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Form N-PX · fund registrantSEC filer no. 898745

PRINCIPAL FUNDS, INC.

fund voting report, part of Principal

Vote records reported
106,036year to 30 June 2026
Against management
8.4%8,644 of 102,856 marked votes
Say-on-pay support
90.5%for, of for + against + abstain
Shareholder-proposal support
32.2%for, of for + against + abstain
89.8% for6.2% against4.0% other8.4% against management103,664 votes

foragainstabstain, withhold or otheramber tick: the portion cast against management

For the year to 30 June 2026, PRINCIPAL FUNDS, INC. reported 106,036 vote records on Form N-PX. 8,644 of the 102,856 votes that were marked for or against management went against management: 8.4%, 2.2 percentage points above the median fund registrant (6.2%).

Weighted by the number of shares voted, the against-management share is 6.6%. The two figures differ when the votes against management fall on larger or smaller holdings than the rest.

On pay and on shareholder proposals: it voted for 90.5% of the section 14A say-on-pay items it reported (the median fund registrant: 91.6%) and it voted for 32.2% of the proposals put forward by security holders (the median fund registrant: 27.5%).

By category, votes against management were most frequent in SHAREHOLDER RIGHTS AND DEFENSES (24.7% of 364), COMPENSATION (14.4% of 6,549) and CORPORATE GOVERNANCE (9.6% of 8,936).

It reported 30.9 million shares out on loan at record dates, 0.11% of the shares it held or had lent across the meetings it reported. Shares on loan are not voted.

Compared with other filers

Each rate is defined once, in the methodology. The median is taken over 1,241 fund registrants with at least 25 vote records in the season.

year to 30 June 2026This filerMedian fund registrantAll filers pooled
Against-management share8.4%6.2%10.6%
Say-on-pay support rate90.5%91.6%86.0%
Shareholder-proposal support rate32.2%27.5%33.9%
Shares on loan, share of shares held0.11%0.00%3.12%
Largest families, year to 30 June 2026Against managementSay-on-pay supportShareholder-proposal support
Vanguard20.1%94.1%42.0%
BlackRock and iShares7.5%88.3%11.9%
Fidelity6.0%94.7%27.6%
Dimensional16.4%78.9%57.4%
State Street and SPDR16.9%77.1%50.4%

Votes by category

Filers choose one or more categories for each vote, so a vote can appear in more than one row. Category names are printed as Form N-PX defines them.

Category (as the form names it)VotesForAgainstAgainst managementSplit
DIRECTOR ELECTIONS65,00159,0162,5098.9%
SECTION 14A SAY-ON-PAY VOTES7,2696,1006429.6%
AUDIT-RELATED8,7508,655800.7%
INVESTMENT COMPANY MATTERS101000.0%
SHAREHOLDER RIGHTS AND DEFENSES3783135624.7%
EXTRAORDINARY TRANSACTIONS815741748.2%
CAPITAL STRUCTURE5,3475,1112254.7%
COMPENSATION6,6325,62096814.4%
CORPORATE GOVERNANCE9,1998,0151,0619.6%
ENVIRONMENT OR CLIMATE6041314732.5%
HUMAN RIGHTS OR HUMAN CAPITAL/WORKFORCE246931532.8%
DIVERSITY, EQUITY, AND INCLUSION285921932.1%
OTHER SOCIAL ISSUES8033254786.7%
OTHER3071721332.6%

By season

SeasonVote recordsAgainst managementSay-on-pay supportShareholder-proposal supportSplit
year to 30 June 2024128,4249.4%88.9%43.6%
year to 30 June 202570,6327.0%91.9%31.0%
year to 30 June 2026106,0368.4%90.5%32.2%

Say-on-pay votes against management

Counting one say-on-pay item per company meeting, PRINCIPAL FUNDS, INC. voted against management on 276 of the 2,592 it marked either way (10.6%) in the year to 30 June 2026. The 40 companies with the most reporting filers are listed.

A further 7 say-on-pay items were reported without a management mark and are left out of both sides of that fraction.

Shareholder proposals it supported

Of 685 proposals from security holders that could be told apart in the filings and on which it cast a vote, PRINCIPAL FUNDS, INC. voted for 199 (29.1%). The 40 at the companies with the most reporting filers are listed. Titles are the most common wording among filers; where a wording could name a person, the SEC category is printed instead.

