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Jun. 17, 2022
Principal Funds Inc
Principal Funds, Inc.
Supplement dated June 17, 2022
to the Prospectus dated March 1, 2022
(as previously supplemented)

This supplement updates information currently in the Prospectus. Please retain this supplement for future reference.
SUMMARY FOR INFLATION PROTECTION FUND
In the Sub-Advisor and Portfolio Manager section, under BlackRock Financial Management, Inc., add the following alphabetically to the list of portfolio managers:
David Rogal (since 2022), Managing Director
SUMMARY FOR INTERNATIONAL FUND I
Principal Funds Inc | Inflation Protection Fund
INFLATION PROTECTION FUND
Principal Funds Inc | International Fund I
INTERNATIONAL FUND I
Effective July 1, 2022, delete the Annual Fund Operating Expenses table and replace with the following:Annual Fund Operating Expenses(expenses that you pay each year as a percentage of the value of your investment)
Share Class
Inst.R-1R-3R-4R-5R-6
Management Fees0.65%0.65%0.65%0.65%0.65%0.65%
Distribution and/or Service (12b-1) FeesN/A0.35%0.25%0.10%N/AN/A
Other Expenses0.18%0.57%0.36%0.32%0.30%0.05%
Total Annual Fund Operating Expenses0.83%1.57%1.26%1.07%0.95%0.70%
Expense Reimbursement (1)
(0.04)%N/AN/AN/AN/A(0.01)%
Total Annual Fund Operating Expenses after Expense Reimbursement0.79%1.57%1.26%1.07%0.95%0.69%
Effective July 1, 2022, delete the Example section and replace with the following:Example
This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.
The Example assumes that you invest $10,000 in the Fund for the time periods indicated. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The calculation of costs takes into account any applicable contractual fee waivers and/or expense reimbursements for the period noted in the table above. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
1 year
3 year
5 year
10 year
Institutional Class
$81
$261
$457
$1,022
Class R-1
160
496
855
1,867
Class R-3
128
400
692
1,523
Class R-4
109
340
590
1,306
Class R-5
97
303
525
1,166
Class R-6
70
223
389
870
Principal Funds Inc | Overseas Fund
OVERSEAS FUND
Principal Funds Inc | Global Emerging Markets Fund
Global Emerging Markets