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Name

As of 11/21/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

Diversified Income Fund (f/k/a Global Diversified Income Fund)

PGBAX | Fund

$11.98

$2.61 B

5.59%

$0.67

1.05%

Vitals

YTD Return

4.9%

1 yr return

9.3%

3 Yr Avg Return

0.6%

5 Yr Avg Return

2.4%

Net Assets

$2.61 B

Holdings in Top 10

12.3%

52 WEEK LOW AND HIGH

$12.0
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 1.05%

SALES FEES

Front Load 3.75%

Deferred Load N/A

TRADING FEES

Turnover 93.60%

Redemption Fee N/A

Min Investment

Standard (Taxable)

$1,000

IRA

N/A

Fund Classification

Fund Type

Open End Mutual Fund

Name

As of 11/21/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

Diversified Income Fund (f/k/a Global Diversified Income Fund)

PGBAX | Fund

$11.98

$2.61 B

5.59%

$0.67

1.05%

PGBAX - Profile

Distributions

  • YTD Total Return 4.9%
  • 3 Yr Annualized Total Return 0.6%
  • 5 Yr Annualized Total Return 2.4%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio 4.10%
DIVIDENDS
  • Dividend Yield 5.6%
  • Dividend Distribution Frequency Monthly

Fund Details

  • Legal Name
    Diversified Income Fund (f/k/a Global Diversified Income Fund)
  • Fund Family Name
    Principal Funds
  • Inception Date
    Dec 16, 2008
  • Shares Outstanding
    N/A
  • Share Class
    A
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Kelly Grossman

Fund Description

The Fund generally invests a majority of its assets in fixed-income securities, such as investment-grade corporate bonds, high yield bonds (also known as “junk” bonds), preferred securities, securitized products, and emerging market debt securities, in an effort to provide incremental yields over a portfolio of government securities. Such securities include instruments with variable or floating interest rates. The fixed-income portion of the Fund is not managed to a particular maturity or duration. The Fund invests in foreign, including emerging market, securities. The Fund uses derivative strategies. A derivative is a financial arrangement, the value of which is derived from, or based on, a traditional security, asset, or market index.
In managing the Fund, Principal Global Investors, LLC (“PGI”), the Fund’s investment advisor, determines the Fund's strategic asset allocation among actively managed and passively managed (index) strategies that are executed by PGI and multiple sub-advisors. PGI has considerable latitude in allocating the Fund's assets among the general investment categories listed below. The Fund uses strategies and sub-advisors to varying degrees and may change allocations, add new or eliminate existing strategies and sub-advisors, and temporarily or permanently reduce allocations from time to time such that the Fund would have little or no assets allocated to a particular strategy or sub-advisor.
•Investment-grade corporate securities, which are rated at the time of purchase Baa3 or higher by Moody’s Investors Service (“Moody’s”) or BBB- or higher by S&P Global Ratings (“S&P Global”).
•High yield and other income-producing securities, including bank loans and corporate bonds. “High yield” securities are below investment grade securities (sometimes called “junk”), which are rated at the time of purchase Ba1 or lower by Moody's and BB+ or lower by S&P Global. These securities offer a higher yield than other, higher rated securities, but they carry a greater degree of risk and are considered speculative with respect to the issuer's ability to pay interest and to repay principal. This portion of the Fund also invests in currency forwards and currency options to hedge currency risk.
•Preferred securities, focusing primarily on the financial services and utility industries.
•Diversified portfolio of fixed-income securities, including those issued by governments and their agencies and corporate entities in emerging markets. This portion of the Fund also invests in interest rate swaps or Treasury futures to manage fixed-income exposure; credit default swaps to increase or decrease in an efficient manner exposures to certain sectors or individual issuers; total return swaps to increase or decrease in an efficient manner exposures to certain sectors; and currency forwards and currency options to hedge currency risk and express views on the direction of currency.
•Securitized products such as asset-backed securities and mortgage-backed securities, including commercial mortgage-backed securities, which are bonds secured by first mortgages on commercial real estate.
Read More

PGBAX - Performance

Return Ranking - Trailing

Period PGBAX Return Category Return Low Category Return High Rank in Category (%)
YTD 4.9% -10.1% 17.5% 66.05%
1 Yr 9.3% -6.8% 20.9% 50.31%
3 Yr 0.6%* -16.6% 16.3% 68.20%
5 Yr 2.4%* -14.2% 14.0% 49.82%
10 Yr 3.1%* -7.1% 6.8% 30.49%

