP) units 24.26 17.81 12.72

Global Diversifie d Income Fund (USD) 1 Total Income Class 13,422 12,267 8,924 D Class Income units 9.38 8.75 7.80 D Class Income Plus units 10.48 9.95 – D Class Income Plus (HKD) units 1.35 1.28 – Total Accumulation Class 32,130,059 29,334,417 25,134,994 A Class Accumulation units 11.63 10.62 9.21 I Class Accumulation units 11.92 10.85 9.38

134 PRINCIPAL GLOBAL INVESTORS FUNDS NOTES TO THE INTERIM REPORT AND FINANCIAL STATEMENTS for the period ended 31 March 2021 (continued)

8. COMPARATIVE NET ASSET VALUES AT DEALING PRICES (continued)

31 March 2021 30 September 2020 31 March 2 020 Net Asset Value Net Asset Value Net Asset Value /unit /unit /unit

Finisterre Unconstrained Emerging Markets Fixed Income Fund (USD) Total Income Class 348,008,315 221,604,453 190,560,147 A Class Income units 9.89 – – A Class Income (CHF hedged) units 10.87 10.86 9.60 A Class Income (EUR hedged) units 11.74 11.42 9.94 A Class Income (SGD hedged) units 7.36 – – A2 Class Income units 10.78 10.55 9.84 A2 Class Income (EUR hedged) units 11.59 – 10.40 A2 Class Income (SGD hedged) units 7.36 – 6.61 A2 Class Income Plus units 10.95 10.72 – A2 Class Income Plus (EUR hedged) units 12.74 12.51 – A2 Class Income Plus (SGD hedged) units 8.12 7.84 – I Class Income units 10.80 10.48 9.69 I Class Income (CHF hedged) units 10.89 10.88 9.62 I Class Income (EUR hedged) units 12.10 11.78 10.25 I2 Class Income units 10.99 10.66 9.86 I2 Class Income (EUR hedged) units 9.48 9.23 8.04 I2 Class Income (GBP hedged) units 14.94 13.60 12.10 I3 Class Income units 10.34 10.03 9.28 I3 Class Income (EUR hedged) units 11.81 11.49 10.01 I3 Class Income (SGD hedged) units 7.78 7.43 – D Class Income units 10.71 10.38 9.60 F Class Income units 10.09 9.78 9.04 N Class Income units 11.19 10.85 10.03 N Class Income (EUR hedged) units 12.06 11.72 10.20 N Class Income (SGD hedged) units 7.94 7.59 6.74 P2 Class Income Plus units 10.29 – – Total Accumulation Class 1,397,197,406 717,598,405 541,104,434 A Class Accumulation units 11.60 11.08 10.11 A Class Accumulation (CHF hedged) units 10.45 – 10.25 A Class Accumulation (EUR hedged) units 13.33 12.77 10.97 A Class Accumulation (SGD hedged) units 7.36 – – I Class Accumulation units 12.40 11.80 10.72 I Class Accumulation (CHF hedged) units 11.15 10.95 9.51 I Class Accumulation (EUR hedged) units 12.98 12.39 10.60 I Class Accumulation (GBP hedged) units 12.65 11.31 9.88 I Class Accumulation (JPY hedged) units 9.29 9.29 – I2 Class Accumulation units 12.56 11.94 10.83 I2 Class Accumulation (EUR hedged) units 11.34 10.81 9.23 I2 Class Accumulation (GBP hedged) units 15.58 13.90 12.13 I3 Class Accumulation units 11.00 10.46 9.50 I3 Class Accumulation (CHF hedged) units 11.07 – – I3 Class Accumulation (EUR hedged) units 12.50 11.92 10.19 I3 Class Accumulation (GBP hedged) units 14.81 13.24 11.54 D Class Accumulation units 11.22 10.72 9.78 F Class Accumulation units 10.32 9.88 9.03 N Class Accumulation units 11.64 11.08 10.08 N Class Accumulation (CHF hedged) units 11.64 11.43 9.95 N Class Accumulation (EUR hedged) units 13.52 12.91 11.05

U.S. Blue Chip Equity Fund (USD) 2 Total Income Class 2,121 – – D Class Income units 10.60 – – N Class Income units 10.62 – – Total Accumulation Class 7,592,033 6,794,233 4,806,519 A Class Accumulation units 11.54 – – I Class Accumulation units 15.19 13.59 9.61 D Class Accumulation units 12.14 10.90 – F Class Accumulation units 12.09 10.89 – N Class Accumulation units 12.21 10.93 –

135 PRINCIPAL GLOBAL INVESTORS FUNDS NOTES TO THE INTERIM REPORT AND FINANCIAL STATEMENTS for the period ended 31 March 2021 (continued)

8. COMPARATIVE NET ASSET VALUES AT DEALING PRICES (continued)

31 March 2021 30 September 2020 31 March 2020 Net Asset Value Net Asset Value Net Asset Value /u nit /unit /unit

Asian High Yield Fund (USD) 3 Total Income Class 2,198,086 2,023,631 1,752,154 D2 Class Income units 9.63 9.67 8.70 D2 Class Income Plus units 10.29 10.33 – D2 Class Income Plus (HKD) units 1.33 1.33 – Total Accumulation Class 50,805,180 48,815,154 42,163,224 I Class Accumulation units 10.55 10.15 8.77

Finisterre Emerging Markets Debt Euro Income Fund (EUR) 4 Total Income Class 1,503,033 1,449,296 – N Class Income units 10.16 9.87 – Total Accumulation Class 28,720,130 27,559,704 – A Class Accumulation units 10.20 9.87 – I Class Accumulation units 10.25 9.87 – I Class Accumulation (CHF hedged) units 9.25 9.16 – I Class Accumulation (USD hedged) units 8.77 8.43 – I2 Class Accumulation units 10.26 9.88 –

China Opportunities Equity Fund (USD) 5 Total Income Class 454,224 – – A Class Income units 9.06 – – I Class Income units 9.07 – – Total Accumulation Class 8,418,659 – – I Class Accumulation units 9.07 – – I2 Class Accumulation units 9.07 – – D Class Accumulation units 9.06 – – N Class Accumulation units 9.06 – –

1Global Income Fund name changed to Global Diversified Income Fund on 17 January 2020. 2U.S. Blue Chip Equity Fund launched on 15 August 2019. 3Asian High Yied Fund launched on 8 January 2020. 4Finisterre Emerging Markets Debt Euro Income Fund launched on 28 August 2020. 5China Opportunity Equity Fund launched on 23 February 2021.

136 PRINCIPAL GLOBAL INVESTORS FUNDS NOTES TO THE INTERIM REPORT AND FINANCIAL STATEMENTS for the period ended 31 March 2021 (continued)

9. EFFICIENT PORTFOLIO MANAGEMENT

The Funds are denominated in USD but purchase assets denominated in a range of currencies. During the period, transactions were entered into which are economically appropriate to the reduction of relevant risks or costs to improve investment performance.

Subject to the conditions and within the limits from time to time laid down by the Central Bank, and except as otherwise stated in the investment objective and policies of a Fund, the Investment Adviser and/or Sub-Investment Adviser(s) may employ, for certain Funds, investment techniques and instruments such as futures, forward foreign currency exchange contracts, currency swaps, credit default swaps, total return swaps, options, equity options, warrants and other derivatives for Efficient Portfolio Management (“EPM”) purposes if deemed advisable by the Investment Adviser/Sub- Investment Adviser(s). Furthermore, new techniques and instruments may be developed which may be suitable for use by a Fund in the future, and a Fund may employ such techniques and instruments subject to the prior approval of, and any restrictions imposed by, the Central Bank.

For UCITS which have engaged in EPM techniques, certain disclosures are required under Chapter 4 of the Central Bank UCITS Regulations. The Investment Advisers of the Funds have identified all Financial Derivative Instruments (FDIs) which are used for EPM. A UCITS is required to disclose the revenues arising from EPM techniques for the entire reporting period together with the direct and indirect operational costs and fees incurred.

The Funds may also where indicated in the relevant supplement, enter into repurchase, reverse repurchase, sale and buyback agreements and stock lending agreements. The Investment Adviser/Sub-Investment Adviser(s) considers only repurchase agreements, reverse repurchase agreements and securities lending to be EPM techniques. None of the Funds held repurchase agreements, reverse repurchase agreements or took part in securities lending as at 31 March 2021 or at 30 September 2020 .

Details of all open transactions at the period end are disclosed in the Portfolios of Investments.

10. DEALING COMMISSION ARRANGEMENTS

The Investment Adviser appointed in relation to each Fund is responsible for the selection of brokers with whom they deal. In relation to certain equity funds, the Investment Adviser/Sub-Investment Adviser(s) have entered into dealing commission arrangements with brokers whereby they obtain services or benefits from them, or from third parties – which are paid for out of commissions charged to the Funds. Such services or benefits relate primarily to research and portfolio management, and ensuring their purchase is compliant with relevant local regulation; including being a permitted service. The relevant Investment Adviser/Sub Investment Adviser(s) are satisfied that trades generating soft commissions comply with the relevant local regulations requiring best execution – which requires consideration of relevant factors, including price and execution quality.

11. FINANCIAL RISK MANAGEMENT

Financial Assets at Fair Value through Profit or Loss

Under FRS 102, the Trust is required to classify fair value measurement using a fair value hierarchy that reflects the significance of the inputs used in making the measurements. The fair value hierarchy has the following levels:

• Level 1: The unadjusted quoted price in an active market for identical assets or liabilities that the entity can access at the measurement date.

• Level 2: Inputs other than quoted prices included within Level 1 that are observable (i.e. developed using market data) for the asset or liability, either directly or indirectly.

• Level 3: Inputs are unobservable (i.e. for which market data is unavailable) for the asset or liability.

137 PRINCIPAL GLOBAL INVESTORS FUNDS NOTES TO THE INTERIM REPORT AND FINANCIAL STATEMENTS for the period ended 31 March 2021 (continued)

11. FINANCIAL RISK MANAGEMENT (continued)

Financial Assets at Fair Value through Profit or Loss (continued)

The level in the fair value hierarchy within which the fair value measurement is categorised in its entirety is determined on the basis of the lowest level input that is significant to the fair value measurement in its entirety. For this purpose, the significance of an input is assessed against the fair value measurement in its entirety. If a fair value measurement uses observable inputs that require significant adjustment based on unobservable inputs, that measurement is a level 3 measurement. Assessing the significance of a particular input to the fair value measurement in its entirety requires judgement, considering factors specific to the asset or liability.

“FRS 102 - Fair value hierarchy disclosures" require disclosure of financial instruments held at fair value on the basis of a fair value hierarchy consistent with EU-adopted IFRS based on Level 1, 2 and 3 classifications. The financial statements and comparatives have been prepared in accordance with these amendments and fair value measurement is categorised based on Levels 1, 2 and 3.

The fair value of securities held in Level 3 for the period ended 31 March 2021 was USD 25,103 (30 September 2020: USD 24,707). Securities fair valued at nil have been indicated by a footnote on any relevant funds in the following tables.

The following tables analyse the financial assets of each Fund against the fair value hierarchy and measures them at fair value for 31 March 2021 and 30 September 2020 in accordance with FRS 102.

As at 31 March 2021

Global Equity Fund Level 1 Level 2 Level 3 Other Quoted prices in observable Unobservable active markets inputs inputs USD USD USD Assets Investments in Securities at Fair Value 27,873,252 – – Unrealised Gain on Open Spot Currency Contracts – 227 – Total Assets 27,873,252 227 –

Liabilities Unrealised Loss on Open Spot Currency Contracts – (3) – Total Liabilities – (3) –

European Equity Fu nd Level 1 Level 2 Level 3 Other Quoted prices in observable Unobservable active markets inputs inputs USD USD USD Assets Investments in Securities at Fair Value~ 45,990,624 – – Unrealised Gain on Open Spot Currency Contracts – 507 – Total Ass ets 45,990,624 507 –

Liabilities Unrealised Loss on Open Spot Currency Contracts – (62) – Total Liabilities – (62) –

~Contains Level 3 security at nil market value.

138 PRINCIPAL GLOBAL INVESTORS FUNDS NOTES TO THE INTERIM REPORT AND FINANCIAL STATEMENTS for the period ended 31 March 2021 (continued)

11. FINANCIAL RISK MANAGEMENT (continued)

Financial Assets at Fair Value through Profit or Loss (continued)

As at 31 March 2021 (continued)

Preferred Securities Fund Level 1 Level 2 Level 3 Other Quoted prices in observable Unobservable active markets inputs inputs USD USD USD Assets Investments in Securities at Fair Value 169,088,637 4,703,359,163 – Unrealised Gain on Open Spot Currency Contracts – 617 – Unrealised Gain on Open Forward Foreign Currency Exchange Contracts – 103,814 – Total Assets 169,088,637 4,703,463,594 –

Liabilities Unrealised Loss on Open Spot Currency Contracts – (2,869) – Unrealised Loss on Open Forward Foreign Currency Exchange Contracts – (15,492,911) – Total Liabilities – (15,495,780) –

Global High Yield Fund Level 1 Level 2 Level 3 Other Quoted prices in observable Unobservable active markets inputs inputs USD USD USD Assets Investments in Securities at Fair Value~ 1,542,055 218,250,050 – Unrealised Gain on Open Forward Foreign Currency Exchange Contracts – 770,840 – Total Assets 1,542,05 5 219,020,890 –

Liabilities Unrealised Loss on Open Forward Foreign Currency Exchange Contracts – (1,209,011) – Total Liabilities – (1,209,011) –

~Contains Level 3 security at nil market value.

Global Property Securities Fund Leve l 1 Level 2 Level 3 Other Quoted prices in observable Unobservable active markets inputs inputs USD USD USD Assets Investments in Securities at Fair Value 603,924,881 – – Unrealised Gain on Open Spot Currency Contracts – 93 – Unrealised Gain on Open Forward Foreign Currency Exchange Contracts – 145,521 – Total Assets 603,924,881 145,614 –

Liabilities Unrealised Loss on Open Spot Currency Contracts – (1,126) – Unrealised Loss on Open Forward Foreign Currency Exchange Contracts – (427,729) – Total Liabilities – (428,855) –

139 PRINCIPAL GLOBAL INVESTORS FUNDS NOTES TO THE INTERIM REPORT AND FINANCIAL STATEMENTS for the period ended 31 March 2021 (continued)

11. FINANCIAL RISK MANAGEMENT (continued)

Financial Assets at Fair Value through Profit or Loss (continued)

As at 31 March 2021 (continued)

Post Global Limited Term High Yield Fund Level 1 Level 2 Level 3 Other Quoted prices in observable Unobservable active markets inputs inputs USD USD USD Assets Investments in Securities at Fair Value – 552,599,529 – Unrealised Gain on Open Spot Currency Contracts – 136 – Unrealised Gain on Open Forward Foreign Currency Exchange Contracts – 135,226 – Total Assets – 552,734,891 –

Liabilities Unrealised Loss on Open Spot Currency Contracts – (2,041) – Unrealised Loss on Open Forward Foreign Currency Exchange Contracts – (4,032,636) – Tot al Liabilities – (4,034,677) –

Origin Global Emerging Markets Fund Level 1 Level 2 Level 3 Other Quoted prices in observable Unobservable active markets inputs inputs USD USD USD Assets Investments in Securities at Fair Value 86,154,523 – – Total Assets 86,154,523 – –

Liabilities Unrealised Loss on Open Spot Currency Contracts – (8) – Total Liabilities – (8) –

Origin Global Smaller Companies Fund Level 1 Level 2 Level 3 Other Quoted prices in observable Unobservable ac tive markets inputs inputs USD USD USD Assets Investments in Securities at Fair Value~ 25,943,076 – 25,103 Total Assets 25,943,076 – 25,103

Liabilities Unrealised Loss on Open Spot Currency Contracts – (10) – Total Liabilities – (10) –

~Contains Level 3 security at nil market value.

