Investment objective & strategy
As of Feb. 27, 2026 · prospectusObjective. The Fund seeks to provide current income and real (after inflation) total returns.
Strategy. The Fund invests primarily in inflation-indexed bonds of varying maturities issued by the U.S. government. In managing the Fund, Principal Global Investors, LLC (PGI), the Funds investment advisor uses a sampling strategy designed to track the Bloomberg U.S. TIPS Index (the Index). The index is composed of investment grade U.S. treasury inflation-protected securities (TIPS). As of January 31, 2026, the Index was composed of 47 issues. The Index is rebalanced monthly to reflect securities that have dropped out of or entered the Index in the preceding month. Generally, the Fund makes corresponding changes to its portfolio shortly after Index changes are made public. The Fund typically does not purchase all of the securities in the Index. Under normal circumstances, the … The Fund invests primarily in inflation-indexed bonds of varying maturities issued by the U.S. government. In managing the Fund, Principal Global Investors, LLC (PGI), the Funds investment advisor uses a sampling strategy designed to track the Bloomberg U.S. TIPS Index (the Index). The index is composed of investment grade U.S. treasury inflation-protected securities (TIPS). As of January 31, 2026, the Index was composed of 47 issues. The Index is rebalanced monthly to reflect securities that have dropped out of or entered the Index in the preceding month. Generally, the Fund makes corresponding changes to its portfolio shortly after Index changes are made public. The Fund typically does not purchase all of the securities in the Index. Under normal circumstances, the Fund maintains an average portfolio duration that is in line with the duration of the Index, which as of January 31, 2026, was 6.48 years. The Fund's strategies may result in the active and frequent trading of the Fund's portfolio securities.
Top holdings
As of Jan. 31, 2026 · N-PORT| Security | Ticker | Value | % of fund |
|---|---|---|---|
| Principal Government Money Market Fund - Class R-6 | — | $120.82M | 5.33% |
| U.S. Treasury Inflation-Protected Indexed Notes | TII | $98.23M | 4.33% |
| U.S. Treasury Notes | TII | $95.45M | 4.21% |
| U.S. Treasury Inflation-Protected Indexed Notes | TII | $84.24M | 3.71% |
| U.S. Treasury Inflation-Protected Notes 1.75%, Due 01/15/2034 | TII | $82.45M | 3.64% |
| U.S. TREASURY INFLATION-PROTECTED SECURITIES 0-5/8% 07/15/2032 | TII | $75.61M | 3.33% |
| U.S. Treasury Inflation-Linked Notes | TII | $75.34M | 3.32% |
| U.S. Treasury Inflation-Protected Indexed Notes | TII | $74.61M | 3.29% |
| U.S. Treasury Notes | TII | $73.54M | 3.24% |
| U.S. Treasury Notes | TII | $72.61M | 3.20% |
Portfolio moves
Oct 31, 2025 → Jan 31, 2026How many positions this fund opened, exited, grew, trimmed, or left unchanged between its two most recent N-PORT snapshots — net changes between point-in-time reports, not a trade log.
Similar funds
Funds whose portfolios most overlap this one, by weight| Fund | Overlap | Net exp. |
|---|---|---|
| WisdomTree TIPS Digital Fund · TIPSX | 91% | 0.05% |
| Schwab Treasury Inflation Protected Securities Index Fund · SWRSX | 91% | 0.05% |
| VANGUARD TOTAL INFLATION-PROTECTED SECURITIES ETF · VTP | 91% | 0.05% |
Advisers
| Firm | Role |
|---|---|
| Principal Global Investors, LLC | Adviser |
| Blackrock Financial Management, INC | Sub-adviser |
Footnotes
- Expense ratio as of February 27, 2026, from the fund's prospectus.
- Net assets and holdings count as of January 31, 2026, from the fund's N-PORT filing.
- Total return for calendar year 2025, before tax and after fund expenses. Computed by compounding the twelve monthly total returns the fund reported in its SEC N-PORT filings for 2025 (the latest prospectus does not yet chart this year).
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