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Investment Type: pif

High Yield Inst Fund (PHYTX)

Quick Facts Ticker: PHYTX Inception Date: 07/28/1998 Extended Performance Inception Date: 04/08/1998 Morningstar Category: High Yield Bond Total Net Assets (mil): $6,616.33	Investment Strategy    What's this? The investment seeks to provide a high level of current income. Under normal circumstances, the fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in below investment grade bonds and bank loans (sometimes called "high yield" or "junk"), which are rated Ba1 or lower by Moody's Investors Service, Inc. ("Moody's") and BB+ or lower by S&P Global Ratings. It also invests in investment grade bank loans (also known as senior floating rate interests) and securities of foreign issuers.
Morningstar Style Box™   as of 10/31/2025    What's this?	Overall Morningstar Star Rating™   as of 11/30/2025    What's this? Out of 581 High Yield Bond Funds Morningstar's Star Ratings reflect risk adjusted performance and are derived from a weighted average of the performance figures associated with its three, five, and ten-year (if applicable) time periods.

Total Returns

Month-End | Quarter-End

Average Annual Total Returns as of 11/30/2025

1 Month 3 Month YTD 1 Year 3 Year 5 Year 10 Year Since      Inception* Total Return % 0.22 0.81 6.23 5.59 8.55 4.82 5.72 6.94 Bloomberg US High Yld 2% Issuer Capped Index % 0.58 1.56 8.01 7.55 9.63 4.78 6.19 --- High Yield Bond Category % 0.46 1.38 7.34 6.92 8.82 4.45 5.25 --- Morningstar Percentile Rankings** --- --- --- 89 65 35 25 --- # of Funds in Category 639 633 621 621 581 543 437 ---

* Inception Date: 07/28/1998 ; Extended Performance Inception Date: 04/08/1998

**Morningstar percentile rankings are based on total returns.

Expenses   as of 11/30/2025 Total Investment Expense - Gross: 0.60% Total Investment Expense - Net: 0.60% Contractual Cap Date: 02/28/2026 Total Investment Expense Gross Per $1,000 Invested: $6.00

Statistics   30-Day SEC Yield - Subsidized (Net) as of 11/30/2025: 6.74% 30-Day SEC Yield - Non-Subsidized (Gross) as of 11/30/2025: 6.73%

Inv Manager or Sub-Advisor

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Principal Global Investors

Portfolio Managers

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Mark P. Denkinger , CFA Since 05/04/2009 M.B.A. , University of Iowa

Darrin E. Smith , CFA Since 05/04/2009 M.B.A. , Drake University

Joshua Rank , CFA Since 06/12/2015 B.A. , Iowa State University