Global Diversified Income Fund Level 1 Level 2 Level 3 Other Quoted prices in observable Unobservable active markets inputs inputs USD USD USD Assets Investments in Securities at Fair Value 9,557,282 21,305,867 – Total Assets 9,557,282 21,305,867 –

140 PRINCIPAL GLOBAL INVESTORS FUNDS NOTES TO THE INTERIM REPORT AND FINANCIAL STATEMENTS for the period ended 31 March 2021 (continued)

11. FINANCIAL RISK MANAGEMENT (continued)

Financial Assets at Fair Value through Profit or Loss (continued)

As at 31 March 2021 (continued)

Finisterre Unconstrained Emerging Markets Fixed Income Fund Level 1 Level 2 Level 3 Other Quoted prices in observable Unobservable active markets inputs inputs USD USD USD Assets Investments in Securities at Fair Value 20,558,067 1,447,982,542 – Unrealised Gain on Open Spot Currency Contracts – 6,289 – Unrealised Gain on Open Forward Foreign Currency Exchange Contracts – 7,937,214 – Unrealised Gain on Open Futures Contracts 3,332,790 – – Market Value Gain on Swap Contracts – 11,959,712 – Total Assets 23,890,857 1,46 7,885,757 –

Liabilities Unrealised Loss on Open Spot Currency Contracts – (6,216) – Unrealised Loss on Open Forward Foreign Currency Exchange Contracts – (18,367,954) – Market Value Loss on Swap Contracts – (9,269,188) – Total Liabilities – (2 7,643,358) –

U.S. Blue Chip Equity Fund Level 1 Level 2 Level 3 Other Quoted prices in observable Unobservable active markets inputs inputs USD USD USD Assets Investments in Securities at Fair Value 7,566,212 – – Total Assets 7,566,212 – –

Asian High Yield Fund Level 1 Level 2 Level 3 Other Quoted prices in observable Unobservable active markets inputs inputs USD USD USD Assets Investments in Securities at Fair Value – 49,905,138 – Total Assets – 49,905,138 –

141 PRINCIPAL GLOBAL INVESTORS FUNDS NOTES TO THE INTERIM REPORT AND FINANCIAL STATEMENTS for the period ended 31 March 2021 (continued)

11. FINANCIAL RISK MANAGEMENT (continued)

Financial Assets at Fair Value through Profit or Loss (continued)

As at 31 March 2021 (continued)

Finisterre Emerging Markets Debt Euro Income Fund Level 1 Level 2 Level 3 Other Quoted prices in observable Unobservable active markets inputs inputs EUR EUR EUR Assets Investments in Securities at Fair Value – 27,829,878 – Unrealised Gain on Open Spot Currency Contracts – 303 – Unrealised Gain on Open Forward Foreign Currency Exchange Contracts – 58,117 – Unrealised Gain on Open Futures Contracts 6,670 – – Market Value Gain on Swap Contracts – 51,723 – Total Assets 6,670 27,940,021 –

Liabilities Unrealised Loss on Open Forward Foreign Currency Exchange Contracts – (220,680) – Unrealised Loss on Open Futures Contracts (346) – – Total Liabilities (346) (220,680) –

China Opportunities Equity Fund 1 Level 1 Level 2 Level 3 Other Quoted prices in observable Unobservable active markets inputs inputs USD USD USD Assets Investments in Securities at Fair Value 7,319,368 – – Unrealised Gain on Open Futures Contracts 86,617 – – Total Assets 7,405,985 – –

Liabilities Unrealised Loss on Open Spot Currency Contracts – (6) – Total Liabilities – (6) –

1China Opportunity Equity Fund launched on 23 February 2021.

142 PRINCIPAL GLOBAL INVESTORS FUNDS NOTES TO THE INTERIM REPORT AND FINANCIAL STATEMENTS for the period ended 31 March 2021 (continued)

11. FINANCIAL RISK MANAGEMENT (continued)

Financial Assets at Fair Value through Profit or Loss (continued)

As at 30 September 2020

Global Equity Fund Level 1 Level 2 Level 3 Other Quoted prices in observable Unobservable active markets inputs inputs USD USD USD Assets Investments in Securities at Fair Value 17,275,020 – – Unrealised Gain on Open Spot Currency Contracts – 31 – Total Assets 17,275,020 31 –

Liabilities Unrealised Loss on Open Spot Currency Contracts – (26) – Total Liabilities – (26) –

European Equity Fund Level 1 Level 2 Level 3 Other Quoted prices in observable Unobservable active markets inputs inputs USD USD USD Assets Investments in Securities at Fair Value 38,328,939 – – Unrealised Gain on Open Spot Currency Contracts – 482 – Total Assets 38,328,939 482 –

Liabilities Unrealised Loss on Open Spot Currency Contracts – (931) – Total Liabilities – (931) –

Preferred Sec urities Fund Level 1 Level 2 Level 3 Other Quoted prices in observable Unobservable active markets inputs inputs USD USD USD Assets Investments in Securities at Fair Value 189,992,134 4,445,109,278 – Unrealised Gain on Open Spot Currency Contracts – 28,986 – Unrealised Gain on Open Forward Foreign Currency Exchange Contracts – 118,387 – Total Assets 189,992,134 4,445,256,651 –

Liabilities Unrealised Loss on Open Spot Currency Contracts – (1,172) – Unrealised Loss on Open Forward Foreign Currency Exchange Contracts – (9,620,648) – Total Liabilities – (9,621,820) –

143 PRINCIPAL GLOBAL INVESTORS FUNDS NOTES TO THE INTERIM REPORT AND FINANCIAL STATEMENTS for the period ended 31 March 2021 (continued)

11. FINANCIAL RISK MANAGEMENT (continued)

Financial Assets at Fair Value through Profit or Loss (continued)

As at 30 September 2020 (continued)

Globa l High Yield Fund Level 1 Level 2 Level 3 Other Quoted prices in observable Unobservable active markets inputs inputs USD USD USD Assets Investments in Securities at Fair Value~ – 203,884,842 – Unrealised Gain on Open Forward Foreign Currency Exchange Contracts – 405,414 – Total Assets – 204,290,256 –

Liabilities Unrealised Loss on Open Forward Foreign Currency Exchange Contracts – (1,035,767) – Total Liabilities – (1,035,767) –

~Contains Level 3 security at nil market value.

Global Property Securities Fund Level 1 Level 2 Level 3 Other Quoted prices in observable Unobservable active markets inputs inputs USD USD USD Assets Investments in Securities at Fair Value 389,443,499 – – Unrealised Gain on Open Spot Currency Contracts – 1,834 – Unrealised Gain on Open Forward Foreign Currency Exchange Contracts – 141,210 – Total Assets 389,443,499 143,044 –

Liabilities Unrealised Loss on Open Spot Currency Contracts – (370) – Unrealised Loss on Open Forward Foreign Currency Exchange Contracts – (228,567) – Total Liabilities – (228,937) –

Post Global Limited Term High Yield Fund Level 1 Level 2 Level 3 Other Quoted prices in observable Unobservable active markets inputs inputs USD USD USD Asse ts Investments in Securities at Fair Value – 469,678,223 – Unrealised Gain on Open Spot Currency Contracts – 144 – Unrealised Gain on Open Forward Foreign Currency Exchange Contracts – 74,353 – Total Assets – 469,752,720 –

Liabilities Unrealised Loss on Open Forward Foreign Currency Exchange Contracts – (2,177,373) – Total Liabilities – (2,177,373) –

144 PRINCIPAL GLOBAL INVESTORS FUNDS NOTES TO THE INTERIM REPORT AND FINANCIAL STATEMENTS for the period ended 31 March 2021 (continued)

11. FINANCIAL RISK MANAGEMENT (continued)

Financial Assets at Fair Value through Profit or Loss (continued)

As at 30 September 2020 (continued)

Liabilities Unrealised Loss on Open Spot Currency Contracts – (9) – Total Liabilities – (9) –

Origin Global Smaller Companies Fund Level 1 Level 2 Level 3 Other Quoted prices in observable Unobservable active markets inputs inputs USD USD USD Assets Investments in Securities at Fair Value~ 17,001,456 – 24,707 Total Assets 17,001,456 – 24,707

Liabilities Unrealised Loss on Open Spot Currency Contracts – (11) – Total Liabilities – (11) –

~Contains Level 3 security at nil market value.

Global Diversified Income Fund 1 Level 1 Level 2 Level 3 Other Quoted prices in observable Unobservable active markets inputs inputs USD USD USD Assets Investments in Securities at Fair Value 7,565,373 20,864,173 – Total Assets 7,565,373 20,864,173 –

1Global Income Fund name changed to Global Diversified Income Fund on 17 January 2020.

145 PRINCIPAL GLOBAL INVESTORS FUNDS NOTES TO THE INTERIM REPORT AND FINANCIAL STATEMENTS for the period ended 31 March 2021 (continued)

11. FINANCIAL RISK MANAGEMENT (continued)

Financial Assets at Fair Value through Profit or Loss (continued)

As at 30 September 2020 (continued)

Finisterre Unconstrained Emerging Markets Fixed Income Fund Level 1 Level 2 Level 3 Other Quoted prices in observable Unobservable active markets inputs inputs USD USD USD Assets Investments in Securities at Fair Value – 841,866,638 – Unrealised Gain on Open Spot Currency Contracts – 3,927 – Unrealised Gain on Open Forward Foreign Currency Exchange Contracts – 4,319,792 – Market Value Gain on Swap Contracts – 8,552,983 – Total Assets – 854,743,340 –

Liabilities Unrealised Loss on Open Spot Currency Contracts – (3,436) – Unrealised Loss on Open Forward Foreign Currency Exchange Contracts – (10,391,509) – Unrealised Loss on Open Futures Contracts (61,406) – – Market Value Loss on Swap Contracts – (12,576,044) – Total Liabilities (61,406) (22,970,989) –

Asian High Yield Fund 2 Level 1 Level 2 Level 3 Other Quoted prices in observable Unobservable active markets inputs inputs USD USD USD Assets Investments in Securities at Fair Value – 47,216,253 – Total Assets – 47,216,253 –

Liabilities Unrealised Loss on Open Futures Contracts (1,406) – – Market Value Loss on Swap Contracts – (45,944) – Total Liabilities (1,406) (45,944) –

2Asian High Yield Fund launched on 8 January 2020.

146 PRINCIPAL GLOBAL INVESTORS FUNDS NOTES TO THE INTERIM REPORT AND FINANCIAL STATEMENTS for the period ended 31 March 2021 (continued)

11. FINANCIAL RISK MANAGEMENT (continued)

Financial Assets at Fair Value through Profit or Loss (continued)

As at 30 September 2020 (continued)

Finisterre Emerging Markets Debt Euro Income Fund 3 Level 1 Level 2 Le vel 3 Other Quoted prices in observable Unobservable active markets inputs inputs EUR EUR EUR Assets Investments in Securities at Fair Value – 26,569,678 – Unrealised Gain on Open Forward Foreign Currency Exchange Contracts – 83,239 – Market Value Gain on Swap Contracts – 14,496 – Total Assets – 26,667,413 –

Liabilities Unrealised Loss on Open Forward Foreign Currency Exchange Contracts – (141,323) – Unrealised Loss on Open Futures Contracts (24,950) – – Total Liabilities (24,950) (141,323) –

3Finisterre Emerging Markets Debt Euro Income Fund launched on 28 August 2020.

147 PRINCIPAL GLOBAL INVESTORS FUNDS NOTES TO THE INTERIM REPORT AND FINANCIAL STATEMENTS for the period ended 31 March 2021 (continued)

12. TRANSACTIONS COSTS

Each Fund’s transaction costs incurred during the period ended 31 March 2021 relate to the purchase or sale of transferable securities, derivatives or other eligible assets. Transaction costs include commission costs, settlement fees and broker fees. The transaction costs incurred are as follows:

31 March 2021 30 September 2020 31 March 2020 Global Equity Fund (USD) 22,321 19,565 6,709 European Equity Fund (USD) 37,025 47,343 13,760 Preferred Securities Fund (USD) 1 6,903 35,736 21,216 Global High Yield Fund (USD) 1 27 2,303 198 Global Property Securities Fund (USD) 346,645 288,750 109,304 Post Global Limited Term High Yield Fund (USD) 1 – – – Origin Global Emerging Markets Fund (USD) 75,766 161,613 123,182 Origin Global Smaller Companies Fund (USD) 13,699 22,632 10,636 Global Diversified Income Fund (USD) 2 5,094 11,679 10,228 Finisterre Unconstrained Emerging Markets Fixed Income Fund (USD) 1 – – – U.S. Blue Chip Equity Fund (USD) 3 422 1,017 343 Asian High Yield Fund (USD) 4 – – – Finisterre Emerging Markets Debt Euro Income Fund (EUR) 5 – – – China Opportunities Equity Fund (USD) 6 16,751 – –

1The transaction costs for these Funds are embedded within the purchase and sale prices and have not been separately identified. 2Global Income Fund name changed to Global Diversified Income Fund on 17 January 2020. 3U.S. Blue Chip Equity Fund launched on 15 August 2019. 4Asian High Yield Fund launched on 8 January 2020. 5Finisterre Emerging Markets Debt Euro Income Fund launched on 28 August 2020. 6China Opportinities Equity Fund launched on 23 February 2021.

13. GLOBAL EXPOSURE

Investment Adviser/Sub-Investment Adviser(s) employs a documented Risk Management Process in relation to the use of FDls, which ensures the risk associated with the positions is measured, monitored and managed. In respect of the Finisterre Unconstrained Emerging Markets Fixed Income Fund and Finisterre Emerrging Markets Debt Euro Income Fund; an Absolute VaR Approach, based on a confidence level of 99% for a daily horizon and considering at least two years of historical data is used to manage risk. In relation to the remaining Funds, the Commitment approach is used; which entails monitoring global exposure and counterparty exposure associated with the positions.

148 PRINCIPAL GLOBAL INVESTORS FUNDS NOTES TO THE INTERIM REPORT AND FINANCIAL STATEMENTS for the period ended 31 March 2021 (continued)

14. EXCHANGE RATES

The foreign exchange rates used in the Financial Statements as at 31 March 2021 expressed as USD are as follows:

AED 3.673154 GBP 0.724795 PLN 3.946003 ARS 91.984888 HKD 7.774444 RON 4.186490 AUD 1.312930 HUF 308.214938 RUB 75.518772 BRL 5.643002 IDR 14,525.000725 SAR 3.750381 CAD 1.256831 ILS 3.334710 SEK 8.716279 CHF 0.941147 INR 73.113720 SGD 1.343589 CLP 718.400014 JPY 110.500000 THB 31.249982 CNH 6.561209 KRW 1,131.750018 TRY 8.276256 CNY 6.554976 MXN 20.460499 TWD 28.532978 COP 3,675.000399 MYR 4.146481 UAH 27.847249 CZK 22.224107 NOK 8.536312 ZAR 14.766254 DKK 6.327970 NZD 1.427847 EGP 15.717511 PEN 3.762122 EUR 0.850837 PHP 48.537472

The foreign exchange rates used in the Financial Statements as 31 March 2021 expressed as EUR are as follows:

CHF 1.106142 CNH 7.71 1475 CNY 7.704149 IDR 17,071.423034 INR 85.931510 MXN 24.047491 PEN 4.421671 PLN 4.637789 RUB 88.758199 UAH 32.729236 USD 1.175313 ZAR 17.354971

The foreign exchange rates used in the Financial Statements as at 30 September 2020 expressed as USD are as follows:

AED 3.673151 GBP 0.773515 PHP 48.480005 ARS 76.173035 HKD 7.750000 PLN 3.866375 AUD 1.395189 HUF 309.704556 RON 4.156405 BRL 5.636448 IDR 14,880.006188 RUB 77.601253 CAD 1.335744 ILS 3.420328 SAR 3.750890 CHF 0.918704 INR 73.780012 SEK 8.950031 CLP 787.820042 JPY 105.530012 SGD 1.365099 CNH 6.786278 KRW 1,169.500039 THB 31.687539 CNY 6.810605 MXN 22.075766 TRY 7.704169 COP 3,854.350325 MYR 4.155515 TWD 28.962020 CZK 23.100248 NOK 9.356590 UAH 28.287477 DKK 6.347734 NZD 1.512840 ZAR 16.679997 EUR 0.852761 PEN 3.597037

The foreign exchange rates used in the Financial Statements as at 30 September 2020 expressed as EUR are as follows:

CHF 1.077328 IDR 17,449.201324 MXN 25.887387 PEN 4.218105 PLN 4.533947 RUB 90.999955 USD 1.172661 ZAR 19.559980

149 PRINCIPAL GLOBAL INVESTORS FUNDS NOTES TO THE INTERIM REPORT AND FINANCIAL STATEMENTS for the period ended 31 March 2021 (continued)

15. SIGNIFICANT EVENTS DURING THE PERIOD

Launches during the period: Fund • China Opportunities Equity Fund launched on 23 February 2021.

Closures during the period

Share Class  Global High Yield Fund D2 Class Income 19 October 2020.  Global High Yield Fund D2 Class Income (HKD) 19 October 2020.  Post Global Limited Term High Yield Fund I Class Income (EUR hedged) 23 October 2020.  Global Property Securities Fund N Class Accumulation (EUR) 23 November 2020.  Finisterre Unconstrained Emerging Markets Fixed Income Fund N Class Accumulation (GBP hedged) 23 December 2020.

150 PRINCIPAL GLOBAL INVESTORS FUNDS NOTES TO THE INTERIM REPORT AND FINANCIAL STATEMENTS for the period ended 31 March 2021 (continued)

15. SIGNIFICANT EVENTS DURING THE PERIOD (continued)

Prospectus & Supplement changes  New supplement was issued for the China Opportunities Equity Fund on 22 December 2020, in advance of the launch of the fund on 23 February 2021.  New supplement was issued for the Global Diversified Income Fund on 4 January 2021.  New supplement was issued for the Finisterre Unconstrained Emerging Markets Fixed Income Fund on 4 January 2021.  New supplement was issued for the Finisterre Emerging Markets Debt Euro Income Fund on 4 January 2021.  SFDR addendum to the Prospectus was issued on 3 March 2021  Sustainable Finance Disclosures added to the Prospectus  New supplement was issued for the Global High Yield Fund on 3 March 2021.  New supplement was issued for the Global Property Securities Fund on 16 March 2021.

Other Events • The UK left the EU on 31 January 2020, an event commonly known as Brexit. Following 31 January 2020 the UK entered a transition Period. The transition period ended at 23:00 GMT (00:00 CET) on 31 December 2020. On 24 December 2020, a permanent trade agreement was reached between the UK and EU. The Manager does not believe that Brexit will present significant issues that cannot be mitigated. • The Manager is part of a global group and has been committed for many years to meeting clients needs across Europe in both EU and non- EU countries The change in the UK‘s status from and EU to an non-EU country will not change the group’s focus or commitment to serve its clients across Europe. The Manager continues to monitor development closely. • Roberto Walker resigned from the Principal Global investors (Ireland) Limited Board on 24 March 2021. • Joel Pitz was appointed as a director of Principal Global Investors (Ireland) Limited on 24 March 2021.

