Global Multi-Strategy Inst Fund (PSMIX)

Portfolio Composition

as of 05/31/2024

Asset Type	Net	Short	Long
Cash	46.02%	49.66%	95.68%
U.S. Stocks	37.2%	4.7%	41.91%
Non-U.S. Stocks	9.19%	3.87%	13.06%
U.S. Bonds	9.05%	39.82%	48.87%
Convertibles	1.24%	0.0%	1.24%
Other	0.63%	0.01%	0.65%
Preferred	0.53%	0.0%	0.53%
Non-U.S. Bonds	-3.87%	17.7%	13.83%
Total	99.99%

Top 10 Holdings

as of 05/31/2024

What's this?

% of Net Assets

Principal Government Money Market R-6	17.38
Future on 2 Year Treasury Note	13.73
Future on 2 Year Treasury Note	10.75
Euro-Schatz Fut Sep24	7.75
Future on 5 Year Treasury Note	3.96
Euro Bobl Future Sept 24	3.78
FTSE 100 Index Future June 24	2.46
Dax Future June 24	2.44
Euro Stoxx 50 Future June 24	2.40
10 Year Treasury Note Future Sept 24	2.25

Total*: 66.90

*Values may exceed 100% if both long and short positions are included in the portfolio

View Full Portfolio Holdings

Morningstar Style Box™

as of 05/31/2024

What's this?

Stock Sector Breakdown

as of 05/31/2024

What's this?

% of Net Assets

Cyclical

30.52

Basic Materials	4.73
Consumer Cyclical	11.91
Financial Svcs	10.94
Real Estate	2.94

Defensive

22.20

Consumer Defensive	6.05
Healthcare	13.98
Utilities	2.17

Sensitive

47.27

Comm Svcs	6.72
Energy	6.90
Industrials	14.12
Technology	19.53

Analysis

as of 05/31/2024

Average Market Cap (mil):	$50,599.95
Price/Earnings Ratio:	17.14
Price/Book Ratio:	2.50
Price/Cash Flow Ratio:	10.65
Turnover Ratio:	147.00%
# Stock Holdings:	1,007
# Bond Holdings:	529
# Other Holdings:	650
Total # of Holdings:	2,186

� 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.

Past performance is no guarantee of future results. Investment options are subject to investment risk. Shares or unit values will fluctuate and investments, when redeemed, may be worth more or less than their original cost.

Portfolio holdings are subject to change and companies referenced in this report may not currently be held. Information is current as of the creation of this piece. Keep in mind that portfolio holdings are subject to risk. Click here for a complete list of the most recent publicly available holdings.

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 Global Multi-Strategy Inst 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

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.

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 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.