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        <lei>5493006ECFME6VCZ0U45</lei>
        <title>Inflation Protection Fund</title>
        <cusip>74254T815</cusip>
        <identifiers>
          <ticker value="PIPIX"/>
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        <balance>11460594.84200000</balance>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
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      <invstOrSec>
        <name>Principal Capital Appreciation Fund</name>
        <lei>549300488LDV833BXR20</lei>
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        <cusip>74254U432</cusip>
        <identifiers>
          <ticker value="PWCIX"/>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Short-Term Income Fund</name>
        <lei>IJOCWVJG326LDFE5SJ51</lei>
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        <cusip>74254U440</cusip>
        <identifiers>
          <ticker value="PSHIX"/>
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        <balance>7931604.31000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Government &amp; High Quality Bond Fund</name>
        <lei>XQSA5XKJBXF2IV4K6K06</lei>
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        <cusip>74254U457</cusip>
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          <ticker value="PMRIX"/>
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        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Equity Income Fund</name>
        <lei>549300LK1BTIDFAOW136</lei>
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        <cusip>74254U499</cusip>
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          <ticker value="PEIIX"/>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Bond Market Index Fund</name>
        <lei>VNIC77YUXCT48GBDSU43</lei>
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        <cusip>742553316</cusip>
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          <ticker value="PNIIX"/>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Overseas Fund</name>
        <lei>M8LPS0WBNG35BUE1BV52</lei>
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          <ticker value="PINZX"/>
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        <curCd>USD</curCd>
        <valUSD>20317974.59000000</valUSD>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Finisterre Emerging Markets Total Return Bond Fund</name>
        <lei>549300MNS2JZWUXHD778</lei>
        <title>Finisterre Emerging Markets Total Return Bond Fund</title>
        <cusip>74255L175</cusip>
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          <ticker value="PFUMX"/>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Principal Active High Yield ETF</name>
        <lei>549300IJEBBJ7TDADP97</lei>
        <title>Principal Active High Yield ETF</title>
        <cusip>74255Y102</cusip>
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          <isin value="US74255Y1029"/>
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        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
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        <name>Principal U.S. Small-Cap ETF</name>
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          <isin value="US74255Y6077"/>
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        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Principal International Equity ETF</name>
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        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
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        <name>Principal U.S. Mega-Cap ETF</name>
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        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
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        <name>Small-MidCap Dividend Income Fund</name>
        <lei>54930000PG64KHHYCN32</lei>
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          <ticker value="PMDHX"/>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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        <name>Spectrum Preferred and Capital Securities Income Fund</name>
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          <ticker value="PPREX"/>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>International Equity Index Fund</name>
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          <ticker value="PFIEX"/>
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        <curCd>USD</curCd>
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        <fairValLevel>1</fairValLevel>
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        <name>Real Estate Securities Fund</name>
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          <ticker value="PFRSX"/>
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        <fairValLevel>1</fairValLevel>
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        <name>Global Emerging Markets Fund</name>
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        <identifiers>
          <ticker value="PIIMX"/>
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        <fairValLevel>1</fairValLevel>
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        <name>High Yield Fund</name>
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          <ticker value="PHYFX"/>
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        <fairValLevel>1</fairValLevel>
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        <name>Global Macro Fund</name>
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          <ticker value="PAFIX"/>
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        <fairValLevel>1</fairValLevel>
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        <name>Principal Funds, Inc - Government Money Market Fund - Class R-6</name>
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        <fairValLevel>1</fairValLevel>
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        <name>N/A</name>
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        <currencyConditional curCd="CAD" exchangeRt="1.35835000"/>
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        <fairValLevel>1</fairValLevel>
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        <name>N/A</name>
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        <fairValLevel>1</fairValLevel>
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            <payOffProf>Long</payOffProf>