• Effective 1 January 2021, Finisterre Capital LLP transferred the whole of its business to Principal Global Investors (Europe) Limited. As a result Principal Global Investors (Europe) Limited was appointed Sub-Investment Adviser to the Global Diversified Income Fund, Finisterre Unconstrained Emerging Markets Fixed Income Fund and Finisterre Emerging Markets Debt Euro Income Fund. • On 11 February 2020, the World Health Organization (the "WHO") named the disease "COVID-19" and on 11 March 2020, the WHO declared a pandemic. The ability to accurate forecast short, medium and long-term impact may be difficult and markets may be very volatile during epidemics and/or pandemics, as evidenced by COVID-19. Forecasts may range from prolonged and severe adverse societal and economic issues triggering a global recession to shorter periods of contagion potentially alleviated by medical treatments. However, a continued escalation in an epidemic/and or pandemic could see a continual decline in global economic growth. Many businesses around the world may have to curtail their travel and meeting plans. This is likely to slow business activity, including in particular international business activity. This may have an adverse impact on the Manager and its delegates, service providers, advisers and other third parties to whom tasks and actions have been outsourced. The impact of a viral pandemic in certain areas with large and crowded cities may be especially severe. In consumer goods, for example, customers may delay discretionary spending and travel plans because of worry about the pandemic. The banking industry, and in particular, the consumer finance sector, may be significantly affected by credit losses resulting from financial difficulties of impacted borrowers. Epidemics and/or pandemics may trigger many employees of the Investment Adviser and certain of the other service providers to the Manager to be absent from work or work remotely for prolonged periods of time. Notwithstanding, the implementation of disaster recovery and business continuity plans, the unprecedented scale of a global pandemic, may reduce the ability of the employees of the Investment Adviser and/or other service providers to the Manager to work effectively on a remote basis may adversely impact the day to day operations of the Manager.

There have been no other significant events affecting the Funds during the period ended.

16. SIGNIFICANT EVENTS AFTER THE PERIOD END

There have been no other significant events affecting the Funds after the period ended.

17. APPROVAL OF FINANCIAL STATEMENTS

The Financial Statements were approved by the Board of Directors of the Manager on 18 May 2021. 151 PRINCIPAL GLOBAL INVESTORS FUNDS FUND PERFORMANCE for the period ended 31 March 2021

Global Equity Fund European Equity Fund Period Ended Highest Price Lowest Price Period Ended Highest Price Lowest Price Per Unit Per Unit Per Unit Per Unit USD USD USD USD A Class Income units A Class Income units 30/09/12 32.4142 25.0525 30/09/12 46.3178 35.1792 30/09/13 37.6150 30.0371 30/09/13 55.5073 43.2032 30/09/14 42.6771 36.5926 30/09/14 62.6333 53.0940 30/09/15 44.1125 38.6605 30/09/15 62.1594 51.7888 30/09/16 42.2319 36.7872 30/09/16 57.9715 49.6667 30/09/17 47.4568 39.3517 30/09/17 67.2972 51.0591 30/09/18 53.1739 47.1914 30/09/18 73.2256 65.7641 30/09/19 50.7754 41.2092 30/09/19 68.2711 56.2740 30/09/20 55.0945 34.7848 30/09/20 73.2034 47.0718 31/03/21 63.8066 52.0121 31/03/21 86.4992 68.4011 A Class Accumulation units A Class Accumulation units 30/09/12 37.3021 28.8299 30/09/12 56.5221 42.9296 30/09/13 43.4380 35.0714 30/09/13 68.5398 53.3458 30/09/14 49.2827 42.2575 30/09/14 77.8029 65.9516 30/09/15 50.9351 44.6408 30/09/15 77.5908 64.6455 30/09/16 48.7700 42.4826 30/09/16 73.0862 62.6160 30/09/17 54.7724 45.4175 30/09/17 85.9309 65.1988 30/09/18 61.3709 54.4663 30/09/18 93.8761 84.3103 30/09/19 58.6031 47.5622 30/09/19 88.2902 72.7755 30/09/20 63.5882 40.1475 30/09/20 95.7169 61.5488 31/03/21 73.6431 60.0307 31/03/21 113.5744 89.8112 I Class Accumulation units I Class Accumulation units 30/09/12 15.9350 12.2392 30/09/12 18.9802 14.3257 30/09/13 18.6764 14.9969 30/09/13 23.1650 17.9316 30/09/14 21.3220 18.1753 30/09/14 26.4185 22.2980 30/09/15 22.1414 19.3300 30/09/15 26.5066 22.0016 30/09/16 21.2641 18.5557 30/09/16 25.0602 21.4956 30/09/17 24.2322 19.9446 30/09/17 29.8599 22.4882 30/09/18 27.2394 24.1039 30/09/18 32.7234 29.4504 30/09/19 26.1677 21.2819 30/09/19 31.1696 25.5784 30/09/20 28.8845 18.1642 30/09/20 34.1598 21.8679 31/03/21 33.5894 27.3075 31/03/21 40.6849 32.0871 F2 Class Accumulation units I Class Accumulation (EUR) units 30/09/16 10.3716 9.5493 30/09/12 12.1515 9.1679 30/09/17 11.6310 9.7220 30/09/13 14.8469 11.4805 30/09/18 12.9877 11.5623 30/09/14 16.9207 14.2913 30/09/19 12.3234 9.9802 30/09/15 16.9785 14.0920 30/09/20 13.1258 8.3228 30/09/16 16.0527 13.7697 31/03/21 15.1352 12.3726 30/09/17 19.1259 14.4053 30/09/18 20.9604 18.8639 30/09/19 19.9699 16.3870 30/09/20 21.8855 14.0106 31/03/21 26.0660 20.5574

152 PRINCIPAL GLOBAL INVESTORS FUNDS FUND PERFORMANCE for the period ended 31 March 2021 (continued)

Preferred Securities Fund Preferred Securities Fund (continued) Period Ended Highest Price Lowest Price Period Ended Highest Price Lowest Price Per Unit Per Unit Per Unit Per Unit USD USD USD USD A Class Income units A Class Accumulation units 30/09/12 8.7411 8.2035 30/09/12 10.7317 9.9265 30/09/13 9.0838 8.5256 30/09/13 11.5922 10.7199 30/09/14 9.2122 8.4992 30/09/14 12.4959 11.1334 30/09/15 9.2314 8.9034 30/09/15 12.9394 12.4116 30/09/16 9.1189 8.4586 30/09/16 13.6223 12.3412 30/09/17 9.3984 8.8132 30/09/17 14.6642 13.3591 30/09/18 9.3777 8.7620 30/09/18 14.8170 14.2793 30/09/19 9.2659 8.3675 30/09/19 15.8364 13.9733 30/09/20 9.5235 7.5018 30/09/20 16.6361 13.1045 31/03/21 9.4139 9.0976 31/03/21 17.1107 16.4163 A Class Income (AUD hedged) units A Class Accumulation (CHF hedged) units 30/09/17 10.1672 9.8440 30/09/13 10.0567 9.9671 30/09/18 10.1606 8.5346 30/09/14 11.3870 9.9973 30/09/19 8.5968 7.8923 30/09/15 11.9932 10.0475 30/09/20 8.9244 5.6986 30/09/16 11.2364 10.0002 31/03/21 9.7149 8.3831 30/09/17 12.0479 10.3088 A Class Income (CHF hedged) units 30/09/18 12.2398 10.8762 30/09/18 10.3197 9.7955 30/09/19 11.7539 10.5507 30/09/19 10.0947 9.2799 30/09/20 12.9421 9.5419 30/09/20 10.6262 8.0124 31/03/21 13.6434 12.6247 31/03/21 11.0499 10.1899 A Class Accumulation (EUR hedged) units A Class Income (EUR hedged) units 30/09/12 16.7447 14.6901 30/09/13 10.4611 9.6696 30/09/13 18.1792 16.4962 30/09/14 11.0625 10.0862 30/09/14 20.2261 17.9465 30/09/15 10.1238 8.4627 30/09/15 18.9622 16.0915 30/09/16 8.8930 8.0775 30/09/16 18.1141 16.0572 30/09/17 9.5903 7.8743 30/09/17 20.4036 16.3477 30/09/18 9.7450 8.3238 30/09/18 21.1497 18.4763 30/09/19 8.4049 7.7869 30/09/19 19.2898 17.7160 30/09/20 8.6196 6.3613 30/09/20 20.9960 15.1427 31/03/21 9.0264 8.2967 31/03/21 22.1903 20.4012 A Class Income (GBP hedged) units A Class Accumulation (JPY hedged) units 30/09/13 10.3203 9.3483 30/09/16 10.9587 10.1092 30/09/14 11.5291 9.9358 30/09/17 10.8341 9.1408 30/09/15 11.1365 10.2011 30/09/18 10.9608 9.9307 30/09/16 10.5295 8.6120 30/09/19 11.2580 9.5558 30/09/17 9.6070 8.1567 30/09/20 11.7142 8.7716 30/09/18 9.9583 8.3694 31/03/21 12.1915 11.2911 30/09/19 8.5986 7.7732 A Class Accumulation (SGD hedged) units 30/09/20 9.0692 6.1597 30/09/17 10.5377 9.9858 31/03/21 9.3603 8.3193 30/09/18 10.9107 10.0127 A Class Income (SGD hedged) units 30/09/19 10.9264 9.7280 30/09/17 10.5215 10.0056 30/09/20 11.5559 8.4815 30/09/18 10.6723 9.5721 31/03/21 12.1889 11.3248 30/09/19 9.9768 9.1138 I Class Income units 30/09/20 10.3318 7.5633 30/09/13 10.2546 9.6267 31/03/21 10.4544 9.7773 30/09/14 10.4085 9.5878 30/09/15 10.4352 10.0495 30/09/16 10.3048 9.5549 30/09/17 10.6245 9.9477 30/09/18 10.6014 9.8884 30/09/19 10.4742 9.4424 30/09/20 10.7575 8.4783 31/03/21 10.6393 10.2652 I Class Income (AUD hedged) units 30/09/17 10.8049 10.0358 30/09/18 10.7309 9.0193

153 PRINCIPAL GLOBAL INVESTORS FUNDS FUND PERFORMANCE for the period ended 31 March 2021 (continued)

Preferred Securities Fund (continued) Preferred Securities Fund (continued) Period Ended Highest Price Lowest Price Period Ended Highest Price Lowest Price Per Unit Per Unit Per Unit Per Unit USD USD USD USD I Class Income (AUD hedged) units (continued) I Class Accumulation units (continued) 30/09/19 9.0784 8.3245 30/09/20 25.1398 19.8145 30/09/20 9.4235 6.0206 31/03/21 26.0228 24.9069 31/03/21 10.2596 8.8415 I Class Accumulation (AUD hedged) units I Class Income (CHF hedged) units 30/09/17 10.8049 10.0358 30/09/17 10.8244 9.7816 30/09/18 10.9764 9.4654 30/09/18 10.7723 9.3476 30/09/19 10.0517 8.9922 30/09/19 9.6498 8.8562 30/09/20 10.9919 6.8410 30/09/20 10.1580 7.6651 31/03/21 12.2247 10.4313 31/03/21 10.5695 9.7438 I Class Accumulation (CHF hedged) units I Class Income (EUR hedged) units 30/09/13 10.2732 9.5180 30/09/12 9.1318 8.1286 30/09/14 11.6347 10.1555 30/09/13 9.7762 8.8735 30/09/15 12.2599 10.2931 30/09/14 10.2125 9.2929 30/09/16 11.6029 10.3053 30/09/15 9.3385 7.7983 30/09/17 12.5151 10.6654 30/09/16 8.2073 7.4487 30/09/18 12.7455 11.3623 30/09/17 8.8581 7.2667 30/09/19 12.3667 11.0535 30/09/18 8.9863 7.6735 30/09/20 13.7067 10.0772 30/09/19 7.7421 7.1724 31/03/21 14.4853 13.4056 30/09/20 7.9558 5.8735 31/03/21 8.3367 7.6524 I Class Accumulation (EUR hedged) units 30/09/12 10.9406 9.5765 I Class Income (GBP hedged) units 30/09/13 11.9183 10.7842 30/09/12 10.7776 9.5226 30/09/14 13.3495 11.8047 30/09/13 10.9087 9.6985 30/09/15 12.5538 10.6669 30/09/14 11.9328 10.3022 30/09/16 12.1195 10.7074 30/09/15 10.7487 9.8379 30/09/17 13.7405 10.9654 30/09/16 10.1567 8.2991 30/09/18 14.2701 12.5200 30/09/17 9.2611 7.8553 30/09/19 13.1499 12.0353 30/09/18 9.5974 8.0759 30/09/20 14.4133 10.3654 30/09/19 8.3018 7.4942 31/03/21 15.2694 14.0194 30/09/20 8.7561 5.9498 31/03/21 9.0318 8.0207 I Class Accumulation (JPY hedged) units 30/09/12 15.1465 13.2389 I Class Income (JPY hedged) units 30/09/13 15.1396 12.0823 30/09/12 11.3161 10.0475 30/09/14 13.5687 11.9043 30/09/13 11.1480 8.6820 30/09/15 12.9986 11.3433 30/09/14 9.2954 8.3061 30/09/16 14.9687 11.5640 30/09/15 8.6868 7.3326 30/09/17 14.8770 12.5245 30/09/16 9.1295 7.3270 30/09/18 15.1016 13.7267 30/09/17 8.9142 7.4662 30/09/19 15.6601 13.2283 30/09/18 8.5603 7.5816 30/09/20 16.3625 12.2388 30/09/19 8.1903 7.2068 31/03/21 17.1043 15.8669 30/09/20 8.3299 6.2400 31/03/21 8.3661 7.7088 I Class Accumulation (SGD hedged) units 30/09/17 10.5586 9.9859 I Class Income (SGD hedged) units 30/09/18 10.9545 10.0805 30/09/17 10.5317 10.0077 30/09/19 11.0874 9.8217 30/09/18 10.6809 9.5811 30/09/20 11.7505 8.6333 30/09/19 10.0026 9.1233 31/03/21 12.4783 11.5717 30/09/20 10.3619 7.5848 31/03/21 10.4816 9.7918 D Class Income units 30/09/12 11.6659 10.9491 I Class Accumulation units 30/09/13 12.1311 11.3844 30/09/12 15.4545 14.2619 30/09/14 12.2954 11.3528 30/09/13 16.7636 15.4389 30/09/15 12.3212 11.8921 30/09/14 18.2219 16.1386 30/09/16 12.1736 11.2942 30/09/15 18.9476 18.1144 30/09/17 12.5453 11.7718 30/09/16 20.1300 18.1707 30/09/18 12.5224 11.7040 30/09/17 21.8168 19.7712 30/09/19 12.3684 11.1776 30/09/18 22.0884 21.3487 30/09/20 12.7166 10.0146 30/09/19 23.8707 20.9588 31/03/21 12.5672 12.1539

154 PRINCIPAL GLOBAL INVESTORS FUNDS FUND PERFORMANCE for the period ended 31 March 2021 (continued)

Preferred Securities Fund (continued) Preferred Securities Fund (continued) Period Ended Highest Price Lowest Price Period Ended Highest Price Lowest Price Per Unit Per Unit Per Unit Per Unit USD USD USD USD D Class Accumulation units N Class Income units 30/09/12 17.5076 16.2104 30/09/16 10.0589 10.0047 30/09/13 18.8856 17.4876 30/09/17 10.4961 9.8306 30/09/14 20.2809 18.1180 30/09/18 10.4749 9.7773 30/09/15 20.9608 20.1362 30/09/19 10.3501 9.3357 30/09/16 21.9747 19.9426 30/09/20 10.6336 8.3793 30/09/17 23.5799 21.5356 31/03/21 10.5147 10.1514 30/09/18 23.8033 22.9089 30/09/19 25.3116 22.3842 N Class Income (EUR hedged) units 30/09/20 26.5585 20.9154 30/09/18 10.0127 8.8552 31/03/21 27.2361 26.1600 30/09/19 8.9363 8.2796 30/09/20 9.1723 6.7716 D2 Class Income units 31/03/21 9.6070 8.8258 30/09/16 10.5133 9.9933 30/09/17 10.8497 10.1862 N Class Income (GBP hedged) units 30/09/18 10.8612 10.1747 30/09/18 10.0868 9.6774 30/09/19 10.6764 9.7192 30/09/19 9.8820 8.9246 30/09/20 10.9693 8.6034 30/09/20 10.3150 6.9836 31/03/21 10.6968 10.4112 31/03/21 10.6038 9.4207 D2 Class Income (HKD) units N Class Accumulation units 30/09/19 1.3576 1.2753 30/09/18 10.0076 9.9850 30/09/20 1.3948 1.0940 30/09/19 10.9671 9.6481 31/03/21 1.3601 1.3238 30/09/20 11.5389 9.0925 31/03/21 11.9150 11.4145 D2 Class Income Plus units 30/09/20 10.4476 10.0347 N Class Accumulation (EUR hedged) units 31/03/21 10.5718 10.3039 30/09/17 10.3931 9.9828 30/09/18 10.7909 9.4431 D2 Class Income Plus (HKD) units 30/09/19 9.8930 9.0664 30/09/20 1.3480 1.2947 30/09/20 10.8071 7.7865 31/03/21 1.3635 1.3290 31/03/21 11.4402 10.5070 F Class Income units N Class Accumulation (CHF hedged) units 30/09/12 11.5712 10.8698 31/03/21 11.2536 10.4811 30/09/13 12.0440 11.3055 30/09/14 12.2041 11.2822 N Class Accumulation (GBP hedged) units 30/09/15 12.2300 11.8142 30/09/17 10.6387 9.9630 30/09/16 12.0871 11.2175 30/09/18 11.2664 9.7008 30/09/17 12.4525 11.6986 30/09/19 10.3206 9.2198 30/09/18 12.4379 11.6315 30/09/20 11.2840 7.7048 30/09/19 12.2763 11.1088 31/03/21 12.2512 10.7796 30/09/20 12.6292 9.9412 P Class Income units 31/03/21 12.4755 12.0801 30/09/13 10.2171 9.6008 F Class Accumulation units 30/09/14 10.3762 9.5669 30/09/12 17.1555 15.9119 30/09/15 10.3956 10.0210 30/09/13 18.4482 17.1348 30/09/16 10.2683 9.5229 30/09/14 19.6814 17.6628 30/09/17 10.5848 9.9205 30/09/15 20.2776 19.5278 30/09/18 10.5618 9.8635 30/09/16 21.1099 19.2115 30/09/19 10.4369 9.4197 30/09/17 22.5336 20.6639 30/09/20 10.7248 8.4496 30/09/18 22.7120 21.8096 31/03/21 10.6015 10.2407 30/09/19 23.9462 21.2570 P Class Accumulation units 30/09/20 25.0764 19.7392 30/09/13 10.2180 9.6954 31/03/21 25.5887 24.6236 30/09/14 11.0586 9.8262 F2 Class Accumulation units 30/09/15 11.4692 10.9889 30/09/16 10.6740 9.9838 30/09/16 12.1087 10.9577 30/09/17 11.3430 10.4386 30/09/17 13.0620 11.8805 30/09/18 11.4194 10.9417 30/09/18 13.2065 12.7385 30/09/19 11.9430 10.6393 30/09/19 14.1630 12.4779 30/09/20 12.4855 9.8238 30/09/20 14.8894 11.7307 31/03/21 12.6827 12.2249 31/03/21 15.3448 14.7111

