PGVXX
Prospectus
Principal Government Money Market Fund
Prospectus
Overview
Performance & expenses
Holdings
Portfolio management
Literature
Overview
Performance
As of 12/31/2025
YTD
Returns shown for periods of less than one year are not annualized.
4.13%
1 year
4.13%
3 year
4.74%
5 year
3.11%
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.
Fund details as of 01/22/2026 unless indicated otherwise
Fund ticker
PGVXX
CUSIP
742537228
Benchmark
Bloomberg U.S. Treasury Bellwethers 3 Month Index
NAV
$1.00
Total fund assets
Total Fund Assets as of 12/31/2025
$4.79B
Dividend frequency
Daily
Minimum investment
—
Inception date
12/20/2017
Morningstar category
Money Market-Taxable
S&P rating

The S&P rating is a forward-looking and independent opinion about a fund's ability to maintain principal value and limit exposure to principal losses due to credit risk. Ratings range from 'AAAm' (extremely strong capacity to maintain principal stability and to limit exposure to principal losses due to credit risk), to 'Dm' (failure to maintain principal stability resulting in a realized or unrealized loss of principal).

For more information, visit: https://www.spglobal.com/ratings/en/products-benefits/products/principle-stability-fund-ratings
AAAm
Investment approach The investment seeks as high a level of current income as is considered consistent with preservation of principal and maintenance of liquidity. The fund will invest at least 99.5% of its total assets in cash, government securities, and/or repurchase agreements that are collateralized fully by cash or government securities (government securities can include shares of other government money market funds). It invests at least 80% of its net assets, plus any borrowings for investment purposes, in government securities and repurchase agreements that are collateralized by government securities.
Performance & expenses
Annual returns Calendar year Distributions Expenses
As of 12/31/2025
As of 12/31/2025
Month end Quarter end
Performance and Expenses Data Table
Name 1 month 3 month YTD 1-year 3-year 5-year 10-year Since inception Overall
Total return 0.32% 0.97% 4.13% 4.13% 4.74% 3.11% — 2.45% —
Benchmark performance
Bloomberg U.S. Treasury Bellwethers 3 Month Index
 0.35% 0.99% 4.23% 4.23% 4.89% 3.23% — — —
Morningstar category average
Money Market-Taxable
 0.29% 0.90% 3.92% 3.92% 4.52% 2.96% — — —
Morningstar percentile rankings
Morningstar percentile rankings are based on total returns 		— — — — — — — — —
# of funds in category 649 647 627 627 572 538 — — 572
Morningstar rating

Morningstar ratings are based on risk-adjusted returns.

