# EDGAR Filing Document

**Accession Number:** 0000898745
**File Stem:** 0001752724-25-150701
**Filing Date:** 2025-6
**Character Count:** 17819
**Document Hash:** 26d9c1f12da56dbcb870c19e897c4b9e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-150701.hdr.sgml**: 20250623

**ACCESSION NUMBER**: 0001752724-25-150701

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250430

**FILED AS OF DATE**: 20250623

**DATE AS OF CHANGE**: 20250623

**PERIOD START**: 20251031

**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:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-07572
- **FILM NUMBER:** 251063748

**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

## Series and Classes Contracts Data

### Real Estate Securities Fund (Series ID: S000007212)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000019787 | R-3                 | PRERX           |
| C000019788 | R-5                 | PREPX           |
| C000019790 | Institutional Class | PIREX           |
| C000019791 | Class J             | PREJX           |
| C000019792 | Class A             | PRRAX           |
| C000038802 | Class C             | PRCEX           |
| C000175486 | R-6                 | PFRSX           |

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** Principal Funds, Inc

- **b. Investment Company Act file number:** 811-07572

- **c. CIK number of Registrant:** 0000898745

- **d. LEI of Registrant:** 549300HZGBXSW6DSXF23

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 801 Grand Ave

  - **City:** Des Moines

  - **State:** IA

  - **Foreign country:** US

  - **Zip / Postal Code:** 50309

  - **Telephone number:** 515-235-1719

**Item A.2. Information about the Series.**

- **a. Name of Series:** Real Estate Securities Fund

- **b. EDGAR series identifier (if any):** S000007212

- **c. LEI of Series:** 5493007VCVKAGWPVUY18

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2025-10-31

- **b. Date as of which information is reported:** 2025-04-30

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $6287568781.85

**Total Liabilities:** $5259410.42

**Net Assets:** $6282309371.43

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000019790 | 4.80%                | -1.98%               | -0.93%               |
| Class ID C000019788 | 4.79%                | -2.04%               | -0.94%               |
| Class ID C000019787 | 4.73%                | -2.02%               | -0.96%               |
| Class ID C000038802 | 4.68%                | -2.08%               | -1.02%               |
| Class ID C000175486 | 4.80%                | -2.00%               | -0.90%               |
| Class ID C000019792 | 4.76%                | -2.02%               | -0.97%               |
| Class ID C000019791 | 4.76%                | -2.00%               | -0.97%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-984859.87              | $296269556.36                              |
| Month 2  | $13904220.89             | $-180423159.85                             |
| Month 3  | $-34082536.16            | $-29374922.54                              |

