PSMIX

Principal Global Multi-Strategy Fund

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Prospectus
Enhanced fact sheet

    Principal Global Multi-Strategy Fund

    Fund details

    as of 12/12/2024 unless indicated otherwise
    Fund ticker
    PSMIX
    CUSIP
    74255L696
    Benchmark
    HFRX Global Hedge Fund Index
    NAV
    $11.37
    Total fund assets
    $420.9M
    Dividend frequency
    Annually
    Minimum investment
    —
    Inception date
    10/24/2011
    Morningstar category
    Multi-Strategy
    Investment approach
    The investment seeks to achieve long-term capital appreciation with an emphasis on positive total returns and managing volatility. The fund invests in a broad range of instruments including, but not limited to, equities, bonds, currencies, commodities, convertible securities, and bank loans. Under normal market conditions, it invests in securities of issuers located throughout the world, including the U.S., invests at least 30% of its net assets in foreign and emerging market securities, and holds investments tied economically to at least twenty countries.

    Performance & expenses

    As of 11/30/2024
    Name 1 month 3 month YTD 1-year 3-year 5-year 10-year Since inception Overall
    Total return 1.71% 1.80% 9.05% 9.90% 5.18% 5.01% 3.65% 3.91% —
    Benchmark performance
    HFRX Global Hedge Fund Index
    		 0.84% 1.12% 5.25% 6.71% 1.39% 3.06% 1.92% — —
    Morningstar category average
    Multi-Strategy
    		 1.46% 1.33% 6.12% 7.39% 4.72% 3.98% 2.54% — —
    Morningstar percentile rankings — — — 35 31 23 20 — —
    # of funds in category 129 127 124 122 112 102 59 — 112
    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 11/30/2024
    3-year
    112 funds
    5-year
    102 funds
    10-year
    59 funds
    Overall
    112 funds
    3 year | 112 funds
    5 year | 102 funds
    10 year | 59 funds
    Overall | 112 funds

    Holdings

    Top 10

    as of 10/31/2024
    % of Assets
    % of Assets
    1. Principal Government Money Market Fund - Class R-6
    19.06%
    2. GMS Cayman Corporation
    1.33%
    3. United States Treasury Note/Bond
    0.87%
    4. Apple Inc
    0.81%
    5. Endeavor Group Holdings Inc
    0.81%
    6. United States Treasury Note/Bond
    0.79%
    7. NVIDIA Corp
    0.78%
    8. Brazil Notas do Tesouro Nacional Serie F
    0.73%
    9. United States Treasury Bill
    0.70%
    10. United States Treasury Note/Bond
    0.65%
    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 11/30/2024
    1,719
    Turnover ratio
    as of 08/31/2024
    146.90%
    R-squared (3-year)
    as of 11/30/2024
    61.14
    Sharpe ratio (3-year)
    as of 11/30/2024
    0.24
    Standard deviation (3-year)
    as of 11/30/2024
    4.87
    May not reflect current holdings or allocations.

    Portfolio management

    Jessica Bush, CFA
    23 years of experience
    Ben Rotenberg, CFA, CAIA
    31 years of experience
    May Tong, CFA
    23 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.
    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.
    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 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 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 strategies are asset weighted based on the distribution of assets in the hedge fund industry.
    © 2024 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.