PIIDX

Principal International Equity Fund

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Prospectus

    Principal International Equity Fund

    Fund details

    as of 12/11/2025 unless indicated otherwise
    Fund ticker
    PIIDX
    CUSIP
    74256W592
    Benchmark
    MSCI ACWI Ex-U.S. NTR Index
    Extended performance inception date
    12/29/2003
    NAV
    $16.79
    Total fund assets
    $6.66B
    Dividend frequency
    Annually
    Minimum investment
    —
    Inception date
    11/22/2016
    Morningstar category
    Foreign Large Blend
    Investment approach
    The investment seeks long-term growth of capital. Under normal circumstances, the fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in equity securities. The managers define equity securities to include common stock, preferred stock, and exchange-traded funds (ETFs) and mutual funds that invest primarily in equity securities.

    Performance & expenses

    As of 11/30/2025
    Name 1 month 3 month YTD 1-year 3-year 5-year 10-year Since inception Overall
    Total return 1.96% 7.08% 32.62% 29.90% 17.03% 8.10% 7.73% 6.62% —
    Benchmark performance
    MSCI ACWI Ex-U.S. NTR Index
    		 -0.03% 5.67% 28.53% 26.04% 15.89% 8.41% 7.89% — —
    Morningstar category average
    Foreign Large Blend
    		 0.75% 4.52% 27.08% 23.69% 15.08% 8.63% 7.57% — —
    Morningstar percentile rankings — — — 13 16 66 48 — —
    # of funds in category 699 694 682 677 641 611 474 — 641
    Morningstar rating — — — — —
    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.
    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.

    Ratings

    Morningstar ratings

    as of 11/30/2025
    3-year
    641 funds
    5-year
    611 funds
    10-year
    474 funds
    Overall
    641 funds
    3 year | 641 funds
    5 year | 611 funds
    10 year | 474 funds
    Overall | 641 funds

    Holdings

    Top 10

    as of 10/31/2025
    % of Assets
    % of Assets
    1. Samsung Electronics Co Ltd
    4.04%
    2. Tencent Holdings Ltd
    4.01%
    3. ASML Holding NV
    3.91%
    4. AIB Group PLC
    3.78%
    5. Erste Group Bank AG
    3.64%
    6. Deutsche Telekom AG
    3.57%
    7. Taiwan Semiconductor Manufactu
    3.44%
    8. AIA Group Ltd
    3.44%
    9. Yum China Holdings Inc
    3.25%
    10. Sompo Holdings Inc
    3.16%
    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 characteristics

    # of holdings
    as of 11/30/2025
    47
    Active share
    as of 11/30/2025
    86.55%
    Turnover ratio
    as of 04/30/2025
    180.10%
    Weighted avg mark cap
    as of 11/30/2025
    159,999.65
    Alpha (3-year)
    as of 11/30/2025
    1.02
    Beta (3-year)
    as of 11/30/2025
    1.00
    R-squared (3-year)
    as of 11/30/2025
    89.87
    Sharpe ratio (3-year)
    as of 11/30/2025
    0.94
    Standard deviation (3-year)
    as of 11/30/2025
    12.45
    Tracking error (3-year)
    as of 11/30/2025
    3.97
    May not reflect current holdings or allocations.

    Portfolio management

    Paul Blankenhagen, CFA
    33 years of experience
    George P. Maris, CFA
    27 years of experience
    Matthew Peron
    33 years of experience

    Literature

    Investment materials

    Portfolio holdings

    Disclosures
    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.
    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
    International investing involves greater risks such as currency fluctuations, political/social instability, and differing accounting standards.
    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.
    The MSCI ACWI ex USA Index captures large and mid cap representation across 22 of 23 Developed Markets (DM) countries (excluding the US) and 27 Emerging Markets (EM) countries*. With 2,352 constituents, the index covers approximately 85% of the global equity opportunity set outside the US.
    © 2025 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 go to https://shareholders.morningstar.com/investor-relations/governance/Compliance--Disclosure/default.aspx .
    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.
    These calculated returns reflect the historical performance of the oldest share class of the Fund, adjusted to reflect the fees and expenses of the share class shown. Please see the Fund's prospectus for more information on specific expenses and see the Fund's most recent shareholder report for the 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.