Pricing & Performance

*Morningstar® Ratings as of

Asset Allocation - Target Risk

Fund Prices
(as of ) (as of ) (as of ) (as of )

$ Chg
% Chg
% YTD
-0.12 -0.12 NA NA
-0.65 -0.65 NA NA
9.67 9.67 9.07 8.07

Average Annual Total Returns (%)
(as of ) (as of ) (as of ) (as of )

1 yr
3 yr
5 yr
10 yr
Since
Incep
Incep
Date
25.92 19.66 24.92 18.66
10.28 10.04 10.28 10.04
9.41 9.22 9.41 9.22
7.65 8.45 7.65 8.45
7.20 7.25 7.20 7.25

Fund Expenses

Net Expense
Gross Expense
Contractual Cap
Waiver Exp. Date
1.91
1.91
N/A
N/A

Morningstar Rating

Category: Allocation--50% to 70% Equity
3 stars 3 stars
653 funds
2 stars 2 stars
595 funds
2 stars 2 stars
425 funds
2 stars 2 stars
653 funds

Fund Prices
(as of ) (as of ) (as of ) (as of )

$ Chg
% Chg
% YTD
-0.07 -0.07 NA NA
-0.51 -0.51 NA NA
7.04 7.04 6.41 5.41

Average Annual Total Returns (%)
(as of ) (as of ) (as of ) (as of )

1 yr
3 yr
5 yr
10 yr
Since
Incep
Incep
Date
18.68 14.24 17.68 13.24
8.18 8.07 8.18 8.07
7.14 6.98 7.14 6.98
5.99 6.54 5.99 6.54
5.38 5.42 5.38 5.42

Fund Expenses

Net Expense
Gross Expense
Contractual Cap
Waiver Exp. Date
1.89
1.89
N/A
N/A

Morningstar Rating

Category: Allocation--30% to 50% Equity
3 stars 3 stars
479 funds
3 stars 3 stars
427 funds
3 stars 3 stars
274 funds
3 stars 3 stars
479 funds

Fund Prices
(as of ) (as of ) (as of ) (as of )

$ Chg
% Chg
% YTD
-0.15 -0.15 NA NA
-0.75 -0.75 NA NA
12.44 12.44 11.76 10.76

Average Annual Total Returns (%)
(as of ) (as of ) (as of ) (as of )

1 yr
3 yr
5 yr
10 yr
Since
Incep
Incep
Date
33.63 25.39 32.63 24.39
12.21 11.86 12.21 11.86
11.70 11.49 11.70 11.49
9.14 10.21 9.14 10.21
7.72 7.77 7.72 7.77

Fund Expenses

Net Expense
Gross Expense
Contractual Cap
Waiver Exp. Date
1.91
1.91
N/A
N/A

Morningstar Rating

Category: Allocation--70% to 85% Equity
3 stars 3 stars
289 funds
3 stars 3 stars
263 funds
3 stars 3 stars
185 funds
3 stars 3 stars
289 funds

Fund Prices
(as of ) (as of ) (as of ) (as of )

$ Chg
% Chg
% YTD
-0.05 -0.05 NA NA
-0.37 -0.37 NA NA
4.92 4.92 4.18 3.18

Average Annual Total Returns (%)
(as of ) (as of ) (as of ) (as of )

1 yr
3 yr
5 yr
10 yr
Since
Incep
Incep
Date
12.68 9.91 11.68 8.91
6.44 6.45 6.44 6.45
5.32 5.23 5.32 5.23
4.85 5.22 4.85 5.22
5.56 5.59 5.56 5.59

Fund Expenses

Net Expense
Gross Expense
Contractual Cap
Waiver Exp. Date
1.86
1.86
N/A
N/A

Morningstar Rating

Category: Allocation--15% to 30% Equity
3 stars 3 stars
179 funds
3 stars 3 stars
163 funds
3 stars 3 stars
104 funds
3 stars 3 stars
179 funds

Fund Prices
(as of ) (as of ) (as of ) (as of )

