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        <name>East Bay Municipal Utility District Water System Revenue</name>
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        <name>California Statewide Communities Development Authority</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>San Francisco Bay Area Rapid Transit District Sales Tax Revenue</name>
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        <name>University of California</name>
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        <name>Santa Monica-Malibu Unified School District</name>
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        <name>California Public Finance Authority</name>
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      <invstOrSec>
        <name>California Educational Facilities Authority</name>
        <lei>N/A</lei>
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        <name>San Francisco City &amp; County Airport Comm-San Francisco International Airport</name>
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        <name>Riverside County Public Financing Authority</name>
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        <name>California Statewide Communities Development Authority</name>
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        <name>Chino Valley Unified School District</name>
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        <name>California Health Facilities Financing Authority</name>
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        <name>California Community Choice Financing Authority</name>
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        <name>Los Angeles Unified School District/CA</name>
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        <name>California Statewide Communities Development Authority</name>
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        <name>California Pollution Control Financing Authority</name>
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        <name>Mizuho Floater/Residual Trust</name>
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        <name>City of Los Angeles CA Wastewater System 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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        <name>City of Los Angeles Department of Airports</name>
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        <name>Alameda Corridor Transportation Authority</name>
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        <name>California Municipal Finance Authority</name>
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        <name>California Pollution Control Financing Authority</name>
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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>County of Sacramento CA Airport System Revenue</name>
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        <name>California Municipal Finance Authority</name>
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        <name>University of California</name>
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        <name>California Statewide Communities Development 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>Tender Option Bond Trust Receipts/Certificates</name>
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        <name>California Statewide Communities Development Authority</name>
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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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        <curCd>USD</curCd>
        <valUSD>2151543.03000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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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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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>California Statewide Communities Development Authority</name>
        <lei>549300KTNI2GCJNX2U48</lei>
        <title>California Statewide Communities Development Authority</title>
        <cusip>13078RGG9</cusip>
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          <isin value="US13078RGG92"/>
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>San Diego Public Facilities Financing Authority</name>
        <lei>N/A</lei>
        <title>San Diego Public Facilities Financing Authority</title>
        <cusip>79730CKP8</cusip>
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          <isin value="US79730CKP85"/>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2045-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>County of Sacramento CA Airport System Revenue</name>
        <lei>N/A</lei>
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          <isin value="US786107PE60"/>
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        <balance>1350000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1410863.40000000</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>2036-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Pittsburg Successor Agency Redevelopment Agency</name>
        <lei>N/A</lei>
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          <isin value="US86459LBR87"/>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-09-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>California Statewide Communities Development Authority</name>
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        <cusip>13080SWN0</cusip>
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          <isin value="US13080SWN07"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2039-06-01</maturityDt>
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      <invstOrSec>
        <name>Santa Monica-Malibu Unified School District</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2038-08-01</maturityDt>
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          <annualizedRt>4.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>California Statewide Communities Development Authority</name>
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        <cusip>13078YMG7</cusip>
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          <isin value="US13078YMG79"/>
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        <fairValLevel>2</fairValLevel>
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        <name>California Educational Facilities Authority</name>
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        <fairValLevel>2</fairValLevel>
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        <name>San Diego Unified School District/CA</name>
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        <name>California Public Finance Authority</name>
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        <name>California Pollution Control Financing Authority</name>
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        <name>California Statewide Financing Authority</name>
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        <name>California Health Facilities Financing Authority</name>
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        <name>California Municipal Finance Authority</name>
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        <name>Alameda Corridor Transportation Authority</name>
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        <name>City of Los Angeles Department of Airports</name>
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        <name>Tobacco Securitization Authority of Southern California</name>
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        <name>California Community Choice Financing Authority</name>
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        <name>California Health Facilities Financing Authority</name>
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        <name>California Statewide Communities Development Authority</name>
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        <name>Alameda Unified School District-Alameda County/CA</name>
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        <name>Compton Public Finance Authority</name>
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        <name>CSCDA Community Improvement Authority</name>
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        <name>California Statewide Communities Development Authority</name>
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        <name>Invesco California AMT-Free Municipal Bond ETF</name>
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        <name>California Statewide Communities Development Authority</name>
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        <name>Norman Y Mineta San Jose International Airport SJC</name>
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        <name>California Public Finance Authority</name>
