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Investment Type: pifretail

Global Multi-Strategy Fund (A) (PMSAX)

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 03/31/2024

1 Month 3 Month YTD 1 Year 3 Year 5 Year 10 Year Since      Inception* Excluding Sales Charge % 2.09 5.28 5.28 11.02 4.22 4.61 3.23 3.43 Including Sales Charge % -1.74 1.32 1.32 6.85 2.91 3.83 2.84 3.11 HFRX Global Hedge Fund Index % 1.26 2.51 2.51 5.70 1.12 3.44 1.55 --- Multistrategy Category % 2.18 4.64 4.64 10.30 4.29 4.13 2.59 --- Morningstar Percentile Rankings** --- --- --- 26 34 29 23 --- # of Funds in Category 137 137 137 130 121 107 56 ---

* 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

2023 2022 2021 2020 2019 Excluding Sales Charge % 6.09 -2.30 5.14 4.68 7.65 Including Sales Charge % 2.08 -5.94 1.17 0.78 3.63 HFRX Global Hedge Fund Index % 3.10 -4.41 3.65 6.81 8.62 Multistrategy Category % + 6.24 -2.07 6.86 1.63 7.77 Morningstar Percentile Rankings**,+ 43 44 56 43 55 Morningstar Equity Stylebox # of Funds in Category+ 130 136 153 155 139

+ 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: 2.18% Total Investment Expense - Net: 2.18% Maximum Up-front Sales Charge: 3.75% Contingent Deferred Sales Charge: 1.00% 12b-1 Fee: 0.25%

Distribution History    What's this? $ Per Share Income dividends are paid annual.

Daily Unit Value/Share Price Chart

© 2024 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 Global Multi-Strategy 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 principalfunds.com, 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

HFRX Global Hedge Fund Index is designed to be representative of the overall composition of the hedge fund universe. It is comprised of all eligible hedge fund strategies; including but not limited to convertible arbitrage, distressed securities, equity hedge, equity market neutral, event driven, macro, merger arbitrage, and relative value arbitrage. 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 utilizes alternative investment strategies such as arbitrage, leverage, derivatives, and shorting securities in addition to traditional investments. Investment risk may be magnified with the use of these alternative strategies. In addition, securities such as bonds, equities, commodities, international and emerging market securities, and currencies are used to implement the investment strategy. These investments are subject to risks associated with market and interest rate movements. The fund is considered non-diversified which may make it more susceptible to price volatility if the fund does not meet its objective. Due to the nature of the investment process, investors should not expect significant outperformance during market rallies. Additional risks are included in the funds prospectus. It is possible to lose money when investing in the fund.