$ Chg
% Chg
% YTD
-0.17 -0.17 NA NA
-0.80 -0.80 NA NA
14.43 14.43 13.40 12.40

Average Annual Total Returns (%)
(as of ) (as of ) (as of ) (as of )

1 yr
3 yr
5 yr
10 yr
Since
Incep
Incep
Date
40.16 29.71 39.16 28.71
13.88 13.61 13.88 13.61
13.10 12.90 13.10 12.90
10.10 11.39 10.10 11.39
8.22 8.29 8.22 8.29

Fund Expenses

Net Expense
Gross Expense
Contractual Cap
Waiver Exp. Date
2.00
2.00
N/A
N/A

Morningstar Rating

Category: Allocation--85%+ Equity
3 stars 3 stars
151 funds
3 stars 3 stars
136 funds
3 stars 3 stars
96 funds
3 stars 3 stars
151 funds

Large U.S. Equity

Fund Name / Symbol

Fund Prices
(as of ) (as of ) (as of ) (as of )

$ Chg
% Chg
% YTD
-0.40 -0.40 NA NA
-1.01 -1.01 NA NA
22.31 22.31 16.31 15.31

Average Annual Total Returns (%)
(as of ) (as of ) (as of ) (as of )

1 yr
3 yr
5 yr
10 yr
Since
Incep
Incep
Date
40.95 29.26 39.95 28.26
25.89 25.74 25.89 25.74
24.00 24.08 24.00 24.08
- - - -
18.72 19.17 18.72 19.17

Fund Expenses

Net Expense
Gross Expense
Contractual Cap
Waiver Exp. Date
1.67
1.71
N/A

Morningstar Rating

Category: Large Growth
4 stars 4 stars
1128 funds
4 stars 4 stars
1020 funds
N/A N/A
4 stars 4 stars
1128 funds

Fund Prices
(as of ) (as of ) (as of ) (as of )

$ Chg
% Chg
% YTD
-0.40 -0.40 NA NA
-0.98 -0.98 NA NA
17.74 17.74 13.58 12.58

Average Annual Total Returns (%)
(as of ) (as of ) (as of ) (as of )

1 yr
3 yr
5 yr
10 yr
Since
Incep
Incep
Date
38.91 28.44 37.91 27.44
17.83 17.35 17.83 17.35
16.18 16.65 16.18 16.65
13.23 14.82 13.23 14.82
12.15 12.26 12.15 12.26

Fund Expenses

Net Expense
Gross Expense
Contractual Cap
Waiver Exp. Date
1.67
1.67
N/A
N/A

Morningstar Rating

Category: Large Blend
3 stars 3 stars
1254 funds
3 stars 3 stars
1094 funds
3 stars 3 stars
811 funds
3 stars 3 stars
1254 funds
Fund Name / Symbol

Fund Prices
(as of ) (as of ) (as of ) (as of )

$ Chg
% Chg
% YTD
-0.35 -0.35 NA NA
-0.89 -0.89 NA NA
13.10 13.10 12.99 11.99

Average Annual Total Returns (%)
(as of ) (as of ) (as of ) (as of )

1 yr
3 yr
5 yr
10 yr
Since
Incep
Incep
Date
40.16 31.51 39.16 30.51
12.85 11.76 12.85 11.76
12.76 12.84 12.76 12.84
11.22 12.30 11.22 12.30
8.29 8.31 8.29 8.31

Fund Expenses

Net Expense
Gross Expense
Contractual Cap
Waiver Exp. Date
1.63
1.63
N/A
N/A

Morningstar Rating

Category: Large Value
4 stars 4 stars
1148 funds
4 stars 4 stars
1019 funds
3 stars 3 stars
753 funds
4 stars 4 stars
1148 funds

Fund Prices
(as of ) (as of ) (as of ) (as of )

$ Chg
% Chg
% YTD
-0.23 -0.23 NA NA
-0.92 -0.92 NA NA
18.11 18.11 14.50 13.50

Average Annual Total Returns (%)
(as of ) (as of ) (as of ) (as of )

