-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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MIC-Info: RSA-MD5,RSA,
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<SEC-DOCUMENT>0001393725-10-000040.txt : 20100205
<SEC-HEADER>0001393725-10-000040.hdr.sgml : 20100205
<ACCEPTANCE-DATETIME>20100205144611
ACCESSION NUMBER:		0001393725-10-000040
CONFORMED SUBMISSION TYPE:	D/A
PUBLIC DOCUMENT COUNT:		1
ITEM INFORMATION:		Rule 506
ITEM INFORMATION:		Investment Company Act Section 3(c)
ITEM INFORMATION:		Section 3(c)(1)
FILED AS OF DATE:		20100205
DATE AS OF CHANGE:		20100205
EFFECTIVENESS DATE:		20100205

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Value Equity Fund, a series of Principal Global Investors Trust
		CENTRAL INDEX KEY:			0001381363
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		D/A
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	021-96615
		FILM NUMBER:		10577021

	BUSINESS ADDRESS:	
		STREET 1:		801 GRAND AVENUE
		CITY:			DES MOINES
		STATE:			IA
		ZIP:			50392
		BUSINESS PHONE:		1-800-533-1390

	MAIL ADDRESS:	
		STREET 1:		801 GRAND AVENUE
		CITY:			DES MOINES
		STATE:			IA
		ZIP:			50392

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	VALUE EQUITY FUND
		DATE OF NAME CHANGE:	20061117
</SEC-HEADER>
<DOCUMENT>
<TYPE>D/A
<SEQUENCE>1
<FILENAME>primary_doc.xml
<TEXT>
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<?xml version="1.0"?>
<edgarSubmission>

    <schemaVersion>X0603</schemaVersion>

    <submissionType>D/A</submissionType>

    <testOrLive>LIVE</testOrLive>

    <primaryIssuer>
        <cik>0001381363</cik>
        <entityName>Value Equity Fund, a series of Principal Global Investors Trust</entityName>
        <issuerAddress>
            <street1>801 GRAND AVENUE</street1>
            <city>DES MOINES</city>
            <stateOrCountry>IA</stateOrCountry>
            <zipCode>50392</zipCode>
        </issuerAddress>
        <issuerPhoneNumber>1-800-533-1390</issuerPhoneNumber>
        <jurisdictionOfInc>DELAWARE</jurisdictionOfInc>
        <edgarPreviousNameList>
            <previousName>VALUE EQUITY FUND</previousName>
        </edgarPreviousNameList>
        <entityType>Business Trust</entityType>
        <yearOfInc>
            <overFiveYears>true</overFiveYears>
        </yearOfInc>
    </primaryIssuer>

    <relatedPersonsList>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Randall</firstName>
                <middleName>Craig</middleName>
                <lastName>Mundt</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>801 Grand Avenue</street1>
                <city>Des Moines</city>
                <stateOrCountry>IA</stateOrCountry>
                <zipCode>50392</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Director of Principal Global Investors, the Investment Manager of the Issuer</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>James</firstName>
                <middleName>Patrick</middleName>
                <lastName>McCaughan</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>801 Grand Avenue</street1>
                <city>Des Moines</city>
                <stateOrCountry>IA</stateOrCountry>
                <zipCode>50392</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Executive Officer of Principal Global Investors, the Investment Manager of the Issuer</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Larry</firstName>
                <middleName>Donald</middleName>
                <lastName>Zimpleman</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>801 Grand Avenue</street1>
                <city>Des Moines</city>
                <stateOrCountry>IA</stateOrCountry>
                <zipCode>50392</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Director of Principal Global Investors, the Investment Manager of the Issuer</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Karen</firstName>
                <middleName>Elizabeth</middleName>
                <lastName>Shaff</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>801 Grand Avenue</street1>
                <city>Des Moines</city>
                <stateOrCountry>IA</stateOrCountry>
                <zipCode>50392</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Director of Principal Global Investors, the Investment Manager of the Issuer</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Patrick</firstName>
                <middleName>Gregory</middleName>
                <lastName>Halter</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>801 Grand Avenue</street1>
                <city>Des Moines</city>
                <stateOrCountry>IA</stateOrCountry>
                <zipCode>50392</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Director of Principal Global Investors, the Investment Manager of the Issuer</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>David</firstName>
                <middleName>Michael</middleName>
                <lastName>BlaKe</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>801 Grand Avenue</street1>
                <city>Des Moines</city>
                <stateOrCountry>IA</stateOrCountry>
                <zipCode>50392</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Director of Principal Global Investors, the Investment Manager of the Issuer</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Timothy</firstName>
                <middleName>Mark</middleName>
                <lastName>Dunbar</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>801 Grand Avenue</street1>
                <city>Des Moines</city>
                <stateOrCountry>IA</stateOrCountry>
                <zipCode>50392</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Director of Principal Global Investors, the Investment Manager of the Issuer</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Barbara</firstName>
                <lastName>McKenzie</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>801 Grand Avenue</street1>
                <city>Des Moines</city>
                <stateOrCountry>IA</stateOrCountry>
                <zipCode>50392</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Executive Officer and Director of Principal Global Investors, the Investment Manager of the Issuer</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Jill</firstName>
                <lastName>Hittner</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>801 Grand Avenue</street1>
                <city>Des Moines</city>
                <stateOrCountry>IA</stateOrCountry>
                <zipCode>50392</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Executive Officer and Director of Principal Global Investors, the Investment Manager of the Issuer</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Jeffrey</firstName>
                <lastName>Hiller</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>801 Grand Avenue</street1>
                <city>Des Moines</city>
                <stateOrCountry>IA</stateOrCountry>
                <zipCode>50392</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Executive Officer of Principal Global Investors, the Investment Manager of the Issuer</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Minoo</firstName>
                <lastName>Seraji-Spellerberg</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>801 Grand Avenue</street1>
                <city>Des Moines</city>
                <stateOrCountry>IA</stateOrCountry>
                <zipCode>50392</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Executive Officer of Principal Global Investors, the Investment Manager of the Issuer</relationshipClarification>
        </relatedPersonInfo>
    </relatedPersonsList>