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. Morningstar ratings do not reflect the inclusion of sales charges. If sales charges were reflected, ratings could be lower.
— — — — — — — — —
7-Day SEC yield
Unsubsidized as of 12/31/2025
3.60%
7-Day SEC yield
Subsidized as of 12/31/2025
3.61%
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. The 7-Day SEC Yield quotation more closely reflects the current earnings of the money market fund than the total return quotation. Returns shown for periods of less than one year are not annualized. Index performance information: no deductions for fees, expenses or taxes. Indices are unmanaged and individuals cannot invest directly in an index.
Performance and Expenses Data Table
Name 1 month 3 month YTD 1-year 3-year 5-year 10-year Since inception Overall
Total return 0.32% 0.97% 4.13% 4.13% 4.74% 3.11% — 2.45% —
Benchmark performance
Bloomberg U.S. Treasury Bellwethers 3 Month Index
 0.35% 0.99% 4.23% 4.23% 4.89% 3.23% 2.21% — —
Morningstar category average
Money Market-Taxable
 0.29% 0.90% 3.92% 3.92% 4.52% 2.96% 1.89% — —
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. The 7-Day SEC Yield quotation more closely reflects the current earnings of the money market fund than the total return quotation. Returns shown for periods of less than one year are not annualized. Index performance information: no deductions for fees, expenses or taxes. Indices are unmanaged and individuals cannot invest directly in an index.
Performance and Expenses Data Table
Data 2025 2024 2023 2022 2021
Total return 4.13% 5.12% 4.97% 1.45% —
Morningstar category average
Money Market-Taxable
 3.92% 4.88% 4.72% 1.26% —
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.
Performance and Expenses Data Table
Date Type Dollar per share
12/31/2025 Income 0.0032
11/28/2025 Income 0.0029
10/31/2025 Income 0.0036
09/30/2025 Income 0.0032
08/29/2025 Income 0.0036
07/31/2025 Income 0.0035
06/30/2025 Income 0.0033
05/30/2025 Income 0.0036
04/30/2025 Income 0.0034
03/31/2025 Income 0.0033
02/28/2025 Income 0.0032
01/31/2025 Income 0.0037
12/31/2024 Income 0.0037
11/29/2024 Income 0.0038
10/31/2024 Income 0.0040
09/30/2024 Income 0.0038
08/30/2024 Income 0.0047
07/31/2024 Income 0.0044
06/28/2024 Income 0.0040
05/31/2024 Income 0.0047
04/30/2024 Income 0.0042
03/28/2024 Income 0.0044
02/29/2024 Income 0.0041
01/31/2024 Income 0.0043
12/29/2023 Income 0.0046
11/30/2023 Income 0.0043
10/31/2023 Income 0.0043
09/29/2023 Income 0.0044
08/31/2023 Income 0.0044
07/31/2023 Income 0.0039
06/30/2023 Income 0.0043
05/31/2023 Income 0.0042
04/28/2023 Income 0.0035
03/31/2023 Income 0.0041
02/28/2023 Income 0.0034
01/31/2023 Income 0.0033
Expense ratio gross
As of current prospectus date
0.22%
Expense ratio net
As of current prospectus date
0.20%
Expense limit expiration date
02/28/2026
Maximum up-front sales charge
—
Contingent deferred sales charge
—
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.
Holdings
Top 10 as of 12/31/2025
% of Assets % of Assets
% of Assets
1 Bank of New York Mellon Repurc
5.42%
2 HSBC Bank USA Repurchase Agree
3.75%
3 Goldman Sachs Repurchase Agree
3.75%
4 BNP Paribas Securities Corp Re
3.55%
5 Federal Home Loan Bank Discoun
3.34%
6 Royal Bank of Canada Repurchas
3.13%
7 Bank of Montreal Repurchase Ag
3.13%
8 Merrill Lynch Repurchase Agree
3.13%
9 DWS Government Money Market Se
2.63%
10 Federal Home Loan Bank Discoun
2.28%
The holdings listed do not constitute a recommendation to purchase or sell a particular security. Cash and/or derivative positions that are not part of the core investment strategy will not be reflected in the top holdings list.
May not reflect current holdings or allocations.
Portfolio management
Allison Hitchings
13 years of experience
Tracy Reeg
25 years of experience

