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        <title>International Equity Index Fund</title>
        <cusip>74256W519</cusip>
        <identifiers>
          <ticker value="PFIEX"/>
        </identifiers>
        <balance>2016831.07500000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>28094456.87000000</valUSD>
        <pctVal>1.260797603206</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Principal Active High Yield ETF</name>
        <lei>549300IJEBBJ7TDADP97</lei>
        <title>Principal Active High Yield ETF</title>
        <cusip>74255Y102</cusip>
        <identifiers>
          <isin value="US74255Y1029"/>
        </identifiers>
        <balance>2073084.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>39875770.74000000</valUSD>
        <pctVal>1.789508742156</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Inflation Protection Fund</name>
        <lei>5493006ECFME6VCZ0U45</lei>
        <title>Inflation Protection Fund</title>
        <cusip>74254T815</cusip>
        <identifiers>
          <ticker value="PIPIX"/>
        </identifiers>
        <balance>16698424.13800000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>134589298.55000100</valUSD>
        <pctVal>6.039976704810</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Spectrum Preferred and Capital Securities Income Fund</name>
        <lei>549300C5BAH7DRKDHO25</lei>
        <title>Spectrum Preferred and Capital Securities Income Fund</title>
        <cusip>74256W485</cusip>
        <identifiers>
          <ticker value="PPREX"/>
        </identifiers>
        <balance>6318064.24900000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>59326623.30000000</valUSD>
        <pctVal>2.662406495669</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>LargeCap Value Fund III</name>
        <lei>549300P5E4OK1XZWQO33</lei>
        <title>LargeCap Value Fund III</title>
        <cusip>74253J677</cusip>
        <identifiers>
          <ticker value="PLVIX"/>
        </identifiers>
        <balance>1938189.22600000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>39887934.27000000</valUSD>
        <pctVal>1.790054606045</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Equity Income Fund</name>
        <lei>549300LK1BTIDFAOW136</lei>
        <title>Equity Income Fund</title>
        <cusip>74254U499</cusip>
        <identifiers>
          <ticker value="PEIIX"/>
        </identifiers>
        <balance>1838135.33000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>78892768.36000000</valUSD>
        <pctVal>3.540478241629</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Diversified Real Asset Fund</name>
        <lei>549300FY1HF8KNDK4G58</lei>
        <title>Diversified Real Asset Fund</title>
        <cusip>742537467</cusip>
        <identifiers>
          <ticker value="PDARX"/>
        </identifiers>
        <balance>1956234.83000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>23611754.40000000</valUSD>
        <pctVal>1.059626939676</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Bond Market Index Fund</name>
        <lei>VNIC77YUXCT48GBDSU43</lei>
        <title>Bond Market Index Fund</title>
        <cusip>742553316</cusip>
        <identifiers>
          <ticker value="PNIIX"/>
        </identifiers>
        <balance>31391471.60200000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>277814523.68000100</valUSD>
        <pctVal>12.46750870509</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Real Estate Securities Fund</name>
        <lei>5493007VCVKAGWPVUY18</lei>
        <title>Real Estate Securities Fund</title>
        <cusip>74256W568</cusip>
        <identifiers>
          <ticker value="PFRSX"/>
        </identifiers>
        <balance>380769.61500000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>10688203.09000000</valUSD>
        <pctVal>0.479655502892</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Principal Government Money Market Fund - Class R-6</name>
        <lei>N/A</lei>
        <title>Principal Government Money Market Fund - Class R-6</title>
        <cusip>74257B639</cusip>
        <identifiers>
          <isin value="US74257B6395"/>
        </identifiers>
        <balance>11600574.22000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>11600574.22000000</valUSD>
        <pctVal>0.520600068550</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>LargeCap S&amp;P 500 Index Fund</name>
        <lei>549300HDJCROTIVIXD92</lei>
        <title>LargeCap S&amp;P 500 Index Fund</title>
        <cusip>74253Q788</cusip>
        <identifiers>
          <ticker value="PLFIX"/>
        </identifiers>
