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        <name>San Francisco Bay Area Rapid Transit District Sales Tax Revenue</name>
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        <name>Commonwealth of Puerto Rico</name>
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        <name>San Francisco City &amp; County Airport Comm-San Francisco International Airport</name>
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        <name>University of California</name>
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        <name>Tender Option Bond Trust Receipts/Certificates</name>
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        <name>University of California</name>
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        <name>San Francisco City &amp; County Airport Comm-San Francisco International Airport</name>
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        <name>California Statewide Communities Development Authority</name>
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        <name>California Health Facilities Financing Authority</name>
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          <isin value="US13032UUW60"/>
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        <name>California Educational Facilities Authority</name>
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        <name>Bay Area Toll Authority</name>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>California Municipal Finance Authority</name>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>California Health Facilities Financing Authority</name>
        <lei>5493007RI8BUDOGHZ546</lei>
        <title>California Health Facilities Financing Authority</title>
        <cusip>13032UU71</cusip>
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          <isin value="US13032UU715"/>
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          <maturityDt>2044-12-01</maturityDt>
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      <invstOrSec>
        <name>California Public Finance Authority</name>
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          <isin value="US13057EBC75"/>
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          <maturityDt>2047-08-01</maturityDt>
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        <name>State of California</name>
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          <maturityDt>2028-09-01</maturityDt>
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        <name>Port Authority of Guam</name>
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        <name>Santa Monica-Malibu Unified School District</name>
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        <name>Puerto Rico Industrial Tourist Educational Medical &amp; Environmental Control Facilities Financing Authority</name>
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        <name>California Statewide Communities Development Authority</name>
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        <name>State of California</name>
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        <name>Anaheim Housing &amp; Public Improvements Authority</name>
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        <name>Tender Option Bond Trust Receipts/Certificates</name>
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        <name>California Pollution Control Financing Authority</name>
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        <name>Golden State Tobacco Securitization Corp</name>
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        <name>Alameda Corridor Transportation Authority</name>
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        <name>California Pollution Control Financing Authority</name>
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          <isin value="US13054WAD92"/>
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        <name>California School Finance Authority</name>
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        <name>Norco Community Redevelopment Agency Successor Agency</name>
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        <name>California Educational Facilities Authority</name>
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        <name>County of Sacramento CA Airport System Revenue</name>
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        <name>Commonwealth of Puerto Rico</name>
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        <name>California Municipal Finance Authority</name>
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        <name>California Statewide Communities Development Authority</name>
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        <name>Alameda Corridor Transportation Authority</name>
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        <name>California Pollution Control Financing Authority</name>
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        <name>San Diego Association of Governments South Bay Expressway Revenue</name>
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        <name>San Joaquin Valley Clean Energy Authority</name>
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        <name>La Verne Public Financing Authority</name>
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        <name>City of Los Angeles Department of Airports</name>
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      <invstOrSec>
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        <name>Los Angeles County Metropolitan Transportation Authority Sales Tax Revenue</name>
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        <name>Tender Option Bond Trust Receipts/Certificates</name>
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          <isin value="US88035PGF99"/>
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        <name>Santa Monica-Malibu Unified School District</name>
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        <name>California Statewide Communities Development Authority</name>
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        <name>California Municipal Finance Authority</name>
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        <name>State of California</name>
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        <name>Tender Option Bond Trust Receipts/Certificates</name>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Long Beach Bond Finance Authority</name>
        <lei>549300BKBZ5U7OZH3S21</lei>
        <title>Long Beach Bond Finance Authority</title>
        <cusip>54241AAY9</cusip>
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          <isin value="US54241AAY91"/>
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        <balance>3485000.00000000</balance>
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        <curCd>USD</curCd>
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        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2035-11-15</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>San Diego Housing Authority Inc</name>
        <lei>549300X9H1ODNOOT1Q87</lei>
        <title>San Diego Housing Authority Inc</title>
        <cusip>79728FLL3</cusip>
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          <isin value="US79728FLL30"/>