### Schedule of Portfolio Investments

| Name                                               | Title                                              | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Essex Property Trust Inc                           | Essex Property Trust Inc                           | CUSIP: 297178105<br>LEI: 549300TR2H2VEFX0NC60 | Long             | EC               | CORP              | US        |    431875 | NS      | $120557906.25 | 1.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Iron Mountain Inc                                  | Iron Mountain Inc                                  | CUSIP: 46284V101<br>LEI: SQL3F6CKNNBM3SQGHX24 | Long             | EC               | CORP              | US        |    737206 | NS      | $66105262.02  | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Broadstone Net Lease Inc                           | Broadstone Net Lease Inc                           | CUSIP: 11135E203<br>LEI: 549300U8D7PT70B49V21 | Long             | EC               | CORP              | US        |   3543916 | NS      | $57340560.88  | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Cousins Properties Inc                             | Cousins Properties Inc                             | CUSIP: 222795502<br>LEI: 5493007XPYD5EJABN062 | Long             | EC               | CORP              | US        |   3691612 | NS      | $101666994.48 | 1.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Ventas Inc                                         | Ventas Inc                                         | CUSIP: 92276F100<br>LEI: ORQTRC074CWLT3DKHT41 | Long             | EC               | CORP              | US        |   5353550 | NS      | $375176784.00 | 5.97%             |  |  |  | No            |                  1 | On Loan: No      |
| National Health Investors Inc                      | National Health Investors Inc                      | CUSIP: 63633D104<br>LEI: 549300ZPKZIG6DKDEC02 | Long             | EC               | CORP              | US        |    841545 | NS      | $63679710.15  | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Weyerhaeuser Co                                    | Weyerhaeuser Co                                    | CUSIP: 962166104<br>LEI: 08IRJODWFYBI7QWRGS31 | Long             | EC               | CORP              | US        |   1706517 | NS      | $44215855.47  | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Saul Centers Inc                                   | Saul Centers Inc                                   | CUSIP: 804395101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    279987 | NS      | $9155574.90   | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| SBA Communications Corp                            | SBA Communications Corp                            | CUSIP: 78410G104<br>LEI: 5299001HX8ZN8Y8QIT49 | Long             | EC               | CORP              | US        |    880531 | NS      | $214321245.40 | 3.41%             |  |  |  | No            |                  1 | On Loan: No      |
| American Homes 4 Rent                              | American Homes 4 Rent                              | CUSIP: 02665T306<br>LEI: 549300ZJUO7A58PNUW40 | Long             | EC               | CORP              | US        |   4826151 | NS      | $180449785.89 | 2.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Invitation Homes Inc                               | Invitation Homes Inc                               | CUSIP: 46187W107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   6205457 | NS      | $212164574.83 | 3.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Equity Residential                                 | Equity Residential                                 | CUSIP: 29476L107<br>LEI: 5493008RACSH5EP3PI59 | Long             | EC               | CORP              | US        |   2204777 | NS      | $154907632.02 | 2.47%             |  |  |  | No            |                  1 | On Loan: No      |
| American Tower Corp                                | American Tower Corp                                | CUSIP: 03027X100<br>LEI: 5493006ORUSIL88JOE18 | Long             | EC               | CORP              | US        |   3063837 | NS      | $690619498.17 | 10.99%            |  |  |  | No            |                  1 | On Loan: No      |
| Regency Centers Corp                               | Regency Centers Corp                               | CUSIP: 758849103<br>LEI: 529900053A7X7FJ97S58 | Long             | EC               | CORP              | US        |   3066558 | NS      | $221344156.44 | 3.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Equinix Inc                                        | Equinix Inc                                        | CUSIP: 29444U700<br>LEI: 549300EVUN2BTLJ3GT74 | Long             | EC               | CORP              | US        |    566324 | NS      | $487463383.00 | 7.76%             |  |  |  | No            |                  1 | On Loan: No      |
| EastGroup Properties Inc                           | EastGroup Properties Inc                           | CUSIP: 277276101<br>LEI: 31TIGQQZC4P6JMHKSW85 | Long             | EC               | CORP              | US        |    368025 | NS      | $60142645.50  | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Sunstone Hotel Investors Inc                       | Sunstone Hotel Investors Inc                       | CUSIP: 867892101<br>LEI: 529900ZQ2V52V96ATF67 | Long             | EC               | CORP              | US        |   3633749 | NS      | $30305466.66  | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| American Healthcare REIT Inc                       | American Healthcare REIT Inc                       | CUSIP: 398182303<br>LEI: 2549004GGE2APGNT6O92 | Long             | EC               | CORP              | US        |   3514363 | NS      | $113443637.64 | 1.81%             |  |  |  | No            |                  1 | On Loan: No      |
