Strategy. Under normal circumstances, the Fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in equity securities of companies that compose the Standard & Poors (S&P) 500 Index (the Index). The Index is designed to represent U.S. equities with risk/return characteristics of the large cap universe. As of January 30, 2026, the market capitalization range of the companies comprising the Index was between approximately $5.8 billion and $4.6 trillion. Each component stock of the Index is weighted in proportion to its total market value. The Index is rebalanced quarterly. The Fund employs a passive investment approach designed to attempt to track the performance of the Index. In seeking its objective, the Fund typically employs a … Show more… Under normal circumstances, the Fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in equity securities of companies that compose the Standard & Poors (S&P) 500 Index (the Index). The Index is designed to represent U.S. equities with risk/return characteristics of the large cap universe. As of January 30, 2026, the market capitalization range of the companies comprising the Index was between approximately $5.8 billion and $4.6 trillion. Each component stock of the Index is weighted in proportion to its total market value. The Index is rebalanced quarterly. The Fund employs a passive investment approach designed to attempt to track the performance of the Index. In seeking its objective, the Fund typically employs a replication strategy, which involves investing in all the securities that make up the Index, in the same proportions as the Index. 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 January 31, 2026, the Index was not concentrated in any industry. The Fund may operate as a non-diversified fund, as defined under the Investment Company Act of 1940 (1940 Act), to the approximate extent the Index is non-diversified. The Fund may, therefore, operate as non-diversified solely as a result of a change in relative market capitalization or index weighting of one or more constituents of the Index. A non-diversified fund can invest a higher percentage of assets in securities of individual issuers than a diversified fund. As a result, changes in the value of a single investment could cause greater fluctuations in the share price of a non-diversified fund than would occur in a more diversified fund. Note: Standard & Poors 500 and S&P 500 are trademarks of S&P Global and have been licensed by Principal. The Fund is not sponsored, endorsed, sold, or promoted by S&P Global, and S&P Global makes no representation regarding the advisability of investing in the Fund. Show less