Principal High Yield Fund
Overview
Performance
As of 11/30/2025
YTD
5.89%
1-year
5.22%
3-year
8.19%
5-year
4.51%
10-year
5.40%
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.
Overall Morningstar Rating™
As of 10/31/2025
Highlights
A defensive high yield bond fund with a long-term focus on generating income.
- History of consistent long-term outperformance and drawdown mitigation.
- Independent, forward looking credit analysis to exploit ratings inefficiencies; well-defined exit strategies to minimize the cost of mistakes.
- Proprietary data science tools to challenge biases and avoid unintended risks.
Fund details
as of
12/03/2025
unless indicated otherwise
Fund ticker
CPHYX
CUSIP
74254V661
Benchmark
Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index
NAV
$6.78
Total fund assets
$6.61B
Dividend frequency
Daily
Minimum investment
$1,000.00
Inception date
04/08/1998
Morningstar category
High Yield Bond
Investment approach
The investment seeks to provide a high level of current income.
Under normal circumstances, the fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in below investment grade bonds and bank loans (sometimes called “high yield” or “junk”), which are rated Ba1 or lower by Moody’s Investors Service, Inc. (“Moody’s”) and BB+ or lower by S&P Global Ratings. It also invests in investment grade bank loans (also known as senior floating rate interests) and securities of foreign issuers.
Performance & expenses
As of
11/30/2025
| Name | 1 month | 3 month | YTD | 1-year | 3-year | 5-year | 10-year | Since inception | Overall |
|---|---|---|---|---|---|---|---|---|---|
| Excluding sales charge | 0.20% | 0.73% | 5.89% | 5.22% | 8.19% | 4.51% | 5.40% | 6.60% | — |
| Including sales charge | -3.50% | -3.10% | 1.98% | 1.24% | 6.83% | 3.72% | 5.00% | 6.46% | — |
| Benchmark performance Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index |
0.58% | 1.56% | 8.01% | 7.55% | 9.62% | 4.77% | 6.18% | — | — |
| Morningstar category average | — | — | — | — | — | — | — | — | — |
| Morningstar percentile rankings | — | — | — | 90 | 64 | 48 | 41 | — | — |
| # of funds in category | 639 | 633 | 624 | 623 | 586 | 548 | 441 | — | 586 |
| Morningstar rating | — | — | — | — | — |
30-Day SEC yield
Unsubsidized as of
10/31/2025
6.25%
30-Day SEC yield
Subsidized as of
10/31/2025
6.25%
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.
| Name | 1 month | 3 month | YTD | 1-year | 3-year | 5-year | 10-year | Since inception | Overall |
|---|---|---|---|---|---|---|---|---|---|
| Excluding sales charge | 0.52% | 1.78% | 5.66% | 5.49% | 10.14% | 5.32% | 5.46% | 6.64% | — |
| Including sales charge | -3.31% | -2.09% | 1.76% | 1.52% | 8.74% | 4.52% | 5.07% | 6.49% | — |
| Benchmark performance Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index |
0.82% | 2.54% | 7.22% | 7.41% | 11.09% | 5.54% | 6.16% | — | — |
| Morningstar category average High Yield Bond |
0.73% | 2.35% | 6.66% | 6.93% | 10.21% | 5.18% | 5.24% | — | — |
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.
| Data | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|
| Excluding sales charge | 7.06% | 12.37% | -8.55% | 5.39% | 6.08% |
| Including sales charge | 3.08% | 8.12% | -12.03% | 1.50% | 2.12% |
| Morningstar category average High Yield Bond |
7.63% | 12.08% | -10.09% | 4.77% | 4.91% |
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.
| Date | Type | Dollar per share |
|---|---|---|
| 11/28/2025 | Income | 0.0335 |
| 10/31/2025 | Income | 0.0411 |
| 09/30/2025 | Income | 0.0352 |
| 08/29/2025 | Income | 0.0388 |
| 07/31/2025 | Income | 0.0369 |
| 06/30/2025 | Income | 0.0337 |
| 05/30/2025 | Income | 0.0374 |
| 04/30/2025 | Income | 0.0364 |
| 03/31/2025 | Income | 0.0346 |
| 02/28/2025 | Income | 0.0332 |
| 01/31/2025 | Income | 0.0384 |
| 12/31/2024 | Income | 0.0370 |
| 11/29/2024 | Income | 0.0365 |
| 10/31/2024 | Income | 0.0357 |
| 09/30/2024 | Income | 0.0321 |
| 08/30/2024 | Income | 0.0388 |
| 07/31/2024 | Income | 0.0369 |
| 06/28/2024 | Income | 0.0328 |
| 05/31/2024 | Income | 0.0382 |
| 04/30/2024 | Income | 0.0343 |
| 03/28/2024 | Income | 0.0350 |
| 02/29/2024 | Income | 0.0323 |
| 01/31/2024 | Income | 0.0332 |
| 12/29/2023 | Income | 0.0356 |
| 11/30/2023 | Income | 0.0331 |
| 10/31/2023 | Income | 0.0345 |
| 09/29/2023 | Income | 0.0337 |
| 08/31/2023 | Income | 0.0322 |
| 07/31/2023 | Income | 0.0297 |
| 06/30/2023 | Income | 0.0327 |
| 05/31/2023 | Income | 0.0320 |
| 04/28/2023 | Income | 0.0283 |
| 03/31/2023 | Income | 0.0335 |
| 02/28/2023 | Income | 0.0280 |
| 01/31/2023 | Income | 0.0288 |
| 12/30/2022 | Income | 0.0326 |
Expense ratio gross
0.90%
Expense ratio net
0.90%
Expense limit expiration date
—
Maximum up-front sales charge
3.75%
Contingent deferred sales charge
1.00%
A maximum sales charge of 3.75% may apply for Class A shares. Performance reflects this maximum sales charge when a sales charge is indicated.
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.
Ratings
Morningstar ratings
as of 10/31/2025
Holdings
Top 10
as of
10/31/2025
% of Assets
% of Assets
1.
Principal Government Money Mar
3.09%
2.
United States Treasury Note/Bo
1.45%
3.
EchoStar Corp
0.79%
4.
Smyrna Ready Mix Concrete LLC
0.77%
5.
Freedom Mortgage Holdings LLC
0.74%
6.
Taseko Mines Ltd
0.73%
7.
Lightning Power LLC
0.72%
8.
Jazz Securities DAC
0.71%
9.
Victra Holdings LLC / Victra F
0.69%
10.
Archrock Partners LP / Archroc
0.67%
Portfolio management
Mark Denkinger, CFA
35 years of experience
Joshua Rank, CFA
25 years of experience
Darrin Smith, CFA
34 years of experience