Inflation Protection R3 Fund (PIFPX)

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 %	0.56	-0.14	-0.14	-0.77	-1.41	1.52	1.22	1.10
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**	---	---	---	83	83	89	89	---
# 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.

Calendar Year Total Returns


	2023	2022	2021	2020	2019
Total Return %	2.77	-12.48	4.68	10.02	7.55
Bloomberg US Treasury Tips Index %	3.90	-11.85	5.96	10.99	8.43
Inflation-Protected Bond Category % ⁺	2.82	-8.98	5.61	10.01	7.92
Morningstar Percentile Rankings^**,+	80	75	87	52	58
Morningstar Fixed Income Stylebox
# of Funds in Category⁺	214	211	209	207	221

⁺ 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:	0.96%
Total Investment Expense - Net:	0.96%
12b-1 Fee:	0.25%

Distribution History

What's this?

$ Per Share

12/27/2023	Income	0.2336
12/28/2022	Income	0.4478

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 Inflation Protection R3 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.