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        <curCd>USD</curCd>
        <valUSD>86537520.77000000</valUSD>
        <pctVal>28.16377731780</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 S&amp;P 600 Index Fund</name>
        <lei>549300B1ZF0B4X7VPP69</lei>
        <title>SmallCap S&amp;P 600 Index Fund</title>
        <cusip>74256W543</cusip>
        <identifiers>
          <ticker value="PSPIX"/>
        </identifiers>
        <balance>340393.30200000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>6399394.08000000</valUSD>
        <pctVal>2.082693243743</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>International Small Company Fund</name>
        <lei>5493005DM6DKJRUY3N14</lei>
        <title>International Small Company Fund</title>
        <cusip>74256W493</cusip>
        <identifiers>
          <ticker value="PFISX"/>
        </identifiers>
        <balance>602894.73900000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>5317531.60000000</valUSD>
        <pctVal>1.730599334603</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>1415865.80300000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>12671998.94000000</valUSD>
        <pctVal>4.124122728984</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>High Income Fund</name>
        <lei>549300587LXZ3RWC6G81</lei>
        <title>High Income Fund</title>
        <cusip>74254R637</cusip>
        <identifiers>
          <ticker value="PYHIX"/>
        </identifiers>
        <balance>1678042.47800000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>13978093.84000000</valUSD>
        <pctVal>4.549193445042</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>2020-06-04</ncom:dateSigned>
      <ncom:nameOfApplicant>Principal Funds, Inc</ncom:nameOfApplicant>
      <ncom:signature>Sara Reece</ncom:signature>
      <ncom:signerName>/s/ Sara Reece</ncom:signerName>
      <ncom:title>Vice President and Controller</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
