Global Securities Fund As of September 30, 2017

SCHEDULE OF INVESTMENTS

MARKET % TOTAL NET ISSUER SHARES VALUE ASSETS Australia Goodman Group 9,851,675 $ 63,785,342 2.77% Dexus 6,210,269 $ 46,343,554 2.01% Scentre Group 4,466,385 $ 13,787,384 0.60%

Total Australia $ 123,916,280 5.37%

Canada Canadian Apartment Properties REIT 488,840 $ 13,214,645 0.57% Allied Properties Real Estate Investment Trust 117,080 $ 3,738,303 0.16%

Total Canada $ 16,952,948 0.74%

China SOHO China Ltd 20,550,500 $ 11,793,989 0.51%

Total China $ 11,793,989 0.51%

France Gecina SA 194,880 $ 31,618,519 1.37% Klepierre SA 600,528 $ 23,586,529 1.02% Unibail-Rodamco SE 77,422 $ 18,839,975 0.82%

Total France $ 74,045,022 3.21%

Germany Deutsche Wohnen SE 2,192,406 $ 93,173,467 4.04% LEG Immobilien AG 220,628 $ 22,340,700 0.97% TLG Immobilien AG 780,500 $ 18,009,417 0.78% Aroundtown SA 1,807,685 $ 12,947,772 0.56%

Total Germany $ 146,471,356 6.35%

Hong Kong New World Development Co Ltd 31,270,000 $ 45,120,177 1.96% Hongkong Land Holdings Ltd 6,012,763 $ 43,355,990 1.88% Link REIT 4,814,500 $ 39,151,381 1.70% Sun Hung Kai Properties Ltd 1,715,577 $ 27,947,176 1.21%

Total Hong Kong $ 155,574,724 6.75%

Japan Mitsui Fudosan Co Ltd 3,275,893 $ 71,031,256 3.08% Japan Retail Fund Investment Corp 16,879 $ 30,288,395 1.31% Japan Hotel REIT Investment Corp 36,110 $ 22,824,403 0.99% United Urban Investment Corp 12,496 $ 18,301,950 0.79% Nomura Real Estate Holdings Inc 806,500 $ 17,204,334 0.75% Daiwa Office Investment Corp 2,804 $ 14,032,606 0.61% Japan Logistics Fund Inc 7,529 $ 14,022,155 0.61% Tokyo Tatemono Co Ltd 968,000 $ 12,382,456 0.54% Mitsubishi Estate Co Ltd 697,200 $ 12,116,911 0.53% Kenedix Retail REIT Corp 4,942 $ 10,276,445 0.45%

Not FDIC or NCUA Insured PJ 1025 May Lose Value, Not a Deposit, No Bank or Credit Union Guarantee 9-17 Not Insured by any Federal Government Agency Global Real Estate Securities Fund As of September 30, 2017

SCHEDULE OF INVESTMENTS

MARKET % TOTAL NET ISSUER SHARES VALUE ASSETS Industrial & Infrastructure Fund Investment Corp 2,340 $ 9,923,893 0.43% Heiwa Real Estate Co Ltd 501,100 $ 8,542,868 0.37% Hoshino Resorts REIT Inc 1,258 $ 6,263,837 0.27% Leopalace21 Corp 537,700 $ 3,747,198 0.16%

Total Japan $ 250,958,708 10.88%

Mexico Macquarie Mexico Real Estate Management SA de CV 4,929,670 $ 6,521,458 0.28% Prologis Property Mexico SA de CV 2,317,270 $ 4,583,639 0.20% PLA Administradora Industrial S de RL de CV 2,432,760 $ 4,188,195 0.18%

Total Mexico $ 15,293,292 0.66%

Netherlands InterXion Holding NV 502,051 $ 25,569,457 1.11%

Total Netherlands $ 25,569,457 1.11%

Norway Entra ASA 1,064,127 $ 14,573,405 0.63%

Total Norway $ 14,573,405 0.63%

Singapore CapitaLand Ltd 9,159,800 $ 24,235,752 1.05% CapitaLand Commercial Trust 14,049,900 $ 17,180,600 0.74% Frasers Logistics & Industrial Trust 2,968,762 $ 2,343,080 0.10% CapitaLand Commercial Trust - Rights 2,224,765 $ 484,995 0.02%

Total Singapore $ 44,244,428 1.92%

Spain Merlin Properties Socimi SA 2,219,755 $ 30,773,352 1.33% Inmobiliaria Colonial Socimi SA 2,214,874 $ 21,996,298 0.95% Hispania Activos Inmobiliarios SOCIMI SA 551,540 $ 9,946,922 0.43%

Total Spain $ 62,716,572 2.72%

Sweden Fabege AB 1,090,323 $ 22,381,239 0.97% Castellum AB 1,248,600 $ 19,606,991 0.85% Wihlborgs Fastigheter AB 402,661 $ 9,856,997 0.43%

Total Sweden $ 51,845,228 2.25%

United Kingdom PLC 7,120,268 $ 51,192,549 2.22% UNITE Group PLC/The 2,403,972 $ 22,156,696 0.96% PLC 1,679,215 $ 13,761,028 0.60% Holdings PLC 2,121,651 $ 12,424,772 0.54% PLC 679,233 $ 6,891,974 0.30%

Not FDIC or NCUA Insured PJ 1025 May Lose Value, Not a Deposit, No Bank or Credit Union Guarantee 9-17 Not Insured by any Federal Government Agency Global Real Estate Securities Fund As of September 30, 2017

