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Investment Type: pifretail

Global Multi-Strategy Fund (A) (PMSAX)

Quick Facts Ticker: PMSAX Inception Date: 10/24/2011 Morningstar Category: Multialternative Total Net Assets (mil): $2,407.93	Investment Strategy    What's this? The investment seeks to achieve long-term capital appreciation with an emphasis on positive total returns and managing volatility. The fund invests in a broad range of instruments including, but not limited to, equities, bonds, currencies, commodities, convertible securities, and bank loans. Under normal market conditions, it invests in securities of issuers located throughout the world, including the U.S., invests at least 30% of its net assets in foreign and emerging market securities, and holds investments tied economically to at least twenty countries.
Morningstar Style Box™   as of 10/31/2018    What's this?	Overall Morningstar Star Rating™   as of 11/30/2018    What's this? Out of 285 Multialternative 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

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. Where gross and net expense ratios differ, the investment adviser has contractually agreed to limit the investment option's expenses. Differences also may be due to the investment adviser's decision to pay (through the same dates) certain expenses that would normally be payable by the fund.

Month-End | Quarter-End

Average Annual Total Returns as of 11/30/2018

1 Month 3 Month YTD 1 Year 3 Year 5 Year 10 Year Since      Inception* Excluding Sales Charge % -0.37 -2.07 -3.04 -2.66 1.65 1.85 --- 2.55 Including Sales Charge % -4.06 -5.73 -6.70 -6.34 0.38 1.08 --- 2.00 Hedge Fund Research, Inc. Fund of Funds Composite Index % 0.34 -2.95 -1.80 -0.90 1.94 2.13 3.20 --- Multialternative Category % -0.10 -2.70 -2.50 -2.09 1.24 1.14 4.23 --- Morningstar Percentile Rankings** --- --- --- 62 44 26 --- --- # of Funds in Category 392 392 376 373 285 166 57 ---

* Inception Date: 10/24/2011

**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.

Expenses   as of 11/30/2018 Total Investment Expense - Gross: 2.56% Total Investment Expense - Net: 2.52% Waiver Date: 12/30/2019 Contractual Cap Date: 12/30/2019 Maximum Up-front Sales Charge: 3.75% Contingent Deferred Sales Charge: 1.00% 12b-1 Fee: 0.25%

Inv Manager or Sub-Advisor

   What's this?

AQR Capital Management, LLC

CNH Partners, LLC

Loomis Sayles & Company

LA Capital Management

Wellington Management Co, LLP

Finisterre Capital LLP

York Capital Management

Graham Capital Management

KLS Diversified Asset Mgmt LP

Sound Point Capital Management

Portfolio Managers

   What's this?

Kelly A. Grossman Since 10/24/2011 B.A. , University of Northern Iowa

Benjamin E. Rotenberg , CFA , CAIA Since 03/07/2014 B.A. , Pomona College

Marcus W. Dummer , CAIA Since 03/07/2014 M.B.A. , University of Utah

Jessica S. Bush , CFA Since 03/07/2014 B.A. , University of Michigan

Jake S. Anonson , CFA Since 03/07/2014 M.B.A. , Iowa State University

© 2018 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. The full name of this investment option is Principal Global Multi-Strategy Fund (A). 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

The Hedge Fund Research, Inc. Fund of Funds Composite Index is an equal-weighted index composed of over 650 constituent fund of funds, including both domestic and offshore funds. 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. This fund utilizes alternative investment strategies such as arbitrage, leverage, derivatives, and shorting securities in addition to traditional investments. Investment risk may be magnified with the use of these alternative strategies. In addition, securities such as bonds, equities, commodities, international and emerging market securities, and currencies are used to implement the investment strategy. These investments are subject to risks associated with market and interest rate movements. The fund is considered non-diversified which may make it more susceptible to price volatility if the fund does not meet its objective. Due to the nature of the investment process, investors should not expect significant outperformance during market rallies. Additional risks are included in the funds prospectus. It is possible to lose money when investing in the fund.