# EDGAR Filing Document

**Accession Number:** 0000898745
**File Stem:** 0000898745-25-000601
**Filing Date:** 2025-10
**Character Count:** 130101
**Document Hash:** 8410cdbaeab650524707385aa95ca67d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000898745-25-000601.hdr.sgml**: 20251007

**ACCESSION NUMBER**: 0000898745-25-000601

**CONFORMED SUBMISSION TYPE**: POS EX

**PUBLIC DOCUMENT COUNT**: 14

**FILED AS OF DATE**: 20251007

**DATE AS OF CHANGE**: 20251007

**EFFECTIVENESS DATE**: 20251007

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** PRINCIPAL FUNDS, INC.
- **CENTRAL INDEX KEY:** 0000898745

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** POS EX
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-288242
- **FILM NUMBER:** 251380537

**BUSINESS ADDRESS:**
- **STREET 1:** 711 HIGH STREET
- **CITY:** DES MOINES
- **STATE:** IA
- **ZIP:** 50392
- **BUSINESS PHONE:** 515-235-9328

**MAIL ADDRESS:**
- **STREET 1:** PRINCIPAL FINANCIAL GROUP
- **CITY:** DES MOINES
- **STATE:** IA
- **ZIP:** 50392

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PRINCIPAL FUNDS, INC
- **DATE OF NAME CHANGE:** 20211220

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PRINCIPAL FUNDS INC
- **DATE OF NAME CHANGE:** 20080616

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PRINCIPAL INVESTORS FUND INC
- **DATE OF NAME CHANGE:** 20001012

**Securities Act Registration No. 333-288242**

**As filed with the Securities and Exchange Commission on October 7, 2025**

**UNITED STATES** 

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**_____________________________________________**

**FORM N-14**

**REGISTRATION STATEMENT** 

***UNDER THE SECURITIES ACT OF 1933***

Pre-Effective Amendment No. __

Post-Effective Amendment No. 1

(Check appropriate box or boxes)

**_____________________________________________**

**PRINCIPAL FUNDS, INC.**

(Exact Name of Registrant as Specified in Charter)

**711 High Street, Des Moines, Iowa 50392**

(Address of Principal Executive Offices) (Number, Street, City, State, Zip Code)

**_____________________________________________**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(515) 247-5111**

(Area Code and Telephone Number)

**The Principal Financial Group**

**Des Moines, Iowa 50392**

(Name and Address of Agent for Service)

**_____________________________________________**

*Copy to:*

**Adam U. Shaikh**

**Vice President, Assistant General Counsel, and Assistant Secretary** 

**711 High Street, Des Moines, Iowa 50392**

**(515) 235-9328**

**_____________________________________________**

It is proposed that this filing will become effective immediately upon filing.

**Explanatory Note**

This Post-Effective Amendment No. 1 is being filed solely for the purpose of adding exhibits to Principal Funds, Inc.'s Registration Statement on Form N-14. Accordingly, this Post-Effective Amendment No. 1 consists only of a facing page, this explanatory note, and Part C of the Registration Statement on Form N-14 setting forth the exhibits to the Registration Statement. The Registrant hereby incorporates by reference the Information Statement/Prospectus and Statement of Additional Information filed as Parts A and B, respectively, to Registrant's Form N-14 (File No. 333-288242) electronically filed with the SEC on June 23, 2025 and subsequently filed in definitive form on July 23, 2025 (<u>[Accession No. 0000898745-25-000344](https://www.sec.gov/Archives/edgar/data/898745/000089874525000344/pfi1031497edgemcmcgmcgiii-.htm)</u>). This Amendment does not modify any other part of the Registration Statement.

------

**PART C**

**OTHER INFORMATION**

**Item 15.&nbsp;&nbsp;&nbsp;&nbsp;Indemnification.**

Under Section 2-418 of the Maryland General Corporation Law, with respect to any proceedings against a present or former director, officer, agent or employee (a "corporate representative") of the Registrant, the Registrant may indemnify the corporate representative against judgments, fines, penalties, and amounts paid in settlement, and against expenses, including attorneys' fees, if such expenses were actually incurred by the corporate representative in connection with the proceeding, unless it is established that:

(i)The act or omission of the corporate representative was material to the matter giving rise to the proceeding; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.Was committed in bad faith; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Was the result of active and deliberate dishonesty; or

(ii)The corporate representative actually received an improper personal benefit in money, property, or services; or

(iii)In the case of any criminal proceeding, the corporate representative had reasonable cause to believe that the act or omission was unlawful.

If a proceeding is brought by or on behalf of the Registrant, however, the Registrant may not indemnify a corporate representative who has been adjudged to be liable to the Registrant. Under the Registrant's Articles of Incorporation and Bylaws, directors and officers of Registrant are entitled to indemnification by the Registrant to the fullest extent permitted under Maryland law and the Investment Company Act of 1940. Reference is made to Article VI, Section 7 of the Registrant's Articles of Incorporation, Article 9 of Registrant's Bylaws and Section 2-418 of the Maryland General Corporation Law.

The Registrant has agreed to indemnify, defend and hold the Distributors, their officers and directors, and any person who controls the Distributors within the meaning of Section 15 of the Securities Act of 1933, free and harmless from and against any and all claims, demands, liabilities and expenses (including the cost of investigating or defending such claims, demands or liabilities and any counsel fees incurred in connection therewith) which the Distributors, their officers, directors or any such controlling person may incur under the Securities Act of 1933, or under common law or otherwise, arising out of or based upon any untrue statement of a material fact contained in the Registrant's registration statement or prospectus or arising out of or based upon any alleged omission to state a material fact required to be stated in either thereof or necessary to make the statements in either thereof not misleading, except insofar as such claims, demands, liabilities or expenses arise out of or are based upon any such untrue statement or omission made in conformity with information furnished in writing by the Distributors to the Registrant for use in the Registrant's registration statement or prospectus: provided, however, that this indemnity agreement, to the extent that it might require indemnity of any person who is also an officer or director of the Registrant or who controls the Registrant within the meaning of Section 15 of the Securities Act of 1933, shall not inure to the benefit of such officer, director or controlling person unless a court of competent jurisdiction shall determine, or it shall have been determined by controlling precedent that such result would not be against public policy as expressed in the Securities Act of 1933, and further provided, that in no event shall anything contained herein be so construed as to protect the Distributors against any liability to the Registrant or to its security holders to which the Distributors would otherwise be subject by reason of willful misfeasance, bad faith, or gross negligence, in the performance of their duties, or by reason of their reckless disregard of their obligations under this Agreement. The Registrant's agreement to indemnify the Distributors, their officers and directors and any such controlling person as aforesaid is expressly conditioned upon the Registrant being promptly notified of any action brought against the Distributors, their officers or directors, or any such controlling person, such notification to be given by letter or telegram addressed to the Registrant.

Insofar as indemnification for liabilities arising under the Securities Act of 1933 may be permitted to directors, officers and controlling persons of the registrant pursuant to the foregoing provisions, or otherwise, the registrant has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the registrant of expenses incurred or paid by a director, officer or controlling person of the registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Act and will be governed by the final adjudication of such issue.

Each director has entered into an indemnification agreement with the Fund. In addition, the interested directors each have available indemnifications from Principal Financial Group, Inc., the parent company of his/her employer, the Fund's sponsor.

------

**Item 16.&nbsp;&nbsp;&nbsp;&nbsp;Exhibits.**

Unless otherwise noted, documents containing Accession Numbers below have previously been filed with the Securities and Exchange Commission and are incorporated herein by reference.

Unless otherwise stated, all filing references are to File Nos. 033-59474 and 811-07572.

---

| | | | |
|:---|:---|:---|:---|
| (1) | Articles of Incorporation | Articles of Incorporation | Articles of Incorporation |
|  | (a) | (i) | <u>[Articles of Amendment and Restatement dated 02/14/2019 - Filed as Ex-99(a) on 02/26/2019 (Accession No. 0000898745-19-000131)](https://www.sec.gov/Archives/edgar/data/898745/000089874519000131/ex99a-articlesofrestatemen.htm)</u> |
|  |  | (ii) | <u>[Articles of Amendment effective 07/31/2024 - Filed as Ex-99(a)(1)b on 12/27/2024 (Accession No. 0000898745-24-000725)](https://www.sec.gov/Archives/edgar/data/898745/000089874524000725/ex99a1b-pfiarticlesofamend.htm)</u> |
|  | (b) | <u>[Articles Supplementary dated 05/19/2025 - Filed as Ex-99(a)(3) on 06/20/2025 (Accession No. 0000898745-25-000315)](https://www.sec.gov/Archives/edgar/data/898745/000089874525000315/a202505articlessupplementa.htm)</u> | <u>[Articles Supplementary dated 05/19/2025 - Filed as Ex-99(a)(3) on 06/20/2025 (Accession No. 0000898745-25-000315)](https://www.sec.gov/Archives/edgar/data/898745/000089874525000315/a202505articlessupplementa.htm)</u> |
| (2) | By-laws | By-laws | By-laws |
|  | <u>[Amended and Restated By-laws effective 06/09/2020 - Filed as Ex-99(b) on 10/30/2020 (Accession No. 0000898745-20-000619)](https://www.sec.gov/Archives/edgar/data/898745/000089874520000619/pfiarbylaws060920.htm)</u> | <u>[Amended and Restated By-laws effective 06/09/2020 - Filed as Ex-99(b) on 10/30/2020 (Accession No. 0000898745-20-000619)](https://www.sec.gov/Archives/edgar/data/898745/000089874520000619/pfiarbylaws060920.htm)</u> | <u>[Amended and Restated By-laws effective 06/09/2020 - Filed as Ex-99(b) on 10/30/2020 (Accession No. 0000898745-20-000619)](https://www.sec.gov/Archives/edgar/data/898745/000089874520000619/pfiarbylaws060920.htm)</u> |
| (3) | Voting Trust Agreements - Not Applicable. | Voting Trust Agreements - Not Applicable. | Voting Trust Agreements - Not Applicable. |
| (4) | Agreements of Acquisition, Reorganization, Merger, Liquidation, and any amendments | Agreements of Acquisition, Reorganization, Merger, Liquidation, and any amendments | Agreements of Acquisition, Reorganization, Merger, Liquidation, and any amendments |
|  | (a) | <u>[Form of Plan of Acquisition Edge MidCap Fund and MidCap Fund](https://www.sec.gov/Archives/edgar/data/898745/000089874525000329/formofplanofaquisitionpfie.htm)</u> - Filed as Ex-99.4(a) on 06/23/2025 (Accession No. 0000898745-25-000329) | <u>[Form of Plan of Acquisition Edge MidCap Fund and MidCap Fund](https://www.sec.gov/Archives/edgar/data/898745/000089874525000329/formofplanofaquisitionpfie.htm)</u> - Filed as Ex-99.4(a) on 06/23/2025 (Accession No. 0000898745-25-000329) |
|  | (b) | <u>[Form of Plan of Acquisition MidCap Growth Fund and MidCap Fund](https://www.sec.gov/Archives/edgar/data/898745/000089874525000329/formofplanofaquisitionpfim.htm)</u> - Filed as Ex-99(4)(b) on 06/23/2025 (Accession No. 0000898745-25-000329) | <u>[Form of Plan of Acquisition MidCap Growth Fund and MidCap Fund](https://www.sec.gov/Archives/edgar/data/898745/000089874525000329/formofplanofaquisitionpfim.htm)</u> - Filed as Ex-99(4)(b) on 06/23/2025 (Accession No. 0000898745-25-000329) |
|  | (c) | <u>[Form of Plan of Acquisition MidCap Growth Fund III and MidCap Fund](https://www.sec.gov/Archives/edgar/data/898745/000089874525000329/formofplanofaquisitionpfima.htm)</u> - Filed as Ex-99(4)(c) on 06/23/2025 (Accession No. 0000898745-25-000329) | <u>[Form of Plan of Acquisition MidCap Growth Fund III and MidCap Fund](https://www.sec.gov/Archives/edgar/data/898745/000089874525000329/formofplanofaquisitionpfima.htm)</u> - Filed as Ex-99(4)(c) on 06/23/2025 (Accession No. 0000898745-25-000329) |
| (5) | Instruments Defining Rights of Security Holders: None other than those included in Exhibits (1) and (2) hereto. | Instruments Defining Rights of Security Holders: None other than those included in Exhibits (1) and (2) hereto. | Instruments Defining Rights of Security Holders: None other than those included in Exhibits (1) and (2) hereto. |
| (6) | Investment Advisory Agreements | Investment Advisory Agreements | Investment Advisory Agreements |
|  | (a) | <u>[Amended and Restated Management Agreement dated 01/01/2025 - Filed as Ex-99(d)(1) on 02/26/2025 (Accession No. 0000898745-25-000100)](https://www.sec.gov/Archives/edgar/data/898745/000089874525000100/pfiarmanagementagreement01.htm)</u> | <u>[Amended and Restated Management Agreement dated 01/01/2025 - Filed as Ex-99(d)(1) on 02/26/2025 (Accession No. 0000898745-25-000100)](https://www.sec.gov/Archives/edgar/data/898745/000089874525000100/pfiarmanagementagreement01.htm)</u> |
|  | (b) | <u>[Eagle Asset Management, Inc. Amended & Restated Sub-Advisory Agreement dated 01/01/2023 - Filed as Ex-99(d)(2)i on 02/27/2023 (Accession No. 0001683863-23-001574)](https://www.sec.gov/Archives/edgar/data/898745/000168386323001574/f24464d4.htm)</u> | <u>[Eagle Asset Management, Inc. Amended & Restated Sub-Advisory Agreement dated 01/01/2023 - Filed as Ex-99(d)(2)i on 02/27/2023 (Accession No. 0001683863-23-001574)](https://www.sec.gov/Archives/edgar/data/898745/000168386323001574/f24464d4.htm)</u> |
|  | (c) | <u>[Robert W. Baird & Co. Inc. Amended & Restated Sub-Advisory Agreement dated 01/01/2023 - Filed as Ex-99(d)(2)z on 02/27/2023 (Accession No. 0001683863-23-001574)](https://www.sec.gov/Archives/edgar/data/898745/000168386323001574/f24464d6.htm)</u> | <u>[Robert W. Baird & Co. Inc. Amended & Restated Sub-Advisory Agreement dated 01/01/2023 - Filed as Ex-99(d)(2)z on 02/27/2023 (Accession No. 0001683863-23-001574)](https://www.sec.gov/Archives/edgar/data/898745/000168386323001574/f24464d6.htm)</u> |
| (7) | Underwriting or Distribution Contracts | Underwriting or Distribution Contracts | Underwriting or Distribution Contracts |
|  | (a) | <u>[Amended & Restated Distribution Agreement for Class A, Class C, Class J, Class P, Class S, Class T, Class R-1, Class R-2, Class R-3, Class R-4, Class R-5, Class R-6 and Institutional Class Shares dated 06/12/2017 - Filed as Ex-99(e)(1)b on 07/13/2017 (Accession No. 0000898745-17-001053)](https://www.sec.gov/Archives/edgar/data/898745/000089874517001053/amendedrestateddistributio.htm)</u> | <u>[Amended & Restated Distribution Agreement for Class A, Class C, Class J, Class P, Class S, Class T, Class R-1, Class R-2, Class R-3, Class R-4, Class R-5, Class R-6 and Institutional Class Shares dated 06/12/2017 - Filed as Ex-99(e)(1)b on 07/13/2017 (Accession No. 0000898745-17-001053)](https://www.sec.gov/Archives/edgar/data/898745/000089874517001053/amendedrestateddistributio.htm)</u> |
|  | (b) | (i) | <u>[Selling Agreement dated 09/27/2019 for Classes A, C, Institutional, R-1, R-2, R-3, R-4, R-5, and R-6 Shares - Filed as Ex-99(e)(2)a on 12/17/2019 (Accession No. 0000898745-19-000725)](https://www.sec.gov/Archives/edgar/data/898745/000089874519000725/ex9e2a-sellingagmtdtd092719.htm)</u> |
|  |  | (ii) | <u>[Amendment to Selling Agreement for Class S - Filed as Ex-99(e)(2)b on 12/15/2017 (Accession No. 0000898745-17-001335)](https://www.sec.gov/Archives/edgar/data/898745/000089874517001335/ex99e2b-classsamendmenttos.htm)</u> |
| (8) | Bonus or Profit Sharing Contracts - Not Applicable. | Bonus or Profit Sharing Contracts - Not Applicable. | Bonus or Profit Sharing Contracts - Not Applicable. |
| (9) | Custodian Agreements | Custodian Agreements | Custodian Agreements |
|  | (a) | <u>[Custody Agreement between The Bank of New York Mellon and Principal Funds, Inc. dated 11/11/2011 – Filed as Ex-99(g)(1) on 07/16/2012 (Accession No. 0001144204-12-039659)](https://www.sec.gov/Archives/edgar/data/898745/000114420412039659/v318039_ex99-g1.htm)</u> | <u>[Custody Agreement between The Bank of New York Mellon and Principal Funds, Inc. dated 11/11/2011 – Filed as Ex-99(g)(1) on 07/16/2012 (Accession No. 0001144204-12-039659)](https://www.sec.gov/Archives/edgar/data/898745/000114420412039659/v318039_ex99-g1.htm)</u> |
|  | (b) | <u>[Custody Agreement Supplement between The Bank of New York Mellon and Principal Funds, Inc. dated 04/16/2018 - Filed as Ex-99(g)(1)b on 02/26/2020 (Accession No. 0000898745-20-000125)](https://www.sec.gov/Archives/edgar/data/898745/000089874520000125/ex99g1b-custodyagmtsuppbny.htm)</u> | <u>[Custody Agreement Supplement between The Bank of New York Mellon and Principal Funds, Inc. dated 04/16/2018 - Filed as Ex-99(g)(1)b on 02/26/2020 (Accession No. 0000898745-20-000125)](https://www.sec.gov/Archives/edgar/data/898745/000089874520000125/ex99g1b-custodyagmtsuppbny.htm)</u> |
|  | (c) | <u>[Custody Agreement Amendment to Schedule II between The Bank of New York Mellon and Principal Funds, Inc. dated 01/12/2023 - Filed as Ex-99(g)(1)c on 12/27/2023 (Accession No. 0000898745-23-000393)](https://www.sec.gov/Archives/edgar/data/898745/000089874523000393/ex99g1c-pficustodyagmtamen.htm)</u> | <u>[Custody Agreement Amendment to Schedule II between The Bank of New York Mellon and Principal Funds, Inc. dated 01/12/2023 - Filed as Ex-99(g)(1)c on 12/27/2023 (Accession No. 0000898745-23-000393)](https://www.sec.gov/Archives/edgar/data/898745/000089874523000393/ex99g1c-pficustodyagmtamen.htm)</u> |
|  | (d) | <u>[Custody Agreement Supplement dated 04/16/2018 Amendment between The Bank of New York Mellon and Principal Funds, Inc. dated 07/10/2019 - Filed as Ex-99(g)(1)d on 02/26/2020 (Accession No. 0000898745-20-0000125)](https://www.sec.gov/Archives/edgar/data/898745/000089874520000125/ex99g1d-custodyagmtsuppame.htm)</u> | <u>[Custody Agreement Supplement dated 04/16/2018 Amendment between The Bank of New York Mellon and Principal Funds, Inc. dated 07/10/2019 - Filed as Ex-99(g)(1)d on 02/26/2020 (Accession No. 0000898745-20-0000125)](https://www.sec.gov/Archives/edgar/data/898745/000089874520000125/ex99g1d-custodyagmtsuppame.htm)</u> |
|  | (e) | <u>[Custody Agreement Supplement between the The Bank of New York Mellon and Principal Funds, Inc. dated 11/07/2019 - Filed as Ex-99(g)(1)e on 02/26/2020 (Accession No. 0000898745-20-0000125)](https://www.sec.gov/Archives/edgar/data/898745/000089874520000125/ex99g1e-custodyagmtsuppbny.htm)</u> | <u>[Custody Agreement Supplement between the The Bank of New York Mellon and Principal Funds, Inc. dated 11/07/2019 - Filed as Ex-99(g)(1)e on 02/26/2020 (Accession No. 0000898745-20-0000125)](https://www.sec.gov/Archives/edgar/data/898745/000089874520000125/ex99g1e-custodyagmtsuppbny.htm)</u> |
|  | (f) | <u>[Custody Agreement Supplement dated 04/16/2018 Amended and Restated Appendix A between The Bank of New York Mellon and Principal Funds, Inc. dated 01/07/2020 - Filed as Ex-99(g)(1)f on 02/26/2020 (Accession No. 0000898745-20-0000125)](https://www.sec.gov/Archives/edgar/data/898745/000089874520000125/ex99g1f-custodyagmtsuppara.htm)</u> | <u>[Custody Agreement Supplement dated 04/16/2018 Amended and Restated Appendix A between The Bank of New York Mellon and Principal Funds, Inc. dated 01/07/2020 - Filed as Ex-99(g)(1)f on 02/26/2020 (Accession No. 0000898745-20-0000125)](https://www.sec.gov/Archives/edgar/data/898745/000089874520000125/ex99g1f-custodyagmtsuppara.htm)</u> |