155 PRINCIPAL GLOBAL INVESTORS FUNDS FUND PERFORMANCE for the period ended 31 March 2021 (continued)

Preferred Securities Fund (continued) Global High Yield Fund (continued) Period Ended Highest Price Lowest Price Period Ended Highest Price Lowest Price Per Unit Per Unit Per Unit Per Unit USD USD USD USD X Class Income units A Class Accumulation units 30/09/19 10.2558 9.9957 30/09/12 13.4333 10.8980 30/09/20 10.5436 8.3137 30/09/13 14.7514 13.3002 31/03/21 10.4338 10.0573 30/09/14 16.1918 14.6640 30/09/15 16.1049 14.9615 X Class Accumulation units 30/09/16 16.8242 14.4790 30/09/19 10.2558 9.9957 30/09/17 18.3644 16.6869 30/09/20 10.8153 8.5250 30/09/18 18.6467 18.2411 31/03/21 11.2341 10.7364 30/09/19 19.6718 17.5410 Global High Yield Fund 30/09/20 20.2028 16.0695 Period Ended Highest Price Lowest Price 31/03/21 21.3536 19.9775 Per Unit Per Unit I Class Income units USD USD 30/09/18 10.0312 9.6234 A Class Income units 30/09/19 9.9283 9.0707 30/09/14 10.0035 9.6400 30/09/20 9.9892 7.9366 30/09/15 9.6179 8.9926 31/03/21 10.0896 9.5222 30/09/16 9.4442 8.3408 I Class Accumulation units 30/09/17 9.8539 9.2520 30/09/12 18.6159 15.0452 30/09/18 9.8482 9.3943 30/09/13 20.4948 18.4341 30/09/19 9.6812 8.8552 30/09/14 22.5981 20.4059 30/09/20 9.7397 7.7390 30/09/15 22.5618 20.9232 31/03/21 9.8417 9.2954 30/09/16 23.6879 20.3412 A Class Income (AUD hedged) units 30/09/17 25.9873 23.5119 30/09/15 10.3624 8.4830 30/09/18 26.4990 25.8676 30/09/16 9.8952 7.8787 30/09/19 28.1166 24.9781 30/09/17 10.8581 9.3092 30/09/20 29.0141 23.0265 30/09/18 10.8872 9.2777 31/03/21 30.7442 28.7021 30/09/19 9.4033 8.4756 I Class Accumulation (BRL hedged) units 30/09/20 9.3545 5.9730 30/09/13 10.3186 8.4000 31/03/21 10.4286 8.7619 30/09/14 10.2342 9.4043 30/09/15 10.6546 6.6445 30/09/16 10.4569 6.5907 30/09/17 12.8575 9.8217 30/09/18 13.1320 10.0496 30/09/19 12.0186 10.2946 30/09/20 11.6890 7.1847 31/03/21 9.7887 8.2168 I Class Accumulation (CHF hedged) units 30/09/18 99.7984 9.4572 30/09/19 100.1095 90.5990 30/09/20 109.4808 80.5474 31/03/21 117.0769 106.2386 I Class Accumulation (EUR hedged) units 30/09/14 11.1959 9.8539 30/09/15 10.0559 8.3747 30/09/16 9.5081 7.9321 30/09/17 10.8486 8.8701 30/09/18 11.4187 10.1469 30/09/19 10.4443 9.5877 30/09/20 11.1654 8.0507 31/03/21 12.0044 10.8316 D Class Income units 31/03/21 10.4572 9.9960 D Class Accumulation units 30/09/15 10.3548 9.7915 30/09/16 10.7703 9.2867 30/09/17 11.7186 10.6753 30/09/18 11.8910 11.6197

156 PRINCIPAL GLOBAL INVESTORS FUNDS FUND PERFORMANCE for the period ended 31 March 2021 (continued)

Global High Yield Fund (continued) Global Property Securities Fund (continued) Period Ended Highest Price Lowest Price Period Ended Highest Price Lowest Price Per Unit Per Unit Per Unit Per Unit USD USD USD USD D Class Accumulation units (continued) A Class Accumulation (SGD hedged) units 30/09/19 12.4871 11.1598 30/09/20 7.4832 4.4883 30/09/20 12.7970 10.1887 31/03/21 7.4335 6.1386 31/03/21 13.5083 12.6501 A2 Class Income units D2 Class Income units 30/09/20 10.3776 6.4073 30/09/19 10.4527 10.0098 31/03/21 10.2194 8.4920 30/09/20 10.5114 8.3132 31/03/21 10.1100 9.9720 I Class Income units 30/09/19 10.2925 9.7771 D2 Class Income (HKD) units 30/09/20 11.0698 6.4421 30/09/19 1.3321 1.2756 31/03/21 10.2479 8.4901 30/09/20 1.3396 1.0597 31/03/21 1.2886 1.2710 I Class Income (JPY hedged) units 30/09/15 9.9619 9.0018 D2 Class Income Plus units 30/09/16 12.3569 9.0139 30/09/20 10.4404 10.0101 30/09/17 11.7781 9.5348 31/03/21 10.6927 10.2380 30/09/18 11.6779 10.4711 30/09/19 13.1925 10.4023 D2 Class Income Plus (HKD) units 30/09/20 13.6135 7.9679 30/09/20 1.3471 1.2915 31/03/21 12.3950 10.7215 31/03/21 1.3796 1.3209 I Class Accumulation units F Class Accumulation units 30/09/12 20.0921 14.0862 30/09/16 11.0072 9.9792 30/09/13 23.6266 19.1917 30/09/17 11.9204 10.9032 30/09/14 24.3106 20.9195 30/09/18 12.0732 11.7735 30/09/15 26.5148 22.5036 30/09/19 12.5812 11.2807 30/09/16 27.3327 22.0264 30/09/20 12.8656 10.2388 30/09/17 27.4956 23.5853 31/03/21 13.5177 12.6796 30/09/18 29.3701 26.2489 N Class Income units 30/09/19 32.8917 26.6001 30/09/19 10.3359 10.0060 30/09/20 35.5822 20.7064 30/09/20 10.4006 8.2625 31/03/21 33.5052 27.7700 31/03/21 10.5058 9.9170 I Class Accumulation (EUR) units N Class Income (EUR hedged) units 30/09/20 11.7983 10.7515 30/09/19 11.5155 10.9979 31/03/21 13.1138 10.8658 30/09/20 11.6312 8.5954 I Class Accumulation (EUR hedged) units 31/03/21 12.3164 11.1454 30/09/12 7.3729 5.3467 N Class Accumulation units 30/09/13 8.8367 6.9042 30/09/19 10.2043 10.0035 30/09/14 9.4480 8.2823 30/09/20 10.4573 9.9237 30/09/15 9.2448 8.1263 31/03/21 10.6166 9.9964 30/09/18 10.6157 10.0350 30/09/19 11.2078 9.3493 Global Property Securities Fund 30/09/20 11.7325 6.8861 Period Ended Highest Price Lowest Price 31/03/21 11.5956 9.5980 Per Unit Per Unit USD USD I Class Accumulation (GBP hedged) units 30/09/12 6.2583 4.2561 A Class Income (SGD hedged) units 30/09/13 7.1959 5.9002 30/09/20 7.4832 4.4883 30/09/14 8.2188 6.8055 31/03/21 7.3865 6.0999 30/09/15 8.5315 7.3467 30/09/20 13.9122 11.9295 A Class Accumulation units 31/03/21 16.0024 12.5467 30/09/16 11.3781 9.6578 30/09/18 10.8429 9.9694 I Class Accumulation (JPY hedged) units 30/09/19 12.0191 9.7902 30/09/13 10.6003 9.7822 30/09/20 12.4161 7.1351 30/09/14 11.2671 9.6159 31/03/21 11.4360 9.5149 30/09/15 11.2566 9.9832 A Class Accumulation (EUR hedged) units I Class Accumulation (USD hedged) units 30/09/19 11.4394 10.8994 30/09/12 7.8894 5.6513 30/09/20 11.9065 6.9836 30/09/13 9.5905 7.6050 31/03/21 11.6512 9.6744 30/09/14 9.9467 8.5425

157 PRINCIPAL GLOBAL INVESTORS FUNDS FUND PERFORMANCE for the period ended 31 March 2021 (continued)

Global Property Securities Fund (continued) Global Property Securities Fund (continued) Period Ended Highest Price Lowest Price Period Ended Highest Price Lowest Price Per Unit Per Unit Per Unit Per Unit USD USD USD USD I Class Accumulation (USD hedged) units (continued) P Class Accumulation units (continued) 30/09/15 11.3814 9.3048 30/09/20 11.3178 6.5872 30/09/16 11.6151 9.4306 31/03/21 10.6679 8.8369 30/09/17 11.7188 10.2714 30/09/18 12.8296 11.1593 Post Global Limited Term High Yield Fund 30/09/19 14.6561 11.7066 Period Ended Highest Price Lowest Price 30/09/20 15.9032 9.5032 Per Unit Per Unit 31/03/21 14.7856 12.2948 USD USD I2 Class Income units A Class Income units 30/09/14 10.2710 9.6324 30/09/16 10.2248 10.0274 30/09/15 11.1847 9.4680 30/09/17 10.2614 10.0584 30/09/16 11.4287 9.1801 30/09/18 10.1981 9.9133 30/09/17 11.3089 9.6708 30/09/19 10.2497 9.7558 30/09/18 11.8898 10.6040 30/09/20 10.2697 8.8646 30/09/19 13.0478 10.5227 31/03/21 10.2824 10.0354 30/09/20 13.8836 8.0825 A Class Accumulation units 31/03/21 12.8520 10.6344 30/09/16 10.2742 9.9439 I3 Class Accumulation (SEK hedged) units 30/09/17 10.6045 10.1817 31/03/21 1.1558 1.1472 30/09/18 10.7394 10.4789 30/09/19 11.2864 10.5284 D Class Income units 30/09/20 11.5951 9.9301 31/03/21 11.9593 10.1538 31/03/21 11.8867 11.5245 D Class Accumulation units A Class Accumulation (EUR hedged) units 30/09/19 10.4344 9.9198 31/03/21 11.9810 11.7579 30/09/20 11.2489 6.5398 31/03/21 11.0711 9.2093 A2 Class Income units 31/03/21 10.0221 9.9587 D2 Class Income units 30/09/20 10.5292 6.1139 I Class Income units 31/03/21 9.5515 8.0142 30/09/17 10.1970 10.0148 30/09/18 10.1274 9.8420 D2 Class Income (HKD) units 30/09/19 10.1873 9.6854 30/09/20 1.3653 0.7933 30/09/20 10.2068 8.8095 31/03/21 1.2377 1.0394 31/03/21 10.2190 9.9628 F Class Accumulation units I Class Income (EUR hedged) units 30/09/16 10.6454 9.6854 30/09/16 9.9675 9.8262 30/09/17 10.5401 9.1322 30/09/17 10.5114 9.0816 30/09/18 11.1251 10.0105 30/09/18 10.6437 9.4616 30/09/19 12.2906 10.0345 30/09/19 9.6210 9.0017 30/09/20 13.2328 7.6908 30/09/20 9.5946 7.5757 31/03/21 12.2907 10.2388 31/03/21 10.4054 9.3243 N Class Income units 30/09/18 10.3679 9.9910 30/09/19 11.5096 9.3188 30/09/20 12.2823 7.1463 31/03/21 11.3399 9.4061 N Class Accumulation units 30/09/19 10.3188 9.8003 30/09/20 11.1607 6.4936 31/03/21 10.4933 8.7014 N Class Accumulation (EUR hedged) units 30/09/20 11.2792 6.6206 31/03/21 11.1293 9.2170 N Class Accumulation (EUR) units 31/03/21 11.8400 11.6200 P Class Accumulation units 30/09/19 10.4549 9.9295

158 PRINCIPAL GLOBAL INVESTORS FUNDS FUND PERFORMANCE for the period ended 31 March 2021 (continued)

Post Global Limited Term High Yield Fund (continued) Post Global Limited Term High Yield Fund (continued) Period Ended Highest Price Lowest Price Period Ended Highest Price Lowest Price Per Unit Per Unit Per Unit Per Unit USD USD USD USD I Class Income (GBP hedged) units I Class Accumulation (JPY hedged) units (continued) 30/09/13 10.9442 9.8062 31/03/21 10.3512 9.7037 30/09/14 11.5692 10.6287 I Class Accumulation (SGD hedged) units 30/09/15 10.6472 9.5874 30/09/16 10.3781 9.8965 30/09/16 10.5625 9.1573 30/09/17 10.7216 9.6139 30/09/17 9.6388 8.5480 30/09/18 11.0272 10.4536 30/09/18 9.9717 8.7109 30/09/19 7.3269 7.1906 30/09/19 8.9946 8.6229 30/09/20 7.6048 6.0675 I Class Accumulation units 31/03/21 8.0264 7.5211 30/09/12 10.8391 9.7556 I2 Class Accumulation units 30/09/13 11.4202 10.8305 30/09/16 10.5431 9.9264 30/09/14 11.8921 11.4000 30/09/17 10.9577 10.4576 30/09/15 12.1027 11.5901 30/09/18 11.1708 10.8542 30/09/16 12.5783 11.8593 30/09/19 11.8228 10.9696 30/09/17 13.0477 12.4727 30/09/20 12.2249 10.4370 30/09/18 13.2731 12.9148 31/03/21 12.5829 12.1579 30/09/19 14.0125 13.0263 30/09/20 14.4557 12.3552 I2 Class Accumulation (EUR hedged) units 31/03/21 14.8576 14.3734 30/09/16 10.6532 9.4809 30/09/17 11.4375 9.6727 I Class Accumulation (CHF hedged) units 30/09/18 11.7791 10.6711 30/09/15 10.1883 9.8824 30/09/19 10.9753 10.4843 30/09/16 10.4712 9.4109 30/09/20 11.7486 9.0946 30/09/17 10.7436 9.7182 31/03/21 12.2996 11.3869 30/09/18 10.8528 9.9348 30/09/19 10.5003 9.8641 I2 Class Accumulation (GBP hedged) units 30/09/20 11.4251 9.0409 30/09/16 10.3251 8.8651 31/03/21 11.8913 11.1296 30/09/17 9.6774 8.4326 30/09/18 10.1799 9.0631 I Class Accumulation (EUR hedged) units 30/09/19 9.6890 8.8579 30/09/12 10.0258 9.1293 30/09/20 10.1531 7.4573 30/09/13 10.8850 9.7655 31/03/21 10.9215 9.6784 30/09/14 11.5811 10.4446 30/09/15 10.6291 8.8766 D2 Class Income units 30/09/16 10.0073 8.9114 30/09/20 10.0285 8.6405 30/09/17 10.7112 9.0718 31/03/21 9.9133 9.7402 30/09/18 11.0226 9.9723 30/09/19 10.2393 9.7932 D2 Class Income Plus units 30/09/20 10.9160 8.4615 30/09/20 10.1319 9.9089 31/03/21 11.4129 10.5739 31/03/21 10.1449 9.9761 I Class Accumulation (GBP hedged) units D2 Class Income Plus (HKD) units 30/09/12 10.9363 10.0011 30/09/20 1.3073 1.2785 30/09/13 11.8649 10.6384 31/03/21 1.3089 1.2872 30/09/14 13.1522 10.6287 N Class Income (EUR hedged) units 30/09/15 12.3863 11.3227 30/09/20 11.2234 10.7906 30/09/16 12.1073 10.3942 30/09/17 11.3164 9.8749 N Class Accumulation units 30/09/18 11.8966 10.5835 30/09/18 10.1553 9.8905 30/09/19 11.3022 10.3361 30/09/19 10.7049 9.9629 30/09/20 11.7901 8.6676 30/09/20 11.0282 9.4320 31/03/21 12.6623 11.2360 31/03/21 11.3250 10.9641 I Class Accumulation (JPY hedged) units N Class Accumulation (EUR hedged) units 30/09/12 11.2300 10.0432 30/09/18 10.6631 9.6396 30/09/13 11.1905 8.8011 30/09/19 9.8958 9.4627 30/09/14 9.5128 8.5930 30/09/20 10.5220 8.1613 30/09/15 8.8711 7.7108 31/03/21 10.9950 10.1897 30/09/16 9.9210 7.7624 30/09/17 9.8064 8.4035 30/09/18 9.5328 8.8415 30/09/19 9.7714 8.7660 30/09/20 9.9978 8.0869

