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Name

As of 06/01/2026

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

Government & High Quality Bond Fund (f/k/a Mortgage Securities Fund)

PMRIX | Fund

$9.06

$581 M

3.99%

$0.36

0.58%

Vitals

YTD Return

0.4%

1 yr return

5.9%

3 Yr Avg Return

3.8%

5 Yr Avg Return

-0.2%

Net Assets

$581 M

Holdings in Top 10

19.6%

52 WEEK LOW AND HIGH

$9.1
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 0.58%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover 343.70%

Redemption Fee N/A

Min Investment

Standard (Taxable)

$0

IRA

N/A

Fund Classification

Fund Type

Open End Mutual Fund

Name

As of 06/01/2026

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

Government & High Quality Bond Fund (f/k/a Mortgage Securities Fund)

PMRIX | Fund

$9.06

$581 M

3.99%

$0.36

0.58%

PMRIX - Profile

Distributions

  • YTD Total Return 0.4%
  • 3 Yr Annualized Total Return 3.8%
  • 5 Yr Annualized Total Return -0.2%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio 0.58%
DIVIDENDS
  • Dividend Yield 4.0%
  • Dividend Distribution Frequency Monthly

Fund Details

  • Legal Name
    Government & High Quality Bond Fund (f/k/a Mortgage Securities Fund)
  • Fund Family Name
    Principal Funds
  • Inception Date
    Jan 17, 2007
  • Shares Outstanding
    N/A
  • Share Class
    Instl
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Bryan Davis

Fund Description

Under normal circumstances, the Fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in bonds issued by the U.S. government, its agencies, or instrumentalities or bonds that are rated AAA by S&P Global Ratings (“S&P Global”) or Aaa by Moody’s Investors Service, Inc. (“Moody’s”). Bonds include, but are not limited to, asset-backed securities (“ABS”), mortgage securities such as agency and non-agency collateralized mortgage obligations, and other obligations that are secured by mortgages or mortgage-backed securities (“MBS”) (also referred to as securitized products). The Fund also invests in ABS and MBS that are rated lower than AAA by S&P Global or Aaa by Moody’s (or of comparable quality), including collateralized mortgage obligations, and in other obligations that are secured by mortgages or MBS. The MBS in which the Fund invests include MBS trading in the to-be-announced (“TBA”) markets. If a security has been rated by only one of the rating agencies, that rating will determine the security’s rating; if the security is rated differently by the rating agencies, the highest rating will be used; and if the security has not been rated by either of the rating agencies, those selecting such investments will determine the security’s quality.
Under normal circumstances, the Fund maintains an average portfolio duration that is within ±50% of the duration of the Bloomberg US Agency Fixed Rate MBS Index, which as of January 31, 2026 was 5.33 years. The Fund is not managed to a particular maturity. The Fund’s strategies may result in the active and frequent trading of the Fund’s portfolio securities.
The Fund invests in derivatives, including Treasury futures and securities delivered in TBA transactions, to manage the fixed-income exposure. A derivative is a financial arrangement, the value of which is derived from, or based on, a traditional security, asset, or market index.
Read More

PMRIX - Performance

Return Ranking - Trailing

Period PMRIX Return Category Return Low Category Return High Rank in Category (%)
YTD 0.4% -3.9% 8.2% 25.65%
1 Yr 5.9% -4.4% 25.7% 23.56%
3 Yr 3.8%* -5.4% 24.3% 30.37%
5 Yr -0.2%* -2.3% 15.1% 52.11%
10 Yr 0.9%* -0.3% 1.7% 52.29%

* Annualized

Return Ranking - Calendar

Period PMRIX Return Category Return Low Category Return High Rank in Category (%)
2025 4.0% 0.2% 8.6% 14.14%
2024 -2.4% -13.6% 14.5% 26.18%
2023 1.8% -3.0% 22.1% 8.38%
2022 -13.5% -20.4% 3.8% 53.16%
2021 -2.9% -7.1% 16.6% 48.92%

Total Return Ranking - Trailing

Period PMRIX Return Category Return Low Category Return High Rank in Category (%)
YTD 0.4% -3.9% 8.2% 25.65%
1 Yr 5.9% -4.4% 25.7% 23.56%
3 Yr 3.8%* -5.4% 24.3% 30.37%
5 Yr -0.2%* -2.3% 15.1% 52.11%
10 Yr 0.9%* -0.3% 1.7% 52.29%

