Class A

PBLAX

Blue Chip Fund

Semi-Annual Shareholder Report February 28, 2025

This semi-annual shareholder report contains important information about Blue Chip Fund (the "Fund") for the period of September 1, 2024 to February 28, 2025. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at 1-800-222-5852 or emailing prospectus@principalfunds.com.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class A	$47	0.93%^{Footnote Reference*}

Footnote	Description
Footnote^*	Computed on an annualized basis.

Fund Statistics

Net Assets (amount in thousands)$11,302,030
Total Number of Portfolio Holdings43
Portfolio Turnover Rate (annualized)19.1%

Graphical Representation of Holdings

Portfolio Allocation

Asset Weighting	Percent of Net Assets
Common Stocks	99.93%
Investment Companies	0.05%
Other Assets and Liabilities	0.02%
Total Net Assets	100.00%

Sector Allocation

Sector	Percent of Net Assets
Financial	26.42%
Communications	22.73%
Technology	22.44%
Consumer, Cyclical	9.19%
Industrial	8.60%
Consumer, Non-cyclical	8.33%
Basic Materials	2.22%
Money Market Funds	0.05%
Other Assets and Liabilities	0.02%
Total Net Assets	100.00%

Changes in and Disagreements with Accountants

During the two most recent fiscal years or any subsequent interim period, there have been no changes in or disagreements with Accountants.

Availability of Additional Information

The Fund's most recent prospectus, statement of additional information, financial statements and additional information, complete schedules of investments for the first and third quarters of each fiscal year, and proxy voting record can be found at www.PrincipalAM.com/prospectuses. Did you know that our Tax Center can provide answers to your tax-related questions on your account? Visit our website at www.Principal.com/tax-centerfor more information.

FV823SARA-0

Class C

PBLCX

Blue Chip Fund

Semi-Annual Shareholder Report February 28, 2025

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class C	$85	1.67%^{Footnote Reference*}

Footnote	Description
Footnote^*	Computed on an annualized basis.

Fund Statistics

Net Assets (amount in thousands)$11,302,030
Total Number of Portfolio Holdings43
Portfolio Turnover Rate (annualized)19.1%

Graphical Representation of Holdings

Portfolio Allocation

Asset Weighting	Percent of Net Assets
Common Stocks	99.93%
Investment Companies	0.05%
Other Assets and Liabilities	0.02%
Total Net Assets	100.00%

Sector Allocation

Sector	Percent of Net Assets
Financial	26.42%
Communications	22.73%
Technology	22.44%
Consumer, Cyclical	9.19%
Industrial	8.60%
Consumer, Non-cyclical	8.33%
Basic Materials	2.22%
Money Market Funds	0.05%
Other Assets and Liabilities	0.02%
Total Net Assets	100.00%

Changes in and Disagreements with Accountants

During the two most recent fiscal years or any subsequent interim period, there have been no changes in or disagreements with Accountants.

Availability of Additional Information

FV823SARC-0

Class J

PBCJX

Blue Chip Fund

Semi-Annual Shareholder Report February 28, 2025

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class J	$38	0.75%^{Footnote Reference*}

Footnote	Description
Footnote^*	Computed on an annualized basis.

Fund Statistics

Net Assets (amount in thousands)$11,302,030
Total Number of Portfolio Holdings43
Portfolio Turnover Rate (annualized)19.1%

Graphical Representation of Holdings

Portfolio Allocation

Asset Weighting	Percent of Net Assets
Common Stocks	99.93%
Investment Companies	0.05%
Other Assets and Liabilities	0.02%
Total Net Assets	100.00%

Sector Allocation

Sector	Percent of Net Assets
Financial	26.42%
Communications	22.73%
Technology	22.44%
Consumer, Cyclical	9.19%
Industrial	8.60%
Consumer, Non-cyclical	8.33%
Basic Materials	2.22%
Money Market Funds	0.05%
Other Assets and Liabilities	0.02%
Total Net Assets	100.00%

Changes in and Disagreements with Accountants

During the two most recent fiscal years or any subsequent interim period, there have been no changes in or disagreements with Accountants.

Availability of Additional Information

FV823SARJ-0

Institutional

PBCKX

Blue Chip Fund

Semi-Annual Shareholder Report February 28, 2025

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Institutional	$34	0.66%^{Footnote Reference*}

Footnote	Description
Footnote^*	Computed on an annualized basis.

Fund Statistics

Net Assets (amount in thousands)$11,302,030
Total Number of Portfolio Holdings43
Portfolio Turnover Rate (annualized)19.1%

Graphical Representation of Holdings

Portfolio Allocation

Asset Weighting	Percent of Net Assets
Common Stocks	99.93%
Investment Companies	0.05%
Other Assets and Liabilities	0.02%
Total Net Assets	100.00%

Sector Allocation

Sector	Percent of Net Assets
Financial	26.42%
Communications	22.73%
Technology	22.44%
Consumer, Cyclical	9.19%
Industrial	8.60%
Consumer, Non-cyclical	8.33%
Basic Materials	2.22%
Money Market Funds	0.05%
Other Assets and Liabilities	0.02%
Total Net Assets	100.00%

Changes in and Disagreements with Accountants

During the two most recent fiscal years or any subsequent interim period, there have been no changes in or disagreements with Accountants.

Availability of Additional Information

FV823SARI-0

R-3

PGBEX

Blue Chip Fund

Semi-Annual Shareholder Report February 28, 2025

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
R-3	$58	1.13%^{Footnote Reference*}

Footnote	Description
Footnote^*	Computed on an annualized basis.

Fund Statistics

Net Assets (amount in thousands)$11,302,030
Total Number of Portfolio Holdings43
Portfolio Turnover Rate (annualized)19.1%

Graphical Representation of Holdings

Portfolio Allocation

Asset Weighting	Percent of Net Assets
Common Stocks	99.93%
Investment Companies	0.05%
Other Assets and Liabilities	0.02%
Total Net Assets	100.00%

Sector Allocation

Sector	Percent of Net Assets
Financial	26.42%
Communications	22.73%
Technology	22.44%
Consumer, Cyclical	9.19%
Industrial	8.60%
Consumer, Non-cyclical	8.33%
Basic Materials	2.22%
Money Market Funds	0.05%
Other Assets and Liabilities	0.02%
Total Net Assets	100.00%

Changes in and Disagreements with Accountants

During the two most recent fiscal years or any subsequent interim period, there have been no changes in or disagreements with Accountants.

Availability of Additional Information

FV823SARR3-0

R-5

PGBGX

Blue Chip Fund

Semi-Annual Shareholder Report February 28, 2025

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
R-5	$42	0.82%^{Footnote Reference*}

Footnote	Description
Footnote^*	Computed on an annualized basis.

Fund Statistics

Net Assets (amount in thousands)$11,302,030
Total Number of Portfolio Holdings43
Portfolio Turnover Rate (annualized)19.1%

Graphical Representation of Holdings

Portfolio Allocation

Asset Weighting	Percent of Net Assets
Common Stocks	99.93%
Investment Companies	0.05%
Other Assets and Liabilities	0.02%
Total Net Assets	100.00%

Sector Allocation

Sector	Percent of Net Assets
Financial	26.42%
Communications	22.73%
Technology	22.44%
Consumer, Cyclical	9.19%
Industrial	8.60%
Consumer, Non-cyclical	8.33%
Basic Materials	2.22%
Money Market Funds	0.05%
Other Assets and Liabilities	0.02%
Total Net Assets	100.00%

Changes in and Disagreements with Accountants

During the two most recent fiscal years or any subsequent interim period, there have been no changes in or disagreements with Accountants.

Availability of Additional Information

FV823SARR5-0

R-6

PGBHX

Blue Chip Fund

Semi-Annual Shareholder Report February 28, 2025

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
R-6	$29	0.57%^{Footnote Reference*}

Footnote	Description
Footnote^*	Computed on an annualized basis.

Fund Statistics

Net Assets (amount in thousands)$11,302,030
Total Number of Portfolio Holdings43
Portfolio Turnover Rate (annualized)19.1%

Graphical Representation of Holdings

Portfolio Allocation

Asset Weighting	Percent of Net Assets
Common Stocks	99.93%
Investment Companies	0.05%
Other Assets and Liabilities	0.02%
Total Net Assets	100.00%

Sector Allocation

Sector	Percent of Net Assets
Financial	26.42%
Communications	22.73%
Technology	22.44%
Consumer, Cyclical	9.19%
Industrial	8.60%
Consumer, Non-cyclical	8.33%
Basic Materials	2.22%
Money Market Funds	0.05%
Other Assets and Liabilities	0.02%
Total Net Assets	100.00%

Changes in and Disagreements with Accountants

During the two most recent fiscal years or any subsequent interim period, there have been no changes in or disagreements with Accountants.

