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Investment Type: pif

Inflation Protection R1 Fund (PISPX)

Quick Facts Ticker: PISPX Inception Date: 12/29/2004 Morningstar Category: Inflation-Protected Bond Total Net Assets (mil): $1,529.37	Investment Strategy    What's this? The investment seeks to provide current income and real (after inflation) total returns. The fund invests primarily in inflation-indexed bonds of varying maturities issued by the U.S. and non-U.S. governments, their agencies or instrumentalities, and U.S. and non-U.S. corporations. Under normal circumstances, the fund maintains an average portfolio duration that is within 20% of the duration of the Bloomberg U.S. Treasury Inflation Protected Securities ("TIPS") Index. The fund is not managed to a particular maturity.
Morningstar Style Box™   as of 02/29/2024    What's this?	Overall Morningstar Star Rating™   as of 03/31/2024    What's this? Out of 203 Inflation-Protected 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

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 % 0.57 -0.28 -0.28 -1.06 -1.70 1.20 0.91 0.80 Bloomberg US Treasury Tips Index % 0.82 -0.08 -0.08 0.45 -0.53 2.49 2.21 --- Inflation-Protected Bond Category % 0.60 0.19 0.19 1.10 -0.50 2.33 1.80 --- Morningstar Percentile Rankings** --- --- --- 85 88 90 94 --- # of Funds in Category 216 216 216 215 203 195 139 ---

* Inception Date: 12/29/2004

**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 03/31/2024 Total Investment Expense - Gross: 1.27% Total Investment Expense - Net: 1.27% 12b-1 Fee: 0.35%

Statistics   30-Day SEC Yield - Subsidized (Net) as of 03/31/2024: 7.43% 30-Day SEC Yield - Non-Subsidized (Gross) as of 03/31/2024: 7.43% Certain components of the fund's current yield are adjusted monthly based on changes in the rate of inflation. This can cause the yield to vary from one month to the next and may not be repeated.

Inv Manager or Sub-Advisor

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BlackRock Financial Mgmt, Inc.

Portfolio Managers

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David Rogal Since 06/17/2022 B.A. , Cornell University

Harrison Segall Since 03/01/2024 B.S. , University of Virginia

Johan Sjogren Since 03/18/2024 B.S. , University of St Andrews

© 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 Inflation Protection R1 Fund. 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

The Bloomberg US Treasury Tips Index measures the performance of rules-based, market value-weighted inflation-protected securities issued by the U.S. Treasury. It is a subset of the Global Inflation-Linked Index (Series-L). 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 and asset allocation investment options that invest in mortgage securities are subject to increased risk due to real estate exposure. Fixed-income investment options are subject to interest rate risk, and their value will decline as interest rates rise. Neither the principal of bond investment options nor their yields are guaranteed by the U.S. government.