Core Fixed Income Fund
Principal Funds, Inc · 6 share classes
Fund classification
Classified from what the fund holds · as of 2026 Q2
Core Fixed Income Fund is an actively managed U.S. bond fund.
- Asset class
- Bonds
- Region
- United States
- Management
- Actively managed
- Fund type
- Open-end fund
- Credit quality
- Investment grade
- Rate sensitivity
- Intermediate duration
Fund profile
As filed in the prospectus · 2026 Q1
The Fund seeks to provide a high level of current income consistent with preservation of capital.
The fund invests at least 80% of assets in investment-grade fixed-income securities, including corporate bonds, government debt, securitized products, bank loans, and foreign securities rated BBB- or higher. It maintains average portfolio duration within 25% of the Bloomberg US Aggregate Index. Because unrated securities are evaluated by the fund's own judgment rather than by external rating agencies, the credit quality of those holdings depends on the fund's assessment.
| Share class | Gross | Net |
|---|---|---|
| CMPIX | 0.71% | 0.71% |
| PIOIX | 0.44% | 0.43% |
| PIOJX | 0.57% | 0.57% |
| PIOQX | 0.59% | 0.59% |
| PIOOX | 0.90% | 0.90% |
| PICNX | 0.34% | 0.34% |
Net is what a holder pays after the adviser's contractual waiver; gross is before it. A waiver can expire.
Portfolio turnover 13.40% · as of 2026 Q1
Allocation
Asset groups · long / short shown separately, never netted · 2026 Q2
| Bonds | 73.21% |
| Securitized | 25.08% |
| Cash & short-term | 1.23% |
| Stocks | 0.06% |
| Derivatives | -0.05% |
The outer band is exposure held short — written against the portfolio rather than part of it, which is why it sits outside the ring and why the two are never netted into one figure.
Derivatives are shown at market value, not notional exposure.
Sector allocation
The same holdings as Allocation above, grouped by market sector instead of asset type · as of 2026 Q2
| Securitized | 25.2% |
| Other | 17.9% |
| Government | 15.0% |
| Financials | 9.9% |
| 12 smaller | 31.9% |
Government, Securitized and Cash are non-corporate buckets; International is foreign holdings we don’t sector-classify, and Other is the residual (held funds, unresolved names).
Latest quarter
What changed since the fund's previous filing
Largest new: Freddie Mac Pool, Bank of America Corp, Amgen Inc, Fannie Mae Pool, Waste Connections Inc, Prologis LP, AbbVie Inc, The Bank of New York Mellon Corp
Largest exited: United States Treasury Note/Bond ×3, Nissan Master Owner Trust Receivables, Southwestern Electric Power Co, Gilead Sciences Inc, Apple Inc, Truist Financial Corp
Return profile
Total return as filed — price change plus distributions reinvested · trailing figures to Apr 2026
| Share class | 1-year | 3-year | 5-year | Vol | Worst fall |
|---|---|---|---|---|---|
| +3.82% | +9.84% | -0.38% | 3.38% | -6.48% | |
| +4.10% | +10.76% | +1.04% | 3.36% | -6.28% | |
| +4.08% | +10.47% | +0.50% | 3.46% | -6.37% | |
| +3.94% | +10.26% | +0.27% | 3.48% | -6.37% | |
| — | — | — | — | — | |
| +3.71% | +9.29% | -1.16% | 3.47% | -6.50% | |
| — | — | — | — | — | |
| +4.22% | +11.09% | +1.56% | 3.36% | -6.25% |
Debt profile
What this fund holds — value-weighted across its bond and securitized long positions · as of 2026-04-30
Share of the fund's debt by how its coupon behaves — the fact that decides whether a rate move reaches this portfolio at all.
| Fixed rate | 91.6% |
| Floating rate | 8.4% |
Share of the fund's debt value in each maturity band, shortest first.
| <1y | 4.9% |
| 1-3y | 13.5% |
| 3-5y | 20.1% |
| 5-10y | 18.1% |
| 10y+ | 43.4% |
Based on what filers reported; a filer that never reported a flag also reads as none.
