Principal Spectrum Preferred and Capital Sec Income (J) Fd (PPSJX)

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.

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.

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.

Month-End | Quarter-End

Average Annual Total Returns as of 04/30/2025

	1 Month	3 Month	YTD	1 Year	3 Year	5 Year	10 Year	Since Inception*
Excluding Sales Charge %	-0.57	-0.10	0.64	7.45	4.30	3.78	3.74	4.92
Including Sales Charge %	-1.56	-1.09	-0.35	6.45	4.30	3.78	3.74	4.92
ICE BofA U.S. All Capital Securities Index %	-0.99	-1.06	-0.42	6.61	4.25	3.46	4.11	---
Preferred Stock Category %	-0.91	-1.63	-1.00	6.23	3.71	4.22	3.57	---
Morningstar Percentile Rankings**	---	---	---	36	35	62	52	---
# of Funds in Category	72	71	71	69	66	56	38	---

* Inception Date: 12/29/2003 ; Extended Performance Inception Date: 05/01/2002

**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
Excluding Sales Charge %	9.65	6.25	-10.93	2.83	5.20
Including Sales Charge %	8.65	5.25	-11.77	1.84	4.20
ICE BofA U.S. All Capital Securities Index %	9.61	9.29	-14.85	3.42	7.63
Preferred Stock Category % ⁺	9.60	9.70	-14.82	6.23	4.83
Morningstar Percentile Rankings^**,+	57	82	20	80	77
Morningstar Fixed Income Stylebox
# of Funds in Category⁺	71	72	68	67	63

⁺ 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 04/30/2025

Total Investment Expense - Gross:	1.03%
Total Investment Expense - Net:	1.03%
Contingent Deferred Sales Charge:	1.00%
12b-1 Fee:	0.15%

Distribution History

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$ Per Share

Income dividends are paid monthly.

Daily Unit Value/Share Price Chart

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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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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.

International and global investment options are subject to additional risk due to fluctuating exchange rates, foreign accounting and financial policies, and other economic and political environments.

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.

Spectrum Asset Management, Inc. is an affiliate of Principal Global Investors.

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 of preferred securities differ from risks inherent in other investments. In particular, in a bankruptcy preferred securities are senior to common stock but subordinate to other corporate debt. Contingent capital securities (CoCos) may have substantially greater risk than other securities in times of financial stress. An issuer or regulators decision to write down, write off or convert a CoCo may result in complete loss on an investment.