Diversified International Fund As of April 30, 2018

SCHEDULE OF INVESTMENTS

MARKET % TOTAL NET ISSUER SHARES VALUE ASSETS Australia CSL Ltd 814,527 $ 104,331,664 0.83% Macquarie Group Ltd 1,257,437 $ 102,403,171 0.81% Mirvac Group 31,695,172 $ 53,190,044 0.42% Treasury Wine Estates Ltd 2,867,805 $ 40,963,586 0.32% Dexus 5,413,746 $ 38,500,008 0.30%

Total Australia $ 339,388,473 2.69%

Austria Erste Group Bank AG 1,747,280 $ 85,444,781 0.68% Raiffeisen Bank International AG 1,820,658 $ 61,458,171 0.49%

Total Austria $ 146,902,952 1.16%

Brazil Vale SA 11,208,800 $ 155,596,011 1.23% Itausa - Investimentos Itau SA 24,445,471 $ 94,552,447 0.75% SA 8,072,700 $ 84,616,792 0.67% Ambev SA 8,524,800 $ 56,747,641 0.45% Hypera SA 4,186,014 $ 37,809,402 0.30% MRV Engenharia e Participacoes SA 5,609,500 $ 23,922,679 0.19% Distribuidora SA 3,559,400 $ 23,493,140 0.19% Itausa - Investimentos Itau SA 591,015 $ 2,277,547 0.02%

Total $ 479,015,659 3.79%

Canada Brookfield Asset Management Inc 3,415,802 $ 135,387,020 1.07% Toronto-Dominion Bank/The 2,134,900 $ 119,901,584 0.95% Canadian National Railway Co 1,551,948 $ 119,869,686 0.95% Suncor Energy Inc 2,765,500 $ 105,756,494 0.84% Dollarama Inc 839,416 $ 96,706,581 0.77% Alimentation Couche-Tard Inc 2,195,346 $ 94,913,086 0.75% TransCanada Corp 2,122,306 $ 89,986,634 0.71% Bank of Montreal 1,101,600 $ 84,459,289 0.67% Canadian Natural Resources Ltd 2,005,800 $ 72,361,584 0.57% Bank of Nova Scotia/The 1,122,400 $ 68,990,076 0.55% Open Text Corp 968,800 $ 34,203,594 0.27%

Total Canada $ 1,022,535,627 8.10%

China Tencent Holdings Ltd 4,581,232 $ 225,226,777 1.78% Alibaba Group Holding Ltd 803,656 $ 143,484,742 1.14% TAL Education Group 1,750,731 $ 63,761,623 0.51% New Oriental Education & Technology Group Inc 545,469 $ 49,004,935 0.39%

Total China $ 481,478,078 3.81%

Denmark

Not FDIC or NCUA Insured PQ 7979 May Lose Value, Not a Deposit, No Bank or Credit Union Guarantee 4-18 Not Insured by any Federal Government Agency Diversified International Fund As of April 30, 2018

SCHEDULE OF INVESTMENTS

MARKET % TOTAL NET ISSUER SHARES VALUE ASSETS Novo Nordisk A/S 2,246,250 $ 105,636,526 0.84% Danske Bank A/S 2,636,746 $ 91,764,381 0.73%

Total Denmark $ 197,400,907 1.56%

Finland Neste Oyj 1,072,745 $ 90,332,086 0.72% UPM-Kymmene OYJ 1,924,333 $ 68,663,213 0.54%

Total Finland $ 158,995,298 1.26%

France LVMH Moet Hennessy Louis Vuitton SE 547,770 $ 190,630,331 1.51% Kering SA 266,159 $ 153,971,834 1.22% Vinci SA 1,267,371 $ 126,716,255 1.00% SA 983,919 $ 115,403,861 0.91% Ubisoft Entertainment SA 984,414 $ 94,058,692 0.75% Orange SA 3,956,575 $ 71,928,965 0.57% Atos SE 520,106 $ 70,214,282 0.56% Thales SA 364,502 $ 46,203,733 0.37% Capgemini SE 310,220 $ 42,675,627 0.34%