SCHEDULE OF INVESTMENTS

MARKET % TOTAL NET ISSUER SHARES VALUE ASSETS

Total $ 106,427,018 4.61%

United States Simon Property Group Inc 638,881 $ 102,866,230 4.46% Essex Property Trust Inc 263,183 $ 66,856,377 2.90% AvalonBay Communities Inc 354,760 $ 63,296,279 2.74% Prologis Inc 967,415 $ 61,392,156 2.66% Alexandria Real Estate Equities Inc 355,933 $ 42,345,349 1.84% Equinix Inc 94,187 $ 42,035,658 1.82% Morgan Stanley Institutional Liquidity Funds - Government Portfolio 41,470,389 $ 41,470,389 1.80% Apartment Investment & Management Co 920,146 $ 40,357,604 1.75% Starwood Waypoint Homes 1,106,632 $ 40,248,206 1.75% Regency Centers Corp 642,930 $ 39,887,377 1.73% STORE Capital Corp 1,448,423 $ 36,022,280 1.56% Welltower Inc 487,372 $ 34,252,504 1.49% Crown Castle International Corp 337,565 $ 33,749,749 1.46% Sun Communities Inc 383,198 $ 32,832,405 1.42% Kilroy Realty Corp 441,582 $ 31,405,312 1.36% CubeSmart 1,126,305 $ 29,238,878 1.27% Extra Space Storage Inc 359,371 $ 28,720,930 1.25% Sunstone Hotel Investors Inc 1,735,365 $ 27,887,316 1.21% SL Green Realty Corp 275,165 $ 27,879,718 1.21% Rexford Industrial Realty Inc 939,991 $ 26,902,542 1.17% Hilton Worldwide Holdings Inc 387,143 $ 26,887,081 1.17% Duke Realty Corp 873,706 $ 25,180,207 1.09% American Tower Corp 183,434 $ 25,071,759 1.09% Hudson Pacific Properties Inc 645,537 $ 21,644,856 0.94% Boston Properties Inc 172,941 $ 21,250,990 0.92% Invitation Homes Inc 910,469 $ 20,622,123 0.89% Equity Residential 284,354 $ 18,747,459 0.81% Physicians Realty Trust 950,703 $ 16,855,964 0.73% EPR Properties 239,773 $ 16,721,769 0.73% Public Storage 72,562 $ 15,527,542 0.67% Healthcare Trust of America Inc 518,368 $ 15,447,366 0.67% HCP Inc 548,640 $ 15,268,651 0.66% First Industrial Realty Trust Inc 491,200 $ 14,780,208 0.64% Senior Housing Properties Trust 669,909 $ 13,096,721 0.57% Spirit Realty Capital Inc 1,440,029 $ 12,341,049 0.54% Saul Centers Inc 161,956 $ 10,026,696 0.43% Hilton Grand Vacations Inc 225,201 $ 8,699,515 0.38% DDR Corp 867,199 $ 7,943,543 0.34% Extended Stay America Inc 389,188 $ 7,783,760 0.34% Tanger Factory Outlet Centers Inc 308,806 $ 7,541,043 0.33% GGP Inc 273,993 $ 5,690,835 0.25% Kite Realty Group Trust 273,060 $ 5,529,465 0.24% Host Hotels & Resorts Inc 298,427 $ 5,517,915 0.24% Brixmor Property Group Inc 262,310 $ 4,931,428 0.21%

Not FDIC or NCUA Insured PJ 1025 May Lose Value, Not a Deposit, No Bank or Credit Union Guarantee 9-17 Not Insured by any Federal Government Agency Global Real Estate Securities Fund As of September 30, 2017

SCHEDULE OF INVESTMENTS

MARKET % TOTAL NET ISSUER SHARES VALUE ASSETS Weyerhaeuser Co 144,540 $ 4,918,696 0.21% CBRE Group Inc 112,057 $ 4,244,719 0.18%

Total United States $ 1,201,918,618 52.11%

Total Market Value $ 2,302,301,045 99.82%

Cash 4,044,653 0.18%

Total Net Assets $ 2,306,345,698 100.00%

Not FDIC or NCUA Insured PJ 1025 May Lose Value, Not a Deposit, No Bank or Credit Union Guarantee 9-17 Not Insured by any Federal Government Agency Global Real Estate Securities Fund As of September 30, 2017

International and global investment options are subject to additional risk due to fluctuating exchange rates, foreign accounting and financial policies, and other economic and political environments.

Real estate investment options are subject to some risks inherent in real estate and Real Estate Investment Trusts , such as risks associated with general and local economic conditions.

Portfolio holdings may not reflect the current portfolio composition. The holdings listed do not constitute a recommendation to purchase or sell a particular security.

Insurance products and plan administrative services, if applicable, are provided by Principal Life Insurance Company. Principal mutual funds are part of the Principal Funds, Inc. series. Principal Funds, Inc. is distributed by Principal Funds Distributor, Inc. Securities are offered through Principal Securities, Inc., 800-547-7754, member SIPC and/or independent broker/dealers. Securities sold by a Principal Securities Registered Representative are offered through Principal Securities . Principal Funds Distributor, Principal Securities and Principal Life are members of Principal Financial Group®, Des Moines, IA 50392. Certain investment options may not be available in all states or U.S. commonwealths.

Investors should carefully consider a mutual fund’s investment objectives, risks, charges, and expenses prior to investing. A prospectus, or summary prospectus if available, containing this and other information can be obtained by contacting a financial professional, visiting principal.com, or calling 1-800-547-7754. Read the prospectus carefully before investing.

A mutual fund's share price and investment return will vary with market conditions, and the principal value of an investment when you sell your shares may be more or less than the original cost.

Information is current as of the creation of this piece. Keep in mind that portfolio holdings are subject to risk.

Not FDIC or NCUA Insured PJ 1025 May Lose Value, Not a Deposit, No Bank or Credit Union Guarantee 9-17 Not Insured by any Federal Government Agency