1 yr
3 yr
5 yr
10 yr
Since
Incep
Incep
Date
38.96 29.45 37.96 28.45
17.14 16.55 17.14 16.55
16.12 16.48 16.12 16.48
13.54 15.02 13.54 15.02
6.72 6.94 6.72 6.94

Fund Expenses

Net Expense
Gross Expense
Contractual Cap
Waiver Exp. Date
1.30
1.30
N/A

Morningstar Rating

Category: Large Blend
3 stars 3 stars
1254 funds
3 stars 3 stars
1094 funds
3 stars 3 stars
811 funds
3 stars 3 stars
1254 funds

Small/Mid U.S. Equity

Fund Prices
(as of ) (as of ) (as of ) (as of )

$ Chg
% Chg
% YTD
-0.30 -0.30 NA NA
-0.83 -0.83 NA NA
16.08 16.08 12.53 11.53

Average Annual Total Returns (%)
(as of ) (as of ) (as of ) (as of )

1 yr
3 yr
5 yr
10 yr
Since
Incep
Incep
Date
39.30 31.48 38.30 30.48
18.90 18.76 18.90 18.76
17.59 17.59 17.59 17.59
14.71 16.07 14.71 16.07
10.99 11.13 10.99 11.13

Fund Expenses

Net Expense
Gross Expense
Contractual Cap
Waiver Exp. Date
1.69
1.69
N/A
N/A

Morningstar Rating

Category: Mid Cap Growth
3 stars 3 stars
548 funds
2 stars 2 stars
490 funds
3 stars 3 stars
384 funds
3 stars 3 stars
548 funds

Fund Prices
(as of ) (as of ) (as of ) (as of )

$ Chg
% Chg
% YTD
-0.36 -0.36 NA NA
-1.11 -1.11 NA NA
24.91 24.91 19.36 18.36

Average Annual Total Returns (%)
(as of ) (as of ) (as of ) (as of )

1 yr
3 yr
5 yr
10 yr
Since
Incep
Incep
Date
32.90 34.62 31.90 33.62
11.68 13.20 11.68 13.20
7.39 8.85 7.39 8.85
9.61 10.97 9.61 10.97
10.72 11.00 10.72 11.00

Fund Expenses

Net Expense
Gross Expense
Contractual Cap
Waiver Exp. Date
2.02
2.02
N/A
N/A

Morningstar Rating

Category: Real Estate
3 stars 3 stars
231 funds
3 stars 3 stars
199 funds
4 stars 4 stars
145 funds
4 stars 4 stars
231 funds

Fund Prices
(as of ) (as of ) (as of ) (as of )

$ Chg
% Chg
% YTD
-0.09 -0.09 NA NA
-0.55 -0.55 NA NA
17.92 17.92 18.36 17.36

Average Annual Total Returns (%)
(as of ) (as of ) (as of ) (as of )

1 yr
3 yr
5 yr
10 yr
Since
Incep
Incep
Date
44.55 43.44 43.55 42.44
5.24 4.42 5.24 4.42
8.71 7.67 8.71 7.67
9.45 10.63 9.45 10.63
9.48 9.54 9.48 9.54

Fund Expenses

Net Expense
Gross Expense
Contractual Cap
Waiver Exp. Date
1.87
1.93
N/A

Morningstar Rating

Category: Mid Cap Value
1 stars 1 stars
390 funds
1 stars 1 stars
344 funds
2 stars 2 stars
248 funds
1 stars 1 stars
390 funds

Fund Prices
(as of ) (as of ) (as of ) (as of )

$ Chg
% Chg
% YTD
-0.10 -0.10 NA NA
-0.40 -0.40 NA NA
17.90 17.90 18.98 17.98

Average Annual Total Returns (%)
(as of ) (as of ) (as of ) (as of )