---

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| | | | |
|:---|:---|:---|:---|
| | (g) | <u>[Custody Agreement Supplement dated 04/16/2018 Amended and Restated Appendix A between The Bank of New York Mellon and Principal Funds, Inc. dated 05/12/2020 - Filed as Ex-99(g)(1)g on 07/01/2022 (Accession No. 0001683863-22-005229)](https://www.sec.gov/Archives/edgar/data/898745/000168386322005229/f12729d10.htm)</u> | <u>[Custody Agreement Supplement dated 04/16/2018 Amended and Restated Appendix A between The Bank of New York Mellon and Principal Funds, Inc. dated 05/12/2020 - Filed as Ex-99(g)(1)g on 07/01/2022 (Accession No. 0001683863-22-005229)](https://www.sec.gov/Archives/edgar/data/898745/000168386322005229/f12729d10.htm)</u> |
| | (h) | <u>[Custody Agreement Supplement dated 11/07/2019 Amended and Restated Appendix A between The Bank of New York Mellon and Principal Funds, Inc. dated 09/23/2021 - Filed as Ex-99(g)(1)h on 07/01/2022 (Accession No. 0001683863-22-005229)](https://www.sec.gov/Archives/edgar/data/898745/000168386322005229/f12729d11.htm)</u> | <u>[Custody Agreement Supplement dated 11/07/2019 Amended and Restated Appendix A between The Bank of New York Mellon and Principal Funds, Inc. dated 09/23/2021 - Filed as Ex-99(g)(1)h on 07/01/2022 (Accession No. 0001683863-22-005229)](https://www.sec.gov/Archives/edgar/data/898745/000168386322005229/f12729d11.htm)</u> |
| (10) | Rule 12b-1 Plan | Rule 12b-1 Plan | Rule 12b-1 Plan |
|  | (a) | <u>[Class A Distribution Plan and Agreement dated 04/02/2019 - Filed as Ex-99(m)(1) on 12/27/2023 (Accession No. 0000898745-23-000393)](https://www.sec.gov/Archives/edgar/data/898745/000089874523000393/ex-99m1distribution12bx1cl.htm)</u> | <u>[Class A Distribution Plan and Agreement dated 04/02/2019 - Filed as Ex-99(m)(1) on 12/27/2023 (Accession No. 0000898745-23-000393)](https://www.sec.gov/Archives/edgar/data/898745/000089874523000393/ex-99m1distribution12bx1cl.htm)</u> |
|  | (b) | <u>[Class C Distribution Plan and Agreement dated 01/01/2014 - Filed as Ex-99(m)(2) on 02/25/2016 (Accession No. 0000898745-16-001024)](https://www.sec.gov/Archives/edgar/data/898745/000089874516001024/m212b-1classc010114.htm)</u> | <u>[Class C Distribution Plan and Agreement dated 01/01/2014 - Filed as Ex-99(m)(2) on 02/25/2016 (Accession No. 0000898745-16-001024)](https://www.sec.gov/Archives/edgar/data/898745/000089874516001024/m212b-1classc010114.htm)</u> |
|  | (c) | <u>[Class J Amended & Restated Distribution Plan and Agreement dated 03/01/2023 - Filed as Ex-99(m)(3) on 02/27/2023 (Accession No. 0001683863-23-001574)](https://www.sec.gov/Archives/edgar/data/898745/000168386323001574/f24464d12.htm)</u> | <u>[Class J Amended & Restated Distribution Plan and Agreement dated 03/01/2023 - Filed as Ex-99(m)(3) on 02/27/2023 (Accession No. 0001683863-23-001574)](https://www.sec.gov/Archives/edgar/data/898745/000168386323001574/f24464d12.htm)</u> |
|  | (f) | <u>[Class R-3 Amended & Restated Distribution Plan and Agreement dated 03/01/2023 - Filed as Ex-99(m)(5) on 02/27/2023 (Accession No. 0001683863-23-001574)](https://www.sec.gov/Archives/edgar/data/898745/000168386323001574/f24464d14.htm)</u> | <u>[Class R-3 Amended & Restated Distribution Plan and Agreement dated 03/01/2023 - Filed as Ex-99(m)(5) on 02/27/2023 (Accession No. 0001683863-23-001574)](https://www.sec.gov/Archives/edgar/data/898745/000168386323001574/f24464d14.htm)</u> |
| (11) | <u>[Opinion and Consent of Counsel](https://www.sec.gov/Archives/edgar/data/898745/000089874525000329/pfin14edgemcmcgmcgiii-midca.htm)</u>, regarding legality of issuance of shares and other matters - Filed as Ex-99(11) on 06/23/2025 (Accession No. 0000898745-25-000329) | <u>[Opinion and Consent of Counsel](https://www.sec.gov/Archives/edgar/data/898745/000089874525000329/pfin14edgemcmcgmcgiii-midca.htm)</u>, regarding legality of issuance of shares and other matters - Filed as Ex-99(11) on 06/23/2025 (Accession No. 0000898745-25-000329) | <u>[Opinion and Consent of Counsel](https://www.sec.gov/Archives/edgar/data/898745/000089874525000329/pfin14edgemcmcgmcgiii-midca.htm)</u>, regarding legality of issuance of shares and other matters - Filed as Ex-99(11) on 06/23/2025 (Accession No. 0000898745-25-000329) |
| (12) | (a) | <u>[Opinion and Consent of Jared A. Yepsen, Assistant Tax Counsel, to Acquiring Fund (Edge MidCap) on tax matters](pfiedgemidcapfundintomidcaa.htm)</u> \* | <u>[Opinion and Consent of Jared A. Yepsen, Assistant Tax Counsel, to Acquiring Fund (Edge MidCap) on tax matters](pfiedgemidcapfundintomidcaa.htm)</u> \* |
|  | (b) | <u>[Opinion and Consent of Calvin Eib, Assistant Tax Counsel, to Acquired Fund (Edge MidCap) on tax matters](pfiedgemidcapfundintomidca.htm)</u> \* | <u>[Opinion and Consent of Calvin Eib, Assistant Tax Counsel, to Acquired Fund (Edge MidCap) on tax matters](pfiedgemidcapfundintomidca.htm)</u> \* |
|  | (c) | <u>[Opinion and Consent of Jared A. Yepsen, Assistant Tax Counsel, to Acquiring Fund (MidCap Growth) on tax matters](pfimidcapgrowthfundintomid.htm)</u> \* | <u>[Opinion and Consent of Jared A. Yepsen, Assistant Tax Counsel, to Acquiring Fund (MidCap Growth) on tax matters](pfimidcapgrowthfundintomid.htm)</u> \* |
|  | (d) | <u>[Opinion and Consent of Calvin Eib, Assistant Tax Counsel, to Acquired Fund (MidCap Growth) on tax matters](pfimidcapgrowthfundintomida.htm)</u> \* | <u>[Opinion and Consent of Calvin Eib, Assistant Tax Counsel, to Acquired Fund (MidCap Growth) on tax matters](pfimidcapgrowthfundintomida.htm)</u> \* |
|  | (e) | <u>[Opinion and Consent of Jared A. Yepsen, Assistant Tax Counsel, to Acquiring Fund (MidCap Growth III) on tax matters](pfimidcapgrowthfundiiiinto.htm)</u> \* | <u>[Opinion and Consent of Jared A. Yepsen, Assistant Tax Counsel, to Acquiring Fund (MidCap Growth III) on tax matters](pfimidcapgrowthfundiiiinto.htm)</u> \* |
|  | (f) | <u>[Opinion and Consent of Calvin Eib, Assistant Tax Counsel, to Acquired Fund (MidCap Growth III) on tax matters](pfimidcapgrowthfundiiiintoa.htm)</u> \* | <u>[Opinion and Consent of Calvin Eib, Assistant Tax Counsel, to Acquired Fund (MidCap Growth III) on tax matters](pfimidcapgrowthfundiiiintoa.htm)</u> \* |
| (13) | N/A | N/A | N/A |
| (14) | <u>[Consent of Independent Registered Public Accountants](https://www.sec.gov/Archives/edgar/data/898745/000089874525000329/pfin14edgemcmcgmcgiii-midcc.htm)</u> - Filed as Ex-99(14) on 06/23/2025 (Accession No. 0000898745-25-000329) | <u>[Consent of Independent Registered Public Accountants](https://www.sec.gov/Archives/edgar/data/898745/000089874525000329/pfin14edgemcmcgmcgiii-midcc.htm)</u> - Filed as Ex-99(14) on 06/23/2025 (Accession No. 0000898745-25-000329) | <u>[Consent of Independent Registered Public Accountants](https://www.sec.gov/Archives/edgar/data/898745/000089874525000329/pfin14edgemcmcgmcgiii-midcc.htm)</u> - Filed as Ex-99(14) on 06/23/2025 (Accession No. 0000898745-25-000329) |
| (15) | N/A | N/A | N/A |
| (16) | <u>[Powers of Attorney dated June 23, 2025](https://www.sec.gov/Archives/edgar/data/898745/000089874525000329/poan-14pfiedgemcmcgmcgiiii.htm)</u> - Filed as Ex-99(16) on 06/23/2025 (Accession No. 0000898745-25-000329) | <u>[Powers of Attorney dated June 23, 2025](https://www.sec.gov/Archives/edgar/data/898745/000089874525000329/poan-14pfiedgemcmcgmcgiiii.htm)</u> - Filed as Ex-99(16) on 06/23/2025 (Accession No. 0000898745-25-000329) | <u>[Powers of Attorney dated June 23, 2025](https://www.sec.gov/Archives/edgar/data/898745/000089874525000329/poan-14pfiedgemcmcgmcgiiii.htm)</u> - Filed as Ex-99(16) on 06/23/2025 (Accession No. 0000898745-25-000329) |
| (17) | (a) | (i) | <u>[Prospectus for A, C, J, Institutional, R-3, R-5, R-6, and S Class Shares, dated December 31, 2024](https://www.sec.gov/ix?doc=/Archives/edgar/data/898745/000089874524000725/ck0000898745-20240831.htm)</u>, included in Post-Effective Amendment No. 287 to the registration statement on Form N-1A (File Nos. 033-59474 and 811-07572) filed on December 27, 2024 (Accession No. 0000898745-24-000725), and as supplemented thereto, dated and filed on <u>[March 17, 2025](https://www.sec.gov/Archives/edgar/data/898745/000089874525000176/pfi1031prospandsaisupp0317.htm)</u>, <u>[April 4, 2025](https://www.sec.gov/Archives/edgar/data/898745/000089874525000261/a497supplementnotice-2025.htm)</u>, <u>[May 1](https://www.sec.gov/Archives/edgar/data/898745/000089874525000284/pfi831prospandsaisupp051525.htm)[5, 2025](https://www.sec.gov/Archives/edgar/data/898745/000089874525000284/pfi831prospandsaisupp051525.htm)</u>, and <u>[June 16, 2025](https://www.sec.gov/ix?doc=/Archives/edgar/data/898745/000089874525000305/ck0000898745-20250616.htm)</u> . |
|  |  | (ii) | <u>[Statement of Additional Information dated December 31, 2024 as amended and restated June 20, 2025](https://www.sec.gov/ix?doc=/Archives/edgar/data/898745/000089874525000315/ck0000898745-20250620.htm)</u>, included in Post-Effective Amendment No. 290 to the registration statement on Form N-1A (File Nos. 033-59474 and 811-07572) and filed on June 20, 2025 (Accession No. 0000898745-25-000315). |
|  |  | (iii) | Principal Funds, Inc. <u>[Annual Report to Shareholders](https://www.sec.gov/ix?doc=/Archives/edgar/data/898745/000089874524000659/primary-document.htm)</u> filed on Form N-CSR on October 29, 2024 (Accession No. 0000898745-24-000659).  |
|  |  | (iv) | Principal Funds, Inc. <u>[Semi-Annual Report](https://www.sec.gov/ix?doc=/Archives/edgar/data/0000898745/000089874525000265/primary-document.htm)</u> for the semi-annual period ended February 28, 2025, filed on Form N-CSRS on April 22, 2025 (Accession No. 0000898745-25-000265) |
|  | (b) | (i) | <u>[Prospectus for A, C, J, Institutional, R-3, R-5, and R-6 Class Shares, dated March 1, 2025](https://www.sec.gov/ix?doc=/Archives/edgar/data/898745/000089874525000100/ck0000898745-20241031.htm)</u>, included in Post-Effective Amendment No. 288 to the registration statement on Form N-1A (File Nos. 033-59474 and 811-07572) filed on February 26, 2025 (Accession No. 0000898745-25-000100), and as supplemented thereto, dated and filed on <u>[March 17, 2025](https://www.sec.gov/Archives/edgar/data/898745/000089874525000176/pfi1031prospandsaisupp0317.htm)</u> and <u>[March 31, 2025](https://www.sec.gov/Archives/edgar/data/898745/000089874525000220/pfi1031prospsupp033125.htm)</u>. |
|  |  | (ii) | <u>[Statement of Additional Information dated March 1, 2025](https://www.sec.gov/ix?doc=/Archives/edgar/data/898745/000089874525000100/ck0000898745-20241031.htm)</u>, included in Post-Effective Amendment No. 288 to the registration statement on Form N-1A (File Nos. 033-59474 and 811-07572) filed on February 26, 2025 (Accession No. 0000898745-25-000100), and as supplemented thereto, dated and filed on <u>[March 17, 2025](https://www.sec.gov/Archives/edgar/data/898745/000089874525000176/pfi1031prospandsaisupp0317.htm)</u>, <u>[March 31, 2025](https://www.sec.gov/Archives/edgar/data/898745/000089874525000221/pfi1031saisupp033125.htm)</u>, <u>[May 15, 2025](https://www.sec.gov/Archives/edgar/data/898745/000089874525000286/pfi1031prospandsaisupp0515.htm)</u>, and <u>[June 16, 2025](https://www.sec.gov/Archives/edgar/data/898745/000089874525000307/pfi1031saisupp061625a.htm)</u>. |
|  |  | (iii) | Principal Funds, Inc. <u>[Annual Report to Shareholders (Part 1-000721)](https://www.sec.gov/ix?doc=/Archives/edgar/data/898745/000089874524000721/primary-document.htm)</u> and <u>[Annual Report to Shareholders (Part 2-000723)](https://www.sec.gov/ix?doc=/Archives/edgar/data/898745/000089874524000723/primary-document.htm)</u> for the fiscal year ended October 31, 2024, filed on Form N-CSR in two related submissions due to size/image constraints, on December 27, 2024 (Accession Nos. 0000898745-24-000721 and 0000898745-24-000723).  |
|  |  | (iv) | Principal Funds, Inc <u>[Semi-Annual Report](https://www.sec.gov/ix?doc=/Archives/edgar/data/898745/000089874525000312/primary-document.htm)</u> for the semi-annual period ended April 30, 2025, filed on Form N-CSRS on June 20, 2025 (Accession No. 0000898745-25-000312) |
| (18) | N/A | N/A | N/A |