CompanyMeetingProposal
NVIDIA Corporation24 Jun 2026Approval of a non-binding stockholder proposal requesting the replacement of supermajority voting...
Alphabet Inc.5 Jun 2026Shareholder proposal regarding equal shareholder voting
Tesla, Inc.6 Nov 2025A shareholder proposal to seek shareholder approval before adopting an amendment to the bylaws pursuant to...
Tesla, Inc.6 Nov 2025Declassify the Board of Directors
Tesla, Inc.6 Nov 2025Shareholder proposal: CORPORATE GOVERNANCE
McDonald's Corporation20 May 2026Advisory Vote on Shareholders' Right to Act by Written Consent.
QUALCOMM Incorporated17 Mar 2026Stockholder proposal entitled "Shareholder Ability to Call for a Special Meeting."
International Business Machines Corporation28 Apr 2026Stockholder Proposal Requesting a Right to Act by Written Consent
CATERPILLAR INC.10 Jun 2026Shareholder Proposal - Shareholder Right to Act by Written Consent
AT&T INC.14 May 2026Shareholder Right to Act by Written Consent
Wells Fargo & Company28 Apr 2026Require Independent Board Chair
Wells Fargo & Company28 Apr 2026Shareholder Proposal - Govern by Majority Vote.
Texas Instruments Incorporated16 Apr 2026Stockholder proposal to permit stockholders to act by written consent.
HONEYWELL INTERNATIONAL INC.22 May 2026Shareowner Proposal - Shareholder Right to Act by Written Consent.
Comcast Corporation10 Jun 2026Adopt policy to have an independent chair
PALANTIR TECHNOLOGIES INC.3 Jun 2026Stockholder proposal entitled "Political Spending Disclosure,"
Starbucks Corporation25 Mar 2026Shareholder proposal requesting supermajority shareholder voting requirements be replaced with majority...
LOCKHEED MARTIN CORPORATION12 May 2026Stockholder Proposal Requiring Independent Board Chairman
Micron Technology, Inc.15 Jan 2026Reduce Ownership Threshold for Shareholders to Call Special Meeting
Palo Alto Networks, Inc.9 Dec 2025To consider and vote upon a shareholder proposal, if properly presented at the Annual Meeting, regarding...
CVS Health Corporation14 May 2026Stockholder Proposal for Reducing the Threshold for Our Stockholder Right to Act By Written Consent.
Boston Scientific Corporation30 Apr 2026Stockholder proposal titled "Give Shareholders the Ability to Call for a Special Shareholder Meeting."
United Parcel Service, Inc.7 May 2026To take steps to reduce the voting power of UPS class A stock from 10 votes per share to one vote per share.
Target Corporation10 Jun 2026Require Independent Board Chair
The Cigna Group22 Apr 2026Shareholder Proposal - Shareholder Right to Act by Written Consent
Ecolab Inc.7 May 2026Vote on a stockholder proposal regarding an independent board chair policy
PayPal Holdings, Inc.19 May 2026Stockholder Proposal - Reduce Threshold to Call Special Meetings of Stockholders.
Kimberly-Clark Corporation14 May 2026Stockholder Proposal to Require Independent Board Chair
FedEx Corporation29 Sep 2025Stockholder proposal regarding independent board chairman.
L3Harris Technologies, Inc.11 May 2026Shareholder Proposal titled "Improve Shareholder Ability to Call for a Special Shareholder Meeting".
FORD MOTOR COMPANY14 May 2026A shareholder proposal relating to a request that the Board take steps to implement one vote per share for...
FORD MOTOR COMPANY14 May 2026A shareholder proposal relating to public disclosure by share class of voting results on matters subject...
Otis Worldwide Corporation27 May 2026Shareholder proposal regarding reporting on political contributions and expenditures
Dominion Energy, Inc.5 May 2026Shareholder Proposal Regarding a Policy for an Independent Chair
Marvell Technology, Inc.25 Jun 2026To consider and act on one stockholder proposal, entitled "Independent Board Chairman"
Snowflake Inc.29 Jun 2026To consider and vote on, if properly presented at the meeting, a non-binding stockholder proposal...
Yum! Brands, Inc.14 May 2026Shareholder Proposal to Reduce the Percentage of Shares Required to Call a Special Meeting.
General Mills, Inc.30 Sep 2025Shareholder Proposal - Adopt Policy to Separate the Board Chair and CEO Roles.
Prudential Financial, Inc.12 May 2026Shareholder proposal regarding an Independent Board Chairman.
AppLovin Corporation3 Jun 2026Stockholder proposal regarding disclosure of voting results by class of shares

Shares on loan

PRINCIPAL FUNDS, INC. reported 30.9 million shares on loan at record dates against 28.81 billion shares voted: 0.11% of the two together. Median fund registrant: 0.00%. Shares lent out at the record date cannot be voted by the lender, which is why Form N-PX asks for the figure. More on lending and votes.