1 yr
3 yr
5 yr
10 yr
Since
Incep
Incep
Date
61.56 47.83 60.56 46.83
13.28 11.39 13.28 11.39
15.39 14.18 15.39 14.18
12.47 13.90 12.47 13.90
9.08 9.03 9.08 9.03

Fund Expenses

Net Expense
Gross Expense
Contractual Cap
Waiver Exp. Date
2.03
2.03
N/A
N/A

Morningstar Rating

Category: Small Blend
4 stars 4 stars
603 funds
4 stars 4 stars
520 funds
4 stars 4 stars
357 funds
4 stars 4 stars
603 funds

International Equity

Fund Prices
(as of ) (as of ) (as of ) (as of )

$ Chg
% Chg
% YTD
-0.19 -0.19 NA NA
-1.15 -1.15 NA NA
7.94 7.94 7.34 6.34

Average Annual Total Returns (%)
(as of ) (as of ) (as of ) (as of )

1 yr
3 yr
5 yr
10 yr
Since
Incep
Incep
Date
36.75 26.61 35.75 25.61
8.96 9.11 8.96 9.11
9.93 9.25 9.93 9.25
5.62 6.75 5.62 6.75
4.50 4.54 4.50 4.54

Fund Expenses

Net Expense
Gross Expense
Contractual Cap
Waiver Exp. Date
1.98
2.17
N/A

Morningstar Rating

Category: Foreign Large Blend
3 stars 3 stars
683 funds
3 stars 3 stars
587 funds
3 stars 3 stars
390 funds
3 stars 3 stars
683 funds

Fund Prices
(as of ) (as of ) (as of ) (as of )

$ Chg
% Chg
% YTD
-0.12 -0.12 NA NA
-1.18 -1.18 NA NA
15.46 15.46 13.29 12.29

Average Annual Total Returns (%)
(as of ) (as of ) (as of ) (as of )

1 yr
3 yr
5 yr
10 yr
Since
Incep
Incep
Date
30.72 28.48 29.72 27.48
7.75 8.90 7.75 8.90
6.26 6.91 6.26 6.91
7.06 8.37 7.06 8.37
3.77 4.11 3.77 4.11

Fund Expenses

Net Expense
Gross Expense
Contractual Cap
Waiver Exp. Date
2.12
2.12
N/A
N/A

Morningstar Rating

Category: Global Real Estate
3 stars 3 stars
195 funds
3 stars 3 stars
173 funds
3 stars 3 stars
109 funds
3 stars 3 stars
195 funds

Fund Prices
(as of ) (as of ) (as of ) (as of )

$ Chg
% Chg
% YTD
-0.09 -0.09 NA NA
-0.30 -0.30 NA NA
2.45 2.45 9.94 8.94

Average Annual Total Returns (%)
(as of ) (as of ) (as of ) (as of )

1 yr
3 yr
5 yr
10 yr
Since
Incep
Incep
Date
44.33 22.29 43.33 21.29
8.52 8.19 8.52 8.19
11.11 8.59 11.11 8.59
2.72 3.03 2.72 3.03
8.17 7.87 8.17 7.87

Fund Expenses

Net Expense
Gross Expense
Contractual Cap
Waiver Exp. Date
2.51
2.73
N/A

Morningstar Rating

Category: Diversified Emerging Mkts
2 stars 2 stars
699 funds
2 stars 2 stars
597 funds
2 stars 2 stars
315 funds
2 stars 2 stars
699 funds

Specialty

Fund Prices
(as of ) (as of ) (as of ) (as of )

$ Chg
% Chg
% YTD
-0.05 -0.05 NA NA
-0.36 -0.36 NA NA
6.49 6.49 5.03 4.03

Average Annual Total Returns (%)
(as of ) (as of ) (as of ) (as of )

1 yr
3 yr
5 yr
10 yr
Since
Incep
Incep
Date
19.23 15.33 18.23 14.33
4.69 5.25 4.69 5.25
4.53 4.39 4.53 4.39
4.81 5.41 4.81 5.41
8.51 8.57 8.51 8.57