* Annualized

Return Ranking - Calendar

Period PGBAX Return Category Return Low Category Return High Rank in Category (%)
2023 1.8% -12.0% 8.9% 66.10%
2022 -15.6% -31.8% 18.4% 72.20%
2021 3.7% -16.2% 25.7% 2.12%
2020 -3.0% -31.1% 18.7% 81.71%
2019 8.0% -6.1% 15.3% 10.56%

Total Return Ranking - Trailing

Period PGBAX Return Category Return Low Category Return High Rank in Category (%)
YTD 4.9% -10.1% 17.5% 66.05%
1 Yr 9.3% -6.8% 20.9% 50.31%
3 Yr 0.6%* -16.6% 16.3% 68.20%
5 Yr 2.4%* -14.2% 14.0% 49.82%
10 Yr 3.1%* -7.1% 6.8% 30.49%

* Annualized

Total Return Ranking - Calendar

Period PGBAX Return Category Return Low Category Return High Rank in Category (%)
2023 8.3% -6.9% 22.2% 44.38%
2022 -11.5% -31.8% 21.1% 71.88%
2021 8.2% -13.5% 49.9% 7.03%
2020 1.5% -28.6% 24.1% 80.28%
2019 13.4% -4.8% 19.1% 6.14%

NAV & Total Return History

PGBAX - Holdings

Concentration Analysis

PGBAX Category Low Category High PGBAX % Rank
Net Assets 2.61 B 2.63 M 143 B 24.44%
Number of Holdings 3312 4 9195 2.64%
Net Assets in Top 10 331 M -204 M 80.4 B 38.57%
Weighting of Top 10 12.32% 5.8% 265.8% 85.74%

Top 10 Holdings

  1. Principal Government Money Market Fund - Class R-6 3.57%
  2. Specialty Steel 1.44%
  3. Repurchase Agreement 1.12%
  4. Cliffwater Enhanced Lending Fund 1.09%
  5. Variant Alternative Income Fund 1.05%
  6. Real Alloy Holding Inc 1.05%
  7. Material Sciences Corp 0.83%
  8. United States Treasury Floating Rate Note 0.75%
  9. Engineered Machinery Holdings Inc 0.72%
  10. SportsNet New York 0.71%

Asset Allocation

Weighting Return Low Return High PGBAX % Rank
Bonds 		88.47% 0.00% 199.60% 53.50%
Stocks 		5.68% -6.18% 99.66% 18.04%
Convertible Bonds 		4.17% 0.00% 33.50% 19.81%
Other 		4.13% -73.61% 147.15% 44.63%
Cash 		3.72% -94.66% 99.97% 46.03%
Preferred Stocks 		1.00% 0.00% 26.42% 12.13%

Stock Sector Breakdown

Weighting Return Low Return High PGBAX % Rank
Real Estate 		28.77% 0.00% 100.00% 8.38%
Financial Services 		16.32% 0.00% 100.00% 30.06%
Industrials 		12.27% 0.00% 100.00% 17.63%
Consumer Cyclical 		9.77% 0.00% 89.95% 12.14%
Technology 		8.98% 0.00% 28.30% 21.97%
Basic Materials 		6.35% 0.00% 100.00% 15.03%
Energy 		6.32% 0.00% 100.00% 53.18%
Consumer Defense 		4.32% 0.00% 99.97% 23.99%
Healthcare 		4.21% 0.00% 18.60% 20.81%
Utilities 		2.68% 0.00% 100.00% 28.32%
Communication Services 		0.00% 0.00% 100.00% 58.38%

Stock Geographic Breakdown

Weighting Return Low Return High PGBAX % Rank
US 		5.64% -6.18% 99.66% 17.57%
Non US 		0.05% -0.26% 17.73% 10.73%

Bond Sector Breakdown

Weighting Return Low Return High PGBAX % Rank
Corporate 		76.19% 0.00% 96.66% 5.62%
Securitized 		11.41% 0.00% 99.65% 65.33%
Government 		5.77% 0.00% 99.43% 64.85%
Cash & Equivalents 		3.72% 0.00% 94.89% 42.28%
Derivative 		0.08% -73.61% 147.15% 43.68%
Municipal 		0.00% 0.00% 54.26% 53.13%