Total France $ 911,803,580 7.22%

Germany Infineon Technologies AG 4,570,340 $ 117,026,660 0.93% Hannover Rueck SE 676,294 $ 94,982,412 0.75% Vonovia SE 1,834,628 $ 91,923,656 0.73% Covestro AG 681,566 $ 61,930,317 0.49% Wacker Chemie AG 231,194 $ 41,546,104 0.33% Wirecard AG 240,979 $ 32,604,661 0.26% KION Group AG 388,545 $ 32,387,009 0.26% Duerr AG 314,625 $ 31,224,089 0.25% Evotec AG 1,522,737 $ 24,574,164 0.19%

Total Germany $ 528,199,072 4.18%

Hong Kong Sun Hung Kai Properties Ltd 4,668,000 $ 75,175,545 0.60% Wharf Real Estate Investment Co Ltd 9,343,000 $ 70,051,484 0.55% Melco International Development Ltd 12,093,000 $ 44,772,392 0.35%

Total Hong Kong $ 189,999,420 1.51%

India Reliance Industries Ltd 6,549,290 $ 94,122,039 0.75% Indiabulls Housing Finance Ltd 3,817,295 $ 74,390,804 0.59% Maruti Suzuki India Ltd 564,381 $ 74,266,236 0.59% Yes Bank Ltd 11,720,621 $ 63,266,124 0.50% HDFC Bank Ltd 480,285 $ 46,016,106 0.36% Ashok Leyland Ltd 13,508,393 $ 33,132,868 0.26%

Not FDIC or NCUA Insured PQ 7979 May Lose Value, Not a Deposit, No Bank or Credit Union Guarantee 4-18 Not Insured by any Federal Government Agency Diversified International Fund As of April 30, 2018

SCHEDULE OF INVESTMENTS

MARKET % TOTAL NET ISSUER SHARES VALUE ASSETS Power Grid Corp of India Ltd 10,615,488 $ 32,974,135 0.26% Shriram Transport Finance Co Ltd 1,158,939 $ 27,847,406 0.22% Petronet LNG Ltd 6,453,941 $ 21,871,642 0.17% HDFC Bank Ltd 404,231 $ 12,129,202 0.10%

Total India $ 480,016,562 3.80%

Indonesia Telekomunikasi Indonesia Persero Tbk PT 161,056,800 $ 43,948,307 0.35% Bank Negara Indonesia Persero Tbk PT 44,582,900 $ 25,667,091 0.20%

Total Indonesia $ 69,615,398 0.55%

Ireland Kingspan Group PLC 1,384,781 $ 62,394,979 0.49% ICON PLC 452,135 $ 53,184,640 0.42% Ryanair Holdings PLC 373,670 $ 41,092,490 0.33%

Total Ireland $ 156,672,109 1.24%

Italy Mediobanca Banca di Credito Finanziario SpA 8,136,128 $ 98,589,565 0.78% Enel SpA 11,970,203 $ 75,935,528 0.60% Ferrari NV 468,005 $ 57,745,614 0.46% Moncler SpA 1,209,540 $ 54,516,192 0.43% Prysmian SpA 887,936 $ 26,102,650 0.21% Recordati SpA 378,537 $ 13,502,636 0.11%

Total Italy $ 326,392,184 2.59%

Japan Mitsubishi Corp 4,920,600 $ 138,073,829 1.09% Mitsubishi UFJ Financial Group Inc 19,584,576 $ 132,855,310 1.05% Nintendo Co Ltd 297,700 $ 126,393,685 1.00% ITOCHU Corp 5,788,700 $ 117,777,086 0.93% ORIX Corp 6,058,490 $ 108,254,055 0.86% Komatsu Ltd 3,102,200 $ 105,750,073 0.84% Hitachi Ltd 14,188,000 $ 104,590,221 0.83% Honda Motor Co Ltd 2,969,400 $ 102,784,730 0.81% SoftBank Group Corp 1,291,600 $ 98,949,416 0.78% Keyence Corp 156,400 $ 95,431,963 0.76% Sumitomo Corp 5,197,400 $ 94,817,543 0.75% JXTG Holdings Inc 12,658,300 $ 83,674,417 0.66% Nippon Telegraph & Telephone Corp 1,530,163 $ 73,663,955 0.58% Suzuki Motor Corp 1,216,700 $ 65,728,936 0.52% Hoya Corp 1,126,004 $ 60,620,096 0.48% Sumitomo Heavy Industries Ltd 1,473,400 $ 56,838,166 0.45% Tokyo Electron Ltd 281,200 $ 54,897,889 0.43% Ulvac Inc 921,300 $ 49,284,197 0.39% Rohm Co Ltd 510,600 $ 48,022,957 0.38% Isuzu Motors Ltd 3,044,000 $ 46,910,018 0.37%