Fund Expenses

Net Expense
Gross Expense
Contractual Cap
Waiver Exp. Date
1.77
1.85
N/A

Morningstar Rating

Category: Allocation--15% to 30% Equity
1 stars 1 stars
179 funds
1 stars 1 stars
163 funds
3 stars 3 stars
104 funds
2 stars 2 stars
179 funds

Fixed Income

Fund Prices
(as of ) (as of ) (as of ) (as of )

$ Chg
% Chg
% YTD
-0.01 -0.01 NA NA
-0.09 -0.09 NA NA
1.61 1.61 1.49 0.49

Average Annual Total Returns (%)
(as of ) (as of ) (as of ) (as of )

1 yr
3 yr
5 yr
10 yr
Since
Incep
Incep
Date
5.34 4.22 4.34 3.22
4.27 4.30 4.27 4.30
2.24 2.32 2.24 2.32
4.48 4.22 4.48 4.22
4.69 4.68 4.69 4.68

Fund Expenses

Net Expense
Gross Expense
Contractual Cap
Waiver Exp. Date
1.60
1.60
N/A
N/A

Morningstar Rating

Category: Muni California Intermediate
3 stars 3 stars
63 funds
3 stars 3 stars
57 funds
4 stars 4 stars
49 funds
4 stars 4 stars
63 funds

Fund Prices
(as of ) (as of ) (as of ) (as of )

$ Chg
% Chg
% YTD
-0.01 -0.01 NA NA
-0.10 -0.10 NA NA
-1.49 -1.49 -2.02 -2.99

Average Annual Total Returns (%)
(as of ) (as of ) (as of ) (as of )

1 yr
3 yr
5 yr
10 yr
Since
Incep
Incep
Date
-0.06 -0.59 -1.05 -1.57
4.22 4.20 4.22 4.20
2.69 2.60 2.69 2.60
3.14 3.10 3.14 3.10
6.64 6.63 6.64 6.63

Fund Expenses

Net Expense
Gross Expense
Contractual Cap
Waiver Exp. Date
1.60
1.60
N/A
N/A

Morningstar Rating

Category: Intermediate Core Bond
1 stars 1 stars
380 funds
2 stars 2 stars
333 funds
2 stars 2 stars
251 funds
2 stars 2 stars
380 funds

Fund Prices
(as of ) (as of ) (as of ) (as of )

$ Chg
% Chg
% YTD
-0.01 -0.01 NA NA
-0.10 -0.10 NA NA
-1.30 -1.30 -1.23 -2.21

Average Annual Total Returns (%)
(as of ) (as of ) (as of ) (as of )

1 yr
3 yr
5 yr
10 yr
Since
Incep
Incep
Date
-1.26 -1.39 -2.24 -2.38
2.28 2.24 2.28 2.24
0.70 0.79 0.70 0.79
1.52 1.36 1.52 1.36
5.31 5.30 5.31 5.30

Fund Expenses

Net Expense
Gross Expense
Contractual Cap
Waiver Exp. Date
1.64
1.70
N/A

Morningstar Rating

Category: Intermediate Government
1 stars 1 stars
221 funds
1 stars 1 stars
202 funds
1 stars 1 stars
175 funds
1 stars 1 stars
221 funds

Fund Prices
(as of ) (as of ) (as of ) (as of )

$ Chg
% Chg
% YTD
-0.01 -0.01 NA NA
-0.13 -0.13 NA NA
4.62 4.62 3.57 2.57

Average Annual Total Returns (%)
(as of ) (as of ) (as of ) (as of )

1 yr
3 yr
5 yr
10 yr
Since
Incep
Incep
Date
14.42 8.83 13.42 7.83
5.46 5.15 5.46 5.15
5.79 5.12 5.79 5.12
5.32 5.78 5.32 5.78
6.69 6.67 6.69 6.67

