Morningstar® Investment Profile™   Morningstar® Disclosure   Format for Print Principal MidCap A  PEMGX Release date as of 2024-04-30. Data on page is subject to change. Snapshot Total Returns Ratings & Risk Portfolio Nuts & Bolts

Morningstar Report Overall Morningstar Rating™ What is this? As of 2024-04-30 Out of 511 Mid-Cap Growth Funds Morningstar® Style Box™ What is this? As of 2024-03-31 Total Fund Assets ($ Mil) 23,037.83 View Historical Morningstar Star Ratings and Definitions

Investment Objective & Strategy   The investment seeks long-term growth of capital. Under normal circumstances, the fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in equity securities of companies with medium market capitalizations at the time of purchase. For this fund, companies with medium market capitalizations are those with market capitalizations within the range of companies comprising the Russell MidCap® Index. The fund also invests in foreign securities.

Morningstar Category: Mid-Cap Growth Some mid-cap growth portfolios invest in stocks of all sizes, thus leading to a mid-cap profile, but others focus on midsize companies. Mid-cap growth portfolios target U.S. firms that are projected to grow faster than other mid-cap stocks, therefore commanding relatively higher prices. Stocks in the middle 20% of the capitalization of the U.S. equity market are defined as mid-cap. Growth is defined based on fast growth (high growth rates for earnings, sales, book value, and cash flow) and high valuations (high price ratios and low dividend yields).

Performance Growth of $10,000 (from 2014-01-01 to 2024-04-30) Investment: Principal MidCap A Benchmark 1: S&P 500 TR USD Benchmark 2: Russell Mid Cap Growth TR USD Category: Mid-Cap Growth This graph presents historical performance for the investment as well as an index and/or peer group. If the investment, index and/or peer group have performed similarly, the line representing the fund will overlay the index and/or peer group. Therefore, the line(s) representing the index and/or peer group history may be hidden. Total Annualized Returns % YTD 1 Year 3 Year 5 Year 10 Year Since Inception Investment 3.84 21.09 4.26 10.74 11.80 11.23 S&P 500 TR USD 6.04 22.66 8.06 13.19 12.41 7.82 Russell Mid Cap Growth TR USD 3.14 20.70 0.70 9.52 10.85 7.72 Category 2.51 17.39 -2.66 8.30 9.73 6.19 Morningstar Rating --- --- --- # of compared Mid-Cap Growth funds covered (3 yrs : out of 511 funds) (5 yrs : out of 478 funds) (10 yrs : out of 385 funds) Ratings reflect risk-adjusted performance and are derived from a weighted average of the performance figures associated with its three, five and ten-year (if applicable) time periods. Investment results shown represent historical performance and do not guarantee future results. Investment returns and principal values fluctuate with changes in interest rates and other market conditions so the value, when redeemed may be worth more or less than original costs. Current performance may be lower or higher than the performance data shown. Fees and Expenses Total Annual Operating Expense 0.95% Prospectus Net Expense Ratio 0.95% Maximum Sales Charge 5.50% The total annual operating expense shown is before management fee waivers or expense caps. For more information on waivers/reimbursements, please see the prospectus. The total annual operating expense is also referred to as the prospectus gross expense ratio. Waiver Data Type Date % --- --- --- ---

Portfolio Profile Asset Allocation % of Net Assets U.S. Stocks 89.2 Non-U.S. Stocks 10.5 Bonds 0.0 Cash 0.3 Other 0.0 Data through 2024-03-31 Morningstar Equity Sectors % of Stocks Cyclical 56.56 Basic Materials 6.31 Consumer Cyclical 18.70 Financial Services 23.25 Real Estate 8.30 Sensitive 36.81 Communication Services 3.43 Energy 0.00 Industrials 17.82 Technology 15.56 Defensive 6.64 Consumer Defensive 0.39 Healthcare 3.07 Utilities 3.18 Data through 2024-03-31 Holding Status Total Number of Stock Holdings 71 Total Number of Bond Holdings 0 % of Net Assets in Top 10 Holdings 44.96 Turnover % (as of 2023-10-31) 10.10 30 Day SEC Yield % --- Top Holdings Sector P/E % of Net Assets TransDigm Group Inc 52.95 5.57 Copart Inc 38.79 5.42 Brookfield Corp Registered Shs -A- Limited Vtg --- 4.81 O'Reilly Automotive Inc 25.72 4.66 KKR & Co Inc Ordinary Shares 22.76 4.61 Hilton Worldwide Holdings Inc 42.89 4.35 Heico Corp Class A 54.20 4.34 CoStar Group Inc 127.13 4.29 Vulcan Materials Co 36.49 3.58 Brown & Brown Inc 25.17 3.33 Data through 2024-03-31

Principal Risks    Foreign Securities, Loss of Money, Not FDIC Insured, Equity Securities, Shareholder Activity Show Risk Definitions

Other Information Inception Date: 2005-06-28 Portfolio Manager(s) Bill Nolin   (2000-12-06) Bill is the chief investment officer for Aligned Investors, an investment boutique within Principal Global Investors. He has served as lead portfolio manager for the Principal MidCap Fund since its 2001 inception and related portfolios since 1999. Bill and his dedicated investment team subsequently introduced the Principal Blue Chip strategy in 2012, utilizing the same philosophy and process while extending the team’s reach to larger companies. Bill joined Principal in 1993 in corporate credit research and transitioned to equities research in 1996. He earned an MBA from the Yale School of Management, and a bachelor’s degree in finance from the University of Iowa. Bill is a CFA charterholder and a member of the CFA Institute. Thomas Rozycki   (2013-03-01) Tom is the head of research for Aligned Investors, an investment boutique within Principal Global Investors. He is responsible for coordinating the research effort at Aligned Investors and also serves as portfolio manager for its MidCap and Blue Chip strategies. Tom joined the firm in 2001. He received a bachelor’s degree in finance from Drake University. Tom is a CFA charterholder and a member of the CFA Institute. Investment Advisor(s) Principal Global Investors LLC Issuer Principal Funds

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