159 PRINCIPAL GLOBAL INVESTORS FUNDS FUND PERFORMANCE for the period ended 31 March 2021 (continued)

Origin Global Emerging Markets Fund Origin Global Smaller Companies Fund (continued) Period Ended Highest Price Lowest Price Period Ended Highest Price Lowest Price Per Unit Per Unit Per Unit Per Unit USD USD USD USD A Class Accumulation units I Class Accumulation units (continued) 30/09/20 11.2582 7.5257 30/09/19 17.5077 13.5672 31/03/21 14.1423 10.7933 30/09/20 18.8724 10.7203 31/03/21 24.3828 17.6368 I Class Accumulation units 30/09/14 11.6512 9.8683 I Class Accumulation (GBP) units 30/09/15 12.0757 9.0280 30/09/13 11.2084 9.7440 30/09/16 10.6273 7.9924 30/09/14 13.3599 11.0774 30/09/17 13.7172 9.2994 30/09/15 14.4458 11.6828 30/09/18 15.7627 11.9759 30/09/16 13.9670 11.3273 30/09/19 12.9493 10.7237 30/09/17 17.0742 12.9485 30/09/20 14.9466 9.9476 30/09/18 19.4580 17.1484 31/03/21 18.8830 14.3478 30/09/19 17.5723 13.6180 30/09/20 18.9504 10.7646 I Class Accumulation (EUR) units 31/03/21 24.4854 17.7118

30/09/19 12.9539 10.7275 30/09/20 14.9525 9.9512 Global Diversified Income Fund 1 31/03/21 18.8920 14.3533 Period Ended Highest Price Lowest Price I Class Accumulation (GBP) units Per Unit Per Unit 30/09/13 10.6758 9.0414 USD USD 30/09/14 11.9326 10.1071 A Class Accumulation units 30/09/15 12.3678 9.2502 30/09/17 10.6448 9.9472 30/09/16 10.8910 8.1891 30/09/18 11.0544 10.4129 30/09/17 14.0640 9.5310 30/09/19 10.9942 9.9686 30/09/18 16.1658 12.2819 30/09/20 22.6634 16.8030 30/09/19 13.2800 10.9977 31/03/21 11.6265 10.5963 30/09/20 15.3289 10.2017 31/03/21 19.3667 14.7145 I Class Accumulation units 30/09/17 10.6701 9.9475 D Class Accumulation units 30/09/18 11.1025 10.4878 30/09/19 10.2943 9.5142 30/09/19 11.1476 10.0713 30/09/20 11.7822 7.8742 30/09/20 23.0598 17.1174 31/03/21 14.7859 11.2868 31/03/21 11.9216 10.8362 F2 Class Accumulation units D Class Income units 30/09/16 11.4230 9.7001 30/09/17 10.3879 9.9471 30/09/17 14.4229 9.9086 30/09/18 16.4635 12.3603 D Class Income units (continued) 30/09/19 13.2193 11.0025 30/09/18 10.5790 9.6669 30/09/20 14.8696 9.9755 30/09/19 9.7452 9.0429 31/03/21 18.5802 14.2261 30/09/20 19.3464 14.2314 31/03/21 9.3829 8.6916 N Class Accumulation units 30/09/19 10.2999 9.5237 D Class Income Plus units 30/09/20 11.8868 7.9200 30/09/20 20.2154 19.7468 31/03/21 14.9885 11.4044 31/03/21 10.5228 9.8497 Origin Global Smaller Companies Fund D Class Income Plus (HKD) units Period Ended Highest Price Lowest Price 30/09/20 2.6084 2.5478 Per Unit Per Unit 31/03/21 1.3577 1.2709

USD USD A Class Accumulation units 30/09/19 10.3207 9.3323 30/09/20 11.1036 6.2930 31/03/21 14.1567 10.2851 I Class Accumulation units 30/09/13 11.1695 9.7097 30/09/14 13.3136 11.0280 30/09/15 14.3960 11.6425 30/09/16 13.9164 11.2870 30/09/17 17.0119 12.9012 30/09/18 19.3868 17.0859

160 PRINCIPAL GLOBAL INVESTORS FUNDS FUND PERFORMANCE for the period ended 31 March 2021

Finisterre Unconstrained Emerging Markets Fixed Income Finisterre Unconstrained Emerging Markets Fixed Income Fund Fund (continued) Period Ended Highest Price Lowest Price Period Ended Highest Price Lowest Price Per Unit Per Unit Per Unit Per Unit USD USD USD USD A Class Income units A2 Class Income (SGD hedged) units 31/03/21 10.1205 9.8723 30/09/19 7.6354 7.2618 A Class Income (CHF hedged) units 30/09/20 7.8427 6.3086 30/09/19 10.5917 9.7989 31/03/21 7.6476 7.3186 30/09/20 11.2995 9.2100 A2 Class Income Plus units 31/03/21 11.9521 10.7581 30/09/20 10.9743 9.9924 A Class Income (EUR hedged) units 31/03/21 11.3230 10.5913 30/09/20 11.9249 9.5087 A2 Class Income Plus (EUR hedged) units 31/03/21 12.6699 11.2730 30/09/20 13.0617 10.8191 A Class Income (SGD hedged) units 31/03/21 13.8179 12.2938 30/09/19 7.7017 7.2942 A2 Class Income Plus (SGD hedged) units 31/03/21 7.6590 7.3268 30/09/20 8.0544 6.9977 A Class Accumulation units 31/03/21 8.5424 7.7527 30/09/19 10.8600 10.0347 I Class Income units 30/09/20 11.4065 9.8232 30/09/19 10.5887 9.9995 31/03/21 11.8857 11.0808 30/09/20 10.9225 9.4135 A Class Accumulation (CHF hedged) units 31/03/21 11.1093 10.3712 30/09/19 11.1194 10.1052 I Class Income (CHF hedged) units 30/09/20 11.7397 9.8341 30/09/19 10.5987 9.7845 31/03/21 11.3320 10.4104 30/09/20 11.3123 9.2259 A Class Accumulation (EUR hedged) units 31/03/21 11.9675 10.7560 30/09/19 12.2357 11.3825 I Class Income (EUR hedged) units 30/09/20 13.3351 10.4963 30/09/19 11.7223 11.1371 31/03/21 14.2963 12.7062 30/09/20 12.2921 9.8113 A Class Accumulation (SGD hedged) units 31/03/21 13.0573 11.6092 31/03/21 7.6526 7.3232 I Class Accumulation units A2 Class Income units 30/09/17 10.3669 9.9338 30/09/19 10.8556 9.9988 30/09/18 10.6109 10.1580 30/09/20 11.1077 9.5658 30/09/19 11.4689 10.1424 31/03/21 11.1365 10.4168 30/09/20 12.0861 10.4163 31/03/21 12.6825 11.7993 A2 Class Income (EUR hedged) units 30/09/19 12.0509 11.3674 I Class Accumulation (CHF hedged) units 30/09/20 11.9937 9.9536 30/09/20 11.3888 9.1262 31/03/21 12.2628 11.5451 31/03/21 12.2400 10.9323 I Class Accumulation (EUR hedged) units 30/09/19 11.7562 11.1749 30/09/20 12.9277 10.1414 31/03/21 13.8971 12.3359 I Class Accumulation (GBP hedged) units 30/09/17 10.9782 10.0110 30/09/18 11.7341 10.1235 30/09/19 10.9593 9.8209 30/09/20 12.0321 8.9699 31/03/21 13.1424 11.2731 I Class Accumulation (JPY hedged) units 30/09/20 9.5704 9.2702 31/03/21 10.2086 9.2915 I2 Class Income units 30/09/18 10.2120 9.9808 30/09/19 10.7748 9.8181 30/09/20 11.1115 9.5790 31/03/21 11.3046 10.5458

161 PRINCIPAL GLOBAL INVESTORS FUNDS FUND PERFORMANCE for the period ended 31 March 2021 (continued)

Finisterre Unconstrained Emerging Markets Fixed Income Finisterre Unconstrained Emerging Markets Fixed Income Fund (continued) Fund (continued) Period Ended Highest Price Lowest Price Period Ended Highest Price Lowest Price Per Unit Per Unit Per Unit Per Unit USD USD USD USD I2 Class Income (EUR hedged) units D Class Income units (continued) 30/09/18 10.0388 8.9352 30/09/20 10.8320 9.3289 30/09/19 9.1899 8.5782 31/03/21 11.0096 10.2969 30/09/20 9.6307 7.6899 31/03/21 10.2330 9.0938 D Class Accumulation units 30/09/19 10.5045 10.0035 I2 Class Income (GBP hedged) units 30/09/20 11.0353 9.5040 30/09/19 13.9381 12.5297 31/03/21 11.5012 10.7209 30/09/20 14.5150 10.9786 31/03/21 15.5116 13.4108 F Class Income units 30/09/20 10.2020 8.7849 I2 Class Accumulation units 31/03/21 10.3763 9.7073 30/09/17 10.3815 9.9408 30/09/18 10.6405 10.2020 F Class Accumulation units 30/09/19 11.5672 10.2043 30/09/20 10.2000 8.7804 30/09/20 12.2049 10.5216 31/03/21 10.5843 9.8788 31/03/21 12.8408 11.9374 N Class Income units I2 Class Accumulation (EUR hedged) units 30/09/19 10.9648 9.9992 30/09/18 10.9636 9.6267 30/09/20 11.3121 9.7478 30/09/19 10.2217 9.3195 31/03/21 11.5039 10.7435 30/09/20 11.2768 8.8334 N Class Income (EUR hedged) units 31/03/21 12.1330 10.7648 30/09/19 11.6788 11.1003 I2 Class Accumulation (GBP hedged) units 30/09/20 12.2322 9.7654 30/09/19 13.3848 12.6124 31/03/21 13.0062 11.5598 30/09/20 14.7855 11.0100 N Class Income (SGD hedged) units 31/03/21 16.1750 13.8573 30/09/19 7.6939 7.3014 I3 Class Income units 30/09/20 7.9624 6.4323 30/09/19 10.1169 9.9647 31/03/21 8.3041 7.5229 30/09/20 10.4565 9.0130 N Class Accumulation units 31/03/21 10.6360 9.9257 30/09/19 10.7905 9.9828 I3 Class Income (EUR hedged) units 30/09/20 11.3641 9.7926 30/09/20 11.9964 9.5767 31/03/21 11.9091 11.0841 31/03/21 12.7453 11.3286 N Class Accumulation (CHF hedged) units I3 Class Income (GBP hedged) units 30/09/19 10.7349 9.8463 30/09/19 12.6107 12.0184 30/09/20 11.8970 9.5397 30/09/20 13.5865 12.1706 31/03/21 12.7848 11.4174 I3 Class Income (SGD hedged) units N Class Accumulation (EUR hedged) units 30/09/20 7.6252 7.2068 30/09/19 12.2702 11.3849 31/03/21 8.1325 7.3618 30/09/20 13.4726 10.5756 31/03/21 14.4751 12.8523 I3 Class Accumulation units 30/09/19 10.1539 9.9826 N Class Accumulation (GBP hedged) units 30/09/20 10.7071 9.2290 31/03/21 14.3074 12.7831 31/03/21 11.2501 10.4626 P2 Class Income Plus units I3 Class Accumulation (CHF hedged) units 31/03/21 10.6027 9.9421 31/03/21 12.1390 10.8736 U.S. Blue Chip Equity Fund I3 Class Accumulation (EUR hedged) units Period Ended Highest Price Lowest Price 30/09/19 11.2802 10.9376 Per Unit Per Unit 30/09/20 12.4332 9.7478 USD USD 31/03/21 13.3750 11.8670 A Class Accumulation units I3 Class Accumulation (GBP hedged) units 31/03/21 11.8722 9.9898 30/09/19 12.6124 12.0184 I Class Accumulation units 30/09/20 14.0689 10.4582 30/09/19 10.4994 10.0597 31/03/21 15.3844 13.1906 30/09/20 14.6724 8.4322 D Class Income units 31/03/21 15.6072 13.1012 30/09/19 10.4933 10.0019

162 PRINCIPAL GLOBAL INVESTORS FUNDS FUND PERFORMANCE for the period ended 31 March 2021 (continued)

U.S. Blue Chip Equity Fund (continued) Finisterre Emerging Markets Debt Euro Income Fund 3 Period Ended Highest Price Lowest Price (continued) Per Unit Per Unit Period Ended Highest Price Lowest Price USD USD Per Unit Per Unit EUR EUR D Class Income units 31/03/21 10.8987 9.9349 I Class Accumulation (CHF hedged) units 30/09/20 9.3250 9.1324 D Class Accumulation units 31/03/21 9.6993 9.1625 30/09/20 11.7805 9.4491 31/03/21 12.4866 10.5057 I Class Accumulation (USD hedged) units 30/09/20 8.5140 8.3574 F Class Accumulation units 31/03/21 8.7865 8.4059 30/09/20 11.7662 9.4489 31/03/21 12.4463 10.4853 I2 Class Accumulation units 30/09/20 10.0183 9.8752 N Class Income units 31/03/21 10.4984 9.8924 31/03/21 10.9122 9.9358 N Class Income units N Class Accumulation units 30/09/20 10.0165 9.8720 30/09/20 11.7986 9.4493 31/03/21 10.4122 9.8754 31/03/21 12.5439 10.5329 China Opportunities Equity Fund 4 2 Asian High Yield Fund Period Ended Highest Price Lowest Price Period Ended Highest Price Lowest Price Per Unit Per Unit Per Unit Per Unit USD USD USD USD A Class Income units I Class Accumulation units 31/03/21 9.9995 9.0149 30/09/20 10.4179 8.3428 31/03/21 10.6463 10.0650 I Class Income units 31/03/21 9.9997 9.0215 D2 Class Income units 30/09/20 10.0691 8.2817 I Class Accumulation units 31/03/21 9.8646 9.4736 31/03/21 9.9997 9.0216 D2 Class Income Plus units I2 Class Accumulation units 30/09/20 10.6417 9.9487 31/03/21 9.9998 9.0240 31/03/21 10.5393 10.1204 D Class Accumulation units D2 Class Income Plus (HKD) units 31/03/21 9.9994 9.0124 30/09/20 1.3723 1.2829 31/03/21 1.3590 1.3050 N Class Accumulation units 31/03/21 9.9997 9.0198

1Global Income Fund name changed to Global Diversified Income Fund on 17 January 2020 Finisterre Emerging Markets Debt Euro Income Fund 3 2Asian High Yield Fund launched on 8 January 2020. Period Ended Highest Price Lowest Price 3Finisterre Emerging Markets Debt Euro Income Fund launched on 28 August Per Unit Per Unit 2020. 4China Opportunities Equity Fund launched on 23 February 2021. EUR EUR A Class Accumulation units 30/09/20 10.0136 9.8671 31/03/21 10.4552 9.8839 I Class Accumulation units 30/09/20 10.0170 9.8729 31/03/21 10.4887 9.8901

163 PRINCIPAL GLOBAL INVESTORS FUNDS FUND PERFORMANCE for the period ended 31 March 2021 (continued)

FUND PERFORMANCE As at 31 March 2021 6 Months One Year Three Years Five Years % % % %

Global Equity Fund (USD) 18.68 56.27 33.45 61.32

European Equity Fund (USD) 19.78 54.95 32.84 68.74

Preferred Securities Fund (USD) 3.50 20.45 18.67 37.35

Global High Yield Fund (USD) 7.26 22.62 18.60 41.27

Global Property Securities Fund (USD) 14.98 33.28 20.00 30.46

Post Global Limited Term High Yield Fund (USD) 3.36 10.66 14.50 21.48

Origin Global Emerging Markets Fund (USD) 19.82 55.37 17.61 85.47

Origin Global Smaller Companies Fund (USD) 36.19 90.69 33.41 89.64

Global Diversified Income Fund (USD) 9.86 27.08 11.72 N/A

Finisterre Unconstrained Emerging Markets Fixed Income Fund 5.05 15.63 18.53 N/A (USD)

U.S. Blue Chip Equity Fund (USD) 11.77 58.06 N/A N/A

Asian High Yield Fund (USD) 3.89 20.30 N/A N/A

Finisterre Emerging Markets Debt Euro Income Fund (EUR) 4.35 N/A N/A N/A

China Opportunities Equity Fund 1 -9.30 N/A N/A N/A

1China Opportunities Equity Fund launched on 23 February 2021.

Notes: Fund performance calculated using 10 a.m. EST NAVs.

The data is based on the USD I class of each Fund showing the total return over each time period.

Past performance is no indication of current or future performance. The performance data do not take account of the commissions and costs incurred on the issue and redemption of units.

The information above has been derived from sources believed to be accurate as of 31 March 2021. It contains general information only on investment matters and should not be considered as a comprehensive statement on any matter and should not be relied upon as such. The information it contains does not take account of any investor’s investment objectives, particular needs or financial situation. Past performance is not a reliable indicator of future performance and should not be relied upon as a significant basis for an investment decision. Subject to any contrary provisions of applicable law, no company in the Principal Financial Group nor any of their employees or directors gives any warranty of reliability or accuracy nor accepts any responsibility arising in any other way (including by reason of negligence) for errors or omissions in this document. You should consider whether an investment fits your investment objectives, particular needs and financial situation before making any investment decision.