Availability of Additional Information

FV823SARR6-0

Class J

PBIJX

Bond Market Index Fund

Semi-Annual Shareholder Report February 28, 2025

This semi-annual shareholder report contains important information about Bond Market Index Fund (the "Fund") for the period of September 1, 2024 to February 28, 2025. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at 1-800-222-5852 or emailing prospectus@principalfunds.com.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class J	$23	0.47%^{Footnote Reference*}

Footnote	Description
Footnote^*	Computed on an annualized basis.

Fund Statistics

Net Assets (amount in thousands)$2,533,594
Total Number of Portfolio Holdings3,625
Portfolio Turnover Rate (annualized)43.3%

Graphical Representation of Holdings

Portfolio Allocation

Asset Weighting	Percent of Net Assets
U.S. Government & Government Agency Obligations	70.52%
Bonds	27.37%
Investment Companies	4.50%
Municipal Bonds	0.12%
Other Assets and Liabilities	(2.51)%
Total Net Assets	100.00%

Sector Allocation

Sector	Percent of Net Assets
Government	47.82%
Mortgage Securities	26.06%
Financial	8.16%
Consumer, Non-cyclical	4.31%
Money Market Funds	3.60%
Utilities	2.18%
Communications	1.94%
Technology	1.93%
Industrial	1.85%
Energy	1.80%
Consumer, Cyclical	1.36%
Exchange-Traded Funds	0.90%
Basic Materials	0.48%
General Obligation Unlimited	0.06%
Revenue Bonds	0.05%
Insured	0.01%
Other Assets and Liabilities	(2.51)%
Total Net Assets	100.00%

Changes in and Disagreements with Accountants

During the two most recent fiscal years or any subsequent interim period, there have been no changes in or disagreements with Accountants.

Availability of Additional Information

FV824SARJ-0

Institutional

PNIIX

Bond Market Index Fund

Semi-Annual Shareholder Report February 28, 2025

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Institutional	$6	0.13%^{Footnote Reference*}

Footnote	Description
Footnote^*	Computed on an annualized basis.

Fund Statistics

Net Assets (amount in thousands)$2,533,594
Total Number of Portfolio Holdings3,625
Portfolio Turnover Rate (annualized)43.3%

Graphical Representation of Holdings

Portfolio Allocation

Asset Weighting	Percent of Net Assets
U.S. Government & Government Agency Obligations	70.52%
Bonds	27.37%
Investment Companies	4.50%
Municipal Bonds	0.12%
Other Assets and Liabilities	(2.51)%
Total Net Assets	100.00%

Sector Allocation

Sector	Percent of Net Assets
Government	47.82%
Mortgage Securities	26.06%
Financial	8.16%
Consumer, Non-cyclical	4.31%
Money Market Funds	3.60%
Utilities	2.18%
Communications	1.94%
Technology	1.93%
Industrial	1.85%
Energy	1.80%
Consumer, Cyclical	1.36%
Exchange-Traded Funds	0.90%
Basic Materials	0.48%
General Obligation Unlimited	0.06%
Revenue Bonds	0.05%
Insured	0.01%
Other Assets and Liabilities	(2.51)%
Total Net Assets	100.00%

Changes in and Disagreements with Accountants

During the two most recent fiscal years or any subsequent interim period, there have been no changes in or disagreements with Accountants.

Availability of Additional Information

FV824SARI-0

R-3

PBOIX

Bond Market Index Fund

Semi-Annual Shareholder Report February 28, 2025

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
R-3	$35	0.70%^{Footnote Reference*}

Footnote	Description
Footnote^*	Computed on an annualized basis.

Fund Statistics

Net Assets (amount in thousands)$2,533,594
Total Number of Portfolio Holdings3,625
Portfolio Turnover Rate (annualized)43.3%

Graphical Representation of Holdings

Portfolio Allocation

Asset Weighting	Percent of Net Assets
U.S. Government & Government Agency Obligations	70.52%
Bonds	27.37%
Investment Companies	4.50%
Municipal Bonds	0.12%
Other Assets and Liabilities	(2.51)%
Total Net Assets	100.00%

Sector Allocation

Sector	Percent of Net Assets
Government	47.82%
Mortgage Securities	26.06%
Financial	8.16%
Consumer, Non-cyclical	4.31%
Money Market Funds	3.60%
Utilities	2.18%
Communications	1.94%
Technology	1.93%
Industrial	1.85%
Energy	1.80%
Consumer, Cyclical	1.36%
Exchange-Traded Funds	0.90%
Basic Materials	0.48%
General Obligation Unlimited	0.06%
Revenue Bonds	0.05%
Insured	0.01%
Other Assets and Liabilities	(2.51)%
Total Net Assets	100.00%

Changes in and Disagreements with Accountants

During the two most recent fiscal years or any subsequent interim period, there have been no changes in or disagreements with Accountants.

Availability of Additional Information

FV824SARR3-0

R-5

PBIQX

Bond Market Index Fund

Semi-Annual Shareholder Report February 28, 2025

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
R-5	$19	0.39%^{Footnote Reference*}

Footnote	Description
Footnote^*	Computed on an annualized basis.

Fund Statistics

Net Assets (amount in thousands)$2,533,594
Total Number of Portfolio Holdings3,625
Portfolio Turnover Rate (annualized)43.3%

Graphical Representation of Holdings

Portfolio Allocation

Asset Weighting	Percent of Net Assets
U.S. Government & Government Agency Obligations	70.52%
Bonds	27.37%
Investment Companies	4.50%
Municipal Bonds	0.12%
Other Assets and Liabilities	(2.51)%
Total Net Assets	100.00%

Sector Allocation

Sector	Percent of Net Assets
Government	47.82%
Mortgage Securities	26.06%
Financial	8.16%
Consumer, Non-cyclical	4.31%
Money Market Funds	3.60%
Utilities	2.18%
Communications	1.94%
Technology	1.93%
Industrial	1.85%
Energy	1.80%
Consumer, Cyclical	1.36%
Exchange-Traded Funds	0.90%
Basic Materials	0.48%
General Obligation Unlimited	0.06%
Revenue Bonds	0.05%
Insured	0.01%
Other Assets and Liabilities	(2.51)%
Total Net Assets	100.00%

Changes in and Disagreements with Accountants

During the two most recent fiscal years or any subsequent interim period, there have been no changes in or disagreements with Accountants.

Availability of Additional Information

FV824SARR5-0

Class S

PCSFX

Capital Securities Fund

Semi-Annual Shareholder Report February 28, 2025

This semi-annual shareholder report contains important information about Capital Securities Fund (the "Fund") for the period of September 1, 2024 to February 28, 2025. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at 1-800-222-5852 or emailing prospectus@principalfunds.com.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class S	$0	0.00%^{Footnote Reference*}

Footnote	Description
Footnote^*	Computed on an annualized basis.

Fund Statistics

Net Assets (amount in thousands)$1,181,924
Total Number of Portfolio Holdings185
Portfolio Turnover Rate (annualized)16.5%

Graphical Representation of Holdings

Portfolio Allocation

Asset Weighting	Percent of Net Assets
Bonds	97.46%
Investment Companies	4.07%
Preferred Stocks	0.88%
Other Assets and Liabilities	(2.41)%
Total Net Assets	100.00%

Sector Allocation

Sector	Percent of Net Assets
Financial	86.85%
Energy	5.35%
Utilities	4.28%
Money Market Funds	3.95%
Government	0.83%
Consumer, Non-cyclical	0.57%
Industrial	0.46%
Exchange-Traded Funds	0.12%
Other Assets and Liabilities	(2.41)%
Total Net Assets	100.00%

Changes in and Disagreements with Accountants

During the two most recent fiscal years or any subsequent interim period, there have been no changes in or disagreements with Accountants.

Availability of Additional Information

FV828SARS-0

Class A

PRDAX

Diversified Real Asset Fund

Semi-Annual Shareholder Report February 28, 2025

This semi-annual shareholder report contains important information about Diversified Real Asset Fund (the "Fund") for the period of September 1, 2024 to February 28, 2025. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at 1-800-222-5852 or emailing prospectus@principalfunds.com.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class A	$60	1.21%^{Footnote Reference*}

Footnote	Description
Footnote^*	Computed on an annualized basis.