---

\*&nbsp;&nbsp;&nbsp;&nbsp;Filed herein.

------

Item 17.&nbsp;&nbsp;&nbsp;&nbsp;Undertakings

(1)The undersigned Registrant agrees that prior to any public reoffering of the securities registered through the use of a prospectus which is a part of this Registration Statement by any person or party who is deemed to be an underwriter within the meaning of Rule 145(c) of the Securities Act of 1933, the reoffering prospectus will contain the information called for by the applicable registration form for re-offerings by persons who may be deemed underwriters, in addition to the information called for by the other items of the applicable form.

(2)The undersigned Registrant agrees that every prospectus that is filed under paragraph (1) above will be filed as part of an amendment to the Registration Statement and will not be used until the amendment is effective, and that, in determining any liability under the Securities Act of 1933, each post-effective amendment shall be deemed to be a new registration statement for the securities offered therein, and the offering of the securities at that time shall be deemed to be the initial bona fide offering of them.

(3)The undersigned Registrant undertakes to file opinions of counsel supporting the tax consequences to shareholders discussed in the combined information statement and prospectus in a post-effective amendment to this registration statement within a reasonable time following the reorganizations.

**Exhibit Index**

---

| | |
|:---|:---|
| Opinion and Consent of Jared A. Yepsen, Assistant Tax Counsel, to Acquiring Fund (Edge MidCap) on tax matters | Exhibit (12)(a) |
| Opinion and Consent of Calvin Eib, Assistant Tax Counsel, to Acquired Fund (Edge MidCap) on tax matters | Exhibit (12)(b) |
| Opinion and Consent of Jared A. Yepsen, Assistant Tax Counsel, to Acquiring Fund (MidCap Growth) on tax matters | Exhibit (12)(c) |
| Opinion and Consent of Calvin Eib, Assistant Tax Counsel, to Acquired Fund (MidCap Growth) on tax matters | Exhibit (12)(d) |
| Opinion and Consent of Jared A. Yepsen, Assistant Tax Counsel, to Acquiring Fund (MidCap Growth III) on tax matters | Exhibit (12)(e) |
| Opinion and Consent of Calvin Eib, Assistant Tax Counsel, to Acquired Fund (MidCap Growth III) on tax matters | Exhibit (12)(f) |

---

------

---

| |
|:---|
| **SIGNATURES** |
| Pursuant to the requirements of the Securities Act of 1933 and the Investment Company Act of 1940, the Registrant has duly caused this Registration Statement to be signed on its behalf by the undersigned, duly authorized in the city of Des Moines and State of Iowa, on the 7th day of October, 2025. |
| Principal Funds, Inc.<br> (Registrant)<br>/s/ Kamal Bhatia<br>_____________________________________<br>Kamal Bhatia<br>Director, President, and Chief Executive Officer |

---

------

---

| | | |
|:---|:---|:---|
| Pursuant to the requirements of the Securities Act of 1933, this Amendment to the Registration Statement has been signed below by the following persons in the capacities and on the dates indicated. | Pursuant to the requirements of the Securities Act of 1933, this Amendment to the Registration Statement has been signed below by the following persons in the capacities and on the dates indicated. | Pursuant to the requirements of the Securities Act of 1933, this Amendment to the Registration Statement has been signed below by the following persons in the capacities and on the dates indicated. |
| **Signature** | **Title** | **Date** |
| /s/ Kamal Bhatia<br>__________________________<br>Kamal Bhatia | Director, President, and Chief Executive Officer <br>(Principal Executive Officer) | October 7, 2025 |
| /s/ Michael Scholten<br>__________________________<br>Michael Scholten | Chief Financial Officer<br>(Principal Financial Officer) | October 7, 2025 |
| /s/ Megan Hoffmann<br>__________________________<br>Megan Hoffmann | Vice President and Treasurer<br>(Principal Accounting Officer) | October 7, 2025 |
| (Craig Damos)\* <br>__________________________<br>Craig Damos | Director | October 7, 2025 |
| (Katharin S. Dyer)\* <br>__________________________<br>Katharin S. Dyer  | Director | October 7, 2025 |
| (Frances P. Grieb)\* <br>__________________________<br>Frances P. Grieb | Director | October 7, 2025 |
| (Victor L. Hymes)\* <br>__________________________<br>Victor L. Hymes | Director | October 7, 2025 |
| (Padelford L. Lattimer)\*<br>__________________________<br>Padelford L. Lattimer | Director | October 7, 2025 |
| (Kenneth A. McCullum)\*<br>__________________________<br>Kenneth A. McCullum | Director | October 7, 2025 |
| (Karen McMillan)\*<br>__________________________<br>Karen McMillan | Director | October 7, 2025 |
| (Thomas A. Swank)\*<br>__________________________<br>Thomas A. Swank | Director | October 7, 2025 |
|  | /s/ Kamal Bhatia<br>_______________________________________<br>Kamal Bhatia | October 7, 2025 |
|  | Attorney-In-Fact |  |
| \* Pursuant to Powers of Attorney | \* Pursuant to Powers of Attorney | \* Pursuant to Powers of Attorney |

---

------

## Exhibit 99.12

![principallogo4.jpg](principallogo4.jpg)

September 19, 2025

Board of Directors

PFI – MidCap Fund

711 High Street

Des Moines, IA 50392

RE: Acquisition of PFI – Edge MidCap Fund <br> By PFI – MidCap Fund

To the Board of Directors

PFI – MidCap Fund, a separate series of Principal Funds, Inc. ("PFI"), a Maryland corporation ("Acquiring"), acquired all of the assets and assumed all of the liabilities of PFI – Edge MidCap Fund, a Maryland corporation ("Acquired"), in a transaction ("the Reorganization") described in a Form N-14 Registration Statement, File Number 333-288242 filed with the United States Securities and Exchange Commission (the "Registration Statement") on or about February 3, 2025. You have asked for an opinion concerning the Federal income tax consequences of the completed transaction which occurred on or about June 24, 2025.

Continuously since its formation, Acquiring has qualified as a regulated investment company for purposes of Subchapter M of the United States Internal Revenue Code of 1986, as amended (the "Code"), and has elected to be taxed as such.

Continuously since its formation, Acquired has qualified as a regulated investment company for purposes of Subchapter M of the United States Internal Revenue Code of 1986, as amended (the "Code"), and has elected to be taxed as such.

Acquiring and Acquired are each an open-end management company registered with the Securities and Exchange Commission and various states.

Acquiring and Acquired, where applicable, have made the following representations to the undersigned:

1. On the effective date of the Reorganization ("the Effective Date"), Acquired will transfer and deliver to Acquiring all of the assets of Acquired. In consideration thereof, Acquiring will assume all of Acquired's liabilities and issue and deliver to Acquired the number of full and fractional shares of each corresponding class of shares of Acquiring ("Acquiring Shares") attributable to each corresponding class of shares of Acquired as set forth in the Plan of Acquisition. Acquired will immediately thereafter completely liquidate and dissolve, distributing the same class of Acquiring Shares to Acquired shareholders equal in value to the shares surrendered in the exchange, in retirement of their Acquired shares. Each holder of shares of Acquired will, as a result of the Reorganization, own shares of Acquiring of the same class and of equal value to the shares of Acquired held by such holder immediately prior to the Reorganization.

2. The business purpose of the Reorganization will be as set forth in the Registration Statement.

------

3. The facts relating to the Reorganization, as described in the Agreement and Plan of Reorganization, as such document may be amended, ("the Plan"), and the representations of Acquiring and Acquired contained in the Plan are true, correct, and complete. No changes are being made to Acquired's Investment Objectives or non-fundamental restrictions.