164 PRINCIPAL GLOBAL INVESTORS FUNDS TOTAL EXPENSE RATIOS for the period ended 31 March 2021

TOTAL EXPENSE RATIOS Outlined below are total expense ratios for the period ended 31 March 2021 on a fund by fund basis. This disclosure is a requirement for funds regulated in Switzerland.

Total Expense Ratio %

Average A A2 I I2 I3 D D2 F F2 N P P2 X NAV Class Class Class Class Class Class Class Class Class Class Class Class Class

Global Equity Fund (USD) 18,280,872 2.06% – 1.16% – – – – – 2.98% – – – – European Equity Fund (USD) 38,521,668 1.99% – 1.10% – – – – – – – – – – Preferred Securities Fund (USD) 4,689,872,068 1.10% – 0.45% – – 1.39% 1.39% 1.89% 2.34% 0.69% 0.89% – 0.04% Global High Yield Fund (USD) 215,937,648 1.27% – 0.75% – – 1.49% 1.46% 1.97% – 0.90% – – – Global Property Securities Fund (USD) 429,483,664 1.84% 1.68% 0.90% 0.53% 0.73% 1.78% 1.79% 2.14% – 1.04% 0.88% – – Post Global Limited Term High Yield Fund (USD) 531,233,887 1.20% 1.16% 0.77% 0.53% – – 1.51% – – 0.92% – – – Origin Global Emerging Markets Fund (USD) 56,817,624 2.21% – 1.00% – – 2.20% – – 3.07% 1.34% – – – Origin Global Smaller Companies Fund (USD) 18,779,641 2.15% – 1.00% – – – – – – – – – – Global Diversified Income Fund (USD) 29,523,355 1.55% – 0.90% – – 1.66% – – – – – – –

Finisterre Unconstrained Emerging Markets Fixed Income Fund (USD) 1,236,183,110 1.74% 1.73% 0.94% 0.65% 0.79% 1.69% – 2.21% – 1.10% – 1.22% – U.S. Blue Chip Equity Fund (USD) 6,712,924 1.54% – 0.70% – – 1.42% – 1.93% – 0.90% – – – Asian High Yield Fund (USD) 50,702,768 – – 0.80% – – – 1.60% – – – – – – Finisterre Emerging Markets Debt Euro Income Fund (EUR) 30,051,260 1.50% – 0.80% 0.60% – – – – – 0.95% – – – China Opportunities Equity Fund 1 9,093,373 1.72% – 1.90% 0.65% – 1.94% – – – 1.13% – – –

1China Opportunities Equity Fund launched on 23 February 2021.

The total expense ratio (TER) was calculated based on the version currently applicable of the “Guidelines on the calculation and disclosure of the Total Expense Ratio (TER) of collective investment schemes” of the Swiss Funds & Asset Management Association (SFAMA) for the period from 01.04.2020 – 31.03.2021.

165 PRINCIPAL GLOBAL INVESTORS FUNDS STATEMENT OF MATERIAL PORTFOLIO CHANGES for the period ended 31 March 2021

Global Equity Fund

Major Purchases Major Sales Cost USD Proceeds USD Bristol-Myers Squibb Co 412,106 Tencent Holdings Ltd 394,282 UnitedHealth Group Inc 373,029 Roche Holding AG 389,464 Microsoft Corp 350,209 Alibaba Group Holding Ltd ADR 308,047 General Motors Co 345,099 CSL Ltd 308,043 Suncor Energy Inc 335,210 Alimentation Couche-Tard Inc - Class B 300,010 Ebara Corp 328,606 Merck & Co Inc 286,585 Northland Power Inc 313,693 Prologis Inc (REIT) 285,091 MetLife Inc 306,076 Philip Morris International Inc 282,965 Logitech International SA 304,501 Nice Ltd ADR 253,517 Church & Dwight Co Inc 294,008 Republic Services Inc - Class A 246,077 TJX Cos Inc/The 271,683 ROCKWOOL International A/S 220,852 BAWAG Group AG '144A' 263,229 Xinyi Solar Holdings Ltd 208,352 Apple Inc 259,947 Entergy Corp 206,950 JPMorgan Chase & Co 256,571 PulteGroup Inc 206,235 Legal & General Group Plc 255,114 Molson Coors Beverage Co 204,852 Swire Pacific Ltd 251,453 Equity LifeStyle Properties Inc (REIT) 203,586 Phillips 66 237,613 Franco-Nevada Corp 189,428 Evercore Inc - Class A 233,761 Vestas Wind Systems A/S 178,572 Vinci SA 225,992 Daifuku Co Ltd 170,746 Daiwa House Industry Co Ltd 224,077 Recordati Industria Chimica e Farmaceutica 164,062 LG Corp 215,539 SpA GN Store Nord AS 213,692 Realtek Semiconductor Corp 159,637 Capri Holdings Ltd 185,715 Logitech International SA 157,672 Eli Lilly and Co 185,499 Citrix Systems Inc 148,201 Mastercard Inc 185,436 Legal & General Group Plc 120,382 Alphabet Inc - Class A 183,263 TC Energy Corp 118,419 Samsung Electronics Co Ltd 181,404 Hoya Corp 109,585 CRH Plc 180,547 Thermo Fisher Scientific Inc 99,458 Molson Coors Beverage Co 180,250 Saab AB 95,993 SK Hynix Inc 178,326 Minerva SA/Brazil 91,065 Facebook Inc - Class A 174,342 Techtronic Industries Co Ltd 90,865 Triton International Ltd 174,252 Extended Stay America Inc 87,089 VICI Properties Inc (REIT) 167,630 AMETEK Inc 85,346 International Game Technology Plc 163,765 Colgate-Palmolive Co 78,725 Taiwan Semiconductor Manufacturing Co Ltd 161,063 Suncor Energy Inc 77,898 ADR Amazon.com Inc 155,850 Anglo American Plc 146,274

166 PRINCIPAL GLOBAL INVESTORS FUNDS STATEMENT OF MATERIAL PORTFOLIO CHANGES for the period ended 31 March 2021 (continued)

European Equity Fund

Major Purchases Major Sales Cost USD Proceeds USD Infineon Technologies AG 524,106 Diageo Plc 429,911 Vinci SA 512,695 adidas AG 418,445 BNP Paribas SA 470,784 Novartis AG 389,734 Barclays Plc 413,700 Vestas Wind Systems A/S 330,642 Banco Santander SA 394,763 Prosus NV 327,868 Intesa Sanpaolo SpA 384,104 Teleperformance 304,035 Bayerische Motoren Werke AG 372,138 BASF SE 291,128 ING Groep NV 363,639 Muenchener Rueckversicherungs- 282,675 Gesellschaft AG in Muenchen Volkswagen AG - Preference 362,447 Hannover Rueck SE 280,664 AXA SA 358,759 Elisa Oyj 252,529 Equinor ASA 336,017 OMV AG 238,143 Legal & General Group Plc 267,909 Neste Oyj 221,216 NN Group NV 264,818 Compass Group Plc 216,596 LafargeHolcim Ltd 254,730 Halma Plc 204,034 Publicis Groupe SA 246,474 Coloplast A/S 201,285 Genmab A/S 232,260 ASML Holding NV 196,876 Tate & Lyle Plc 218,975 Lonza Group AG 192,434 KBC Group NV 213,353 Barry Callebaut AG 185,963 Compass Group Plc 212,711 Banco Santander SA 185,357 HeidelbergCement AG 196,823 Ashtead Group Plc 184,029 Erste Group Bank AG 193,744 Euronext NV 183,879 WH Smith Plc 182,085 Ryanair Holdings Plc 180,857 OMV AG 180,756 Ferrari NV 180,256 Ryanair Holdings Plc 174,838 Kinnevik AB 168,361 Adecco Group AG 162,352 Nestle SA 166,575 LVMH Moet Hennessy Louis Vuitton SE 147,117 Centamin Plc 166,016 Kesko Oyj 145,190 Kingspan Group Plc 163,015 Cie de Saint-Gobain 135,067 Ubisoft Entertainment SA 162,773 Capgemini SE 129,265 TAG Immobilien AG 159,327 Volvo AB 128,363 Avast Plc '144A' 158,956 Antofagasta Plc 127,694 Recordati Industria Chimica e Farmaceutica 157,151 SpA ASML Holding NV 127,084 QinetiQ Group Plc 156,043 SIG Combibloc Group AG 125,866 Carl Zeiss Meditec AG 155,005 NEL ASA 125,802 SimCorp A/S 141,662 Anglo American Plc 124,289 Roche Holding AG 136,320 Siemens Energy AG 117,528 BHP Group Plc 130,762 Bank of Ireland Group Plc 113,353 Novo Nordisk A/S 128,072 Adyen NV '144A' 126,096 Iberdrola SA 124,947 Koninklijke DSM NV 122,121 International Consolidated Airlines Group SA 121,362 Nemetschek SE 114,432 BE Semiconductor Industries NV 114,115 Unilever Plc 114,098 Koninklijke Vopak NV 113,848

167 PRINCIPAL GLOBAL INVESTORS FUNDS STATEMENT OF MATERIAL PORTFOLIO CHANGES for the period ended 31 March 2021 (continued)

Preferred Securities Fund

Major Purchases Major Sales Cost USD Proceeds USD Zurich Finance Ireland Designated Activity Co 61,363,475 BNP Paribas SA 'REGS' FRN (Perpetual)*** 67,409,000 'EMTN' FRN Nippon Life Insurance Co 'REGS' FRN 55,335,949 UBS Group AG FRN (Perpetual) 51,063,000 Prudential Financial Inc FRN 54,676,895 United States Treasury Note/Bond* 44,887,500 BP Capital Markets Plc FRN (Perpetual)* 50,108,814 QBE Insurance Group Ltd FRN 42,809,325 United States Treasury Note/Bond* 49,998,047 Credit Suisse Group AG 'REGS' FRN 38,300,625 (Perpetual)* United States Treasury Note/Bond* 44,943,750 United States Treasury Note/Bond* 30,004,688 HSBC Capital Funding Dollar 1 LP 'REGS' 43,292,944 United States Treasury Note/Bond* 30,001,172 FRN (Perpetual) United States Treasury Note/Bond* 29,984,766 United States Treasury Note/Bond* 29,962,500 BP Capital Markets Plc FRN (Perpetual)* 28,033,551 BNP Paribas SA 'REGS' FRN (Perpetual)*** 29,350,000 CMS Energy Corp FRN 26,047,791 Lloyds Bank Plc 'REGS' FRN (Perpetual) 26,599,800 Credit Suisse Group AG 'REGS' FRN 21,900,000 Svenska Handelsbanken AB FRN (Perpetual) 20,421,000 (Perpetual)* Credit Suisse Group AG 'REGS' FRN 20,000,000 Credit Suisse Group AG 'REGS' FRN 19,400,000 (Perpetual)* (Perpetual)* MetLife Inc '144A' 15,939,373 Natwest Group Plc FRN (Perpetual) 17,685,000 Nordea Bank Abp 'REGS' FRN (Perpetual) 15,911,250 Societe Generale SA '144A' FRN (Perpetual) 15,121,600 Enel SpA '144A' FRN 15,364,506 Prudential Financial Inc FRN 12,779,375 Credit Agricole SA 'REGS' 15,000,000 HSBC Holdings Plc FRN (Perpetual)* 11,904,750 BNP Paribas SA '144A' 15,000,000 HSBC Holdings Plc FRN (Perpetual)* 11,846,250 Transcanada Trust FRN 14,277,500 BNP Paribas SA 'REGS' FRN (Perpetual) 11,835,000 Svenska Handelsbanken AB FRN (Perpetual) 13,886,250 QBE Insurance Group Ltd 'EMTN' FRN 10,427,348 Credit Agricole SA 'REGS' FRN (Perpetual)** 12,569,375 Societe Generale SA 10,051,625 Vodafone Group Plc FRN 12,300,000 Credit Suisse Group AG 'REGS' FRN 9,975,000 (Perpetual) BNP Paribas SA 'REGS' FRN (Perpetual) 11,940,000 Lincoln National Corp FRN 9,764,795 HSBC Holdings Plc 11,700,000 National Rural Utilities Cooperative Finance 9,753,750 Corp FRN UBS Group AG FRN (Perpetual)* 11,525,000 Legal & General Group Plc 'EMTN' FRN 8,396,200 Credit Agricole SA 'REGS' FRN (Perpetual)** 10,218,000 Standard Chartered Plc '144A' 8,200,000 ING Groep NV FRN (Perpetual)** 9,765,095 M&G Plc 'EMTN' FRN 6,743,250 Nippon Life Insurance Co '144A' FRN 9,725,000 67,409,000 Societe Generale SA 9,700,000 51,063,000 ING Groep NV FRN (Perpetual)** 9,667,625 Allianz SE 'REGS' FRN (Perpetual) 9,538,175 UBS Group AG FRN (Perpetual)* 8,536,250

*Maturity date is different for these securities.

**Coupon Rate is different for these securities.

***Identifier is different of these securities.

168 PRINCIPAL GLOBAL INVESTORS FUNDS STATEMENT OF MATERIAL PORTFOLIO CHANGES for the period ended 31 March 2021 (continued)

Global High Yield Fund

Major Purchases Major Sales Cost USD Proceeds USD Intralot Capital Luxembourg SA 'REGS' 1,816,998 Hema Bondco I BV 'REGS' FRN 2,747,614 Stellantis NV 1,706,109 Dell International LLC / EMC Corp '144A' 1,707,750 Albertsons Cos Inc / Safeway Inc / New 1,487,131 Centene Corp '144A' 1,699,386 Albertsons LP / Albertsons LLC '144A' Mauser Packaging Solutions Holding Co 1,348,721 DAE Funding LLC '144A' 1,532,838 'REGS' China Evergrande Group 1,276,604 China Evergrande Group 1,328,250 Hema Bondco I BV 'REGS' FRN 1,264,640 Albertsons Cos Inc / Safeway Inc / New 1,192,563 Albertsons LP / Albertsons LLC '144A' ACCO Brands Corp '144A' 1,194,375 BMC East LLC '144A' 1,104,563 Kronos Acquisition Holdings Inc / KIK Custom 1,171,996 T-Mobile USA Inc 1,084,125 Products Inc '144A' Acrisure LLC / Acrisure Finance Inc '144A' 1,159,988 Refinitiv US Holdings Inc '144A' 1,075,941 Aethon United BR LP / Aethon United Finance 1,158,875 TreeHouse Foods Inc 1,060,569 Corp '144A' Fresh Market Inc/The '144A' 1,139,727 Vivion Investments Sarl 1,045,550 CANPACK SA / Eastern PA Land Investment 1,111,440 Unilabs Subholding AB 'REGS' 1,033,098 Holding LLC 'REGS' Post Holdings Inc '144A' 1,090,000 Lennar Corp 975,473 Lions Gate Capital Holdings LLC '144A' 1,075,000 Voya Financial Inc FRN 959,777 CHS/Community Health Systems Inc '144A' 977,313 Fabric BC SpA 'REGS' FRN 956,161 EnLink Midstream LLC '144A' 976,900 PetSmart Inc '144A' 892,945 Cleveland-Cliffs Inc '144A' 953,431 JPMorgan Chase & Co FRN (Perpetual) 890,085 LPL Holdings Inc '144A' 935,000 CHS/Community Health Systems Inc 885,844 VZ Vendor Financing II BV 'REGS' 926,226 Intralot Capital Luxembourg SA 'REGS' 877,947 Virgin Media Finance Plc 'REGS' 906,683 Post Holdings Inc '144A' 804,419 PetSmart Inc '144A' 881,277 Hudbay Minerals Inc '144A' 788,979 Sofima Holding SPA 'REGS' 820,408 KME SE 6.75% 759,432 Ascent Resources Utica Holdings LLC / ARU 816,675 Acrisure LLC / Acrisure Finance Inc '144A' 744,050 Finance Corp '144A' Norican A/S 810,187 NCR Corp '144A' 800,113 Taseko Mines Ltd '144A' 794,750

169 PRINCIPAL GLOBAL INVESTORS FUNDS STATEMENT OF MATERIAL PORTFOLIO CHANGES for the period ended 31 March 2021 (continued)