Not FDIC or NCUA Insured PQ 7979 May Lose Value, Not a Deposit, No Bank or Credit Union Guarantee 4-18 Not Insured by any Federal Government Agency Diversified International Fund As of April 30, 2018

SCHEDULE OF INVESTMENTS

MARKET % TOTAL NET ISSUER SHARES VALUE ASSETS Coca-Cola Bottlers Japan Holdings Inc 1,060,800 $ 45,624,436 0.36% Nichirei Corp 1,478,700 $ 43,040,023 0.34% Aisin Seiki Co Ltd 752,200 $ 41,232,028 0.33% Mitsubishi Chemical Holdings Corp 4,070,900 $ 39,067,670 0.31% Sekisui House Ltd 2,096,168 $ 38,419,802 0.30% Hitachi High-Technologies Corp 592,800 $ 27,892,615 0.22% Matsumotokiyoshi Holdings Co Ltd 580,600 $ 26,022,815 0.21%

Total Japan $ 2,026,617,931 16.05%

Korea, Republic Of Samsung Electronics Co Ltd 60,789 $ 152,288,514 1.21% POSCO 264,452 $ 91,491,208 0.72% SK Telecom Co Ltd 208,258 $ 44,497,020 0.35% Hana Financial Group Inc 913,152 $ 40,574,280 0.32%

Total Korea, Republic Of $ 328,851,022 2.61%

Macao Wynn Macau Ltd 14,197,600 $ 52,465,270 0.42%

Total Macao $ 52,465,270 0.42%

Malaysia Malayan Banking Bhd 15,762,400 $ 43,212,120 0.34%

Total Malaysia $ 43,212,120 0.34%

Mexico Wal-Mart de Mexico SAB de CV 29,955,078 $ 83,288,413 0.66% Grupo Financiero Banorte SAB de CV 10,768,200 $ 67,342,814 0.53%

Total Mexico $ 150,631,226 1.19%

Netherlands PLC - A Shares 3,598,549 $ 125,926,592 1.00% ING Groep NV 5,798,882 $ 100,725,213 0.80% NN Group NV 2,060,006 $ 98,725,108 0.78% Royal Dutch Shell PLC - B Shares 1,997,533 $ 71,310,116 0.56% ASR Nederland NV 1,279,811 $ 60,360,663 0.48% EXOR NV 563,318 $ 41,732,644 0.33% Philips Lighting NV 721,040 $ 21,928,151 0.17%

Total Netherlands $ 520,708,486 4.13%

Norway DNB ASA 3,294,472 $ 64,526,793 0.51% Telenor ASA 2,581,048 $ 57,128,665 0.45%

Total Norway $ 121,655,458 0.96%

Peru Credicorp Ltd 339,899 $ 80,516,465 0.64%

Not FDIC or NCUA Insured PQ 7979 May Lose Value, Not a Deposit, No Bank or Credit Union Guarantee 4-18 Not Insured by any Federal Government Agency Diversified International Fund As of April 30, 2018

SCHEDULE OF INVESTMENTS

MARKET % TOTAL NET ISSUER SHARES VALUE ASSETS

Total Peru $ 80,516,465 0.64%

Russian Federation Sberbank of Russia PJSC 6,420,676 $ 94,937,791 0.75% LUKOIL PJSC 882,518 $ 58,824,889 0.47% X5 Retail Group NV 1,206,772 $ 34,341,234 0.27% Mobile TeleSystems PJSC 3,041,690 $ 31,937,745 0.25%

Total Russian Federation $ 220,041,659 1.74%

Singapore United Overseas Bank Ltd 3,698,700 $ 85,294,998 0.68% DBS Group Holdings Ltd 3,270,300 $ 75,452,648 0.60%

Total Singapore $ 160,747,646 1.27%

South Africa PLC 1,191,908 $ 33,179,460 0.26%

Total South Africa $ 33,179,460 0.26%

Spain Iberdrola SA 9,374,801 $ 72,429,109 0.57% ACS Actividades de Construccion y Servicios SA 1,246,943 $ 52,552,054 0.42%