No information
Literature
Investment materials Fact sheet
Commentary
Prospectus, Annual report, Semi-annual report and Statement of additional information
Daily disclosure filing - NAV link
Daily disclosure filings - daily and weekly liquid assets and net shareholder flows
Form N-MFP
Form NC-R filings - no filings to disclose
Portfolio holdings 07/2025
08/2025
09/2025
10/2025
11/2025
12/2025
Principal Funds are distributed by Principal Funds Distributor, Inc. ALPS Distributors, Inc. is the distributor of the Principal ETFs. ALPS Distributors, Inc. and the Principal Funds are not affiliated.
Fixed‐income investment options are subject to interest rate risk, and their value will decline as interest rates rise.
The holdings listed do not constitute a recommendation to purchase or sell a particular security. Cash and/or derivative positions that are not part of the core investment strategy will not be reflected in the top holdings list.
NOT FDIC INSURED - MAY LOSE VALUE - NO BANK GUARANTEE
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.
Performance assumes reinvestment of all dividends and capital gains.
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.
To obtain a prospectus, download prospectus online or call Customer Service at 1-800-222-5852 . Carefully consider a fund’s objectives, risks, charges, and expenses. The prospectus, or summary prospectus if available, contains this and other information. Please read it carefully before investing.
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. An investment in the Fund is not a bank account and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund's sponsor is not required to reimburse the Fund for losses, and you should not expect that the sponsor will provide financial support to the Fund at any time, including during periods of market stress.
© 2026 Morningstar, Inc. All rights reserved. The information 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.
The Morningstar Medalist Rating™ is the summary expression of Morningstar’s forward-looking analysis of investment strategies as offered via specific vehicles using a rating scale of Gold, Silver, Bronze, Neutral, and Negative. The Medalist Ratings indicate which investments Morningstar believes are likely to outperform a relevant index or peer group average on a risk-adjusted basis over time. Investment products are evaluated on three key pillars (People, Parent, and Process) which, when coupled with a fee assessment, forms the basis for Morningstar’s conviction in those products’ investment merits and determines the Medalist Rating they’re assigned. Pillar ratings take the form of Low, Below Average, Average, Above Average, and High. Pillars may be evaluated via an analyst’s qualitative assessment (either directly to a vehicle the analyst covers or indirectly when the pillar ratings of a covered vehicle are mapped to a related uncovered vehicle) or using algorithmic techniques. Vehicles are sorted by their expected performance into rating groups defined by their Morningstar Category and their active or passive status. When analysts directly cover a vehicle, they assign the three pillar ratings based on their qualitative assessment, subject to the oversight of the Analyst Rating Committee, and monitor and reevaluate them at least every 14 months. When the vehicles are covered either indirectly by analysts or by algorithm, the ratings are assigned monthly. For more detailed information about these ratings, including their methodology, please refer to the Morningstar shareholder disclosures .
The Morningstar Medalist Ratings are not statements of fact, nor are they credit or risk ratings. The Morningstar Medalist Rating (i) should not be used as the sole basis in evaluating an investment product, (ii) involves unknown risks and uncertainties which may cause expectations not to occur or to differ significantly from what was expected, (iii) are not guaranteed to be based on complete or accurate assumptions or models when determined algorithmically, (iv) involve the risk that the return target will not be met due to such things as unforeseen changes in management, technology, economic development, interest rate development, operating and/or material costs, competitive pressure, supervisory law, exchange rate, tax rates, exchange rate changes, and/or changes in political and social conditions, and (v) should not be considered an offer or solicitation to buy or sell the investment product. A change in the fundamental factors underlying the Morningstar Medalist Rating can mean that the rating is subsequently no longer accurate.
The Analyst-Driven % data point displays the weighted percentage of a vehicle’s pillar ratings assigned directly or indirectly by analysts.
The Data Coverage % data point is a summary metric describing the level of data completeness used to generate the overall rating.
Overview
Performance
As of 12/31/2025
YTD
Returns shown for periods of less than one year are not annualized.
4.13%
1 year
4.13%
3 year
4.74%
5 year
3.11%
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.
Fund details as of 01/22/2026 unless indicated otherwise
Fund ticker
PGVXX
CUSIP
742537228
Benchmark
Bloomberg U.S. Treasury Bellwethers 3 Month Index
NAV
$1.00
Total fund assets
Total Fund Assets as of 12/31/2025
$4.79B
Dividend frequency
Daily
Minimum investment
—
Inception date
12/20/2017
Morningstar category
Money Market-Taxable
S&P rating

The S&P rating is a forward-looking and independent opinion about a fund's ability to maintain principal value and limit exposure to principal losses due to credit risk. Ratings range from 'AAAm' (extremely strong capacity to maintain principal stability and to limit exposure to principal losses due to credit risk), to 'Dm' (failure to maintain principal stability resulting in a realized or unrealized loss of principal).

For more information, visit: https://www.spglobal.com/ratings/en/products-benefits/products/principle-stability-fund-ratings
AAAm
Investment approach The investment seeks as high a level of current income as is considered consistent with preservation of principal and maintenance of liquidity. The fund will invest at least 99.5% of its total assets in cash, government securities, and/or repurchase agreements that are collateralized fully by cash or government securities (government securities can include shares of other government money market funds). It invests at least 80% of its net assets, plus any borrowings for investment purposes, in government securities and repurchase agreements that are collateralized by government securities.
Performance & expenses
Annual returns Calendar year Distributions Expenses
As of 12/31/2025
As of 12/31/2025
Month end Quarter end
Performance and Expenses Data Table
Name 1 month 3 month YTD 1-year 3-year 5-year 10-year Since inception Overall
Total return 0.32% 0.97% 4.13% 4.13% 4.74% 3.11% — 2.45% —
Benchmark performance
Bloomberg U.S. Treasury Bellwethers 3 Month Index
 0.35% 0.99% 4.23% 4.23% 4.89% 3.23% — — —
Morningstar category average
Money Market-Taxable
 0.29% 0.90% 3.92% 3.92% 4.52% 2.96% — — —
Morningstar percentile rankings
Morningstar percentile rankings are based on total returns 		— — — — — — — — —
# of funds in category 649 647 627 627 572 538 — — 572
Morningstar rating

Morningstar ratings are based on risk-adjusted returns.

