Strategy. Under normal circumstances, the Fund invests primarily in below investment grade bonds and bank loans (sometimes called high yield or junk), which are rated, at the time of purchase, Ba1 or lower by Moodys Investors Service, Inc. (Moodys) and BB+ or lower by S&P Global Ratings (S&P Global). If the bond or bank loan has been rated by only one of the rating agencies, that rating will determine the rating of the bond or bank loan; if the bond or bank loan is rated differently by the rating agencies, the highest rating will be used; and if the bond or bank loan has not been rated by either of the rating agencies, those selecting such investments will determine the quality … Show more… Under normal circumstances, the Fund invests primarily in below investment grade bonds and bank loans (sometimes called high yield or junk), which are rated, at the time of purchase, Ba1 or lower by Moodys Investors Service, Inc. (Moodys) and BB+ or lower by S&P Global Ratings (S&P Global). If the bond or bank loan has been rated by only one of the rating agencies, that rating will determine the rating of the bond or bank loan; if the bond or bank loan is rated differently by the rating agencies, the highest rating will be used; and if the bond or bank loan has not been rated by either of the rating agencies, those selecting such investments will determine the quality of the bond or bank loan. The Fund also invests in investment grade bank loans (also known as senior floating rate interests) and securities of foreign issuers. In managing the Fund, Principal Global Investors, LLC (PGI), the Funds investment advisor, allocates the Funds assets among multiple sub-advisors that use differing approaches in making their investment decisions, which include actively managed and more passive investment strategies. With respect to the passive strategy, the Fund uses a sampling methodology to purchase securities with generally the same risk and return characteristics as the Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index (the Index) in an attempt to match or exceed the performance of the Index. Under normal circumstances, the Fund maintains an average portfolio duration that is within 25% of the duration of the Index, which as of January 31, 2024 was 3.33 years. The Fund is not managed to a particular maturity. Show less