Fund Expenses

Net Expense
Gross Expense
Contractual Cap
Waiver Exp. Date
1.66
1.66
N/A
N/A

Morningstar Rating

Category: High Yield Bond
2 stars 2 stars
625 funds
3 stars 3 stars
548 funds
3 stars 3 stars
357 funds
3 stars 3 stars
625 funds

Fund Prices
(as of ) (as of ) (as of ) (as of )

$ Chg
% Chg
% YTD
0.00 0.00 NA NA
0.00 0.00 NA NA
3.26 3.26 2.17 1.17

Average Annual Total Returns (%)
(as of ) (as of ) (as of ) (as of )

1 yr
3 yr
5 yr
10 yr
Since
Incep
Incep
Date
10.93 6.58 9.93 5.58
5.96 5.83 5.96 5.83
5.07 4.68 5.07 4.68
5.60 5.97 5.60 5.97
5.45 5.43 5.45 5.43

Fund Expenses

Net Expense
Gross Expense
Contractual Cap
Waiver Exp. Date
1.81
1.81
N/A
N/A

Morningstar Rating

Category: Preferred Stock
2 stars 2 stars
60 funds
2 stars 2 stars
49 funds
2 stars 2 stars
28 funds
2 stars 2 stars
60 funds
Fund Name / Symbol

Fund Prices
(as of ) (as of ) (as of ) (as of )

$ Chg
% Chg
% YTD
0.00 0.00 NA NA
0.00 0.00 NA NA
2.33 2.33 2.16 1.16

Average Annual Total Returns (%)
(as of ) (as of ) (as of ) (as of )

1 yr
3 yr
5 yr
10 yr
Since
Incep
Incep
Date
7.13 5.68 6.13 4.68
4.72 4.77 4.72 4.77
2.56 2.59 2.56 2.59
4.09 3.86 4.09 3.86
4.66 4.65 4.66 4.65

Fund Expenses

Net Expense
Gross Expense
Contractual Cap
Waiver Exp. Date
1.63
1.63
N/A

Morningstar Rating

Category: Muni National Intermediate
3 stars 3 stars
256 funds
2 stars 2 stars
223 funds
3 stars 3 stars
166 funds
3 stars 3 stars
256 funds

Short-Term Fixed Income

Fund Prices
(as of ) (as of ) (as of ) (as of )

$ Chg
% Chg
% YTD
-0.01 -0.01 NA NA
-0.08 -0.08 NA NA
-0.86 -0.86 -0.71 -1.70

Average Annual Total Returns (%)
(as of ) (as of ) (as of ) (as of )

1 yr
3 yr
5 yr
10 yr
Since
Incep
Incep
Date
-0.19 -0.59 -1.18 -1.57
2.08 1.95 2.08 1.95
1.26 1.22 1.26 1.22
1.31 1.34 1.31 1.34
3.10 3.09 3.10 3.09

Fund Expenses

Net Expense
Gross Expense
Contractual Cap
Waiver Exp. Date
1.55
1.55
N/A
N/A

Morningstar Rating

Category: Short Term Bond
1 stars 1 stars
546 funds
1 stars 1 stars
485 funds
1 stars 1 stars
311 funds
1 stars 1 stars
546 funds

Disclosures

An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. The Fund's sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time

Not FDIC Insured
May Lose Value - Not a Deposit - No Bank Guarantee

Not Insured by any Federal Government Agency

Investors should carefully consider a fund's investment objectives, risks, charges, and expenses prior to investing.

Investment results shown represent historical performance and do not guarantee future results. Your mutual fund's returns and principal values will 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 shown.

A Shares - Maximum up-front sales charges may apply. See the prospectus for details. Equity Funds, 5.5% (except LargeCap S&P 500 Index Fund, 1.5%); SAM Portfolios, 5.5% (except SAM Flexible Income Portfolio, 3.75%); Principal LifeTime Funds, 5.5% (except Principal LifeTime Strategic Income Fund, 3.75%); Specialty Funds, 3.75%; Fixed-Income Funds, 3.75% (except Income, Short-Term Income, and Government & High Quality Bond, 2.25%); Municipal Funds, 4.5%. Money Market does not have an up-front sales charge.