Fund Statistics

Net Assets (amount in thousands)$2,442,278
Total Number of Portfolio Holdings929
Portfolio Turnover Rate (annualized)80.1%

Graphical Representation of Holdings

Portfolio Allocation

Asset Weighting	Percent of Net Assets
Common Stocks	62.03%
U.S. Government & Government Agency Obligations	22.67%
Investment Companies	13.64%
Senior Floating Rate Interests	3.93%
Bonds	0.70%
Preferred Stocks	0.15%
Purchased Interest Rate Swaptions	0.00%
Purchased Options	0.00%
Other Assets and Liabilities^{Footnote Reference*}	(3.12)%
Total Net Assets	100.00%

Footnote	Description
Footnote^*	Includes derivatives

Sector Allocation

Sector	Percent of Net Assets
Financial	27.45%
Government	22.51%
Utilities	11.81%
Exchange-Traded Funds	11.58%
Energy	9.10%
Industrial	7.28%
Basic Materials	5.08%
Consumer, Non-cyclical	2.48%
Money Market Funds	1.80%
Consumer, Cyclical	1.04%
Communications	1.01%
Technology	0.91%
Mortgage Securities	0.74%
Closed-End Funds	0.26%
Asset Backed Securities	0.07%
Purchased Interest Rate Swaptions	0.00%
Purchased Options	0.00%
Other Assets and Liabilities^{Footnote Reference*}	(3.12)%
Total Net Assets	100.00%

Footnote	Description
Footnote^*	Includes derivatives

Changes in and Disagreements with Accountants

During the two most recent fiscal years or any subsequent interim period, there have been no changes in or disagreements with Accountants.

Availability of Additional Information

FV832SARA-0

Institutional

PDRDX

Diversified Real Asset Fund

Semi-Annual Shareholder Report February 28, 2025

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Institutional	$42	0.84%^{Footnote Reference*}

Footnote	Description
Footnote^*	Computed on an annualized basis.

Fund Statistics

Net Assets (amount in thousands)$2,442,278
Total Number of Portfolio Holdings929
Portfolio Turnover Rate (annualized)80.1%

Graphical Representation of Holdings

Portfolio Allocation

Asset Weighting	Percent of Net Assets
Common Stocks	62.03%
U.S. Government & Government Agency Obligations	22.67%
Investment Companies	13.64%
Senior Floating Rate Interests	3.93%
Bonds	0.70%
Preferred Stocks	0.15%
Purchased Interest Rate Swaptions	0.00%
Purchased Options	0.00%
Other Assets and Liabilities^{Footnote Reference*}	(3.12)%
Total Net Assets	100.00%

Footnote	Description
Footnote^*	Includes derivatives

Sector Allocation

Sector	Percent of Net Assets
Financial	27.45%
Government	22.51%
Utilities	11.81%
Exchange-Traded Funds	11.58%
Energy	9.10%
Industrial	7.28%
Basic Materials	5.08%
Consumer, Non-cyclical	2.48%
Money Market Funds	1.80%
Consumer, Cyclical	1.04%
Communications	1.01%
Technology	0.91%
Mortgage Securities	0.74%
Closed-End Funds	0.26%
Asset Backed Securities	0.07%
Purchased Interest Rate Swaptions	0.00%
Purchased Options	0.00%
Other Assets and Liabilities^{Footnote Reference*}	(3.12)%
Total Net Assets	100.00%

Footnote	Description
Footnote^*	Includes derivatives

Changes in and Disagreements with Accountants

During the two most recent fiscal years or any subsequent interim period, there have been no changes in or disagreements with Accountants.

Availability of Additional Information

FV832SARI-0

R-3

PGDRX

Diversified Real Asset Fund

Semi-Annual Shareholder Report February 28, 2025

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
R-3	$67	1.35%^{Footnote Reference*}

Footnote	Description
Footnote^*	Computed on an annualized basis.

Fund Statistics

Net Assets (amount in thousands)$2,442,278
Total Number of Portfolio Holdings929
Portfolio Turnover Rate (annualized)80.1%

Graphical Representation of Holdings

Portfolio Allocation

Asset Weighting	Percent of Net Assets
Common Stocks	62.03%
U.S. Government & Government Agency Obligations	22.67%
Investment Companies	13.64%
Senior Floating Rate Interests	3.93%
Bonds	0.70%
Preferred Stocks	0.15%
Purchased Interest Rate Swaptions	0.00%
Purchased Options	0.00%
Other Assets and Liabilities^{Footnote Reference*}	(3.12)%
Total Net Assets	100.00%

Footnote	Description
Footnote^*	Includes derivatives

Sector Allocation

Sector	Percent of Net Assets
Financial	27.45%
Government	22.51%
Utilities	11.81%
Exchange-Traded Funds	11.58%
Energy	9.10%
Industrial	7.28%
Basic Materials	5.08%
Consumer, Non-cyclical	2.48%
Money Market Funds	1.80%
Consumer, Cyclical	1.04%
Communications	1.01%
Technology	0.91%
Mortgage Securities	0.74%
Closed-End Funds	0.26%
Asset Backed Securities	0.07%
Purchased Interest Rate Swaptions	0.00%
Purchased Options	0.00%
Other Assets and Liabilities^{Footnote Reference*}	(3.12)%
Total Net Assets	100.00%

Footnote	Description
Footnote^*	Includes derivatives

Changes in and Disagreements with Accountants

During the two most recent fiscal years or any subsequent interim period, there have been no changes in or disagreements with Accountants.

Availability of Additional Information

FV832SARR3-0

R-6

PDARX

Diversified Real Asset Fund

Semi-Annual Shareholder Report February 28, 2025

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
R-6	$39	0.79%^{Footnote Reference*}

Footnote	Description
Footnote^*	Computed on an annualized basis.

Fund Statistics

Net Assets (amount in thousands)$2,442,278
Total Number of Portfolio Holdings929
Portfolio Turnover Rate (annualized)80.1%

Graphical Representation of Holdings

Portfolio Allocation

Asset Weighting	Percent of Net Assets
Common Stocks	62.03%
U.S. Government & Government Agency Obligations	22.67%
Investment Companies	13.64%
Senior Floating Rate Interests	3.93%
Bonds	0.70%
Preferred Stocks	0.15%
Purchased Interest Rate Swaptions	0.00%
Purchased Options	0.00%
Other Assets and Liabilities^{Footnote Reference*}	(3.12)%
Total Net Assets	100.00%

Footnote	Description
Footnote^*	Includes derivatives

Sector Allocation

Sector	Percent of Net Assets
Financial	27.45%
Government	22.51%
Utilities	11.81%
Exchange-Traded Funds	11.58%
Energy	9.10%
Industrial	7.28%
Basic Materials	5.08%
Consumer, Non-cyclical	2.48%
Money Market Funds	1.80%
Consumer, Cyclical	1.04%
Communications	1.01%
Technology	0.91%
Mortgage Securities	0.74%
Closed-End Funds	0.26%
Asset Backed Securities	0.07%
Purchased Interest Rate Swaptions	0.00%
Purchased Options	0.00%
Other Assets and Liabilities^{Footnote Reference*}	(3.12)%
Total Net Assets	100.00%

Footnote	Description
Footnote^*	Includes derivatives

Changes in and Disagreements with Accountants

During the two most recent fiscal years or any subsequent interim period, there have been no changes in or disagreements with Accountants.

Availability of Additional Information

FV832SARR6-0

Class A

PEMCX

Edge MidCap Fund

Semi-Annual Shareholder Report February 28, 2025

This semi-annual shareholder report contains important information about Edge MidCap Fund (the "Fund") for the period of September 1, 2024 to February 28, 2025. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at 1-800-222-5852 or emailing prospectus@principalfunds.com.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class A	$55	1.10%^{Footnote Reference*}

Footnote	Description
Footnote^*	Computed on an annualized basis.