* Annualized

Total Return Ranking - Calendar

Period PMRIX Return Category Return Low Category Return High Rank in Category (%)
2025 8.3% 2.8% 20.8% 27.23%
2024 1.0% -13.3% 25.3% 52.36%
2023 5.2% -2.7% 28.8% 17.80%
2022 -11.8% -15.3% 5.6% 55.79%
2021 -1.5% -4.5% 25.3% 48.92%

NAV & Total Return History

PMRIX - Holdings

Concentration Analysis

PMRIX Category Low Category High PMRIX % Rank
Net Assets 581 M 7.76 M 179 B 61.78%
Number of Holdings 329 19 11153 58.12%
Net Assets in Top 10 120 M 4.25 M 71.5 B 72.25%
Weighting of Top 10 19.60% 7.5% 91.1% 85.86%

Top 10 Holdings

  1. Ginnie Mae II Pool 2.62%
  2. Ginnie Mae II Pool 2.41%
  3. Fannie Mae Pool 2.20%
  4. Freddie Mac Pool 2.03%
  5. Ginnie Mae II Pool 1.90%
  6. Fannie Mae Pool 1.82%
  7. Ginnie Mae II Pool 1.81%
  8. Fannie Mae Pool 1.64%
  9. Freddie Mac Pool 1.59%
  10. Freddie Mac Pool 1.58%

Asset Allocation

Weighting Return Low Return High PMRIX % Rank
Bonds 		100.62% 0.03% 172.98% 32.98%
Other 		4.38% -56.46% 37.46% 18.32%
Cash 		0.32% 0.00% 10.68% 77.49%
Stocks 		0.00% 0.00% 96.91% 17.28%
Preferred Stocks 		0.00% 0.00% 0.58% 12.57%
Convertible Bonds 		0.00% 0.00% 3.29% 15.18%

Bond Sector Breakdown

Weighting Return Low Return High PMRIX % Rank
Securitized 		79.37% 0.00% 99.79% 31.41%
Government 		8.02% 0.00% 99.84% 65.97%
Cash & Equivalents 		0.32% 0.00% 10.68% 70.68%
Derivative 		0.04% -5.90% 1.03% 46.07%
Corporate 		0.00% 0.00% 9.48% 41.88%
Municipal 		0.00% 0.00% 5.24% 29.32%

Bond Geographic Breakdown

Weighting Return Low Return High PMRIX % Rank
US 		100.62% 0.03% 172.98% 32.98%
Non US 		0.00% 0.00% 1.06% 12.04%

PMRIX - Expenses

Operational Fees

PMRIX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 0.58% 0.02% 2.61% 57.89%
Management Fee 0.49% 0.00% 0.70% 89.53%
12b-1 Fee N/A 0.00% 1.00% N/A
Administrative Fee N/A 0.01% 0.45% N/A

Sales Fees

PMRIX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 2.00% 4.50% N/A
Deferred Load N/A 1.00% 4.50% N/A

Trading Fees

PMRIX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A 1.00% 1.00% 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.

PMRIX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 343.70% 3.35% 948.00% 73.60%

PMRIX - Distributions

Dividend Yield Analysis

PMRIX Category Low Category High PMRIX % Rank
Dividend Yield 3.99% 1.54% 4.94% 69.63%

Dividend Distribution Analysis

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

Net Income Ratio Analysis

PMRIX Category Low Category High PMRIX % Rank
Net Income Ratio 0.58% -0.80% 2.30% 61.05%

Capital Gain Distribution Analysis

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

Distributions History

View More +

PMRIX - Fund Manager Analysis

Managers

Bryan Davis

Start Date

Tenure

Tenure Rank

Oct 17, 2019

2.62

2.6%

Davis is a senior trader/research analyst for Principal Global Investors. He is responsible for trading mortgage-backed securities and developing investment strategies related to mortgages and derivatives. Davis joined the firm in 1993 as a servicing valuation director for Principal Residential Mortgage. He earned a bachelor’s degree in Finance from the University of Iowa. He has earned the right to use the Chartered Financial Analyst esignation and is a member of the CFA Institute.

Zach Gassmann

Start Date

Tenure

Tenure Rank

Oct 17, 2019

2.62

2.6%

Zach Gassmann has been with Principal® since 2007. He received a master’s degree in financial management from Drake University and a bachelor’s degree in accounting from Simpson College. Mr. Gassmann has earned the right to use the Chartered Financial Analyst designation.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.11 31.64 8.66 7.35

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