4. In the Reorganization, Acquiring will acquire all of the assets of Acquired solely in exchange for Acquiring Shares and Acquiring's assumption of all liabilities of the Acquired.

5. Acquiring will not assume Acquired's obligation to pay and will not pay any dividends or distributions on Acquired's shares.

6. The fair market value of the Acquiring Shares received by each Acquired shareholder will be approximately equal to the fair market value of the Acquired stock surrendered in the exchange.

7. A number of full and fractional Acquiring Shares equal in value to the aggregate net value of Acquired's assets transferred to Acquiring, will be issued to Acquired in exchange for such assets.

8. No cash or property, other than Acquiring Shares, will be directly or indirectly transferred to Acquired or distributed by Acquired to its shareholders pursuant to the Reorganization.

9. Acquiring will acquire at least 90% of the fair market value of the net assets and at least 70% of the fair market value of the gross assets held by Acquired immediately prior to the Reorganization. For purposes of this representation, amounts paid by Acquired to dissenters, amounts used by Acquired to pay its reorganization expenses, amounts paid by Acquired to shareholders who receive cash or other property, and all redemptions and distributions (except for regular, normal dividends) made by Acquired immediately preceding the transfer will be included as assets of Acquired held immediately prior to the Reorganization.

10. Acquiring has no plan or intention to reacquire any of its stock issued in the Reorganization, except in connection with its legal obligations under Section 22(e) of the Investment Companies Act of 1940.

11. To the best of Acquiring's and Acquired's knowledge, there is no plan or intention by the shareholders of Acquired who own 5 percent or more of Acquired, and there is no plan or intention on the part of the remaining shareholders of Acquired, to sell, exchange, redeem or otherwise dispose of a number of Acquiring Shares received in the Reorganization that would reduce Acquired's shareholders' ownership of Acquiring's shares to a number of shares having a value, as of the Effective Date, of less than 50 percent of the value of all of the formerly outstanding shares of Acquired as of the same date. For purposes of this representation, shares of Acquired exchanged for cash or other property or exchanged for cash in lieu of fractional shares of Acquiring will be treated as outstanding Acquired shares on the Effective Date. Moreover, shares of Acquired and shares of Acquiring that were held by Acquired shareholders and that are otherwise sold, redeemed, or disposed of prior to or subsequent to the Reorganization will be considered in making this representation.

12. To the best of Acquiring's and Acquired's knowledge, any sales, exchanges, redemptions, or otherwise undertaken by Acquired shareholders of Acquired shares prior to the Effective Date of the Reorganization were not made in connection with the Reorganization and the Reorganization was not contingent upon such sales, exchanges, or redemptions.

------

13. Immediately following the Effective Date, the former shareholders of Acquired will own, in the aggregate, less than 50 percent of the total combined voting power of all classes of shares of Acquiring entitled to vote, and less than 50 percent of the total value of all classes of shares of Acquiring.

14. After the Reorganization, Acquiring will use the assets acquired from Acquired in its business, except that these assets may be sold or otherwise disposed of in the ordinary course of Acquiring's business as an investment company (i.e., dispositions resulting only from investment decisions made on the basis of investment considerations arising after and independent of the Reorganization). Any proceeds will be invested in accordance with Acquiring's investment objectives. Acquiring has no plan or intention to sell or otherwise dispose of any of the assets of Acquired acquired in the Reorganization, except for dispositions made in the ordinary course of its business.

15. Acquiring is in the same line of business as Acquired preceding the Reorganization for purposes of § 1.368-1(d)(2). Following the Reorganization, Acquiring has no plan or intention to change it line of business. Neither Acquiring nor Acquired entered into such line of business as part of the plan of reorganization. Prior to the Reorganization, at least 34% of Acquired's portfolio assets met the investment objectives, strategies, policies, risks, and restrictions of Acquiring and Acquiring could hold Acquired's historic assets. Acquiring and Acquired have identical investment objectives. On the date of the Reorganization, Acquiring had no plan or intention to change any of its investment objectives, strategies, policies, risks, and restrictions after the Reorganization.

16. Following the Reorganization, Acquiring will continue the historic business of Acquired and use a significant portion of Acquired's historic business assets in the continuing business. Historic business assets are those of Acquired acquired by it in the ordinary course of its business and not in contemplation of, or as part of the Reorganization.

17. The liabilities of Acquired assumed by Acquiring and any liabilities to which the transferred assets of Acquired are subject were incurred by Acquired in the ordinary course of its business.

18. Except as provided in the Registration Statement, Acquired, Acquiring, and the shareholders of Acquired will pay their respective expenses, if any, incurred in connection with the Reorganization.

19. There is no intercorporate indebtedness existing between Acquiring and Acquired that was issued, acquired, or will be settled at discount.

20. Neither Acquired nor Acquiring is under the jurisdiction of a court in a Title 11 or similar case within the meaning of section 368(a)(3)(A) of the Code.

21. Acquiring and Acquired each meets the requirements of a regulated investment company ("RIC") under section 368(a)(2)(F) of the Code.

22. The adjusted basis and fair market value of the assets of Acquired transferred to Acquiring will equal or exceed the sum of the liabilities to be assumed by Acquiring, plus the amount of the liabilities, if any, to which the transferred assets are subject.

------

23. None of the compensation, if any, to be received by any shareholder-service provider of Acquired in respect of services or in respect of refraining from the performance of services will be separate consideration for, or allocable to, any of his or her Acquired shares. None of the Acquiring Shares to be received by any shareholder-service provider of Acquired will be separate consideration for, or allocable to, any employment agreement, consulting agreement, covenant not to compete, or similar arrangement. Any compensation to be paid to any shareholder-service provider of Acquired will be for services actually rendered and will be commensurate with amounts paid to third parties bargaining at arm's length for similar services and has been bargained for independent of the negotiations regarding the consideration to be issued in exchange for Acquired shares in the Reorganization.

24. Acquired and Acquiring have each elected to be taxed as a RIC under section 851 of the Code, and for all of their taxable periods (including Acquired's last short taxable period ending on the Effective Date), have qualified for the special tax treatment afforded RICs under the Code. After the Reorganization, Acquiring intends to continue to so qualify.

25. There is no plan or intention for Acquiring (the issuing corporation as defined in Treasury Regulation section 1.368-1(b)) or any person related (as defined in section 1.368-1(e)(3)) to Acquiring, to acquire during the five-year period beginning on the date of the Reorganization, with consideration other than Acquiring stock, Acquiring stock furnished in exchange for a proprietary interest in Acquired in the Reorganization, either directly or through any transaction, agreement, or arrangement with any other person.

26. During the five-year period ending on the Effective Date of the Reorganization: (i) neither Acquiring, nor any person related (as defined in section 1.368-1(e)(4)) to Acquiring, will have acquired Acquired stock with consideration other than Acquiring Shares, (ii) neither Acquired nor any person related (as defined in section 1.368-1(e)(4)) without regard to section 1.368-1(e)(4)(i)(A)) to Acquired, will have acquired Acquired stock with consideration other than Acquiring Shares or Acquired stock, and (iii) no distributions will have been made with respect to Acquired stock (other than ordinary, normal, regular dividend distributions made pursuant to Acquired's historic dividend paying practice), either directly or through any transaction, agreement, or arrangement with any other person, except for (a) cash paid to dissenters, and (b) distributions described in Code sections 852 and 4982, as required for Acquired's tax treatment as a RIC or to avoid Federal excise tax.

27. The aggregate value of the acquisitions, redemptions, and distributions described in the two immediately preceding paragraphs will not exceed 50 percent of the value (without giving effect to the acquisitions, redemptions, and distributions) of the proprietary interest in Acquired on the Effective Date.

In reliance on the information provided in the Registration Statement and the representations set forth above, I am of the opinion that:

1. The acquisition of all of the assets and liabilities of Acquired by Acquiring solely in exchange for Acquiring Shares, followed by distribution of those Acquiring Shares to shareholders of Acquired in complete liquidation of Acquired, will constitute a reorganization within the meaning of section 368(a)(1)(C) of the Code. Each of Acquiring and Acquired will be a "party to a reorganization" within the meaning of section 368(b) of the Code.

2. Shareholders of Acquired will recognize no gain or loss as a consequence of the surrender of their shares of Acquired solely in exchange for Acquiring Shares pursuant to the Reorganization. (Code Section 354).

------

3. The aggregate tax basis and holding period of Acquiring Shares received solely in exchange for shares of Acquired will be the same as the aggregate tax basis and the holding period of the shares of Acquired exchanged therefor provided such shares were held as a capital asset on the Effective Date. (Code Sections 358 and 1223(1)).

4. Acquired will recognize no gain or loss on the transfer of all of its assets to Acquiring solely in exchange for Acquiring Shares and the assumption of all of Acquired's liabilities by Acquiring and Acquired will not recognize gain or loss upon the distribution to its shareholders of all of the Acquiring Shares in complete liquidation of Acquired. (Code Sections 357(a) and 361).

5. The tax basis of the assets of Acquired in the hands of Acquiring will be the same as the tax basis of those assets in the hands of Acquired immediately prior to the Effective Date. (Code Section 362(b)).

6. The holding period of the assets of Acquired received by Acquiring will include the period during which such assets were held by Acquired. (Code Section 1223(2)).

7. No gain or loss will be recognized by Acquiring upon the receipt of Acquired's assets solely in exchange for the Acquiring Shares and the assumption by Acquiring of all liabilities of Acquired. (Code Section 1032).

8. Pursuant to Code Section 381(a) and Treasury Regulations thereunder, Acquiring will succeed to and take into account the items of Acquired described in Code Section 381(c).

The foregoing opinions are based on the Code, Treasury Regulations issued thereunder, published administrative, interpretations thereof and judicial decisions with respect thereto, all as of the date hereof (collectively the "Tax Law"), including the requirements of section 10.37 of Circular 230. No assurance can be given that the Tax Laws will not change.

I hereby consent to the use of this letter as an Exhibit to, and reference to it in, any statement to shareholders.

Sincerely yours,

/s/ Jared Yepsen

Jared Yepsen

Assistant Tax Counsel to

PFI – MidCap Fund

## Exhibit 99.12

![principallogo2.jpg](principallogo2.jpg)

September 19, 2025

Board of Directors

PFI – Edge MidCap Fund

711 High Street

Des Moines, IA 50392

RE: Acquisition of PFI – Edge MidCap Fund <br> By PFI – MidCap Fund

To the Board of Directors

PFI – MidCap Fund, a separate series of Principal Funds, Inc. ("PFI"), a Maryland corporation ("Acquiring"), acquired all of the assets and assumed all of the liabilities of PFI – Edge MidCap Fund, a Maryland corporation ("Acquired"), in a transaction ("the Reorganization") described in a Form N-14 Registration Statement, File Number 333-288242 filed with the United States Securities and Exchange Commission (the "Registration Statement") on or about February 3, 2025. You have asked for an opinion concerning the Federal income tax consequences of the completed transaction which occurred on or about June 24, 2025.

Continuously since its formation, Acquiring has qualified as a regulated investment company for purposes of Subchapter M of the United States Internal Revenue Code of 1986, as amended (the "Code"), and has elected to be taxed as such.

Continuously since its formation, Acquired has qualified as a regulated investment company for purposes of Subchapter M of the United States Internal Revenue Code of 1986, as amended (the "Code"), and has elected to be taxed as such.

Acquiring and Acquired are each an open-end management company registered with the Securities and Exchange Commission and various states.

Acquiring and Acquired, where applicable, have made the following representations to the undersigned:

1. On the effective date of the Reorganization ("the Effective Date"), Acquired will transfer and deliver to Acquiring all of the assets of Acquired. In consideration thereof, Acquiring will assume all of Acquired's liabilities and issue and deliver to Acquired the number of full and fractional shares of each corresponding class of shares of Acquiring ("Acquiring Shares") attributable to each corresponding class of shares of Acquired as set forth in the Plan of Acquisition. Acquired will immediately thereafter completely liquidate and dissolve, distributing the same class of Acquiring Shares to Acquired shareholders equal in value to the shares surrendered in the exchange, in retirement of their Acquired shares. Each holder of shares of Acquired will, as a result of the Reorganization, own shares of Acquiring of the same class and of equal value to the shares of Acquired held by such holder immediately prior to the Reorganization.

2. The business purpose of the Reorganization will be as set forth in the Registration Statement.

------

3. The facts relating to the Reorganization, as described in the Agreement and Plan of Reorganization, as such document may be amended, ("the Plan"), and the representations of Acquiring and Acquired contained in the Plan are true, correct, and complete. No changes are being made to Acquired's Investment Objectives or non-fundamental restrictions.

4. In the Reorganization, Acquiring will acquire all of the assets of Acquired solely in exchange for Acquiring Shares and Acquiring's assumption of all liabilities of the Acquired.

5. Acquiring will not assume Acquired's obligation to pay and will not pay any dividends or distributions on Acquired's shares.

6. The fair market value of the Acquiring Shares received by each Acquired shareholder will be approximately equal to the fair market value of the Acquired stock surrendered in the exchange.

7. A number of full and fractional Acquiring Shares equal in value to the aggregate net value of Acquired's assets transferred to Acquiring, will be issued to Acquired in exchange for such assets.

8. No cash or property, other than Acquiring Shares, will be directly or indirectly transferred to Acquired or distributed by Acquired to its shareholders pursuant to the Reorganization.

9. Acquiring will acquire at least 90% of the fair market value of the net assets and at least 70% of the fair market value of the gross assets held by Acquired immediately prior to the Reorganization. For purposes of this representation, amounts paid by Acquired to dissenters, amounts used by Acquired to pay its reorganization expenses, amounts paid by Acquired to shareholders who receive cash or other property, and all redemptions and distributions (except for regular, normal dividends) made by Acquired immediately preceding the transfer will be included as assets of Acquired held immediately prior to the Reorganization.

10. Acquiring has no plan or intention to reacquire any of its stock issued in the Reorganization, except in connection with its legal obligations under Section 22(e) of the Investment Companies Act of 1940.

11. To the best of Acquiring's and Acquired's knowledge, there is no plan or intention by the shareholders of Acquired who own 5 percent or more of Acquired, and there is no plan or intention on the part of the remaining shareholders of Acquired, to sell, exchange, redeem or otherwise dispose of a number of Acquiring Shares received in the Reorganization that would reduce Acquired's shareholders' ownership of Acquiring's shares to a number of shares having a value, as of the Effective Date, of less than 50 percent of the value of all of the formerly outstanding shares of Acquired as of the same date. For purposes of this representation, shares of Acquired exchanged for cash or other property or exchanged for cash in lieu of fractional shares of Acquiring will be treated as outstanding Acquired shares on the Effective Date. Moreover, shares of Acquired and shares of Acquiring that were held by Acquired shareholders and that are otherwise sold, redeemed, or disposed of prior to or subsequent to the Reorganization will be considered in making this representation.