Fund Statistics

Net Assets (amount in thousands)$70,110
Total Number of Portfolio Holdings48
Portfolio Turnover Rate (annualized)29.0%

Graphical Representation of Holdings

Portfolio Allocation

Asset Weighting	Percent of Net Assets
Common Stocks	98.07%
Investment Companies	1.76%
Other Assets and Liabilities	0.17%
Total Net Assets	100.00%

Sector Allocation

Sector	Percent of Net Assets
Financial	22.70%
Industrial	16.84%
Consumer, Cyclical	15.61%
Consumer, Non-cyclical	15.19%
Technology	14.05%
Utilities	5.89%
Energy	5.20%
Basic Materials	2.38%
Money Market Funds	1.76%
Communications	0.21%
Other Assets and Liabilities	0.17%
Total Net Assets	100.00%

Changes in and Disagreements with Accountants

During the two most recent fiscal years or any subsequent interim period, there have been no changes in or disagreements with Accountants.

Availability of Additional Information

FV909SARA-0

Institutional

PEDGX

Edge MidCap Fund

Semi-Annual Shareholder Report February 28, 2025

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Institutional	$38	0.77%^{Footnote Reference*}

Footnote	Description
Footnote^*	Computed on an annualized basis.

Fund Statistics

Net Assets (amount in thousands)$70,110
Total Number of Portfolio Holdings48
Portfolio Turnover Rate (annualized)29.0%

Graphical Representation of Holdings

Portfolio Allocation

Asset Weighting	Percent of Net Assets
Common Stocks	98.07%
Investment Companies	1.76%
Other Assets and Liabilities	0.17%
Total Net Assets	100.00%

Sector Allocation

Sector	Percent of Net Assets
Financial	22.70%
Industrial	16.84%
Consumer, Cyclical	15.61%
Consumer, Non-cyclical	15.19%
Technology	14.05%
Utilities	5.89%
Energy	5.20%
Basic Materials	2.38%
Money Market Funds	1.76%
Communications	0.21%
Other Assets and Liabilities	0.17%
Total Net Assets	100.00%

Changes in and Disagreements with Accountants

During the two most recent fiscal years or any subsequent interim period, there have been no changes in or disagreements with Accountants.

Availability of Additional Information

FV909SARI-0

R-6

PEDMX

Edge MidCap Fund

Semi-Annual Shareholder Report February 28, 2025

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
R-6	$33	0.67%^{Footnote Reference*}

Footnote	Description
Footnote^*	Computed on an annualized basis.

Fund Statistics

Net Assets (amount in thousands)$70,110
Total Number of Portfolio Holdings48
Portfolio Turnover Rate (annualized)29.0%

Graphical Representation of Holdings

Portfolio Allocation

Asset Weighting	Percent of Net Assets
Common Stocks	98.07%
Investment Companies	1.76%
Other Assets and Liabilities	0.17%
Total Net Assets	100.00%

Sector Allocation

Sector	Percent of Net Assets
Financial	22.70%
Industrial	16.84%
Consumer, Cyclical	15.61%
Consumer, Non-cyclical	15.19%
Technology	14.05%
Utilities	5.89%
Energy	5.20%
Basic Materials	2.38%
Money Market Funds	1.76%
Communications	0.21%
Other Assets and Liabilities	0.17%
Total Net Assets	100.00%

Changes in and Disagreements with Accountants

During the two most recent fiscal years or any subsequent interim period, there have been no changes in or disagreements with Accountants.

Availability of Additional Information

FV909SARR6-0

Class A

PMSAX

Global Multi-Strategy Fund

Semi-Annual Shareholder Report February 28, 2025

This semi-annual shareholder report contains important information about Global Multi-Strategy Fund (the "Fund") for the period of September 1, 2024 to February 28, 2025. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at 1-800-222-5852 or emailing prospectus@principalfunds.com.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class A	$93	1.85%^{Footnote Reference*}

Footnote	Description
Footnote^*	Computed on an annualized basis.

Fund Statistics

Net Assets (amount in thousands)$427,816
Total Number of Portfolio Holdings1,779
Portfolio Turnover Rate (annualized)131.9%

Graphical Representation of Holdings

Portfolio Allocation

Asset Weighting	Percent of Net Assets
Common Stocks	35.27%
Bonds	34.40%
Investment Companies	22.81%
U.S. Government & Government Agency Obligations	2.72%
Convertible Bonds	0.41%
Senior Floating Rate Interests	0.20%
Purchased Options	0.07%
Convertible Preferred Stocks	0.06%
Other Assets and Liabilities^{Footnote Reference*}^{Footnote Reference†}	4.06%
Total Net Assets	100.00%

Footnote	Description
Footnote^*	Includes derivatives
Footnote^†	Includes short sales

Geographic Allocation

Top Locations	Percent of Net Assets
United States	43.66%
Canada	7.35%
Cayman Islands	1.88%
United Kingdom	1.64%
Mexico	1.46%
Luxembourg	1.42%
Japan	0.98%
South Africa	0.95%
Turkey	0.83%
Netherlands	0.77%
Israel	0.72%
Supranational	0.67%
Brazil	0.63%
Poland	0.54%
Australia	0.50%
Egypt	0.49%
Nigeria	0.44%
Ireland	0.42%
Chile	0.39%
Peru	0.39%
Other Locations^{Footnote Reference*}	29.81%
Other Assets and Liabilities^{Footnote Reference†}^{Footnote Reference‡}	4.06%
Total Net Assets	100.00%

Footnote	Description
Footnote^*	Includes locations other than the top twenty and/or Investment Companies
Footnote^†	Includes derivatives
Footnote^‡	Includes short sales

Changes in and Disagreements with Accountants

During the two most recent fiscal years or any subsequent interim period, there have been no changes in or disagreements with Accountants.

Availability of Additional Information

FV838SARA-0

Institutional

PSMIX

Global Multi-Strategy Fund

Semi-Annual Shareholder Report February 28, 2025

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Institutional	$73	1.45%^{Footnote Reference*}

Footnote	Description
Footnote^*	Computed on an annualized basis.

Fund Statistics

Net Assets (amount in thousands)$427,816
Total Number of Portfolio Holdings1,779
Portfolio Turnover Rate (annualized)131.9%

Graphical Representation of Holdings

Portfolio Allocation

Asset Weighting	Percent of Net Assets
Common Stocks	35.27%
Bonds	34.40%
Investment Companies	22.81%
U.S. Government & Government Agency Obligations	2.72%
Convertible Bonds	0.41%
Senior Floating Rate Interests	0.20%
Purchased Options	0.07%
Convertible Preferred Stocks	0.06%
Other Assets and Liabilities^{Footnote Reference*}^{Footnote Reference†}	4.06%
Total Net Assets	100.00%

Footnote	Description
Footnote^*	Includes derivatives
Footnote^†	Includes short sales

Geographic Allocation

Top Locations	Percent of Net Assets
United States	43.66%
Canada	7.35%
Cayman Islands	1.88%
United Kingdom	1.64%
Mexico	1.46%
Luxembourg	1.42%
Japan	0.98%
South Africa	0.95%
Turkey	0.83%
Netherlands	0.77%
Israel	0.72%
Supranational	0.67%
Brazil	0.63%
Poland	0.54%
Australia	0.50%
Egypt	0.49%
Nigeria	0.44%
Ireland	0.42%
Chile	0.39%
Peru	0.39%
Other Locations^{Footnote Reference*}	29.81%
Other Assets and Liabilities^{Footnote Reference†}^{Footnote Reference‡}	4.06%
Total Net Assets	100.00%

Footnote	Description
Footnote^*	Includes locations other than the top twenty and/or Investment Companies
Footnote^†	Includes derivatives
Footnote^‡	Includes short sales

Changes in and Disagreements with Accountants

During the two most recent fiscal years or any subsequent interim period, there have been no changes in or disagreements with Accountants.

Availability of Additional Information

FV838SARI-0

R-6

PGLSX

Global Multi-Strategy Fund

Semi-Annual Shareholder Report February 28, 2025

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
R-6	$69	1.37%^{Footnote Reference*}

Footnote	Description
Footnote^*	Computed on an annualized basis.