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. Morningstar ratings do not reflect the inclusion of sales charges. If sales charges were reflected, ratings could be lower.
— — — — — — — — —
7-Day SEC yield
Unsubsidized as of 12/31/2025
3.60%
7-Day SEC yield
Subsidized as of 12/31/2025
3.61%
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. The 7-Day SEC Yield quotation more closely reflects the current earnings of the money market fund than the total return quotation. Returns shown for periods of less than one year are not annualized. Index performance information: no deductions for fees, expenses or taxes. Indices are unmanaged and individuals cannot invest directly in an index.
Performance and Expenses Data Table
Name 1 month 3 month YTD 1-year 3-year 5-year 10-year Since inception Overall
Total return 0.32% 0.97% 4.13% 4.13% 4.74% 3.11% — 2.45% —
Benchmark performance
Bloomberg U.S. Treasury Bellwethers 3 Month Index
 0.35% 0.99% 4.23% 4.23% 4.89% 3.23% 2.21% — —
Morningstar category average
Money Market-Taxable
 0.29% 0.90% 3.92% 3.92% 4.52% 2.96% 1.89% — —
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. The 7-Day SEC Yield quotation more closely reflects the current earnings of the money market fund than the total return quotation. Returns shown for periods of less than one year are not annualized. Index performance information: no deductions for fees, expenses or taxes. Indices are unmanaged and individuals cannot invest directly in an index.
Performance and Expenses Data Table
Data 2025 2024 2023 2022 2021
Total return 4.13% 5.12% 4.97% 1.45% —
Morningstar category average
Money Market-Taxable
 3.92% 4.88% 4.72% 1.26% —
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.
Performance and Expenses Data Table
Date Type Dollar per share
12/31/2025 Income 0.0032
11/28/2025 Income 0.0029
10/31/2025 Income 0.0036
09/30/2025 Income 0.0032
08/29/2025 Income 0.0036
07/31/2025 Income 0.0035
06/30/2025 Income 0.0033
05/30/2025 Income 0.0036
04/30/2025 Income 0.0034
03/31/2025 Income 0.0033
02/28/2025 Income 0.0032
01/31/2025 Income 0.0037
12/31/2024 Income 0.0037
11/29/2024 Income 0.0038
10/31/2024 Income 0.0040
09/30/2024 Income 0.0038
08/30/2024 Income 0.0047
07/31/2024 Income 0.0044
06/28/2024 Income 0.0040
05/31/2024 Income 0.0047
04/30/2024 Income 0.0042
03/28/2024 Income 0.0044
02/29/2024 Income 0.0041
01/31/2024 Income 0.0043
12/29/2023 Income 0.0046
11/30/2023 Income 0.0043
10/31/2023 Income 0.0043
09/29/2023 Income 0.0044
08/31/2023 Income 0.0044
07/31/2023 Income 0.0039
06/30/2023 Income 0.0043
05/31/2023 Income 0.0042
04/28/2023 Income 0.0035
03/31/2023 Income 0.0041
02/28/2023 Income 0.0034
01/31/2023 Income 0.0033
Expense ratio gross
As of current prospectus date
0.22%
Expense ratio net
As of current prospectus date
0.20%
Expense limit expiration date
02/28/2026
Maximum up-front sales charge
—
Contingent deferred sales charge
—
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.
Holdings
Top 10 as of 12/31/2025
% of Assets % of Assets
% of Assets
1 Bank of New York Mellon Repurc
5.42%
2 HSBC Bank USA Repurchase Agree
3.75%
3 Goldman Sachs Repurchase Agree
3.75%
4 BNP Paribas Securities Corp Re
3.55%
5 Federal Home Loan Bank Discoun
3.34%
6 Royal Bank of Canada Repurchas
3.13%
7 Bank of Montreal Repurchase Ag
3.13%
8 Merrill Lynch Repurchase Agree
3.13%
9 DWS Government Money Market Se
2.63%
10 Federal Home Loan Bank Discoun
2.28%
The holdings listed do not constitute a recommendation to purchase or sell a particular security. Cash and/or derivative positions that are not part of the core investment strategy will not be reflected in the top holdings list.
May not reflect current holdings or allocations.
Portfolio management
Allison Hitchings
13 years of experience
Tracy Reeg
25 years of experience

