PMRJX

Principal Government & High Quality Bond Fund

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Prospectus

    Principal Government & High Quality Bond Fund

    Fund details

    as of 10/28/2024 unless indicated otherwise
    Fund ticker
    PMRJX
    CUSIP
    742553514
    Benchmark
    Bloomberg U.S. Agency Fixed Rate MBS Index
    Extended performance inception date
    05/04/1984
    NAV
    $8.93
    Total fund assets
    $700.7M
    Dividend frequency
    Daily
    Minimum investment
    $1,000.00
    Inception date
    12/15/2008
    Morningstar category
    Intermediate Government
    Investment approach
    The investment seeks a high level of current income consistent with safety and liquidity. The fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in debt securities issued by the U.S. government, its agencies or instrumentalities or debt securities that are rated, at the time of purchase, AAA by S&P Global or Aaa by Moody's, including but not limited to ABS, mortgage securities such as agency and non-agency collateralized mortgage obligations, and other obligations that are secured by mortgages or mortgage-backed securities.

    Performance & expenses

    As of 09/30/2024
    Name 1 month 3 month YTD 1-year 3-year 5-year 10-year Since inception Overall
    Excluding sales charge 1.08% 5.47% 4.16% 12.08% -1.83% -0.68% 0.69% 5.12% —
    Including sales charge 0.08% 4.47% 3.16% 11.08% -1.83% -0.68% 0.69% 5.12% —
    Benchmark performance
    Bloomberg U.S. Agency Fixed Rate MBS Index
    		 1.19% 5.53% 4.50% 12.32% -1.20% 0.04% 1.41% — —
    Morningstar category average
    Intermediate Government
    		1.13% 4.78% 4.19% 10.40% -1.40% -0.07% 1.07% — —
    Morningstar percentile rankings — — — 13 76 91 84 — —
    # of funds in category 242 242 241 239 228 217 179 — 228
    Morningstar rating — — — — —
    30 Day SEC yield
    Unsubsidized as of 09/30/2024
    3.08%
    30 Day SEC yield
    Subsidized as of 09/30/2024
    3.09%
    Returns represent past performance and do not guarantee future results. Share price, principal value, and return will vary and you may have a gain or loss when shares are sold. Current performance may be lower or higher than quoted.
    Returns shown for periods of less than one year are not annualized.
    Index performance information: no deductions for fees, expenses or taxes. Indices are unmanaged and individuals cannot invest directly in an index.

    Holdings

    Top 10

    as of 09/30/2024
    % of Assets
    % of Assets
    1. Fannie Mae or Freddie Mac
    6.55%
    2. Fannie Mae or Freddie Mac
    4.02%
    3. Fannie Mae or Freddie Mac
    3.93%
    4. Ginnie Mae II Pool
    3.30%
    5. Ginnie Mae II Pool
    2.95%
    6. Ginnie Mae II Pool
    2.03%
    7. Freddie Mac Pool
    2.01%
    8. Ginnie Mae II Pool
    1.98%
    9. Fannie Mae Pool
    1.98%
    10. Ginnie Mae II Pool
    1.89%
    The holdings listed do not constitute a recommendation to purchase or sell a particular security. Cash and/or derivative positions that are not part of the core investment strategy will not be reflected in the top holdings list.
    May not reflect current holdings or allocations.

    Portfolio characteristics

    Average effective maturity
    as of 09/30/2024
    6.13
    # of holdings
    as of 09/30/2024
    367
    Average weighted coupon
    as of 09/30/2024
    3.65%
    Average yield to maturity
    as of 09/30/2024
    4.34%
    Turnover ratio
    as of 04/30/2024
    188.80%
    Weighted avg duration
    as of 09/30/2024
    5.42
    Weighted avg life to worst
    as of 09/30/2024
    6.13
    Yield to worst
    as of 09/30/2024
    4.34%
    May not reflect current holdings or allocations.

    Portfolio management

    Bryan C. Davis, CFA
    33 years of experience
    Zach Gassmann, CFA
    19 years of experience

    Literature

    Investment materials

    Portfolio holdings

    Disclosures
    Principal Funds are distributed by Principal Funds Distributor, Inc. ALPS Distributors, Inc. is the distributor of the Principal ETFs. ALPS Distributors, Inc. and the Principal Funds are not affiliated.
    These calculated returns reflect the historical performance of the oldest share class of the Fund, adjusted to reflect the fees and expenses of the share class shown. Please see the Fund's prospectus for more information on specific expenses and see the Fund's most recent shareholder report for the actual date of first sale. Expenses are deducted from income earned by the Fund. As a result, dividends and investment results will differ for each share class.
    Fixed‐income investment options are subject to interest rate risk, and their value will decline as interest rates rise.
    The holdings listed do not constitute a recommendation to purchase or sell a particular security. Cash and/or derivative positions that are not part of the core investment strategy will not be reflected in the top holdings list.
    NOT FDIC INSURED - MAY LOSE VALUE - NO BANK GUARANTEE
    Morningstar percentile rankings are based on total returns and do not reflect the inclusion of sales charges. If sales charges were reflected, rankings could be lower.
    Performance assumes reinvestment of all dividends and capital gains.
    Principal Global Investors is the Investment Adviser of all funds included in the Principal Funds, Inc. Principal Funds are managed by Principal Global Investors, its boutique affiliates, and by many leading sub-advisors.
    To obtain a prospectus, download or call Customer Service at 1.800.222.5852. Carefully consider a fund’s objectives, risks, charges, and expenses. The prospectus, or summary prospectus if available, contains this and other information. Please read it carefully before investing.
    The Bloomberg US Mortgage Backed Securities (MBS) Index tracks fixed-rate agency mortgage backed pass-through securities guaranteed by Ginnie Mae (GNMA), Fannie Mae (FNMA), and Freddie Mac (FHLMC). The index is constructed by grouping individual TBA-deliverable MBS pools into aggregates or generics based on program, coupon and vintage. (Future Ticker: I00095US)
    © 2024 Morningstar, Inc. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete, or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.
    The Morningstar Medalist Rating™ is the summary expression of Morningstar’s forward-looking analysis of investment strategies as offered via specific vehicles using a rating scale of Gold, Silver, Bronze, Neutral, and Negative. The Medalist Ratings indicate which investments Morningstar believes are likely to outperform a relevant index or peer group average on a risk-adjusted basis over time. Investment products are evaluated on three key pillars (People, Parent, and Process) which, when coupled with a fee assessment, forms the basis for Morningstar’s conviction in those products’ investment merits and determines the Medalist Rating they’re assigned. Pillar ratings take the form of Low, Below Average, Average, Above Average, and High. Pillars may be evaluated via an analyst’s qualitative assessment (either directly to a vehicle the analyst covers or indirectly when the pillar ratings of a covered vehicle are mapped to a related uncovered vehicle) or using algorithmic techniques. Vehicles are sorted by their expected performance into rating groups defined by their Morningstar Category and their active or passive status. When analysts directly cover a vehicle, they assign the three pillar ratings based on their qualitative assessment, subject to the oversight of the Analyst Rating Committee, and monitor and reevaluate them at least every 14 months. When the vehicles are covered either indirectly by analysts or by algorithm, the ratings are assigned monthly. For more detailed information about these ratings, including their methodology, please go to https://shareholders.morningstar.com/investor-relations/governance/Compliance--Disclosure/default.aspx.
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