12. To the best of Acquiring's and Acquired's knowledge, any sales, exchanges, redemptions, or otherwise undertaken by Acquired shareholders of Acquired shares prior to the Effective Date of the Reorganization were not made in connection with the Reorganization and the Reorganization was not contingent upon such sales, exchanges, or redemptions.

------

13. Immediately following the Effective Date, the former shareholders of Acquired will own, in the aggregate, less than 50 percent of the total combined voting power of all classes of shares of Acquiring entitled to vote, and less than 50 percent of the total value of all classes of shares of Acquiring.

14. After the Reorganization, Acquiring will use the assets acquired from Acquired in its business, except that these assets may be sold or otherwise disposed of in the ordinary course of Acquiring's business as an investment company (i.e., dispositions resulting only from investment decisions made on the basis of investment considerations arising after and independent of the Reorganization). Any proceeds will be invested in accordance with Acquiring's investment objectives. Acquiring has no plan or intention to sell or otherwise dispose of any of the assets of Acquired acquired in the Reorganization, except for dispositions made in the ordinary course of its business.

15. Acquiring is in the same line of business as Acquired preceding the Reorganization for purposes of § 1.368-1(d)(2). Following the Reorganization, Acquiring has no plan or intention to change it line of business. Neither Acquiring nor Acquired entered into such line of business as part of the plan of reorganization. Prior to the Reorganization, at least 34% of Acquired's portfolio assets met the investment objectives, strategies, policies, risks, and restrictions of Acquiring and Acquiring could hold Acquired's historic assets. Acquiring and Acquired have identical investment objectives. On the date of the Reorganization, Acquiring had no plan or intention to change any of its investment objectives, strategies, policies, risks, and restrictions after the Reorganization.

16. Following the Reorganization, Acquiring will continue the historic business of Acquired and use a significant portion of Acquired's historic business assets in the continuing business. Historic business assets are those of Acquired acquired by it in the ordinary course of its business and not in contemplation of, or as part of the Reorganization.

17. The liabilities of Acquired assumed by Acquiring and any liabilities to which the transferred assets of Acquired are subject were incurred by Acquired in the ordinary course of its business.

18. Except as provided in the Registration Statement, Acquired, Acquiring, and the shareholders of Acquired will pay their respective expenses, if any, incurred in connection with the Reorganization.

19. There is no intercorporate indebtedness existing between Acquiring and Acquired that was issued, acquired, or will be settled at discount.

20. Neither Acquired nor Acquiring is under the jurisdiction of a court in a Title 11 or similar case within the meaning of section 368(a)(3)(A) of the Code.

21. Acquiring and Acquired each meets the requirements of a regulated investment company ("RIC") under section 368(a)(2)(F) of the Code.

22. The adjusted basis and fair market value of the assets of Acquired transferred to Acquiring will equal or exceed the sum of the liabilities to be assumed by Acquiring, plus the amount of the liabilities, if any, to which the transferred assets are subject.

------

23. None of the compensation, if any, to be received by any shareholder-service provider of Acquired in respect of services or in respect of refraining from the performance of services will be separate consideration for, or allocable to, any of his or her Acquired shares. None of the Acquiring Shares to be received by any shareholder-service provider of Acquired will be separate consideration for, or allocable to, any employment agreement, consulting agreement, covenant not to compete, or similar arrangement. Any compensation to be paid to any shareholder-service provider of Acquired will be for services actually rendered and will be commensurate with amounts paid to third parties bargaining at arm's length for similar services and has been bargained for independent of the negotiations regarding the consideration to be issued in exchange for Acquired shares in the Reorganization.

24. Acquired and Acquiring have each elected to be taxed as a RIC under section 851 of the Code, and for all of their taxable periods (including Acquired's last short taxable period ending on the Effective Date), have qualified for the special tax treatment afforded RICs under the Code. After the Reorganization, Acquiring intends to continue to so qualify.

25. There is no plan or intention for Acquiring (the issuing corporation as defined in Treasury Regulation section 1.368-1(b)) or any person related (as defined in section 1.368-1(e)(3)) to Acquiring, to acquire during the five-year period beginning on the date of the Reorganization, with consideration other than Acquiring stock, Acquiring stock furnished in exchange for a proprietary interest in Acquired in the Reorganization, either directly or through any transaction, agreement, or arrangement with any other person.

26. During the five-year period ending on the Effective Date of the Reorganization: (i) neither Acquiring, nor any person related (as defined in section 1.368-1(e)(4)) to Acquiring, will have acquired Acquired stock with consideration other than Acquiring Shares, (ii) neither Acquired nor any person related (as defined in section 1.368-1(e)(4)) without regard to section 1.368-1(e)(4)(i)(A)) to Acquired, will have acquired Acquired stock with consideration other than Acquiring Shares or Acquired stock, and (iii) no distributions will have been made with respect to Acquired stock (other than ordinary, normal, regular dividend distributions made pursuant to Acquired's historic dividend paying practice), either directly or through any transaction, agreement, or arrangement with any other person, except for (a) cash paid to dissenters, and (b) distributions described in Code sections 852 and 4982, as required for Acquired's tax treatment as a RIC or to avoid Federal excise tax.

27. The aggregate value of the acquisitions, redemptions, and distributions described in the two immediately preceding paragraphs will not exceed 50 percent of the value (without giving effect to the acquisitions, redemptions, and distributions) of the proprietary interest in Acquired on the Effective Date.

In reliance on the information provided in the Registration Statement and the representations set forth above, I am of the opinion that:

1. The acquisition of all of the assets and liabilities of Acquired by Acquiring solely in exchange for Acquiring Shares, followed by distribution of those Acquiring Shares to shareholders of Acquired in complete liquidation of Acquired, will constitute a reorganization within the meaning of section 368(a)(1)(C) of the Code. Each of Acquiring and Acquired will be a "party to a reorganization" within the meaning of section 368(b) of the Code.

2. Shareholders of Acquired will recognize no gain or loss as a consequence of the surrender of their shares of Acquired solely in exchange for Acquiring Shares pursuant to the Reorganization. (Code Section 354).

------

3. The aggregate tax basis and holding period of Acquiring Shares received solely in exchange for shares of Acquired will be the same as the aggregate tax basis and the holding period of the shares of Acquired exchanged therefor provided such shares were held as a capital asset on the Effective Date. (Code Sections 358 and 1223(1)).

4. Acquired will recognize no gain or loss on the transfer of all of its assets to Acquiring solely in exchange for Acquiring Shares and the assumption of all of Acquired's liabilities by Acquiring and Acquired will not recognize gain or loss upon the distribution to its shareholders of all of the Acquiring Shares in complete liquidation of Acquired. (Code Sections 357(a) and 361).

5. The tax basis of the assets of Acquired in the hands of Acquiring will be the same as the tax basis of those assets in the hands of Acquired immediately prior to the Effective Date. (Code Section 362(b)).

6. The holding period of the assets of Acquired received by Acquiring will include the period during which such assets were held by Acquired. (Code Section 1223(2)).

7. No gain or loss will be recognized by Acquiring upon the receipt of Acquired's assets solely in exchange for the Acquiring Shares and the assumption by Acquiring of all liabilities of Acquired. (Code Section 1032).

8. Pursuant to Code Section 381(a) and Treasury Regulations thereunder, Acquiring will succeed to and take into account the items of Acquired described in Code Section 381(c).

The foregoing opinions are based on the Code, Treasury Regulations issued thereunder, published administrative, interpretations thereof and judicial decisions with respect thereto, all as of the date hereof (collectively the "Tax Law"), including the requirements of section 10.37 of Circular 230. No assurance can be given that the Tax Laws will not change.

I hereby consent to the use of this letter as an Exhibit to, and reference to it in, any statement to shareholders.

Sincerely yours,

/s/ Calvin Eib

Calvin Eib

Assistant Tax Counsel to

PFI – Edge MidCap Fund

## Exhibit 99.12

![principallogo.jpg](principallogo.jpg)

September 19, 2025

Board of Directors

PFI – MidCap Fund

711 High Street

Des Moines, IA 50392

RE: Acquisition of PFI – MidCap Growth Fund <br> By PFI – MidCap Fund

To the Board of Directors

PFI – MidCap Fund, a separate series of Principal Funds, Inc. ("PFI"), a Maryland corporation ("Acquiring"), acquired all of the assets and assumed all of the liabilities of PFI – MidCap Growth Fund, a Maryland corporation ("Acquired"), in a transaction ("the Reorganization") described in a Form N-14 Registration Statement, File Number 333-288242 filed with the United States Securities and Exchange Commission (the "Registration Statement") on or about February 3, 2025. You have asked for an opinion concerning the Federal income tax consequences of the completed transaction which occurred on or about June 24, 2025.

Continuously since its formation, Acquiring has qualified as a regulated investment company for purposes of Subchapter M of the United States Internal Revenue Code of 1986, as amended (the "Code"), and has elected to be taxed as such.

Continuously since its formation, Acquired has qualified as a regulated investment company for purposes of Subchapter M of the United States Internal Revenue Code of 1986, as amended (the "Code"), and has elected to be taxed as such.

Acquiring and Acquired are each an open-end management company registered with the Securities and Exchange Commission and various states.

Acquiring and Acquired, where applicable, have made the following representations to the undersigned:

1. On the effective date of the Reorganization ("the Effective Date"), Acquired will transfer and deliver to Acquiring all of the assets of Acquired. In consideration thereof, Acquiring will assume all of Acquired's liabilities and issue and deliver to Acquired the number of full and fractional shares of each corresponding class of shares of Acquiring ("Acquiring Shares") attributable to each corresponding class of shares of Acquired as set forth in the Plan of Acquisition. Acquired will immediately thereafter completely liquidate and dissolve, distributing the same class of Acquiring Shares to Acquired shareholders equal in value to the shares surrendered in the exchange, in retirement of their Acquired shares. Each holder of shares of Acquired will, as a result of the Reorganization, own shares of Acquiring of the same class and of equal value to the shares of Acquired held by such holder immediately prior to the Reorganization.

2. The business purpose of the Reorganization will be as set forth in the Registration Statement.

------

3. The facts relating to the Reorganization, as described in the Agreement and Plan of Reorganization, as such document may be amended, ("the Plan"), and the representations of Acquiring and Acquired contained in the Plan are true, correct, and complete. No changes are being made to Acquired's Investment Objectives or non-fundamental restrictions.

4. In the Reorganization, Acquiring will acquire all of the assets of Acquired solely in exchange for Acquiring Shares and Acquiring's assumption of all liabilities of the Acquired.

5. Acquiring will not assume Acquired's obligation to pay and will not pay any dividends or distributions on Acquired's shares.

6. The fair market value of the Acquiring Shares received by each Acquired shareholder will be approximately equal to the fair market value of the Acquired stock surrendered in the exchange.

7. A number of full and fractional Acquiring Shares equal in value to the aggregate net value of Acquired's assets transferred to Acquiring, will be issued to Acquired in exchange for such assets.

8. No cash or property, other than Acquiring Shares, will be directly or indirectly transferred to Acquired or distributed by Acquired to its shareholders pursuant to the Reorganization.

9. Acquiring will acquire at least 90% of the fair market value of the net assets and at least 70% of the fair market value of the gross assets held by Acquired immediately prior to the Reorganization. For purposes of this representation, amounts paid by Acquired to dissenters, amounts used by Acquired to pay its reorganization expenses, amounts paid by Acquired to shareholders who receive cash or other property, and all redemptions and distributions (except for regular, normal dividends) made by Acquired immediately preceding the transfer will be included as assets of Acquired held immediately prior to the Reorganization.

10. Acquiring has no plan or intention to reacquire any of its stock issued in the Reorganization, except in connection with its legal obligations under Section 22(e) of the Investment Companies Act of 1940.

11. To the best of Acquiring's and Acquired's knowledge, there is no plan or intention by the shareholders of Acquired who own 5 percent or more of Acquired, and there is no plan or intention on the part of the remaining shareholders of Acquired, to sell, exchange, redeem or otherwise dispose of a number of Acquiring Shares received in the Reorganization that would reduce Acquired's shareholders' ownership of Acquiring's shares to a number of shares having a value, as of the Effective Date, of less than 50 percent of the value of all of the formerly outstanding shares of Acquired as of the same date. For purposes of this representation, shares of Acquired exchanged for cash or other property or exchanged for cash in lieu of fractional shares of Acquiring will be treated as outstanding Acquired shares on the Effective Date. Moreover, shares of Acquired and shares of Acquiring that were held by Acquired shareholders and that are otherwise sold, redeemed, or disposed of prior to or subsequent to the Reorganization will be considered in making this representation.

12. To the best of Acquiring's and Acquired's knowledge, any sales, exchanges, redemptions, or otherwise undertaken by Acquired shareholders of Acquired shares prior to the Effective Date of the Reorganization were not made in connection with the Reorganization and the Reorganization was not contingent upon such sales, exchanges, or redemptions.

------

13. Immediately following the Effective Date, the former shareholders of Acquired will own, in the aggregate, less than 50 percent of the total combined voting power of all classes of shares of Acquiring entitled to vote, and less than 50 percent of the total value of all classes of shares of Acquiring.

14. After the Reorganization, Acquiring will use the assets acquired from Acquired in its business, except that these assets may be sold or otherwise disposed of in the ordinary course of Acquiring's business as an investment company (i.e., dispositions resulting only from investment decisions made on the basis of investment considerations arising after and independent of the Reorganization). Any proceeds will be invested in accordance with Acquiring's investment objectives. Acquiring has no plan or intention to sell or otherwise dispose of any of the assets of Acquired acquired in the Reorganization, except for dispositions made in the ordinary course of its business.

15. Acquiring is in the same line of business as Acquired preceding the Reorganization for purposes of § 1.368-1(d)(2). Following the Reorganization, Acquiring has no plan or intention to change it line of business. Neither Acquiring nor Acquired entered into such line of business as part of the plan of reorganization. Prior to the Reorganization, at least 34% of Acquired's portfolio assets met the investment objectives, strategies, policies, risks, and restrictions of Acquiring and Acquiring could hold Acquired's historic assets. Acquiring and Acquired have identical investment objectives. On the date of the Reorganization, Acquiring had no plan or intention to change any of its investment objectives, strategies, policies, risks, and restrictions after the Reorganization.