        <balance>391192.07800000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>13003224.67000000</valUSD>
        <pctVal>0.583546945710</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Principal Capital Appreciation Fund</name>
        <lei>549300488LDV833BXR20</lei>
        <title>Principal Capital Appreciation Fund</title>
        <cusip>74254U432</cusip>
        <identifiers>
          <ticker value="PWCIX"/>
        </identifiers>
        <balance>788679.02700000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>74467073.73000000</valUSD>
        <pctVal>3.341865924336</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Principal International Equity ETF</name>
        <lei>254900IUDNVVDBH14H30</lei>
        <title>Principal International Equity ETF</title>
        <cusip>74255Y698</cusip>
        <identifiers>
          <isin value="US74255Y6986"/>
        </identifiers>
        <balance>2286147.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>73225288.41000000</valUSD>
        <pctVal>3.286138206858</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Small-MidCap Dividend Income Fund</name>
        <lei>54930000PG64KHHYCN32</lei>
        <title>Small-MidCap Dividend Income Fund</title>
        <cusip>74256W469</cusip>
        <identifiers>
          <ticker value="PMDHX"/>
        </identifiers>
        <balance>1439820.97500000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>28134101.85000000</valUSD>
        <pctVal>1.262576754730</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Global Emerging Markets Fund</name>
        <lei>5493005LRWTRDOOFXF24</lei>
        <title>Global Emerging Markets Fund</title>
        <cusip>74256W618</cusip>
        <identifiers>
          <ticker value="PIIMX"/>
        </identifiers>
        <balance>483658.96800000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>16899044.34000000</valUSD>
        <pctVal>0.758380014212</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Short-Term Income Fund</name>
        <lei>IJOCWVJG326LDFE5SJ51</lei>
        <title>Short-Term Income Fund</title>
        <cusip>74254U440</cusip>
        <identifiers>
          <ticker value="PSHIX"/>
        </identifiers>
        <balance>8361621.40700000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>101593700.10000100</valUSD>
        <pctVal>4.559230106482</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>LargeCap Growth Fund I</name>
        <lei>5493005TWCHTR0PO8C36</lei>
        <title>LargeCap Growth Fund I</title>
        <cusip>742537590</cusip>
        <identifiers>
          <ticker value="PLCGX"/>
        </identifiers>
        <balance>439911.83400000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>8384719.56000000</valUSD>
        <pctVal>0.376281854236</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Overseas Fund</name>
        <lei>M8LPS0WBNG35BUE1BV52</lei>
        <title>Overseas Fund</title>
        <cusip>742553571</cusip>
        <identifiers>
          <ticker value="PINZX"/>
        </identifiers>
        <balance>1704907.06500000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>20663473.63000000</valUSD>
        <pctVal>0.927316664179</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Government &amp; High Quality Bond Fund</name>
        <lei>XQSA5XKJBXF2IV4K6K06</lei>
        <title>Government &amp; High Quality Bond Fund</title>
        <cusip>74254U457</cusip>
        <identifiers>
          <ticker value="PMRIX"/>
        </identifiers>
        <balance>10660379.03000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>97755675.71000000</valUSD>
        <pctVal>4.386990722238</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Core Fixed Income Fund</name>
        <lei>2K6IF9KYA1Q08XNZVZ48</lei>
        <title>Core Fixed Income Fund</title>
        <cusip>742537616</cusip>
        <identifiers>
          <ticker value="PICNX"/>
        </identifiers>
        <balance>75820393.10500000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>662670235.74000100</valUSD>
        <pctVal>29.73871496443</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <explntrNotes>
      <explntrNote note="Returns shown in Item B.5.a have been calculated without deducting any applicable sales loads or redemption fees" noteItem="B.5.a"/>
    </explntrNotes>
    <signature>
      <ncom:dateSigned>2025-11-28</ncom:dateSigned>
      <ncom:nameOfApplicant>Principal Funds, Inc</ncom:nameOfApplicant>
      <ncom:signature>Megan Hoffmann</ncom:signature>
      <ncom:signerName>/s/ Megan Hoffmann</ncom:signerName>
      <ncom:title>Vice President and Treasurer</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
