Investment objective & strategy
As of Oct. 27, 2025 · prospectusObjective. The Fund seeks long-term growth of capital.
Strategy. Under normal circumstances, the Fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in equity securities of value companies. For this Fund, value companies are those (i) with market capitalizations within the range of companies comprising the S&P 500 Index (as of September 30, 2025, this range was between $6.5 billion and $4.6 trillion) and (ii) included within the S&P 500 Value Index. Principal Global Investors, LLC ("PGI") uses a proprietary quantitative model designed to identify equity securities of mid- to large-capitalization companies in the S&P 500 Index that exhibit higher degrees of shareholder yield (meaning how much money a company distributes to shareholders through dividends and share repurchases). The Fund's holdings are expected … Under normal circumstances, the Fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in equity securities of value companies. For this Fund, value companies are those (i) with market capitalizations within the range of companies comprising the S&P 500 Index (as of September 30, 2025, this range was between $6.5 billion and $4.6 trillion) and (ii) included within the S&P 500 Value Index. Principal Global Investors, LLC ("PGI") uses a proprietary quantitative model designed to identify equity securities of mid- to large-capitalization companies in the S&P 500 Index that exhibit higher degrees of shareholder yield (meaning how much money a company distributes to shareholders through dividends and share repurchases). The Fund's holdings are expected to be rebalanced at least annually. However, PGI may make any adjustments to the model and Fund holdings at its discretion. In constructing and revising the model and managing the Funds investments, PGI uses insights from diverse sources, including internal investment research, industry reports, and data from third-party consultants and other service providers, to develop and refine its investment themes and identify and take advantage of trends that may impact the Fund and its holdings. Note: "Standard & Poor's 500" and "S&P 500 " are trademarks of Standard & Poor's Financial Services LLC and have been licensed by Principal. The Fund is not sponsored, endorsed, sold, or promoted by Standard & Poor's Financial Services LLC, and Standard & Poor's Financial Services LLC makes no representation regarding the advisability of investing in the Fund.
Top holdings
As of March 31, 2026 · N-PORT| Security | Ticker | Value | % of fund |
|---|---|---|---|
| APPLE INC | — | $15.10M | 7.61% |
| EXXON MOBIL CORP | — | $5.80M | 2.92% |
| AMAZON.COM INC | — | $5.51M | 2.78% |
| WALMART INC | — | $5.50M | 2.77% |
| PROCTER & GAMBLE | — | $3.87M | 1.95% |
| BANK OF AMERICA CORPORATION | — | $3.75M | 1.89% |
| MERCK & CO | — | $3.75M | 1.89% |
| JOHNSON&JOHNSON | — | $3.30M | 1.66% |
| UNITEDHEALTH GRP | — | $3.22M | 1.62% |
| VERIZON COMMUNICATIONS INC | — | $3.03M | 1.53% |
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. |
|---|---|---|
| State Street(R) SPDR(R) Portfolio S&P 500(R) Value ETF · SPYV | 43% | 0.04% |
| iShares S&P 500 Value ETF · IVE | 43% | 0.18% |
| SA Large Cap Value Index Portfolio | 42% | 0.35% |
Advisers
| Firm | Role |
|---|---|
| Principal Global Investors, LLC | Adviser |
Footnotes
- Expense ratio as of October 27, 2025, from the fund's prospectus.
- Net assets and holdings count as of March 31, 2026, from the fund's N-PORT filing.
- Total return for calendar year 2025, before tax and after fund expenses. Computed by compounding the twelve monthly total returns the fund reported in its SEC N-PORT filings for 2025 (the latest prospectus does not yet chart this year).
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