Capital Appreciation R1 Fund (PCAMX)

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 %	3.52	11.80	11.80	31.53	12.01	14.95	12.18	12.12
Russell 3000 Index %	3.23	10.02	10.02	29.29	9.78	14.34	12.33	---
Large Blend Category %	3.30	9.95	9.95	27.24	9.88	13.65	11.45	---
Morningstar Percentile Rankings**	---	---	---	19	16	25	39	---
# of Funds in Category	1488	1482	1482	1422	1293	1179	888	---

* Inception Date: 03/01/2010 ; Extended Performance Inception Date: 11/24/1986

**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.

Calendar Year Total Returns


	2023	2022	2021	2020	2019
Total Return %	24.34	-16.82	26.87	17.75	31.49
Russell 3000 Index %	25.96	-19.21	25.66	20.89	31.02
Large Blend Category % ⁺	22.32	-16.96	26.07	15.83	28.78
Morningstar Percentile Rankings^**,+	47	39	49	45	23
Morningstar Equity Stylebox
# of Funds in Category⁺	1430	1358	1382	1363	1387

⁺ Data displayed is the most current information available.

**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:	1.32%
Total Investment Expense - Net:	1.32%
12b-1 Fee:	0.35%

Distribution History

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$ Per Share

Income dividends are paid annual.

Daily Unit Value/Share Price Chart

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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 Capital Appreciation 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 Russell 3000 Index is constructed to provide a comprehensive barometer of the broad market and accounts for nearly 98% of the total value of all equity traded on the U.S. exchanges. It measures the stocks that are also members of either the Russell 1000 or the Russell 2000 indexes.

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.