Morningstar® Investment Profile™   Morningstar® Disclosure   Format for Print Principal LifeTime Strategic Inc R4  PLSSX 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 145 Target-Date Retirement Funds Morningstar® Style Box™ What is this? As of 2024-03-31 As of 2024-03-31 Total Fund Assets ($ Mil) 784.74 View Historical Morningstar Star Ratings and Definitions

Investment Objective & Strategy   The investment seeks current income, and as a secondary objective, capital appreciation. The fund 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. Its asset allocation is designed for investors who are approximately 10 years beyond the normal retirement age of 65.

Morningstar Category: Target-Date Retirement Retirement income portfolios provide a mix of stocks, bonds, and cash for those investors already in or entering retirement. These portfolios tend to be managed to more of a conservative asset-allocation strategy. These portfolios aim to provide investors with steady income throughout retirement.

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 Strategic Inc R4 Benchmark 1: Morningstar Mod Tgt Risk TR USD Benchmark 2: Morningstar Lifetime Mod Incm TR USD Category: Target-Date Retirement 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 0.28 5.82 -0.55 2.88 3.06 3.83 Morningstar Mod Tgt Risk TR USD 0.65 8.25 0.60 5.34 5.51 --- Morningstar Lifetime Mod Incm TR USD 0.11 5.73 0.32 3.96 3.92 --- Category -0.10 5.17 -0.26 3.19 3.42 3.88 Morningstar Rating --- --- --- # of compared Target-Date Retirement funds covered (3 yrs : out of 145 funds) (5 yrs : out of 126 funds) (10 yrs : out of 81 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 0.89% Prospectus Net Expense Ratio 0.89% 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 23.2 Non-U.S. Stocks 11.2 Bonds 62.1 Cash 3.3 Other 0.2 Data through 2024-03-31 Morningstar Equity Sectors % of Stocks Cyclical 36.62 Basic Materials 4.13 Consumer Cyclical 10.97 Financial Services 17.06 Real Estate 4.46 Sensitive 44.40 Communication Services 5.66 Energy 5.32 Industrials 14.09 Technology 19.33 Defensive 18.98 Consumer Defensive 5.04 Healthcare 10.98 Utilities 2.96 Data through 2024-03-31 Morningstar Fixed-Income Sectors % Fund Government 23.16 Corporate 45.18 Securitized 26.99 Municipal 0.00 Cash & Equivalents 4.20 Derivative 0.47 Data through 2024-03-31 Credit Analysis % Bonds AAA 48.67 AA 1.77 A 14.91 BBB 21.71 BB 3.24 B 5.18 Below B 2.22 Not Rated 2.29 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 87.08 Turnover % (as of 2023-10-31) 11.80 30 Day SEC Yield % 2.57 Top Holdings Sector Country Maturity Date Market Value ($000) % of Net Assets Principal Core Fixed Income R6 --- USA --- 269,748 33.31 Principal Short-Term Income Inst --- USA --- 137,167 16.94 Principal High Income Inst --- USA --- 55,605 6.87 Principal Inflation Protection Inst --- USA --- 49,152 6.07 Principal Diversified International R-6 --- USA --- 46,132 5.70 Principal Blue Chip R-6 --- USA --- 30,482 3.76 Principal Large Cap S&P 500 Index Inst --- USA --- 30,072 3.71 Principal LargeCap Growth I R6 --- USA --- 29,911 3.69 Principal Large Cap Value III Inst --- USA --- 28,695 3.54 Principal Equity Income Inst --- USA --- 28,230 3.49 Data through 2024-03-31

Principal Risks    Credit and Counterparty, Currency, Foreign Securities, Loss of Money, Not FDIC Insured, Equity Securities, Underlying Fund/Fund of Funds, U.S. Government Obligations, Derivatives, Fixed-Income Securities, Maturity/Duration, Shareholder Activity, Conflict of Interest, Structured Products, Target Date Show Risk Definitions

Other Information Inception Date: 2001-03-01 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   (2007-06-01) 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   (2007-06-01) 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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