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        <lei>5493006ECFME6VCZ0U45</lei>
        <title>Inflation Protection Fund</title>
        <cusip>74254T815</cusip>
        <identifiers>
          <ticker value="PIPIX"/>
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        <balance>7607177.43800000</balance>
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        <curCd>USD</curCd>
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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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      <invstOrSec>
        <name>Principal Capital Appreciation Fund</name>
        <lei>549300488LDV833BXR20</lei>
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        <cusip>74254U432</cusip>
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          <ticker value="PWCIX"/>
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        <payoffProfile>Long</payoffProfile>
        <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>
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          <ticker value="PSHIX"/>
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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>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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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Equity Income Fund</name>
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          <ticker value="PEIIX"/>
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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>
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          <ticker value="PNIIX"/>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Overseas Fund</name>
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          <ticker value="PINZX"/>
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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>Finisterre Emerging Markets Total Return Bond Fund</name>
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          <ticker value="PFUMX"/>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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        <name>Principal U.S. Small-Cap ETF</name>
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          <isin value="US74255Y6077"/>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Principal International Equity ETF</name>
        <lei>254900IUDNVVDBH14H30</lei>
        <title>Principal International Equity ETF</title>
        <cusip>74255Y698</cusip>
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          <isin value="US74255Y6986"/>
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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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        <fairValLevel>1</fairValLevel>
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        <name>Global Listed Infrastructure Fund</name>
        <lei>549300UO9IFEWQKUAV03</lei>
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          <ticker value="PGSLX"/>
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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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        <name>Spectrum Preferred and Capital Securities Income Fund</name>
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        <title>Spectrum Preferred and Capital Securities Income Fund</title>
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          <ticker value="PPREX"/>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>International Equity Index Fund</name>
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          <ticker value="PFIEX"/>
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        <fairValLevel>1</fairValLevel>
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        <name>Blue Chip Fund</name>
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          <ticker value="PGBHX"/>
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        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
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        <name>Real Estate Securities Fund</name>
        <lei>5493007VCVKAGWPVUY18</lei>
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          <ticker value="PFRSX"/>
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        <fairValLevel>1</fairValLevel>
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        <name>Global Emerging Markets Fund</name>
        <lei>5493005LRWTRDOOFXF24</lei>
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          <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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        <fairValLevel>1</fairValLevel>
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            <payOffProf>Long</payOffProf>
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                <issuerName>N/A</issuerName>
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        <name>N/A</name>
        <lei>N/A</lei>
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          <ticker value="G M6C"/>
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        <assetCat>DIR</assetCat>
        <issuerConditional desc="Other - Exchange" issuerCat="OTHER"/>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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              <counterpartyName>ICF</counterpartyName>
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            <payOffProf>Long</payOffProf>
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                <issuerName>N/A</issuerName>
                <issueTitle>UK 10 Year Gilt; June 2026</issueTitle>
                <identifiers>
                  <ticker value="G M6C"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <expDate>2026-06-26</expDate>
            <notionalAmt>8601382.52000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>-613252.20000000</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="IKM6C"/>
        </identifiers>
        <balance>107.00000000</balance>
        <units>NC</units>
        <currencyConditional curCd="EUR" exchangeRt="0.85204000"/>
        <valUSD>-359967.21000000</valUSD>
        <pctVal>-0.01932858270</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>14687948.92000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>-359967.21000000</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>32.00000000</balance>
        <units>NC</units>
        <currencyConditional curCd="JPY" exchangeRt="156.55500000"/>
        <valUSD>-518846.67000000</valUSD>
        <pctVal>-0.02785967859</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>26420874.45000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>-518846.67000000</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>79.00000000</balance>
        <units>NC</units>
        <currencyConditional curCd="EUR" exchangeRt="0.85204000"/>
        <valUSD>-203053.61000000</valUSD>
        <pctVal>-0.01090304446</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>11058553.59000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>-203053.61000000</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>50.00000000</balance>
        <units>NC</units>
        <currencyConditional curCd="EUR" exchangeRt="0.85204000"/>
        <valUSD>-137665.38000000</valUSD>
        <pctVal>-0.00739199740</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>7356462.14000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>-137665.38000000</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>29.00000000</balance>
        <units>NC</units>
        <currencyConditional curCd="AUD" exchangeRt="1.38899000"/>
        <valUSD>-32152.53000000</valUSD>
        <pctVal>-0.00172644290</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>2235312.94000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>-32152.53000000</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>