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        <balance>3260000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3320402.58000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2040-06-01</maturityDt>
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          <annualizedRt>4.20000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>California Statewide Communities Development Authority</name>
        <lei>549300KTNI2GCJNX2U48</lei>
        <title>California Statewide Communities Development Authority</title>
        <cusip>13078YQU2</cusip>
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          <isin value="US13078YQU28"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2040-09-02</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Tender Option Bond Trust Receipts/Certificates</name>
        <lei>N/A</lei>
        <title>Tender Option Bond Trust Receipts/Certificates</title>
        <cusip>88035G8P6</cusip>
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          <isin value="US88035G8P69"/>
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        <balance>1640000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1831204.17000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-08-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>8.82000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Puerto Rico Industrial Tourist Educational Medical &amp; Environmental Control Facilities Financing Authority</name>
        <lei>549300YJRISCG6HQ4512</lei>
        <title>Puerto Rico Industrial Tourist Educational Medical &amp; Environmental Control Facilities Financing Authority</title>
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          <isin value="US74528LAC54"/>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2045-01-01</maturityDt>
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          <annualizedRt>6.75000000</annualizedRt>
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      <invstOrSec>
        <name>California Pollution Control Financing Authority</name>
        <lei>N/A</lei>
        <title>California Pollution Control Financing Authority</title>
        <cusip>13054WAV9</cusip>
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          <isin value="US13054WAV90"/>
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        <balance>565000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>M-S-R Energy Authority</name>
        <lei>549300UEMSS1JTK5YB98</lei>
        <title>M-S-R Energy Authority</title>
        <cusip>55374SAD2</cusip>
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          <isin value="US55374SAD27"/>
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        <balance>1325000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1406727.86000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.13000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Santa Monica-Malibu Unified School District</name>
        <lei>N/A</lei>
        <title>Santa Monica-Malibu Unified School District</title>
        <cusip>802498XH3</cusip>
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          <isin value="US802498XH36"/>
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        <balance>2340000.00000000</balance>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2041-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>California Public Finance Authority</name>
        <lei>N/A</lei>
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        <cusip>13057GAP4</cusip>
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          <isin value="US13057GAP46"/>
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        <balance>17120000.00000000</balance>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2054-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.50000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>California Statewide Communities Development Authority</name>
        <lei>549300KTNI2GCJNX2U48</lei>
        <title>California Statewide Communities Development Authority</title>
        <cusip>13080SWN0</cusip>
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          <isin value="US13080SWN07"/>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2039-06-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Tender Option Bond Trust Receipts/Certificates</name>
        <lei>N/A</lei>
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        <cusip>88035TJA9</cusip>
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          <isin value="US88035TJA97"/>
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        <name>California Municipal Finance Authority</name>
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          <isin value="US13048V2U11"/>
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        <name>California Community Choice Financing Authority</name>
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        <name>Long Beach Bond Finance Authority</name>
        <lei>549300BKBZ5U7OZH3S21</lei>
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          <isin value="US54241AAX19"/>
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        <name>California Statewide Communities Development Authority</name>
        <lei>549300KTNI2GCJNX2U48</lei>
        <title>California Statewide Communities Development Authority</title>
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        <name>California Educational Facilities Authority</name>
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        <name>California Pollution Control Financing Authority</name>
        <lei>N/A</lei>
        <title>California Pollution Control Financing Authority</title>
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        <invCountry>US</invCountry>
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      <invstOrSec>
        <name>California Statewide Financing Authority</name>
        <lei>N/A</lei>
        <title>California Statewide Financing Authority</title>
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        <name>Tender Option Bond Trust Receipts/Certificates</name>
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        <name>California Statewide Communities Development Authority</name>
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        <name>California Statewide Communities Development Authority</name>
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        <name>California Municipal Finance Authority</name>
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        <name>California Municipal Finance Authority</name>
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        <name>Tender Option Bond Trust Receipts/Certificates</name>
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        <name>Tender Option Bond Trust Receipts/Certificates</name>
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        <name>California Educational Facilities Authority</name>
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          <isin value="US1301783W46"/>
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        <name>Burbank-Glendale-Pasadena Airport Authority Brick Campaign</name>
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        <name>California Pollution Control Financing Authority</name>
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        <name>Bay Area Toll Authority</name>
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        <name>California Educational Facilities Authority</name>
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        <name>Guam Government Waterworks Authority</name>
