Principal Spectrum Preferred and Capital Sec Income R4 Fd (PQARX)

Total Returns

Investment results shown represent historical performance and do not guarantee future results. Investment returns and principal values fluctuate with changes in interest rates and other market conditions so the value, when redeemed, may be worth more or less than original costs. Current performance may be lower or higher than the performance data shown.

In situations where the net and gross total investment expense figures are different, the mutual fund or the underlying fund in which a Separate Account invests has waived/capped a portion of its management fees through the date displayed in the waiver expiration date or contractual cap expiration date column. Differences may also be shown due to the fund family choosing to pay certain expenses that would normally be payable by the fund. Returns displayed are based on net total investment expense.

Month-End | Quarter-End

Average Annual Total Returns as of 03/31/2024

	1 Month	3 Month	YTD	1 Year	3 Year	5 Year	10 Year	Since Inception*
Total Return %	1.30	3.61	3.61	12.42	0.27	2.95	3.97	5.05
ICE BofA U.S. All Capital Securities Index %	1.02	4.54	4.54	12.57	0.34	3.43	4.63	---
Preferred Stock Category %	0.88	3.89	3.89	13.21	0.36	3.00	3.86	---
Morningstar Percentile Rankings**	---	---	---	61	51	58	52	---
# of Funds in Category	73	73	73	73	65	59	37	---

* Inception Date: 06/01/2004 ; Extended Performance Inception Date: 05/01/2002

**Morningstar percentile rankings are based on total returns.

Calendar Year Total Returns


	2023	2022	2021	2020	2019
Total Return %	6.26	-10.94	2.69	5.21	16.05
ICE BofA U.S. All Capital Securities Index %	9.29	-14.85	3.42	7.63	18.39
Preferred Stock Category % ⁺	9.70	-14.82	6.23	4.83	17.63
Morningstar Percentile Rankings^**,+	81	20	81	76	79
Morningstar Fixed Income Stylebox
# of Funds in Category⁺	72	68	67	63	66

⁺ Data displayed is the most current information available.

**Morningstar percentile rankings are based on total returns.

Expenses

as of 03/31/2024

Total Investment Expense - Gross:	1.08%
Total Investment Expense - Net:	1.08%
12b-1 Fee:	0.10%
Total Investment Expense Gross Per $1,000 Invested:	$10.80

Distribution History

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$ Per Share

Income dividends are paid monthly.

Daily Unit Value/Share Price Chart

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� 2024 Morningstar, Inc. All Rights Reserved. Part of the mutual fund data 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.

Returns shown for periods of less than one year are not annualized.

Insurance products and plan administrative services, if applicable, are provided by Principal Life Insurance Company. Principal Funds, Inc. is distributed by Principal Funds Distributor, Inc. Securities are offered through Principal Securities, Inc., 800-547-7754, member SIPC and/or independent broker/dealers. Securities sold by a Principal Securities Registered Representative are offered through Principal Securities. Principal Funds Distributor, Principal Securities and Principal Life are members of the Principal Financial Group�, Des Moines, IA 50392. Certain investment options may not be available in all states or U.S. commonwealths.

The full name of this investment option is Principal Funds, Inc. - Principal Spectrum Preferred and Capital Sec Income R4 Fd.

Investors should carefully consider a mutual fund's investment objectives, risks, charges, and expenses prior to investing. A prospectus, or summary prospectus if available, containing this and other information can be obtained by contacting a financial professional, visiting principal.com, or calling 1-800-547-7754. Read the prospectus carefully before investing.

Not FDIC Insured
May Lose Value - Not a Deposit - No Bank Guarantee
Not Insured by any Federal Government Agency

Fees and expenses are only one of several factors that participants and beneficiaries should consider when making investment decisions. The cumulative effect of fees and expenses can substantially reduce the growth of a participant's or beneficiary's retirement account. Participants and beneficiaries can visit the Employee Benefit Security Administration's website for an example demonstrating the long-term effect of fees and expenses.

ICE BofA U.S. All Capital Securities Index represents the all capital securities market.

These calculated returns reflect the historical performance of the oldest share class of the fund, adjusted to reflect a portion of the fees and expenses of this share class. For time periods prior to inception date of the fund, predecessor performance is reflected. Please see the fund's prospectus for more information on specific expenses, and the fund's most recent shareholder report for 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.

The risks associated with derivative investments include that the underlying security, interest rate, market index, or other financial asset will not move in the direction the Investment Adviser and/or Sub-Advisor anticipated, the possibility that there may be no liquid secondary market, the risk that adverse price movements in an instrument can result in a loss substantially greater than a fund's initial investment, the possibility that the counterparty may fail to perform its obligations; and the inability to close out certain hedged positions to avoid adverse tax consequences.

Fixed-income investment options are subject to interest rate risk, and their value will decline as interest rates rise. Risks of preferred securities differ from risks inherent in other investments. In particular, in a bankruptcy preferred securities are senior to common stock but subordinate to other corporate debt. Contingent capital securities (CoCos) may have substantially greater risk than other securities in times of financial stress. An issuer or regulators decision to write down, write off or convert a CoCo may result in complete loss on an investment.