Fund Statistics

Net Assets (amount in thousands)$427,816
Total Number of Portfolio Holdings1,779
Portfolio Turnover Rate (annualized)131.9%

Graphical Representation of Holdings

Portfolio Allocation

Asset Weighting	Percent of Net Assets
Common Stocks	35.27%
Bonds	34.40%
Investment Companies	22.81%
U.S. Government & Government Agency Obligations	2.72%
Convertible Bonds	0.41%
Senior Floating Rate Interests	0.20%
Purchased Options	0.07%
Convertible Preferred Stocks	0.06%
Other Assets and Liabilities^{Footnote Reference*}^{Footnote Reference†}	4.06%
Total Net Assets	100.00%

Footnote	Description
Footnote^*	Includes derivatives
Footnote^†	Includes short sales

Geographic Allocation

Top Locations	Percent of Net Assets
United States	43.66%
Canada	7.35%
Cayman Islands	1.88%
United Kingdom	1.64%
Mexico	1.46%
Luxembourg	1.42%
Japan	0.98%
South Africa	0.95%
Turkey	0.83%
Netherlands	0.77%
Israel	0.72%
Supranational	0.67%
Brazil	0.63%
Poland	0.54%
Australia	0.50%
Egypt	0.49%
Nigeria	0.44%
Ireland	0.42%
Chile	0.39%
Peru	0.39%
Other Locations^{Footnote Reference*}	29.81%
Other Assets and Liabilities^{Footnote Reference†}^{Footnote Reference‡}	4.06%
Total Net Assets	100.00%

Footnote	Description
Footnote^*	Includes locations other than the top twenty and/or Investment Companies
Footnote^†	Includes derivatives
Footnote^‡	Includes short sales

Changes in and Disagreements with Accountants

During the two most recent fiscal years or any subsequent interim period, there have been no changes in or disagreements with Accountants.

Availability of Additional Information

FV838SARR6-0

Institutional

PGSLX

Global Sustainable Listed Infrastructure Fund

Semi-Annual Shareholder Report February 28, 2025

This semi-annual shareholder report contains important information about Global Sustainable Listed Infrastructure Fund (the "Fund") for the period of September 1, 2024 to February 28, 2025. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at 1-800-222-5852 or emailing prospectus@principalfunds.com.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Institutional	$43	0.88%^{Footnote Reference*}

Footnote	Description
Footnote^*	Computed on an annualized basis.

Fund Statistics

Net Assets (amount in thousands)$19,395
Total Number of Portfolio Holdings35
Portfolio Turnover Rate (annualized)45.2%

Graphical Representation of Holdings

Portfolio Allocation

Asset Weighting	Percent of Net Assets
Common Stocks	97.28%
Investment Companies	2.68%
Other Assets and Liabilities	0.04%
Total Net Assets	100.00%

Geographic Allocation

Top Locations	Percent of Net Assets
United States	48.72%
Canada	10.04%
United Kingdom	7.41%
Australia	5.33%
Spain	5.32%
China	4.86%
Brazil	3.85%
Hong Kong	3.18%
France	2.92%
Mexico	1.72%
Belgium	1.59%
Italy	1.24%
India	1.10%
Other Locations^{Footnote Reference*}	2.68%
Other Assets and Liabilities	0.04%
Total Net Assets	100.00%

Footnote	Description
Footnote^*	Includes locations other than the top twenty and/or Investment Companies

Changes in and Disagreements with Accountants

During the two most recent fiscal years or any subsequent interim period, there have been no changes in or disagreements with Accountants.

Availability of Additional Information

FV944SARI-0

Institutional

PIDIX

International Equity Index Fund

Semi-Annual Shareholder Report February 28, 2025

This semi-annual shareholder report contains important information about International Equity Index Fund (the "Fund") for the period of September 1, 2024 to February 28, 2025. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at 1-800-222-5852 or emailing prospectus@principalfunds.com.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Institutional	$15	0.31%^{Footnote Reference*}

Footnote	Description
Footnote^*	Computed on an annualized basis.

Fund Statistics

Net Assets (amount in thousands)$1,105,319
Total Number of Portfolio Holdings697
Portfolio Turnover Rate (annualized)25.9%

Graphical Representation of Holdings

Portfolio Allocation

Asset Weighting	Percent of Net Assets
Common Stocks	96.25%
Investment Companies	3.37%
Preferred Stocks	0.34%
Other Assets and Liabilities^{Footnote Reference*}	0.04%
Total Net Assets	100.00%

Footnote	Description
Footnote^*	Includes derivatives

Geographic Allocation

Top Locations	Percent of Net Assets
Japan	21.08%
United Kingdom	13.85%
France	10.82%
Switzerland	10.16%
Germany	9.33%
Australia	6.43%
Netherlands	4.59%
Sweden	3.65%
Spain	2.77%
Denmark	2.74%
Italy	2.69%
Hong Kong	2.01%
Singapore	1.59%
Finland	0.98%
Israel	0.92%
Ireland	0.79%
Belgium	0.71%
Norway	0.58%
New Zealand	0.26%
Luxembourg	0.19%
Other Locations^{Footnote Reference*}	3.82%
Other Assets and Liabilities^{Footnote Reference†}	0.04%
Total Net Assets	100.00%

Footnote	Description
Footnote^*	Includes locations other than the top twenty and/or Investment Companies
Footnote^†	Includes derivatives

Changes in and Disagreements with Accountants

During the two most recent fiscal years or any subsequent interim period, there have been no changes in or disagreements with Accountants.

Availability of Additional Information

FV845SARI-0

R-3

PIIOX

International Equity Index Fund

Semi-Annual Shareholder Report February 28, 2025

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
R-3	$44	0.88%^{Footnote Reference*}

Footnote	Description
Footnote^*	Computed on an annualized basis.

Fund Statistics

Net Assets (amount in thousands)$1,105,319
Total Number of Portfolio Holdings697
Portfolio Turnover Rate (annualized)25.9%

Graphical Representation of Holdings

Portfolio Allocation

Asset Weighting	Percent of Net Assets
Common Stocks	96.25%
Investment Companies	3.37%
Preferred Stocks	0.34%
Other Assets and Liabilities^{Footnote Reference*}	0.04%
Total Net Assets	100.00%

Footnote	Description
Footnote^*	Includes derivatives

Geographic Allocation

Top Locations	Percent of Net Assets
Japan	21.08%
United Kingdom	13.85%
France	10.82%
Switzerland	10.16%
Germany	9.33%
Australia	6.43%
Netherlands	4.59%
Sweden	3.65%
Spain	2.77%
Denmark	2.74%
Italy	2.69%
Hong Kong	2.01%
Singapore	1.59%
Finland	0.98%
Israel	0.92%
Ireland	0.79%
Belgium	0.71%
Norway	0.58%
New Zealand	0.26%
Luxembourg	0.19%
Other Locations^{Footnote Reference*}	3.82%
Other Assets and Liabilities^{Footnote Reference†}	0.04%
Total Net Assets	100.00%

Footnote	Description
Footnote^*	Includes locations other than the top twenty and/or Investment Companies
Footnote^†	Includes derivatives

Changes in and Disagreements with Accountants

During the two most recent fiscal years or any subsequent interim period, there have been no changes in or disagreements with Accountants.

Availability of Additional Information

FV845SARR3-0

R-5

PIIQX

International Equity Index Fund

Semi-Annual Shareholder Report February 28, 2025

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
R-5	$28	0.57%^{Footnote Reference*}

Footnote	Description
Footnote^*	Computed on an annualized basis.

Fund Statistics

Net Assets (amount in thousands)$1,105,319
Total Number of Portfolio Holdings697
Portfolio Turnover Rate (annualized)25.9%

Graphical Representation of Holdings

Portfolio Allocation

Asset Weighting	Percent of Net Assets
Common Stocks	96.25%
Investment Companies	3.37%
Preferred Stocks	0.34%
Other Assets and Liabilities^{Footnote Reference*}	0.04%
Total Net Assets	100.00%

Footnote	Description
Footnote^*	Includes derivatives

Geographic Allocation

Top Locations	Percent of Net Assets
Japan	21.08%
United Kingdom	13.85%
France	10.82%
Switzerland	10.16%
Germany	9.33%
Australia	6.43%
Netherlands	4.59%
Sweden	3.65%
Spain	2.77%
Denmark	2.74%
Italy	2.69%
Hong Kong	2.01%
Singapore	1.59%
Finland	0.98%
Israel	0.92%
Ireland	0.79%
Belgium	0.71%
Norway	0.58%
New Zealand	0.26%
Luxembourg	0.19%
Other Locations^{Footnote Reference*}	3.82%
Other Assets and Liabilities^{Footnote Reference†}	0.04%
Total Net Assets	100.00%

Footnote	Description
Footnote^*	Includes locations other than the top twenty and/or Investment Companies
Footnote^†	Includes derivatives

Changes in and Disagreements with Accountants

During the two most recent fiscal years or any subsequent interim period, there have been no changes in or disagreements with Accountants.

Availability of Additional Information

FV845SARR5-0

R-6

PFIEX

International Equity Index Fund

Semi-Annual Shareholder Report February 28, 2025

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
R-6	$14	0.29%^{Footnote Reference*}

Footnote	Description
Footnote^*	Computed on an annualized basis.