Fund series in this filing

31 series reported votes. A vote record can list several series. Series with 500 or more vote records have their own page.

SeriesVote recordsAgainst managementSay-on-pay supportShareholder-proposal support
SmallCap Value Fund II13,50912.7%88.4%59.5%
International Equity Index Fund11,7037.7%not reported24.0%
LargeCap Value Fund III11,0067.1%92.1%31.9%
Global Multi-Strategy Fund9,7597.2%88.3%35.1%
SmallCap Growth Fund I9,74816.5%87.0%54.5%
MidCap Value Fund I9,0427.0%92.8%49.2%
Overseas Fund8,9137.6%87.5%20.4%
LargeCap S&P 500 Index Fund6,5915.0%92.8%25.0%
SmallCap S&P 600 Index Fund5,6267.0%92.5%71.4%
MidCap S&P 400 Index Fund4,1165.7%95.5%36.0%
Diversified Real Asset Fund2,8944.5%94.9%49.1%
Diversified International Fund1,7534.5%not reported46.2%
International Small Company Fund1,5697.0%not reported40.9%
Principal Capital Appreciation Fund1,3087.1%93.3%14.3%
Global Emerging Markets Fund1,20610.1%not reported85.7%
SmallCap Fund9986.9%98.0%28.6%
Global Real Estate Securities Fund8923.5%94.3%0.0%
Equity Income Fund8213.1%98.0%5.0%
Small-MidCap Dividend Income Fund7841.7%98.5%0.0%
LargeCap Growth Fund I7679.9%94.7%18.9%
International Equity Fund6872.1%not reportednot reported
MidCap Fund6576.3%98.0%18.2%
Global Listed Infrastructure Fund5836.7%100.0%23.5%
Blue Chip Fund4533.5%100.0%3.6%
Real Estate Securities Fund4331.4%94.9%not reported
MidCap Growth Fund III8716.1%90.0%not reported
Edge MidCap Fund454.4%not reportednot reported
Spectrum Preferred and Capital Securities Income Fund342.9%not reportednot reported
Multi-Sector Income Fund250.0%not reportednot reported
MidCap Growth Fund2240.9%not reportednot reported
Tax-Exempt Bond Fund50.0%not reportednot reported

The filings

These figures are read from the filer's own Form N-PX. If a vote on this page looks wrong, the filing is the record: a dispute about a filed vote is a matter for the filer, and an error in how this site read the filing is a matter for corrections.

Questions

How did PRINCIPAL FUNDS, INC. vote on executive pay?

In the year to 30 June 2026 PRINCIPAL FUNDS, INC. reported 6,742 votes in the category SECTION 14A SAY-ON-PAY VOTES that were cast for, against or abstain. 6,100 were for (90.5%), 642 against and 0 abstentions. Counting one item per company meeting, it voted against management on 276 of the 2,592 say-on-pay items it marked either way. A further 7 say-on-pay items were reported without a management mark and are not counted in that figure.

How often does PRINCIPAL FUNDS, INC. vote against management?

8.4% of the time in the year to 30 June 2026: 8,644 of the 102,856 votes it marked as for or against management. Form N-PX asks each filer to state, vote by vote, whether the vote was for or against management's recommendation; this figure counts those marks.

Did PRINCIPAL FUNDS, INC. support shareholder proposals on climate?

In the category ENVIRONMENT OR CLIMATE it reported 486 votes on proposals from security holders in the year to 30 June 2026 and voted for 14 of them (2.9%). Across every category it voted for 32.2% of security-holder proposals. Filers choose the category for each vote, so the same proposal can sit in different categories in different filings.

Is this the result of the meetings?

No. Form N-PX shows how this filer voted the shares it held. It does not show how other shareholders voted or whether a proposal was approved. Companies report certified results separately, on Form 8-K.

Where does the data come from?

From the Form N-PX filings of this filer on the SEC's EDGAR system, read as filed. The SEC does not verify the contents. Amended filings (N-PX/A) replace the filings they amend. Data on this page runs through 23 Sep 2026.

Provenance: SEC EDGAR, Form N-PX and N-PX/A filings by PRINCIPAL FUNDS, INC. (filer no. 898745), read as filed and not verified by the SEC. Amended filings replace the filings they amend. Filings read through 23 Sep 2026; page built 26 Sep 2026.