No information
Literature
Investment materials Fact sheet
Commentary
Prospectus, Annual report, Semi-annual report and Statement of additional information
Daily disclosure filing - NAV link
Daily disclosure filings - daily and weekly liquid assets and net shareholder flows
Form N-MFP
Form NC-R filings - no filings to disclose
Portfolio holdings 07/2025
08/2025
09/2025
10/2025
11/2025
12/2025
Principal Funds are distributed by Principal Funds Distributor, Inc. ALPS Distributors, Inc. is the distributor of the Principal ETFs. ALPS Distributors, Inc. and the Principal Funds are not affiliated.
Fixed‐income investment options are subject to interest rate risk, and their value will decline as interest rates rise.
The holdings listed do not constitute a recommendation to purchase or sell a particular security. Cash and/or derivative positions that are not part of the core investment strategy will not be reflected in the top holdings list.
NOT FDIC INSURED - MAY LOSE VALUE - NO BANK GUARANTEE
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.
Performance assumes reinvestment of all dividends and capital gains.
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.
To obtain a prospectus, download prospectus online or call Customer Service at 1-800-222-5852 . Carefully consider a fund’s objectives, risks, charges, and expenses. The prospectus, or summary prospectus if available, contains this and other information. Please read it carefully before investing.
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. An investment in the Fund is not a bank account and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund's sponsor is not required to reimburse the Fund for losses, and you should not expect that the sponsor will provide financial support to the Fund at any time, including during periods of market stress.
© 2026 Morningstar, Inc. All rights reserved. The information 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.
The Morningstar Medalist Rating™ is the summary expression of Morningstar’s forward-looking analysis of investment strategies as offered via specific vehicles using a rating scale of Gold, Silver, Bronze, Neutral, and Negative. The Medalist Ratings indicate which investments Morningstar believes are likely to outperform a relevant index or peer group average on a risk-adjusted basis over time. Investment products are evaluated on three key pillars (People, Parent, and Process) which, when coupled with a fee assessment, forms the basis for Morningstar’s conviction in those products’ investment merits and determines the Medalist Rating they’re assigned. Pillar ratings take the form of Low, Below Average, Average, Above Average, and High. Pillars may be evaluated via an analyst’s qualitative assessment (either directly to a vehicle the analyst covers or indirectly when the pillar ratings of a covered vehicle are mapped to a related uncovered vehicle) or using algorithmic techniques. Vehicles are sorted by their expected performance into rating groups defined by their Morningstar Category and their active or passive status. When analysts directly cover a vehicle, they assign the three pillar ratings based on their qualitative assessment, subject to the oversight of the Analyst Rating Committee, and monitor and reevaluate them at least every 14 months. When the vehicles are covered either indirectly by analysts or by algorithm, the ratings are assigned monthly. For more detailed information about these ratings, including their methodology, please refer to the Morningstar shareholder disclosures .
The Morningstar Medalist Ratings are not statements of fact, nor are they credit or risk ratings. The Morningstar Medalist Rating (i) should not be used as the sole basis in evaluating an investment product, (ii) involves unknown risks and uncertainties which may cause expectations not to occur or to differ significantly from what was expected, (iii) are not guaranteed to be based on complete or accurate assumptions or models when determined algorithmically, (iv) involve the risk that the return target will not be met due to such things as unforeseen changes in management, technology, economic development, interest rate development, operating and/or material costs, competitive pressure, supervisory law, exchange rate, tax rates, exchange rate changes, and/or changes in political and social conditions, and (v) should not be considered an offer or solicitation to buy or sell the investment product. A change in the fundamental factors underlying the Morningstar Medalist Rating can mean that the rating is subsequently no longer accurate.
The Analyst-Driven % data point displays the weighted percentage of a vehicle’s pillar ratings assigned directly or indirectly by analysts.
The Data Coverage % data point is a summary metric describing the level of data completeness used to generate the overall rating.