| AvalonBay Communities Inc                          | AvalonBay Communities Inc                          | CUSIP: 053484101<br>LEI: K9G90K85RBWD2LAGQX17 | Long             | EC               | CORP              | US        |   1445751 | NS      | $303578794.98 | 4.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Healthpeak Properties Inc                          | Healthpeak Properties Inc                          | CUSIP: 42250P103<br>LEI: 254900M6MTMZM0I22L81 | Long             | EC               | CORP              | US        |   6447791 | NS      | $115028591.44 | 1.83%             |  |  |  | No            |                  1 | On Loan: No      |
| VICI Properties Inc                                | VICI Properties Inc                                | CUSIP: 925652109<br>LEI: 254900RKH6RY9KCJQH63 | Long             | EC               | CORP              | US        |   7159452 | NS      | $229245653.04 | 3.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Kilroy Realty Corp                                 | Kilroy Realty Corp                                 | CUSIP: 49427F108<br>LEI: 549300CXXI18B214UN80 | Long             | EC               | CORP              | US        |   1608462 | NS      | $50682637.62  | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Rexford Industrial Realty Inc                      | Rexford Industrial Realty Inc                      | CUSIP: 76169C100<br>LEI: 549300MSLO0DF0EMX355 | Long             | EC               | CORP              | US        |   3295370 | NS      | $109076747.00 | 1.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Simon Property Group Inc                           | Simon Property Group Inc                           | CUSIP: 828806109<br>LEI: 529900GQL5X8H7AO3T64 | Long             | EC               | CORP              | US        |    913223 | NS      | $143723035.74 | 2.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Principal Government Money Market Fund - Class R-6 | Principal Government Money Market Fund - Class R-6 | CUSIP: 74257B639<br>LEI: N/A                  | Long             | STIV             | RF                | US        |  88196668 | NS      | $88196667.62  | 1.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Gaming and Leisure Properties Inc                  | Gaming and Leisure Properties Inc                  | CUSIP: 36467J108<br>LEI: 5493006GWRDBCZYWTM57 | Long             | EC               | CORP              | US        |   2326958 | NS      | $111368209.88 | 1.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Welltower Inc                                      | Welltower Inc                                      | CUSIP: 95040Q104<br>LEI: 254900F33BIAR82QTA19 | Long             | EC               | CORP              | US        |   3200724 | NS      | $488398475.16 | 7.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Vornado Realty Trust                               | Vornado Realty Trust                               | CUSIP: 929042109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   1941563 | NS      | $68498342.64  | 1.09%             |  |  |  | No            |                  1 | On Loan: No      |
| InvenTrust Properties Corp                         | InvenTrust Properties Corp                         | CUSIP: 46124J201<br>LEI: 5493006BQYSOBYVUFA03 | Long             | EC               | CORP              | US        |   2095601 | NS      | $58383443.86  | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Extra Space Storage Inc                            | Extra Space Storage Inc                            | CUSIP: 30225T102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   1974655 | NS      | $289326450.60 | 4.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Equity LifeStyle Properties Inc                    | Equity LifeStyle Properties Inc                    | CUSIP: 29472R108<br>LEI: 529900PEQG66LENB6798 | Long             | EC               | CORP              | US        |   1631150 | NS      | $105665897.00 | 1.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Sabra Health Care REIT Inc                         | Sabra Health Care REIT Inc                         | CUSIP: 78573L106<br>LEI: 549300E3BC7GU7TAZ621 | Long             | EC               | CORP              | US        |   7101541 | NS      | $126762506.85 | 2.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Digital Realty Trust Inc                           | Digital Realty Trust Inc                           | CUSIP: 253868103<br>LEI: 549300HKCZ31D08NEI41 | Long             | EC               | CORP              | US        |   1279551 | NS      | $205419117.54 | 3.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Prologis Inc                                       | Prologis Inc                                       | CUSIP: 74340W103<br>LEI: 529900DFH19P073LZ636 | Long             | EC               | CORP              | US        |   3171024 | NS      | $324078652.80 | 5.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Ryman Hospitality Properties Inc                   | Ryman Hospitality Properties Inc                   | CUSIP: 78377T107<br>LEI: 529900GCCWW9SRMPJR11 | Long             | EC               | CORP              | US        |   1026419 | NS      | $90273551.05  | 1.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Americold Realty Trust Inc                         | Americold Realty Trust Inc                         | CUSIP: 03064D108<br>LEI: 894500O3S3W62PQPO460 | Long             | EC               | CORP              | US        |   5607296 | NS      | $108445104.64 | 1.73%             |  |  |  | No            |                  1 | On Loan: No      |
| NETSTREIT Corp                                     | NETSTREIT Corp                                     | CUSIP: 64119V303<br>LEI: 254900CJL0EDMEQ25Q84 | Long             | EC               | CORP              | US        |   3966290 | NS      | $64531538.30  | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-05-29

**Name of Applicant:** Principal Funds, Inc

**Signature:** Megan Hoffmann

**Name of Signer:** /s/ Megan Hoffmann

**Title:** Vice President and Controller