Principal Global Investors is the Investment Adviser of all funds included in the Principal Funds, Inc. Principal Funds are managed by Principal Global Investors, its boutique affiliates, and by many leading sub-advisors.

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 mutual fund. Performance shown reflects the application of net expenses of the fund.

See the Principal Funds, Inc. prospectus for the full name of each Fund.

Returns shown for periods of less than one year are not annualized.

Principal Funds Class P shares automatically converted to Institutional Class shares effective close of business June 23, 2017.

Money Market investment options are not guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although these Funds seek to preserve the value of your investment at $1.00 per share, it is possible to lose money.

Price The price, or net asset value is the value of mutual fund shares determined by deducting the fund's liabilities from the total assets of the portfolio and dividing this amount by the number of shares outstanding. This cannot be relied upon as today's offering price.

YTD at NAV % - Measured from January 1, 2020 to the most recent established NAV date. Returns include the reinvestment of dividends and capital gains distributions at NAV.

Average Annual Total Return at Maximum Offering Price (MOP) - The highest price that may be charged for purchases of fund shares, including the maximum contingent deferred sales charge or the maximum front end sales charge, whichever is applicable. Returns include the reinvestment of dividends and capital gains distributions at NAV as of previous month end or previous quarter end.

Morningstar Ratings are as of previous month end.

Since Inception return represents Average Annual Total Return at Maximum Offering Price (MOP) from Extended Performance Inception Date as of previous month end or previous quarter end.

Contingent Deferred Sales Charge (CDSC) - A deferred sales charge, which is paid at the time of redemption and generally decreases with the amount of time that fund shares are held before sale, ultimately declining to 0%. It is referred to as a contingent sales charge because of such declining schedule. The CDSC is also commonly called a back-end load. Performance displayed reflects the application of these charges.

The 7-Day Yield % more closely reflects the current earnings of this money market investment option than the total return displayed.

Morningstar Ratings do not reflect the inclusion of sales charges. If sales charges were reflected, rankings could be lower.

The Morningstar Rating™ for funds, or "star rating", is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods. Past performance does not guarantee future results. © 2021 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.


Footnotes

1 Small-cap and mid-cap investment options are subject to more fluctuation in value and may have additional risks than other investment options with stocks of larger, more stable companies.


2 Each index based investment option is invested in the stocks or bonds of the index it tracks. Performance of indexes reflects the unmanaged results for the market segment the selected stocks or bonds represent. There is no assurance an index based investment option will match the performance of the index tracked.


3 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.


4 High yield investment options are subject to greater credit risk and volatility that is associated with high yield bonds.


5 Real Estate investment options are subject to investment and liquidity risk and other risks inherent in real estate such as those associated with general and local economic conditions. Property values can decline due to environmental and other reasons. In addition, fluctuation in interest rates can negatively impact the performance of real estate investment options.


7 S&P 500 is a trademark of S&P Global and is used under license. The product is not sponsored, endorsed, sold or promoted by Standard & Poor's and Standard & Poor's makes no representation regarding the advisability of investing in the product.


11 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.


12 Equity investment options involve greater risk, including heightened volatility, than fixed-income investment options. Fixed-income investment options are subject to interest rate risk, and their value will decline as interest rates rise.


13 Asset allocation does not guarantee a profit or protect against a loss. Investing in real estate, small-cap, international, and high-yield investment options involves additional risks.


14 Fixed-income investment options are subject to interest rate risk, and their value will decline as interest rates rise. A portion of the Fund's income may be subject to state and/or local taxes, and it may be subject to federal alternative minimum tax (AMT) for certain investors.


15 Small-cap and mid-cap stocks may have additional risks, including greater price volatility.


16 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.


18 Fixed-income and asset allocation investment options that invest in mortgage securities are subject to increased risk due to real estate exposure.


19 Instances of high double-digit returns were achieved primarily during favorable market conditions and may not be sustainable over time.


