Strategy. Under normal circumstances, the Fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in equity securities of U.S. companies with very large ("mega") market capitalizations at the time of purchase. For this Fund, companies with mega capitalizations are those with market capitalizations in the top 50 th percentile of the S&P 500 Index at the time of purchase. As of September 30, 2025, the market capitalization range of the companies in the S&P 500 Index was between approximately $6.5 billion and $4.6 trillion, and the market capitalization range of companies with mega capitalizations in the S&P 500 Index was between approximately $149.6 billion and $4.6 trillion. For security selection and portfolio construction, Principal Global … 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 U.S. companies with very large ("mega") market capitalizations at the time of purchase. For this Fund, companies with mega capitalizations are those with market capitalizations in the top 50 th percentile of the S&P 500 Index at the time of purchase. As of September 30, 2025, the market capitalization range of the companies in the S&P 500 Index was between approximately $6.5 billion and $4.6 trillion, and the market capitalization range of companies with mega capitalizations in the S&P 500 Index was between approximately $149.6 billion and $4.6 trillion. For security selection and portfolio construction, Principal Global Investors, LLC ("PGI") uses a proprietary quantitative model. The model is designed to identify equity securities of companies in the S&P 500 Index that have the largest market capitalizations, while typically applying higher weight to securities that PGI ranks higher on financial strength measures, including but not limited to a companys balance sheet and its ability to meet short and long term debt obligations, cash flow, and pricing power. "Pricing power" refers to the extent to which a company can raise the prices of its products without reducing the demand for them. The Fund invests in equity securities of different styles (growth or value). 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. The Fund is considered non-diversified, which means it 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 Fund's share price than would occur in a more diversified fund. 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. Show less