    <offeringData>
        <industryGroup>
            <industryGroupType>Pooled Investment Fund</industryGroupType>
            <investmentFundInfo>
                <investmentFundType>Other Investment Fund</investmentFundType>
                <is40Act>false</is40Act>
            </investmentFundInfo>
        </industryGroup>
        <issuerSize>
            <aggregateNetAssetValueRange>Decline to Disclose</aggregateNetAssetValueRange>
        </issuerSize>
        <federalExemptionsExclusions>
            <item>06</item>
            <item>3C</item>
            <item>3C.1</item>
        </federalExemptionsExclusions>
        <typeOfFiling>
            <newOrAmendment>
                <isAmendment>true</isAmendment>
                <previousAccessionNumber>9999999997-08-011039</previousAccessionNumber>
            </newOrAmendment>
            <dateOfFirstSale>
                <value>1999-09-01</value>
            </dateOfFirstSale>
        </typeOfFiling>
        <durationOfOffering>
            <moreThanOneYear>true</moreThanOneYear>
        </durationOfOffering>
        <typesOfSecuritiesOffered>
            <isPooledInvestmentFundType>true</isPooledInvestmentFundType>
        </typesOfSecuritiesOffered>
        <businessCombinationTransaction>
            <isBusinessCombinationTransaction>false</isBusinessCombinationTransaction>
            <clarificationOfResponse></clarificationOfResponse>
        </businessCombinationTransaction>
        <minimumInvestmentAccepted>0</minimumInvestmentAccepted>
        <salesCompensationList>
            <recipient>
                <recipientName>Princor Financial Services Corporation</recipientName>
                <recipientCRDNumber>1137</recipientCRDNumber>
                <associatedBDName>None</associatedBDName>
                <associatedBDCRDNumber>None</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>680 8th Street</street1>
                    <city>Des Moines</city>
                    <stateOrCountry>IA</stateOrCountry>
                    <zipCode>50392-0200</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <value>All States</value>
                </statesOfSolicitationList>
            </recipient>
        </salesCompensationList>
        <offeringSalesAmounts>
            <totalOfferingAmount>Indefinite</totalOfferingAmount>
            <totalAmountSold>33650031</totalAmountSold>
            <totalRemaining>Indefinite</totalRemaining>
            <clarificationOfResponse></clarificationOfResponse>
        </offeringSalesAmounts>
        <investors>
            <hasNonAccreditedInvestors>false</hasNonAccreditedInvestors>
            <totalNumberAlreadyInvested>3</totalNumberAlreadyInvested>
        </investors>
        <salesCommissionsFindersFees>
            <salesCommissions>
                <dollarAmount>0</dollarAmount>
            </salesCommissions>
            <findersFees>
                <dollarAmount>0</dollarAmount>
            </findersFees>
            <clarificationOfResponse>Certain investors in this fund simultaneously invest in other funds within the same series trust.  In such instances commissions are accounted for under a single fund rather than distributed across all fund in which the investor participates.</clarificationOfResponse>
        </salesCommissionsFindersFees>
        <useOfProceeds>
            <grossProceedsUsed>
                <dollarAmount>0</dollarAmount>
                <isEstimate>true</isEstimate>
            </grossProceedsUsed>
            <clarificationOfResponse>Customary advisory fees are paid by the Issuer to the Investment Manager as provided for in the Issuer's offering materials.</clarificationOfResponse>
        </useOfProceeds>
        <signatureBlock>
            <authorizedRepresentative>false</authorizedRepresentative>
            <signature>
                <issuerName>Value Equity Fund, a series of Principal Global Investors Trust</issuerName>
                <signatureName>/s/ Jill Hittner</signatureName>
                <nameOfSigner>Jill Hittner</nameOfSigner>
                <signatureTitle>CFO the Investment Manager of the Issuer</signatureTitle>
                <signatureDate>2010-02-05</signatureDate>
            </signature>
        </signatureBlock>
    </offeringData>
</edgarSubmission>
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</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----