Global Multi-Strategy Inst Fund (PSMIX)

Total Returns

Returns shown for periods of less than one year are not annualized. All returns displayed here are after Total Investment Expense of the investment option.

The Year-to-Date Change represents an unannualized rate of return (change in value) since the start of the year. All returns shown here are after the Total Investment Expense of the investment option.

In situations where the net and gross fund expense figures are different, the investment manager has contractually agreed to limit the investment option's expense. Differences may also be shown due to the investment manager choosing to pay certain expenses that would normally be payable by the fund. The gross fund expense figure does not reflect any waivers or caps on the fund. Performance when shown reflects the application of net expenses of the fund.

Returns represent past performance and do not guarantee future results. Share price, principal value, and return will vary and you may have a gain or loss when shares are sold. Current performance may be lower or higher than quoted. For more performance information, including the most recent month-end performance, visit principal.com.

Insurance products and plan administrative services provided through Principal Life Insurance Company®. Principal Funds, Inc. is distributed by Principal Funds Distributor, Inc. Securities offered through Principal Securities, Inc., member SIPC and/or independent broker-dealers. Referenced companies are members of the Principal Financial Group®, Des Moines, IA 50392. Certain investment options and contract[PB1] riders may not be available in all states or U.S. commonwealths.

Month-End | Quarter-End

Average Annual Total Returns as of 05/31/2025

	1 Month	3 Month	YTD	1 Year	3 Year	5 Year	10 Year	Since Inception*
Total Return %	1.35	-0.35	1.35	4.50	4.83	5.98	3.53	3.86
HFRX Global Hedge Fund Index %	1.17	-0.01	1.27	3.93	2.81	3.66	1.87	---
Multistrategy Category %	1.09	-1.43	0.36	2.30	4.48	4.86	2.27	---
Morningstar Percentile Rankings**	---	---	---	41	44	22	19	---
# of Funds in Category	122	122	120	115	103	98	62	---

* 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.

Calendar Year Total Returns


	2024	2023	2022	2021	2020
Total Return %	8.86	6.58	-1.79	5.63	5.11
HFRX Global Hedge Fund Index %	5.27	3.10	-4.41	3.65	6.81
Multistrategy Category % ⁺	6.09	6.24	-2.07	6.86	1.63
Morningstar Percentile Rankings^**,+	22	37	41	48	38
Morningstar Equity Stylebox
# of Funds in Category⁺	126	130	136	153	155

⁺ 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 05/31/2025

Total Investment Expense - Gross:	1.49%
Total Investment Expense - Net:	1.48%
Contractual Cap Date:	12/30/2025

Distribution History

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$ Per Share

Income dividends are paid annual.

Daily Unit Value/Share Price Chart

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* Subject to Investment Risks, Including Possible Loss of the Principal Amount Invested

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Investing involves risk, including possible loss of principal.

Fees and expenses are only one of several factors that participants and beneficiaries should consider when making investment decisions. The cumulative effect of fees and expenses can substantially reduce the growth of a participant's or beneficiary's retirement account. Participants and beneficiaries can visit the Employee Benefit Security Administration's website for an example demonstrating the long-term effect of fees and expenses.

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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 uses alternative strategies such as arbitrage, leverage, derivatives and shorting securities. Long/short investing does not guarantee lower risk associated with equity markets, capitalization, sector swings or other factors and may have higher turnover with additional tax consequences. Short selling risks include investment loss and added costs to cover short positions. International investing involves greater risks such as currency fluctuations, political/social instability and differing accounting standards. Use of alternative strategies may magnify risk. Securities such as bonds, equities, international and emerging market securities, and currencies are subject to risks associated with market and interest rate movements. The Fund is non-diversified and may be more susceptible to price volatility if the Fund does not meet its objective. Investors should not expect significant outperformance during market rallies. Additional risks are included in the Fund's prospectus.