Fund Statistics

Net Assets (amount in thousands)$1,105,319
Total Number of Portfolio Holdings697
Portfolio Turnover Rate (annualized)25.9%

Graphical Representation of Holdings

Portfolio Allocation

Asset Weighting	Percent of Net Assets
Common Stocks	96.25%
Investment Companies	3.37%
Preferred Stocks	0.34%
Other Assets and Liabilities^{Footnote Reference*}	0.04%
Total Net Assets	100.00%

Footnote	Description
Footnote^*	Includes derivatives

Geographic Allocation

Top Locations	Percent of Net Assets
Japan	21.08%
United Kingdom	13.85%
France	10.82%
Switzerland	10.16%
Germany	9.33%
Australia	6.43%
Netherlands	4.59%
Sweden	3.65%
Spain	2.77%
Denmark	2.74%
Italy	2.69%
Hong Kong	2.01%
Singapore	1.59%
Finland	0.98%
Israel	0.92%
Ireland	0.79%
Belgium	0.71%
Norway	0.58%
New Zealand	0.26%
Luxembourg	0.19%
Other Locations^{Footnote Reference*}	3.82%
Other Assets and Liabilities^{Footnote Reference†}	0.04%
Total Net Assets	100.00%

Footnote	Description
Footnote^*	Includes locations other than the top twenty and/or Investment Companies
Footnote^†	Includes derivatives

Changes in and Disagreements with Accountants

During the two most recent fiscal years or any subsequent interim period, there have been no changes in or disagreements with Accountants.

Availability of Additional Information

FV845SARR6-0

Institutional

PISMX

International Small Company Fund

Semi-Annual Shareholder Report February 28, 2025

This semi-annual shareholder report contains important information about International Small Company Fund (the "Fund") for the period of September 1, 2024 to February 28, 2025. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at 1-800-222-5852 or emailing prospectus@principalfunds.com.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Institutional	$53	1.08%^{Footnote Reference*}

Footnote	Description
Footnote^*	Computed on an annualized basis.

Fund Statistics

Net Assets (amount in thousands)$432,757
Total Number of Portfolio Holdings134
Portfolio Turnover Rate (annualized)38.4%

Graphical Representation of Holdings

Portfolio Allocation

Asset Weighting	Percent of Net Assets
Common Stocks	99.29%
Investment Companies	1.05%
Other Assets and Liabilities	(0.34)%
Total Net Assets	100.00%

Geographic Allocation

Top Locations	Percent of Net Assets
Japan	31.55%
United Kingdom	16.90%
Canada	11.89%
Australia	5.65%
Germany	5.54%
France	4.80%
Italy	4.52%
Sweden	3.26%
Austria	2.60%
Denmark	2.41%
Israel	2.34%
Netherlands	1.63%
Singapore	1.51%
Switzerland	0.99%
Portugal	0.86%
Macao	0.84%
Hong Kong	0.75%
Spain	0.72%
Norway	0.53%
Other Locations^{Footnote Reference*}	1.05%
Other Assets and Liabilities	(0.34)%
Total Net Assets	100.00%

Footnote	Description
Footnote^*	Includes locations other than the top twenty and/or Investment Companies

Changes in and Disagreements with Accountants

During the two most recent fiscal years or any subsequent interim period, there have been no changes in or disagreements with Accountants.

Availability of Additional Information

FV847SARI-0

R-6

PFISX

International Small Company Fund

Semi-Annual Shareholder Report February 28, 2025

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
R-6	$50	1.03%^{Footnote Reference*}

Footnote	Description
Footnote^*	Computed on an annualized basis.

Fund Statistics

Net Assets (amount in thousands)$432,757
Total Number of Portfolio Holdings134
Portfolio Turnover Rate (annualized)38.4%

Graphical Representation of Holdings

Portfolio Allocation

Asset Weighting	Percent of Net Assets
Common Stocks	99.29%
Investment Companies	1.05%
Other Assets and Liabilities	(0.34)%
Total Net Assets	100.00%

Geographic Allocation

Top Locations	Percent of Net Assets
Japan	31.55%
United Kingdom	16.90%
Canada	11.89%
Australia	5.65%
Germany	5.54%
France	4.80%
Italy	4.52%
Sweden	3.26%
Austria	2.60%
Denmark	2.41%
Israel	2.34%
Netherlands	1.63%
Singapore	1.51%
Switzerland	0.99%
Portugal	0.86%
Macao	0.84%
Hong Kong	0.75%
Spain	0.72%
Norway	0.53%
Other Locations^{Footnote Reference*}	1.05%
Other Assets and Liabilities	(0.34)%
Total Net Assets	100.00%

Footnote	Description
Footnote^*	Includes locations other than the top twenty and/or Investment Companies

Changes in and Disagreements with Accountants

During the two most recent fiscal years or any subsequent interim period, there have been no changes in or disagreements with Accountants.

Availability of Additional Information

FV847SARR6-0

Class A

PMOAX

Opportunistic Municipal Fund

Semi-Annual Shareholder Report February 28, 2025

This semi-annual shareholder report contains important information about Opportunistic Municipal Fund (the "Fund") for the period of September 1, 2024 to February 28, 2025. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at 1-800-222-5852 or emailing prospectus@principalfunds.com.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class A	$53	1.07%^{Footnote Reference*}

Footnote	Description
Footnote^*	Computed on an annualized basis.

Fund Statistics

Net Assets (amount in thousands)$182,529
Total Number of Portfolio Holdings147
Portfolio Turnover Rate (annualized)71.6%

Graphical Representation of Holdings

Portfolio Allocation

Asset Weighting	Percent of Net Assets
Municipal Bonds	109.38%
Investment Companies	0.39%
Other Assets and Liabilities^{Footnote Reference*}	(9.77)%
Total Net Assets	100.00%

Footnote	Description
Footnote^*	Includes inverse floating rate obligations

State Allocation

Top States/Territories	Percent of Net Assets
California	23.44%
New York	14.22%
Florida	11.77%
Texas	6.99%
Alabama	6.82%
Illinois	5.92%
Georgia	5.49%
Louisiana	3.53%
Puerto Rico	3.27%
Ohio	3.26%
Arkansas	2.32%
Pennsylvania	2.15%
Arizona	1.99%
Colorado	1.69%
Utah	1.68%
Wisconsin	1.53%
Tennessee	1.49%
Michigan	1.36%
New Jersey	1.15%
Nevada	1.14%
Other States^{Footnote Reference*}	8.56%
Other Assets and Liabilities^{Footnote Reference†}	(9.77)%
Total Net Assets	100.00%

Footnote	Description
Footnote^*	Includes states other than the top twenty and/or Investment Companies
Footnote^†	Includes inverse floating rate obligations

Changes in and Disagreements with Accountants

During the two most recent fiscal years or any subsequent interim period, there have been no changes in or disagreements with Accountants.

Availability of Additional Information

FV885SARA-0

Institutional

POMFX

Opportunistic Municipal Fund

Semi-Annual Shareholder Report February 28, 2025

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Institutional	$40	0.79%^{Footnote Reference*}

Footnote	Description
Footnote^*	Computed on an annualized basis.

Fund Statistics

Net Assets (amount in thousands)$182,529
Total Number of Portfolio Holdings147
Portfolio Turnover Rate (annualized)71.6%

Graphical Representation of Holdings

Portfolio Allocation

Asset Weighting	Percent of Net Assets
Municipal Bonds	109.38%
Investment Companies	0.39%
Other Assets and Liabilities^{Footnote Reference*}	(9.77)%
Total Net Assets	100.00%

Footnote	Description
Footnote^*	Includes inverse floating rate obligations

State Allocation

Top States/Territories	Percent of Net Assets
California	23.44%
New York	14.22%
Florida	11.77%
Texas	6.99%
Alabama	6.82%
Illinois	5.92%
Georgia	5.49%
Louisiana	3.53%
Puerto Rico	3.27%
Ohio	3.26%
Arkansas	2.32%
Pennsylvania	2.15%
Arizona	1.99%
Colorado	1.69%
Utah	1.68%
Wisconsin	1.53%
Tennessee	1.49%
Michigan	1.36%
New Jersey	1.15%
Nevada	1.14%
Other States^{Footnote Reference*}	8.56%
Other Assets and Liabilities^{Footnote Reference†}	(9.77)%
Total Net Assets	100.00%

Footnote	Description
Footnote^*	Includes states other than the top twenty and/or Investment Companies
Footnote^†	Includes inverse floating rate obligations

Changes in and Disagreements with Accountants

During the two most recent fiscal years or any subsequent interim period, there have been no changes in or disagreements with Accountants.

