UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 13F Form 13F COVER PAGE Report for the Calendar Year or Quarter Ended: March 31, 2007 Check here if Amendment [ ]; Amendment Number: This Amendment (Check only one.): [ ] is a restatement. [ ] adds new holdings entries. Institutional Investment Manager Filing this Report: Name: Principal Financial Group, Inc. Address: 711 High Street Des Moines, Iowa 50392 13F File Number: 28-10106 The institutional investment manager filing this report and the person by whom it is signed hereby represent that the person signing the report is authorized to submit it, that all information contained herein is true, correct and complete, and that it is understood that all required items, statements, schedules, lists, and tables, are considered integral parts of this form. Person Signing this Report on Behalf of Reporting Manager: Name: Michael Roughton Title: Vice-President Phone: 515-248-3842 Signature, Place, and Date of Signing: Michael Roughton Des Moines, Iowa May 04, 2007 Report Type (Check only one.): [ ] 13F HOLDINGS REPORT. [ ] 13F NOTICE. [ X] 13F COMBINATION REPORT. List of Other Managers Reporting for this Manager: Form 13F File Number Name 28-11300 Spectrum Asset Management, Inc. 28-10449 Columbus Circle Investors 28-12454 Post Advisory Group, LLC FORM 13F SUMMARY PAGE Report Summary: Number of Other Included Managers: 4 Form13F Information Table Entry Total: 1944 Form13F Information Table Value Total: $26,747,072 (thousands) List of Other Included Managers: Provide a numbered list of the name(s) and Form 13F file number(s) of all institutional managers with respect to which this report is filed, other than the manager filing this report. No. 13F File Number Name 1 28-1549 Principal Global Investors, LLC 2 28-10400 Principal Real Estate Investors, LLC 3 28-793 Principal Life Insurance Co. 4 28-10107 Principal Financial Services, Inc. FORM 13F INFORMATION TABLE VALUE SHARES/ SH/ PUT/ INVSTMT OTHER VOTING AUTHORITY NAME OF ISSUER TITLE OF CLASS CUSIP (x$1000) PRN AMT PRN CALL DSCRETN MANAGERS SOLE SHARED NONE ------------------------------ ---------------- --------- -------- -------- --- ---- ------- ------------ -------- -------- -------- 3COM CORP COM 885535104 1238 316545 SH DEFINED 1,3,4 316545 0 0 3M CO COM 88579Y101 37543 491216 SH DEFINED 1,3,4 491216 0 0 4 KIDS ENTMT INC COM 350865101 597 31550 SH DEFINED 1,3,4 31550 0 0 99 CENTS ONLY STORES COM 65440K106 547 37131 SH DEFINED 1,3,4 37131 0 0 A D C TELECOMMUNICATIONS COM NEW 000886309 1220 72886 SH DEFINED 1,3,4 72886 0 0 A S V INC COM 001963107 754 49416 SH DEFINED 1,3,4 49416 0 0 AAR CORP COM 000361105 5101 185071 SH DEFINED 1,3,4 185071 0 0 AARON RENTS INC COM 002535201 3099 117233 SH DEFINED 1,3,4 117233 0 0 ABB LTD SPONSORED ADR 000375204 234 13633 SH DEFINED 1,3,4 13633 0 0 ABBEY NATL PLC GDR 7.375% PRF 002920809 6233 245800 SH DEFINED 3,4 245800 0 0 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