Global Property Securities Fund

Major Purchases Major Sales Cost USD Proceeds USD Welltower Inc (REIT) 8,093,690 Diageo Plc 429,911 Vonovia SE 7,987,615 adidas AG 418,445 Prologis Inc (REIT) 7,675,068 Novartis AG 389,734 Mitsui Fudosan Co Ltd 7,242,820 Vestas Wind Systems A/S 330,642 Mitsubishi Estate Co Ltd 6,723,141 Prosus NV 327,868 Agree Realty Corp (REIT) 5,977,372 Teleperformance 304,035 Essex Property Trust Inc (REIT) 5,934,600 BASF SE 291,128 Sun Communities Inc (REIT) 5,324,951 Muenchener Rueckversicherungs-Gesellschaft 282,675 AG in Muenchen Invitation Homes Inc (REIT) 5,082,030 Hannover Rueck SE 280,664 Segro Plc (REIT) 4,934,714 Elisa Oyj 252,529 AvalonBay Communities Inc (REIT) 4,816,898 OMV AG 238,143 Alexandria Real Estate Equities Inc (REIT) 4,794,944 Neste Oyj 221,216 CapitaLand Integrated Commercial Trust (Units) 4,590,202 Compass Group Plc 216,596 (REIT) Japan Metropolitan Fund Invest (REIT) 4,581,869 Halma Plc 204,034 Klepierre SA (REIT) 4,285,795 Coloplast A/S 201,285 American Homes 4 Rent (REIT) - Class A 4,193,728 ASML Holding NV 196,876 Healthcare Realty Trust Inc (REIT) 3,983,234 Lonza Group AG 192,434 Allied Properties Real Estate Investment Trust 3,970,398 Barry Callebaut AG 185,963 (Units) (REIT) American Tower Corp (REIT) 3,965,988 Banco Santander SA 185,357 Sun Hung Kai Properties Ltd 3,536,643 Ashtead Group Plc 184,029 Healthcare Trust of America Inc (REIT) - Class A 3,345,371 Euronext NV 183,879 Rexford Industrial Realty Inc (REIT) 3,329,034 Ryanair Holdings Plc 180,857 Sunac Services Holdings Ltd '144A' 3,171,196 Ferrari NV 180,256 Gecina SA (REIT) 2,945,957 Kinnevik AB 168,361 Goodman Group (REIT) 2,794,397 Nestle SA 166,575 Dexus (Units) (REIT) 2,605,910 Centamin Plc 166,016 Choice Hotels International Inc 2,520,054 Kingspan Group Plc 163,015 New World Development Co Ltd 2,489,772 Ubisoft Entertainment SA 162,773 21Vianet Group Inc ADR 2,481,350 TAG Immobilien AG 159,327 Derwent London Plc (REIT) 2,405,646 Avast Plc '144A' 158,956 VICI Properties Inc (REIT) 2,357,940 Recordati Industria Chimica e Farmaceutica 157,151 SpA Extra Space Storage Inc (REIT) 2,336,498 QinetiQ Group Plc 156,043 Link REIT (Units) (REIT) 2,319,759 Carl Zeiss Meditec AG 155,005 Equity LifeStyle Properties Inc (REIT) 2,229,389 SimCorp A/S 141,662 Merlin Properties Socimi SA (REIT) 2,223,372 Roche Holding AG 136,320 BHP Group Plc 130,762 Novo Nordisk A/S 128,072 Adyen NV '144A' 126,096 Iberdrola SA 124,947 Koninklijke DSM NV 122,121

The Material Portfolio Changes reflect the aggregate purchases of a security exceeding one per cent of the total value of purchases for the period and aggregate disposals greater than one per cent of the total value of the sales. 170 PRINCIPAL GLOBAL INVESTORS FUNDS STATEMENT OF MATERIAL PORTFOLIO CHANGES for the period ended 31 March 2021 (continued)

Post Global Limited Term High Yield Fund

Major Purchases Major Sales Cost USD Proceeds USD Drawbridge Special Opportunities Fund LP / 12,500,000 Sprint Corp 14,296,188 Drawbridge Special Opportunities Fin '144A' Crown Americas LLC / Crown Americas Capital 11,634,034 Centene Corp* 10,977,328 Corp VI T-Mobile USA Inc 9,125,000 US Foods Inc '144A' 10,881,585 Tenet Healthcare Corp '144A' 8,632,500 CCO Holdings LLC / CCO Holdings Capital 9,151,870 Corp '144A' Caesars Entertainment Inc '144A' 8,316,563 Greeneden US Holdings II LLC 8,781,560 United Wholesale Mortgage LLC '144A' 8,250,469 Drawbridge Special Opportunities Fund LP / 8,614,984 Drawbridge Special Opportunities Fin '144A' TransDigm Inc '144A' 8,161,156 WEX Inc '144A' 8,544,093 US Foods Inc '144A'* 7,758,771 Sunoco LP / Sunoco Finance Corp 8,346,780 Jaguar Holding Co II / PPD Development LP '144A' 7,543,421 Refinitiv US Holdings Inc* 7,878,952 American Airlines Inc/AAdvantage Loyalty IP Ltd 7,075,000 Tenet Healthcare Corp 7,845,200 '144A' Sunoco LP / Sunoco Finance Corp 6,615,022 Acrisure LLC / Acrisure Finance Inc '144A' 7,066,116 Shift4 Payments LLC / Shift4 Payments Finance 5,942,250 ServiceMaster Co LLC/The '144A' 6,374,397 Sub Inc '144A' Greeneden US Holdings II LLC 5,865,750 Refinitiv US Holdings Inc* 6,366,363 Ardagh Packaging Finance Plc / Ardagh Holdings 5,558,515 Charles River Laboratories Intl. Inc 5,954,959 USA Inc '144A' Trivium Packaging Finance BV '144A' 5,520,413 Nielsen Finance LLC / Nielsen Finance Co 5,686,616 '144A' Applied Systems Inc 5,500,000 Bausch Health Cos Inc '144A' 5,501,214 KFC Ltd 5,404,250 KFC Ltd 5,358,600 IRB Holding Corp '144A' 5,358,871 MPT Operating Partnership LP / MPT Finance 5,175,718 Corp Alliance Data Systems Corp '144A' 5,281,140 Starwood Property Trust Inc 5,036,310 Berry Global Inc '144A' 5,279,438 SBA Communications Corp 4,626,840 NFP Corp '144A' 5,118,260 Asurion LLC 4,532,576 USIC Holdings Inc 4,921,938 Constellium SE '144A' 4,430,462 Genting New York LLC / GENNY Capital Inc '144A' 4,806,033 Centene Corp* 3,865,658 Charles River Laboratories Intl. Inc 4,615,725 TransDigm Inc 3,704,025 OneMain Finance Corp 4,029,813 T-Mobile USA Inc 3,411,800 US Foods Inc '144A'* 3,964,088 CIT Group Inc 3,394,313 Enviva Partners LP / Enviva Partners Finance Corp 3,938,756 Ritchie Bros. Auctioneers Inc 3,351,156 '144A' Sirius XM Radio Inc '144A' 3,864,194 1011778 BC ULC / New Red Finance Inc 3,229,565 Change Healthcare Holdings LLC / Change 3,565,625 Netflix Inc 2,780,813 Healthcare Finance Inc '144A' Kaiser Aluminum Corp '144A' 3,494,156 Kraft Heinz Foods Co 2,667,431 Covanta Holding Corp 3,336,592 DriveTime Automotive Group Inc / Bridgecrest 2,501,990 Acceptance Corp '144A' Aramark Services Inc '144A' 3,321,084 Southern Veterinary Partners LLC 3,281,453 GFL Environmental Inc '144A' 3,206,500 Albertsons Cos Inc / Safeway Inc / New Albertsons 3,155,825 LP / Albertsons LLC '144A' Performance Food Group Inc '144A' 3,114,355

*Maturity date is different for these securities.

The Material Portfolio Changes reflect the aggregate purchases of a security exceeding one per cent of the total value of purchases for the period and aggregate disposals greater than one per cent of the total value of the sales. 171 PRINCIPAL GLOBAL INVESTORS FUNDS STATEMENT OF MATERIAL PORTFOLIO CHANGES for the period ended 31 March 2021 (continued)

Origin Global Emerging Markets Fund

Major Purchases Major Sales Cost USD Proceeds USD Tencent Holdings Ltd 2,593,258 NetEase Inc ADR 1,287,583 Taiwan Semiconductor Manufacturing Co Ltd 1,353,186 Polymetal International Plc 956,489 Vipshop Holdings Ltd ADR 1,320,894 JD.com Inc ADR 930,575 Hana Financial Group Inc 1,304,154 Novatek Microelectronics Corp 852,075 Sany Heavy Industry Co Ltd 1,199,345 Aselsan Elektronik Sanayi Ve Ticaret AS 830,574 Sunny Optical Technology Group Co Ltd 1,069,927 Baidu Inc ADR 796,092 Baidu Inc ADR 1,016,454 China Resources Cement Holdings Ltd 696,776 Geely Automobile Holdings Ltd 1,005,490 Alibaba Group Holding Ltd ADR 662,599 Vale SA 987,981 China Conch Venture Holdings Ltd 662,392 Alibaba Group Holding Ltd ADR 922,285 Vipshop Holdings Ltd ADR 650,373 Impala Platinum Holdings Ltd 895,805 Anhui Conch Cement Co Ltd 'H' 622,096 Kumho Petrochemical Co Ltd 874,944 Taiwan Semiconductor Manufacturing Co Ltd 596,832 ADR KB Financial Group Inc 811,009 Luxshare Precision Industry Co Ltd 557,862 Shenzhou International Group Holdings Ltd 788,472 Cathay Financial Holding Co Ltd 539,766 Autohome Inc ADR 788,122 Sino Biopharmaceutical Ltd 509,089 Shenzhen Topband Co Ltd 782,259 CSPC Pharmaceutical Group Ltd 507,574 Delta Electronics Inc 734,491 Shenzhen SC New Energy Technology 456,009 Corpopration Zhuzhou Kibing Group Co Ltd 716,554 Banco Bradesco SA - Preference 408,222 Xinyi Glass Holdings Ltd 716,027 Delta Electronics Inc 402,441 HCL Technologies Ltd 706,828 Wuhu Sanqi Interactive Entertainment Network 347,466 Technology Group Co Ltd Global Unichip Corp 692,713 Marfrig Global Foods SA 341,954 Novatek Microelectronics Corp 685,807 Taiwan Cement Corp 339,622 Asustek Computer Inc 663,634 E.Sun Financial Holding Co Ltd 338,972 Q Technology Group Co Ltd 656,760 Xiaomi Corp '144A' 336,515 LG Corp 652,942 New Oriental Education & Technology Group 326,868 Inc ADR Shenzhen SC New Energy Technology 605,429 Vinda International Holdings Ltd 317,977 Corpopration Naspers Ltd 585,502 Radiant Opto-Electronics Corp 299,774 China Merchants Bank Co Ltd 'H' 580,383 Chong Kun Dang Pharmaceutical Corp 282,607 Samsung Electronics Co Ltd 572,384 Zhen Ding Technology Holding Ltd 267,488 Wuhu Sanqi Interactive Entertainment Network 526,566 Telekomunikasi Indonesia Persero 258,924 Technology Group Co Ltd PICC Property & Casualty Co Ltd 'H' 237,627 Tripod Technology Corp 234,408 China Gas Holdings Ltd 231,512 Wal-Mart de Mexico SAB de CV 224,470 Seegene Inc 223,264 Longfor Group Holdings Ltd '144A' 221,333 Simplo Technology Co Ltd 219,990 General Interface Solution Holding 218,900 DL E&C Co Ltd 215,834 FLEXium Interconnect Inc 210,107 Banco do Brasil SA 208,585 G-Bits Network Technology-A 208,430

172 PRINCIPAL GLOBAL INVESTORS FUNDS STATEMENT OF MATERIAL PORTFOLIO CHANGES for the period ended 31 March 2021 (continued)

Origin Global Smaller Companies Fund

Major Purchases Major Sales Cost USD Proceeds USD Metropole Television SA 334,748 Generac Holdings Inc 305,506 Kulicke & Soffa Industries Inc 284,201 Novatek Microelectronics Corp 224,331 Customers Bancorp Inc 265,655 TCS Group Holding Plc GDR 200,529 ProPetro Holding Corp 251,594 American Equity Investment Life Holding Co 186,938 iA Financial Corp Inc 244,848 Murphy USA Inc 177,692 Grand Pacific Petrochemical 224,459 Elecom Co Ltd 172,155 Kforce Inc 191,812 OneMain Holdings Inc 168,244 Flagstar Bancorp Inc 191,051 HelloFresh SE 156,437 Haitian International Holdings Ltd 188,985 HomeServe Plc 152,658 Corus Entertainment Inc - Class B 167,799 Altra Industrial Motion Corp 142,164 Patrick Industries Inc 145,049 Addus HomeCare Corp 135,904 Hillenbrand Inc 143,975 Prestige Consumer Healthcare Inc 134,728 Sonos Inc 143,283 KGHM Polska Miedz SA 133,534 JOST Werke AG '144A' 143,013 DYD Electronic (International) Co Ltd 131,445 Atkore Inc 142,096 Swissquote Group Holding SA 128,049 Dogus Otomotiv Servis ve Ticaret AS 134,152 Chemed Corp 126,111 Mineral Resources Ltd 131,325 Cerved Group SpA 126,109 Advanced Energy Industries Inc 131,210 Molina Healthcare Inc 123,561 Tyman Plc 130,252 Gurit Holding AG 115,567 Avanza Bank Holding AB 129,747 TriNet Group Inc 113,427 Saia Inc 129,610 Science Applications International 113,362 CMC Markets Plc '144A' 129,600 Concentrix Corp 108,892 Nexteer Automotive Group Ltd 127,076 TopBuild Corp 107,404 Linamar Corp 124,974 ManTech International Corp/VA - Class A 101,232 Mycronic AB 124,837 Qurate Retail Inc 97,836 Plus500 Ltd 123,974 Compeq Manufacturing Co Ltd 97,381 YETI Holdings Inc 123,916 Toromont Industries Ltd 96,163 WESCO International Inc 123,602 Envestnet Inc 93,956 Brunswick Corp/DE 122,974 PRA Health Sciences Inc 93,513 Sao Martinho SA 121,514 Evolution Gaming Group AB '144A' 93,360 MasterCraft Boat Holdings Inc 120,789 Sunonwealth Electric Machine 91,198 Takeuchi Manufacturing Co Ltd 120,719 Fu Shou Yuan International Group 90,348 GB Group Plc 115,146 International Money Express Inc 89,587

Sawai Pharmaceutical Co Ltd 82,304 SYNNEX Corp 81,227 Loomis AB 80,126 Hub Group Inc - Class A 80,041

The Material Portfolio Changes reflect the aggregate purchases of a security exceeding one per cent of the total value of purchases for the period and aggregate disposals greater than one per cent of the total value of the sales. 173 PRINCIPAL GLOBAL INVESTORS FUNDS STATEMENT OF MATERIAL PORTFOLIO CHANGES for the period ended 31 March 2021 (continued)

Global Diversified Income Fund

Major Purchases Major Sales Cost USD Proceeds USD Prudential Financial Inc FRN 350,000 Kraton Polymers LLC / Kraton Polymers Capital 368,375 Corp '144A' Country Garden Holdings Co Ltd 315,625 Post Holdings Inc 'REGS' 365,327 Indonesia Asahan Aluminium Persero PT '144A' 256,875 OCI NV '144A' 361,594 Cable One Inc '144A' 252,500 Sprint Corp 288,165 HB Fuller Co 250,000 Service Properties Trust 285,453 Post Holdings Inc '144A' 250,000 NiSource Inc - Preferred Stock FRN (Perpetual) 283,101 Kazakhstan Government International Bond 'REGS' 250,000 Tenet Healthcare Corp 277,938 Tencent Holdings Ltd '144A' 236,750 Vornado Realty Trust - Preferred Stock (Perpetual) 266,9 46 Saudi Government International Bond '144A' 228,000 Freeport-McMoRan Inc 260,630 CMS Energy Corp FRN 226,480 Dell International LLC / EMC Corp 'REGS' 259,678 Guatemala Government Bond 'REGS' 225,750 JBS USA LUX SA / JBS USA Finance Inc 'REGS' 257,188 Petrobras Global Finance BV 220,500 Advanced Disposal Services Inc 'REGS' 257,033 QBE Insurance Group Ltd 'REGS' FRN (Perpetual) 220,293 Surgery Center Holdings Inc '144A' 256,213 Scentre Group Trust 2 'REGS' FRN 219,500 Guatemala Government Bond 'REGS' 239,500 Falabella SA '144A' 211,500 Kazakhstan Government International Bond 232,500 'REGS' Bank of Montreal FRN (Perpetual) 210,700 Telephone and Data Systems Inc - Preferred Stock 230,055 Morocco Government International Bond '144A' 209,500 Panama Government International Bond 227,242 Oman Government International Bond 'REGS' 203,300 Qatar Government International Bond '144A' 222,000 Ghana Government International Bond 'REGS' 200,000 QBE Insurance Group Ltd 'REGS' FRN (Perpetual) 217,250 VEON Holdings BV '144A' 200,000 Brazilian Government International Bond 206,702 Cemex SAB de CV 'REGS' 200,000 Gulfport Energy Corp (Defaulted) 206,500 Pakistan Government International Bond 'REGS' 200,000 Bancolombia SA 203,750 Nippon Life Insurance Co '144A' FRN 200,000 XPO Logistics Inc 'REGS' 188,489 Meituan 'REGS' 199,900 Banco Santander Mexico SA Institucion de Banca 170,115 Multiple Grupo Financiero Santand '144A' Alibaba Group Holding Ltd 199,754 Banco Santander SA - Preferred Stock FRN 119,050 (Perpetual) Minerva Luxembourg SA '144A' 199,678 HCA Inc 117,885 Public Storage - Preferred Stock (Perpetual) 198,004 DPL Inc 112,021 Bonos de la Tesoreria de la Republica en pesos 125,000 Boyd Gaming Corp '144A' 110,921 '144A' Hungary Government International Bond 110,300 Covanta Holding Corp 107,606 DISH DBS Corp 106,562 CCO Holdings LLC / CCO Holdings Capital Corp 105,260 'REGS' Sirius XM Radio Inc '144A' 105,110

174 PRINCIPAL GLOBAL INVESTORS FUNDS STATEMENT OF MATERIAL PORTFOLIO CHANGES for the period ended 31 March 2021 (continued)