Total Spain $ 124,981,163 0.99%

Sweden Volvo AB - B Shares 6,227,595 $ 105,535,178 0.84% Swedbank AB 3,439,942 $ 74,726,812 0.59% Sandvik AB 3,073,606 $ 53,634,806 0.42% Investor AB 1,077,380 $ 46,902,666 0.37%

Total Sweden $ 280,799,462 2.22%

Switzerland Nestle SA 2,337,795 $ 181,109,196 1.43% Roche Holding AG 698,121 $ 155,113,738 1.23% Cie Financiere Richemont SA 1,246,680 $ 118,507,836 0.94% 1,248,077 $ 95,537,331 0.76% PLC 17,297,296 $ 85,023,984 0.67% Swiss Life Holding AG 241,190 $ 84,372,808 0.67% Logitech International SA 2,068,475 $ 76,416,029 0.61% Coca-Cola HBC AG 1,474,699 $ 49,403,955 0.39% Lonza Group AG 179,973 $ 43,973,160 0.35% Straumann Holding AG 54,701 $ 37,132,518 0.29%

Total Switzerland $ 926,590,554 7.34%

Taiwan, Province Of China Taiwan Semiconductor Manufacturing Co Ltd 22,053,544 $ 167,989,397 1.33% Uni-President Enterprises Corp 17,309,000 $ 41,656,979 0.33%

Not FDIC or NCUA Insured PQ 7979 May Lose Value, Not a Deposit, No Bank or Credit Union Guarantee 4-18 Not Insured by any Federal Government Agency Diversified International Fund As of April 30, 2018

SCHEDULE OF INVESTMENTS

MARKET % TOTAL NET ISSUER SHARES VALUE ASSETS

Total Taiwan, Province Of China $ 209,646,376 1.66%

Thailand PTT PCL 52,668,000 $ 93,105,671 0.74%

Total Thailand $ 93,105,671 0.74%

United Kingdom BP PLC 23,184,124 $ 172,211,981 1.36% PLC 149,690,300 $ 136,992,889 1.09% PLC 3,619,200 $ 129,114,672 1.02% Fiat Chrysler Automobiles NV 5,159,002 $ 114,626,609 0.91% Ltd 1,803,930 $ 107,359,065 0.85% Legal & General Group PLC 27,091,196 $ 104,460,716 0.83% Group PLC 8,011,869 $ 103,419,191 0.82% 3,856,660 $ 100,896,607 0.80% PLC 30,758,390 $ 82,037,166 0.65% PLC 2,635,283 $ 73,189,533 0.58% PLC 20,819,527 $ 67,433,604 0.53% 1,548,088 $ 57,829,877 0.46% Howden Joinery Group PLC 5,607,948 $ 36,704,053 0.29% Intermediate Capital Group PLC 2,211,450 $ 32,950,724 0.26% Smiths Group PLC 495,219 $ 10,850,948 0.09% Paragon Banking Group PLC 569,841 $ 4,085,369 0.03%

Total United Kingdom $ 1,334,163,005 10.57%

United States Principal Government Money Market Fund 436,186,157 $ 436,679,714 3.46%

Total United States $ 436,679,714 3.46%

Total Market Value $ 12,633,008,007 100.08%

Cash -9,963,657 -0.08%

Total Net Assets $ 12,623,044,350 100.00%

Not FDIC or NCUA Insured PQ 7979 May Lose Value, Not a Deposit, No Bank or Credit Union Guarantee 4-18 Not Insured by any Federal Government Agency Diversified International Fund As of April 30, 2018

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.

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

Principal Funds, Inc. is distributed by Principal Funds Distributor, Inc., member of Principal Financial Group®. See the Principal Funds, Inc. prospectus for the full name of each Fund. Certain investment options may not be available in all states or US commonwealths.

Investors should carefully consider a fund's investment objectives, risks, charges and expenses prior to investing. A prospectus, or a summary prospectus if available, containing this and other information can be obtained by contacting a financial professional, visiting principalfunds.com, or calling 800-222-5852. Please 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 PQ 7979 May Lose Value, Not a Deposit, No Bank or Credit Union Guarantee 4-18 Not Insured by any Federal Government Agency