16. Following the Reorganization, Acquiring will continue the historic business of Acquired and use a significant portion of Acquired's historic business assets in the continuing business. Historic business assets are those of Acquired acquired by it in the ordinary course of its business and not in contemplation of, or as part of the Reorganization.

17. The liabilities of Acquired assumed by Acquiring and any liabilities to which the transferred assets of Acquired are subject were incurred by Acquired in the ordinary course of its business.

18. Except as provided in the Registration Statement, Acquired, Acquiring, and the shareholders of Acquired will pay their respective expenses, if any, incurred in connection with the Reorganization.

19. There is no intercorporate indebtedness existing between Acquiring and Acquired that was issued, acquired, or will be settled at discount.

20. Neither Acquired nor Acquiring is under the jurisdiction of a court in a Title 11 or similar case within the meaning of section 368(a)(3)(A) of the Code.

21. Acquiring and Acquired each meets the requirements of a regulated investment company ("RIC") under section 368(a)(2)(F) of the Code.

22. The adjusted basis and fair market value of the assets of Acquired transferred to Acquiring will equal or exceed the sum of the liabilities to be assumed by Acquiring, plus the amount of the liabilities, if any, to which the transferred assets are subject.

------

23. None of the compensation, if any, to be received by any shareholder-service provider of Acquired in respect of services or in respect of refraining from the performance of services will be separate consideration for, or allocable to, any of his or her Acquired shares. None of the Acquiring Shares to be received by any shareholder-service provider of Acquired will be separate consideration for, or allocable to, any employment agreement, consulting agreement, covenant not to compete, or similar arrangement. Any compensation to be paid to any shareholder-service provider of Acquired will be for services actually rendered and will be commensurate with amounts paid to third parties bargaining at arm's length for similar services and has been bargained for independent of the negotiations regarding the consideration to be issued in exchange for Acquired shares in the Reorganization.

24. Acquired and Acquiring have each elected to be taxed as a RIC under section 851 of the Code, and for all of their taxable periods (including Acquired's last short taxable period ending on the Effective Date), have qualified for the special tax treatment afforded RICs under the Code. After the Reorganization, Acquiring intends to continue to so qualify.

25. There is no plan or intention for Acquiring (the issuing corporation as defined in Treasury Regulation section 1.368-1(b)) or any person related (as defined in section 1.368-1(e)(3)) to Acquiring, to acquire during the five-year period beginning on the date of the Reorganization, with consideration other than Acquiring stock, Acquiring stock furnished in exchange for a proprietary interest in Acquired in the Reorganization, either directly or through any transaction, agreement, or arrangement with any other person.

26. During the five-year period ending on the Effective Date of the Reorganization: (i) neither Acquiring, nor any person related (as defined in section 1.368-1(e)(4)) to Acquiring, will have acquired Acquired stock with consideration other than Acquiring Shares, (ii) neither Acquired nor any person related (as defined in section 1.368-1(e)(4)) without regard to section 1.368-1(e)(4)(i)(A)) to Acquired, will have acquired Acquired stock with consideration other than Acquiring Shares or Acquired stock, and (iii) no distributions will have been made with respect to Acquired stock (other than ordinary, normal, regular dividend distributions made pursuant to Acquired's historic dividend paying practice), either directly or through any transaction, agreement, or arrangement with any other person, except for (a) cash paid to dissenters, and (b) distributions described in Code sections 852 and 4982, as required for Acquired's tax treatment as a RIC or to avoid Federal excise tax.

27. The aggregate value of the acquisitions, redemptions, and distributions described in the two immediately preceding paragraphs will not exceed 50 percent of the value (without giving effect to the acquisitions, redemptions, and distributions) of the proprietary interest in Acquired on the Effective Date.

In reliance on the information provided in the Registration Statement and the representations set forth above, I am of the opinion that:

1. The acquisition of all of the assets and liabilities of Acquired by Acquiring solely in exchange for Acquiring Shares, followed by distribution of those Acquiring Shares to shareholders of Acquired in complete liquidation of Acquired, will constitute a reorganization within the meaning of section 368(a)(1)(C) of the Code. Each of Acquiring and Acquired will be a "party to a reorganization" within the meaning of section 368(b) of the Code.

2. Shareholders of Acquired will recognize no gain or loss as a consequence of the surrender of their shares of Acquired solely in exchange for Acquiring Shares pursuant to the Reorganization. (Code Section 354).

------

3. The aggregate tax basis and holding period of Acquiring Shares received solely in exchange for shares of Acquired will be the same as the aggregate tax basis and the holding period of the shares of Acquired exchanged therefor provided such shares were held as a capital asset on the Effective Date. (Code Sections 358 and 1223(1)).

4. Acquired will recognize no gain or loss on the transfer of all of its assets to Acquiring solely in exchange for Acquiring Shares and the assumption of all of Acquired's liabilities by Acquiring and Acquired will not recognize gain or loss upon the distribution to its shareholders of all of the Acquiring Shares in complete liquidation of Acquired. (Code Sections 357(a) and 361).

5. The tax basis of the assets of Acquired in the hands of Acquiring will be the same as the tax basis of those assets in the hands of Acquired immediately prior to the Effective Date. (Code Section 362(b)).

6. The holding period of the assets of Acquired received by Acquiring will include the period during which such assets were held by Acquired. (Code Section 1223(2)).

7. No gain or loss will be recognized by Acquiring upon the receipt of Acquired's assets solely in exchange for the Acquiring Shares and the assumption by Acquiring of all liabilities of Acquired. (Code Section 1032).

8. Pursuant to Code Section 381(a) and Treasury Regulations thereunder, Acquiring will succeed to and take into account the items of Acquired described in Code Section 381(c).

The foregoing opinions are based on the Code, Treasury Regulations issued thereunder, published administrative, interpretations thereof and judicial decisions with respect thereto, all as of the date hereof (collectively the "Tax Law"), including the requirements of section 10.37 of Circular 230. No assurance can be given that the Tax Laws will not change.

I hereby consent to the use of this letter as an Exhibit to, and reference to it in, any statement to shareholders.

Sincerely yours,

/s/ Jared Yepsen

Jared Yepsen

Assistant Tax Counsel to

PFI – MidCap Fund

## Exhibit 99.12

![principallogo5.jpg](principallogo5.jpg)

September 19, 2025

Board of Directors

PFI – MidCap Growth Fund

711 High Street

Des Moines, IA 50392

RE: Acquisition of PFI – MidCap Growth Fund <br> By PFI – MidCap Fund

To the Board of Directors

PFI – MidCap Fund, a separate series of Principal Funds, Inc. ("PFI"), a Maryland corporation ("Acquiring"), acquired all of the assets and assumed all of the liabilities of PFI – MidCap Growth Fund, a Maryland corporation ("Acquired"), in a transaction ("the Reorganization") described in a Form N-14 Registration Statement, File Number 333-288242 filed with the United States Securities and Exchange Commission (the "Registration Statement") on or about February 3, 2025. You have asked for an opinion concerning the Federal income tax consequences of the completed transaction which occurred on or about June 24, 2025.

Continuously since its formation, Acquiring has qualified as a regulated investment company for purposes of Subchapter M of the United States Internal Revenue Code of 1986, as amended (the "Code"), and has elected to be taxed as such.

Continuously since its formation, Acquired has qualified as a regulated investment company for purposes of Subchapter M of the United States Internal Revenue Code of 1986, as amended (the "Code"), and has elected to be taxed as such.

Acquiring and Acquired are each an open-end management company registered with the Securities and Exchange Commission and various states.

Acquiring and Acquired, where applicable, have made the following representations to the undersigned:

1. On the effective date of the Reorganization ("the Effective Date"), Acquired will transfer and deliver to Acquiring all of the assets of Acquired. In consideration thereof, Acquiring will assume all of Acquired's liabilities and issue and deliver to Acquired the number of full and fractional shares of each corresponding class of shares of Acquiring ("Acquiring Shares") attributable to each corresponding class of shares of Acquired as set forth in the Plan of Acquisition. Acquired will immediately thereafter completely liquidate and dissolve, distributing the same class of Acquiring Shares to Acquired shareholders equal in value to the shares surrendered in the exchange, in retirement of their Acquired shares. Each holder of shares of Acquired will, as a result of the Reorganization, own shares of Acquiring of the same class and of equal value to the shares of Acquired held by such holder immediately prior to the Reorganization.

2. The business purpose of the Reorganization will be as set forth in the Registration Statement.

------

3. The facts relating to the Reorganization, as described in the Agreement and Plan of Reorganization, as such document may be amended, ("the Plan"), and the representations of Acquiring and Acquired contained in the Plan are true, correct, and complete. No changes are being made to Acquired's Investment Objectives or non-fundamental restrictions.

4. In the Reorganization, Acquiring will acquire all of the assets of Acquired solely in exchange for Acquiring Shares and Acquiring's assumption of all liabilities of the Acquired.

5. Acquiring will not assume Acquired's obligation to pay and will not pay any dividends or distributions on Acquired's shares.

6. The fair market value of the Acquiring Shares received by each Acquired shareholder will be approximately equal to the fair market value of the Acquired stock surrendered in the exchange.

7. A number of full and fractional Acquiring Shares equal in value to the aggregate net value of Acquired's assets transferred to Acquiring, will be issued to Acquired in exchange for such assets.

8. No cash or property, other than Acquiring Shares, will be directly or indirectly transferred to Acquired or distributed by Acquired to its shareholders pursuant to the Reorganization.

9. Acquiring will acquire at least 90% of the fair market value of the net assets and at least 70% of the fair market value of the gross assets held by Acquired immediately prior to the Reorganization. For purposes of this representation, amounts paid by Acquired to dissenters, amounts used by Acquired to pay its reorganization expenses, amounts paid by Acquired to shareholders who receive cash or other property, and all redemptions and distributions (except for regular, normal dividends) made by Acquired immediately preceding the transfer will be included as assets of Acquired held immediately prior to the Reorganization.

10. Acquiring has no plan or intention to reacquire any of its stock issued in the Reorganization, except in connection with its legal obligations under Section 22(e) of the Investment Companies Act of 1940.

11. To the best of Acquiring's and Acquired's knowledge, there is no plan or intention by the shareholders of Acquired who own 5 percent or more of Acquired, and there is no plan or intention on the part of the remaining shareholders of Acquired, to sell, exchange, redeem or otherwise dispose of a number of Acquiring Shares received in the Reorganization that would reduce Acquired's shareholders' ownership of Acquiring's shares to a number of shares having a value, as of the Effective Date, of less than 50 percent of the value of all of the formerly outstanding shares of Acquired as of the same date. For purposes of this representation, shares of Acquired exchanged for cash or other property or exchanged for cash in lieu of fractional shares of Acquiring will be treated as outstanding Acquired shares on the Effective Date. Moreover, shares of Acquired and shares of Acquiring that were held by Acquired shareholders and that are otherwise sold, redeemed, or disposed of prior to or subsequent to the Reorganization will be considered in making this representation.

12. To the best of Acquiring's and Acquired's knowledge, any sales, exchanges, redemptions, or otherwise undertaken by Acquired shareholders of Acquired shares prior to the Effective Date of the Reorganization were not made in connection with the Reorganization and the Reorganization was not contingent upon such sales, exchanges, or redemptions.

------

13. Immediately following the Effective Date, the former shareholders of Acquired will own, in the aggregate, less than 50 percent of the total combined voting power of all classes of shares of Acquiring entitled to vote, and less than 50 percent of the total value of all classes of shares of Acquiring.

14. After the Reorganization, Acquiring will use the assets acquired from Acquired in its business, except that these assets may be sold or otherwise disposed of in the ordinary course of Acquiring's business as an investment company (i.e., dispositions resulting only from investment decisions made on the basis of investment considerations arising after and independent of the Reorganization). Any proceeds will be invested in accordance with Acquiring's investment objectives. Acquiring has no plan or intention to sell or otherwise dispose of any of the assets of Acquired acquired in the Reorganization, except for dispositions made in the ordinary course of its business.

15. Acquiring is in the same line of business as Acquired preceding the Reorganization for purposes of § 1.368-1(d)(2). Following the Reorganization, Acquiring has no plan or intention to change it line of business. Neither Acquiring nor Acquired entered into such line of business as part of the plan of reorganization. Prior to the Reorganization, at least 34% of Acquired's portfolio assets met the investment objectives, strategies, policies, risks, and restrictions of Acquiring and Acquiring could hold Acquired's historic assets. Acquiring and Acquired have identical investment objectives. On the date of the Reorganization, Acquiring had no plan or intention to change any of its investment objectives, strategies, policies, risks, and restrictions after the Reorganization.

16. Following the Reorganization, Acquiring will continue the historic business of Acquired and use a significant portion of Acquired's historic business assets in the continuing business. Historic business assets are those of Acquired acquired by it in the ordinary course of its business and not in contemplation of, or as part of the Reorganization.

17. The liabilities of Acquired assumed by Acquiring and any liabilities to which the transferred assets of Acquired are subject were incurred by Acquired in the ordinary course of its business.

18. Except as provided in the Registration Statement, Acquired, Acquiring, and the shareholders of Acquired will pay their respective expenses, if any, incurred in connection with the Reorganization.

19. There is no intercorporate indebtedness existing between Acquiring and Acquired that was issued, acquired, or will be settled at discount.

20. Neither Acquired nor Acquiring is under the jurisdiction of a court in a Title 11 or similar case within the meaning of section 368(a)(3)(A) of the Code.

21. Acquiring and Acquired each meets the requirements of a regulated investment company ("RIC") under section 368(a)(2)(F) of the Code.

22. The adjusted basis and fair market value of the assets of Acquired transferred to Acquiring will equal or exceed the sum of the liabilities to be assumed by Acquiring, plus the amount of the liabilities, if any, to which the transferred assets are subject.

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23. None of the compensation, if any, to be received by any shareholder-service provider of Acquired in respect of services or in respect of refraining from the performance of services will be separate consideration for, or allocable to, any of his or her Acquired shares. None of the Acquiring Shares to be received by any shareholder-service provider of Acquired will be separate consideration for, or allocable to, any employment agreement, consulting agreement, covenant not to compete, or similar arrangement. Any compensation to be paid to any shareholder-service provider of Acquired will be for services actually rendered and will be commensurate with amounts paid to third parties bargaining at arm's length for similar services and has been bargained for independent of the negotiations regarding the consideration to be issued in exchange for Acquired shares in the Reorganization.

24. Acquired and Acquiring have each elected to be taxed as a RIC under section 851 of the Code, and for all of their taxable periods (including Acquired's last short taxable period ending on the Effective Date), have qualified for the special tax treatment afforded RICs under the Code. After the Reorganization, Acquiring intends to continue to so qualify.

