Investment objective & strategy
As of April 25, 2025 · prospectusObjective. The Fund seeks to provide current income.
Strategy. Under normal circumstances, the Fund uses a passive investment approach known as sampling to invest at least 80% of its net assets, plus any borrowings for investment purposes, in investments designed to track the Bloomberg US Aggregate Index (the Index). The Index is composed of investment-grade, fixed-rate debt issues with maturities of one year or more, including government securities, corporate securities, and asset-backed and mortgage-backed securities (securitized products). As of March 31, 2025, the Index was composed of 13,783 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. Because of the … Under normal circumstances, the Fund uses a passive investment approach known as sampling to invest at least 80% of its net assets, plus any borrowings for investment purposes, in investments designed to track the Bloomberg US Aggregate Index (the Index). The Index is composed of investment-grade, fixed-rate debt issues with maturities of one year or more, including government securities, corporate securities, and asset-backed and mortgage-backed securities (securitized products). As of March 31, 2025, the Index was composed of 13,783 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. Because of the practical difficulties and expense of purchasing all of the securities in the Index, the Fund does not purchase all of the securities in the Index. Instead, the Fund uses a sampling methodology to purchase securities with generally the same risk and return characteristics of 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 March 31, 2025 was 6.09 years. The Fund will not concentrate (i.e., invest more than 25% of its assets) its investments in a particular industry except to the extent the Index is so concentrated. As of March 31, 2025, the Index was not concentrated in any industry.
Top holdings
As of March 31, 2026 · N-PORT| Security | Ticker | Value | % of fund |
|---|---|---|---|
| Principal Government Money Market Fund - Class R-6 | — | $24.13M | 1.42% |
| US TREASURY N/B | — | $18.16M | 1.07% |
| US TREASURY N/B | — | $12.82M | 0.75% |
| US TREASURY N/B | — | $11.71M | 0.69% |
| US TREASURY N/B | — | $10.40M | 0.61% |
| US TREASURY N/B | — | $10.22M | 0.60% |
| US TREASURY N/B | — | $10.09M | 0.59% |
| US TREASURY N/B | — | $9.97M | 0.59% |
| US TREASURY N/B | — | $9.60M | 0.56% |
| US TREASURY N/B | — | $9.43M | 0.55% |
Portfolio moves
Dec 31, 2025 → Mar 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. |
|---|---|---|
| Bond Market Index Fund · PNIIX, PBIMX, PBOIX, PBIPX, PBIQX, PBIJX | 59% | 0.12% |
| Columbia U.S. Treasury Index Fund · LUTAX, IUTIX, CUTRX, CUTYX | 42% | 0.17% |
| VANGUARD TOTAL BOND MARKET INDEX FUND · VBTLX, VBMFX, VBTIX, BND, VBMPX, VTBSX | 42% | 0.01% |
Advisers
| Firm | Role |
|---|---|
| Principal Global Investors, LLC | Adviser |
Footnotes
- Net assets and holdings count as of March 31, 2026, from the fund's N-PORT filing.
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