MidCap Value Fund I (J) (PVEJX)

Portfolio Composition

as of 02/29/2024

Asset Type	Net	Short	Long
U.S. Stocks	94.7%	0.0%	94.7%
Non-U.S. Stocks	3.98%	0.0%	3.98%
Cash	1.25%	0.4%	1.65%
U.S. Bonds	0.08%	0.0%	0.08%
Total	100.01%

Top 10 Holdings

as of 02/29/2024

What's this?

% of Net Assets

Principal Government Money Market R-6	1.72
Yum Brands Inc	1.34
Textron Inc	1.31
NNN REIT Inc	1.28
Packaging Corp of America	1.28
The Hartford Financial Services Group Inc	1.28
American Financial Group Inc	1.26
WR Berkley Corp	1.26
Leidos Holdings Inc	1.24
Willis Towers Watson PLC	1.21

Total*: 13.18

*Values may exceed 100% if both long and short positions are included in the portfolio

View Full Portfolio Holdings

Morningstar Style Box™

as of 02/29/2024

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Stock Sector Breakdown

as of 02/29/2024

What's this?

% of Net Assets

Cyclical

43.20

Basic Materials	4.87
Consumer Cyclical	15.69
Financial Svcs	15.67
Real Estate	6.97

Defensive

17.03

Consumer Defensive	5.02
Healthcare	9.07
Utilities	2.94

Sensitive

39.78

Comm Svcs	1.34
Energy	3.80
Industrials	21.35
Technology	13.29

Analysis

as of 02/29/2024

Average Market Cap (mil):	$15,985.25
Price/Earnings Ratio:	16.02
Price/Book Ratio:	2.32
Price/Cash Flow Ratio:	10.44
Turnover Ratio:	49.90%
# Stock Holdings:	711
# Bond Holdings:	0
# Other Holdings:	4
Total # of Holdings:	715

� 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.

Past performance is no guarantee of future results. Investment options are subject to investment risk. Shares or unit values will fluctuate and investments, when redeemed, may be worth more or less than their original cost.

Portfolio holdings are subject to change and companies referenced in this report may not currently be held. Information is current as of the creation of this piece. Keep in mind that portfolio holdings are subject to risk. Click here for a complete list of the most recent publicly available holdings.

The full name of this investment option is Principal MidCap Value Fund I (J).

Investors should carefully consider a 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 principalfunds.com, or calling 800-222-5852. Read the prospectus carefully before investing.

Principal Funds are distributed by Principal Funds Distributor, Inc.

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

Russell Midcap Value Index is a market-weighted total return index that measures the performance of companies within the Russell Midcap index having lower price-to-book ratios and lower forecasted growth values.

Small-cap and mid-cap investment options are subject to more fluctuation in value and may have additional risks than other investment options with stocks of larger, more stable companies.

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.

Small-cap and mid-cap stocks may have additional risks, including greater price volatility.

The manager of the Fund, Principal Global Investors, invests between 10% and 40% of the Fund's assets in common stocks in an attempt to match or exceed the performance of the Fund's benchmark index for performance.