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        <name>N/A</name>
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          <ticker value="IKM6C"/>
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        <balance>188.00000000</balance>
        <units>NC</units>
        <currencyConditional curCd="EUR" exchangeRt="0.85204000"/>
        <valUSD>-632465.69000000</valUSD>
        <pctVal>-0.02917189403</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DIR</assetCat>
        <issuerConditional desc="Other - Exchange" issuerCat="OTHER"/>
        <invCountry>N/A</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
            <counterparties>
              <counterpartyName>EUX</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
            </counterparties>
            <payOffProf>Long</payOffProf>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>N/A</issuerName>
                <issueTitle>Euro-BTP; June 2026</issueTitle>
                <identifiers>
                  <ticker value="IKM6C"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <expDate>2026-06-08</expDate>
            <notionalAmt>25806863.53000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>-632465.69000000</unrealizedAppr>
          </futrDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>Futures</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="JBM6C"/>
        </identifiers>
        <balance>57.00000000</balance>
        <units>NC</units>
        <currencyConditional curCd="JPY" exchangeRt="156.55500000"/>
        <valUSD>-924146.10000000</valUSD>
        <pctVal>-0.04262538273</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DIR</assetCat>
        <issuerConditional desc="Other - Exchange" issuerCat="OTHER"/>
        <invCountry>N/A</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
            <counterparties>
              <counterpartyName>OSE</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
            </counterparties>
            <payOffProf>Long</payOffProf>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>N/A</issuerName>
                <issueTitle>Japan 10 Year Bond TSE; June 2026</issueTitle>
                <identifiers>
                  <ticker value="JBM6C"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <expDate>2026-06-15</expDate>
            <notionalAmt>47062182.62000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>-924146.10000000</unrealizedAppr>
          </futrDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>Futures</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="OATM6C"/>
        </identifiers>
        <balance>139.00000000</balance>
        <units>NC</units>
        <currencyConditional curCd="EUR" exchangeRt="0.85204000"/>
        <valUSD>-357271.56000000</valUSD>
        <pctVal>-0.01647881973</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DIR</assetCat>
        <issuerConditional desc="Other - Exchange" issuerCat="OTHER"/>
        <invCountry>N/A</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
            <counterparties>
              <counterpartyName>EUX</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
            </counterparties>
            <payOffProf>Long</payOffProf>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>N/A</issuerName>
                <issueTitle>Euro-Oat; June 2026</issueTitle>
                <identifiers>
                  <ticker value="OATM6C"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <expDate>2026-06-08</expDate>
            <notionalAmt>19457455.05000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>-357271.56000000</unrealizedAppr>
          </futrDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>Futures</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="RXM6C"/>
        </identifiers>
        <balance>89.00000000</balance>
        <units>NC</units>
        <currencyConditional curCd="EUR" exchangeRt="0.85204000"/>
        <valUSD>-245044.39000000</valUSD>
        <pctVal>-0.01130244548</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DIR</assetCat>
        <issuerConditional desc="Other - Exchange" issuerCat="OTHER"/>
        <invCountry>N/A</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
            <counterparties>
              <counterpartyName>EUX</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
            </counterparties>
            <payOffProf>Long</payOffProf>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>N/A</issuerName>
                <issueTitle>Euro Bond 10 Year Bond; June 2026</issueTitle>
                <identifiers>
                  <ticker value="RXM6C"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <expDate>2026-06-08</expDate>
            <notionalAmt>13094502.61000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>-245044.39000000</unrealizedAppr>
          </futrDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>Futures</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="XMM6C"/>
        </identifiers>
        <balance>52.00000000</balance>
        <units>NC</units>
        <currencyConditional curCd="AUD" exchangeRt="1.38899000"/>
        <valUSD>-57652.85000000</valUSD>
        <pctVal>-0.00265918429</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DIR</assetCat>
        <issuerConditional desc="Other - Exchange" issuerCat="OTHER"/>
        <invCountry>N/A</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
            <counterparties>
              <counterpartyName>SFE</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
            </counterparties>
            <payOffProf>Long</payOffProf>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>N/A</issuerName>
                <issueTitle>Australia 10 Year Bond; June 2026</issueTitle>
                <identifiers>
                  <ticker value="XMM6C"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <expDate>2026-06-15</expDate>
            <notionalAmt>4008147.34000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>-57652.85000000</unrealizedAppr>
          </futrDeriv>
        </derivativeInfo>
        <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"/>
      <explntrNote note="Not applicable for derivative asset types" noteItem="C.5.a"/>
    </explntrNotes>
    <signature>
      <ncom:dateSigned>2026-05-29</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 Treasurer</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