Availability of Additional Information

FV885SARI-0

Class A

PMDAX

Small-MidCap Dividend Income Fund

Semi-Annual Shareholder Report February 28, 2025

This semi-annual shareholder report contains important information about Small-MidCap Dividend Income Fund (the "Fund") for the period of September 1, 2024 to February 28, 2025. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at 1-800-222-5852 or emailing prospectus@principalfunds.com.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class A	$56	1.12%^{Footnote Reference*}

Footnote	Description
Footnote^*	Computed on an annualized basis.

Fund Statistics

Net Assets (amount in thousands)$1,672,280
Total Number of Portfolio Holdings73
Portfolio Turnover Rate (annualized)20.8%

Graphical Representation of Holdings

Portfolio Allocation

Asset Weighting	Percent of Net Assets
Common Stocks	98.56%
Investment Companies	1.53%
Other Assets and Liabilities	(0.09)%
Total Net Assets	100.00%

Sector Allocation

Sector	Percent of Net Assets
Financial	34.62%
Industrial	20.04%
Consumer, Non-cyclical	11.11%
Consumer, Cyclical	10.94%
Technology	6.43%
Energy	5.77%
Utilities	5.71%
Basic Materials	3.23%
Money Market Funds	1.53%
Communications	0.71%
Other Assets and Liabilities	(0.09)%
Total Net Assets	100.00%

Changes in and Disagreements with Accountants

During the two most recent fiscal years or any subsequent interim period, there have been no changes in or disagreements with Accountants.

Availability of Additional Information

FV898SARA-0

Class C

PMDDX

Small-MidCap Dividend Income Fund

Semi-Annual Shareholder Report February 28, 2025

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class C	$93	1.87%^{Footnote Reference*}

Footnote	Description
Footnote^*	Computed on an annualized basis.

Fund Statistics

Net Assets (amount in thousands)$1,672,280
Total Number of Portfolio Holdings73
Portfolio Turnover Rate (annualized)20.8%

Graphical Representation of Holdings

Portfolio Allocation

Asset Weighting	Percent of Net Assets
Common Stocks	98.56%
Investment Companies	1.53%
Other Assets and Liabilities	(0.09)%
Total Net Assets	100.00%

Sector Allocation

Sector	Percent of Net Assets
Financial	34.62%
Industrial	20.04%
Consumer, Non-cyclical	11.11%
Consumer, Cyclical	10.94%
Technology	6.43%
Energy	5.77%
Utilities	5.71%
Basic Materials	3.23%
Money Market Funds	1.53%
Communications	0.71%
Other Assets and Liabilities	(0.09)%
Total Net Assets	100.00%

Changes in and Disagreements with Accountants

During the two most recent fiscal years or any subsequent interim period, there have been no changes in or disagreements with Accountants.

Availability of Additional Information

FV898SARC-0

Institutional

PMDIX

Small-MidCap Dividend Income Fund

Semi-Annual Shareholder Report February 28, 2025

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Institutional	$42	0.85%^{Footnote Reference*}

Footnote	Description
Footnote^*	Computed on an annualized basis.

Fund Statistics

Net Assets (amount in thousands)$1,672,280
Total Number of Portfolio Holdings73
Portfolio Turnover Rate (annualized)20.8%

Graphical Representation of Holdings

Portfolio Allocation

Asset Weighting	Percent of Net Assets
Common Stocks	98.56%
Investment Companies	1.53%
Other Assets and Liabilities	(0.09)%
Total Net Assets	100.00%

Sector Allocation

Sector	Percent of Net Assets
Financial	34.62%
Industrial	20.04%
Consumer, Non-cyclical	11.11%
Consumer, Cyclical	10.94%
Technology	6.43%
Energy	5.77%
Utilities	5.71%
Basic Materials	3.23%
Money Market Funds	1.53%
Communications	0.71%
Other Assets and Liabilities	(0.09)%
Total Net Assets	100.00%

Changes in and Disagreements with Accountants

During the two most recent fiscal years or any subsequent interim period, there have been no changes in or disagreements with Accountants.

Availability of Additional Information

FV898SARI-0

R-6

PMDHX

Small-MidCap Dividend Income Fund

Semi-Annual Shareholder Report February 28, 2025

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
R-6	$38	0.77%^{Footnote Reference*}

Footnote	Description
Footnote^*	Computed on an annualized basis.

Fund Statistics

Net Assets (amount in thousands)$1,672,280
Total Number of Portfolio Holdings73
Portfolio Turnover Rate (annualized)20.8%

Graphical Representation of Holdings

Portfolio Allocation

Asset Weighting	Percent of Net Assets
Common Stocks	98.56%
Investment Companies	1.53%
Other Assets and Liabilities	(0.09)%
Total Net Assets	100.00%

Sector Allocation

Sector	Percent of Net Assets
Financial	34.62%
Industrial	20.04%
Consumer, Non-cyclical	11.11%
Consumer, Cyclical	10.94%
Technology	6.43%
Energy	5.77%
Utilities	5.71%
Basic Materials	3.23%
Money Market Funds	1.53%
Communications	0.71%
Other Assets and Liabilities	(0.09)%
Total Net Assets	100.00%

Changes in and Disagreements with Accountants

During the two most recent fiscal years or any subsequent interim period, there have been no changes in or disagreements with Accountants.

Availability of Additional Information

FV898SARR6-0

Class A

PPSAX

Spectrum Preferred and Capital Securities Income Fund

Semi-Annual Shareholder Report February 28, 2025

This semi-annual shareholder report contains important information about Spectrum Preferred and Capital Securities Income Fund (the "Fund") for the period of September 1, 2024 to February 28, 2025. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at 1-800-222-5852 or emailing prospectus@principalfunds.com.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class A	$53	1.05%^{Footnote Reference*}

Footnote	Description
Footnote^*	Computed on an annualized basis.

Fund Statistics

Net Assets (amount in thousands)$5,940,886
Total Number of Portfolio Holdings336
Portfolio Turnover Rate (annualized)28.9%

Graphical Representation of Holdings

Portfolio Allocation

Asset Weighting	Percent of Net Assets
Bonds	89.94%
Preferred Stocks	7.62%
Investment Companies	4.23%
Convertible Preferred Stocks	0.05%
Other Assets and Liabilities	(1.84)%
Total Net Assets	100.00%

Sector Allocation

Sector	Percent of Net Assets
Financial	85.74%
Energy	4.50%
Utilities	4.31%
Money Market Funds	3.44%
Government	1.13%
Exchange-Traded Funds	0.79%
Industrial	0.78%
Communications	0.59%
Consumer, Non-cyclical	0.56%
Other Assets and Liabilities	(1.84)%
Total Net Assets	100.00%

Changes in and Disagreements with Accountants

During the two most recent fiscal years or any subsequent interim period, there have been no changes in or disagreements with Accountants.

Availability of Additional Information

FV887SARA-0

Class C

PRFCX

Spectrum Preferred and Capital Securities Income Fund

Semi-Annual Shareholder Report February 28, 2025

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class C	$91	1.82%^{Footnote Reference*}

Footnote	Description
Footnote^*	Computed on an annualized basis.

Fund Statistics

Net Assets (amount in thousands)$5,940,886
Total Number of Portfolio Holdings336
Portfolio Turnover Rate (annualized)28.9%

Graphical Representation of Holdings

Portfolio Allocation

Asset Weighting	Percent of Net Assets
Bonds	89.94%
Preferred Stocks	7.62%
Investment Companies	4.23%
Convertible Preferred Stocks	0.05%
Other Assets and Liabilities	(1.84)%
Total Net Assets	100.00%

Sector Allocation

Sector	Percent of Net Assets
Financial	85.74%
Energy	4.50%
Utilities	4.31%
Money Market Funds	3.44%
Government	1.13%
Exchange-Traded Funds	0.79%
Industrial	0.78%
Communications	0.59%
Consumer, Non-cyclical	0.56%
Other Assets and Liabilities	(1.84)%
Total Net Assets	100.00%

Changes in and Disagreements with Accountants

During the two most recent fiscal years or any subsequent interim period, there have been no changes in or disagreements with Accountants.

