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Investment Type: pifretail

Diversified Income Fund (A) (PGBAX)

Class A | Class C | Class I

Quick Facts

Multisector Bond

Investment Strategy

   What's this?
The investment seeks income. The fund generally invests a majority of its assets in fixed income securities, such as investment-grade corporate bonds, high yield bonds (also known as "junk" bonds), preferred securities, commercial mortgage-backed securities, and emerging market debt securities, in an effort to provide incremental yields over a portfolio of government securities. It also invests in equity securities in an effort to provide incremental dividend yields and diversify fixed-income related risks.

Morningstar Style Box™

  as of 07/31/2022
   What's this?
Data Not Available

Overall Morningstar Star Rating™

  as of 08/31/2022
   What's this?

Out of 282 Multisector 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.

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 09/30/2022
1 Month3 MonthYTD1 Year3 Year5 Year10 YearSince     
Excluding Sales Charge % -4.10 -2.63 -13.84 -11.61 -1.00 0.57 3.11 7.23
Including Sales Charge % -7.67 -6.28 -17.06 -14.96 -2.24 -0.19 2.72 6.94
DI Blended Index (Linked) % --- --- --- --- --- --- --- ---
Multisector Bond Category % --- --- --- --- --- --- --- ---
Morningstar Percentile Rankings** --- --- --- --- --- --- --- ---
# of Funds in Category --- --- --- --- --- --- --- ---
**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.


  as of 09/30/2022
Total Investment Expense - Gross: 1.04%
Total Investment Expense - Net: 1.00%
Waiver Date: 02/28/2022
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?
Principal Global Investors

Principal Real Estate Inv


Post Advisory Group

MetLife Investment Mgmt, LLC

Nuveen Asset Management

Polen Capital Credit, LLC.

Pine Bridge Investments

Portfolio Managers

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Kelly A. Grossman
Since 03/01/2010
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

May Tong , CFA
Since 05/10/2021
B.A./B.S. , Boston College

2022 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 Diversified Income 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, 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

DI Blended Index (Linked) composition: March 1, 2022 and after, 100% Bloomberg U.S. Aggregate Index (covers the U.S. investment-grade fixed rate bond market and represents securities that are domestic, taxable, and dollar denominated), for the period prior to March 1, 2022, 80% Bloomberg Global Aggregate Index (a broad-based measure of global investment-grade fixed income) and 20% MSCI World Value Index NTR (includes large- and mid-cap securities across developed markets that exhibit overall value style), and for the period prior to January 1, 2019, 40% Bloomberg Global Credit Index (represents global investment-grade, fixed-rate, taxable corporate and government-related bonds), 30% Bloomberg Global High Yield Index (represents the global high yield bond market), and 30% MSCI ACWI Value Index NTR (a market cap weighted index that is a broad measure of global equity-markets). Net Total Return (NTR) includes dividends after the deduction of withholding taxes.

Fixed-income investment options are subject to interest rate risk, and their value will decline as interest rates rise. Lower-rated securities are subject to additional credit and default risks. Risks associated with preferred securities differ from risks inherent with other investments. In particular, in the event of bankruptcy, a company's preferred securities are senior to common stock but subordinated to all other types of corporate debt. International investing involves increased risks due to currency fluctuations, political or social instability, and differences in accounting standards, these risks are magnified in emerging markets. REIT securities are subject to risk factors associated with the real estate industry and tax factors of REIT registration.

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.