Morningstar® Investment Profile™   Morningstar® Disclosure   Format for Print Principal LifeTime 2045 R4  LTRLX Release date as of 2024-04-30. Data on page is subject to change. Snapshot Total Returns Ratings & Risk Portfolio Nuts & Bolts

Morningstar Report Overall Morningstar Rating™ What is this? As of 2024-04-30 Out of 190 Target-Date 2045 Funds Morningstar® Style Box™ What is this? As of 2024-03-31 As of 2024-03-31 Total Fund Assets ($ Mil) 1,566.15 View Historical Morningstar Star Ratings and Definitions

Investment Objective & Strategy   The investment seeks a total return consisting of long-term growth of capital and current income. The fund operates as a "target date fund" that invests according to an asset allocation strategy designed for investors having a retirement investment goal close to the year in 2045. It is a fund of funds and invests in underlying funds of Principal Funds, Inc. ("PFI"). Its underlying funds consist of domestic and foreign equity funds, fixed-income funds, real asset funds, and other funds that aim to offer diversification beyond traditional equity and fixed-income securities.

Morningstar Category: Target-Date 2045 Target-date portfolios provide diversified exposure to stocks, bonds, and cash for those investors who have a specific date in mind (in this case, the years 2041-2045) for retirement. These portfolios aim to provide investors with an optimal level of return and risk, based solely on the target date. Management adjusts the allocation among asset classes to more-conservative mixes as the target date approaches, following a preset glide path. A target-date portfolio is part of a series of funds offering multiple retirement dates to investors.

Target Asset Allocation Allocation Bonds US Stocks Non-US Stocks Cash Other Years Until Retirement

Performance Growth of $10,000 (from 2014-01-01 to 2024-04-30) Investment: Principal LifeTime 2045 R4 Benchmark 1: Morningstar Mod Tgt Risk TR USD Benchmark 2: Morningstar Lifetime Mod 2045 TR USD Category: Target-Date 2045 This graph presents historical performance for the investment as well as an index and/or peer group. If the investment, index and/or peer group have performed similarly, the line representing the fund will overlay the index and/or peer group. Therefore, the line(s) representing the index and/or peer group history may be hidden. Total Annualized Returns % YTD 1 Year 3 Year 5 Year 10 Year Since Inception Investment 3.04 14.43 1.94 7.74 7.28 6.57 Morningstar Mod Tgt Risk TR USD 0.65 8.25 0.60 5.34 5.51 --- Morningstar Lifetime Mod 2045 TR USD 2.14 12.65 1.98 7.26 7.14 --- Category 3.26 14.43 2.65 8.09 7.60 6.70 Morningstar Rating --- --- --- # of compared Target-Date 2045 funds covered (3 yrs : out of 190 funds) (5 yrs : out of 169 funds) (10 yrs : out of 107 funds) Ratings reflect risk-adjusted performance and are derived from a weighted average of the performance figures associated with its three, five and ten-year (if applicable) time periods. Investment results shown represent historical performance and do not guarantee future results. Investment returns and principal values fluctuate with changes in interest rates and other market conditions so the value, when redeemed may be worth more or less than original costs. Current performance may be lower or higher than the performance data shown. Fees and Expenses Total Annual Operating Expense 1.03% Prospectus Net Expense Ratio 1.03% Maximum Sales Charge --- The total annual operating expense shown is before management fee waivers or expense caps. For more information on waivers/reimbursements, please see the prospectus. The total annual operating expense is also referred to as the prospectus gross expense ratio. Waiver Data Type Date % --- --- --- ---

Portfolio Profile Asset Allocation % of Net Assets U.S. Stocks 61.2 Non-U.S. Stocks 27.1 Bonds 9.8 Cash 1.6 Other 0.4 Data through 2024-03-31 Morningstar Equity Sectors % of Stocks Cyclical 37.95 Basic Materials 3.87 Consumer Cyclical 11.14 Financial Services 17.41 Real Estate 5.53 Sensitive 43.82 Communication Services 5.75 Energy 4.73 Industrials 13.77 Technology 19.57 Defensive 18.22 Consumer Defensive 5.06 Healthcare 11.11 Utilities 2.05 Data through 2024-03-31 Morningstar Fixed-Income Sectors % Fund Government 16.86 Corporate 49.55 Securitized 20.80 Municipal 0.00 Cash & Equivalents 12.72 Derivative 0.07 Data through 2024-03-31 Credit Analysis % Bonds AAA 42.15 AA 1.22 A 15.61 BBB 20.83 BB 5.55 B 10.10 Below B 4.34 Not Rated 0.21 Data through 2024-03-31 Holding Status Total Number of Stock Holdings 0 Total Number of Bond Holdings 0 % of Net Assets in Top 10 Holdings 84.56 Turnover % (as of 2023-10-31) 11.40 30 Day SEC Yield % --- Top Holdings Sector Country Maturity Date Market Value ($000) % of Net Assets Principal Diversified International R-6 --- USA --- 235,488 14.56 Principal Blue Chip R-6 --- USA --- 155,585 9.62 Principal Large Cap S&P 500 Index Inst --- USA --- 153,491 9.49 Principal LargeCap Growth I R6 --- USA --- 152,697 9.44 Principal Large Cap Value III Inst --- USA --- 146,580 9.06 Principal Equity Income Inst --- USA --- 144,230 8.92 Principal Core Fixed Income R6 --- USA --- 126,156 7.80 Principal Overseas Instl --- USA --- 97,536 6.03 Principal MidCap Value I R-6 --- USA --- 93,060 5.75 Principal MidCap Growth III Inst --- USA --- 62,849 3.89 Data through 2024-03-31

Principal Risks    Credit and Counterparty, Currency, Emerging Markets, Foreign Securities, Loss of Money, Not FDIC Insured, Index Correlation/Tracking Error, Equity Securities, Derivatives, Fixed-Income Securities, Maturity/Duration, Shareholder Activity, Conflict of Interest, Target Date Show Risk Definitions

Other Information Inception Date: 2008-02-29 Portfolio Manager(s) Scott W. Smith   (2017-05-02) Mr. Smith is a research analyst and portfolio manager at Principal Global Investors. He is an analyst within the firm's asset allocation and structured investments group. He also provides research assistance to various business units within Principal Global Investors. He joined the firm in 1999. Randy L. Welch   (2008-02-29) Mr. Welch is a Vice President of Principal Management Corporation. Mr. Welch joined the Principal Financial Group in 1989 and oversees the functions of the Investment Services group, which includes investment manager research, investment consulting, performance analysis, and investment communication. He is also responsible for the due diligence program that monitors investment managers used by the Principal Funds. Mr. Welch is an affiliate member of the Chartered Financial Analysts (CFA) Institute. Mr. Welch earned a B.A. in Business/ Finance from Grand View College and an M.B.A. from Drake University. James W. Fennessey   (2008-02-29) Mr. Fennessey, CFA, Vice President of Principal Management Corporation. Mr. Fennessey joined the Principal Financial Group in 2000. He is the Head of the Manager Research Team that is responsible for analyzing, interpreting and coordinating investment performance data and evaluation of the investment managers under the due diligence program that monitors investment managers used by the Principal Funds and is a member of the Principal Funds Investment Committee. Fennessey earned a B.S. in Business Administration, with an emphasis in Finance, and a minor in Economics from Truman State University. He has earned the right to use the Chartered Financial Analyst designation. Investment Advisor(s) Principal Global Investors LLC Issuer Principal Funds

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