Availability of Additional Information

FV887SARC-0

Class J

PPSJX

Spectrum Preferred and Capital Securities Income Fund

Semi-Annual Shareholder Report February 28, 2025

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class J	$50	1.00%^{Footnote Reference*}

Footnote	Description
Footnote^*	Computed on an annualized basis.

Fund Statistics

Net Assets (amount in thousands)$5,940,886
Total Number of Portfolio Holdings336
Portfolio Turnover Rate (annualized)28.9%

Graphical Representation of Holdings

Portfolio Allocation

Asset Weighting	Percent of Net Assets
Bonds	89.94%
Preferred Stocks	7.62%
Investment Companies	4.23%
Convertible Preferred Stocks	0.05%
Other Assets and Liabilities	(1.84)%
Total Net Assets	100.00%

Sector Allocation

Sector	Percent of Net Assets
Financial	85.74%
Energy	4.50%
Utilities	4.31%
Money Market Funds	3.44%
Government	1.13%
Exchange-Traded Funds	0.79%
Industrial	0.78%
Communications	0.59%
Consumer, Non-cyclical	0.56%
Other Assets and Liabilities	(1.84)%
Total Net Assets	100.00%

Changes in and Disagreements with Accountants

During the two most recent fiscal years or any subsequent interim period, there have been no changes in or disagreements with Accountants.

Availability of Additional Information

FV887SARJ-0

Institutional

PPSIX

Spectrum Preferred and Capital Securities Income Fund

Semi-Annual Shareholder Report February 28, 2025

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Institutional	$40	0.80%^{Footnote Reference*}

Footnote	Description
Footnote^*	Computed on an annualized basis.

Fund Statistics

Net Assets (amount in thousands)$5,940,886
Total Number of Portfolio Holdings336
Portfolio Turnover Rate (annualized)28.9%

Graphical Representation of Holdings

Portfolio Allocation

Asset Weighting	Percent of Net Assets
Bonds	89.94%
Preferred Stocks	7.62%
Investment Companies	4.23%
Convertible Preferred Stocks	0.05%
Other Assets and Liabilities	(1.84)%
Total Net Assets	100.00%

Sector Allocation

Sector	Percent of Net Assets
Financial	85.74%
Energy	4.50%
Utilities	4.31%
Money Market Funds	3.44%
Government	1.13%
Exchange-Traded Funds	0.79%
Industrial	0.78%
Communications	0.59%
Consumer, Non-cyclical	0.56%
Other Assets and Liabilities	(1.84)%
Total Net Assets	100.00%

Changes in and Disagreements with Accountants

During the two most recent fiscal years or any subsequent interim period, there have been no changes in or disagreements with Accountants.

Availability of Additional Information

FV887SARI-0

R-3

PNARX

Spectrum Preferred and Capital Securities Income Fund

Semi-Annual Shareholder Report February 28, 2025

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
R-3	$64	1.27%^{Footnote Reference*}

Footnote	Description
Footnote^*	Computed on an annualized basis.

Fund Statistics

Net Assets (amount in thousands)$5,940,886
Total Number of Portfolio Holdings336
Portfolio Turnover Rate (annualized)28.9%

Graphical Representation of Holdings

Portfolio Allocation

Asset Weighting	Percent of Net Assets
Bonds	89.94%
Preferred Stocks	7.62%
Investment Companies	4.23%
Convertible Preferred Stocks	0.05%
Other Assets and Liabilities	(1.84)%
Total Net Assets	100.00%

Sector Allocation

Sector	Percent of Net Assets
Financial	85.74%
Energy	4.50%
Utilities	4.31%
Money Market Funds	3.44%
Government	1.13%
Exchange-Traded Funds	0.79%
Industrial	0.78%
Communications	0.59%
Consumer, Non-cyclical	0.56%
Other Assets and Liabilities	(1.84)%
Total Net Assets	100.00%

Changes in and Disagreements with Accountants

During the two most recent fiscal years or any subsequent interim period, there have been no changes in or disagreements with Accountants.

Availability of Additional Information

FV887SARR3-0

R-5

PPARX

Spectrum Preferred and Capital Securities Income Fund

Semi-Annual Shareholder Report February 28, 2025

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
R-5	$48	0.96%^{Footnote Reference*}

Footnote	Description
Footnote^*	Computed on an annualized basis.

Fund Statistics

Net Assets (amount in thousands)$5,940,886
Total Number of Portfolio Holdings336
Portfolio Turnover Rate (annualized)28.9%

Graphical Representation of Holdings

Portfolio Allocation

Asset Weighting	Percent of Net Assets
Bonds	89.94%
Preferred Stocks	7.62%
Investment Companies	4.23%
Convertible Preferred Stocks	0.05%
Other Assets and Liabilities	(1.84)%
Total Net Assets	100.00%

Sector Allocation

Sector	Percent of Net Assets
Financial	85.74%
Energy	4.50%
Utilities	4.31%
Money Market Funds	3.44%
Government	1.13%
Exchange-Traded Funds	0.79%
Industrial	0.78%
Communications	0.59%
Consumer, Non-cyclical	0.56%
Other Assets and Liabilities	(1.84)%
Total Net Assets	100.00%

Changes in and Disagreements with Accountants

During the two most recent fiscal years or any subsequent interim period, there have been no changes in or disagreements with Accountants.

Availability of Additional Information

FV887SARR5-0

R-6

PPREX

Spectrum Preferred and Capital Securities Income Fund

Semi-Annual Shareholder Report February 28, 2025

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
R-6	$35	0.70%^{Footnote Reference*}

Footnote	Description
Footnote^*	Computed on an annualized basis.

Fund Statistics

Net Assets (amount in thousands)$5,940,886
Total Number of Portfolio Holdings336
Portfolio Turnover Rate (annualized)28.9%

Graphical Representation of Holdings

Portfolio Allocation

Asset Weighting	Percent of Net Assets
Bonds	89.94%
Preferred Stocks	7.62%
Investment Companies	4.23%
Convertible Preferred Stocks	0.05%
Other Assets and Liabilities	(1.84)%
Total Net Assets	100.00%

Sector Allocation

Sector	Percent of Net Assets
Financial	85.74%
Energy	4.50%
Utilities	4.31%
Money Market Funds	3.44%
Government	1.13%
Exchange-Traded Funds	0.79%
Industrial	0.78%
Communications	0.59%
Consumer, Non-cyclical	0.56%
Other Assets and Liabilities	(1.84)%
Total Net Assets	100.00%

Changes in and Disagreements with Accountants

During the two most recent fiscal years or any subsequent interim period, there have been no changes in or disagreements with Accountants.

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

Class A

PBLAX

Blue Chip Fund

What were the Fund costs for the last six months?

Fund Statistics

Graphical Representation of Holdings

Portfolio Allocation

Sector Allocation

Changes in and Disagreements with Accountants

Availability of Additional Information

FV823SARA-0

Class C

PBLCX

Blue Chip Fund

What were the Fund costs for the last six months?

Fund Statistics

Graphical Representation of Holdings

Portfolio Allocation

Sector Allocation

Changes in and Disagreements with Accountants

Availability of Additional Information

FV823SARC-0

Class J

PBCJX

Blue Chip Fund

What were the Fund costs for the last six months?

Fund Statistics

Graphical Representation of Holdings

Portfolio Allocation

Sector Allocation

Changes in and Disagreements with Accountants

Availability of Additional Information

FV823SARJ-0

Institutional

PBCKX

Blue Chip Fund

What were the Fund costs for the last six months?

Fund Statistics

Graphical Representation of Holdings

Portfolio Allocation

Sector Allocation

Changes in and Disagreements with Accountants

Availability of Additional Information

FV823SARI-0

R-3

PGBEX

Blue Chip Fund

What were the Fund costs for the last six months?

Fund Statistics

Graphical Representation of Holdings

Portfolio Allocation

Sector Allocation

Changes in and Disagreements with Accountants

Availability of Additional Information

FV823SARR3-0

R-5

PGBGX

Blue Chip Fund

What were the Fund costs for the last six months?

Fund Statistics

Graphical Representation of Holdings

Portfolio Allocation

Sector Allocation

Changes in and Disagreements with Accountants

Availability of Additional Information

FV823SARR5-0

R-6

PGBHX

Blue Chip Fund

What were the Fund costs for the last six months?

Fund Statistics

Graphical Representation of Holdings

Portfolio Allocation

Sector Allocation

Changes in and Disagreements with Accountants

Availability of Additional Information

FV823SARR6-0

Class J