PGWXX

Principal Government Money Market Fund

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Prospectus

    Principal Government Money Market Fund

    Fund details

    as of 12/03/2025 unless indicated otherwise
    Fund ticker
    PGWXX
    CUSIP
    74257B639
    Benchmark
    Bloomberg U.S. Treasury Bellwethers 3 Month Index
    Extended performance inception date
    12/20/2017
    NAV
    $1.00
    Total fund assets
    $5.11B
    Dividend frequency
    Daily
    Minimum investment
    $50,000,000.00
    Inception date
    12/12/2022
    Morningstar category
    Money Market-Taxable
    S&P rating
    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

    As of 11/30/2025
    Name 1 month 3 month YTD 1-year 3-year 5-year 10-year Since inception Overall
    Total return 0.29% 0.99% 3.84% 4.23% 4.80% 3.08% — 2.46% —
    Benchmark performance — — — — — — — — —
    Morningstar category average — — — — — — — — —
    Morningstar percentile rankings — — — — — — — — —
    # of funds in category 648 640 627 625 — — — — —
    Morningstar rating — — — — — — — — —
    7-Day SEC yield
    Unsubsidized as of 10/31/2025
    3.89%
    7-Day SEC yield
    Subsidized as of 10/31/2025
    3.99%
    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.

    Holdings

    Top 10

    as of 10/31/2025
    % of Assets
    % of Assets
    1. Bank of New York Mellon Repurc
    5.33%
    2. Goldman Sachs Repurchase Agree
    4.10%
    3. Barclays Capital Repurchase Ag
    4.10%
    4. BNP Paribas Securities Corp Re
    3.48%
    5. Bank of Montreal Repurchase Ag
    3.48%
    6. HSBC Bank USA Repurchase Agree
    3.28%
    7. Merrill Lynch Repurchase Agree
    3.07%
    8. Goldman Sachs Financial Square
    2.77%
    9. Invesco Government & Agency Po
    2.58%
    10. Federal Home Loan Bank Discoun
    2.56%
    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
    12 years of experience
    Tracy Reeg
    24 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.
    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.
    © 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.