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        <name>Regents of the University of California Medical Center Pooled Revenue</name>
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      <invstOrSec>
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        <name>San Luis Obispo County Financing Authority</name>
        <lei>N/A</lei>
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        <name>California Community Choice Financing Authority</name>
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        <name>City of Los Angeles Department of Airports</name>
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        <name>Los Angeles County Public Works Financing Authority</name>
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        <name>Transbay Joint Powers Authority</name>
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      <invstOrSec>
        <name>Tender Option Bond Trust Receipts/Certificates</name>
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        <fairValLevel>2</fairValLevel>
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        <name>San Francisco City &amp; County Airport Comm-San Francisco International Airport</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-05-01</maturityDt>
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        <name>California Pollution Control Financing Authority</name>
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        <name>Tulare County Transportation Authority</name>
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        <name>Commonwealth of Puerto Rico</name>
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        <name>San Luis Obispo County Financing Authority</name>
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        <name>Nuveen California AMT-Free Quality Municipal Income Fund</name>
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        <name>San Diego County Regional Airport Authority</name>
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        <name>Los Angeles County Metropolitan Transportation Authority Sales Tax Revenue</name>
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        <name>Golden State Tobacco Securitization Corp</name>
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      <invstOrSec>
        <name>California Health Facilities Financing Authority</name>
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      <invstOrSec>
        <name>Merced Union High School District</name>
        <lei>N/A</lei>
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      <invstOrSec>
        <name>City of Los Angeles Department of Airports</name>
        <lei>N/A</lei>
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          <maturityDt>2026-05-15</maturityDt>
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      <invstOrSec>
        <name>Tobacco Securitization Authority of Southern California</name>
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          <isin value="US888804CL33"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2035-06-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Pittsburg Successor Agency Redevelopment Agency</name>
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          <isin value="US86459LBQ05"/>
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          <maturityDt>2028-09-01</maturityDt>
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      <invstOrSec>
        <name>Woodland-Davis Clean Water Agency</name>
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          <isin value="US979585AV84"/>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>California Educational Facilities Authority</name>
        <lei>N/A</lei>
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          <isin value="US130179EU42"/>
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      <invstOrSec>
        <name>Escondido Union High School District</name>
        <lei>N/A</lei>
        <title>Escondido Union High School District</title>
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          <isin value="US296353LY95"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2041-08-01</maturityDt>
          <couponKind>None</couponKind>
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        <name>California Municipal Finance Authority</name>
        <lei>5493000UQOV6R4ZWS346</lei>
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          <isin value="US13049YBB65"/>
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        <fairValLevel>2</fairValLevel>
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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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          <isin value="US88034YTB64"/>
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          <maturityDt>2036-05-15</maturityDt>
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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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          <isin value="US13049YBC49"/>
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        <name>Salinas Valley Solid Waste Authority</name>
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        <name>California Municipal Finance Authority</name>
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        <name>San Ramon Valley Fire Protection District</name>
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        <name>City of Riverside CA Sewer Revenue</name>
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        <name>Los Angeles Unified School District/CA</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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        <name>California Statewide Communities Development Authority</name>
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        <name>California Statewide Communities Development Authority</name>
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        <name>Tender Option Bond Trust Receipts/Certificates</name>
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        <name>Indio Redevelopment Agency Successor Agency</name>
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        <name>California Health Facilities Financing Authority</name>
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        <cusip>59266TRP8</cusip>
        <identifiers>
          <isin value="US59266TRP83"/>
        </identifiers>
        <balance>1410000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1548683.65000000</valUSD>
        <pctVal>0.253373186478</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2045-10-01</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>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>2442329.52000000</valUSD>
        <pctVal>0.399578579469</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>Southern California Public Power Authority</name>
        <lei>5493003B5TD5FWUKMD34</lei>
        <title>Southern California Public Power Authority</title>
        <cusip>842471AW4</cusip>
        <identifiers>
          <isin value="US842471AW49"/>
        </identifiers>
        <balance>2150000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2260172.02000000</valUSD>
        <pctVal>0.369776607829</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-11-01</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>Los Angeles County Sanitation Districts Financing Authority</name>
        <lei>N/A</lei>
        <title>Los Angeles County Sanitation Districts Financing Authority</title>
        <cusip>545149JQ0</cusip>
        <identifiers>
          <isin value="US545149JQ07"/>
        </identifiers>
        <balance>4500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4661748.00000000</valUSD>
        <pctVal>0.762687683389</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-10-01</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 Pollution Control Financing Authority</name>
        <lei>N/A</lei>
        <title>California Pollution Control Financing Authority</title>
        <cusip>130536QT5</cusip>
        <identifiers>
          <isin value="US130536QT56"/>
        </identifiers>
        <balance>3600000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3604287.96000000</valUSD>
        <pctVal>0.589681388715</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2040-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.30000000</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>8375126.89000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>8388527.09000000</valUSD>
        <pctVal>1.372409296539</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>1000382.80000000</valUSD>
        <pctVal>0.163668143416</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="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>2024-02-29</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 Controller</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