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        <name>Nuveen California AMT-Free Quality Municipal Income Fund</name>
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        <name>Tender Option Bond Trust Receipts/Certificates</name>
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        <name>Los Angeles County Metropolitan Transportation Authority Sales Tax Revenue</name>
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        <name>State of California</name>
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        <name>Golden State Tobacco Securitization Corp</name>
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      <invstOrSec>
        <name>Merced Union High School District</name>
        <lei>N/A</lei>
        <title>Merced Union High School District</title>
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          <isin value="US587635ET69"/>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>None</couponKind>
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      <invstOrSec>
        <name>Tobacco Securitization Authority of Southern California</name>
        <lei>N/A</lei>
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          <isin value="US888804CL33"/>
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      <invstOrSec>
        <name>Tender Option Bond Trust Receipts/Certificates</name>
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          <isin value="US88035TAL44"/>
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          <maturityDt>2028-05-01</maturityDt>
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        <name>BL Train Holdings West LLC - Warrants</name>
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          <isin value="US05594N1182"/>
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      <invstOrSec>
        <name>Woodland-Davis Clean Water Agency</name>
        <lei>N/A</lei>
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          <isin value="US979585AV84"/>
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      <invstOrSec>
        <name>California Educational Facilities Authority</name>
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          <isin value="US130179EU42"/>
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        <name>Escondido Union High School District</name>
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          <isin value="US296353LY95"/>
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        <name>San Francisco City &amp; County Airport Comm-San Francisco International Airport</name>
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        <cusip>79766DWX3</cusip>
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          <isin value="US79766DWX38"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2049-05-01</maturityDt>
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      <invstOrSec>
        <name>California Municipal Finance Authority</name>
        <lei>5493000UQOV6R4ZWS346</lei>
        <title>California Municipal Finance Authority</title>
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          <isin value="US13049YBB65"/>
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        <balance>1000000.00000000</balance>
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          <maturityDt>2033-05-15</maturityDt>
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      <invstOrSec>
        <name>Tender Option Bond Trust Receipts/Certificates</name>
        <lei>N/A</lei>
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      <invstOrSec>
        <name>Puerto Rico Industrial Tourist Educational Medical &amp; Environmental Control Facilities Financing Authority</name>
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        <name>Foothill-Eastern Transportation Corridor Agency</name>
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        <name>San Diego County Regional Airport Authority</name>
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        <name>California Municipal Finance Authority</name>
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        <name>California Municipal Finance Authority</name>
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        <name>Los Angeles Unified School District/CA</name>
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        <name>California Municipal Finance Authority</name>
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          <maturityDt>2029-05-15</maturityDt>
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        <name>San Diego County Regional Airport Authority</name>
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        <name>Los Angeles Unified School District/CA</name>
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        <name>Southern California Public Power Authority</name>
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        <name>City of Los Angeles Department of Airports</name>
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        <fairValLevel>2</fairValLevel>
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        <name>California Statewide Communities Development Authority</name>
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        <name>California Statewide Communities Development Authority</name>
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        <name>Indio Redevelopment Agency Successor Agency</name>
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        <name>California Statewide Communities Development Authority</name>
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        <name>San Diego Association of Governments South Bay Expressway Revenue</name>
        <lei>N/A</lei>
        <title>San Diego Association of Governments South Bay Expressway Revenue</title>
        <cusip>797257AV4</cusip>
        <identifiers>
          <isin value="US797257AV46"/>
        </identifiers>
        <balance>2300000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2368813.93000000</valUSD>
        <pctVal>0.352617773587</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>California Housing Finance Agency</name>
        <lei>549300BOPCVLBA552Z14</lei>
        <title>California Housing Finance Agency</title>
        <cusip>13033DAA3</cusip>
        <identifiers>
          <isin value="US13033DAA37"/>
        </identifiers>
        <balance>7486182.31000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>7818003.60000000</valUSD>
        <pctVal>1.163775249891</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.25000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Port Commission of the City &amp; County of San Francisco</name>
        <lei>N/A</lei>
        <title>Port Commission of the City &amp; County of San Francisco</title>
        <cusip>797679BB2</cusip>
        <identifiers>
          <isin value="US797679BB23"/>
        </identifiers>
        <balance>1000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1000515.80000000</valUSD>
        <pctVal>0.148935148247</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <explntrNotes>
      <explntrNote note="Cash and cash equivalents includes USD and only foreign currencies considered highly liquid." noteItem="B.2.f"/>
      <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>2026-02-27</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>
  <documents>XXXX</documents>
</edgarSubmission>