Risk profile
Interest-rate and credit-spread sensitivity, both in years · as of 2026Q2
Most of this fund’s sensitivity is to interest rates, with credit spreads carrying nearly as much.
Where the loss would come from. The two shocks are the same size, so this is the balance of the fund's two sensitivities rather than a bet on one moving more.
| Interest rates | 57% |
| Credit spreads | 43% |
Filers report the impact of a 0.01% move only, so the total is our own scaling of that one number and overstates the loss on most bonds — read it as approximate, never as precise. The two sensitivities overlap rather than add up: they measure the same positions against different shocks, which is why the durations above are shown side by side and never summed.
Share of the fund's spread duration carried by each credit tier.
| Investment grade | +4.35 yr |
| High yield | +0.05 yr |
Share of duration at each point, shortest first. A positive figure loses value when spreads widen; a negative one offsets — a credit hedge.
| 3 mo | 0.03 yr | 1% |
| 1 yr | 0.14 yr | 2% |
| 5 yr | 1.78 yr | 31% |
| 10 yr | 1.69 yr | 29% |
| 30 yr | 2.16 yr | 37% |
| 3 mo | 0.02 yr | 1% |
| 1 yr | 0.10 yr | 2% |
| 5 yr | 1.35 yr | 31% |
| 10 yr | 1.28 yr | 29% |
| 30 yr | 1.64 yr | 37% |
The two bands measure the same positions against different shocks and do not add — a Treasury carries rate duration and no spread duration, a floating-rate credit the reverse. Rate tenors are also summed across every currency the fund discloses.
Show the numbers
| Tenor | Rate yrs | IG yrs | HY yrs | IG $/bp | HY $/bp |
|---|---|---|---|---|---|
| 3 mo | +0.03 | +0.02 | +0.00 | $24.1k | $287 |
| 1 yr | +0.14 | +0.10 | +0.00 | $106.1k | $1.3k |
| 5 yr | +1.78 | +1.34 | +0.02 | $1.39m | $16.5k |
| 10 yr | +1.69 | +1.27 | +0.02 | $1.32m | $15.7k |
| 30 yr | +2.16 | +1.62 | +0.02 | $1.69m | $20.1k |
Dollar change per 1bp of spread movement, as filed and sign-anchored. A blank cell was not filed; a zero was.
Holdings
By % of NAV · equity positions carry filed share counts · every resolvable issuer links to its company page
| Ticker | Issuer | %NAV | Value | Shares |
|---|---|---|---|---|
| — | Principal Funds, Inc - Government Money Market Fund - Class R-6 | 1.23% | $127.68M | — |
| — | AbbVie Inc5.05% · due 2034-03-15 | 0.58% | $60.83M | — |
| — | Biogen Inc2.25% · due 2030-05-01 | 0.57% | $59.46M | — |
| — | Waste Connections Inc5.25% · due 2035-09-01 | 0.51% | $52.99M | — |
| — | American Tower Corp2.75% · due 2027-01-15 | 0.50% | $52.47M | — |
| — | Truist Bank4.63% floating · due 2029-09-17 | 0.50% | $51.65M | — |
| — | Ryder System Inc2.90% · due 2026-12-01 | 0.49% | $50.56M | — |
| — | PNC Bank NA2.70% · due 2029-10-22 | 0.48% | $49.88M | — |
| — | Citigroup Inc2.98% floating · due 2030-11-05 | 0.46% | $48.26M | — |
| — | NextEra Energy Capital Holdings Inc2.75% · due 2029-11-01 | 0.46% | $48.31M | — |
Top 10 positions are 5.78% of net assets, top 25 12.09%, across 137 issuers.
See more of this fund's book
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