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        <curCd>USD</curCd>
        <valUSD>9749548.24000000</valUSD>
        <pctVal>0.216754749947</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>MidCap Fund</name>
        <lei>549300D8KHZ8MDOZYC94</lei>
        <title>MidCap Fund</title>
        <cusip>74256W584</cusip>
        <identifiers>
          <ticker value="PMAQX"/>
        </identifiers>
        <balance>1190589.18500000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>48837968.37000000</valUSD>
        <pctVal>1.085779706034</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>4426301.86700000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>177007811.66000100</valUSD>
        <pctVal>3.935288385749</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>148711897.98400100</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1259589775.92000000</valUSD>
        <pctVal>28.00356080051</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>22609568.98900000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>174319776.91000100</valUSD>
        <pctVal>3.875527227001</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>9695708.28600000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>155422203.82000100</valUSD>
        <pctVal>3.455390967463</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>2959322.63100000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>67620522.12000000</valUSD>
        <pctVal>1.503358822650</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 U.S. Mega-Cap ETF</name>
        <lei>549300XGM3O583ZPRJ37</lei>
        <title>Principal U.S. Mega-Cap ETF</title>
        <cusip>74255Y870</cusip>
        <identifiers>
          <isin value="US74255Y8701"/>
        </identifiers>
        <balance>159054.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>11787491.94000000</valUSD>
        <pctVal>0.262062898205</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 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>18906692.91500000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>673645468.56000100</valUSD>
        <pctVal>14.97667907238</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>2257889.02500000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>30910500.75000000</valUSD>
        <pctVal>0.687211109263</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>SmallCap Fund</name>
        <lei>5493008AXRXQLEL0TR95</lei>
        <title>SmallCap Fund</title>
        <cusip>74256W550</cusip>
        <identifiers>
          <ticker value="PSMLX"/>
        </identifiers>
        <balance>3202132.47000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>113707724.01000100</valUSD>
        <pctVal>2.527982700142</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>21411798.73200000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>257583938.75000100</valUSD>
        <pctVal>5.726679930179</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>4099905.04300000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>187529656.67000100</valUSD>
        <pctVal>4.169213058768</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>Blue Chip Fund</name>
        <lei>549300DIGKZKBG8KG876</lei>
        <title>Blue Chip Fund</title>
        <cusip>74256W535</cusip>
        <identifiers>
          <ticker value="PGBHX"/>
        </identifiers>
        <balance>3386032.18500000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>142484234.34000100</valUSD>
        <pctVal>3.167750322949</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 U.S. Small-Cap ETF</name>
        <lei>5493008MXNTNT2RRXN18</lei>
        <title>Principal U.S. Small-Cap ETF</title>
        <cusip>74255Y607</cusip>
        <identifiers>
          <isin value="US74255Y6077"/>
        </identifiers>
        <balance>58142.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3958888.78000000</valUSD>
        <pctVal>0.088015149672</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>273160.12300000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>25551397.91000000</valUSD>
        <pctVal>0.568065999414</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>9122476.36000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>182358302.44000100</valUSD>
        <pctVal>4.054242029812</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"/>
      <explntrNote note="Cash and cash equivalents includes USD and only foreign currencies considered highly liquid." noteItem="B.2.f"/>
    </explntrNotes>
    <signature>
      <ncom:dateSigned>2026-08-28</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>
  <documents>XXXX</documents>
</edgarSubmission>