25. There is no plan or intention for Acquiring (the issuing corporation as defined in Treasury Regulation section 1.368-1(b)) or any person related (as defined in section 1.368-1(e)(3)) to Acquiring, to acquire during the five-year period beginning on the date of the Reorganization, with consideration other than Acquiring stock, Acquiring stock furnished in exchange for a proprietary interest in Acquired in the Reorganization, either directly or through any transaction, agreement, or arrangement with any other person.

26. During the five-year period ending on the Effective Date of the Reorganization: (i) neither Acquiring, nor any person related (as defined in section 1.368-1(e)(4)) to Acquiring, will have acquired Acquired stock with consideration other than Acquiring Shares, (ii) neither Acquired nor any person related (as defined in section 1.368-1(e)(4)) without regard to section 1.368-1(e)(4)(i)(A)) to Acquired, will have acquired Acquired stock with consideration other than Acquiring Shares or Acquired stock, and (iii) no distributions will have been made with respect to Acquired stock (other than ordinary, normal, regular dividend distributions made pursuant to Acquired's historic dividend paying practice), either directly or through any transaction, agreement, or arrangement with any other person, except for (a) cash paid to dissenters, and (b) distributions described in Code sections 852 and 4982, as required for Acquired's tax treatment as a RIC or to avoid Federal excise tax.

27. The aggregate value of the acquisitions, redemptions, and distributions described in the two immediately preceding paragraphs will not exceed 50 percent of the value (without giving effect to the acquisitions, redemptions, and distributions) of the proprietary interest in Acquired on the Effective Date.

In reliance on the information provided in the Registration Statement and the representations set forth above, I am of the opinion that:

1. The acquisition of all of the assets and liabilities of Acquired by Acquiring solely in exchange for Acquiring Shares, followed by distribution of those Acquiring Shares to shareholders of Acquired in complete liquidation of Acquired, will constitute a reorganization within the meaning of section 368(a)(1)(C) of the Code. Each of Acquiring and Acquired will be a "party to a reorganization" within the meaning of section 368(b) of the Code.

2. Shareholders of Acquired will recognize no gain or loss as a consequence of the surrender of their shares of Acquired solely in exchange for Acquiring Shares pursuant to the Reorganization. (Code Section 354).

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3. The aggregate tax basis and holding period of Acquiring Shares received solely in exchange for shares of Acquired will be the same as the aggregate tax basis and the holding period of the shares of Acquired exchanged therefor provided such shares were held as a capital asset on the Effective Date. (Code Sections 358 and 1223(1)).

4. Acquired will recognize no gain or loss on the transfer of all of its assets to Acquiring solely in exchange for Acquiring Shares and the assumption of all of Acquired's liabilities by Acquiring and Acquired will not recognize gain or loss upon the distribution to its shareholders of all of the Acquiring Shares in complete liquidation of Acquired. (Code Sections 357(a) and 361).

5. The tax basis of the assets of Acquired in the hands of Acquiring will be the same as the tax basis of those assets in the hands of Acquired immediately prior to the Effective Date. (Code Section 362(b)).

6. The holding period of the assets of Acquired received by Acquiring will include the period during which such assets were held by Acquired. (Code Section 1223(2)).

7. No gain or loss will be recognized by Acquiring upon the receipt of Acquired's assets solely in exchange for the Acquiring Shares and the assumption by Acquiring of all liabilities of Acquired. (Code Section 1032).

8. Pursuant to Code Section 381(a) and Treasury Regulations thereunder, Acquiring will succeed to and take into account the items of Acquired described in Code Section 381(c).

The foregoing opinions are based on the Code, Treasury Regulations issued thereunder, published administrative, interpretations thereof and judicial decisions with respect thereto, all as of the date hereof (collectively the "Tax Law"), including the requirements of section 10.37 of Circular 230. No assurance can be given that the Tax Laws will not change.

I hereby consent to the use of this letter as an Exhibit to, and reference to it in, any statement to shareholders.

Sincerely yours,

/s/ Calvin Eib

Calvin Eib

Assistant Tax Counsel to

PFI – MidCap Growth Fund

## Exhibit 99.12

![principallogo3.jpg](principallogo3.jpg)

September 19, 2025

Board of Directors

PFI – MidCap Fund

711 High Street

Des Moines, IA 50392

RE: Acquisition of PFI – MidCap Growth Fund III <br> By PFI – MidCap Fund

To the Board of Directors

PFI – MidCap Fund, a separate series of Principal Funds, Inc. ("PFI"), a Maryland corporation ("Acquiring"), acquired all of the assets and assumed all of the liabilities of PFI – MidCap Growth Fund III, a Maryland corporation ("Acquired"), in a transaction ("the Reorganization") described in a Form N-14 Registration Statement, File Number 333-288242 filed with the United States Securities and Exchange Commission (the "Registration Statement") on or about February 3, 2025. You have asked for an opinion concerning the Federal income tax consequences of the completed transaction which occurred on or about June 24, 2025.

Continuously since its formation, Acquiring has qualified as a regulated investment company for purposes of Subchapter M of the United States Internal Revenue Code of 1986, as amended (the "Code"), and has elected to be taxed as such.

Continuously since its formation, Acquired has qualified as a regulated investment company for purposes of Subchapter M of the United States Internal Revenue Code of 1986, as amended (the "Code"), and has elected to be taxed as such.

Acquiring and Acquired are each an open-end management company registered with the Securities and Exchange Commission and various states.

Acquiring and Acquired, where applicable, have made the following representations to the undersigned:

1. On the effective date of the Reorganization ("the Effective Date"), Acquired will transfer and deliver to Acquiring all of the assets of Acquired. In consideration thereof, Acquiring will assume all of Acquired's liabilities and issue and deliver to Acquired the number of full and fractional shares of each corresponding class of shares of Acquiring ("Acquiring Shares") attributable to each corresponding class of shares of Acquired as set forth in the Plan of Acquisition. Acquired will immediately thereafter completely liquidate and dissolve, distributing the same class of Acquiring Shares to Acquired shareholders equal in value to the shares surrendered in the exchange, in retirement of their Acquired shares. Each holder of shares of Acquired will, as a result of the Reorganization, own shares of Acquiring of the same class and of equal value to the shares of Acquired held by such holder immediately prior to the Reorganization.

2. The business purpose of the Reorganization will be as set forth in the Registration Statement.

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3. The facts relating to the Reorganization, as described in the Agreement and Plan of Reorganization, as such document may be amended, ("the Plan"), and the representations of Acquiring and Acquired contained in the Plan are true, correct, and complete. No changes are being made to Acquired's Investment Objectives or non-fundamental restrictions.

4. In the Reorganization, Acquiring will acquire all of the assets of Acquired solely in exchange for Acquiring Shares and Acquiring's assumption of all liabilities of the Acquired.

5. Acquiring will not assume Acquired's obligation to pay and will not pay any dividends or distributions on Acquired's shares.

6. The fair market value of the Acquiring Shares received by each Acquired shareholder will be approximately equal to the fair market value of the Acquired stock surrendered in the exchange.

7. A number of full and fractional Acquiring Shares equal in value to the aggregate net value of Acquired's assets transferred to Acquiring, will be issued to Acquired in exchange for such assets.

8. No cash or property, other than Acquiring Shares, will be directly or indirectly transferred to Acquired or distributed by Acquired to its shareholders pursuant to the Reorganization.

9. Acquiring will acquire at least 90% of the fair market value of the net assets and at least 70% of the fair market value of the gross assets held by Acquired immediately prior to the Reorganization. For purposes of this representation, amounts paid by Acquired to dissenters, amounts used by Acquired to pay its reorganization expenses, amounts paid by Acquired to shareholders who receive cash or other property, and all redemptions and distributions (except for regular, normal dividends) made by Acquired immediately preceding the transfer will be included as assets of Acquired held immediately prior to the Reorganization.

10. Acquiring has no plan or intention to reacquire any of its stock issued in the Reorganization, except in connection with its legal obligations under Section 22(e) of the Investment Companies Act of 1940.

11. To the best of Acquiring's and Acquired's knowledge, there is no plan or intention by the shareholders of Acquired who own 5 percent or more of Acquired, and there is no plan or intention on the part of the remaining shareholders of Acquired, to sell, exchange, redeem or otherwise dispose of a number of Acquiring Shares received in the Reorganization that would reduce Acquired's shareholders' ownership of Acquiring's shares to a number of shares having a value, as of the Effective Date, of less than 50 percent of the value of all of the formerly outstanding shares of Acquired as of the same date. For purposes of this representation, shares of Acquired exchanged for cash or other property or exchanged for cash in lieu of fractional shares of Acquiring will be treated as outstanding Acquired shares on the Effective Date. Moreover, shares of Acquired and shares of Acquiring that were held by Acquired shareholders and that are otherwise sold, redeemed, or disposed of prior to or subsequent to the Reorganization will be considered in making this representation.

12. To the best of Acquiring's and Acquired's knowledge, any sales, exchanges, redemptions, or otherwise undertaken by Acquired shareholders of Acquired shares prior to the Effective Date of the Reorganization were not made in connection with the Reorganization and the Reorganization was not contingent upon such sales, exchanges, or redemptions.

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13. Immediately following the Effective Date, the former shareholders of Acquired will own, in the aggregate, less than 50 percent of the total combined voting power of all classes of shares of Acquiring entitled to vote, and less than 50 percent of the total value of all classes of shares of Acquiring.

14. After the Reorganization, Acquiring will use the assets acquired from Acquired in its business, except that these assets may be sold or otherwise disposed of in the ordinary course of Acquiring's business as an investment company (i.e., dispositions resulting only from investment decisions made on the basis of investment considerations arising after and independent of the Reorganization). Any proceeds will be invested in accordance with Acquiring's investment objectives. Acquiring has no plan or intention to sell or otherwise dispose of any of the assets of Acquired acquired in the Reorganization, except for dispositions made in the ordinary course of its business.

15. Acquiring is in the same line of business as Acquired preceding the Reorganization for purposes of § 1.368-1(d)(2). Following the Reorganization, Acquiring has no plan or intention to change it line of business. Neither Acquiring nor Acquired entered into such line of business as part of the plan of reorganization. Prior to the Reorganization, at least 34% of Acquired's portfolio assets met the investment objectives, strategies, policies, risks, and restrictions of Acquiring and Acquiring could hold Acquired's historic assets. Acquiring and Acquired have identical investment objectives. On the date of the Reorganization, Acquiring had no plan or intention to change any of its investment objectives, strategies, policies, risks, and restrictions after the Reorganization.

16. Following the Reorganization, Acquiring will continue the historic business of Acquired and use a significant portion of Acquired's historic business assets in the continuing business. Historic business assets are those of Acquired acquired by it in the ordinary course of its business and not in contemplation of, or as part of the Reorganization.

17. The liabilities of Acquired assumed by Acquiring and any liabilities to which the transferred assets of Acquired are subject were incurred by Acquired in the ordinary course of its business.

18. Except as provided in the Registration Statement, Acquired, Acquiring, and the shareholders of Acquired will pay their respective expenses, if any, incurred in connection with the Reorganization.

19. There is no intercorporate indebtedness existing between Acquiring and Acquired that was issued, acquired, or will be settled at discount.

20. Neither Acquired nor Acquiring is under the jurisdiction of a court in a Title 11 or similar case within the meaning of section 368(a)(3)(A) of the Code.

21. Acquiring and Acquired each meets the requirements of a regulated investment company ("RIC") under section 368(a)(2)(F) of the Code.

22. The adjusted basis and fair market value of the assets of Acquired transferred to Acquiring will equal or exceed the sum of the liabilities to be assumed by Acquiring, plus the amount of the liabilities, if any, to which the transferred assets are subject.

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23. None of the compensation, if any, to be received by any shareholder-service provider of Acquired in respect of services or in respect of refraining from the performance of services will be separate consideration for, or allocable to, any of his or her Acquired shares. None of the Acquiring Shares to be received by any shareholder-service provider of Acquired will be separate consideration for, or allocable to, any employment agreement, consulting agreement, covenant not to compete, or similar arrangement. Any compensation to be paid to any shareholder-service provider of Acquired will be for services actually rendered and will be commensurate with amounts paid to third parties bargaining at arm's length for similar services and has been bargained for independent of the negotiations regarding the consideration to be issued in exchange for Acquired shares in the Reorganization.

24. Acquired and Acquiring have each elected to be taxed as a RIC under section 851 of the Code, and for all of their taxable periods (including Acquired's last short taxable period ending on the Effective Date), have qualified for the special tax treatment afforded RICs under the Code. After the Reorganization, Acquiring intends to continue to so qualify.

25. There is no plan or intention for Acquiring (the issuing corporation as defined in Treasury Regulation section 1.368-1(b)) or any person related (as defined in section 1.368-1(e)(3)) to Acquiring, to acquire during the five-year period beginning on the date of the Reorganization, with consideration other than Acquiring stock, Acquiring stock furnished in exchange for a proprietary interest in Acquired in the Reorganization, either directly or through any transaction, agreement, or arrangement with any other person.

26. During the five-year period ending on the Effective Date of the Reorganization: (i) neither Acquiring, nor any person related (as defined in section 1.368-1(e)(4)) to Acquiring, will have acquired Acquired stock with consideration other than Acquiring Shares, (ii) neither Acquired nor any person related (as defined in section 1.368-1(e)(4)) without regard to section 1.368-1(e)(4)(i)(A)) to Acquired, will have acquired Acquired stock with consideration other than Acquiring Shares or Acquired stock, and (iii) no distributions will have been made with respect to Acquired stock (other than ordinary, normal, regular dividend distributions made pursuant to Acquired's historic dividend paying practice), either directly or through any transaction, agreement, or arrangement with any other person, except for (a) cash paid to dissenters, and (b) distributions described in Code sections 852 and 4982, as required for Acquired's tax treatment as a RIC or to avoid Federal excise tax.

27. The aggregate value of the acquisitions, redemptions, and distributions described in the two immediately preceding paragraphs will not exceed 50 percent of the value (without giving effect to the acquisitions, redemptions, and distributions) of the proprietary interest in Acquired on the Effective Date.

In reliance on the information provided in the Registration Statement and the representations set forth above, I am of the opinion that:

1. The acquisition of all of the assets and liabilities of Acquired by Acquiring solely in exchange for Acquiring Shares, followed by distribution of those Acquiring Shares to shareholders of Acquired in complete liquidation of Acquired, will constitute a reorganization within the meaning of section 368(a)(1)(C) of the Code. Each of Acquiring and Acquired will be a "party to a reorganization" within the meaning of section 368(b) of the Code.