20 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 associated with preferred securities differ from risks inherent with other investments. In particular, in the event of bankruptcy, a company's preferred securities are senior to common stock but subordinated to all other types of corporate debt. International investing involves increased risks due to currency fluctuations, political or social instability, and differences in accounting standards, these risks are magnified in emerging markets. REIT securities are subject to risk factors associated with the real estate industry and tax factors of REIT registration.


23 Asset allocation and diversification do not ensure a profit or protect against a loss. Additionally there is no guarantee this investment option will provide adequate income at or through retirement.


32 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.


33 Formerly known as MidCap Blend Fund.


35 Effective June 14, 2013, the Principal MidCap Fund closed to certain new investors. Please see the prospectus for more complete information


41 International and global investing involves greater risks such as currency fluctuations, political/social instability and differing accounting standards.


42 Formerly known as SmallCap Blend Fund.


54 This Principal Strategic Asset Management Portfolio (SAM) indirectly bears its pro rata share of the management fees incurred by the underlying Principal Funds in which this portfolio invests. Based on the asset allocation of the SAM Portfolio outlined in the prospectus dated March 1, 2017, the weighted average operating expenses of the underlying funds are: Flexible Income, 0.57%; Conservative Balanced, 0.68%; Balanced, 0.74%; Conservative Growth, 0.79%; Strategic Growth, 0.78%. While the operating expenses of the underlying mutual funds are not part of the SAM Portfolio operating expenses they are included in the Total Investment Expense. Performance results shown for the SAM Portfolios reflect the application of these expenses.


58 Fixed-income investment options are subject to interest rate risk, and their value will decline as interest rates rise. 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.


62 This Principal Strategic Asset Management Portfolio (SAM) indirectly bears its pro rata share of the management fees incurred by the underlying Principal Funds in which this portfolio invests. Based on the asset allocation of the SAM Portfolio outlined in the prospectus dated March 1, 2018, the weighted average operating expenses of the underlying funds are: Flexible Income, 0.56%; Conservative Balanced, 0.68%; Balanced, 0.75%; Conservative Growth, 0.74%; Strategic Growth, 0.75%. While the operating expenses of the underlying mutual funds are not part of the SAM Portfolio operating expenses they are included in the Total Investment Expense. Performance results shown for the SAM Portfolios reflect the application of these expenses.


69 This Principal Strategic Asset Management Portfolio (SAM) indirectly bears its pro rata share of the management fees incurred by the underlying Principal Funds in which this portfolio invests. Based on the asset allocation of the SAM Portfolio outlined in the prospectus dated March 1, 2019, the weighted average operating expenses of the underlying funds are: Flexible Income, 0.51%; Conservative Balanced, 0.62%; Balanced, 0.64%; Conservative Growth, 0.67%; Strategic Growth, 0.68%. While the operating expenses of the underlying mutual funds are not part of the SAM Portfolio operating expenses they are included in the Total Investment Expense. Performance results shown for the SAM Portfolios reflect the application of these expenses.


75 This Principal Strategic Asset Management Portfolio (SAM) indirectly bears its pro rata share of the management fees incurred by the underlying Principal Funds in which this portfolio invests. Based on the asset allocation of the SAM Portfolio outlined in the prospectus dated March 1, 2020, the weighted average operating expenses of the underlying funds are: Flexible Income, 0.51%; Conservative Balanced, 0.60%; Balanced, 0.64%; Conservative Growth, 0.60%; Strategic Growth, 0.59%. While the operating expenses of the underlying mutual funds are not part of the SAM Portfolio operating expenses they are included in the Total Investment Expense. Performance results shown for the SAM Portfolios reflect the application of these expenses.


77 This investment option is considered non-diversified, which means it, or the underlying mutual fund, can invest a higher percentage of its assets in of fewer individual issuers than a diversified investment. As a result, changes in the value of a single investment could cause greater fluctuations, gain or loss, in the net asset value than would occur if it was more diversified.