Bond Geographic Breakdown

Weighting Return Low Return High PGBAX % Rank
US 		83.55% 0.00% 199.60% 43.70%
Non US 		4.92% 0.00% 74.14% 41.21%

PGBAX - Expenses

Operational Fees

PGBAX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 1.05% 0.03% 20.67% 57.36%
Management Fee 0.65% 0.00% 2.29% 60.34%
12b-1 Fee 0.25% 0.00% 1.00% 29.11%
Administrative Fee N/A 0.00% 0.70% N/A

Sales Fees

PGBAX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load 3.75% 0.00% 5.75% 54.24%
Deferred Load N/A 1.00% 1.50% N/A

Trading Fees

PGBAX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A 0.50% 2.00% N/A

Related Fees

Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.

PGBAX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 93.60% 0.00% 632.00% 58.83%

PGBAX - Distributions

Dividend Yield Analysis

PGBAX Category Low Category High PGBAX % Rank
Dividend Yield 5.59% 0.00% 23.30% 18.49%

Dividend Distribution Analysis

PGBAX Category Low Category High Category Mod
Dividend Distribution Frequency Monthly Monthly Monthly Monthly

Net Income Ratio Analysis

PGBAX Category Low Category High PGBAX % Rank
Net Income Ratio 4.10% -1.55% 11.51% 16.90%

Capital Gain Distribution Analysis

PGBAX Category Low Category High Capital Mode
Capital Gain Distribution Frequency Annually Annually Annually Annually

Distributions History

View More +

PGBAX - Fund Manager Analysis

Managers

Kelly Grossman

Start Date

Tenure

Tenure Rank

Mar 01, 2010

12.26

12.3%

Kelly A. Grossman joined the Principal Financial Group in 1991. She is a Senior Product Manager at Principal and a member of the Principal Funds Investment Committee. Ms. Grossman earned a B.A. in Mathematics and Computer Science from the University of Northern Iowa. She is a fellow of the Society of Actuaries and a member of the American Academy of Actuaries.

Benjamin Rotenberg

Start Date

Tenure

Tenure Rank

Mar 07, 2014

8.24

8.2%

Benjamin E. Rotenberg joined Principal® in 2014. Prior to that, he was employed at Cliffwater LLC as a Managing Director from 2007-2014. Mr. Rotenberg is responsible for the asset allocation and manager selection for Principal Portfolio StrategiesSM. Mr. Rotenberg earned a bachelor’s degree in International Relations and Russian from Pomona College. He has earned the right to use the Chartered Financial Analyst and the Chartered Alternative Investment Analyst designations.

Jessica Bush

Start Date

Tenure

Tenure Rank

Mar 07, 2014

8.24

8.2%

Jessica S. Bush joined Principal® in 2006. Ms. Bush is responsible for the asset allocation and manager selection for Principal Portfolio StrategiesSM. Ms. Bush earned a bachelor’s degree in Business Administration from the University of Michigan. She has earned the right to use the Chartered Financial Analyst designation.

Marcus Dummer

Start Date

Tenure

Tenure Rank

Mar 07, 2014

8.24

8.2%

Marcus W. Dummer joined the Principal Financial Group in 2003. Mr. Dummer is a Senior Portfolio Strategist for Principal and a member Principal Funds Investment Committee. He is responsible for conducting research, assessing risk, and making relative value recommendations relating to the fixed-income component of the Principal Portfolio Construction StrategiesSM (Global Diversified Income Fund, Diversified Real Asset Fund, and Global Multi-Strategy Fund). Mr. Dummer earned a Bachelor’s degree in Finance and an M.B.A. from the University of Utah.

May Tong

Start Date

Tenure

Tenure Rank

May 10, 2021

1.06

1.1%

May Tong has been with Principal® since 2021. Prior to that, Ms. Tong was a Senior Vice President, Portfolio Manager for Franklin Templeton Multi-Asset Solutions since 2018. Prior to that, Ms. Tong was a Portfolio Manager and Head of Portfolio Implementation and Management for Voya Investment Management’s Multi-Asset Strategies and Solutions Team since 2011. Ms. Tong is responsible for the asset allocation and manager selection for Principal Global Asset Allocation. She earned a bachelor’s degree in Accounting and Finance from Boston College and an M.B.A. from Columbia University. She has earned the right to use the Chartered Financial Analyst designation.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.08 28.19 5.71 3.19

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