2. Shareholders of Acquired will recognize no gain or loss as a consequence of the surrender of their shares of Acquired solely in exchange for Acquiring Shares pursuant to the Reorganization. (Code Section 354).

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3. The aggregate tax basis and holding period of Acquiring Shares received solely in exchange for shares of Acquired will be the same as the aggregate tax basis and the holding period of the shares of Acquired exchanged therefor provided such shares were held as a capital asset on the Effective Date. (Code Sections 358 and 1223(1)).

4. Acquired will recognize no gain or loss on the transfer of all of its assets to Acquiring solely in exchange for Acquiring Shares and the assumption of all of Acquired's liabilities by Acquiring and Acquired will not recognize gain or loss upon the distribution to its shareholders of all of the Acquiring Shares in complete liquidation of Acquired. (Code Sections 357(a) and 361).

5. The tax basis of the assets of Acquired in the hands of Acquiring will be the same as the tax basis of those assets in the hands of Acquired immediately prior to the Effective Date. (Code Section 362(b)).

6. The holding period of the assets of Acquired received by Acquiring will include the period during which such assets were held by Acquired. (Code Section 1223(2)).

7. No gain or loss will be recognized by Acquiring upon the receipt of Acquired's assets solely in exchange for the Acquiring Shares and the assumption by Acquiring of all liabilities of Acquired. (Code Section 1032).

8. Pursuant to Code Section 381(a) and Treasury Regulations thereunder, Acquiring will succeed to and take into account the items of Acquired described in Code Section 381(c).

The foregoing opinions are based on the Code, Treasury Regulations issued thereunder, published administrative, interpretations thereof and judicial decisions with respect thereto, all as of the date hereof (collectively the "Tax Law"), including the requirements of section 10.37 of Circular 230. No assurance can be given that the Tax Laws will not change.

I hereby consent to the use of this letter as an Exhibit to, and reference to it in, any statement to shareholders.

Sincerely yours,

/s/ Jared Yepsen

Jared Yepsen

Assistant Tax Counsel to

PFI – MidCap Fund

## Exhibit 99.12

![principallogo1.jpg](principallogo1.jpg)

September 19, 2025

Board of Directors

PFI – MidCap Growth Fund III

711 High Street

Des Moines, IA 50392

RE: Acquisition of PFI – MidCap Growth Fund III <br> By PFI – MidCap Fund

To the Board of Directors

PFI – MidCap Fund, a separate series of Principal Funds, Inc. ("PFI"), a Maryland corporation ("Acquiring"), acquired all of the assets and assumed all of the liabilities of PFI – MidCap Growth Fund III, a Maryland corporation ("Acquired"), in a transaction ("the Reorganization") described in a Form N-14 Registration Statement, File Number 333-288242 filed with the United States Securities and Exchange Commission (the "Registration Statement") on or about February 3, 2025. You have asked for an opinion concerning the Federal income tax consequences of the completed transaction which occurred on or about June 24, 2025.

Continuously since its formation, Acquiring has qualified as a regulated investment company for purposes of Subchapter M of the United States Internal Revenue Code of 1986, as amended (the "Code"), and has elected to be taxed as such.

Continuously since its formation, Acquired has qualified as a regulated investment company for purposes of Subchapter M of the United States Internal Revenue Code of 1986, as amended (the "Code"), and has elected to be taxed as such.

Acquiring and Acquired are each an open-end management company registered with the Securities and Exchange Commission and various states.

Acquiring and Acquired, where applicable, have made the following representations to the undersigned:

1. On the effective date of the Reorganization ("the Effective Date"), Acquired will transfer and deliver to Acquiring all of the assets of Acquired. In consideration thereof, Acquiring will assume all of Acquired's liabilities and issue and deliver to Acquired the number of full and fractional shares of each corresponding class of shares of Acquiring ("Acquiring Shares") attributable to each corresponding class of shares of Acquired as set forth in the Plan of Acquisition. Acquired will immediately thereafter completely liquidate and dissolve, distributing the same class of Acquiring Shares to Acquired shareholders equal in value to the shares surrendered in the exchange, in retirement of their Acquired shares. Each holder of shares of Acquired will, as a result of the Reorganization, own shares of Acquiring of the same class and of equal value to the shares of Acquired held by such holder immediately prior to the Reorganization.

2. The business purpose of the Reorganization will be as set forth in the Registration Statement.

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3. The facts relating to the Reorganization, as described in the Agreement and Plan of Reorganization, as such document may be amended, ("the Plan"), and the representations of Acquiring and Acquired contained in the Plan are true, correct, and complete. No changes are being made to Acquired's Investment Objectives or non-fundamental restrictions.

4. In the Reorganization, Acquiring will acquire all of the assets of Acquired solely in exchange for Acquiring Shares and Acquiring's assumption of all liabilities of the Acquired.

5. Acquiring will not assume Acquired's obligation to pay and will not pay any dividends or distributions on Acquired's shares.

6. The fair market value of the Acquiring Shares received by each Acquired shareholder will be approximately equal to the fair market value of the Acquired stock surrendered in the exchange.

7. A number of full and fractional Acquiring Shares equal in value to the aggregate net value of Acquired's assets transferred to Acquiring, will be issued to Acquired in exchange for such assets.

8. No cash or property, other than Acquiring Shares, will be directly or indirectly transferred to Acquired or distributed by Acquired to its shareholders pursuant to the Reorganization.

9. Acquiring will acquire at least 90% of the fair market value of the net assets and at least 70% of the fair market value of the gross assets held by Acquired immediately prior to the Reorganization. For purposes of this representation, amounts paid by Acquired to dissenters, amounts used by Acquired to pay its reorganization expenses, amounts paid by Acquired to shareholders who receive cash or other property, and all redemptions and distributions (except for regular, normal dividends) made by Acquired immediately preceding the transfer will be included as assets of Acquired held immediately prior to the Reorganization.

10. Acquiring has no plan or intention to reacquire any of its stock issued in the Reorganization, except in connection with its legal obligations under Section 22(e) of the Investment Companies Act of 1940.

11. To the best of Acquiring's and Acquired's knowledge, there is no plan or intention by the shareholders of Acquired who own 5 percent or more of Acquired, and there is no plan or intention on the part of the remaining shareholders of Acquired, to sell, exchange, redeem or otherwise dispose of a number of Acquiring Shares received in the Reorganization that would reduce Acquired's shareholders' ownership of Acquiring's shares to a number of shares having a value, as of the Effective Date, of less than 50 percent of the value of all of the formerly outstanding shares of Acquired as of the same date. For purposes of this representation, shares of Acquired exchanged for cash or other property or exchanged for cash in lieu of fractional shares of Acquiring will be treated as outstanding Acquired shares on the Effective Date. Moreover, shares of Acquired and shares of Acquiring that were held by Acquired shareholders and that are otherwise sold, redeemed, or disposed of prior to or subsequent to the Reorganization will be considered in making this representation.

12. To the best of Acquiring's and Acquired's knowledge, any sales, exchanges, redemptions, or otherwise undertaken by Acquired shareholders of Acquired shares prior to the Effective Date of the Reorganization were not made in connection with the Reorganization and the Reorganization was not contingent upon such sales, exchanges, or redemptions.

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13. Immediately following the Effective Date, the former shareholders of Acquired will own, in the aggregate, less than 50 percent of the total combined voting power of all classes of shares of Acquiring entitled to vote, and less than 50 percent of the total value of all classes of shares of Acquiring.

14. After the Reorganization, Acquiring will use the assets acquired from Acquired in its business, except that these assets may be sold or otherwise disposed of in the ordinary course of Acquiring's business as an investment company (i.e., dispositions resulting only from investment decisions made on the basis of investment considerations arising after and independent of the Reorganization). Any proceeds will be invested in accordance with Acquiring's investment objectives. Acquiring has no plan or intention to sell or otherwise dispose of any of the assets of Acquired acquired in the Reorganization, except for dispositions made in the ordinary course of its business.

15. Acquiring is in the same line of business as Acquired preceding the Reorganization for purposes of § 1.368-1(d)(2). Following the Reorganization, Acquiring has no plan or intention to change it line of business. Neither Acquiring nor Acquired entered into such line of business as part of the plan of reorganization. Prior to the Reorganization, at least 34% of Acquired's portfolio assets met the investment objectives, strategies, policies, risks, and restrictions of Acquiring and Acquiring could hold Acquired's historic assets. Acquiring and Acquired have identical investment objectives. On the date of the Reorganization, Acquiring had no plan or intention to change any of its investment objectives, strategies, policies, risks, and restrictions after the Reorganization.

16. Following the Reorganization, Acquiring will continue the historic business of Acquired and use a significant portion of Acquired's historic business assets in the continuing business. Historic business assets are those of Acquired acquired by it in the ordinary course of its business and not in contemplation of, or as part of the Reorganization.

17. The liabilities of Acquired assumed by Acquiring and any liabilities to which the transferred assets of Acquired are subject were incurred by Acquired in the ordinary course of its business.

18. Except as provided in the Registration Statement, Acquired, Acquiring, and the shareholders of Acquired will pay their respective expenses, if any, incurred in connection with the Reorganization.

19. There is no intercorporate indebtedness existing between Acquiring and Acquired that was issued, acquired, or will be settled at discount.

20. Neither Acquired nor Acquiring is under the jurisdiction of a court in a Title 11 or similar case within the meaning of section 368(a)(3)(A) of the Code.

21. Acquiring and Acquired each meets the requirements of a regulated investment company ("RIC") under section 368(a)(2)(F) of the Code.

22. The adjusted basis and fair market value of the assets of Acquired transferred to Acquiring will equal or exceed the sum of the liabilities to be assumed by Acquiring, plus the amount of the liabilities, if any, to which the transferred assets are subject.

------

23. None of the compensation, if any, to be received by any shareholder-service provider of Acquired in respect of services or in respect of refraining from the performance of services will be separate consideration for, or allocable to, any of his or her Acquired shares. None of the Acquiring Shares to be received by any shareholder-service provider of Acquired will be separate consideration for, or allocable to, any employment agreement, consulting agreement, covenant not to compete, or similar arrangement. Any compensation to be paid to any shareholder-service provider of Acquired will be for services actually rendered and will be commensurate with amounts paid to third parties bargaining at arm's length for similar services and has been bargained for independent of the negotiations regarding the consideration to be issued in exchange for Acquired shares in the Reorganization.

24. Acquired and Acquiring have each elected to be taxed as a RIC under section 851 of the Code, and for all of their taxable periods (including Acquired's last short taxable period ending on the Effective Date), have qualified for the special tax treatment afforded RICs under the Code. After the Reorganization, Acquiring intends to continue to so qualify.

25. There is no plan or intention for Acquiring (the issuing corporation as defined in Treasury Regulation section 1.368-1(b)) or any person related (as defined in section 1.368-1(e)(3)) to Acquiring, to acquire during the five-year period beginning on the date of the Reorganization, with consideration other than Acquiring stock, Acquiring stock furnished in exchange for a proprietary interest in Acquired in the Reorganization, either directly or through any transaction, agreement, or arrangement with any other person.

26. During the five-year period ending on the Effective Date of the Reorganization: (i) neither Acquiring, nor any person related (as defined in section 1.368-1(e)(4)) to Acquiring, will have acquired Acquired stock with consideration other than Acquiring Shares, (ii) neither Acquired nor any person related (as defined in section 1.368-1(e)(4)) without regard to section 1.368-1(e)(4)(i)(A)) to Acquired, will have acquired Acquired stock with consideration other than Acquiring Shares or Acquired stock, and (iii) no distributions will have been made with respect to Acquired stock (other than ordinary, normal, regular dividend distributions made pursuant to Acquired's historic dividend paying practice), either directly or through any transaction, agreement, or arrangement with any other person, except for (a) cash paid to dissenters, and (b) distributions described in Code sections 852 and 4982, as required for Acquired's tax treatment as a RIC or to avoid Federal excise tax.

27. The aggregate value of the acquisitions, redemptions, and distributions described in the two immediately preceding paragraphs will not exceed 50 percent of the value (without giving effect to the acquisitions, redemptions, and distributions) of the proprietary interest in Acquired on the Effective Date.

In reliance on the information provided in the Registration Statement and the representations set forth above, I am of the opinion that:

1. The acquisition of all of the assets and liabilities of Acquired by Acquiring solely in exchange for Acquiring Shares, followed by distribution of those Acquiring Shares to shareholders of Acquired in complete liquidation of Acquired, will constitute a reorganization within the meaning of section 368(a)(1)(C) of the Code. Each of Acquiring and Acquired will be a "party to a reorganization" within the meaning of section 368(b) of the Code.

2. Shareholders of Acquired will recognize no gain or loss as a consequence of the surrender of their shares of Acquired solely in exchange for Acquiring Shares pursuant to the Reorganization. (Code Section 354).

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3. The aggregate tax basis and holding period of Acquiring Shares received solely in exchange for shares of Acquired will be the same as the aggregate tax basis and the holding period of the shares of Acquired exchanged therefor provided such shares were held as a capital asset on the Effective Date. (Code Sections 358 and 1223(1)).

4. Acquired will recognize no gain or loss on the transfer of all of its assets to Acquiring solely in exchange for Acquiring Shares and the assumption of all of Acquired's liabilities by Acquiring and Acquired will not recognize gain or loss upon the distribution to its shareholders of all of the Acquiring Shares in complete liquidation of Acquired. (Code Sections 357(a) and 361).

5. The tax basis of the assets of Acquired in the hands of Acquiring will be the same as the tax basis of those assets in the hands of Acquired immediately prior to the Effective Date. (Code Section 362(b)).

6. The holding period of the assets of Acquired received by Acquiring will include the period during which such assets were held by Acquired. (Code Section 1223(2)).

7. No gain or loss will be recognized by Acquiring upon the receipt of Acquired's assets solely in exchange for the Acquiring Shares and the assumption by Acquiring of all liabilities of Acquired. (Code Section 1032).

8. Pursuant to Code Section 381(a) and Treasury Regulations thereunder, Acquiring will succeed to and take into account the items of Acquired described in Code Section 381(c).

The foregoing opinions are based on the Code, Treasury Regulations issued thereunder, published administrative, interpretations thereof and judicial decisions with respect thereto, all as of the date hereof (collectively the "Tax Law"), including the requirements of section 10.37 of Circular 230. No assurance can be given that the Tax Laws will not change.

I hereby consent to the use of this letter as an Exhibit to, and reference to it in, any statement to shareholders.

Sincerely yours,

/s/ Calvin Eib

Calvin Eib

Assistant Tax Counsel to

PFI – MidCap Growth Fund III