Finisterre Unconstrained Emerging Markets Fixed Income Fund

Major Purchases Major Sales Cost USD Proceeds USD JPMorgan Chase Bank NA 'EMTN'* 148,600,136 JPMorgan Chase Bank NA 'EMTN'* 106,348,383 JPMorgan Chase Bank NA 'EMTN'* 105,029,422 Peru Government Bond* 69,617,983 Mexican Bonos 67,526,978 Indonesia Treasury Bond 53,802,688 Peru Government Bond '144A' 51,365,142 Turkey Government International Bond* 45,459,791 Ivory Coast Government International Bond 46,813,582 Turkey Government International Bond* 36,509,350 'REGS' Turkey Government International Bond* 42,523,774 JPMorgan Chase Bank NA 'EMTN'* 35,399,792 Republic of South Africa Government 42,003,799 Mexican Bonos 34,451,680 International Bond Brazilian Government International Bond 41,148,688 Petroleos Mexicanos* 28,556,825 Russian Federal Bond - OFZ 40,975,525 Anglo American Plc 25,562,188 Turkey Government International Bond* 40,195,063 Dominican Republic International Bond 25,007,963 Galaxy Pipeline Assets Bidco Ltd 'REGS' 36,466,060 Peru Government Bond* 24,638,691 JPMorgan Chase Bank NA 'EMTN'* 35,235,097 RUSSIA Government Bond 23,823,671 Republic of South Africa Government Bond 32,722,317 Oman Government International Bond 22,486,500 Indonesia Treasury Bond* 29,655,285 Romanian Government International Bond 22,295,669 Egypt Government International Bond 'REGS' 28,929,848 Malaysia Government Bond 22,205,447 VEON Holdings BV 'REGS' 27,292,613 Indonesia Asahan Aluminium Persero PT 21,624,725 Shamrock Capital Plc 'EMTN' (Zero Coupon) 26,078,417 Republic of South Africa Government Bond 20,651,807 RUSSIA Government Bond 24,862,194 MEGlobal Canada ULC 'REGS' 19,897,463 Indonesia Treasury Bond* 24,129,083 Ivory Coast Government International Bond 18,808,223 Anglo American Plc 23,298,463 Turkey Government International Bond 18,521,150 1MDB Global Investments Ltd 'REGS' 23,077,625 Petroleos Mexicanos* 18,430,313 Ukraine Government International Bond 'REGS' 22,851,516 Brazilian Government International Bond 18,104,200 Ghana Government International Bond 'REGS' 22,118,720 Petrobras Global Finance BV 18,006,584 Oman Government International Bond 'REGS' 22,014,906 Banque Centrale de Tunisie International Bond 17,991,951 'REGS' Oman Government International Bond 21,872,291 Colombia Government International Bond 17,259,775 Argentine Republic Government International 21,802,233 Israel Government International Bond 16,887,375 Bond Step-Up Coupon Romanian Government International Bond 21,241,850 Sunac China Holdings Ltd 16,345,500 Sasol Financing USA LLC 21,000,000 Mexico Government International Bond 15,967,651 MEGlobal Canada ULC 'REGS' 20,642,900 Saudi Arabia Corporate Bond 14,632,000 Russian Federal Bond - OFZ 14,336,039

*Maturity date is different for these securities.

The Material Portfolio Changes reflect the aggregate purchases of a security exceeding one per cent of the total value of purchases for the period and aggregate disposals greater than one per cent of the total value of the sales. 175 PRINCIPAL GLOBAL INVESTORS FUNDS STATEMENT OF MATERIAL PORTFOLIO CHANGES for the period ended 31 March 2021 (continued)

U. S. Blue Chip Equity Fund

Major Purchases Major Sales Cost USD Proceeds USD Intuitive Surgical Inc 142,441 Alphabet Inc 172,384 salesforce.com Inc 118,341 PayPal Holdings Inc 112,711 Microsoft Corp 92,417 Brookfield Asset Management Inc - Class A 96,959 American Tower Corp (REIT) 72,090 Charles Schwab Corp/The 78,201 Zoetis Inc 64,334 Aon Plc 69,129 Netflix Inc 58,731 Charter Communications Inc 61,048 Intercontinental Exchange Inc 55,395 Starbucks Corp 55,546 Adobe Inc 51,662 Illumina Inc 54,014 Liberty Broadband Corp 49,413 Linde Plc 52,113 Amazon.com Inc 45,395 TransDigm Group Inc 31,802 VeriSign Inc 37,005 Credit Acceptance Corp 30,540 Spotify Technology SA 32,873 Mastercard Inc 30,326 Mastercard Inc 26,310 Hilton Worldwide Holdings Inc 17,938 CoStar Group Inc 26,219 Intuit Inc 15,272 Visa Inc - Class A 23,456 Facebook Inc - Class A 14,615 Roper Technologies Inc 18,589 Microsoft Corp 14,267 Brookfield Asset Management Inc - Class A 17,938 Danaher Corp 12,188 KKR & Co Inc 16,752 Adobe Inc 12,066 S&P Global Inc 16,560 salesforce.com Inc 10,098 Facebook Inc - Class A 9,942 IDEXX Laboratories Inc 8,756

The Material Portfolio Changes reflect the aggregate purchases of a security exceeding one per cent of the total value of purchases for the period and aggregate disposals greater than one per cent of the total value of the sales. 176 PRINCIPAL GLOBAL INVESTORS FUNDS STATEMENT OF MATERIAL PORTFOLIO CHANGES for the period ended 31 March 2021 (continued)

Asian High Yield Fund

Major Purchases Major Sales Cost USD Proceeds USD Sunac China Holdings Ltd* 1,514,018 Kasikornbank Plc 1,024,000 AIA Group Ltd 'GMTN' FRN (Perpetual) 1,000,000 Asahi Mutual Life Insurance Co. 1,020,000 Asahi Mutual Life Insurance Co. 1,000,000 AIA Group Ltd 'GMTN' FRN (Perpetual) 1,007,300 Bank Negara Indonesia Persero Tbk PT 1,000,000 Greentown China Holdings Ltd 999,250 'EMTN' Greentown China Holdings Ltd 1,000,000 Country Garden Holdings Co Ltd 768,375 Kasikornbank Plc 1,000,000 Sunac China Holdings Ltd* 766,125 Pakistan Government International Bond 1,000,000 Central China Real Estate Ltd 750,000 'REGS' Periama Holdings LLC/DE 1,000,000 Yuzhou Properties Co Ltd 710,625 RKPF Overseas 2020 A Ltd 1,000,000 Sri Lanka Government International Bond 687,500 Vedanta Resources Finance II Plc 'REGS'* 1,000,000 Bank of East Asia Ltd 538,750 Logan Group Co Ltd 997,830 Honghua Group Ltd 533,500 Wynn Macau Ltd 'REGS' 523,875 Shimao Property Holdings Ltd 529,000 CIFI Holdings Group Co Ltd 521,250 HSBC Holdings Plc 528,750 Yuzhou Group Holdings Co Ltd* 520,100 Logan Group Co Ltd* 519,375 GMR Hyderabad International Airport Ltd 514,425 Petroleos Mexicanos 516,755 'REGS' China Aoyuan Group Ltd 507,250 Standard Chartered Plc 516,500 Bank of East Asia Ltd 500,000 Mong Duong Finance Holdings BV 'REGS' 516,200 China SCE Group Holdings Ltd 500,000 Elect Global Investments Ltd 513,750 Easy Tactic Ltd* 500,000 China Aoyuan Group Ltd 510,250 Greenko Dutch BV 'REGS' 500,000 Sunac China Holdings Ltd* 510,000 Indika Energy Capital IV Pte Ltd 'REGS' 500,000 Sunac China Holdings Ltd* 509,500 UBS Group AG 500,000 Periama Holdings LLC/DE 509,125 Vedanta Resources Finance II Plc 'REGS'* 499,790 Sunac China Holdings Ltd* 508,000 Sinic Holdings Group Co Ltd 497,085 Star Energy Geothermal Wayang Windu Ltd 507,467 'REGS' Fantasia Holdings Group Co Ltd 496,500 Bank Negara Indonesia Persero Tbk PT 505,100 'EMTN' Kaisa Group Holdings Ltd 495,050 Vedanta Holdings Mauritius II Ltd 505,000 LMIRT Capital Pte Ltd 494,900 China SCE Group Holdings Ltd 503,125 Yuzhou Group Holdings Co Ltd* 494,650 RKPF Overseas 2020 A Ltd 500,750 CFLD Cayman Investment Ltd 493,750 Logan Group Co Ltd* 500,250 Greenland Global Investment Ltd 'EMTN' 478,775 TBG Global Pte Ltd 500,000 Petroleos Mexicanos 476,250 Zhenro Properties Group Ltd 500,000 Easy Tactic Ltd* 450,050 UBS Group AG 497,500 China Evergrande Group 438,125 Greenland Global Investment Ltd 'EMTN' 488,750 HSBC Holdings Plc FRN (Perpetual) 400,000 Yuzhou Group Holdings Co Ltd 485,250 Krung Thai Bank PCL/Cayman Islands FRN 400,000 Easy Tactic Ltd 467,750 (Perpetual) TML Holdings Pte Ltd 400,000 Sinic Holdings Group Co Ltd 466,125 Sunac China Holdings Ltd* 399,872 China Evergrande Group* 438,125 Redco Properties Group Ltd 'EMTN' 388,896 China Evergrande Group* 402,750 Vedanta Resources Finance II Plc 'REGS'* 361,300 Vedanta Resources Finance II Plc 'REGS' 335,000 Sri Lanka Government International Bond 310,000 'REGS'

*Maturity date is different for these securities.

The Material Portfolio Changes reflect the aggregate purchases of a security exceeding one per cent of the total value of purchases for the period and aggregate disposals greater than one per cent of the total value of the sales. 177 PRINCIPAL GLOBAL INVESTORS FUNDS STATEMENT OF MATERIAL PORTFOLIO CHANGES for the period ended 31 March 2021 (continued)

Finisterre Emerging Markets Debt Euro Income Fund

All Purchases All Sales Cost EUR Proceeds EUR JPMorgan Chase Bank NA 'REGS' 888,675 Bulgaria Government Bonds 481,875 Montenegro Government International Bond 590,346 Sunac China Holdings Ltd 420,185 'REGS' Pertamina Persero PT 'REGS' 517,224 Benin Government International Bond 'REGS' 490,420 Petroleos Mexicanos 411,500 Energean Israel Finance Ltd '144A' 442,330 Israel Government Bonds 387,000 Sunac China Holdings Ltd 418,080 Indonesia Government Bonds 370,948 Hacienda Investments Ltd Via DME Airport 331,052 Banque Centrale de Tunisie SA International 365,000 DAC 'REGS' Bond Ukraine Government Bond 330,573 Alfa SAB de CV 361,005 Petroleos Mexicanos 'EMTN' 327,500 America Movil SAB de CV 309,300 Gazprom PJSC via Gaz Finance Plc 'REGS' 300,000 Peru Government Bond* 294,288 FRN (Perpetual) Oman Government International Bond 'REGS' 296,537 Peru Government Bond* 285,554 Brazilian Government International Bond 290,571 MTN Mauritius Investments Ltd 264,955 Liquid Telecommunications Financing Plc 247,482 Studio City International Holdings Ltd 256,913 'REGS' Ghana Government International Bond 'REGS' 235,492 MARB BondCo Plc 'REGS' 255,827 Banque Ouest Africaine de Developpement 198,132 Turkey Government International Bond 200,000 'REGS' Peru Government Bond 183,562 Vivo Energy Plc 172,928 Peruvian Government International Bond 94,224 Yuzhou Group Holdings Co Ltd 151,777 Peruvian Government International Bond 94,914 Axtel SAB de CV 'REGS' 29,896 Millicom International Cellular SA 'REGS' 25,458

*Maturity date is different for these securities.

The Fund has less than 20 significant purchases and sales during the period ended 31 March 2021. All purchases and sales pertaining to the fund for the period have been listed above.

178 PRINCIPAL GLOBAL INVESTORS FUNDS STATEMENT OF MATERIAL PORTFOLIO CHANGES for the period ended 31 March 2021 (continued)

China Opportunities Equity Fund 1

Major Purchases Major Sales Cost USD Proceeds USD Tencent Holdings Ltd 953,900 Tencent Holdings Ltd 170,263 Alibaba Group Holding Ltd 830,583 Baidu Inc ADR 158,901 Meituan '144A' 482,742 Shenzhou International Group Holdings Ltd 137,710 Ping An Insurance Group Co of China Ltd 'H' 402,236 Pinduoduo Inc ADR 78,291 Baidu Inc ADR 308,506 Meituan '144A' 72,559 Xiaomi Corp '144A' 271,076 Sino Biopharmaceutical Ltd 71,504 Kweichow Moutai Co Ltd 267,985 Alibaba Group Holding Ltd 69,469 Shenzhou International Group Holdings Ltd 189,969 TAL Education Group ADR 69,452 Pinduoduo Inc ADR 186,747 Pharmaron Beijing Co Ltd 'H' '144A' 68,716 China Construction Bank Corp 'H' 185,771 Fuyao Glass Industry Group Co Ltd '144A' 65,951 Postal Savings Bank of China Co Ltd 'H' '144A' 170,065 Innovent Biologics Inc '144A' 61,824 Industrial & Commercial Bank of China Ltd 'H' 169,18 2 Ping An Insurance Group Co of China Ltd 'H' 56,461 BYD Co Ltd 'H' 168,822 Bilibili Inc ADR 52,507 China Molybdenum Co Ltd 'H' 165,183 Luxshare Precision Industr-A 52,166 Li Ning Co Ltd 162,773 Huatai Securities Co Ltd '144A' 43,628 Lens Technology Co Ltd 152,757 Sunac China Holdings Ltd 39,578 Sunny Optical Technology Group Co Ltd 149,738 Postal Savings Bank of China Co Ltd 'H' 39,567 '144A' JD.com Inc 149,262 Haier Smart Home Co Ltd 'H' 38,744 Geely Automobile Holdings Ltd 139,333 NetEase Inc 36,480 Sunac China Holdings Ltd 138,280 ANTA Sports Products Ltd 30,048 Ganfeng Lithium Co Ltd 'H' '144A' 129,785 Tencent Music Entertainment Group ADR 24,648 Sunac Services Holdings Ltd '144A' 128,444 Wingtech Technology Co Ltd 21,510 Pharmaron Beijing Co Ltd 'H' '144A' 124,356 Li Ning Co Ltd 18,906 Sino Biopharmaceutical Ltd 121,997 JD.com Inc 18,342 Wuliangye Yibin Co Ltd 121,515 Zijin Mining Group Co Ltd 'H' 17,847 RLX Technology Inc ADR 118,337 Haier Smart Home Co Ltd 'H' 118,101 China Merchants Bank Co Ltd 115,968 BOC Hong Kong Holdings Ltd 114,378 ENN Energy Holdings Ltd 110,428 NetEase Inc 110,195 Futu Holdings Ltd ADR 106,374 Alibaba Health Information Technology Ltd 105,827 Wingtech Technology Co Ltd 103,303

1China Opportunities Equity Fund launched on 23 February 2021.

179 PRINCIPAL GLOBAL INVESTORS FUNDS

Securities Financing Transactions Regulation for the period ended 31 March 2021

Securities Financing Transactions on Total Return Swaps The following table details the gross aggregate fair value for total return swaps held on Finisterre Unconstrained Emerging Markets Fixed Income Fund, and Finisterre Emerging Markets Debt Euro Income Fund analysed by counterparty, as at the Statement of Financial Position date.

Finisterre Unconstrained Emerging Markets Fixed Income Fund Total Return Swaps Counterparty Counterparty’s country of incorporation USD JPMorgan Chase & Co United States 290,147 HSBC Hong Kong 256,423 546,570

The gross aggregate fair value of total return swaps as a proportion of the Fund’s NAV, as at the Statement of Financial Position date, is 0.03%.

Finisterre Emerging Markets Debt Euro Income Fund Total Return Swaps Counterparty Counterparty’s country of incorporation EUR HSBC Hong Kong 51,723 51,723

The gross aggregate fair value of total return swaps as a proportion of the Fund’s NAV, as at the Statement of Financial Position date, is 0.17%.

The following table provides an analysis of the maturity tenor of open Securities Financing Transactions (“SFTs”) on Total Return Swaps (“TRS”) and associated collateral received/provided, as at the Statement of Financial Position date.

Finisterre Unconstrained Emerging Markets Fixed Income Fund OTC derivative Cash Non-cash transactions collateral collateral (net exposure) received/ (provided) received/ (provided) Maturity tenor USD USD USD 1 day - - - 2 to 7 days - - - Open 546,570 98,505,000 - Total 546,570 98,505,000 -

180 PRINCIPAL GLOBAL INVESTORS FUNDS

Securities Financing Transactions Regulation for the period ended 31 March 2021 (continued)

Finisterre Emerging Markets Debt Euro Income Fund OTC derivative Cash Non-cash transactions collateral collateral (net exposure) received/ (provided) received/ (provided) Maturity tenor EUR EUR EUR 1 day - - - 2 to 7 days - - - Open 51,723 620,000 - Total 51,723 620,000 -

The above maturity tenor analysis has been based on the contractual maturity date of the relevant SFTs on TRS and, in case of non-cash collateral, the contractual maturity date of the security received/provided as collateral.

SFTs on TRS are entered into by the Fund/s under an International Swaps and Derivatives Associations, Inc. Master Agreement (“ISDA Master Agreement”) or similar agreement. An ISDA Master Agreement is a bilateral agreement between the Fund/s and a counterparty that governs SFTs (including TRS) entered into by the parties. All SFTs on TRS entered under an ISDA Master agreement are netted together for collateral purposes.

TRS are marked to market using valuation sources/methods and the fair value is recorded in the Statement of Financial Position as Unrealised Gain on Swap Contracts. The change in unrealised gains and losses is shown in Net gain/(loss) on investment activities in the Statement of Comprehensive Income and is not subject to any returns sharing arrangements with the Fund’s Investment Adviser or any other third parties.

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PRINCIPAL GLOBAL INVESTORS FUNDS